[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","f0y0b9kz626dbbj44uqu8z31u","revision",2,"title","Domino's Pizza Inc. 2026财年第三季度营收118.56亿美元，净收入增长9.2%","originalTitle","DOMINOS PIZZA INC (0001286681) (Filer)","summary","Domino's Pizza Inc. 报告2026财年第三季度营收为118.56亿美元，同比增长3.4%；净收入为15.22亿美元，同比增长9.2%。公司面临高杠杆、信用评级下调、汇率波动及供应链中断等风险。","reason","Domino's Pizza Inc. 2026财年第三季度营收同比增长3.4%，净收入增长9.2%，但面临高杠杆、信用评级下调及汇率波动等风险。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_77":91},"publishedAt","2026-10-13T10:09:37.000Z","discoveredAt","2026-10-13T11:39:01.750Z","timelineAt","category","ai-products","tags",[83,84,85,86,87,88],"stockSymbols",[82],"score",81,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_64":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":15,"_69":70,"_71":70},"hasTranslation","bodyLanguage","zh","factId","fqWF3aOyamvc",{"_72":73,"_16":74},"reportCount","additionalSourceCount",0,"developmentCount","publicId","02f07ff5-14f9-4b81-bccb-2c6fd2e00601","Domino's 2026年第三季度财报公布",{"_72":73,"_16":74},"

l\t

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒\t根据 1934 年证券交易法第 13 或 15(d) 条款提交的季度报告

截至 2026 年 9 月 6 日季度的报告

或

☐\t根据 1934 年证券交易法第 13 或 15(d) 条款提交的过渡报告

过渡期自至

申报文件编号： 001-32242

Domino’s Pizza, Inc.

(注册人在其公司章程中指定的确切名称)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
Delaware		38-2511577
(注册地或其他司法管辖区)		(I.R.S. 雇主识别号)
30 Frank Lloyd Wright Drive Ann Arbor, Michigan		48105
(主要行政办公室地址)		(邮编)

(734) 930-3030

(注册人电话号码，包括区号)

根据交易法第 12(b) 条款注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
每类证券的名称	交易代码	注册交易所的名称
Domino’s Pizza, Inc. Common Stock, $0.01 面值	DPZ	The Nasdaq Stock Market LLC

通过打勾符号表明注册人是否在过去的 12 个月中（或注册人被要求提交此类报告的较短期间内）已提交了证券交易法第 13 或 15(d) 条款要求提交的所有报告，以及是否在过去 90 天内受此类报告提交要求的约束。是 ☒ 否 ☐

通过打勾符号表明注册人是否在过去的 12 个月中（或注册人被要求提交此类文件的较短期间内）已根据 S-T 规则第 405 条（本章 §232.405）提交了所有要求的交互式数据文件。是 ☒ 否 ☐

通过打勾符号表明注册人是否为大型加速申报人、加速申报人、非加速申报人、较小的报告公司或新兴增长公司。请参阅交易法第 12b-2 条款中关于“大型加速申报人”、“加速申报人”、“较小的报告公司”和“新兴增长公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报人		☒		加速申报人		☐
非加速申报人		☐		较小的报告公司		☐
新兴增长公司		☐

如果是一家新兴成长公司，请通过打钩来表明注册人是否选择不使用交易所法第13(a)条规定的过渡期来遵守任何新的或修订后的财务会计准则。 ☐

通过打钩来表明注册人是否为空壳公司（交易所法第12b-2条定义）。是 ☐ 否 ☒

截至2026年10月6日，达美乐披萨公司拥有 32,896,056 股普通股，每股面值0.01美元，在外流通。

达美乐披萨公司

\n	\n	\n	\n	\n
				页码
第一部分。		财务信息

第1项。		财务报表		3

		简明合并资产负债表（未审计）——截至2026年9月6日和2025年12月28日		3

		简明合并收益表（未审计）——截至2026年9月6日和2025年9月7日的财政季度和三个财政季度		4

		简明合并综合收益表（未审计）——截至2026年9月6日和2025年9月7日的财政季度和三个财政季度		5

		简明合并现金流量表（未审计）——截至2026年9月6日和2025年9月7日的三个财政季度		6

		简明合并财务报表附注（未审计）		7

第2项。		财务状况和经营成果的管理层讨论与分析		18

第3项。		市场风险的定量和定性披露		31

第4项。		控制与程序		31

第二部分。		其他信息

第1项。		法律诉讼		32

第1A项。		风险因素		32

第2项。		未注册的股权证券出售和使用收益		32

第3项。		高级证券违约		32

第4项。		矿山安全披露		32

第5项。		其他信息		33

第6项。		附件		34

签名		35

第一部分。财务信息

第1项。财务报表。

达美乐披萨公司及其子公司

简明合并资产负债表

(未审计)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
(以千计)		2026年9月6日			2025年12月28日
资产
流动资产：
现金及现金等价物		$	229,035			$	125,675
受限现金及现金等价物			167,958				216,110
应收账款，净额			286,489				315,958
存货			89,535				79,189
预付费用及其他			45,775				39,767
广告基金资产，受限			97,983				117,502
流动资产总额			916,775				894,201
财产、厂房和设备：
土地和建筑物			174,501				105,559
租赁改良和其他			186,562				193,673
设备			386,709				413,303
在建工程			35,110				46,184
			782,882				758,719
累计折旧和摊销			(407,467	)			(434,697	)
财产、厂房和设备，净额			375,415				324,022
其他资产：
经营租赁使用权资产			225,213				219,485
商誉			7,870				10,726
资本化软件，净额			163,513				159,256
对 DPC Dash 的投资			15,175				36,070
递延所得税资产，净额			9,941				22,101
其他资产			52,471				50,598
其他资产总额			474,183				498,236
资产总额		$	1,766,373			$	1,716,459
负债和股东权益亏损
流动负债：
长期债务的流动部分		$	1,326,786			$	6,131
应付账款			132,253				135,029
经营租赁负债			46,150				47,553
保险准备金			25,822				26,169
应付股利			67,553				2,714
广告基金负债			96,639				115,412
其他应计负债			184,247				208,613
流动负债总额			1,879,450				541,621
长期负债：
长期债务，减去流动部分			3,559,118				4,810,683
经营租赁负债			189,769				183,917
保险准备金			36,419				32,959
其他应计负债			56,715				48,421
长期负债总额			3,842,021				5,075,980
股东权益亏损：
普通股			329				336
额外实收资本			377				1,910
留存亏损			(3,950,373	)			(3,898,622	)
累计其他综合损失			(5,431	)			(4,766	)
股东权益亏损总额			(3,955,098	)			(3,901,142	)
负债和股东权益亏损总额		$	1,766,373			$	1,716,459

附注是这些简明合并财务报表的组成部分。

Domino’s Pizza, Inc. and Subsidiaries

简明合并收益表

(未审计)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		财年季度末			三个财年季度末
		9月6日，			9月7日，			9月6日，			9月7日，
(单位：千美元，每股数据除外)		2026			2025			2026			2025
收入：
美国公司自有门店		$	61,432			$	82,749			$	225,359			$	266,803
美国特许经营特许权使用费和费用			165,638				157,155				487,817				464,416
供应链			746,154				696,959				2,176,835				2,053,945
国际特许经营特许权使用费和费用			83,700				78,549				246,502				231,272
美国特许经营广告			128,674				131,642				394,106				387,818
总收入			1,185,598				1,147,054				3,530,619				3,404,254
销售成本：
美国公司自有门店			54,090				69,258				198,653				224,242
供应链			655,129				617,894				1,912,847				1,815,993
销售成本总额			709,219				687,152				2,111,500				2,040,235
毛利			476,379				459,902				1,419,119				1,364,019
一般及行政费用			105,726				105,092				332,505				321,777
美国特许经营广告			128,674				131,642				394,106				387,818
重新特许经营损失 (收益)			206				—				(3,881	)			(3,883	)
资产出售收益			—				—				(7,780	)			—
经营活动收益			241,773				223,168				704,169				658,307
其他 (费用) 收入			(2,539	)			(3,017	)			(20,895	)			5,036
利息收入			2,067				4,060				6,182				11,834
利息费用			(46,227	)			(45,012	)			(138,511	)			(135,245	)
所得税前收益			195,074				179,199				550,945				539,932
所得税费用			42,895				39,880				123,205				119,871
净收益		$	152,179			$	139,319			$	427,740			$	420,061
每股收益：
普通股 – 基本每股收益		$	4.61			$	4.11			$	12.85			$	12.31
普通股 – 稀释每股收益		$	4.60			$	4.08			$	12.80			$	12.22

附注是这些简明合并财务报表的组成部分。

Domino’s Pizza, Inc. and Subsidiaries

简明合并综合收益表

(未审计)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		财年季度末			三个财年季度末
		9月6日，			9月7日，			9月6日，			9月7日，
(单位：千美元)		2026			2025			2026			2025
净收益		$	152,179			$	139,319			$	427,740			$	420,061
货币折算调整			626				(618	)			(665	)			2,187
综合收益		$	152,805			$	138,701			$	427,075			$	422,248

附注是这些简明合并财务报表的组成部分。

Domino’s Pizza, Inc. and Subsidiaries

简明合并现金流量表

(未审计)

\n	\n	\n	\n	\n	\n	\n	\n	\n
		三个财年季度末
		9月6日,			9月7日,
(以千计)		2026			2025
经营活动产生的现金流量：
净利润		$	427,740			$	420,061
将净利润调节为经营活动产生的现金净额的调整项目：
折旧和摊销			61,501				61,128
特许经营权转让收益			(3,881	)			(3,883	)
资产出售收益			(7,780	)			—
资产处置损失			1,181				703
债务发行成本摊销			4,455				3,768
递延所得税准备			12,009				9,255
非现金股权薪酬费用			30,843				31,681
股权薪酬产生的超额税收利益			(1,026	)			(2,751	)
应收账款和应收票据损失准备（收益）			418				(49	)
投资未实现和已实现损失（收益）			20,895				(5,036	)
经营资产和负债的变动			(5,126	)			10,242
广告基金资产和负债的变动，受限			(20,628	)			27,137
经营活动提供的现金净额			520,601				552,256
投资活动产生的现金流量：
资本性支出			(60,829	)			(56,667	)
资产出售所得款项			27,623				8,458
投资出售			—				44,085
其他			(961	)			(1,939	)
投资活动使用的现金净额			(34,167	)			(6,063	)
筹资活动产生的现金流量：
长期债务发行所得款项			—				1,000,000
长期债务和融资租赁义务的偿还			(4,097	)			(1,147,773	)
股票期权行权所得款项			9,205				12,882
普通股回购			(308,239	)			(277,698	)
限制性股票归属时的税款支付			(14,204	)			(10,862	)
普通股股利及等价物的支付			(134,331	)			(119,503	)
融资费用支付的现金			—				(15,287	)
筹资活动使用的现金净额			(451,666	)			(558,241	)
汇率变动对现金的影响			(338	)			1,487
现金及现金等价物、受限现金及现金等价物的变动			34,430				(10,561	)

期初现金及现金等价物			125,675				186,126
期初受限现金及现金等价物			216,110				195,370
包含在广告基金资产中的现金及现金等价物，受限，期初			92,200				80,928
现金及现金等价物、受限现金及现金等价物以及包含在广告基金资产中的现金及现金等价物，受限，期初			433,985				462,424

