Domino's Pizza® Announces Fourth Quarter and Fiscal 2024 Financial Results
Domino's Pizza (DPZ) reported strong Q4 and fiscal 2024 results, with global retail sales growing 4.4% in Q4 and 5.9% for the full year. U.S. same-store sales increased 0.4% in Q4 and 3.2% for fiscal 2024, while international same-store sales grew 2.7% and 1.6% respectively.
The company added 364 net new stores in Q4 and 775 for the full year. Income from operations rose 6.4% in Q4 and 7.3% for fiscal 2024. Net income increased 7.7% to deliver Q4 diluted EPS of $4.89, up 9.2% from $4.48 in Q4 2023.
The Board approved a 15% increase in quarterly dividend to $1.74 per share. During fiscal 2024, Domino's repurchased 758,242 shares for $327.0 million, with $814.3 million remaining in the authorization. Free cash flow improved to $512.0 million in 2024 from $485.5 million in 2023.
Domino's Pizza (DPZ) ha riportato risultati solidi per il quarto trimestre e per l'anno fiscale 2024, con vendite al dettaglio globali in crescita del 4,4% nel quarto trimestre e del 5,9% per l'intero anno. Le vendite comparabili negli Stati Uniti sono aumentate dello 0,4% nel quarto trimestre e del 3,2% per l'anno fiscale 2024, mentre le vendite internazionali comparabili sono cresciute del 2,7% e dell'1,6% rispettivamente.
L'azienda ha aperto 364 nuovi negozi netti nel quarto trimestre e 775 per l'intero anno. Il reddito operativo è aumentato del 6,4% nel quarto trimestre e del 7,3% per l'anno fiscale 2024. L'utile netto è aumentato del 7,7%, portando l'EPS diluito del quarto trimestre a $4,89, in crescita del 9,2% rispetto a $4,48 nel quarto trimestre del 2023.
Il Consiglio ha approvato un aumento del 15% del dividendo trimestrale a $1,74 per azione. Durante l'anno fiscale 2024, Domino's ha riacquistato 758.242 azioni per $327,0 milioni, con $814,3 milioni rimanenti nell'autorizzazione. Il flusso di cassa libero è migliorato a $512,0 milioni nel 2024 rispetto a $485,5 milioni nel 2023.
Domino's Pizza (DPZ) reportó resultados sólidos en el cuarto trimestre y para el año fiscal 2024, con ventas minoristas globales creciendo un 4.4% en el cuarto trimestre y un 5.9% para el año completo. Las ventas en tiendas comparables en EE. UU. aumentaron un 0.4% en el cuarto trimestre y un 3.2% para el año fiscal 2024, mientras que las ventas internacionales en tiendas comparables crecieron un 2.7% y un 1.6% respectivamente.
La compañía agregó 364 nuevas tiendas netas en el cuarto trimestre y 775 para el año completo. Los ingresos operativos aumentaron un 6.4% en el cuarto trimestre y un 7.3% para el año fiscal 2024. El ingreso neto aumentó un 7.7%, entregando un EPS diluido de $4.89 en el cuarto trimestre, un aumento del 9.2% respecto a $4.48 en el cuarto trimestre de 2023.
La Junta aprobó un aumento del 15% en el dividendo trimestral a $1.74 por acción. Durante el año fiscal 2024, Domino's recompró 758,242 acciones por $327.0 millones, con $814.3 millones restantes en la autorización. El flujo de caja libre mejoró a $512.0 millones en 2024 desde $485.5 millones en 2023.
도미노 피자 (DPZ)는 4분기 및 2024 회계연도에 강력한 실적을 보고했으며, 전 세계 소매 매출이 4분기 4.4%, 연간 5.9% 증가했습니다. 미국의 동일 매장 매출은 4분기 0.4%, 2024 회계연도 3.2% 증가했으며, 국제 동일 매장 매출은 각각 2.7% 및 1.6% 증가했습니다.
회사는 4분기에 순 신규 매장 364개를 추가했으며, 연간 775개 매장을 추가했습니다. 운영 소득은 4분기 6.4%, 2024 회계연도에 7.3% 증가했습니다. 순이익은 7.7% 증가하여 4분기 희석 EPS가 $4.89로, 2023년 4분기의 $4.48에서 9.2% 증가했습니다.
