Domino‘s Pizza Inc Expect 2Q Pressures, with Focus on ‘26 Guide

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Domino‘s Pizza Inc Expect 2Q Pressures, with Focus on ‘26 Guide

Global Research

7 July 2026ab

Domino's Pizza Inc Equities

United StatesExpect 2Q Pressures, with Focus on '26 Guide

Restaurants

12-month rating Buy

Expect pressured US sss in 2Q; Focus on sales initiatives and 2H trajectory

We continue to view DPZ as positioned for longer-term market share gains and 12m price target US$375.00

accelerating global development, but expect 2Q results to reflect near-term pressure

from macro headwinds, elevated pizza category promo activity, and increasingly difficult

Price (07 Jul 2026) US$313.14

prior year comparisons. For 2Q results (7/20), we believe key investor expectations are

for US sss of ~down 1-2% (Consensus 0.3%), with a focus on current & upcoming sales RIC: DPZ.O BBG: DPZ US

initiatives, and visibility into the 2H sales trajectory against more difficult comparisons.

Trading data and key metrics

While '26 guidance was not addressed during the recent CEO transition announcement,

52-wk range US$485.53-283.03

we believe downside risks exist to current targets, including LSD% US and Int'l sss (Cons.

0.9% & 1.0%) and MSD-HSD% op income growth ex. FX & 53rd week benefits (Cons. Market cap. US$10.6b

7.0%). Despite limited visibility into catalyst details and ongoing macro uncertainty, we Shares o/s 33.7m (COM)

believe DPZ's valuation at ~15x ’27 EPS is closer to a support level, with an attractive risk/ Free float 99%

reward given market share gain potential and opportunities for stronger sales growth Avg. daily volume ('000) 928

supported by competitive advantages and implementation of strategic plans. Avg. daily value (m) US$301.2

Common s/h equity (12/26E) US$-3.85b

Expect US sss still pressured, w/ initiatives supporting sequential improvement P/BV (12/26E) NM