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Darden Restaurants (DRI) Financials

$190.46 -19.58 (-9.32%)

As of 09:31 AM Eastern

Annual Income Statements for Darden Restaurants

This table shows Darden Restaurants' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/29/2016	5/28/2017	5/27/2018	5/26/2019	5/31/2020	5/30/2021	5/29/2022	5/28/2023	5/26/2024	5/25/2025
Net Income / (Loss) Attributable to Common Shareholders	710	375	479	596	713	-52	629	953	982	1,028	1,050
Consolidated Net Income / (Loss)	710	375	479	596	713	-52	629	953	982	1,028	1,050
Net Income / (Loss) Continuing Operations	196	360	483	604	719	-49	632	955	984	1,031	1,051
Total Pre-Tax Income	175	450	637	606	782	-161	577	1,094	1,121	1,176	1,187
Total Operating Income	368	622	678	767	833	48	649	1,162	1,202	1,314	1,362
Total Gross Profit	1,423	4,744	4,905	1,745	8,510	1,408	1,494	1,995	2,109	2,435	2,643
Total Revenue	6,764	6,934	7,170	8,080	8,510	7,807	7,196	9,630	10,488	11,390	12,077
Operating Revenue	6,764	6,934	7,170	8,080	8,510	7,807	7,196	9,630	10,488	11,390	12,077
Total Cost of Revenue	5,342	2,189	2,265	6,335	0.00	6,399	5,703	7,635	8,379	8,956	9,434
Operating Cost of Revenue	4,221	2,189	2,265	6,335	-	6,399	5,703	7,635	8,379	8,956	9,434
Total Operating Expenses	1,055	4,122	4,227	979	7,678	1,361	845	833	908	1,120	1,280
Selling, General & Admin Expense	430	385	388	410	406	376	396	373	386	479	520
Marketing Expense	243	238	240	252	255	238	91	93	118	145	170
Depreciation Expense	319	290	273	313	337	356	351	368	388	460	516
Impairment Charge	62	5.80	-8.40	3.40	19	390	6.60	-2.00	-11	12	49
Other Special Charges / (Income)	-	-	-	-	-	-	-	-	26	24	25
Total Other Income / (Expense), net	-192	-173	-40	-161	-50	-209	-72	-69	-81	-139	-175
Interest & Investment Income	-192	-173	-40	-161	-50	-57	-64	-69	-81	-139	-175
Income Tax Expense	-21	90	155	1.90	64	-112	-56	139	137	145	136
Net Income / (Loss) Discontinued Operations	513	15	-3.40	-7.80	-5.20	-3.20	-3.10	-1.90	-1.60	-2.90	-1.40
Basic Earnings per Share	$5.56	$2.94	$3.85	$4.81	$5.78	($0.43)	$4.83	$7.46	$8.06	$8.57	$8.93
Weighted Average Basic Shares Outstanding	127.70M	127.40M	124.30M	124M	123.50M	122.70M	130.40M	127.80M	121.90M	119.90M	117.50M
Diluted Earnings per Share	$5.47	$2.90	$3.80	$4.73	$5.69	($0.43)	$4.77	$7.39	$7.99	$8.51	$8.86
Weighted Average Diluted Shares Outstanding	129.70M	129.30M	126M	126M	125.40M	122.70M	131.80M	129M	122.90M	120.80M	118.40M
Weighted Average Basic & Diluted Shares Outstanding	127.60M	127.60M	124.40M	123.90M	123.40M	129.89M	130.76M	123.95M	121.07M	118.86M	117.03M
Cash Dividends to Common per Share	$2.20	$2.10	$2.24	$2.52	$3.00	$2.64	$1.55	$4.40	$4.84	$5.24	$5.60