이사회는 분기 배당금을 주당 $1.74로 15% 인상하는 것을 승인했습니다. 2024 회계연도 동안 도미노는 $327.0 백만에 758,242주를 재매입했으며, 남은 승인 금액은 $814.3 백만입니다. 자유 현금 흐름은 2023년의 $485.5 백만에서 2024년에는 $512.0 백만으로 개선되었습니다.
Domino's Pizza (DPZ) a rapporté de solides résultats pour le quatrième trimestre et l'exercice fiscal 2024, avec des ventes au détail mondiales en hausse de 4,4 % au quatrième trimestre et de 5,9 % pour l'année entière. Les ventes à magasins comparables aux États-Unis ont augmenté de 0,4 % au quatrième trimestre et de 3,2 % pour l'exercice fiscal 2024, tandis que les ventes à magasins comparables internationales ont augmenté de 2,7 % et de 1,6 % respectivement.
L'entreprise a ajouté 364 nouveaux magasins nets au quatrième trimestre et 775 pour l'année entière. Le revenu d'exploitation a augmenté de 6,4 % au quatrième trimestre et de 7,3 % pour l'exercice fiscal 2024. Le bénéfice net a augmenté de 7,7 %, ce qui a permis d'atteindre un BPA dilué de 4,89 $ au quatrième trimestre, en hausse de 9,2 % par rapport à 4,48 $ au quatrième trimestre 2023.
Le Conseil a approuvé une augmentation de 15 % du dividende trimestriel à 1,74 $ par action. Au cours de l'exercice fiscal 2024, Domino's a racheté 758 242 actions pour 327,0 millions de dollars, avec 814,3 millions de dollars restant dans l'autorisation. Le flux de trésorerie libre s'est amélioré à 512,0 millions de dollars en 2024 contre 485,5 millions de dollars en 2023.
Domino's Pizza (DPZ) hat starke Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 gemeldet, mit einem globalen Einzelhandelsumsatzwachstum von 4,4% im vierten Quartal und 5,9% für das gesamte Jahr. Die Same-Store-Umsätze in den USA stiegen im vierten Quartal um 0,4% und um 3,2% für das Geschäftsjahr 2024, während die internationalen Same-Store-Umsätze um 2,7% und 1,6% wuchsen.
Das Unternehmen eröffnete im vierten Quartal 364 neue Filialen netto und 775 für das gesamte Jahr. Der operative Gewinn stieg im vierten Quartal um 6,4% und um 7,3% für das Geschäftsjahr 2024. Der Nettogewinn erhöhte sich um 7,7%, was zu einem verwässerten EPS von $4,89 im vierten Quartal führte, ein Anstieg von 9,2% im Vergleich zu $4,48 im vierten Quartal 2023.
Der Vorstand genehmigte eine Erhöhung der vierteljährlichen Dividende um 15% auf $1,74 pro Aktie. Im Geschäftsjahr 2024 hat Domino's 758.242 Aktien für $327,0 Millionen zurückgekauft, wobei noch $814,3 Millionen im Genehmigungsrahmen verbleiben. Der freie Cashflow verbesserte sich 2024 auf $512,0 Millionen von $485,5 Millionen im Jahr 2023.
- Global retail sales growth of 4.4% in Q4 and 5.9% for fiscal 2024
- Net store expansion of 775 units in fiscal 2024
- Operating income increased 6.4% in Q4
- 15% dividend increase to $1.74 per share
- Free cash flow improved to $512.0 million
- EPS growth of 9.2% to $4.89 in Q4
- Modest U.S. same-store sales growth of only 0.4% in Q4
- Food basket pricing increased 4.4% in Q4 2024 vs Q4 2023
Insights
Domino's Q4 and FY2024 results reveal a compelling story of operational excellence and strategic execution. The company's 4.4% Q4 global retail sales growth demonstrates resilience in a challenging macroeconomic environment, while the 31-year streak of international same-store sales growth underscores the brand's enduring global appeal.
The financial performance shows notable strengths in several key areas. Supply chain margin expanded by
Capital allocation strategy remains shareholder-friendly, with
The expansion of 775 net new stores in 2024 reflects strong unit economics and franchise partner confidence. Market share gains in QSR Pizza, particularly in the U.S., indicate successful execution of the value proposition strategy, even as the company maintains pricing discipline in an inflationary environment.