期末现金及现金等价物			229,035				139,728
期末受限现金及现金等价物			167,958				202,501
包含在广告基金资产中的现金及现金等价物，受限，期末			71,422				109,634
现金及现金等价物、受限现金及现金等价物以及包含在广告基金资产中的现金及现金等价物，受限，期末		$	468,415			$	451,863

附注是这些简明合并财务报表的组成部分。

达美乐披萨， Inc. 及其子公司

简明合并财务报表附注

(未审计；表格金额以千计，每股金额除外)

2026年9月6日

1. 报表编制基础

随附的未经审计的合并简化财务报表是按照美国公认会计原则编制的，用于中期财务信息，并遵循 10-Q 表格的说明和 S-X 规则 10-01 的要求。因此，它们不包含美国公认会计原则要求完整财务报表的所有信息和附注。此外，2025 年 12 月 28 日的合并简化资产负债表虽源自该日期的经审计合并财务报表，但不包含美国公认会计原则要求完整财务报表的所有信息和附注。某些标题已调整为当前期间列报方式。如需更多信息，请参阅公司于 2026 年 2 月 23 日向美国证券交易委员会提交的 2025 年度报告 Form 10-K（即“2025 Form 10-K”）中包含的截至 2025 年 12 月 28 日的财政年度合并财务报表和附注。

本文引用的 2026 年和 2025 年第三季度及三个财政季度分别代表截至 2026 年 9 月 6 日和 2025 年 9 月 7 日的十二周和三十六周期间。管理层认为，已包含所有必要的调整（包括正常的经常性项目），以提供公允陈述。截至 2026 年 9 月 6 日的第三季度和三个财政季度的经营结果并不一定预示着截至 2027 年 1 月 3 日的 53 周财政年度可能预期的结果.

2. 分部信息

公司拥有三个报告分部：(i) 美国门店；(ii) 供应链；以及 (iii) 国际特许经营。

公司的运营按管理层按业务线和地理区域的综合基础进行组织。美国门店分部包括美国所有特许经营和公司自有门店的运营。供应链分部主要包含从公司在美国和加拿大的供应链运营中分发食品，以及较少程度地分发其他产品。国际特许经营分部包括与公司在海外市场的特许经营业务相关的运营。公司的主要经营决策者是其首席执行官。自 2026 年第一季度起，主要经营决策者用于评估分部业绩和分配资源的指标已从分部调整后营业利润（Segment Adjusted Income from Operations）变更，该指标代表报告分部的营业利润，不包括资产出售、特许经营权转让以及未分配给报告分部的某些公司行政成本的收益和损失。公司的主要经营决策者使用分部调整后营业利润来确定未来的业务目标和目标，并为报告分部制定长期规划，同时也用于评估其经营业绩。

下表汇总了财务信息，包括收入、重要分部费用、分部调整后经营收益、资本支出及折旧和摊销，涉及公司截至 2026 年 9 月 6 日和 2025 年 9 月 7 日的第三季度及三个财季的可报告分部。分部间收入包括供应链分部向美国门店分部公司自有门店销售食品及其他产品（程度较低）的收入。分部间销售价格基于市场。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 9 月 6 日的财季
		美国门店			供应链			国际特许经营			总计
美国公司自有门店		$	61,432			$	—			$	—			$	61,432
美国特许经营特许权使用费及费用			165,638				—				—				165,638
供应链			—				764,781				—				764,781
供应链 – 分部间收入			—				(18,627	)			—				(18,627	)
国际特许经营特许权使用费及费用			—				—				83,700				83,700
美国特许经营广告			128,674				—				—				128,674
分部收入		$	355,744			$	746,154			$	83,700			$	1,185,598
销售成本 – 食品			18,624				525,015				—				543,639
销售成本 – 人工			19,330				62,382				—				81,712
销售成本 – 其他 (1)			16,137				67,731				—				83,868
美国特许经营广告			128,674				—				—				128,674
一般及行政费用 (2)			35,241				18,489				11,960				65,690
分部调整后经营收益		$	137,738			$	72,537			$	71,740			$	282,015
分部资本支出 (3)		$	871			$	9,296			$	24			$	10,191
分部折旧和摊销 (4)		$	1,750			$	11,101			$	12			$	12,863

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2026 年 9 月 6 日的三个财季
		美国门店			供应链			国际特许经营			总计
美国公司自有门店		$	225,359			$	—			$	—			$	225,359
美国特许经营特许权使用费及费用			487,817				—				—				487,817
供应链			—				2,246,054				—				2,246,054
供应链 – 分部间收入			—				(69,219	)			—				(69,219	)
国际特许经营特许权使用费及费用			—				—				246,502				246,502
美国特许经营广告			394,106				—				—				394,106
分部收入		$	1,107,282			$	2,176,835			$	246,502			$	3,530,619
销售成本 – 食品			68,342				1,527,841				—				1,596,183
销售成本 – 人工			71,870				190,275				—				262,145
销售成本 – 其他 (1)			58,441				194,731				—				253,172
美国特许经营广告			394,106				—				—				394,106
一般及行政费用 (2)			110,203				49,577				36,940				196,720
分部调整后经营收益		$	404,320			$	214,411			$	209,562			$	828,293
分部资本支出 (3)		$	5,850			$	24,451			$	24			$	30,325
分部折旧和摊销 (4)		$	6,479			$	31,820			$	49			$	38,348

下表关于截至 2025 年 9 月 7 日的第三季度及三个财季的重要分部费用及分部利润衡量指标已重新表述，以反映公司首席运营决策者所使用的分部利润衡量指标的变化。分部调整后经营收益代表可报告分部的经营收益，不包括资产出售、特许经营权重新授予产生的收益和损失，以及未分配给可报告分部的某些公司行政费用。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 2025 年 9 月 7 日的财季
		美国门店			供应链			国际特许经营			总计
美国公司自有门店		$	82,749			$	—			$	—			$	82,749
美国特许经营特许权使用费及费用			157,155				—				—				157,155
供应链			—				722,597				—				722,597
供应链 – 分部间收入			—				(25,638	)			—				(25,638	)
国际特许经营特许权使用费及费用			—				—				78,549				78,549
美国特许经营广告			131,642				—				—				131,642
分部收入		$	371,546			$	696,959			$	78,549			$	1,147,054
销售成本 – 食品			24,613				495,249				—				519,862
销售成本 – 人工			25,541				61,887				—				87,428
销售成本 – 其他 (1)			19,104				60,758				—				79,862
美国特许经营广告			131,642				—				—				131,642
一般及行政费用 (2)			37,010				18,402				11,266				66,678
分部调整后运营收入		$	133,636			$	60,663			$	67,283			$	261,582
分部资本支出 (3)		$	2,629			$	8,248			$	139			$	11,016
分部折旧和摊销 (4)		$	2,588			$	9,503			$	14			$	12,105

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年9月7日的三个财季
		美国门店			供应链链			国际特许经营特许经营			总计
美国自营门店		$	266,803			$	—			$	—			$	266,803
美国特许经营特许权使用费和费用			464,416				—				—				464,416
供应链			—				2,135,164				—				2,135,164
供应链 - 内部段收入			—				(81,219	)			—				(81,219	)
国际特许经营特许权使用费和费用			—				—				231,272				231,272
美国特许经营广告			387,818				—				—				387,818
分部收入		$	1,119,037			$	2,053,945			$	231,272			$	3,404,254
销售成本 - 食品			79,103				1,454,349				—				1,533,452
销售成本 - 劳动力			82,353				183,793				—				266,146
销售成本 - 其他 (1)			62,786				177,851				—				240,637
美国特许经营广告			387,818				—				—				387,818
一般及行政费用 (2)			113,205				49,025				34,875				197,105
分部调整后运营收入		$	393,772			$	188,927			$	196,397			$	779,096
分部资本支出 (3)		$	5,588			$	22,834			$	139			$	28,561
分部折旧和摊销 (4)		$	8,144			$	28,169			$	125			$	36,438

\n \n \n \n \n \n \n \n

\n	\n	\n
(1)		销售成本 - 其他包括配送、占用成本（包括租金、电话、水电、折旧和摊销）和保险费用.

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\n	\n	\n
(2)		一般及行政费用主要包括劳动力成本、折旧和摊销、计算机费用、专业费用、差旅和娱乐、租金、保险及其他费用。资产出售和特许经营收益和损失不包含在分部调整后运营收入的衡量中。非现金股权激励费用不分配给报告分部。

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
(3)		公司还拥有 11.3 百万美元和 11.0 百万美元的其他资本支出，这些支出不归属于报告分部，主要代表 2026年第三季度和2025年第三季度的资本化软件。公司还拥有 32.2 百万美元和 29.8 百万美元的其他资本支出，这些支出不归属于报告分部，主要代表 2026年和2025年的三个财季的资本化软件。
(4)		分部折旧和摊销反映了包含在销售成本 - 其他和一般及行政费用中的金额。公司还拥有 $7.9 百万美元和 $8.3 百万美元的折旧和摊销费用，这些费用包含在一般及行政费用中，且未分配给报告分部，分别在 2026年第三季度和2025年第三季度。公司还拥有 $23.2 百万美元和 $24.7 百万美元的折旧和摊销费用，这些费用包含在一般及行政费用中，且未分配给报告分部，分别在 2026年和2025年的三个财季。

下表将分部调整后运营收入与税前收入进行了调节：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		财季结束日期			三个财季结束日期
		9月6日， 2026年			9月7日， 2025年			9月6日， 2026年			9月7日， 2025年
调整后运营收入		$	282,015			$	261,582			$	828,293			$	779,096
一般及行政费用 - 未分配 (1)			(40,036	)			(38,414	)			(135,785	)			(124,672	)
特许经营权出售（损失）收益			(206	)			—				3,881				3,883
资产出售收益			—				—				7,780				—
运营收入			241,773				223,168				704,169				658,307
其他（支出）收入			(2,539	)			(3,017	)			(20,895	)			5,036
利息收入			2,067				4,060				6,182				11,834
利息支出			(46,227	)			(45,012	)			(138,511	)			(135,245	)
税前收入		$	195,074			$	179,199			$	550,945			$	539,932

\n \n \n \n \n \n \n \n

\n	\n	\n
(1)		代表未分配至报告分部的公司行政成本，包括劳动力（包括非现金股权激励费用）、折旧和摊销、计算机费用、专业费用、差旅和娱乐、租金、保险及其他公司行政成本。

该公司首席运营决策者并不经常获得与报告分部资产相关的财务信息，他也不根据资产来评估其表现或分配资源。因此，公司不将其报告分部的总资产包含在分部披露中。

3. 每股收益

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		财季结束于			三个财季结束于
		9月6日			9月7日			9月6日			9月7日
		2026			2025			2026			2025
归属于普通股股东的净收入 - 基本和稀释		$	152,179			$	139,319			$	427,740			$	420,061
基本加权平均股数			33,035,670				33,919,706				33,288,988				34,122,385
每股收益 - 基本		$	4.61			$	4.11			$	12.85			$	12.31
稀释加权平均股数			33,114,893				34,146,418				33,416,210				34,366,396
每股收益 - 稀释		$	4.60			$	4.08			$	12.80			$	12.22

