Darden Restaurants, Inc.

DRI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$23,355	–	$17,617	$19,504	$15,722	$18,589	$9,975	$15,097	$11,345	$11,542	$8,803	$8,506	$5,879	$5,983	$6,026	$6,204	$5,377	$4,625	$4,306	$5,851	$4,747	$4,557	$3,275	$3,021	$3,931	$2,992	$1,977	$2,621	$2,083	$1,156	$1,687	$1,556
Enterprise value	$29,460	–	$22,850	$23,930	$20,188	$23,132	$15,222	$15,567	$12,124	$12,245	$8,969	$9,438	$8,537	$8,608	$8,076	$7,782	$6,819	$6,403	$6,135	$6,524	$5,393	$5,164	$3,906	$3,631	$4,430	$3,463	$2,372	$2,917	$2,435	$1,487	$2,031	$1,938
P/E (TTM) at period end	19.35×	–	17.14×	19.86×	16.50×	29.54×	–	21.16×	19.03×	24.09×	23.48×	11.99×	20.54×	14.53×	12.67×	13.03×	13.29×	12.43×	11.42×	29.05×	14.04×	15.68×	14.42×	13.37×	16.53×	15.19×	11.19×	18.65×	20.48×	–	22.67×	29.70×
P/S (TTM) at period end	1.77×	–	1.55×	1.86×	1.63×	2.58×	1.28×	1.77×	1.40×	1.61×	1.27×	1.26×	0.94×	1.01×	1.13×	0.83×	0.76×	0.64×	0.65×	1.05×	0.89×	0.86×	0.65×	0.65×	0.90×	0.75×	0.54×	0.76×	0.63×	0.36×	0.53×	0.49×
P/B at period end	10.58×	–	7.86×	8.86×	7.15×	6.61×	4.28×	6.31×	5.17×	5.49×	4.51×	3.65×	2.73×	2.91×	3.27×	3.20×	2.84×	2.88×	3.06×	5.35×	3.86×	3.58×	2.79×	2.53×	3.48×	2.89×	2.06×	2.72×	2.04×	1.07×	1.38×	1.33×
EV / EBITDA (TTM)	13.74×	–	12.88×	15.05×	13.19×	23.14×	37.70×	13.31×	11.23×	12.88×	9.83×	13.74×	13.92×	12.69×	11.56×	7.36×	7.27×	7.09×	7.25×	8.44×	7.17×	7.47×	6.58×	6.28×	7.73×	7.13×	5.48×	8.17×	7.99×	6.24×	5.86×	6.03×
EV / Sales (TTM)	2.23×	–	2.01×	2.28×	2.10×	3.21×	1.95×	1.83×	1.50×	1.71×	1.29×	1.40×	1.36×	1.45×	1.52×	1.04×	0.96×	0.89×	0.93×	1.17×	1.01×	0.98×	0.78×	0.78×	1.01×	0.87×	0.65×	0.84×	0.74×	0.47×	0.64×	0.61×
Returns
Return on equity	54.7%	45.4%	45.8%	44.6%	43.3%	22.4%	(2.2%)	29.8%	27.2%	22.8%	19.2%	30.4%	13.3%	20.0%	25.8%	24.6%	21.4%	23.2%	26.8%	18.4%	27.5%	22.8%	19.3%	18.9%	21.1%	19.0%	18.4%	14.6%	10.0%	(8.4%)	6.1%	4.5%
Return on invested capital	16.6%	14.5%	15.4%	15.9%	15.2%	8.8%	0.2%	26.7%	25.7%	18.3%	23.5%	11.3%	6.4%	7.4%	9.2%	15.6%	14.3%	13.3%	13.3%	22.9%	20.4%	17.0%	13.7%	14.1%	16.0%	14.4%	14.1%	11.7%	8.4%	4.1%	8.8%	9.6%
Dividend yield	3.0%	–	3.6%	3.0%	3.6%	1.1%	3.2%	2.5%	2.8%	2.4%	3.0%	3.3%	4.9%	4.3%	3.7%	2.8%	2.6%	2.4%	2.3%	1.1%	1.2%	0.3%	0.4%	0.4%	0.2%	0.3%	0.5%	0.4%	0.6%	1.1%	0.7%	–
Financial health
Current ratio	0.31×	0.42×	0.38×	0.51×	0.64×	1.01×	0.61×	0.61×	0.40×	0.46×	0.69×	0.88×	1.22×	0.54×	0.43×	0.52×	0.57×	0.51×	0.41×	0.51×	0.37×	0.39×	0.51×	0.51×	0.75×	0.59×	0.48×	0.61×	0.71×	0.70×	0.65×	0.59×
Debt / equity	1.06×	0.92×	0.65×	0.40×	0.41×	0.33×	0.51×	0.39×	0.42×	0.45×	0.23×	0.63×	1.15×	1.21×	0.98×	0.73×	0.86×	1.02×	1.29×	0.64×	0.56×	0.51×	0.57×	0.55×	0.59×	0.51×	0.44×	0.35×	0.38×	0.33×	0.31×	0.34×
Effective tax rate	12.6%	11.5%	12.3%	12.2%	12.7%	(9.7%)	69.4%	8.1%	0.3%	24.3%	20.0%	(12.0%)	(4.9%)	13.4%	21.4%	26.1%	25.1%	27.5%	28.2%	29.0%	30.8%	31.4%	31.7%	33.1%	34.5%	34.6%	35.5%	34.9%	33.8%	41.1%	34.6%	19.5%
Share count
Diluted shares outstanding	116	118	121	123	129	132	123	125	126	126	129	130	133	132	133	140	142	140	145	149	157	163	170	177	184	186	198	213	227	231	238	237