The Hungry for MORE strategy is driving meaningful order count growth, suggesting effective customer engagement and operational execution. This is particularly noteworthy given the challenging consumer spending environment and intense competition in the quick-service restaurant sector.
Global retail sales growth (excluding foreign currency impact) of
International same store sales growth (excluding foreign currency impact) of
Global net store growth of 364 for the fourth quarter; 775 for fiscal 2024
Income from operations increased
Board of Directors approves
"Domino's 2024 results demonstrated that our Hungry for MORE strategy can drive strong order count growth, even in the face of a challenging global macroeconomic environment," said Russell Weiner, Domino's Chief Executive Officer. "In our international business, we delivered a remarkable 31st consecutive year of same store sales growth, with our sales improving in the fourth quarter. In the
Fourth Quarter and Fiscal 2024 Operational and Financial Highlights (Unaudited):
The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.
Fourth Quarter | Fiscal Year | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Global retail sales: (in millions of | ||||||||||||||||
$ | 2,897.6 | $ | 2,831.2 | $ | 9,500.1 | $ | 9,026.1 | |||||||||
International stores | 3,042.2 | 2,897.4 | 9,624.1 | 9,249.7 | ||||||||||||
Total | $ | 5,939.8 | $ | 5,728.6 | $ | 19,124.2 | $ | 18,275.8 |
Fourth Quarter | Fiscal Year | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Global retail sales growth: | ||||||||
+ 2.3 % | + 4.5 % | + 5.3 % | + 3.1 % | |||||
International stores (1) | + 6.4 % | + 5.2 % | + 6.5 % | + 7.7 % | ||||
Total (2) | + 4.4 % | + 4.9 % | + 5.9 % | + 5.4 % | ||||
Same store sales growth: | ||||||||
(0.7) % | + 5.9 % | + 3.5 % | + 5.4 % | |||||
+ 0.5 % | + 2.6 % | + 3.2 % | + 1.4 % | |||||
+ 0.4 % | + 2.8 % | + 3.2 % | + 1.6 % | |||||
International stores (excluding foreign currency impact) | + 2.7 % | + 0.1 % | + 1.6 % | + 1.7 % |
(1) | 2024 fiscal year figure excludes the impact of the | |
(2) | 2024 fiscal year figure excludes the impact of the |
|
| Total | International | Total | ||||||||||||||||
Fourth quarter of 2024 store counts: | ||||||||||||||||||||
Store count at September 8, 2024 | 291 | 6,639 | 6,930 | 14,072 | 21,002 | |||||||||||||||
Openings | 1 | 86 | 87 | 308 | 395 | |||||||||||||||
Closings | — | (3) | (3) | (28) | (31) | |||||||||||||||
Store count at December 29, 2024 | 292 | 6,722 | 7,014 | 14,352 | 21,366 | |||||||||||||||
Fourth quarter 2024 net store growth | 1 | 83 | 84 | 280 | 364 |
|
| Total | International | Total | ||||||||||||||||
Fiscal 2024 store counts: | ||||||||||||||||||||
Store count at December 31, 2023 | 288 | 6,566 | 6,854 | 13,737 | 20,591 | |||||||||||||||
Openings | 7 | 159 | 166 | 868 | 1,034 | |||||||||||||||
Closings | (1) | (5) | (6) | (253) | (259) | |||||||||||||||
Transfers | (2) | 2 | — | — | — | |||||||||||||||
Store count at December 29, 2024 | 292 | 6,722 | 7,014 | 14,352 | 21,366 | |||||||||||||||
Fiscal 2024 net store growth | 6 | 154 | 160 | 615 | 775 |
Fourth Quarter | Fiscal Year | |||||||||||
(In millions, except percentages, percentage points, per | 2024 | 2023 | Increase/ | 2024 | 2023 | Increase/ | ||||||
Total revenues | + 2.9 % | + 5.1 % | ||||||||||
15.5 % | 14.7 % | + 0.8 pp | 16.7 % | 16.4 % | + 0.3 pp | |||||||
Supply chain gross margin | 11.3 % | 10.9 % | + 0.4 pp | 11.1 % | 10.2 % | + 0.9 pp | ||||||
Income from operations | + 6.4 % | + 7.3 % | ||||||||||
Net income | + 7.7 % | + 12.5 % | ||||||||||
Diluted earnings per share | + 9.2 % | + 13.8 % | ||||||||||
Leverage ratio | 4.9x | 5.2x | (0.3)x | |||||||||
Net cash provided by operating activities | + 5.8 % | |||||||||||
Capital expenditures | (112.9) | (105.4) | + 7.1 % | |||||||||
Free cash flow | + 5.5 % |
- Revenues increased
