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Darden Restaurants, Inc.

DRI Consumer Cyclical Restaurants

Darden Restaurants, Inc.’s revenue for fiscal 2026 (year ended May 2026) was $13.2 billion, up 9.39% from fiscal 2025.

Revenue
+5.11%
EPS
−7.24%
Free cash flow
−41.2%
Total debt
−23.4%

Quarter to August 2026, against a year earlier

228.04 2.57 −1.11%
Market cap
$25.9B
P/E
22.1×
Fwd P/E
19.6×
Dividend yield
2.74%
F-score
7/9
Altman Z
2.56
Beneish M
−2.39
Dividend safety
73/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Olive Garden
  • LongHorn Steakhouse
  • Other Business
  • Fine Dining

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 24.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 7 — 1 3 — — 6 1 — 1 —
Insider Ownership 0.72%

Capital & Financial Ratios $m

Size
Market Cap 25,870.00
Revenue ttm 13,366.50
Net income ttm 1,182.30
Free cash flow ttm 1,062.70
Net debt Q 1,415.60
Valuation
P/E 22.12
Forward P/E 19.60
Price / sales 1.94
Forward P/S Powerpack
Price / FCF 24.38
Price / book 12.52 (above 6: high)
Financial health
Current ratio Q 0.30 (below 1: weak)
Debt / equity Q 0.79
Interest coverage Q 6.35
Growth
Revenue growth Q +5.11% (above 0%: growing)
Operating income growth Q −5.87% (below 0%: shrinking)
EPS, this year +5.92%
EPS, next year A +10.04%
Revenue, next year A +3.73%
EPS, past 5 yrs +16.83% (at or above 15%: strong)
EPS, next 5 yrs A +8.44%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 1.8×; over the ten years it ranged from 0.8× in 2020 to 3.1× in 2021.
P/E against its own 10 years 76.04%
10-year low 10-year high
P/S against its own 10 years 81.04%
10-year low 10-year high
P/B against its own 10 years 99.96%
10-year low 10-year high
EV/Sales against its own 10 years 80.93%
10-year low 10-year high
EV/FCF against its own 10 years 88.63%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.74%
Annual rate
6.24
Payout ratio
61.0%
Growth, 2018–26
+10.7%/yr
  1. 2.76 ’18
  2. 3.26 ’19 +18
  3. 1.18 ’20 −64
  4. 3.45 ’21 +192
  5. 5.83 ’22 +69
  6. 5.04 ’23 −14
  7. 5.42 ’24 +8
  8. 5.80 ’25 +7
  9. 6.24 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 195 240 220 221
Receivables 79 94 130 118
Inventory 291 312 326 321
Other — — — —
823 938 943 953
2024 2025 2026 Q'26
Payables 400 440 428 470
ST’ Debt — — — —
Other 847 913 955 485
2,193 2,248 3,005 3,199

Compound Annual Growth %

10y 5y 3y
Sales 6.66% 12.92% 8.00%
Cash Flow 8.49% 9.20% 6.07%
Earnings 12.40% 13.91% 7.11%
Book Value 1.24% (4.73%) 0.09%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 2.06 Actual 2.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 2.09 2.08 Miss by 0.01
Q3 FY26 2.95 2.95 Met by 0.00
Q4 FY26 3.63 3.66 Beat by 0.03
Q1 FY27 2.06 2.05 Miss by 0.01
Q2 FY27 2.28 — Reports 17 December 2026

EPS $

Aug Nov Feb May Year
’26 2.04 — — — —
’26 2.19 2.03 2.65 3.51 10.38
’25 1.74 1.82 2.74 2.58 8.86
’24 1.59 1.76 2.60 2.57 8.51
’23 1.56 1.52 2.34 2.58 7.99
’22 1.75 1.48 1.93 2.24 7.39
’21 0.28 0.73 0.98 2.78 4.77
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 3,200 — — — —
’26 3,045 3,102 3,345 3,719 13,211
’25 2,757 2,890 3,158 3,272 12,077
’24 2,731 2,727 2,975 2,957 11,390
’23 2,446 2,487 2,786 2,769 10,488
’22 2,306 2,272 2,449 2,603 9,630
’21 1,527 1,657 1,733 2,279 7,196
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 279 — — — —
’26 343 321 618 572 1,853
’25 273 389 588 457 1,707
’24 269 341 586 426 1,622
’23 428 208 505 412 1,553
’22 180 301 435 348 1,265
’21 207 222 317 448 1,194
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 108 — — — —
’26 183 116 455 384 1,138
’25 122 213 425 278 1,038
’24 115 172 431 279 997
’23 310 52 369 253 984
’22 96 207 330 240 872
’21 163 156 244 365 929
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.2% a year for ten years. It grew 4.0% a year over the last ten.

