Darden Restaurants
DRI NYSE Restaurants Financials FY2017–FY2026
Darden Restaurants' revenue rose 9.4% to $13.2 billion in fiscal 2026. Its operating margin was 12.0%, up from 11.3% a year earlier. Free cash flow was $1.1 billion, up 5.3%. It paid out $1.4 billion in dividends and buybacks, 122% of free cash flow. The diluted share count fell 1.8%.
What Darden Restaurants does
Darden Restaurants owns and runs full-service restaurants in the United States. On May 31, 2026, it operated 2,202 restaurants, including 949 Olive Garden and 618 LongHorn Steakhouse restaurants. Its other brands include Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52 and Eddie V's. Another 167 restaurants are run by independent operators under franchise and development agreements, in the U.S. and in other countries.
Sales come mainly from food and drink. The company reports four segments: Olive Garden, LongHorn Steakhouse, Fine Dining (Ruth's Chris, The Capital Grille and Eddie V's), and Other Business, which covers its remaining brands plus royalties and fees from franchised and managed restaurants. It says it does not rely on any major customers. At Olive Garden the average check was about $25.00 per person in fiscal 2026. At Yard House, alcoholic drinks made up 28.9 percent of sales.
Darden bought Chuy's in October 2024 and Ruth's Chris in June 2023. In July 2025 it sold eight Olive Garden restaurants in Canada to Recipe Unlimited, which now runs them under a franchise agreement. It decided to close about half of its Bahama Breeze restaurants in 2026 and to convert the rest to other Darden brands over 12 to 18 months. Darden became a separate public company in 1995, when General Mills distributed its stock to General Mills shareholders.
- Legal name
- DARDEN RESTAURANTS, INC.
- Fiscal year ends
- May 31, 2026
- Latest annual report
- 10-K · Jul 24, 2026
- Accession · CIK
- 0000940944-26-000025
0000940944
Revenue and margins
Darden Restaurants had $13.2B of revenue in fiscal 2026, up 9.4% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 11.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.1B in fiscal 2026, 8.5% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Darden Restaurants returned $1.4B to shareholders in fiscal 2026, 122% of free cash flow. The diluted share count fell 1.8%.
Value Darden Restaurants yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.2B and divides by 116.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.8x · peers 19.5x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Darden Restaurants can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $421M | $368M | $195M | $240M | $220M |
| Debt incl. finance leases | $1.9B | $2.1B | $2.8B | $3.7B | $3.4B |
| Net debt / EBITDA | 1.0x | 1.1x | 1.5x | 1.9x | 1.5x |
| Debt / equity | 0.9x | 0.9x | 1.3x | 1.6x | 1.5x |
| Interest coverage | 28.4x | 23.9x | 14.1x | 11.8x | 12.5x |
| Current ratio | 0.6x | 0.5x | 0.4x | 0.4x | 0.3x |
| Quick ratio | 0.5x | 0.4x | 0.2x | 0.3x | 0.2x |
| Total assets | $10.1B | $10.2B | $11.3B | $12.6B | $12.9B |
| Total liabilities | $7.9B | $8.0B | $9.1B | $10.3B | $10.7B |
| Shareholders' equity | $2.2B | $2.2B | $2.2B | $2.3B | $2.2B |
| Net debt (− = net cash) | $1.5B | $1.7B | $2.6B | $3.5B | $3.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$18.3M
10 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 6, 2026 | Melvin John MartinGroup President | Sold | 2,209 | $202.61 | $0.4M | Form 4 |
| Aug 5, 2026 | John W. WilkersonPresident, Olive Garden | Sold | 8,864 | $208.33 | $1.8M | Form 4 |
