Dominos Pizza — Financial Results
Global Sales and Store Growth Both Accelerating in 2025
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Global retail sales | $20.1B | $19.1B | $18.3B |
| Global retail sales growth (ex-currency) | +5.4% | +5.9% | +5.4% |
| Net new stores | 776 | 775 | 711 |
| U.S. same store sales growth | +3.0% | +3.2% | +1.6% |
| International same store sales growth (ex-currency) | +1.9% | +1.6% | +1.7% |
Domino's crossed $20 billion in total global retail sales for the first time in 2025, supported by 776 net new store openings — the strongest in three years. Both the U.S. and international businesses grew same store sales (meaning stores open in both periods sold more), with the U.S. growth driven by higher customer counts and a higher average order size, partly attributed to the launch of Parmesan Stuffed Crust pizza and the "Best Deal Ever" promotion.
Operating Profit Rose 8.5%, with Margins Improving
| Metric | 2025 | 2024 |
|---|---|---|
| Total revenues | $4.94B | $4.71B |
| Gross margin % | 40.0% | 39.3% |
| Income from operations | $954.0M | $879.0M |
| Net income | $601.7M | $584.2M |
Income from operations — the profit left after running costs but before interest and taxes — grew 8.5% to $954 million. The overall gross margin (revenue minus direct costs) improved by 0.7 percentage points, driven primarily by franchise royalty revenue (which carries no direct cost) and a leaner supply chain operation. Net income also grew, from $584 million to $602 million.
Supply Chain Is Becoming a Bigger Profit Engine
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Supply chain revenue | $2.99B | $2.85B | +5.1% |
| Supply chain gross margin | $344.7M | $315.9M | +9.1% |
| Supply chain segment income | $320.1M | $280.6M | +14.1% |
Domino's sells food ingredients to its U.S. franchisees through its own supply chain (distribution) operation, which is the single largest revenue line. In 2025, this segment's profit grew 14.1% — outpacing revenue growth — thanks to procurement savings and better labor efficiency in distribution centers. This is a meaningful sign that the operation is becoming more efficient at scale.
Domino's Refinanced Its Debt at Higher Rates, But Extended the Timeline
In September 2025, Domino's issued $1.0 billion in new fixed-rate notes — $500 million at 4.930% due 2030 and $500 million at 5.217% due 2032 — and used the proceeds to retire older debt totalling roughly $1.14 billion. The older notes carried lower rates (ranging from approximately 2.7% to 4.1%), so this refinancing locks in higher interest costs for years ahead, though it also removes near-term repayment pressure. Net interest expense ticked up only modestly, to $181 million from $179 million, because the weighted average borrowing rate held steady at 3.8% across the full year.
Domino's Returned Nearly $600 Million to Shareholders in 2025
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Share repurchases | $354.7M | $327.0M | $269.0M |
| Dividends declared | $237.3M ($6.96/share) | $210.7M ($6.04/share) | $170.4M ($4.84/share) |
Domino's continues to aggressively return cash to shareholders. Dividends per share rose 15% year-over-year, and share repurchases also increased. Combined, the company returned roughly $592 million in 2025 — well above its $602 million in net income, funded partly by strong operating cash flow of $792 million (up 27% from 2024). A quarterly dividend of $1.99 per share was declared in February 2026, suggesting this trend is continuing.
Higher Tax Rate Took a Bite Out of Earnings Growth
The effective tax rate (the actual percentage of pre-tax profit paid in taxes) rose to 21.9% in 2025 from 19.1% in 2024 — a 2.8 percentage point jump. The main reason was a smaller tax benefit from employee stock compensation than in the prior year. This single factor added $30.6 million to the tax bill and meaningfully limited how much of the operating profit improvement flowed through to shareholders as net income.