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	$13,366	$13,211	$12,077	$11,390	$10,488	$9,630	$7,196	$7,807	$8,510	$8,080	$7,170	$6,934	$6,764	$6,286	$5,921	$5,327	$7,500	$7,113	$7,218	$6,626	$5,567	$5,354	$5,278	$5,003	$4,655	$4,367	$3,992	$3,675	$3,458	$3,287	$3,172	$3,192	$3,163
Cost of revenue	($6,248)	($6,166)	($5,601)	($5,336)	($5,032)	($4,526)	($3,416)	($6,398)	($6,661)	($6,335)	($5,601)	($5,392)	($5,342)	($4,990)	($4,617)	($4,088)	($5,700)	($5,484)	($5,637)	($5,139)	($4,259)	($4,098)	($4,096)	($3,903)	($3,648)	($3,384)	($3,124)	($2,892)	($2,740)	($2,624)	($2,572)	($2,471)	($2,496)
Gross profit	$7,118	$7,045	$6,476	$6,054	$5,456	$5,104	$3,780	$1,408	$1,849	$1,745	$1,569	$1,541	$1,422	$1,043	$1,063	$1,239	$1,801	$1,629	$1,581	$1,488	$1,308	$1,255	$1,182	$1,100	$1,007	$983	$868	$784	$718	$663	$600	$721	$668
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($513)	($514)	($520)	($479)	($386)	($373)	($396)	($376)	($406)	($410)	($388)	($385)	($430)	($664)	($625)	($540)	($743)	($691)	($666)	($642)	($537)	($506)	($497)	($472)	($432)	($420)	($389)	($363)	($361)	($358)	($361)	($374)	($346)
Total operating expenses	($5,556)	($5,462)	($5,113)	($4,740)	($4,254)	($3,942)	($3,131)	($1,360)	($1,016)	($979)	($892)	($919)	($1,055)	($734)	($663)	($782)	($1,060)	($992)	($961)	($887)	($737)	($703)	($715)	($724)	($627)	($583)	($536)	($488)	($491)	($490)	($502)	($510)	($481)
Total costs and expenses	($11,804)	($11,628)	($10,714)	($10,076)	($9,286)	($8,468)	($6,547)	($7,759)	($7,678)	($7,313)	($6,493)	($6,311)	($6,396)	($5,977)	($5,521)	($4,870)	($6,759)	($6,476)	($6,598)	($6,026)	($4,996)	($4,802)	($4,811)	($4,627)	($4,275)	($3,967)	($3,661)	($3,379)	($3,231)	($3,113)	($3,074)	($2,982)	($2,977)
Operating income	$1,563	$1,583	$1,362	$1,314	$1,202	$1,162	$649	$48	$832	$767	$678	$622	$368	$309	$400	$457	$741	$638	$620	$600	$571	$552	$467	$376	$380	$400	$332	$296	$227	$174	$98	$210	$186
Earnings
EBITDA	$2,133	$2,144	$1,878	$1,774	$1,590	$1,531	$1,000	$404	$1,169	$1,080	$950	$912	$687	$613	$678	$698	$1,058	$938	$903	$846	$773	$752	$691	$594	$578	$573	$486	$433	$357	$305	$238	$347	$322
Interest income	$96	–	$3	$4	($81)	$2	$2	$5	$4	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($342)	($126)	($116)	($94)	($50)	($41)	($48)	($49)	($44)	($152)	($34)	($165)	($186)	($134)	($126)	($103)	($94)	($96)	($114)	($87)	($41)	($47)	($44)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,364	$1,389	$1,187	$1,176	$1,120	$1,094	$576	($161)	$782	$606	$637	$450	$175	$175	$274	$355	$648	$544	$512	$515	$531	$508	$424	$333	$338	$363	$301	$274	$216	$154	($154)	$114	$65
Income tax expense	($174)	($175)	($136)	($145)	($137)	($139)	$56	$112	($64)	($2)	($155)	($90)	$21	$9	($37)	($76)	($169)	($137)	($141)	($145)	($154)	($156)	($133)	($106)	($112)	($126)	($104)	($97)	($75)	($52)	$64	($39)	($13)
Net income	$1,182	$1,207	$1,050	$1,028	$982	$953	$629	($52)	$713	$596	$479	$375	$710	$286	$412	$476	$476	$404	$372	$377	$201	$338	$291	$227	$226	$238	$197	$177	$140	$102	($91)	$74	$52
Per share
Diluted EPS (GAAP)	$10.24	$10.38	$8.86	$8.51	$7.99	$7.39	$4.77	($0.43)	$5.69	$4.73	$3.80	$2.90	$5.47	$2.15	$3.13	$3.57	$3.39	$2.84	$2.65	$2.60	$1.35	$2.16	$1.78	$1.34	$1.27	$1.30	$1.06	$0.89	$0.66	$0.45	($0.39)	$0.31	$0.22
Basic EPS (GAAP)	$10.31	$10.45	$8.93	$8.57	$8.06	$7.46	$4.83	($0.43)	$5.78	$4.81	$3.85	$2.94	$5.56	$2.18	$3.19	$3.65	$3.48	$2.90	$2.71	$2.69	$1.40	$2.26	$1.85	$1.39	$1.33	$1.36	$1.09	$0.92	$0.68	$0.46	($0.39)	$0.31	$0.22
Basic shares outstanding	115	116	118	120	122	128	130	123	124	124	124	127	128	131	129	130	137	139	137	140	143	150	157	164	170	175	180	193	207	222	231	238	237
Margins
Gross margin	53.3%	53.3%	53.6%	53.2%	52.0%	53.0%	52.5%	18.0%	21.7%	21.6%	21.9%	22.2%	21.0%	16.6%	18.0%	23.3%	24.0%	22.9%	21.9%	22.5%	23.5%	23.4%	22.4%	22.0%	21.6%	22.5%	21.7%	21.3%	20.8%	20.2%	18.9%	22.6%	21.1%
Operating margin	11.7%	12.0%	11.3%	11.5%	11.5%	12.1%	9.0%	0.6%	9.8%	9.5%	9.4%	9.0%	5.4%	4.9%	6.8%	8.6%	9.9%	9.0%	8.6%	9.1%	10.3%	10.3%	8.8%	7.5%	8.2%	9.2%	8.3%	8.1%	6.6%	5.3%	3.1%	6.6%	5.9%
Net margin	8.8%	9.1%	8.7%	9.0%	9.4%	9.9%	8.7%	(0.7%)	8.4%	7.4%	6.7%	5.4%	10.5%	4.6%	7.0%	8.9%	6.4%	5.7%	5.2%	5.7%	3.6%	6.3%	5.5%	4.5%	4.9%	5.4%	4.9%	4.8%	4.1%	3.1%	(2.9%)	2.3%	1.7%