计算普通股稀释每股收益时所使用的分母对于 2026年9月6日和2025年9月7日结束的第三季度和三个财季来说，不包括以下内容，因为包括这些股份的效果是反稀释的，或者这些奖励的业绩目标尚未达成：

财季结束于

三个财季结束于

9月6日

9月7日

9月6日

9月7日

2026

2025

2026

2025

基于股票的奖励的反稀释股份

股票期权

250,330

85,428

250,330

89,147

限制性股票单位

61,024

2,360

61,810

2,360

业绩条件未达成

基于业绩的限制性股票单位

44,102

41,957

44,102

41,957

4. 股东权益赤字

以下表格总结了 2026年第三季度和三个财季的股东权益赤字变化。

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														累计
								额外						其他
		普通股			实收资本			留存收益			综合收益
		股份数量			金额			资本			赤字			损失
6月14日2026年的余额			33,068,845			$	331			$	841			$	(3,977,546	)		$	(6,057	)
净收入			—				—				—				152,179				—
普通股及其等价物的股息宣布（每股 1.99美元）			—				—				—				(65,729	)			—
股票奖励的发行和注销，净额			15,656				—				—				—				—
限制性股票解锁时的税款支付			(4,289	)			—				(1,341	)			—				—
购买普通股			(216,282	)			(2	)			(15,047	)			(59,277	)			—
行权股票期权			30,803				—				6,227				—				—
非现金股权激励费用			—				—				9,697				—				—
货币折算调整			—				—				—				—				626
9月6日2026年的余额			32,894,733			$	329			$	377			$	(3,950,373	)		$	(5,431	)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
														累计
								额外						其他
		普通股			实收资本			留存收益			全面的
		股份			金额			资本			赤字			亏损
截至2025年12月28日的余额			33,627,992			$	336			$	1,910			$	(3,898,622	)		$	(4,766	)
净收入			—				—				—				427,740				—
对普通股和等价物宣布的股息（$5.97 每股）			—				—				—				(199,169	)			—
股票奖励的发行和注销，净额			108,524				1				—				—				—
限制性股票解禁时的税款			(36,789	)			—				(1,646	)			(12,558	)			—
普通股的购买			(848,503	)			(8	)			(39,935	)			(267,764	)			—
股票期权的行权			43,509				—				9,205				—				—
非现金股权激励费用			—				—				30,843				—				—
货币折算调整			—				—				—				—				(665	)
截至2026年9月6日的余额			32,894,733			$	329			$	377			$	(3,950,373	)		$	(5,431	)

2026年第三季度结束之后，在2026年10月6日，该公司董事会宣布对截至2026年12月15日在册股东的已发行普通股每季度派发$1.99 每股的股息，将于2026年12月30日支付。

2026年4月21日，该公司董事会批准了对该公司股票回购计划中此前剩余的290.2百万美元增加10亿美元，使该日期的股票回购授权总额达到129亿美元。截至2026年9月6日，115亿美元仍可用于该股票回购计划下该公司普通股的未来购买。

以下表格总结了2025年第三季度和三个财季的股东权益变动情况。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
														累计
								额外						其他
		普通股			实收资本			留存收益			全面
		股份			金额			资本			赤字			亏损
截至2025年6月15日的余额			33,937,222			$	339			$	843			$	(3,971,182	)		$	(4,627	)
净收入			—				—				—				139,319				—
对普通股和等价物宣布的股息（$1.74 每股）			—				—				—				(59,184	)			—
股票奖励的发行和注销，净额			17,498				1				—				—				—
限制性股票解禁时的税款			(5,287	)			—				(2,390	)			—				—
普通股的购买			(165,778	)			(2	)			(8,722	)			(66,624	)			—
股票期权的行权			1,490				—				563				—				—
非现金股权激励费用			—				—				10,325				—				—
货币折算调整			—				—				—				—				(618	)
截至2025年9月7日的余额			33,785,145			$	338			$	619			$	(3,957,671	)		$	(5,245	)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
														累计
								额外						其他
		普通股			实收资本			留存收益			全面
		股份			金额			资本			赤字			亏损
截至2024年12月29日的余额			34,281,927			$	343			$	1,272			$	(3,956,474	)		$	(7,432	)
净收入			—				—				—				420,061				—
对普通股和等价物宣布的股息（$5.22 每股）			—				—				—				(178,441	)			—
股票奖励的发行和注销，净额			75,668				1				—				—				—
限制性股票解禁时的税款			(24,590	)			—				(10,862	)			—				—
普通股的购买			(596,754	)			(6	)			(34,354	)			(242,817	)			—
股票期权的行权			48,894				—				12,882				—				—
非现金股权激励费用			—				—				31,681				—				—
货币折算调整			—				—				—				—				2,187
截至2025年9月7日的余额			33,785,145			$	338			$	619			$	(3,957,671	)		$	(5,245	)

5. 公允价值计量

公允价值计量使财务报表的读者能够通过建立一个对确定公允价值所使用的信息的质量和可靠性的排序层次结构，来评估用于制定这些计量的输入因素。

Level 1：活跃市场中相同资产或负债的报价。

Level 2：可观察的市场基础输入或由市场数据佐证的不可观察输入。

Level 3：未被市场数据佐证的不可观察输入。

现金等价物和可交易证券的公允价值

公司现金等价物和可交易证券的公允价值基于相同资产活跃市场中的报价。

投资的公允价值

公司持有DPC Dash Ltd（“DPC Dash”）的非控股权益，DPC Dash是公司在华特许经营商，拥有并经营该市场的必胜客比萨门店。公司将对DPC Dash的投资作为交易性证券进行核算，并在每个报告期末按公允价值记录，其收益和损失在公司合并损益表的其他收入或费用中记录。截至2026年9月6日和2025年12月28日，公司对DPC Dash普通股的投资公允价值基于该股权证券的活跃交易所报价（2026年9月6日为每股港币30.50，2025年12月28日为每股港币71.90）。截至2026年9月6日和2025年12月28日，公司拥有3,901,019股普通股，分别占DPC Dash普通股的3.0%。

公司在2026年第三季度对DPC Dash投资的账面价值进行了负调整$2.5百万美元，在2026年三个财季中进行了负调整$20.9百万美元，未实现损失记录在公司合并损益表的其他（费用）收入中。公司在2025年第二季度出售了其对DPC Dash投资的4,200,000股普通股，净收益为$44.1百万美元。公司在2025年第三季度对DPC Dash投资的账面价值进行了负调整$3.0百万美元，在2025年三个财季中进行了总计净正调整$5.0百万美元，已实现和未实现的损失和收益记录在公司合并损益表的其他（费用）收入中。

以下表格总结了截至September 6, 2026 和 December 28, 2025 的某些资产的账面价值和公允价值：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月6日
					公允价值估算方式
		账面			一级			二级			三级
		金额			输入			输入			输入
现金等价物		$	101,988			$	101,988			$	—			$	—
受限现金等价物			113,493				113,493				—				—
可交易证券投资			28,079				28,079				—				—
广告基金现金等价物，受限			57,259				57,259				—				—
投资于DPC Dash			15,175				15,175				—				—

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2025年12月28日
					公允价值估算方法
		账面价值			一级			二级			三级
		金额			输入			输入			输入
现金等价物		$	54,306			$	54,306			$	—			$	—
受限现金等价物			146,517				146,517				—				—
可交易证券投资			24,971				24,971				—				—
广告基金现金等价物，受限			65,604				65,604				—				—
投资于DPC Dash			36,070				36,070				—				—

债务的公允价值

公司固定利率票据的估计公允价值被归类为二级计量，因为公司通过使用可用的市场信息来估计公允价值金额。公司从两家不同的经纪公司获得了报价，这些公司了解公司的固定利率票据，并且有时会交易这些票据。公司还基于从公开市场获得的信息进行了内部分析，包括有关与公司票据相似的票据的信息。然而，为了解释市场数据以估计公允价值，需要大量的判断。因此，所呈现的公允价值估计不一定代表公司或票据持有人在当前市场交易中可能实现的金额。使用不同的假设和/或估算方法可能对下面列出的估计公允价值产生重大影响。

管理层估计了公司的票据的近似公允价值如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月6日			2025年12月28日
		本金金额			公允价值			本金金额			公允价值
2017年十年期票据		$	940,000			$	933,420			$	940,000			$	934,360
2018年9.25年期票据			379,000				377,484				379,000				377,863
2019年十年期票据			648,000				620,136				648,000				624,024
2021年7.5年期票据			826,625				785,294				826,625				785,294
2021年十年期票据			972,500				885,948				972,500				893,728
2025年五年期票据			500,000				494,000				500,000				503,000
2025年七年期票据			500,000				493,500				500,000				506,000

公司在2026年9月6日或2025年12月28日没有在其可变资金票据下有未偿还的借款.

6. 资产负债率和债务分类

在公司高级债券存续期间，需按季度支付本金和利息。根据公司的债务协议，如果Holdco杠杆比率或高级杠杆比率小于或等于5.5倍总债务与合并调整后EBITDA或证券化净现金流（均按证券化债务的托管协议定义）相比，且没有适用的补足条款，则可能暂停支付2025年五年期债券和2025年七年期债券（参见上文第5号注释）的本金。根据公司的债务协议，如果Holdco杠杆比率小于或等于5.0倍总债务与合并调整后EBITDA（均按证券化债务的托管协议定义）相比，且没有适用的补足条款，则可能暂停支付2021年7.5年期债券、2021年十年期债券、2019年十年期债券、2018年9.25年期债券和2017年十年期债券（参见上文第5号注释）的本金。截至2026年第三季度末，公司满足了每种相应债券系列的非摊销测试，并将2025年五年期债券、2025年七年期债券、2021年7.5年期债券、2021年十年期债券和2019年十年期债券的未偿还本金金额在2026年9月6日的简明合并资产负债表中归类为长期债务。截至2025年第四季度末，公司满足了每种相应债券系列的非摊销测试，因此，这些债券的未偿还本金金额在2025年12月28日的简明合并资产负债表中被归类为长期债务。

2018年9.25年期债券和2017年十年期债券的法律最终到期日分别为2048年7月和2047年10月。然而，2018年9.25年期债券和2017年十年期债券的预期偿还日期为2027年7月，因此，这些债券的未偿还本金金额在2026年9月6日的简明合并资产负债表中被归类为长期债务的当期部分。公司预计将在预期偿还日期之前再融资2018年9.25年期债券和2017年十年期债券。如果公司在预期偿还日期之前未能偿还或再融资2018年9.25年期债券和2017年十年期债券，则将产生至少5%的年利率，且公司除每周管理费外的证券化现金流将用于偿还证券化债务。

7. 收入披露

合同负债

合同负债主要由递延特许经营费和递延开发费组成。截至2026年9月6日和2025年12月28日，分别有$4.5百万和$4.8百万的递延特许经营费和递延开发费计入当期其他应计负债。截至2026年9月6日和2025年12月28日，分别有$13.0百万和$12.5百万的递延特许经营费和递延开发费计入长期其他应计负债。