, or$40.9 million 2.9% , in the fourth quarter of 2024 as compared to the fourth quarter of 2023, primarily due to higher supply chain andU.S. franchise advertising revenues. The increase in supply chain revenues was primarily attributable to an increase in the Company's food basket pricing to stores, which increased4.4% during the fourth quarter of 2024 as compared to the fourth quarter of 2023, as well as higher order volumes. These increases in supply chain revenues were partially offset by the transition of the Company's equipment and supplies business to a third-party supplier, as well as a shift in the relative mix of the products sold by the Company.U.S. franchise advertising revenues increased primarily as a result of the return to the standard6.0% advertising contribution rate at the beginning of the second quarter of 2024 following the end of the temporary reduction to5.75% . U.S. Company-owned store gross margin increased 0.8 percentage points in the fourth quarter of 2024 as compared to the fourth quarter of 2023, primarily due to an increase to the loyalty liability in the fourth quarter of 2023 as a result of the relaunch of the Domino's Rewards program. This adjustment did not reoccur in 2024. Labor improvements as a result of store level productivity also contributed to the increase inU.S. Company-owned store gross margin. These increases were partially offset by the increase in the Company's food basket pricing to stores, as described above.- Supply chain gross margin increased 0.4 percentage points in the fourth quarter of 2024 as compared to the fourth quarter of 2023, primarily due to procurement productivity.
- Income from operations increased
, or$16.5 million 6.4% , in the fourth quarter of 2024 as compared to the fourth quarter of 2023. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of , income from operations increased$0.2 million , or$16.7 million 6.5% , in the fourth quarter of 2024 as compared to the fourth quarter of 2023. These increases were primarily the result of gross margin dollar growth within supply chain, as well as lower general and administrative expenses. The decrease in general and administrative expenses was primarily due to a shift in the timing of investments. - Net income increased
, or$12.2 million 7.7% , in the fourth quarter of 2024 as compared to the fourth quarter of 2023 due to higher income from operations, partially offset by higher provision for income taxes. The Company's provision for income taxes increased in the fourth quarter of 2024 due to higher operating income. The effective tax rate was$3.3 million 23.3% in the fourth quarter of 2024 and23.5% in the fourth quarter of 2023. - Diluted EPS was
in the fourth quarter of 2024 as compared to$4.89 in the fourth quarter of 2023, representing a$4.48 , or$0.41 9.2% , increase. The increase in diluted EPS in the fourth quarter of 2024 as compared to the fourth quarter of 2023 was driven by higher net income and a lower weighted average diluted share count, resulting from the Company's share repurchases during the trailing four quarters. - Net cash provided by operating activities was
in 2024 as compared to$624.9 million in 2023. The Company spent$590.9 million on capital expenditures in 2024 as compared to$112.9 million in 2023, resulting in free cash flow of$105.4 million in 2024 as compared to$512.0 million in 2023. The increase in free cash flow was a result of higher net income, excluding non-cash operating activities and receipts for advertising contributions outpacing payments for advertising activities. These increases were partially offset by the negative impact of changes in operating assets and liabilities and higher investments in capital expenditures.$485.5 million
Quarterly Dividend
Subsequent to the end of the fourth quarter of 2024, on February 19, 2025, the Company's Board of Directors approved a
Share Repurchases
During the fourth quarter and fiscal 2024, the Company repurchased and retired 258,568 and 758,242 shares of common stock for a total of
Comments on Regulation G
In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.
The Company uses "global retail sales," a statistical measure, to refer to total worldwide retail sales at Company-owned and franchise stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino's Pizza brand and believes they are indicative of the financial health of the Company's franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the
The Company uses "same store sales growth," a statistical measure, which is calculated by including only retail sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to
The Company uses "net store growth," a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.
The Company uses "food basket pricing change," a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average
The Company uses "free cash flow," which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure which communicates how much cash flow is available for working capital needs or to be used for repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.