Analyst consensus

Buy60 analysts

Bearish · 1 · Hold · 20 · Bullish · 39

Earnings history

	EPS	Estimate
Q2 2025	$2.03	$2.04	Miss
Q3 2025	$2.80	$2.80	Match
Q4 2025	$2.98	$2.97	Beat
Q1 2026	$1.97	$2.00	Miss
Q2 2026	$2.08	$2.10	Miss
Q3 2026	$2.95	$2.94	Beat
Q4 2026	$3.66	$3.63	Beat
Q1 2027	$2.05	$2.05	Match

Peers

Company overview

IPO dateMay 9, 1995

CEORicardo Cardenas

Employees209,931

SectorConsumer Cyclical

IndustryRestaurants

CountryUS

ExchangeNew York Stock Exchange

Websitewww.darden.com

Darden Restaurants, Inc., through its various subsidiaries, focuses on the ownership and operation of full-service dining establishments across both the United States and Canada. As of May 29, 2022, the company's extensive portfolio comprised 1,867 directly managed restaurants. These included a significant presence from its flagship brands: 884 Olive Garden outlets, 546 LongHorn Steakhouse locations, 172 Cheddar's Scratch Kitchens, 85 Yard House venues, 62 Capital Grille branches, 45 Seasons 52 restaurants, 42 Bahama Breeze sites, 28 Eddie V's Prime Seafood establishments, and 3 Capital Burger eateries. In addition to its owned operations, Darden also oversees 60 franchised restaurants, specifically 35 Olive Garden units, 18 LongHorn Steakhouse units, 4 Cheddar's Scratch Kitchens, 2 Capital Grille locations, and 1 Bahama Breeze restaurant. The company, which originated in 1968, is headquartered in Orlando, Florida.

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