2026年和2025年三个财季的递延特许经营费和递延开发费的变化如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		三个财季结束日期
		2026年9月6日			2026年9月7日
		2026			2025
期初递延特许经营费和递延开发费		$	17,318			$	20,946
期间确认的收入			(4,565	)			(4,316	)
由于收到现金和其他原因产生的新递延费用			4,752				3,297
期末递延特许经营费和递延开发费		$	17,505			$	19,927

广告基金资产

截至2026年9月6日，受限制的广告基金资产为$98.0百万，其中包括$71.4百万现金及现金等价物、$19.0百万应收账款和$7.6百万预付费用。截至2026年9月6日，广告基金现金及现金等价物包括来自尚未支出的美国直营店的$1.4百万现金。

截至2025年12月28日，受限制的广告基金资产为$117.5百万，其中包括$92.2百万现金及现金等价物、$18.4百万应收账款和$6.9百万预付费用。截至2025年12月28日，广告基金现金及现金等价物包括来自尚未支出的美国直营店的$2.1百万现金。

8. 租赁

该公司租赁某些零售门店和供应链中心地点、车辆、设备及其总部，租约到期日为2047年。租金费用在2026年第三季度和前三个财季度分别为$22.8百万美元和$67.7百万美元。2025年第三季度和前三个财季度的租金费用分别为$21.8百万美元和$65.9百万美元。租金费用包括经营租赁成本，以及非租赁部分的费用，包括共用区域维护费、房地产税和保险费，适用于公司的房地产租赁。租金费用还包括根据行驶里程的可变费率和固定维护费用，适用于公司的供应链中心牵引车和拖车，以及短期租赁费用。2026年第三季度和前三个财季度，某些短期供应链中心牵引车和拖车租赁的租金费用分别为$0.6百万美元和$2.4百万美元。2025年第三季度和前三个财季度，某些短期供应链中心牵引车和拖车租赁的租金费用分别为$1.4百万美元和$5.0百万美元。在2026年和2025年第三季度及前三个财季度，可变租金费用和其他短期租赁费用均不重要。

2026年和2025年第三季度及前三个财季度的经营租赁和融资租赁成本组成部分如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		财季度结束日期			前三个财季度结束日期
		9月6日			9月7日			9月6日			9月7日
		2026			2025			2026			2025
经营租赁成本		$	12,111			$	11,991			$	36,921			$	36,213
融资租赁成本：
使用权资产的折旧			2,096				1,239				5,489				3,737
租赁负债的利息			2,019				844				5,243				2,571
总融资租赁成本		$	4,115			$	2,083			$	10,732			$	6,308

截至2026年9月6日和2025年12月28日，与公司融资租赁相关的补充资产负债表信息如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月6日			2025年12月28日
土地和建筑物		$	149,087			$	80,457
设备			3,151				4,225
融资租赁资产			152,238				84,682
累计折旧和摊销			(36,613	)			(32,908	)
融资租赁资产，净值		$	115,625			$	51,774

长期债务的当期部分的长期债务		$	7,681			$	6,017
长期债务，减去当期部分			118,932				55,991
融资租赁应付本金总额		$	126,613			$	62,008

2026年和2025年前三个财季度与租赁相关的补充现金流量信息如下：

\n	\n	\n	\n	\n	\n	\n	\n	\n
		前三个财季度结束日期
		9月6日			9月7日
		2026			2025
支付的包含在租赁负债计量中的金额：
经营性现金流来自经营租赁		$	37,707			$	35,123
经营性现金流来自融资租赁			5,243				2,571
融资性现金流来自融资租赁			4,020				3,022
支付的与售后租回融资义务计量相关的金额：
售后租回产生的经营活动现金流			889				792
售后租回产生的融资活动现金流			77				63
以租赁义务交换获得的使用权资产：
经营租赁			49,689				46,300
融资租赁			69,116				—

截至2026年9月6日，公司还有额外的租赁合同，涉及部分供应链房地产和部分供应链车辆，尚未开始，预计未来最低租金承诺金额为90.7百万美元。这些租赁预计将在2026年和2027年开始，租赁期限最长可达21年。这些未折现的金额将在各自开始日期计入公司的合并资产负债表。

公司为某些特许经营商的租赁安排提供了租赁付款担保。截至2026年9月6日和2025年12月28日，这些担保下潜在未来付款的最大金额分别为18.4百万美元和12.6百万美元。公司认为这些安排对其经营成果、财务状况、收入、费用或流动性没有重大影响。

9. 现金流量信息的补充披露

截至2026年9月6日，公司与资本支出应计费用相关的非现金投资活动为4.2百万美元，截至2025年12月28日为2.4百万美元。截至2026年9月6日，公司与股份回购的消费税应计费用相关的非现金融资活动为2.8百万美元。截至2025年12月28日，公司与股份回购的消费税应计费用相关的非现金融资活动为3.3百万美元，该金额已于2026年第二季度支付。

10. 资产收购与处置

在2026年第二季度，公司以19.8百万美元的收入，将弗吉尼亚州和密歇根州的77家美国自营门店特许经营权进行了特许经营。与相关资产和负债出售相关的税前特许经营收益，包括280万美元的商誉减少，为390万美元，并记录在公司合并损益表的特许经营收益中。

在2026年第一季度，公司以净收入和税前实现收益780万美元出售了其完全折旧的公司飞机。

在2025年第二季度，公司以850万美元的收入将马里兰州的36家自营门店特许经营权转出。与相关资产和负债出售相关的税前特许经营收益，包括140万美元的商誉减少，为390万美元，并记录在公司合并收益表的特许经营收益中。

在2025年第一季度，公司以90万美元从一名前美国特许经营商处购买了两家美国特许经营门店。公司记录了30万美元的无形资产、10万美元的设备和租赁改良以及50万美元的商誉。

11. 新会计准则

公司已考虑了财务会计准则委员会（“FASB”）发布的所有新会计准则，并采用了以下会计准则：

近期采用的会计准则

会计准则更新（“ASU”）2026-02，环境信用和环境信用义务（主题818）

2026年5月，FASB发布了ASU 2026-02，环境信用和环境信用义务（主题818）（“ASU 2026-02”），该准则就环境信用和相关义务的确认、计量、列报和披露提供了指导。ASU 2026-02为环境信用资产的会计处理提供了框架，包括产生的、购买的或收到的环境信用。它还要求实体评估环境信用的预期用途，并在某些情况下对这些信用进行减值测试。此外，ASU 2026-02引入了与环境信用和相关义务相关的增强型年度披露要求。

公司于2026年第三季度提前采用ASU 2026-02，以配合一项新的虚拟电力采购协议的启动，采用该准则对公司的合并财务报表没有重大影响。

尚未采用的会计准则

公司已考虑了FASB发布的所有新会计准则。公司尚未采用以下会计准则：

ASU 2024-03，利润表 – 报告综合收益 – 费用分解披露（子主题220-40）

2024年11月，FASB发布了ASU 2024-03，收入表——报告全面收益——费用分解披露（子主题220-40）（“ASU 2024-03”），该标准要求在合并财务报表的附注中，按年度和中期报告期间披露所有在合并损益表中列示的费用项目中的存货采购金额、员工薪酬、折旧和无形资产摊销。该标准还要求对那些未单独分解的费用项目中的金额进行定性描述。该标准还要求披露销售费用的构成和金额。

ASU 2024-03适用于2026年12月15日之后开始的年度报告财政年度以及2027年12月15日之后开始的财政年度中的中期期间，允许提前采用。该标准可以前瞻性或回溯性采用。公司正在评估该会计标准对其合并中期财务报表的影响。

ASU 2025-06，无形资产—商誉和其他—内部使用软件（子主题350-40）：对内部使用软件会计处理的针对性改进

2025年9月，FASB发布了ASU 2025-06，无形资产—商誉和其他—内部使用软件（子主题350-40）：对内部使用软件会计处理的针对性改进（“ASU 2025-06”），以现代化内部使用软件的成本会计指引。该标准适用于为内部使用开发或获取软件所产生的成本。ASU 2025-06修改了现有标准中关于软件开发项目各个阶段的描述，使其更好地与当前的软件开发方法（如敏捷编程）保持一致。根据新标准，实体将在以下两个条件满足时开始资本化符合条件的成本：(i) 管理层已授权并承诺为软件项目提供资金；(ii) 有把握完成该项目，并且软件将用于执行预期的功能。新标准还取代了与开发网站相关成本的指引。

ASU 2025-06的指引适用于2027年12月15日之后开始的年度期间，允许提前采用。该指引可以前瞻性采用，也可以对在研项目采用修改后的基础或回溯性采用。公司正在评估该会计标准对其合并中期财务报表的影响。

Item 2. 管理层讨论与分析财务状况和经营成果。

（未经审计；表格金额以百万为单位，百分比和门店数据除外）

本文中提到的2026年和2025年第三季度分别代表截至2026年9月6日和2025年9月7日的十二周期间。本文中提到的2026年和2025年三个财季分别代表截至2026年9月6日和2025年9月7日的三十六周期间。在本节中，我们将讨论2026年第三季度和三个财季的经营结果与2025年第三季度和三个财季的经营结果的比较。

概述

截至2026年9月6日，Domino’s 是全球最大的披萨公司，在全球90多个市场拥有超过22,700家门店，其门店内运营两种不同的服务模式，在配送和自取业务中均有显著的业务量。我们是一个高度知名的全球品牌，通过我们遍布全球的特许经营商网络和美国公司直营店，通过配送和自取服务模式在当地社区提供服务，专注于价值。自1960年以来，我们一直向顾客提供高质量、价格合理的食品。1965年，我们更名为“Domino’s Pizza”，并于1967年开设了第一家特许经营店。在过去的65多年里，我们已将Domino’s打造成为全球最广为人知的消费品牌之一。我们认为，我们对价值、便利性、质量和新产品的承诺持续吸引消费者关注这个品牌。

我们主要是一家特许经营公司，截至2026年9月6日，Domino’s 全球99%的门店由我们的独立特许经营商拥有和运营。特许经营模式使个人能够成为企业主，并控制所有雇佣相关事项和定价决策，同时还能从Domino’s 的全球品牌和运营体系中获益，而我们只需进行有限的资金投入。

Domino’s 的商业模式很简单：Domino’s 门店手工制作并以具有竞争力的价格提供高质量的食品，提供便捷的订购方式和高效的服务，并通过我们的技术创新加以提升。我们手工制作的面团是新鲜制作的，并由我们和我们的特许经营商分发到世界各地的门店。

Domino’s 通过向特许经营商收取特许权使用费和费用来产生收入和盈利。特许权使用费是使用 Domino’s® 品牌标识的持续销售百分比费用。我们还通过我们的供应链运营（主要在美国和加拿大）向特许经营商销售食品，以及在一定程度上销售其他产品，以及通过在美国运营一些公司直营店来产生收入和盈利。特许经营商通过向当地顾客销售披萨和其他互补商品来获利。在我们的国际市场中，我们通常将 Domino’s Pizza® 品牌的地理权利授予总特许经营商。这些总特许经营商负责开发其地理区域，他们可以通过向次级特许经营商进行特许经营以及向次级特许经营商销售食品，以及在一定程度上销售其他产品，以及经营披萨店来获利。我们认为，特许经营模式可以让系统中的每个人受益，包括终端消费者，他们可以方便且经济地购买Domino’s 的菜单产品供自己和家人使用。

Domino’s business model can yield strong returns for our franchise owners and our Company-owned stores. It can also yield significant cash flows to us, through consistent franchise royalty and supply chain revenue streams, all within an asset-light model. We have historically returned cash to shareholders through dividend payments and share repurchases. Domino’s financial results are driven largely by retail sales at our franchised and Company-owned stores. Changes in retail sales are primarily driven by same store sales growth and net store growth. We actively monitor both of these metrics, as they directly impact our revenues and profits, and we strive to consistently increase both metrics. Retail sales drive royalty payments from franchisees, as well as Company-owned store and supply chain revenues.