| Jul 31, 2026 | Laura B WilliamsonPresident, LongHorn Steakhouse | Sold | 1,553 | $204.48 | $0.3M | Form 4 |
| Jul 29, 2026 | Rajesh VennamSVP, CFO | Sold | 8,478 | $210.00 | $1.8M | Form 4 |
| Jul 29, 2026 | Sarah H. KingSVP, Chief People Officer | Sold | 4,373 | $210.42 | $0.9M | Form 4 |
| Jul 29, 2026 | Susan M. ConnellySVP, Chief Comm & PA Officer | Sold | 2,226 | $208.17 | $0.5M | Form 4 |
| Jul 28, 2026 | Ricardo CardenasPresident and CEO, Director | Sold | 39,134 | $209.07 | $8.2M | Form 4 |
| Jul 7, 2026 | Susan M. ConnellySVP, Chief Comm & PA Officer | Sold | 9,930 | $206.21 | $2.0M | Form 4 |
| Apr 17, 2026 | Douglas J. MilanesSVP, Chief Supply Chain Ofcr | Sold | 3,620 | $202.17 | $0.7M | Form 4 |
| Apr 7, 2026 | Lindsay L. KorenSVP General Counsel | Sold | 300 | $194.32 | $0.1M | Form 4 |
| Apr 6, 2026 | Melvin John MartinGroup President | Sold | 5,091 | $196.04 | $1.0M | Form 4 |
| Mar 23, 2026 | William S SimonDirector | Sold | 2,333 | $200.64 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✓ | ✕ | ✕ |
| F-score | 7 / 9 | 6 / 9 | 6 / 9 |
| Accruals ratio | −5.5% | −5.5% | −5.1% |
| Altman Z'' | 0.24 | 0.28 | −0.03 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Darden Restaurants DRI | $24.3B | 9.4% | 12.0% | 8.5% | 24.8% | 20.8x | 6 | |
| Chipotle Mexican Grill CMG | $35.2B | 5.4% | 16.2% | 12.1% | 73.7% | 25.3x | 4 | Compare → |
| Yum China YUMC | $15.5B | 4.4% | 10.9% | 7.1% | — | 16.3x | — | Compare → |
| Restaurant Brands International QSR | $34.7B | 12.2% | 23.3% | 15.4% | 9.0% | 20.3x | 6 | Compare → |
| Yum! Brands YUM | $41.5B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.2B | $8.1B | $8.5B | $7.8B | $7.2B | $9.6B | $10.5B | $11.4B | $12.1B | $13.2B |
| Gross profit | $1.3B | $1.5B | $1.6B | $1.2B | $1.4B | $1.9B | $2.0B | $2.3B | $2.5B | $2.7B |
| Operating income | $678M | $767M | $833M | $47.9M | $649M | $1.2B | $1.2B | $1.3B | $1.4B | $1.6B |
| Interest expense | $34.4M | $152M | $44.3M | $49.3M | $47.5M | $40.9M | $50.2M | $93.5M | $116M | $127M |
| Pretax income | $637M | $606M | $782M | −$161M | $577M | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Income tax | $155M | $1.9M | $63.7M | −$112M | −$55.9M | $139M | $137M | $145M | $136M | $175M |
| Net income | $479M | $596M | $713M | −$52.4M | $629M | $953M | $982M | $1.0B | $1.0B | $1.2B |
| Diluted EPS | $3.80 | $4.73 | $5.69 | −$0.43 | $4.77 | $7.39 | $7.99 | $8.51 | $8.86 | $10.38 |
| Diluted shares | 0.13B | 0.13B | 0.13B | 0.12B | 0.13B | 0.13B | 0.12B | 0.12B | 0.12B | 0.12B |
| Cash flow | ||||||||||
| Cash from operations | $916M | $1.0B | $1.3B | $717M | $1.2B | $1.3B | $1.6B | $1.6B | $1.7B | $1.9B |
| Capital expenditure | $293M | $396M | $452M | $460M | $255M | $377M | $565M | $601M | $645M | $734M |
| Free cash flow | $623M | $624M | $816M | $258M | $939M | $888M | $988M | $1.0B | $1.1B | $1.1B |
| Depreciation and amortization | $273M | $313M | $337M | $356M | $351M | $368M | $388M | $460M | $516M | $561M |
| Stock-based compensation | $40.7M | $42.8M | $59.8M | $53.0M | $72.4M | $60.5M | $67.5M | $68.5M | $79.1M | $79.1M |
| Acquisitions | $764M | $40.4M | $0.0M | $55.8M | $0.0M | $0.0M | $0.0M | $701M | $614M | $0.0M |
| Share buybacks | $230M | $235M | $208M | $330M | $45.4M | $1.1B | $459M | $454M | $418M | $672M |
| Dividends paid | $279M | $314M | $371M | $322M | $203M | $563M | $590M | $628M | $659M | $693M |
| Dividends and buybacks | $509M | $548M | $578M | $653M | $248M | $1.6B | $1.0B | $1.1B | $1.1B | $1.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $233M | $147M | $457M | $763M | $1.2B | $421M | $368M | $195M | $240M | $220M |