The Company uses "income from operations, excluding foreign currency impact," which is calculated as income from operations as reported under GAAP, less the "impact of changes in foreign currency exchange rates on international franchise royalty revenues," a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to
The Company uses "Consolidated Adjusted EBITDA," which is calculated as Segment Income as defined by the Company under Accounting Standards Codification 280, Segment Reporting, less corporate administrative costs that have not been allocated to a reportable segment including labor, computer expenses, professional fees, travel and entertainment, rent, insurance and other corporate administrative costs. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company's securitized debt. The Company uses Consolidated Adjusted EBITDA to determine future business objectives and targets and for long-range planning, as well as to evaluate total Company operating performance for the purposes of determining certain variable performance-based compensation. The Company believes Consolidated Adjusted EBITDA is a reliable barometer for the overall success of the Company. It is also used to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company's securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations.
The Company uses the "leverage ratio1," which is calculated as the Company's securitized debt related to its fixed-rate notes from the recapitalizations completed in 2021, 2019, 2018, 2017 and 2015 and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations.
The reconciliation of the leverage ratio for the fourth quarters of 2024 and 2023 is as follows below.
December 29, | December 31, | |||||||
2015 Ten-Year Notes | $ | 742,000 | $ | 744,000 | ||||
2017 Ten-Year Notes | 940,000 | 942,500 | ||||||
2018 7.5-Year Notes | 402,688 | 403,750 | ||||||
2018 9.25-Year Notes | 379,000 | 380,000 | ||||||
2019 Ten-Year Notes | 648,000 | 649,688 | ||||||
2021 7.5-Year Notes | 826,625 | 828,750 | ||||||
2021 Ten-Year Notes | 972,500 | 975,000 | ||||||
Total fixed-rate notes | $ | 4,910,813 | $ | 4,923,688 | ||||
Segment Income - fourth quarter of 2024 and 2023 | $ | 340,968 | $ | 327,099 | ||||
Segment Income - third quarter of 2024 and 2023 | 252,117 | 237,096 | ||||||
Segment Income - second quarter of 2024 and 2023 | 253,565 | 242,483 | ||||||
Segment Income - first quarter of 2024 and 2023 | 260,016 | 219,337 | ||||||
Segment Income - trailing four quarters of 2024 and 2023 | $ | 1,106,666 | $ | 1,026,015 | ||||
General and administrative - other - fourth quarter of 2024 and 2023 | $ | (27,818) | $ | (32,498) | ||||
General and administrative - other - third quarter of 2024 and 2023 | (22,839) | (19,809) | ||||||
General and administrative - other - second quarter of 2024 and 2023 | (26,165) | (18,865) | ||||||
General and administrative - other - first quarter of 2024 and 2023 | (18,173) | (15,722) | ||||||
General and administrative - other - trailing four quarters of 2024 and 2023 | $ | (94,995) | $ | (86,894) | ||||
Consolidated Adjusted EBITDA - trailing four quarters of 2024 and 2023 | $ | 1,011,671 | $ | 939,121 | ||||
Leverage ratio | 4.9 | x | 5.2 | x |
(1) | The Company also calculates and reviews its Senior Leverage Ratio and Holdco Leverage Ratio as defined in the indenture governing the Company's securitized debt. |
Russia Market
On August 21, 2023, the Company's master franchisee that owned and operated Domino's Pizza stores in
Conference Call Information
The Company will file its Annual Report on Form 10-K today. As previously announced, Domino's Pizza, Inc. will hold a conference call today at 8:30 a.m. (Eastern) to review its fourth quarter and fiscal 2024 financial results. The webcast is available at ir.dominos.com and will be archived for one year.