This table shows Darden Restaurants' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/27/2022	2/26/2023	5/28/2023	8/27/2023	11/26/2023	2/25/2024	5/26/2024	8/25/2024	11/24/2024	2/23/2025	5/25/2025
Net Income / (Loss) Attributable to Common Shareholders	187	287	315	195	212	313	308	207	215	323	304
Consolidated Net Income / (Loss)	187	287	315	195	212	313	308	207	215	323	304
Net Income / (Loss) Continuing Operations	188	287	316	195	212	313	310	208	216	324	304
Total Pre-Tax Income	213	330	352	223	241	351	360	232	246	373	337
Total Operating Income	233	350	375	253	279	387	395	269	292	418	383
Total Gross Profit	443	585	603	558	550	646	657	563	613	702	765
Total Revenue	2,487	2,786	2,769	2,731	2,727	2,975	2,957	2,757	2,890	3,158	3,272
Operating Revenue	2,487	2,786	2,769	2,731	2,727	2,975	2,957	2,757	2,890	3,158	3,272
Total Cost of Revenue	2,044	2,202	2,167	2,173	2,177	2,329	2,301	2,194	2,277	2,456	2,507
Operating Cost of Revenue	2,044	2,202	2,167	2,173	2,177	2,329	2,301	2,194	2,277	2,456	2,507
Total Operating Expenses	210	235	228	305	272	258	261	294	321	284	382
Selling, General & Admin Expense	90	107	100	153	115	108	103	126	144	117	133
Marketing Expense	31	28	29	39	37	32	37	45	49	35	41
Depreciation Expense	97	98	97	110	113	118	120	122	128	132	135
Impairment Charge	-8.80	1.30	1.80	3.10	7.50	0.40	1.40	1.00	0.00	0.10	48
Total Other Income / (Expense), net	-20	-20	-22	-30	-37	-37	-35	-37	-46	-46	-46
Interest & Investment Income	-20	-20	-22	-30	-37	-37	-35	-37	-46	-46	-46
Income Tax Expense	26	44	37	28	29	38	50	25	30	49	33
Net Income / (Loss) Discontinued Operations	-0.30	-0.20	-0.50	-0.30	-0.20	-0.50	-1.90	-0.40	-0.60	-0.30	-0.10
Basic Earnings per Share	$1.53	$2.36	$2.60	$1.61	$1.77	$2.62	$2.57	$1.75	$1.83	$2.76	$2.59
Weighted Average Basic Shares Outstanding	122.10M	121.40M	121.90M	120.90M	119.90M	119.40M	119.90M	118.50M	117.50M	117.20M	117.50M
Diluted Earnings per Share	$1.52	$2.34	$2.57	$1.59	$1.76	$2.60	$2.56	$1.74	$1.82	$2.74	$2.56
Weighted Average Diluted Shares Outstanding	123.10M	122.50M	122.90M	122M	120.80M	120.40M	120.80M	119.20M	118.30M	118M	118.40M
Weighted Average Basic & Diluted Shares Outstanding	121.71M	120.93M	121.07M	120.31M	119.41M	119.36M	118.86M	117.50M	117.15M	117.03M	117.03M

This table details how cash moves in and out of Darden Restaurants' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/29/2016	5/28/2017	5/27/2018	5/26/2019	5/31/2020	5/30/2021	5/29/2022	5/28/2023	5/26/2024	5/25/2025
Net Change in Cash & Equivalents	-57	-612	-42	-104	310	306	451	-743	-56	-196	34
Net Cash From Operating Activities	806	802	916	1,002	1,268	717	1,194	1,265	1,553	1,622	1,707
Net Cash From Continuing Operating Activities	874	820	916	1,020	1,268	717	1,194	1,265	1,553	1,622	1,707
Net Income / (Loss) Continuing Operations	196	360	483	604	719	-49	632	955	984	1,031	1,051
Consolidated Net Income / (Loss)	710	375	479	596	713	-52	629	953	982	1,028	1,050
Net Income / (Loss) Discontinued Operations	513	15	-3.40	-7.80	-5.20	-3.20	-3.10	-1.90	-1.60	-2.90	-1.40
Depreciation Expense	319	290	273	313	337	356	351	368	388	460	516
Non-Cash Adjustments To Reconcile Net Income	150	126	43	77	85	579	44	69	56	63	123
Changes in Operating Assets and Liabilities, net	140	27	118	24	128	-169	166	-128	125	69	17
Net Cash From Investing Activities	-245	75	-1,070	-451	-463	-544	-264	-389	-568	-1,325	-1,278
Net Cash From Continuing Investing Activities	-235	75	-1,070	-451	-463	-544	-264	-389	-568	-1,325	-1,278
Purchase of Property, Plant & Equipment	-313	-252	-318	-419	-478	-485	-270	-403	-594	-628	-672
Acquisitions	0.00	0.00	-764	-40	0.00	-56	-	0.00	0.00	-701	-614
Sale of Property, Plant & Equipment	68	325	8.30	3.30	13	5.80	5.40	10	25	3.30	2.50
Other Investing Activities, net	-	1.80	4.70	4.80	2.10	-9.50	1.20	3.40	0.50	1.50	4.80
Net Cash From Financing Activities	-2,202	-1,453	129	-637	-484	139	-479	-1,610	-1,033	-483	-386
Net Cash From Continuing Financing Activities	-1,785	-1,121	129	-637	-484	139	-479	-1,597	-1,033	-483	-386
Repayment of Debt	-1,673	-1,100	-7.50	-1,386	-144	-750	-270	-2.70	-0.20	-612	-6.90
Repurchase of Common Equity	-502	-185	-230	-235	-208	-330	-45	-1,071	-459	-454	-418
Payment of Dividends	-279	-268	-279	-314	371	-322	-203	-563	-590	-628	-659
Issuance of Debt	0.00	0.60	500	1,260	138	1,021	0.00	0.00	0.00	1,187	663
Issuance of Common Equity	160	99	113	38	59	526	46	40	35	44	56
Other Financing Activities, net	93	0.00	33	-	41	-5.20	-7.10	-	-20	-20	-21
Other Net Changes in Cash	1,583	-36	-18	-18	-10	-6.10	0.50	-8.50	-7.20	-9.80	-8.50

