Darden Restaurants (DRI) Q2 FY2026 earnings: revenue $3.1 billion, up 7.3% on the year

Darden Restaurants Inc. (DRI) reported revenue of $3.1 billion for Q2 FY2026, the quarter ended 23 November 2025, up 7.3% on the same quarter a year earlier. Net income was $237 million, up 10.3% on the year, and diluted earnings per share $2.03. The figures are the company's own, from the 10-Q it filed with the SEC on 30 December 2025.

Revenue

$3.1 billion

+7.3% on the year · +1.9% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

10.3%

10.1% a year earlier

Q3 FY2024Q2 FY2026

Net income

$237 million

+10.3% on the year · -8.0% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$2.03

+11.5% on the year · -7.3% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 2 lowered, 1 narrowed, 3 kept.

Sales rose 7.3% on comparable and new units: Total sales were $3.1 billion, up 7.3%, driven by a blended same-restaurant sales increase of 4.3% and sales from 30 net new restaurants.
Adjusted EPS rose 2.5% to $2.08: Reported diluted EPS from continuing operations was $2.03, against $1.82 a year earlier. Adjusted figure excludes $0.03 of Chuy's costs and $0.02 of closed restaurant costs.
LongHorn sales up, segment profit down: LongHorn sales were $775.9 million, against $710.1 million, with same-restaurant sales up 5.9%. Segment profit was $126.0 million, against $135.1 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	3,102	3,045	2,890	+1.9%	+7.3%
Gross profit	581	574	569	+1.2%	+2.1%
Gross margin	18.7%	18.9%	19.7%
Operating income	320	339	292	-5.5%	+9.7%
Operating margin	10.3%	11.1%	10.1%
Pre-tax income	272	294	246	-7.3%	+10.8%
Income tax	35.0	35.9	30.2	-2.5%	+15.9%
Effective tax rate	12.8%	12.2%	12.3%
Net income	237	258	215	-8.0%	+10.3%
Net margin	7.6%	8.5%	7.4%
Diluted EPS	$2.03	$2.19	$1.82	-7.3%	+11.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Capital expenditure	201	174	169	+15.4%	+18.7%
Cash from investing	-205	-159	-790
Cash from financing	-103	-212	426
Depreciation and amortisation	138	135	128	+2.1%	+8.0%
Share-based compensation	23.9	25.0	14.2	-4.4%	+68.3%
Buybacks	224	183	142	+22.8%	+58.3%
Dividends paid	174	175	164	-0.7%	+5.7%
Dividend per share	$1.50	$1.50	$1.40	0.0%	+7.1%
Diluted shares, weighted	117m	118m	118m	-0.8%	-1.4%
Shares outstanding at period end	115m	116m	117m	-1.0%	-1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	2,080	2,226	2,071	-6.5%	+0.5%
Debt	2,577	2,277	2,397	+13.2%	+7.5%
Operating lease liabilities	3,830	3,878	3,939	-1.3%	-2.8%
Finance lease liabilities	1,682	1,636	1,484	+2.8%	+13.3%
Other liabilities	2,771	2,742	2,628	+1.1%	+5.4%
Total liabilities and equity	12,940	12,760	12,519	+1.4%	+3.4%
Goodwill	1,658	1,658	1,654	0.0%	+0.3%
Cash and equivalents	224	211	217	+6.2%	+3.1%
Receivables	126	94.1	77.8	+34.0%	+62.1%
Inventory	354	310	318	+14.5%	+11.5%
Other assets	10,577	10,487	10,252	+0.9%	+3.2%
Total assets	12,940	12,760	12,519	+1.4%	+3.4%

Questions

What was Darden Restaurants' revenue in Q2 FY2026?

Darden Restaurants (DRI) reported revenue of $3.1 billion for Q2 FY2026, the quarter ended 23 November 2025, up 7.3% on the same quarter a year earlier.

How much did Darden Restaurants earn in Q2 FY2026?

Net income for Q2 FY2026 was $237 million, up 10.3% on the year, and diluted earnings per share $2.03.

When did Darden Restaurants report Q2 FY2026 results?

Darden Restaurants filed its 10-Q for the quarter ended 23 November 2025 with the SEC on 30 December 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	2,272	2,449	2,603	2,446	2,486	2,786	2,769	2,731	2,727	2,975	2,957	2,757	2,890	3,158	3,272	3,045	3,102	3,345	3,719	3,200
Gross profit	426	475	518	423	412	556	574	519	513	614	619	523	569	673	708	574	581	704	823	603
Gross margin	19%	19%	20%	17%	17%	20%	21%	19%	19%	21%	21%	19%	20%	21%	22%	19%	19%	21%	22%	19%
Operating income	243	301	338	244	233	350	374	253	278	387	395	269	292	418	383	339	320	406	517	319
Operating margin	11%	12%	13%	10%	9%	13%	14%	9%	10%	13%	13%	10%	10%	13%	12%	11%	10%	12%	14%	10%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	50.3
Pre-tax income	226	283	319	224	213	330	352	223	241	351	360	232	246	373	336	294	272	357	466	269
Tax rate	14%	12%	12%	14%	12%	13%	10%	13%	12%	11%	14%	11%	12%	13%	10%	12%	13%	13%	12%	13%
Net income	193	247	282	193	187	287	315	194	212	313	308	207	215	323	304	258	237	307	405	233
Net margin	9%	10%	11%	8%	8%	10%	11%	7%	8%	11%	10%	8%	7%	10%	9%	8%	8%	9%	11%	7%
Diluted EPS	$1.48	$1.93	$2.23	$1.56	$1.52	$2.34	$2.58	$1.59	$1.76	$2.60	$2.57	$1.74	$1.82	$2.74	$2.58	$2.19	$2.03	$2.65	$3.51	$2.04
Capital expenditure	90.6	102	101	123	158	130	154	151	162	148	140	145	169	158	172	174	201	166	193	175
Buybacks	266	382	237	199	100	124	35.2	143	181	32.7	97.3	172	142	53.0	51.0	183	224	127	137	221
Dividends paid	143	140	137	148	148	147	146	158	157	156	156	166	164	164	164	175	174	172	172	184
Shares outstanding	128m	125m	124m	122m	122m	121m	121m	120m	119m	119m	119m	118m	117m	117m	117m	116m	115m	115m	114m	113m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 23 November 2025, filed 30 December 2025: the filing.