About Domino's Pizza®
Founded in 1960, Domino's Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world's top public restaurant brands with a global enterprise of more than 21,300 stores in over 90 markets. Domino's had global retail sales of over
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SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") that are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the "safe harbor" provisions of the Act. You can identify forward-looking statements by the use of words such as "anticipates," "believes," "could," "should," "estimates," "expects," "intends," "may," "will," "plans," "predicts," "projects," "seeks," "approximately," "potential," "outlook" and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our
TABLES TO FOLLOW
Domino's Pizza, Inc. and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Fiscal Quarter Ended | ||||||||||||||||
December 29, | % of | December 31, | % of | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
$ | 119,812 | $ | 117,298 | |||||||||||||
196,025 | 194,443 | |||||||||||||||
Supply chain | 876,009 | 856,986 | ||||||||||||||
International franchise royalties and fees | 98,396 | 96,769 | ||||||||||||||
153,672 | 137,476 | |||||||||||||||
Total revenues | 1,443,914 | 100.0 | % | 1,402,972 | 100.0 | % | ||||||||||
Cost of sales: | ||||||||||||||||
101,264 | 100,064 | |||||||||||||||
Supply chain | 776,796 | 763,863 | ||||||||||||||
Total cost of sales | 878,060 | 60.8 | % | 863,927 | 61.6 | % | ||||||||||
Gross margin | 565,854 | 39.2 | % | 539,045 | 38.4 | % | ||||||||||
General and administrative | 138,530 | 9.6 | % | 144,368 | 10.3 | % | ||||||||||
153,672 | 10.6 | % | 137,476 | 9.8 | % | |||||||||||
Income from operations | 273,652 | 19.0 | % | 257,201 | 18.3 | % | ||||||||||
Other income | 3,193 | 0.2 | % | 4,446 | 0.3 | % | ||||||||||
Interest expense, net | (55,852) | (3.9) | % | (56,152) | (4.0) | % | ||||||||||
Income before provision for income taxes | 220,993 | 15.3 | % | 205,495 | 14.6 | % | ||||||||||
Provision for income taxes | 51,549 | 3.6 | % | 48,203 | 3.4 | % | ||||||||||
Net income | $ | 169,444 | 11.7 | % | $ | 157,292 | 11.2 | % | ||||||||
Earnings per share: | ||||||||||||||||
Common stock – diluted | $ | 4.89 | $ | 4.48 | ||||||||||||
Weighted average diluted shares | 34,655,676 | 35,141,199 |
Domino's Pizza, Inc. and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Income | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Fiscal Year Ended | ||||||||||||||||
December 29, | % of | December 31, | % of | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
$ | 393,898 | $ | 376,180 | |||||||||||||
638,193 | 604,897 | |||||||||||||||
Supply chain | 2,845,781 | 2,715,009 | ||||||||||||||
International franchise royalties and fees | 318,691 | 310,077 | ||||||||||||||
509,853 | 473,195 | |||||||||||||||
Total revenues | 4,706,416 | 100.0 | % | 4,479,358 | 100.0 | % | ||||||||||
Cost of sales: | ||||||||||||||||
327,986 | 314,673 | |||||||||||||||
Supply chain | 2,529,928 | 2,437,268 | ||||||||||||||
Total cost of sales | 2,857,914 | 60.7 | % | 2,751,941 | 61.4 | % | ||||||||||
Gross margin | 1,848,502 | 39.3 | % | 1,727,417 | 38.6 | % | ||||||||||
General and administrative | 459,492 | 9.8 | % | 434,554 | 9.7 | % | ||||||||||
509,853 | 10.8 | % | 473,195 | 10.6 | % | |||||||||||
Refranchising loss | 158 | 0.0 | % | 149 | 0.0 | % | ||||||||||
Income from operations | 878,999 | 18.7 | % | 819,519 | 18.3 | % | ||||||||||
Other income | 22,064 | 0.5 | % | 17,713 | 0.4 | % | ||||||||||
Interest expense, net | (178,848) | (3.9) | % | (184,792) | (4.1) | % | ||||||||||
Income before provision for income taxes | 722,215 | 15.3 | % | 652,440 | 14.6 | % | ||||||||||
Provision for income taxes | 138,045 | 2.9 | % | 133,322 | 3.0 | % | ||||||||||
Net income | $ | 584,170 | 12.4 | % | $ | 519,118 | 11.6 | % | ||||||||
Earnings per share: | ||||||||||||||||
Common stock – diluted | $ | 16.69 | $ | 14.66 | ||||||||||||
Weighted average diluted shares | 34,991,484 | 35,401,313 |
Domino's Pizza, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
December 29, | December 31, | |||||||
(In thousands) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 186,126 | $ | 114,098 | ||||