| Total debt | $937M | $927M | $928M | $1.2B | $930M | $901M | $885M | $1.5B | $2.1B | $1.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $374M | $563M | $1.0B | $1.2B | $1.4B | $1.6B | $1.7B |
| Current assets | $588M | $554M | $893M | $1.1B | $1.9B | $1.2B | $998M | $823M | $938M | $943M |
| Current liabilities | $1.3B | $1.4B | $1.5B | $1.8B | $1.8B | $1.8B | $1.9B | $2.2B | $2.2B | $3.0B |
| Inventory | $179M | $205M | $207M | $207M | $191M | $271M | $288M | $291M | $312M | $326M |
| Property and equipment, net | $2.3B | $2.4B | $2.6B | $2.8B | $2.9B | $3.4B | $3.7B | $4.2B | $4.7B | $5.0B |
| Total assets | $5.3B | $5.5B | $5.9B | $9.9B | $10.7B | $10.1B | $10.2B | $11.3B | $12.6B | $12.9B |
| Total liabilities | $3.2B | $3.3B | $3.5B | $7.6B | $7.8B | $7.9B | $8.0B | $9.1B | $10.3B | $10.7B |
| Shareholders' equity | $2.1B | $2.2B | $2.4B | $2.3B | $2.8B | $2.2B | $2.2B | $2.2B | $2.3B | $2.2B |
| Margins | ||||||||||
| Gross margin | 18.5% | 18.5% | 18.7% | 15.0% | 19.5% | 19.8% | 19.0% | 20.1% | 20.5% | 20.3% |
| Operating margin | 9.5% | 9.5% | 9.8% | 0.6% | 9.0% | 12.1% | 11.5% | 11.5% | 11.3% | 12.0% |
| EBITDA margin | 13.3% | 13.4% | 13.7% | 5.2% | 13.9% | 15.9% | 15.2% | 15.6% | 15.6% | 16.2% |
| Net margin | 6.7% | 7.4% | 8.4% | −0.7% | 8.8% | 9.9% | 9.4% | 9.0% | 8.7% | 9.1% |
| FCF margin | 8.7% | 7.7% | 9.6% | 3.3% | 13.0% | 9.2% | 9.4% | 9.0% | 8.8% | 8.5% |
| Returns | ||||||||||
| Return on capital | 20.8% | 26.5% | 26.2% | 1.3% | 20.8% | 29.8% | 27.7% | 26.2% | 22.6% | 24.8% |
| Return on capital employed | 18.3% | 19.0% | 19.6% | 0.8% | 7.7% | 13.6% | 14.5% | 15.1% | 14.0% | 15.7% |
| Return on equity | 23.6% | 27.7% | 31.1% | −2.2% | 24.5% | 38.0% | 44.6% | 46.3% | 46.1% | 53.4% |
| Return on assets | 9.7% | 11.1% | 12.6% | −0.7% | 6.1% | 9.2% | 9.6% | 9.5% | 8.8% | 9.5% |
| Growth | ||||||||||
| Revenue growth | 3.4% | 12.7% | 5.3% | −8.3% | −7.8% | 33.8% | 8.9% | 8.6% | 6.0% | 9.4% |
| Net income growth | 27.8% | 24.4% | 19.7% | −107.4% | — | 51.4% | 3.1% | 4.7% | 2.1% | 15.0% |
| EPS growth | 31.0% | 24.5% | 20.3% | −107.6% | — | 54.9% | 8.1% | 6.5% | 4.1% | 17.2% |
| FCF growth | 5.3% | 0.1% | 30.8% | −68.4% | 264.5% | −5.4% | 11.3% | 3.3% | 4.1% | 5.3% |
| Share count change | −2.6% | 0.0% | −0.5% | −2.2% | 7.4% | −2.1% | −4.7% | −1.7% | −2.0% | −1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.7x | 0.7x | 0.4x | 2.0x | 0.3x | 1.0x | 1.1x | 1.5x | 1.9x | 1.5x |
| Debt / equity | 0.5x | 0.4x | 0.4x | 0.7x | 0.5x | 0.9x | 0.9x | 1.3x | 1.6x | 1.5x |
| Interest coverage | 19.7x | 5.0x | 18.8x | 1.0x | 13.7x | 28.4x | 23.9x | 14.1x | 11.8x | 12.5x |
| Current ratio | 0.5x | 0.4x | 0.6x | 0.6x | 1.0x | 0.6x | 0.5x | 0.4x | 0.4x | 0.3x |
| Quick ratio | 0.3x | 0.3x | 0.5x | 0.5x | 0.9x | 0.5x | 0.4x | 0.2x | 0.3x | 0.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.1% | 4.9% | 5.3% | 5.9% | 3.5% | 3.9% | 5.4% | 5.3% | 5.3% | 5.6% |
| Stock comp / revenue | 0.6% | 0.5% | 0.7% | 0.7% | 1.0% | 0.6% | 0.6% | 0.6% | 0.7% | 0.6% |
| Payouts / FCF | 81.7% | 87.9% | 70.9% | 253.4% | 26.4% | 184.1% | 106.1% | 106.1% | 101.4% | 122.0% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 9.0 | 5.0 | 7.0 | 8.0 | 6.0 | 7.0 | 6.0 | 6.0 |
| Altman Z'' | 1.0 | 1.0 | 1.5 | −0.1 | 1.0 | 0.6 | 0.5 | 0.2 | 0.3 | −0.0 |
| Accruals ratio | −8.9% | −7.9% | −9.8% | −9.7% | −5.5% | −3.0% | −5.6% | −5.5% | −5.5% | −5.1% |
Source: SEC EDGAR XBRL filings (CIK 0000940944). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.