At Domino’s, we believe we have a proven business model for success that has historically driven strong returns for our shareholders. Our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits. The strategic imperatives of our Hungry for MORE strategy are as follows:

Most Delicious Food: We believe we have the best pizza in the industry, and our menu has even more mouthwatering options beyond pizza. We will continue to showcase the breadth of our menu, while highlighting the deliciousness of our food through our innovative marketing promotions.

Operational Excellence: We are relentless in our focus on convenience, consistency and efficiency for our customers.

Renowned Value: We are committed to continuing to offer competitive pricing and personalized value for our customers that is innovative and memorable.

Enhanced by Best-in-Class Franchisees: Our franchisees play a vital role in driving results and excitement across the more than 90 markets in which we operate.

Third Quarter of 2026 Highlights

As discussed above, our Hungry for MORE strategy aims to generate MORE sales, MORE stores and MORE profits.

•

MORE Sales: Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 3.2% compared to the third quarter of 2025. U.S. retail sales increased 2.1% and international retail sales, excluding foreign currency impact, increased 4.3% compared to the third quarter of 2025. Same store sales increased 0.3% in our U.S. stores and increased 0.2% in our international stores (excluding foreign currency impact).

•

MORE Stores: Global net store growth of 175 stores, including 26 net store openings in the U.S. and 149 net store openings internationally.

•

MORE Profits: Income from operations increased 8.3%.

Three Fiscal Quarters of 2026 Highlights

•

MORE Sales: Global retail sales, excluding foreign currency impact (which includes total retail sales at Company-owned and franchised stores worldwide), increased 3.2% compared to the three fiscal quarters of 2025. U.S. retail sales increased 2.3% and international retail sales, excluding foreign currency impact, increased 4.1% compared to the three fiscal quarters of 2025. Same store sales increased 0.4% in our U.S. stores and declined 0.1% in our international stores (excluding foreign currency impact).

•

MORE Stores: Global net store growth of 564 stores, including 71 net store openings in the U.S. and 493 net store openings internationally.

•

MORE Profits: Income from operations increased 7.0%.

Excluding the impact of changes in foreign currency, Domino’s experienced global retail sales growth during the third quarter and three fiscal quarters of 2026, driven by net store growth during the trailing four quarters in both our U.S. and international businesses. Overall, we believe our global retail sales growth, excluding foreign currency impact, marketing initiatives, operations and emphasis on technology have combined to strengthen our brand. These financial and statistical measures are described in additional detail below.

Statistical Measures

The tables below outline certain statistical measures we utilize to analyze our performance. This historical data is not necessarily indicative of results to be expected for any future period.

Global Retail Sales

Global retail sales is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Global retail sales refers to total worldwide retail sales at Company-owned and franchised stores. We believe global retail sales information is useful in analyzing revenues because franchisees pay royalties and, in the U.S., advertising fees that are based on a percentage of franchise retail sales. We review comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza brand, and we believe it is indicative of the financial health of our franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino’s franchisees have a direct effect on our profitability. Retail sales for franchised stores are reported to us by our franchisees and are not included in our revenues. The amounts below are presented in millions of U.S. dollars.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Global retail sales:
U.S. stores		$	2,368.6			$	2,320.4			$	7,052.3			$	6,896.8
International stores			2,471.8				2,375.8				7,377.8				6,933.5
Total		$	4,840.4			$	4,696.2			$	14,430.1			$	13,830.3

Global Retail Sales Growth, Excluding Foreign Currency Impact

Global retail sales growth, excluding foreign currency impact is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Global retail sales growth, excluding foreign currency impact, is calculated as the change of local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact are primarily driven by same store sales growth and net store growth.

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\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026		Third Quarter of 2025		Three Fiscal Quarters of 2026		Three Fiscal Quarters of 2025
U.S. stores		+ 2.1%		+ 7.0%		+ 2.3%		+ 4.5%
International stores (excluding foreign currency impact)		+ 4.3%		+ 5.7%		+ 4.1%		+ 6.6%
Total (excluding foreign currency impact)		+ 3.2%		+ 6.3%		+ 3.2%		+ 5.5%

Same Store Sales Growth

Same store sales growth is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Same store sales growth is calculated for a given period by including only sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported on a constant dollar basis, which reflects changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.

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\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026		Third Quarter of 2025		Three Fiscal Quarters of 2026		Three Fiscal Quarters of 2025
U.S. Company-owned stores		+ 1.0%		+ 3.4%		+ 2.5%		+ 1.0%
U.S. franchise stores		+ 0.3%		+ 5.3%		+ 0.4%		+ 2.7%
U.S. stores		+ 0.3%		+ 5.2%		+ 0.4%		+ 2.7%
International stores (excluding foreign currency impact)		+ 0.2%		+ 1.7%		(0.1)%		+ 2.5%

U.S. same store sales increased 0.3% in the third quarter of 2026, rolling over an increase in U.S. same store sales of 5.2% in the third quarter of 2025. U.S. same store sales increased 0.4% in the three fiscal quarters of 2026, rolling over an increase in U.S. same store sales of 2.7% in the three fiscal quarters of 2025. The increases in U.S. same store sales in both the third quarter and three fiscal quarters of 2026 were driven by higher customer transaction counts, partially offset by lower average ticket. International same store sales (excluding foreign currency impact) increased 0.2% in the third quarter of 2026, rolling over an increase in international same store sales (excluding foreign currency impact) of 1.7% in the third quarter of 2025. International same store sales (excluding foreign currency impact) declined 0.1% in the three fiscal quarters of 2026, rolling over an increase in international same store sales (excluding foreign currency impact) of 2.5% in the three fiscal quarters of 2025.

Net Store Growth

Net store growth is a commonly used statistical measure in the quick-service restaurant industry that is important to understanding performance. Net store growth 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.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		U.S. Company- owned Stores			U.S. Franchise Stores			Total U.S. Stores			International Stores			Total
Store count at June 14, 2026			186				7,045				7,231				15,300				22,531
Openings			1				27				28				200				228
Closings			—				(2	)			(2	)			(51	)			(53	)
Store count at September 6, 2026			187				7,070				7,257				15,449				22,706
Third quarter 2026 net store growth			1				25				26				149				175
Trailing four quarters net store growth			5				162				167				789				956

Income Statement Data

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Revenues:
U.S. Company-owned stores		$	61.4						$	82.7						$	225.4						$	266.8
U.S. franchise royalties and fees			165.6							157.2							487.8							464.4
Supply chain			746.2							697.0							2,176.8							2,053.9
International franchise royalties and fees			83.7							78.5							246.5							231.3
U.S. franchise advertising			128.7							131.6							394.1							387.8
Total revenues			1,185.6				100.0	%			1,147.1				100.0	%			3,530.6				100.0	%			3,404.3				100.0	%
Cost of sales:
U.S. Company-owned stores			54.1							69.3							198.7							224.2
Supply chain			655.1							617.9							1,912.8							1,816.0
Total cost of sales			709.2				59.8	%			687.2				59.9	%			2,111.5				59.8	%			2,040.2				59.9	%
Gross margin			476.4				40.2	%			459.9				40.1	%			1,419.1				40.2	%			1,364.0				40.1	%
General and administrative			105.7				8.9	%			105.1				9.1	%			332.5				9.4	%			321.8				9.5	%
U.S. franchise advertising			128.7				10.9	%			131.6				11.5	%			394.1				11.2	%			387.8				11.4	%
Refranchising loss (gain)			0.2				0.0	%			—				—				(3.9	)			(0.1	)%			(3.9	)			(0.1	)%
Gain on sale of assets			—				—				—				—				(7.8	)			(0.2	)%			—				—
Income from operations			241.8				20.4	%			223.2				19.5	%			704.2				19.9	%			658.3				19.3	%
Other (expense) income			(2.5	)			(0.2	)%			(3.0	)			(0.3	)%			(20.9	)			(0.6	)%			5.0				0.2	%
Interest expense, net			(44.2	)			(3.7	)%			(41.0	)			(3.6	)%			(132.3	)			(3.7	)%			(123.4	)			(3.6	)%
Income before provision for income taxes			195.1				16.5	%			179.2				15.6	%			550.9				15.6	%			539.9				15.9	%
Provision for income taxes			42.9				3.7	%			39.9				3.5	%			123.2				3.5	%			119.9				3.6	%
Net income		$	152.2				12.8	%		$	139.3				12.1	%		$	427.7				12.1	%		$	420.1				12.3	%

Revenues

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
U.S. Company-owned stores		$	61.4				5.2	%		$	82.7				7.2	%		$	225.4				6.4	%		$	266.8				7.8	%
U.S. franchise royalties and fees			165.6				14.0	%			157.2				13.7	%			487.8				13.8	%			464.4				13.7	%
Supply chain			746.2				62.9	%			697.0				60.8	%			2,176.8				61.6	%			2,053.9				60.3	%
International franchise royalties and fees			83.7				7.1	%			78.5				6.8	%			246.5				7.0	%			231.3				6.8	%
U.S. franchise advertising			128.7				10.8	%			131.6				11.5	%			394.1				11.2	%			387.8				11.4	%
Total revenues		$	1,185.6				100.0	%		$	1,147.1				100.0	%		$	3,530.6				100.0	%		$	3,404.3				100.0	%

Revenues primarily consist of retail sales from our Company-owned stores, royalties and fees and advertising contributions from our U.S. franchised stores, royalties and fees from our international franchised stores and sales of food and, to a lesser extent, other products from our supply chain centers to substantially all of our U.S. franchised stores and certain international franchised stores. Company-owned store and franchised store revenues may vary from period to period due to changes in store count mix. Supply chain revenues may vary significantly from period to period as a result of fluctuations in commodity prices as well as the mix of products we sell.

Consolidated revenues increased $38.5 million, or 3.4%, in the third quarter of 2026 compared to the third quarter of 2025, and consolidated revenues increased $126.4 million, or 3.7%, in the three fiscal quarters of 2026 compared to the three fiscal quarters of 2025, primarily due to higher supply chain revenues and higher global franchise royalty revenues. The increases in supply chain revenues were primarily attributable to higher order volumes, as well as an increase in our food basket pricing to stores. The increases in U.S. and international franchise royalties and fees revenues were driven primarily by net store growth during the trailing four quarters. These increases in revenues were partially offset by lower U.S. Company-owned store revenues as a result of the refranchising of certain of our U.S. Company-owned store markets. These changes in revenues are described in more detail below.