Restricted cash and cash equivalents | 195,370 | 200,870 | ||||||
Accounts receivable, net | 309,104 | 282,809 | ||||||
Inventories | 70,919 | 82,964 | ||||||
Prepaid expenses and other | 40,363 | 30,215 | ||||||
Advertising fund assets, restricted | 103,396 | 106,335 | ||||||
Total current assets | 905,278 | 817,291 | ||||||
Property, plant and equipment, net | 301,179 | 304,365 | ||||||
Operating lease right-of-use assets | 210,302 | 207,323 | ||||||
Investment in DPC Dash | 82,699 | 143,553 | ||||||
Other assets | 237,555 | 202,367 | ||||||
Total assets | $ | 1,737,013 | $ | 1,674,899 | ||||
Liabilities and stockholders' deficit | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt | $ | 1,149,679 | $ | 56,366 | ||||
Accounts payable | 85,898 | 106,267 | ||||||
Operating lease liabilities | 39,920 | 39,330 | ||||||
Advertising fund liabilities | 101,567 | 104,246 | ||||||
Other accrued liabilities | 235,398 | 241,141 | ||||||
Total current liabilities | 1,612,462 | 547,350 | ||||||
Long-term liabilities: | ||||||||
Long-term debt, less current portion | 3,825,659 | 4,934,062 | ||||||
Operating lease liabilities | 181,983 | 179,548 | ||||||
Other accrued liabilities | 79,200 | 84,306 | ||||||
Total long-term liabilities | 4,086,842 | 5,197,916 | ||||||
Total stockholders' deficit | (3,962,291) | (4,070,367) | ||||||
Total liabilities and stockholders' deficit | $ | 1,737,013 | $ | 1,674,899 |
Domino's Pizza, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Fiscal Year Ended | ||||||||
December 29, | December 31, | |||||||
(In thousands) | ||||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 584,170 | $ | 519,118 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 87,732 | 80,640 | ||||||
Refranchising loss | 158 | 149 | ||||||
Loss on sale/disposal of assets | 1,527 | 1,299 | ||||||
Amortization of debt issuance costs | 5,298 | 5,535 | ||||||
Benefit for deferred income taxes | (9,117) | (19,509) | ||||||
Non-cash equity-based compensation expense | 43,255 | 37,514 | ||||||
Excess tax benefits from equity-based compensation | (22,241) | (3,397) | ||||||
Provision for losses on accounts and notes receivable | 191 | 1,472 | ||||||
Unrealized and realized gain on investments, net | (22,064) | (17,713) | ||||||
Changes in operating assets and liabilities | (37,035) | 38,487 | ||||||
Changes in advertising fund assets and liabilities, restricted | (6,977) | (52,731) | ||||||
Net cash provided by operating activities | 624,897 | 590,864 | ||||||
Cash flows from investing activities: | ||||||||
Capital expenditures | (112,885) | (105,396) | ||||||
Sale of investments | 82,918 | — | ||||||
Other | (1,262) | (1,521) | ||||||
Net cash used in investing activities | (31,229) | (106,917) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of long-term debt | — | 14,898 | ||||||
Repayments of long-term debt and finance lease obligations | (17,647) | (55,705) | ||||||
Proceeds from exercise of stock options | 36,024 | 8,656 | ||||||
Purchases of common stock | (329,557) | (269,025) | ||||||
Tax payments for restricted stock upon vesting | (11,098) | (5,410) | ||||||
Payments of common stock dividends and equivalents | (209,945) | (169,772) | ||||||
Net cash used in financing activities | (532,223) | (476,358) | ||||||
Effect of exchange rate changes on cash | (2,154) | 340 | ||||||
Change in cash and cash equivalents, restricted cash and cash equivalents | 59,291 | 7,929 | ||||||
Cash and cash equivalents, beginning of period | 114,098 | 60,356 | ||||||
Restricted cash and cash equivalents, beginning of period | 200,870 | 191,289 | ||||||
Cash and cash equivalents included in advertising fund assets, restricted, | 88,165 | 143,559 | ||||||
Cash and cash equivalents, restricted cash and cash equivalents and | 403,133 | 395,204 | ||||||
Cash and cash equivalents, end of period | 186,126 | 114,098 | ||||||
Restricted cash and cash equivalents, end of period | 195,370 | 200,870 | ||||||
Cash and cash equivalents included in advertising fund assets, restricted, | 80,928 | 88,165 | ||||||
Cash and cash equivalents, restricted cash and cash equivalents and cash and | $ | 462,424 | $ | 403,133 |
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SOURCE Domino's Pizza, Inc.
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