This table details how cash moves in and out of Darden Restaurants' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/27/2022	2/26/2023	5/28/2023	8/27/2023	11/26/2023	2/25/2024	5/26/2024	8/25/2024	11/24/2024	2/23/2025	5/25/2025
Net Change in Cash & Equivalents	-136	35	81	-176	-21	48	-48	-3.20	25	-2.80	16
Net Cash From Operating Activities	208	505	412	269	341	586	426	273	389	588	457
Net Cash From Continuing Operating Activities	208	505	412	269	341	586	426	273	389	588	457
Net Income / (Loss) Continuing Operations	188	287	316	195	212	313	310	208	216	324	304
Consolidated Net Income / (Loss)	187	287	315	195	212	313	308	207	215	324	304
Net Income / (Loss) Discontinued Operations	-0.30	-0.20	-0.50	-0.30	-0.20	-0.50	-1.90	-0.40	-0.60	-0.20	-0.20
Depreciation Expense	97	98	97	110	113	118	120	122	128	132	135
Non-Cash Adjustments To Reconcile Net Income	8.90	14	14	30	18	3.60	10	28	12	17	67
Changes in Operating Assets and Liabilities, net	-85	106	-15	-66	-2.40	151	-14	-84	33	116	-49
Net Cash From Investing Activities	-155	-136	-159	-854	-169	-153	-149	-150	-790	-160	-179
Net Cash From Continuing Investing Activities	-155	-136	-159	-854	-169	-153	-149	-150	-790	-160	-179
Purchase of Property, Plant & Equipment	-166	-137	-163	-156	-169	-154	-149	-152	-176	-163	-181
Sale of Property, Plant & Equipment	11	0.30	4.00	1.60	0.40	-	1.30	0.00	-	-	2.50
Other Investing Activities, net	0.10	0.30	-	0.20	0.10	1.30	-0.10	1.80	-0.10	2.90	0.20
Net Cash From Financing Activities	-190	-328	-170	409	-193	-375	-325	-127	426	-423	-262
Net Cash From Continuing Financing Activities	-190	-328	-170	409	-193	-375	-325	-127	426	-423	-262
Repurchase of Common Equity	-100	-124	-35	-143	-181	-33	-97	-172	-142	-53	-51
Payment of Dividends	-148	-147	-147	-159	-157	-156	-156	-166	-165	-164	-164
Issuance of Debt	58	-58	-	695	755	-191	-72	207	731	-217	-58
Issuance of Common Equity	5.30	6.60	17	22	3.60	11	6.60	9.70	12	17	17
Other Financing Activities, net	-4.50	-5.40	-	-5.50	-3.00	-5.50	-	-5.10	-4.60	-5.80	-5.50
Other Net Changes in Cash	1.40	-6.40	-1.70	0.00	-	-9.30	-0.50	0.00	-	-7.90	-0.60