U.S. Stores

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
U.S. Company-owned stores		$	61.4				17.3	%		$	82.7				22.3	%		$	225.4				20.4	%		$	266.8				23.8	%
U.S. franchise royalties and fees			165.6				46.5	%			157.2				42.3	%			487.8				44.0	%			464.4				41.5	%
U.S. franchise advertising			128.7				36.2	%			131.6				35.4	%			394.1				35.6	%			387.8				34.7	%
Total U.S. stores revenues		$	355.7				100.0	%		$	371.5				100.0	%		$	1,107.3				100.0	%		$	1,119.0				100.0	%

U.S. Company-owned Stores

Revenues from U.S. Company-owned store operations decreased $21.3 million, or 25.8%, in the third quarter of 2026 as a result of the refranchising of certain of our U.S. Company-owned store markets in the second quarter of 2026. Revenues from U.S. Company-owned store operations decreased $41.4 million, or 15.5%, in the three fiscal quarters of 2026 as a result of the refranchising of certain of our U.S. Company-owned store markets in the second quarters of 2026 and 2025. These decreases were partially offset by higher same store sales.

U.S. Company-owned same store sales increased 1.0% in the third quarter of 2026 and increased 3.4% in the third quarter of 2025. U.S. Company-owned same store sales increased 2.5% in the three fiscal quarters of 2026 and increased 1.0% in the three fiscal quarters of 2025.

U.S. Franchise Royalties and Fees

Revenues from U.S. franchise royalties and fees increased $8.5 million, or 5.4%, in the third quarter of 2026, and increased $23.4 million, or 5.0%, in the three fiscal quarters of 2026, each due to an increase in the average number of U.S. franchised stores open during the period primarily resulting from net store growth during the trailing four quarters.

U.S. franchise same store sales increased 0.3% in the third quarter of 2026 and increased 5.3% in the third quarter of 2025. U.S. franchise same store sales increased 0.4% in the three fiscal quarters of 2026 and increased 2.7% in the three fiscal quarters of 2025.

U.S. Franchise Advertising

Revenues from U.S. franchise advertising decreased $3.0 million, or 2.3%, in the third quarter of 2026 primarily due to an increase in advertising incentives related to certain brand promotions, partially offset by an increase in the average number of U.S. franchised stores open during the period primarily resulting from net store growth during the trailing four quarters. Revenues from U.S. franchise advertising increased $6.3 million, or 1.6%, in the three fiscal quarters of 2026 due to an increase in the average number of U.S. franchised stores open during the period primarily resulting from net store growth during the trailing four quarters, but this increase was partially offset by an increase in advertising incentives related to certain brand promotions.

Supply Chain

Supply chain revenues increased $49.2 million, or 7.1%, in the third quarter of 2026, and increased $122.9 million, or 6.0%, in the three fiscal quarters of 2026, primarily due to higher order volumes, as well as an increase in our food basket pricing to stores. Our food basket pricing to stores increased 2.2% in the third quarter of 2026 and increased 2.3% in the three fiscal quarters of 2026, which resulted in an estimated $17 million increase in supply chain revenues in the third quarter of 2026 and an estimated $51 million increase in the three fiscal quarters of 2026. The food basket pricing change, a statistical measure utilized by management, is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from our U.S. supply chain centers against the comparable period of the prior year. We believe this measure is important to understanding Company performance because as our food basket prices fluctuate, our revenues, cost of sales and gross margin percentages in our supply chain segment also fluctuate.

International Franchise Royalties and Fee Revenues

Revenues from international franchise royalties and fees increased $5.2 million, or 6.6%, in the third quarter of 2026, and increased $15.2 million, or 6.6%, in the three fiscal quarters of 2026, primarily due to an increase in the average number of international franchised stores open during the period resulting from net store growth during the trailing four quarters. The negative impact of changes in foreign currency exchange rates of approximately $0.2 million in the third quarter of 2026 partially offset the increase in international franchise royalties and fees revenues, while the positive impact of changes in foreign currency exchange rates of approximately $4.5 million in the three fiscal quarters of 2026 further contributed to the increase in international franchise royalties and fees revenues. The impact of changes in foreign currency exchange rates on international franchise royalty revenues, a statistical measure utilized by management, is calculated as the difference in international franchise royalty revenues resulting from translating current year local currency results to U.S. dollars at current year exchange rates compared to prior year exchange rates. We believe this measure is important to understanding Company performance given the significant variability in international franchise royalty revenues that can be driven by changes in foreign currency exchange rates.

International franchise same store sales increased 0.2% in the third quarter of 2026 and increased 1.7% in the third quarter of 2025, each excluding the impact of foreign currency exchange rates. International franchise same store sales declined 0.1% in the three fiscal quarters of 2026 and increased 2.5% in the three fiscal quarters of 2025, each excluding the impact of foreign currency exchange rates.

Cost of Sales / Gross Margin

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		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Total revenues		$	1,185.6				100.0	%		$	1,147.1				100.0	%		$	3,530.6				100.0	%		$	3,404.3				100.0	%
Total cost of sales			709.2				59.8	%			687.2				59.9	%			2,111.5				59.8	%			2,040.2				59.9	%
Gross margin		$	476.4				40.2	%		$	459.9				40.1	%		$	1,419.1				40.2	%		$	1,364.0				40.1	%

Consolidated cost of sales consists of U.S. Company-owned store and supply chain costs incurred to generate related revenues. Components of consolidated cost of sales primarily include food and labor costs, as well as other costs including delivery, occupancy costs (including rent, telephone, utilities and depreciation) and insurance expense. Consolidated gross margin (which we define as revenues less cost of sales) increased $16.5 million, or 3.6%, in the third quarter of 2026, and increased $55.1 million, or 4.0%, in the three fiscal quarters of 2026, each primarily due to higher global franchise royalty revenues as discussed above, as well as gross margin dollar growth within supply chain, discussed below. These increases were partially offset by lower U.S. Company-owned store gross margins, discussed below. Franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on gross margin. Additionally, as food basket prices fluctuate, revenues, cost of sales and gross margin percentages in our supply chain segment also fluctuate, and further, cost of sales, gross margins and gross margin percentages for our U.S. Company-owned stores also fluctuate.

As a percentage of revenues, consolidated gross margin increased 0.1 percentage points to 40.2% in both the third quarter and three fiscal quarters of 2026, from 40.1% in both the third quarter and three fiscal quarters of 2025. U.S. Company-owned store gross margin decreased 4.3 and 4.1 percentage points in the third quarter and three fiscal quarters of 2026, respectively. Supply chain gross margin increased 0.9 and 0.5 percentage points in the third quarter and three fiscal quarters of 2026, respectively. Changes in the significant components of gross margin are described in more detail below.

U.S. Company-Owned Store Gross Margin

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		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Revenues		$	61.4				100.0	%		$	82.7				100.0	%		$	225.4				100.0	%		$	266.8				100.0	%
Cost of sales			54.1				88.0	%			69.3				83.7	%			198.7				88.1	%			224.2				84.0	%
Store gross margin		$	7.3				12.0	%		$	13.5				16.3	%		$	26.7				11.9	%		$	42.6				16.0	%

U.S. Company-owned store gross margin (which does not include certain store-level costs such as royalties and advertising) decreased $6.2 million, or 45.6%, in the third quarter of 2026 and decreased $15.9 million, or 37.3%, in the three fiscal quarters of 2026. As a percentage of store revenues, U.S. Company-owned store gross margin decreased 4.3 percentage points in the third quarter of 2026 and decreased 4.1 percentage points in the three fiscal quarters of 2026. These changes in gross margin as a percentage of revenues are discussed in additional detail below.

•

Food costs increased 0.6 percentage points to 30.3% in the third quarter of 2026 and increased 0.7 percentage points to 30.3% in the three fiscal quarters of 2026, each driven by the increase in the food basket pricing to stores.

•

Labor costs increased 0.6 percentage points to 31.5% in the third quarter of 2026 and increased 1.0 percentage point to 31.9% in the three fiscal quarters of 2026, each driven by higher wage rates.

•

Higher insurance costs contributed to the remaining decreases in U.S. Company-owned store gross margin as a percentage of revenues in the respective periods.

Supply Chain Gross Margin

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		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Revenues		$	746.2				100.0	%		$	697.0				100.0	%		$	2,176.8				100.0	%		$	2,053.9				100.0	%
Cost of sales			655.1				87.8	%			617.9				88.7	%			1,912.8				87.9	%			1,816.0				88.4	%
Supply chain gross margin		$	91.1				12.2	%		$	79.1				11.3	%		$	264.0				12.1	%		$	238.0				11.6	%

Supply chain gross margin increased $12.0 million, or 15.1%, in the third quarter of 2026, and increased $26.0 million, or 10.9%, in the three fiscal quarters of 2026. As a percentage of supply chain revenues, supply chain gross margin increased 0.9 and 0.5 percentage points in the third quarter and three fiscal quarters of 2026, respectively. These changes in gross margin as a percentage of revenues are discussed in additional detail below.

•

Food costs decreased 0.7 percentage points to 70.4% in the third quarter of 2026 and decreased 0.6 percentage points to 70.2% in the three fiscal quarters of 2026, each driven primarily by procurement productivity.

•

Labor costs decreased 0.5 percentage points to 8.4% in the third quarter of 2026 and decreased 0.2 percentage points to 8.7% in the three fiscal quarters of 2026, each primarily due to higher sales leverage and labor efficiency.

•

Higher delivery expenses attributable to higher fuel cost partially offset these improvements in supply chain gross margin as a percentage of revenues in the respective periods.

General and Administrative Expenses

General and administrative expenses increased $0.6 million, or 0.6%, in the third quarter of 2026. General and administrative expenses increased $10.7 million, or 3.3%, in the three fiscal quarters of 2026 primarily due to expenses related to our Worldwide Rally, which takes place every two years, in the second quarter of 2026, as well as higher computer expenses, but these increases were partially offset by approximately $5 million in severance expenses associated with an organizational realignment that took place in the first quarter of 2025 that did not reoccur in 2026.

U.S. Franchise Advertising Expenses

U.S. franchise advertising expenses decreased $3.0 million, or 2.3%, in the third quarter of 2026, and increased $6.3 million, or 1.6%, in the three fiscal quarters of 2026, consistent with the changes in U.S. franchise advertising revenues, as discussed above. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized, as our consolidated not-for-profit advertising fund is obligated to expend such revenues on advertising and other activities that promote the Domino’s brand, and these revenues cannot be used for general corporate purposes.

Refranchising Gain

During the second quarter of 2026, we refranchised 77 U.S. Company-owned stores in Virginia and Michigan for proceeds of $19.8 million. The pre-tax refranchising gain associated with the sale of the related assets and liabilities, including a $2.8 million reduction in goodwill, was $3.9 million and recorded in refranchising gain in our condensed consolidated statements of income.

During the second quarter of 2025, we refranchised 36 U.S. Company-owned stores in Maryland for proceeds of $8.5 million. The pre-tax refranchising gain associated with the sale of the related assets and liabilities, including a $1.4 million reduction in goodwill, was $3.9 million and was recorded in refranchising gain in our condensed consolidated statements of income.

Gain on Sale of Assets

During the first quarter of 2026, we recorded a $7.8 million pre-tax realized gain associated with the sale of our fully depreciated corporate aircraft.

