Domino‘s (DPZ): 2Q26 - Better than feared, but MORE to go

研报英文原文证据摘录

Domino‘s (DPZ): 2Q26 - Better than feared, but MORE to go

ized pizza offerings, potentially making it more difficult for Domino’s to fully capitalize on

category growth despite its scale advantage. Overall, the quarter leaves us more cautious on the path back to Domino’s long-

term algorithm, and we expect the valuation debate to persist until management demonstrates more consistent execution and a

clearer ability to convert transaction growth into profitable sales growth.

PERFORMANCE

• Operating income: Increased 2.6% in Q2, excluding the impact of foreign currency and refranchising gains from the sale

of certain U.S. company-owned store markets in the second quarters of 2026 and 2025, primarily driven by higher U.S. and

international franchise royalties and fees.

• Global retail sales: Grew 3.0% in the quarter, excluding foreign currency impact, supported by global net store growth of

almost 1,000 stores over the past 12 months.

• US retail sales growth: 1.9% in Q2, driven primarily by net store growth inclusive of 26 net new stores in the quarter.

• Carryout comps: Increased 1.1% in Q2.

• Delivery comp: Declined 0.7% in Q2.

• US unit count: Added 26 net new stores in Q2.

• International retail sales: Increased 4.1%, excluding the impact of foreign currency in the quarter, primarily driven by net

store growth over the last year, inclusive of 183 stores in Q2.

OUTLOOK / INITIATIVES

• Order Count Growth: Domino’s placed significant emphasis on its order count growth, which was driven by its strong

carryout and delivery channel performance despite a challenging macroeconomic environment. Management is confident

that the company’s order count will continue to grow in 2H with aggregators and the loyalty program serving as incremental