This table presents Darden Restaurants' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/29/2016	5/28/2017	5/27/2018	5/26/2019	5/31/2020	5/30/2021	5/29/2022	5/28/2023	5/26/2024	5/25/2025
Total Assets	5,995	4,583	5,292	5,470	5,893	9,946	10,656	10,136	10,242	11,323	12,587
Total Current Assets	1,056	820	588	554	893	1,101	1,871	1,179	998	823	938
Cash & Equivalents	536	275	233	147	457	763	1,215	421	368	195	240
Accounts Receivable	78	64	76	84	88	50	68	72	80	79	94
Inventories, net	164	175	179	205	207	207	191	271	288	291	312
Prepaid Expenses	69	76	81	90	98	63	60	141	155	137	157
Current Deferred & Refundable Income Taxes	176	209	6.20	16	42	18	337	275	107	122	136
Plant, Property, & Equipment, net	3,216	2,042	2,272	2,430	2,553	0.00	0.00	0.00	3,725	4,184	4,716
Plant, Property & Equipment, gross	-	-	-	-	2,553	-	-	-	3,725	4,184	4,716
Total Noncurrent Assets	1,723	1,721	2,432	2,486	2,448	8,845	8,785	8,956	5,519	6,316	6,933
Goodwill	872	872	1,202	1,184	1,184	1,037	1,037	1,037	1,037	1,391	1,659
Intangible Assets	575	575	950	951	951	806	806	806	806	1,148	1,346
Other Noncurrent Operating Assets	276	274	280	352	313	7,001	6,941	7,113	3,675	3,777	3,928
Total Liabilities & Shareholders' Equity	5,995	4,583	5,292	5,470	5,893	9,946	10,656	10,136	10,242	11,323	12,587
Total Liabilities	3,661	2,631	3,191	3,275	3,500	7,615	7,843	7,938	8,040	9,081	10,276
Total Current Liabilities	1,197	1,187	1,289	1,385	1,474	1,793	1,848	1,848	1,937	2,193	2,248
Short-Term Debt	15	-	-	-	0.00	270	-	-	0.00	87	0.00
Accounts Payable	199	242	250	277	333	249	305	367	426	400	440
Current Deferred Revenue	329	360	389	416	429	468	474	498	512	592	599
Current Deferred & Payable Income Tax Liabilities	13	0.00	1.90	0.00	12	6.20	36	32	7.80	6.10	4.70
Current Employee Benefit Liabilities	141	135	149	178	175	150	177	182	173	190	208
Other Taxes Payable	-	49	54	57	54	43	61	65	66	71	83
Other Current Liabilities	449	401	446	458	472	606	796	705	753	847	913
Total Noncurrent Liabilities	2,465	1,444	1,901	1,890	2,026	5,822	5,995	6,090	6,103	6,888	8,028
Long-Term Debt	1,452	440	937	927	928	929	930	901	885	1,370	2,129
Noncurrent Deferred & Payable Income Tax Liabilities	342	255	146	114	157	56	222	201	142	232	279
Other Noncurrent Operating Liabilities	445	499	536	532	587	561	755	1,232	5,076	5,286	5,621
Total Equity & Noncontrolling Interests	2,334	1,952	2,102	2,195	2,393	2,331	2,813	2,198	2,202	2,243	2,311
Total Preferred & Common Equity	2,334	1,952	2,102	2,195	2,393	2,331	2,813	2,198	2,202	2,243	2,311
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,334	1,952	2,102	2,195	2,393	2,331	2,813	2,198	2,202	2,243	2,311
Common Stock	1,406	1,503	1,615	1,632	1,685	2,205	2,287	2,226	2,231	2,252	2,296
Retained Earnings	1,026	548	560	658	807	144	522	-26	-33	-36	-16
Accumulated Other Comprehensive Income / (Loss)	-87	-87	-63	-85	-98	-18	4.20	-1.90	3.20	26	32