Other (Expense) Income

During the third quarter and three fiscal quarters of 2026, we recorded a $2.5 million and $20.9 million pre-tax unrealized loss, respectively, on our investment in DPC Dash (refer to Note 5 of the condensed consolidated financial statements). During the third quarter and three fiscal quarters of 2025, we recorded a total net $3.0 million pre-tax unrealized loss and a total net $5.0 million pre-tax realized and unrealized gain, respectively, on our investment in DPC Dash. The recorded amount of our investment is based on the active exchange quoted price for the equity security.

Interest Expense, Net

Interest expense, net increased $3.2 million, or 7.8%, in the third quarter of 2026, and increased $8.9 million, or 7.2%, in the three fiscal quarters of 2026, primarily driven by lower interest income on our cash equivalents as well as a higher weighted average borrowing rate.

Our weighted average borrowing rate increased to 3.9% in the third quarter and three fiscal quarters of 2026 from 3.8% in the third quarter and three fiscal quarters of 2025.

Provision for Income Taxes

Provision for income taxes increased $3.0 million, or 7.6%, in the third quarter of 2026 due to higher income before provision for income taxes, partially offset by a lower effective tax rate. The effective tax rate decreased to 22.0% during the third quarter of 2026 compared to 22.3% in the third quarter of 2025.

Provision for income taxes increased $3.3 million, or 2.8%, in the three fiscal quarters of 2026 due to higher income before provision for income taxes, as well as a higher effective tax rate. The effective tax rate increased to 22.4% during the three fiscal quarters of 2026 compared to 22.2% in the three fiscal quarters of 2025.

Segment Adjusted Income from Operations

Beginning in the first quarter of 2026, we evaluate the performance of our reportable segments and allocate resources to them based on Segment Adjusted Income from Operations, which represents income from operations for the reportable segments, excluding gains and losses from the sale of assets, refranchising gains and losses and certain corporate administrative costs that have not been allocated to a reportable segment. Our chief operating decision maker uses Segment Adjusted Income from Operations to determine future business objectives and targets and for long-range planning for the reportable segments, as well as to evaluate their operating performance. Segment Adjusted Income from Operations for each of our reportable segments is summarized in the table below. Prior year amounts have been recast to reflect this change in the measure of segment profit used by our chief operating decision maker.

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		Third Quarter of 2026			Third Quarter of 2025			Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
U.S. stores		$	137.7			$	133.6			$	404.3			$	393.8
Supply chain			72.5				60.7				214.4				188.9
International franchise			71.7				67.3				209.6				196.4

U.S. Stores

U.S. stores Segment Adjusted Income from Operations increased $4.1 million, or 3.1%, in the third quarter of 2026, and increased $10.5 million, or 2.7%, in the three fiscal quarters of 2026, each driven primarily by higher U.S. franchise royalties and fees revenues, as discussed above. These increases were partially offset by the $6.2 million decrease in U.S. Company-owned store gross margin in the third quarter of 2026 and the $15.9 million decrease in U.S. Company-owned store gross margin in the three fiscal quarters of 2026, each as discussed above. Additionally, higher general and administrative expenses in the three fiscal quarters of 2026, primarily related to our Worldwide Rally in the second quarter of 2026, partially offset the increase in U.S. stores Segment Adjusted Income from Operations in the three fiscal quarters of 2026, as discussed above.

U.S. franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on U.S. stores Segment Adjusted Income from Operations. U.S. franchise advertising costs are accrued and expensed when the related U.S. franchise advertising revenues are recognized and had no impact on U.S. stores Segment Adjusted Income from Operations.

Supply Chain

Supply chain Segment Adjusted Income from Operations increased $11.9 million, or 19.6%, in the third quarter of 2026, and increased $25.5 million, or 13.5%, in the three fiscal quarters of 2026, primarily due to the $12.0 million increase in supply chain gross margin in the third quarter of 2026 and the $26.0 million increase in supply chain gross margin in the three fiscal quarters of 2026, each as discussed above.

International Franchise

International franchise Segment Adjusted Income from Operations increased $4.5 million, or 6.7%, in the third quarter of 2026, and increased $13.2 million, or 6.7%, in the three fiscal quarters of 2026, each driven primarily by higher international franchise royalties and fees revenues, as discussed above. Higher general and administrative expenses in the three fiscal quarters of 2026, primarily related to our Worldwide Rally in the second quarter of 2026, partially offset the increase in international franchise Segment Adjusted Income from Operations, as discussed above. International franchise revenues do not have a cost of sales component, so changes in these revenues have a disproportionate effect on international franchise Segment Adjusted Income from Operations.

Liquidity and Capital Resources

Historically, our receivable collection periods and inventory turn rates are faster than the normal payment terms on our current liabilities resulting in efficient deployment of working capital. We generally collect our receivables within three weeks from the date of the related sale and we generally experience multiple inventory turns per month. In addition, our sales are not typically seasonal, which further limits variations in our working capital requirements. As of September 6, 2026, we had negative working capital totaling $1.13 billion, primarily due to the current portion of long-term debt (see discussion below, as well as Note 6 to the condensed consolidated financial statements). Our working capital amount excludes restricted cash and cash equivalents of $168.0 million, advertising fund assets, restricted, of $98.0 million and advertising fund liabilities of $96.6 million. Working capital includes total unrestricted cash and cash equivalents of $229.0 million.

Our primary sources of liquidity are cash flows from operations and availability of borrowings under our variable funding notes. During the third quarter and three fiscal quarters of 2026, we experienced an increase in both U.S. and international retail sales (excluding foreign currency impact). Additionally, both our U.S. and international businesses grew store counts during the third quarter and three fiscal quarters of 2026. These factors contributed to our continued ability to generate positive operating cash flows. In addition to our cash flows from operations, we have a variable funding note facility. Our Series 2025-1 Variable Funding Senior Secured Notes, Class A-1 Notes (the “2025 Variable Funding Notes”), allows for advances of up to $320.0 million and issuance of certain other credit instruments, including letters of credit. The letters of credit primarily relate to our casualty insurance programs and, to a lesser extent, a virtual power purchase agreement. As of September 6, 2026, we had no outstanding borrowings and $248.9 million of available borrowing capacity under our 2025 Variable Funding Notes, net of letters of credit issued of $71.1 million.

We expect to continue to use our unrestricted cash and cash equivalents, cash flows from operations, any excess cash from our refinancing and recapitalization transactions and available borrowings under our 2025 Variable Funding Notes to, among other things, fund working capital requirements, invest in our core business and other strategic opportunities, repay outstanding borrowings under our securitized debt, pay dividends and repurchase and retire shares of our common stock.

Our primary sources of liquidity could be adversely affected by the occurrence of any of the events described under “Risk Factors” in our 2025 Form 10-K. There can be no assurance that our business will generate sufficient cash flows from operations or that future borrowings will be available under our 2025 Variable Funding Notes or otherwise to enable us to service our indebtedness, or to make anticipated capital expenditures. Our future operating performance and our ability to service, extend or refinance our notes and to service, extend or refinance our 2025 Variable Funding Notes will be subject to future economic conditions and to financial, business and other factors, many of which are beyond our control.

Restricted Cash

As of September 6, 2026, we had $118.0 million of restricted cash and cash equivalents held for future principal and interest payments and other working capital requirements of our asset-backed securitization structure, $49.8 million of restricted cash equivalents held in a three-month interest reserve as required by the indenture governing the securitized debt and $0.2 million of other restricted cash for a total of $168.0 million of restricted cash and cash equivalents. As of September 6, 2026, we also held $71.4 million of advertising fund restricted cash and cash equivalents which can only be used for activities that promote the Domino’s brand.

Long-Term Debt

As of September 6, 2026, we had approximately $4.89 billion of long-term debt, of which $1.33 billion was classified as a current liability. As of September 6, 2026, our fixed rate notes from the recapitalization and refinancing transactions we completed in 2025, 2021, 2019, 2018 and 2017 had original scheduled principal payments of $49.3 million in 2026, $1.34 billion in 2027, $836.4 million in 2028, $647.8 million in 2029, $495.0 million in 2030, $927.5 million in 2031 and $470.0 million in 2032. However, in accordance with our debt agreements, the payment of principal on the 2025 Five-Year Notes and the 2025 Seven-Year Notes (refer to Note 5 to the condensed consolidated financial statements) may be suspended if either the Holdco Leverage Ratio or Senior Leverage Ratio is less than or equal to 5.5x total debt to either Consolidated Adjusted EBITDA or Securitized Net Cash Flow, each as defined in the indenture governing the securitized debt, and no catch-up provisions are applicable. In accordance with our debt agreements, the payment of principal on the 2021 7.5-Year Notes, 2021 Ten-Year Notes, 2019 Ten-Year Notes, 2018 9.25-Year Notes and 2017 Ten-Year Notes (refer to Note 5 to the condensed consolidated financial statements) may be suspended if the Holdco Leverage Ratio is less than or equal to 5.0x total debt to Consolidated Adjusted EBITDA, each as defined in the indenture governing the securitized debt, and no catch-up provisions are applicable. As of the end of the third quarter of 2026, we satisfied the non-amortization tests for each respective series of notes, and have classified the outstanding principal amounts of the 2025 Five-Year Notes, 2025 Seven-Year Notes, 2021 7.5-Year Notes, 2021 Ten-Year Notes and 2019 Ten-Year Notes as long-term debt in the condensed consolidated balance sheets as of September 6, 2026. As of the end of the fourth quarter of 2025, we satisfied the non-amortization tests for each respective series of notes, and accordingly, the outstanding principal amounts of the notes have been classified as long-term debt in the condensed consolidated balance sheets as of December 28, 2025.

The legal final maturity dates of the 2018 9.25-Year Notes and the 2017 Ten-Year Notes are July 2048 and October 2047, respectively. However, the anticipated repayment date for the 2018 9.25-Year Notes and the 2017 Ten-Year Notes is July 2027, and accordingly, the outstanding principal amounts for these notes have been classified as the current portion of long-term debt in the condensed consolidated balance sheet as of September 6, 2026 (refer to Note 6 to the condensed consolidated financial statements). We expect to refinance the 2018 9.25-Year Notes and the 2017 Ten-Year Notes prior to the anticipated repayment date, and we expect, based on current benchmark rates, to refinance those notes at higher interest rates. If we do not repay or refinance the 2018 9.25-Year Notes and the 2017 Ten-Year Notes prior to the anticipated repayment date, additional interest of at least 5% per annum will accrue, and our securitized cash flows other than a weekly management fee to cover certain operating expenses would be directed to the repayment of the securitized debt.

The notes are subject to certain financial and non-financial covenants, including a debt service coverage ratio calculation. The covenant requires a minimum coverage ratio of 1.75x total debt service to Securitized Net Cash Flow, each as defined in the indenture governing the securitized debt. In the event that certain covenants are not met, the notes may become due and payable on an accelerated schedule.

Share Repurchase Programs

Our share repurchase programs have historically been funded by excess operating cash flows, excess proceeds from our recapitalization transactions and borrowings under our variable funding notes.

During the third quarter and three fiscal quarters of 2026, we repurchased and retired 216,282 and 848,503 shares of our common stock under our Board of Directors–approved share repurchase program for a total of approximately $73.6 million and $304.9 million, respectively. As of September 6, 2026, we had a total remaining authorized amount for share repurchases of approximately $1.15 billion.

