DRI

MKT CAP:$23B

Darden Restaurants, Inc.

Market Cap

$23B

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$199.73+$12.52 (+6.69%)

Apr 22, 2026

Company Details

Darden Restaurants, Inc., through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 54...

CEO

Ricardo Cardenas

IPO Date

May 9, 1995

Website

www.darden.com

Key Metrics TTM

Revenue

$12.8B

+8.4% YoY

Net Income

$1.1B

EPS (Diluted)

$9.45

Free Cash Flow

$1.6B

Revenue / Share

$109.37

Gross Margin

57.5%

Operating Margin

11.4%

Net Margin

8.7%

FCF Margin

12.3%

P/S

1.8x

P/E

21.0x

Earnings Reports

Q3 2026

Mar 19, 2026

$3.3B+5.9%EPS $2.65

Q2 2026

Dec 30, 2025

$3.1B+7.3%EPS $2.03

Q1 2026

Sep 26, 2025

$3.0B+10.4%EPS $2.19

FY 2025

Jul 18, 2025

$12.1B+6.0%EPS $8.86

Q4 2025

Jul 18, 2025

$3.3BEPS $2.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$2.4B	$502M	$301M
Q4 22	$2.6B	$538M	$338M
Q1 23	$2.4B	$454M	$244M
Q2 23	$2.5B	$443M	$233M
Q3 23	$2.8B	$585M	$350M
Q4 23	$2.8B	$603M	$375M
Q1 24	$2.7B	$558M	$253M
Q2 24	$2.7B	$550M	$279M
Q3 24	$3.0B	$646M	$387M
Q1 25	$2.8B	$563M	$269M
Q2 25	$2.9B	$613M	$292M
Q3 25	$3.2B	$702M	$418M
Q4 25	$3.3B	$765M	$383M
Q1 26	$3.0B	$2.1B	$339M
Q2 26	$3.1B	$2.1B	$320M
Q3 26	$3.3B	$2.3B	$406M

Valuation

Quarter	P/S	P/E
Q3 22	2.5x	22.3x
Q4 22	2.4x	24.4x
Q1 23	2.4x	25.4x
Q2 23	2.3x	25.5x
Q3 23	2.2x	24.5x
Q4 23	2.2x	23.6x
Q1 24	2.2x	23.6x
Q2 24	2.1x	23.0x
Q3 24	2.1x	22.4x
Q1 25	2.1x	25.1x
Q2 25	2.0x	24.5x
Q3 25	2.0x	21.9x
Q4 25	1.9x	22.1x
Q1 26	1.9x	21.1x
Q2 26	1.8x	20.7x
Q3 26	1.8x	21.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$435M	$327M
Q4 22	$340M	$231M
Q1 23	$428M	$299M
Q2 23	$209M	$43M
Q3 23	$499M	$362M
Q4 23	$405M	$243M
Q1 24	$269M	$113M
Q2 24	$341M	$172M
Q3 24	$577M	$424M
Q1 25	$273M	$122M
Q2 25	$389M	$213M
Q3 25	$580M	$417M
Q4 25	$456M	$284M
Q1 26	$343M	$163M
Q2 26	$321M	$495M
Q3 26	$618M	$623M

Capital Expenditures

Quarter	CapEx
Q3 22	$107M
Q4 22	$109M
Q1 23	$129M
Q2 23	$166M
Q3 23	$137M
Q4 23	$162M
Q1 24	$156M
Q2 24	$169M
Q3 24	$153M
Q1 25	$152M
Q2 25	$176M
Q3 25	$163M
Q4 25	$172M
Q1 26	$180M
Q2 26	$174M
Q3 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+41.3%	+35.5%
Q4 22	+14.2%	+15.8%
Q1 23	+6.1%	+8.7%
Q2 23	+9.4%	+11.0%
Q3 23	+13.8%	+13.4%
Q4 23	+6.4%	+5.7%
Q1 24	+11.6%	+12.5%
Q2 24	+9.7%	+8.7%
Q3 24	+6.8%	+6.2%
Q1 25	-0.4%	+3.9%
Q2 25	+5.8%	+4.9%
Q3 25	+15.8%	+11.9%
Q4 25	+10.0%	+11.7%
Q1 26	+10.4%	+8.8%
Q2 26	+7.3%	+7.1%
Q3 26	+5.9%	+7.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$12M	0.5%
Q4 22	$11M	0.4%
Q1 23	$20M	0.8%
Q2 23	$18M	0.7%
Q3 23	$14M	0.5%
Q4 23	$15M	0.5%
Q1 24	$30M	1.1%
Q2 24	$14M	0.5%
Q3 24	$14M	0.5%
Q1 25	$35M	1.3%
Q2 25	$14M	0.5%
Q3 25	$16M	0.5%
Q4 25	$15M	0.4%
Q1 26	$25M	0.8%
Q2 26	$24M	0.8%
Q3 26	$18M	0.5%

