At a glance
Domino's Pizza Inc is worth $10.60B, about 18 times its fiscal 2025 earnings. Revenue grew 5.0% to $4.94B in fiscal 2025, with 12.2% kept as profit; over 5 years it has grown 3.7% a year. It pays a 2.39% dividend yield, raised every year for at least 9 years, and returned $3.48B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −17.3% over the past year with dividends reinvested and −6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 23.1% in the 2020 crash (S&P 500: 33.7%) and 45.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Domino's is the largest pizza company in the world, with more than 22,100 locations in over 90 markets as of December 28, 2025. It is mainly a franchisor. Independent owners run about 99% of its stores and pay Domino's royalties and fees to use its brand and operating system. Stores focus on delivery and carryout. In the U.S., Domino's had about 23.3% of quick-service (fast-food) pizza spending in the year ended December 2025. That was the largest share, ahead of Pizza Hut, Papa John's and Little Caesars.
Domino's reports three segments. Supply chain is the largest. It makes dough and sells food and other products to franchised stores, mainly in the U.S. and Canada. It brought in $2.99 billion, or 60.5% of fiscal 2025 revenue of $4.94 billion. The U.S. stores segment ($1.61 billion, 32.6%) covers royalties from 6,924 franchised stores and sales at 262 company-owned stores. U.S. franchisees generally pay 5.5% of sales plus technology fees.
International franchise is the smallest segment, at $339 million, or 6.9% of revenue. Outside the U.S., Domino's usually gives master franchisees the rights to a territory. They develop it by running stores and signing up sub-franchisees. This segment has no cost of sales, so most of its royalties become profit. The largest franchisee, Domino's Pizza Enterprises, ran 3,524 stores in 12 markets. That was 16% of global stores, but it supplied only 1.4% of revenue.
Price history
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DPZ -17.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Supply Chain | $2.99B | 60.5% |
| USStores | $1.61B | 32.6% |
| International Franchise | $338.7M | 6.9% |
Latest results
- In Q3 FY2026 (ended Sep 6, 2026), revenue was $1.19B, up 3.4% from a year earlier, and net income was $152.2M (+9.2%).
- For fiscal 2025, revenue was $4.94B (+5.0% year over year; +3.7% a year from FY2020 to FY2025) with a 12.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.7% watch |
|---|---|
| Operating margin | 19.3% good |
| Free cash flow margin | 13.6% good |
| Return on assets (FY2025) | 35.1% good |
| Net cash (cash minus debt) | $-4.63B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.12B | $491.3M | $504.0M |
| FY2021 | $4.36B | $510.5M | $560.0M |
| FY2022 | $4.54B | $452.3M | $388.1M |
| FY2023 | $4.48B | $519.1M | $485.5M |
| FY2024 | $4.71B | $584.2M | $512.0M |
| FY2025 | $4.94B | $601.7M | $671.5M |
Valuation snapshot
| Market value | $10.60B |
|---|---|
| P/E ratio | 18.3 |
| Dividend yield | 2.39% |
Rank among 1514 US companies
Market value at each year end
Domino's Pizza’s market value went from $7.66B at the end of 2016 to $10.60B on Nov 2, 2026, up 39%; since the end of 2025 it is down 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $10.60B | -24.7% |
| 2025 | $14.08B | -2.8% |
| 2024 | $14.50B | +0.8% |
| 2023 | $14.38B | +17.3% |
| 2022 | $12.26B | -40.3% |
| 2021 | $20.53B | +35.9% |
| 2020 | $15.11B | +25.7% |
| 2019 | $12.02B | +16.5% |
| 2018 | $10.32B | +24.8% |
| 2017 | $8.26B | +7.9% |
| 2016 | $7.66B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DPZ price data to Nov 2, 2026 | -21.3% | -17.3% | -0.9% | -6.5% | +8.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -21.3% |
| 2025 | +0.9% |
| 2024 | +3.2% |
| 2023 | +20.7% |
| 2022 | -37.9% |
| 2021 | +48.4% |
| 2020 | +31.6% |
| 2019 | +19.6% |
| 2018 | +32.4% |
| 2017 | +19.8% |
| 2016 | +44.7% |
| 2015 | +19.5% |
| 2014 | +36.9% |
| 2013 | +62.1% |
| 2012 | +38.8% |
| 2011 | +112.8% |
| 2010 | +90.3% |
| 2009 | +77.9% |
| 2008 | -64.4% |
| 2007 | -20.3% |
| 2006 | +17.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.2% over that stretch · deepest drop along the way 83.3%, back to its old high 25.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 9.3% over that stretch · deepest drop along the way 23.1%, back to its old high 1.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45% over that stretch · deepest drop along the way 45%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 16 sales ($10.1M), 9 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 17, 2026 | Russell J Weiner Chief Executive Officer, Director | sell (plan) | $3.6M |
| Jul 22, 2026 | Kelly E Garcia EVP, Chief Tech & Data Ofcr | sell | $1.2M |
| Jul 22, 2026 | Kelly E Garcia EVP, Chief Tech & Data Ofcr | sell | $1.1M |
| Jul 16, 2026 | Joseph Hugh Jordan COO and President-Domino's US | sell (plan) | $965K |
| Jul 16, 2026 | Joseph Hugh Jordan COO and President-Domino's US | sell (plan) | $732K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 12.4% | Jun 30, 2026 |
| Soroban Capital Partners LP | 7.4% | Mar 31, 2026 |
| Vanguard Capital Management | 6.86% | Mar 31, 2026 |
| BlackRock, Inc. | 6.6% | Jun 30, 2025 |
| Vanguard Portfolio Management | 5.38% | Mar 31, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.9% | Jun 30, 2026 |
ETFs with the most weight in DPZ
| KMID Virtus KAR Mid-Cap ETF | 4.52% |
| ZIG Acquirers Fund | 3.63% |
| RSPD Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 2.19% |
| SAGP Strategas Global Policy Opportunities ETF | 1.87% |
| SURE AdvisorShares Insider Advantage ETF | 1.13% |
| ROE Astoria US Equal Weight Quality Kings ETF | 1.08% |
| GQQQ Astoria US Quality Growth Kings ETF | 0.68% |
| DIVG Invesco S&P 500 High Dividend Growers ETF | 0.58% |
What could go wrong
- Depends on franchisees it does not control. Independent owners run about 99% of stores, so Domino's earnings rely on their success. Poor decisions or conduct by franchisees or their staff can hurt the brand and sales.