Dividends

On July 14, 2026, our Board of Directors declared a $1.99 per share quarterly dividend on our outstanding common stock for shareholders of record as of September 15, 2026, which was paid on September 30, 2026. We had approximately $67.6 million accrued for common stock dividends at September 6, 2026. Subsequent to the end of the third quarter of 2026, on October 6, 2026, our Board of Directors declared a $1.99 per share quarterly dividend on our outstanding common stock for shareholders of record as of December 15, 2026, to be paid on December 30, 2026.

Sources and Uses of Cash

The following table illustrates the main components of our cash flows:

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\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Fiscal Quarters of 2026			Three Fiscal Quarters of 2025
Net cash provided by operating activities		$	520.6			$	552.3
Net cash used in investing activities			(34.2	)			(6.1	)
Net cash used in financing activities			(451.7	)			(558.2	)
Effect of exchange rate changes on cash			(0.3	)			1.5
Change in cash and cash equivalents, restricted cash and cash equivalents		$	34.4			$	(10.6	)

Operating Activities

Cash provided by operating activities decreased $31.7 million in the three fiscal quarters of 2026, as a result of the negative impact of changes in restricted advertising fund assets and liabilities and changes in operating assets and liabilities. The $47.8 million negative impact of changes in restricted advertising fund assets and liabilities in the three fiscal quarters of 2026 compared to the three fiscal quarters of 2025 was the result of the timing and amount of payments for advertising activities. Additionally, the negative impact of changes in operating assets and liabilities of $13.7 million primarily related to the timing of payments on accounts payable and accrued liabilities in the three fiscal quarters of 2026 compared to the three fiscal quarters of 2025. These decreases were partially offset by higher net income, excluding non-cash adjustments. Net income increased $7.7 million, and non-cash adjustments increased $22.1 million (primarily representing the changes in the total net realized and unrealized losses and gains associated with the remeasurement of the Company’s investment in DPC Dash, partially offset by the pre-tax realized gain associated with the sale of our fully depreciated corporate aircraft), resulting in an overall increase to cash provided by operating activities in the three fiscal quarters of 2026 compared to the three fiscal quarters of 2025 of $29.8 million.

Investing Activities

Cash used in investing activities was $34.2 million in the three fiscal quarters of 2026, which primarily consisted of $60.8 million of capital expenditures (driven primarily by investments in consumer and store technology, supply chain centers and corporate store operations). This use of cash was partially offset by the proceeds of $19.8 million for the refranchising of 77 U.S. Company-owned stores in the Virginia and Michigan markets and the net proceeds of $7.8 million associated with the sale of our fully depreciated corporate aircraft.

Financing Activities

Cash used in financing activities was $451.7 million in the three fiscal quarters of 2026, which included the repurchase and retirement of $304.9 million in common stock under our Board of Directors–approved share repurchase program, as well as $3.3 million in excise tax payments related to our share repurchase programs. We also made dividend payments to our shareholders of $134.3 million, made tax payments for the vesting of restricted stock of $14.2 million and made repayments of principal amounts related to our finance leases and other financing obligations of $4.1 million. These uses of cash were partially offset by proceeds from the exercise of stock options of $9.2 million.

Critical Accounting Estimates

For a description of the Company’s critical accounting estimates, refer to “Part II—Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the 2025 Form 10-K. The Company considers its most significant accounting policies and estimates to be long-lived assets, casualty insurance reserves and income taxes. There have been no material changes to the Company’s critical accounting estimates since December 28, 2025.

Forward-Looking Statements

This filing 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 that 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,” “aims,” “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 U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events that reflect the Company’s expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our 2025 Form 10-K for the fiscal year ended December 28, 2025. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third-party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; the dependence of our earnings and business growth strategy on the success of our franchisees; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media, the rise of artificial intelligence–generated content, or a boycott on our business, brand and reputation; the impact of new or improved technologies, including artificial intelligence, and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees’ ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand’s reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation or regulation, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this filing might not occur. All forward-looking statements speak only as of the date of this filing and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this filing, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this filing or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

We do not engage in speculative transactions, nor do we hold or issue financial instruments for trading purposes. In connection with the refinancings and recapitalizations of our business, we have issued fixed rate notes and entered into variable funding notes, and, at September 6, 2026, we are exposed to interest rate risk on borrowings under our 2025 Variable Funding Notes. As of September 6, 2026, we had no outstanding borrowings under our 2025 Variable Funding Notes.

Our 2025 Variable Funding Notes bear interest at fluctuating interest rates based on the Secured Overnight Financing Rate, plus a spread adjustment. Accordingly, a rising interest rate environment could result in higher interest expense due on borrowings under our 2025 Variable Funding Notes, in which event we may have difficulties making interest payments and funding our other fixed costs, and our available cash flow for general corporate requirements may be adversely affected.

Our fixed-rate debt exposes us to changes in market interest rates reflected in the fair value of the debt and to the risk that the Company may need to refinance maturing debt with new debt at a higher rate. As of September 6, 2026, we had approximately $1.32 billion of debt classified as current associated with our 2018 9.25-Year Notes and the 2017 Ten-Year Notes for which the anticipated repayment date is July 2027. We expect to refinance the 2018 9.25-Year Notes and the 2017 Ten-Year Notes prior to the anticipated repayment date, and we expect, based on current benchmark rates, to refinance those notes at higher interest rates.

We are exposed to market risks from changes in food and commodity prices. During the normal course of business, we purchase cheese and certain other food products that are affected by changes in commodity prices and, as a result, we are subject to volatility in our food costs. Severe increases in commodity prices or food costs, including as a result of inflation, could affect the global and U.S. economies and could also adversely impact our business, financial condition or results of operations. We may periodically enter into financial instruments to manage this risk, although we have not done so historically. In instances when we use fixed pricing agreements with our suppliers, these agreements cover our physical commodity needs, are not net-settled and are accounted for as normal purchases.

Foreign Currency Exchange Risk

We have exposure to various foreign currency exchange rate fluctuations for revenues generated by our operations outside the U.S., which can adversely impact our net income and cash flows. Approximately 7.1% of our total revenues in the third quarter of 2026, approximately 7.0% of our total revenues in the three fiscal quarters of 2026 and approximately 6.8% of our total revenues in both the third quarter and three fiscal quarters of 2025 were derived from our international franchise segment, a majority of which were denominated in foreign currencies. We estimate that a hypothetical 10% adverse change in the foreign currency rates for our international markets would have resulted in a negative impact on international franchise royalty revenues of approximately $24.2 million in the three fiscal quarters of 2026. We also operate dough manufacturing and distribution facilities in Canada, which generate revenues denominated in Canadian dollars. We may periodically enter into financial instruments to manage foreign currency exchange risk, although we have not done so historically.

Item 4. Controls and Procedures.

Management, with the participation of the Company’s Chief Executive Officer, Joseph H. Jordan, and Executive Vice President and Chief Financial Officer, Sandeep Reddy, performed an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, Mr. Jordan and Mr. Reddy concluded that the Company’s disclosure controls and procedures were effective.

During the quarterly period ended September 6, 2026, there were no changes in the Company’s internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

We are a party to lawsuits, revenue agent reviews by taxing authorities and administrative proceedings in the ordinary course of business which include, without limitation, workers’ compensation, general liability, automobile and franchisee claims. We are also subject to suits related to employment practices. In addition, we may occasionally be party to large claims, including class action suits.

Litigation is subject to many uncertainties, and the outcome of individual litigated matters is unpredictable. These matters referenced above could be decided unfavorably to us and could require us to pay damages or make other expenditures in amounts or a range of amounts that cannot be estimated with accuracy. However, we do not believe these matters, individually or in the aggregate, will have a material adverse effect on the business or financial condition of the Company, and we expect that the established accruals adequately provide for the estimated resolution of such claims.

Item 1A. Risk Factors.

There have been no material changes with respect to those risk factors previously disclosed in Item 1A “Risk Factors” in Part I of our 2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

c. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.

Maximum
Approximate Dollar

Total Number of Shares

Value of Shares that

Total Number

Purchased as Part of

May Yet Be Purchased

of Shares

Average Price Paid

Publicly Announced

Under the Program (2)

Period

Purchased (1)

Per Share

Program (2)

(in thousands)

Period #7 (June 15, 2026
to July 12, 2026)

1,610

305.86

—

1,228,373

Period #8 (July 13, 2026
to August 9, 2026)

68,865

334.60

67,256

1,205,910

Period #9 (August 10, 2026
to September 6, 2026)

150,351

343.29

149,026

1,154,751

Total

220,826

340.31

216,282

1,154,751

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(1)	4,544 shares in the third quarter of 2026 were purchased as part of the Company’s employee stock payroll deduction plan at an average price of $336.09.
(2)	As of September 6, 2026, $1.15 billion remained available for future purchases of the Company’s common stock under the share repurchase program approved by our Board of Directors on April 21, 2026 for repurchases of shares of our common stock.
	Authorization for the repurchase program may be modified, suspended, or discontinued at any time. The repurchase of shares in any particular period and the actual amount of such purchases remain at the discretion of the Board of Directors, and no assurance can be given that shares will be repurchased in the future.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Rule 10b5-1 Trading Plans

Our directors and officers (as defined in Section 16 of the Exchange Act (“Section 16”)) may from time to time enter into plans for the purchase or sale of Domino’s stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

During the fiscal quarter ended September 6, 2026, the following Section 16 officer adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408 under Regulation S-K of the Exchange Act):

•

Joseph H. Jordan, then our Chief Operating Officer and President – U.S., adopted a new Rule 10b5-1 trading arrangement on July 29, 2026. The plan’s maximum duration is until July 20, 2027, and first trades will not occur until November 9, 2026 at the earliest. The trading plan, which is subject to certain conditions, is intended to permit Mr. Jordan to exercise and sell from time to time a total of 2,450 stock options in a tranche set to expire on July 19, 2027.

The Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with Domino’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangement will be disclosed publicly in future Section 16 filings with the SEC.

No other directors or officers adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 under Regulation S-K of the Exchange Act, during the last fiscal quarter.

Item 6. Exhibits.

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\n	\n	\n
Exhibit Number		Description
10.1		Employment Agreement dated as of June 19, 2026 by and between Domino’s Pizza, Inc. and Joseph H. Jordan (Incorporated by reference to Exhibit 10.1 to the registrant’s Form 8-K filed on June 22, 2026 (the “June 2026 8-K”)).
10.2		Letter Agreement dated as of June 19, 2026 by and between Domino’s Pizza, Inc. and Russell J. Weiner (Incorporated by reference to Exhibit 10.2 to the June 2026 8-K).
31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
31.2		Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
32.1		Certification of Chief Executive Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
32.2		Certification of Chief Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, relating to Domino’s Pizza, Inc.
101.INS		XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
104		Cover page Interactive Data File (formatted as Inline XBRL and contained in exhibit 101).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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\n	\n	\n
		DOMINO’S PIZZA, INC. (Registrant)
Date: October 13, 2026		/s/ Sandeep Reddy
		Sandeep Reddy
		Executive Vice President, Chief Financial Officer (Principal Financial Officer)

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