Domino‘s Pizza Inc: DPZ CEO Transition a Surprise - But Trends Opened Door to New Leadership Style & Ideas. Focusing on Durability of FCF.

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Domino‘s Pizza Inc: DPZ CEO Transition a Surprise - But Trends Opened Door to New Leadership Style & Ideas. Focusing on Durability of FCF.

J P M O R G A N North America Equity Research

23 June 2026

Domino's Pizza Inc

DPZ CEO Transition a Surprise - But Trends Opened Overweight

Door to New Leadership Style & Ideas. Focusing on DPZ, DPZ US

Durability of FCF. Price (22 Jun 26):$295.11

▼Price Target (Dec-27):$380.00

Prior (Dec-26):$430.00

DPZ announced a surprise, but not unexpected given recent trends, transition from

their 56-year-old CEO Russell Weiner (to Executive Chairman) to current 53-year- Restaurants

old COO Joe Jordan to CEO. Joe Jordan’s 15-year tenure with DPZ spanned across John Ivankoe AC

various roles including overseeing innovation (Sep’11-May’15), CMO (May’15- (1-212) 622-6487

Apr’18), EVP – International (Apr’18–Apr’22), President U.S. and Global john.ivankoe@jpmorgan.com

Services (Apr’22-Mar’25), and most recently as the COO/President U.S. since Rahul Krotthapalli

Mar’25. (1-212) 622-2408

rahul.krotthapalli@jpmorgan.com

Since the Dec 2023 analyst day, projected international unit growth fell below Christabel Rocha

expectations and more recently the 3%+ guided for US comps in 1H26 were (1-212) 622-9184

christabel.rocha@jpmchase.com

0.9% in 1Q26 and an estimated -1.7% in 2Q26. Of course, the Iran conflict J.P. Morgan Securities LLC

began Feb 28 - just after our Feb 24 upgrade - and put disproportionate pressure on

the lower income consumer but trends would have likely been below expectations

even without this event. The brand became notably more dependent on boost/ Quarterly Forecasts (FYE Dec)

promotional weeks with diminishing effectiveness, perhaps suggesting why the Adj. EPS ($)

new CEO stressed the word "consistency" in his approach to the top seat.