- Franchisees can buy supplies elsewhere. Supply chain sales were 60.5% of fiscal 2025 revenue. U.S. franchisees do not have to buy from Domino's, so outside suppliers with lower prices or better service could take that business.
- Heavy debt with strict borrowing terms. Total debt was about $4.89 billion against $257 million of cash as of September 6, 2026. Breaking the terms of its securitized debt could trigger a default, and rating downgrades could make borrowing harder.
- Pizza chains and delivery apps compete hard. Pizza Hut, Papa John's and Little Caesars compete directly, and delivery apps compete for both customers and drivers. Supermarkets and meal kits add pressure, which could force price cuts or a loss of market share.
- Dough center or supplier disruptions. A long shutdown at a dough manufacturing and supply chain center could leave stores short. Some suppliers lack long-term contracts, so they could raise prices sharply or fail to deliver.
- Rising food and labor costs. Higher food prices, rising wages or worker shortages can squeeze profits for Domino's and its franchisees. A weaker economy can cut demand at the same time.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change; Other company announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
For income and retirement investors
Domino's dividend per share has risen at least nine years in a row through fiscal 2025, and the true streak may be longer. It grew from $3.12 in fiscal 2020 to $6.96 in fiscal 2025, about 17.4% a year. Fiscal 2025 dividends used 39.4% of net income and 35.3% of free cash flow, which is the cash left after running and investing in the business. The yield (annual dividend divided by share price) was 2.49% as of October 28, 2026. Buybacks totaled $2.57 billion over fiscal 2021–2025, compared with $914 million in dividends. Shares outstanding fell 9.6% in the five years to October 6, 2026.
The stock lost 83.3% from October 2007 to November 2008 and got back to its old high in January 2011. It dropped 23.1% in the 2020 COVID crash but recovered within weeks. It fell 45% in the 2022 bear market and had not regained its January 2022 peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Domino's make money?
Domino's makes most of its revenue selling dough, food and other products to franchised stores, mainly in the U.S. and Canada. That supply chain segment brought in 60.5% of fiscal 2025 revenue of $4.94 billion. The U.S. stores segment, at 32.6%, includes royalties of generally 5.5% of franchisee sales plus sales at 262 company-owned stores. The international franchise segment, at 6.9%, collects royalties from master franchisees overseas. It has no cost of sales, so most of that revenue becomes profit.
Does Domino's raise its dividend every year?
Yes, so far. Domino's dividend per share has risen at least nine years in a row through fiscal 2025, and the true streak may be longer. It reached $6.96 in fiscal 2025, up from $3.12 in fiscal 2020. Fiscal 2025 dividends used 39.4% of net income and 35.3% of free cash flow. The yield was 2.49% as of October 28, 2026. Past increases do not guarantee future ones.
How much debt does Domino's have?
About $4.89 billion as of September 6, 2026. That is far more than its $257 million of cash and investments and its $1.77 billion of total assets. Shareholders' equity was negative $3.96 billion, which means recorded liabilities were larger than recorded assets. The annual report warns that heavy debt could limit flexibility. It also warns that breaking the terms of its securitized debt could cause a default, and that rating downgrades could make borrowing harder.
How has Domino's stock performed?
The share price has been weak over five years but higher over ten. As of October 28, 2026, it was down 24.4% year to date, down 23.1% over one year and down 7% a year over five years. Over ten years it gained 7.6% a year, or 108% in total. The business kept growing. In the quarter ended September 6, 2026, revenue rose 3.4% and net income rose 9.2% from a year earlier. The P/E ratio (price divided by fiscal 2025 earnings per share) was 17.6.
Who are Domino's biggest competitors?
In the U.S., Domino's competes mainly with Pizza Hut, Papa John's and Little Caesars, plus regional and local pizzerias. Outside the U.S., its main rivals are Pizza Hut and Papa John's. Delivery apps compete for both customers and drivers, though customers can also order Domino's through Uber and DoorDash. Domino's had about 23.3% of U.S. quick-service pizza spending in the year ended December 2025, up from about 22.5% a year earlier. That was the largest share.