Domino's Pizza, Inc. · DPZ · FY2024 Q2 · Calendar Q3 2024

Domino's Q2 2024: Demand Holds as International Store Outlook Shifts

The supplied analysis supports a constructive but qualified view: loyalty-led transaction growth, product innovation, and operational improvements remain meaningful demand supports, but DPE-related store volatility and margin risks limit confidence in a uniformly resilient international outlook.

Reported Before market openNASDAQConsumer Cyclical $10.31B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $4.03 Consensus $3.68
EPS surprise +9.5% Reported versus consensus
Reported revenue $1.10B Consensus $1.10B
Revenue surprise -0.5% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -13.6% Event window
SPY move -0.8% Same window
Abnormal move -12.8% Stock minus SPY
Volume 5.9× Versus trailing sessions
Subsequent drift +8.7% Up to 20 sessions
DPZSPY benchmark

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Transcript intelligence

What changed

Management maintained its broader 2024 growth guidance but temporarily suspended international net-store-growth guidance because of DPE opening and closure challenges. The current analysis also highlights continued loyalty expansion, product innovation, aggregator growth, and operational-excellence initiatives.

Guidance delta

Overall 2024 guidance was maintained, while international net-store-growth guidance was temporarily suspended because of DPE opening and closure challenges.

Key takeaways

  • Transaction and order-count growth supported strong U.S. comparable performance across delivery and carryout.
  • Management continued to emphasize loyalty, product innovation, and operational execution as demand drivers.
  • Operational-excellence initiatives were associated with faster average delivery times.
  • China and India were identified as stronger international growth markets despite DPE-related challenges.
  • The key tension is resilient demand versus store-growth and margin execution risks.

Management priorities

  • Expand the Domino's Rewards loyalty program.
  • Continue product innovation, including New York Style Pizza.
  • Pursue the U.S. net-store-growth target of 175-plus stores.
  • Grow Uber Eats contribution toward the stated year-end mix objective.
  • Run another operational-excellence sprint focused on ingredients and product builds.

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Earnings History

Estimate Beat Miss Match
DPZ REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1B Q4 '23 actual $1B, miss Q1 '24 estimate $1B Q1 '24 actual $1B, beat Q2 '24 estimate $1B Q2 '24 actual $1B, miss Q3 '24 estimate $1B Q3 '24 actual $3B, beat Q2 '25 estimate $1B Q2 '25 actual $1B, beat Q3 '25 estimate $2B Q3 '25 actual $1B, miss Q4 '25 estimate $2B Q4 '25 actual $2B, beat Q1 '26 estimate $1B Q1 '26 actual $1B, miss Q2 '26 estimate $1B Q2 '26 actual $1B, beat Q4 '26 estimate $2B Q1 '27 estimate $1B Q2 '27 estimate $1B Q3 '27 estimate $1B
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Analyst Consensus ?

ConsensusHold52 ratings
Bullish2650.0%
Neutral2548.1%
Bearish11.9%

Analyst 52W Price Targets

$313.32Previous close
$315Low
$436.8Average
$612High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Wells Fargo Equal Weight Equal WeightMaintainOct 14, 2026
StoneX Buy BuyMaintainOct 14, 2026
RBC Capital Sector Perform Sector PerformMaintainOct 14, 2026
Morgan Stanley Equal Weight Equal WeightMaintainOct 14, 2026
Mizuho Outperform OutperformMaintainOct 14, 2026
Show 47 more rating actions

Named analyst price targets

Upside is calculated against the persisted previous close $313.32. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
RBC CapitalLogan Reich$320$285.57 +2.1%Oct 14, 2026
BMO CapitalAnalyst unavailable$390$284.84 +24.5%Oct 14, 2026
Mizuho SecuritiesNick Setyan$380$296.1 +21.3%Oct 14, 2026
Robert W. BairdChris O'Cull$320$296.1 +2.1%Oct 14, 2026
Morgan StanleyAnalyst unavailable$345$296.1 +10.1%Oct 14, 2026
See 145 more

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Company context

Snapshot as of publication

Domino's Pizza, Inc. operates as a leading international and domestic purveyor of pizza, managing its extensive operations through three distinct segments: U.S. Stores, International Franchise, and Supply Chain. The company is primarily recognized for its Domino's-branded pizzas, which are distributed via a vast network of both corporate-owned and independently franchised outlets. Beyond its flagship product, the menu also encompasses a variety of other offerings, including oven-baked sandwiches, pasta dishes, boneless and winged chicken, various bread and dip accompaniments, desserts, and soft drink beverages. As of January 2, 2022, the enterprise boasted approximately 18,800 locations spanning 90 global markets. Established in 1960, Domino's Pizza, Inc. is headquartered in Ann Arbor, Michigan.

Historical context

All DPZ earnings

Consumer Cyclical peers this season

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Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-11T06:39:45.180704+00:00
  3. Polygon adjusted daily market bars · 2026-10-27T09:10:45.342947+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T09:10:45.339944+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-27. For educational purposes only; not investment advice.