Implied
10.2%
10 years, reported
4.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Aug ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 7,170 8,080 8,510 7,807 7,196 9,630 10,488 11,390 12,077 13,211 13,367 +7.0% 13,704 14,536 15,415 +5.3%
Gross margin, % 21.89 21.60 21.73 18.04 20.75 20.72 20.11 21.37 21.88 21.67 21.66 (0.2) pt
EBT 637 606 782 (161) 577 1,094 1,121 1,176 1,187 1,389 1,364 +9.0%
EBT margin, % 8.89 7.50 9.19 (2.06) 8.01 11.36 10.68 10.32 9.83 10.51 10.20 +1.6 pt
Net income 479 596 713 (52) 629 953 982 1,028 1,050 1,207 1,182 +10.8%
Per share, $
Per share, $ Revenue 57.68 65.16 68.91 63.63 55.18 75.35 86.04 95.00 102.78 114.38 117.66 +7.9%
Earnings 3.85 4.81 5.78 (0.43) 4.83 7.46 8.06 8.57 8.93 10.45 10.31 +11.7%
Cash flow 7.37 8.22 10.26 5.85 9.15 9.90 12.74 13.53 14.53 16.04 15.75 +9.0%
Capex (2.49) (3.35) (3.76) (3.90) (2.03) (3.07) (4.67) (5.21) (5.70) (6.19) (6.40) +10.6%
Free cash flow 4.88 4.87 6.50 1.95 7.12 6.82 8.07 8.31 8.83 9.85 9.35 +8.1%
Book value 16.91 17.70 19.37 19.00 21.57 17.20 18.06 18.70 19.67 19.11 18.21 +1.4%
Shares, m 124 124 124 123 130 128 122 120 118 116 115 (0.8%)
Valuation, ×
Valuation, × P/E 23.10 18.17 20.16 0.00 28.43 16.73 19.64 17.53 24.28 19.28 22.12 18.7
P/S 1.54 1.34 1.69 1.23 2.49 1.66 1.84 1.58 2.11 1.77 1.94 1.7
P/B 5.26 4.94 6.00 4.12 6.37 7.27 8.78 8.04 11.02 10.56 12.52 7.2
EV/Sales 1.64 1.44 1.74 1.25 2.45 1.71 1.89 1.69 2.27 1.87 2.04 1.8
EV/FCF 19.41 19.24 18.49 40.98 18.99 18.88 20.17 19.28 26.38 21.74 25.72 22.4
Cash, $m
Cash, $m Operating cash flow 916 1,020 1,268 717 1,194 1,265 1,553 1,622 1,707 1,853 1,790 +8.1%
Capex (310) (415) (465) (479) (265) (392) (569) (625) (669) (715) (727) +9.7%
Free cash flow 606 604 803 239 929 872 984 997 1,038 1,138 1,063 +7.2%
Balance, $m
Balance, $m Working capital (701) (831) (581) (691) 23 (668) (940) (1,370) (1,310) (2,062) (2,246) +12.7%
Net debt 704 780 470 166 (285) 480 517 1,176 1,889 1,418 1,416 +8.1%
Shareholders’ equity 2,102 2,195 2,393 2,331 2,813 2,198 2,202 2,243 2,311 2,208 2,068 +0.5%
Returns, %
Returns, % ROA 9.70 11.08 12.56 (0.66) 6.11 9.17 9.64 9.53 8.78 9.48 9.10 (0.2) pt
ROIC 15.09 16.11 18.17 1.20 16.04 27.12 27.63 24.03 20.27 27.28 28.04 +12.2 pt
ROE 23.64 27.74 31.10 (2.22) 24.47 38.03 44.63 46.25 46.10 53.41 55.07 +29.8 pt
People
People Employees 175,000 180,000 185,000 177,000 160,000 178,956 187,384 191,105 197,924 209,931 — +2.0%
Revenue/emp, $m 0.04 0.04 0.05 0.04 0.04 0.05 0.06 0.06 0.06 0.06 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter Aug 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Darden Restaurants is a full-service restaurant company. It owned and operated 2,202 restaurants in the United States as of May 31, 2026, across Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, The Capital Grille, Chuy’s, Seasons 52, Eddie V’s Prime Seafood, Bahama Breeze and The Capital Burger.

