Domino's Pizza, Inc. · DPZ · FY2026 Q2 · Calendar Q3 2026

Domino's Q2: Order Growth Offsets Ticket Mix Miss, Guidance Held

Domino's reported Q2 FY2026 revenue of $1.19B, beating consensus by 1.3%, while EPS of $4.07 missed estimates by 2.4%. Same-store sales were flat as a ticket mix miss on the premium series offset meaningful order count growth that outpaced a flat industry. Aggregator channels — Uber and DoorDash — drove incremental share, with Domino's claiming the number one pizza position on both platforms. Management maintained full-year guidance and highlighted a new signature pizza launch in Q3 targeting a previously untapped occasion. The market responded favorably: a +2.27% abnormal move on the report session, followed by +5.51% subsequent drift on 2.64x baseline volume. The bullish score improved to 78 from 68 in Q1, and guidance sentiment stabilized from lowered to maintained.

Reported Before market openNASDAQConsumer Cyclical $11.65B market cap
100quality score

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.

Earnings scorecard

Reported versus consensus
Reported EPS $4.07 Consensus $4
EPS surprise -2.4% Reported versus consensus
Reported revenue $1.19B Consensus $1.18B
Revenue surprise +1.3% Reported versus consensus

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. 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 Q3 '26 estimate $1B Q4 '26 estimate $2B Q1 '27 estimate $1B Q2 '27 estimate $1B
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Analyst Consensus ?

ConsensusBuy51 ratings
Bullish2752.9%
Neutral2345.1%
Bearish12.0%

Analyst 52W Price Targets

$349.61Current
$315Low
$443.62Average
$612High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 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 WeightMaintainJul 21, 2026
TD Cowen Hold HoldMaintainJul 21, 2026
RBC Capital Sector Perform Sector PerformMaintainJul 21, 2026
Oppenheimer Outperform OutperformMaintainJul 21, 2026
Evercore ISI Group Outperform OutperformMaintainJul 21, 2026
BTIG Buy BuyMaintainJul 21, 2026
BMO Capital Outperform OutperformMaintainJul 21, 2026
Morgan Stanley Equal Weight Equal WeightMaintainJul 16, 2026
Show 43 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $349.61. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
BMO CapitalAndrew Strelzik$420$333.67 +20.1%Jul 21, 2026
Wells FargoZachary Fadem$325$310.87 -7.0%Jul 16, 2026
Morgan StanleyAnalyst unavailable$370$309.85 +5.8%Jul 15, 2026
Evercore ISIAnalyst unavailable$350$302.35 +0.1%Jul 9, 2026
UBSDennis Geiger$375$304.18 +7.3%Jul 2, 2026
RBC CapitalLogan Reich$325$282.28 -7.0%Jun 23, 2026
Robert W. BairdAnalyst unavailable$350$295.11 +0.1%Jun 23, 2026
UBSAnalyst unavailable$425$336.34 +21.6%Apr 28, 2026
Morgan StanleyAnalyst unavailable$395$336.49 +13.0%Apr 28, 2026
RBC CapitalLogan Reich$350$335.3 +0.1%Apr 28, 2026
See 129 more

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Market reaction

prior-close to event-session close
Stock move +2.1% Event window
SPY move -0.2% Same window
Abnormal move +2.3% Stock minus SPY
Volume 2.6× Versus trailing sessions
Subsequent drift +5.6% Up to 20 sessions
DPZSPY benchmark

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Transcript intelligence

What changed

From Q1 to Q2, the trajectory improved. Q1's 0.9% U.S. same-store sales miss prompted a guidance reduction to low-single-digit growth; Q2 saw order count growth accelerate despite flat industry trends, and guidance was held steady. The ticket mix headwind from the premium series is a new challenge, but management framed it as addressable through the upcoming Q3 product launch and an enhanced Best Deal Ever promotion with Stuffed Crust. Technology initiatives advanced from initial Q1 launch to broader deployment — the DomOS Orchestration Agent is now being rolled out to optimize just-in-time pizza making and delivery. Domino's also confirmed it is now the top pizza brand on both Uber and DoorDash, a milestone not highlighted in Q1.

Guidance delta

Guidance sentiment improved from lowered in Q1 to maintained in Q2. Full-year FY2026 guidance was held unchanged with a slight adjustment to net store targets. Management reaffirmed confidence in back-half catalysts including the Q3 signature pizza launch and continued aggregator expansion with premium pricing. The 3% FY U.S. same-store sales target referenced in Q1 was not explicitly reiterated in Q2 analysis.

Key takeaways

  • Order counts grew meaningfully despite flat industry order trends, driven by aggregator channels and loyalty program expansion
  • Same-store sales were flat as a ticket mix miss from the premium series offset order count strength
  • A new signature pizza is slated for Q3 launch targeting a previously untapped occasion
  • Domino's is now the number one pizza player on both Uber and DoorDash aggregators
  • FY 2026 guidance remains unchanged with a slight adjustment to net store targets

Management priorities

  • Launch a new signature pizza in Q3 to drive incremental occasions
  • Enhance Best Deal Ever promotion featuring Stuffed Crust
  • Expand further on Uber and DoorDash with premium pricing
  • Roll out the Orchestration Agent across stores to optimize just-in-time pizza making and delivery
  • Continue the share repurchase program

Related earnings events

Consumer Cyclical

Sources

  1. Earnings call transcript and parsed analysis · 2026-07-20T21:02:38.860734+00:00
  2. FN2 earnings calendar · 2026-07-31T01:23:16.182055+00:00
  3. Polygon adjusted daily market bars · 2026-07-31T16:21:24.145700+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T16:21:24.142870+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 . For educational purposes only; not investment advice.