2Q26 First Look: Better Than Anticipated, But Work to Do

研报英文原文证据摘录

2Q26 First Look: Better Than Anticipated, But Work to Do

Update

July 20, 2026 12:14 PM GMT

Morgan Stanley & Co. LLCMDominos Pizza Inc. | North America Brian Harbour, CFA

Equity Analyst

2Q26 First Look: Better Than Brian.Harbour@morganstanley.comHilary Lee, CFA +1 617 856-8090

Research Associate

Hil.Lee@morganstanley.com +1 212 761-2203

Anticipated, But Work to Do Kelly Merrill

Kelly.Merrill@morganstanley.com +1 212 761-4037

AlphaSignals Earnings Reaction

Dominos Pizza Inc. (DPZ.O, DPZ US)

Unchanged Modest upside Largely unchanged

Restaurants | United States of America

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Stock Rating Equal-weight

Source: Company data, Morgan Stanley Research Industry View In-Line

Price target $370.00

Shr price, close (Jul 17, 2026) $322.18

Our take: A roughly flat SSS result for both US and Int'l, is better than anticipated, Mkt cap, curr (mm) $10,647

in our view, and should be enough to support the stock against what has been 52-Week Range $496.00-282.00

generally tougher sentiment on DPZ stock of late. The company noted positive

order counts in both channels, no small feat these days, though as has been the case

presumably negative mix shift and modest pricing, including ongoing high

promotional intensity (this is visible in company owned RLM perhaps, though this

base continues to get smaller here). Is anything changing bigger picture though or

shifting the narrative for the stock? Not yet, in our view. LSD% SSS might still be

possible this year if the word 'very' is added to that, but not a given (we model ~flat

and negative in 3Q), and we, and presumably many others, see risk to the LT algo

over time. It would be more likely to amend that after a new CEO arrives in

September perhaps.