Darden Restaurants: Post CEO/CFO Visit - Facing Difficult Comparisons in 1Q27 With View for an On-Track F27+

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Darden Restaurants: Post CEO/CFO Visit - Facing Difficult Comparisons in 1Q27 With View for an On-Track F27+

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

21 July 2026

Darden Restaurants Overweight

DRI, DRI US

Post CEO/CFO Visit - Facing Difficult Comparisons in Price (20 Jul 26):$194.82

1Q27 With View for an On-Track F27+ Price Target (Dec-27):$225.00

We were pleased to host a small group lunch at Longhorn with Darden’s CEO Rick Restaurants

ACCardenas, CFO Raj Vennam, and IR Courtney Aquilla. Darden is a brand of many John Ivankoe

businesses - including some that will remain regional - with average customer (1-212) 622-6487

spend ranging from $19-123. Many topics were discussed, including the high value john.ivankoe@jpmorgan.com

yet economically sensitive Olive Garden business at ~49% operating income Rahul Krotthapalli

facing relatively difficult F1Q27 comparisons, including the nationally promoted (1-212) 622-2408

launch of 1P delivery on Uber Eats platform end of F4Q25 (May 2025) with initial rahul.krotthapalli@jpmorgan.com

free delivery. Christabel Rocha

(1-212) 622-9184

christabel.rocha@jpmchase.com

• Higher gas prices weren’t seen to have impacted casual dining, nor did J.P. Morgan Securities LLC

various immigration crackdowns affect either customer traffic or a still

strong flow of available restaurant employees. The company seems to be

accepting a negative SSS traffic result at OG in 1Q27 as the brand refuses to

dip back into LTOs to drive traffic. The World Cup was played across 104

games over 39 separate days which had clear - and difficult to predict -

situational (and transitory) impacts on in-store dining. While it sounds like 1Q

will be the slower quarter of the year, the company’s focus is on full-year results

and longer-term brand strength.