Its restaurants sell prepared food and beverages for lunch, dinner and other dining occasions. The brands span Italian food, steakhouses, American casual dining, Mexican and Tex-Mex food, seafood, wine-oriented concepts, burgers and fine dining. Olive Garden offers Italian food, soup or salad and breadsticks with entrées. LongHorn Steakhouse centers on steaks alongside chicken, seafood, ribs, pork chops and burgers. Fine Dining includes Ruth’s Chris, The Capital Grille and Eddie V’s.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Olive Garden 5,595 42.35%
LongHorn Steakhouse 3,423 25.91%
Other Business 2,817 21.33%
Fine Dining 1,376 10.41%
Gross margin 21.67%
Operating margin 11.98%
Pre-tax margin 10.51%

Revenue by segment since 2013

Darden Restaurants, Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
YUM Yum! Brands, Inc. $45.3B 13.2× 16.7× +3.79% (above 0%: growing) +320.20% (above 0%: growing) −13.59% (below 0%: shrinking) 66.94% 112.85% Compare
CMG Chipotle Mexican Grill, Inc. $44.8B 33.1× 29.8× +9.65% (above 0%: growing) −7.38% (below 0%: shrinking) −14.54% (below 0%: shrinking) 23.33% 13.72% Compare
QSR Restaurant Brands International Inc. $35.5B 16.3× 14.7× +3.10% (above 0%: growing) +110.13% (above 0%: growing) −8.26% (below 0%: shrinking) 49.39% 27.80% Compare
DRI Darden Restaurants, Inc. $25.9B 22.1× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98%
YUMC Yum China $17.0B 17.2× 15.5× +8.45% (above 0%: growing) +19.74% (above 0%: growing) +2.28% (above 0%: growing) 0.00% 12.97% Compare
TXRH Texas Roadhouse, Inc. $12.6B 30.7× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50% Compare
DPZ Domino's Pizza Inc $11.2B 18.8× 16.4× +3.36% (above 0%: growing) +12.75% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
EAT Brinker International, Inc. $8.8B 18.2× 15.7× +9.37% (above 0%: growing) +20.68% (above 0%: growing) +69.39% (above 0%: growing) 18.46% 10.23% Compare
BROS Dutch Bros Inc. $6.0B 44.8× 51.6× +29.81% (above 0%: growing) +42.86% (above 0%: growing) +429.07% (above 0%: growing) 23.96% 9.61% Compare
Median of peers $14.8B 18.5× 16.5× +8.91% +20.21% −0.49% 23.65% 13.35%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • Raj Vennam said Darden reaffirmed its fiscal 2027 outlook, while a Thanksgiving calendar shift is expected to reduce second-quarter sales by approximately 1%.
  • Rick Cardenas said Darden had not seen a material change in consumer behavior and would focus on restaurant execution and value for guests.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Citi Sep 28, 2026 Target cut Buy 248.00 → 247.00
Mizuho Sep 28, 2026 Target raised Outperform 235.00 → 245.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.61%
Held by the ten largest 56.77%
Holder Shares Stake Change
Capital Group 15.97m 14.00% +146.57k
Vanguard 14.08m 12.34% +50.50k
BlackRock 9.78m 8.57% +131.97k
State Street 5.00m 4.39% +142.63k
Wellington Management 3.88m 3.40% −2.96m
Charles Schwab 3.71m 3.25% +344.99k
Raymond James 3.70m 3.25% +136.37k
Geode Capital Management 3.46m 3.03% +16.35k
Bank of America 3.16m 2.77% −48.30k
JPMorgan Chase 2.01m 1.76% +96.37k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 August 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 34.82m 34.84m 167.89
2025 14.00m 31.61m 162.94
2024 12.00m 6.59m 113.94
2023 8.50m 15.25m 120.36
2022 11.89m 8.85m 90.76

Ownership

Directors and executive officers, together less than 1%
Capital World Investors 12.87%
BlackRock, Inc. 8.08%
Vanguard Capital Management LLC 7.56%
Wellington Management Group LLP 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Darden Restaurants, Inc. (DRI) Latest News

29 Oct

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Impact 3 · · StockStory

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Impact 4 · · Moby transcript
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DRI metrics, ten years each

stockrow.com/DRI · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com