OpEx Breakdown

Quarter	G&A	S&M
Q3 22	$83M	$27M
Q4 22	$84M	$20M
Q1 23	$88M	$30M
Q2 23	$90M	$31M
Q3 23	$107M	$28M
Q4 23	$100M	$29M
Q1 24	$153M	$39M
Q2 24	$115M	$37M
Q3 24	$108M	$32M
Q1 25	$126M	$45M
Q2 25	$144M	$49M
Q3 25	$117M	$35M
Q4 25	$133M	$41M
Q1 26	$136M	$49M
Q2 26	$118M	$49M
Q3 26	$122M	$39M

Revenue Segments

Quarter	Fine Dining Segment	LongHorn Steakhouse	Olive Garden	Other Segments
Q3 22	$208M	$613M	$1.1B	$485M
Q1 23	$183M	$605M	$1.1B	$527M
Q2 23	$202M	$601M	$1.2B	$507M
Q3 23	$236M	$696M	$1.3B	$554M
Q3 25	$385M	$768M	$1.3B	$674M
Q1 26	$287M	$776M	$1.3B	$681M
Q2 26	$316M	$776M	$1.4B	$647M
Q3 26	$402M	$854M	$1.4B	$696M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$421M	$0	$421M
Q1 23	$378M	$0	$378M
Q2 23	$241M	$0	$241M
Q3 23	$275M	$0	$275M
Q4 23	$368M	$0	$368M
Q1 24	$192M	$0	$192M
Q2 24	$196M	$0	$196M
Q3 24	$244M	$0	$244M
Q4 24	$195M	$0	$195M
Q1 25	$193M	$0	$193M
Q2 25	$217M	$0	$217M
Q3 25	$224M	$0	$224M
Q4 25	$240M	$0	$240M
Q1 26	$211M	$0	$211M
Q2 26	$224M	$0	$224M
Q3 26	$240M	$0	$240M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	128M	-1.8%	-2.9%
Q4 22	126M	-2.1%	-5.2%
Q1 23	124M	-1.3%	-5.9%
Q2 23	123M	-0.6%	-5.7%
Q3 23	123M	-0.5%	-4.4%
Q4 23	122M	-0.3%	-2.7%
Q1 24	122M	-0.1%	-1.5%
Q2 24	121M	-1.0%	-1.9%
Q3 24	120M	-0.3%	-1.7%
Q1 25	119M	-1.0%	-2.4%
Q2 25	118M	-0.8%	-3.0%
Q3 25	118M	-0.3%	-2.3%
Q4 25	118M	-0.1%	-2.1%
Q1 26	118M	-0.3%	-1.3%
Q2 26	117M	-0.8%	-1.4%
Q3 26	117M	0.0%	-1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$13.8K	177K
Q4 22	$14.7K	177K
Q1 23	$13.8K	177K
Q2 23	$14.0K	177K
Q3 23	$15.7K	177K
Q4 23	$15.6K	177K
Q1 24	$15.4K	177K
Q2 24	$15.4K	177K
Q3 24	$16.8K	177K
Q1 25	$14.4K	191K
Q2 25	$15.1K	191K
Q3 25	$16.5K	191K
Q4 25	$17.1K	191K
Q1 26	$15.9K	191K
Q2 26	$16.2K	191K
Q3 26	$17.5K	191K

Revenue / Employee