Domino's Pizza (DPZ) FY2025 results: revenue $4.9 billion, up 5.0% on the year

Domino's is the largest pizza company in the world, with more than 22,100 locations in over 90 markets at 28 December 2025, run on two service models, delivery and carryout. It has been selling food since 1960, took the Domino's Pizza name in 1965 and opened its first franchised store in 1967. It is primarily a franchisor: approximately 99% of stores worldwide are owned and operated by independent franchisees. It earns royalties as a percentage of franchisee sales, sells food and other products to franchisees through its own supply chain in the United States and Canada, and operates a small number of company-owned stores. Three segments are reported: U.S. stores, international franchise and supply chain.

U.S. stores

This segment was 32.6% of consolidated revenues in 2025. There were 6,924 franchised stores and 262 company-owned stores in the United States at 28 December 2025, a total of 7,186, with franchised stores approximately 96% of the segment's store count. The company-owned stores serve as test sites for technology, promotions and operational changes, as training grounds for new store managers and operations staff, and as a place to develop prospective franchisees.

International franchise

This segment was 6.9% of consolidated revenues in 2025. It covers a network of 14,956 franchised stores in over 90 markets at 28 December 2025. Income here is royalty payments on retail sales plus certain technology fees. Abroad the company generally grants geographic rights to master franchisees, who develop their territory and may profit by sub-franchising, by selling food to those sub-franchisees and by running stores themselves. Master franchise agreements typically run ten years with renewal options, carry growth clauses requiring a minimum number of store openings, and charge an initial one-time fee plus a fee on each new store and a continuing royalty that averaged approximately 3.0% in 2025. The segment needs little general and administrative expense and has no cost of sales, so most of the royalty income falls through.

Supply chain

This segment was 60.5% of consolidated revenues in 2025. In the United States it runs 22 regional dough manufacturing and supply chain centres, two thin crust manufacturing facilities and one vegetable processing centre, with five more regional centres in Canada, and it leases a fleet of more than 1,100 tractors and trailers. The centres make fresh dough and buy, store and deliver food and other items to substantially all United States stores and most Canadian franchised stores, supplying over 7,800 stores in all. Franchisees in the United States and Canada who buy all their food from the centres share in the profit, generally taking 50% of the pre-tax profit of the supply chain operation. Cheese is the largest food cost, priced to United States franchisees on a formula built on the Chicago Mercantile Exchange cheddar block price plus a markup, and bought from a single supplier under a December 2024 agreement running to December 2029. Most meat toppings also come from a single supplier, and Coca-Cola is the exclusive beverage supplier under an agreement running to at least 31 December 2030.

The market and the competition

The United States quick service pizza category grew from $42.8 billion in 2024 to $43.4 billion in 2025, with delivery and carryout the two largest parts. The four largest chains together account for approximately 61% of United States pizza delivery and approximately 51% of carryout. The filing puts the company first in the category with approximately 23.3% of total market share for the year to December 2025, up from approximately 22.5% the year before, with approximately 32.9% of delivery and 19.6% of carryout, on Circana consumer spending data. It names Pizza Hut, Papa John's and Little Caesars Pizza as its main national competitors in the United States, and Pizza Hut and Papa John's abroad, and it also competes with order and delivery aggregators, while holding multinational agreements with Uber Technologies and DoorDash that let customers order through their marketplaces.

Franchisees and people

No customer accounted for more than 10% of consolidated revenues in 2025, 2024 or 2023. The largest franchisee by store count, Domino's Pizza Enterprises, operated 3,524 stores in 12 international markets at 28 December 2025, approximately 24% of the international store count and 16% of the global count. That master franchisee produced 1.4% of consolidated revenues in 2025. The company itself had approximately 10,200 employees at 28 December 2025: approximately 6,000 in the U.S. stores segment, 3,200 in supply chain, 100 in international franchise and 900 corporate. Franchisees' staff are not counted, being employees of independent business owners.

From Domino's Pizza's annual report on Form 10-K for the year ended 28 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.