This table presents Darden Restaurants' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	8/28/2022	11/27/2022	2/26/2023	5/28/2023	8/27/2023	11/26/2023	2/25/2024	5/26/2024	8/25/2024	11/24/2024	2/23/2025
Total Assets	10,015	10,025	10,075	10,242	11,269	11,322	11,358	11,323	11,356	12,519	12,561
Total Current Assets	941	892	891	998	836	868	876	823	820	880	881
Cash & Equivalents	378	241	275	368	192	196	244	195	193	217	224
Accounts Receivable	51	72	58	80	59	80	72	79	64	78	66
Inventories, net	273	296	306	288	287	311	298	291	298	318	325
Prepaid Expenses	171	168	166	155	199	142	140	137	162	152	137
Current Deferred & Refundable Income Taxes	69	116	86	107	99	139	123	122	104	115	129
Plant, Property, & Equipment, net	0.00	0.00	0.00	3,725	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	9,074	9,133	9,185	5,519	10,434	10,454	10,482	10,500	10,536	11,640	11,680
Goodwill	1,037	1,037	1,037	1,037	1,377	1,393	1,398	1,391	1,391	1,654	1,653
Intangible Assets	806	806	806	806	1,148	1,148	1,148	1,148	1,148	1,346	1,346
Other Noncurrent Operating Assets	7,230	7,290	7,341	3,675	7,909	7,914	7,936	7,961	7,997	8,639	8,681
Total Liabilities & Shareholders' Equity	10,015	10,025	10,075	10,242	11,269	11,322	11,358	11,323	11,356	12,519	12,561
Total Liabilities	7,950	8,004	8,032	8,040	9,121	9,282	9,177	9,081	9,212	10,448	10,358
Total Current Liabilities	1,825	1,906	1,950	1,937	2,094	2,382	2,272	2,193	2,325	2,401	2,283
Short-Term Debt	-	58	-	0.00	95	350	159	87	294	275	58
Accounts Payable	407	435	424	426	420	424	406	400	401	409	417
Current Deferred Revenue	468	464	548	512	542	547	626	592	555	552	640
Current Deferred & Payable Income Tax Liabilities	43	19	24	7.80	8.50	8.40	8.50	6.10	1.70	2.00	1.10
Current Employee Benefit Liabilities	137	137	168	173	169	177	196	190	161	193	203
Other Taxes Payable	71	68	65	66	74	70	69	71	82	81	75
Other Current Liabilities	700	725	723	753	786	805	809	847	831	890	889
Total Noncurrent Liabilities	6,125	6,098	6,081	6,103	7,027	6,901	6,905	6,888	6,887	8,047	8,075
Long-Term Debt	895	886	881	885	1,477	1,368	1,373	1,370	1,386	2,122	2,123
Noncurrent Deferred Revenue	3,746	3,731	3,739	-	3,878	3,815	3,774	3,705	3,637	3,939	3,898
Noncurrent Deferred & Payable Income Tax Liabilities	192	178	146	142	231	242	241	232	236	292	301
Other Noncurrent Operating Liabilities	1,292	1,304	1,316	5,076	1,441	1,475	1,517	1,581	1,628	1,695	1,753
Total Equity & Noncontrolling Interests	2,064	2,021	2,044	2,202	2,148	2,040	2,181	2,243	2,144	2,071	2,203
Total Preferred & Common Equity	2,064	2,021	2,044	2,202	2,148	2,040	2,181	2,243	2,144	2,071	2,203
Total Common Equity	2,064	2,021	2,044	2,202	2,148	2,040	2,181	2,243	2,144	2,071	2,203
Common Stock	2,215	2,215	2,213	2,231	2,257	2,241	2,253	2,252	2,262	2,261	2,278
Retained Earnings	-152	-200	-169	-33	-125	-229	-102	-36	-145	-219	-108
Accumulated Other Comprehensive Income / (Loss)	0.40	6.00	0.10	3.20	16	27	30	26	26	29	33

This table displays calculated financial ratios and metrics derived from Darden Restaurants' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	5/31/2015	5/29/2016	5/28/2017	5/27/2018	5/26/2019	5/31/2020	5/30/2021	5/29/2022	5/28/2023	5/26/2024	5/25/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.61%	2.51%	3.41%	12.69%	5.33%	-8.27%	-7.82%	33.82%	8.91%	8.60%	6.03%
EBITDA Growth	9.54%	32.83%	4.16%	13.63%	8.27%	-78.43%	292.90%	54.47%	3.85%	11.61%	5.88%
EBIT Growth	19.00%	69.26%	8.89%	13.18%	8.57%	-112.46%	717.16%	81.59%	3.41%	9.35%	3.66%
NOPAT Growth	27.07%	20.84%	3.07%	49.02%	0.04%	-95.62%	2,022.28%	42.59%	3.96%	9.22%	4.68%
Net Income Growth	147.90%	-47.15%	27.76%	24.40%	19.70%	-107.35%	1,300.95%	51.41%	3.05%	4.65%	2.14%
EPS Growth	147.90%	-46.98%	31.03%	24.47%	20.30%	-107.56%	1,209.30%	54.93%	8.12%	6.51%	4.11%
Operating Cash Flow Growth	45.17%	-0.48%	14.19%	9.33%	26.53%	-43.40%	66.36%	5.96%	22.79%	4.44%	5.26%
Free Cash Flow Firm Growth	-47.90%	117.81%	-111.16%	426.02%	45.52%	-84.98%	631.80%	-9.03%	17.42%	-63.96%	39.62%
Invested Capital Growth	-9.46%	-35.12%	33.15%	6.11%	-3.36%	-3.36%	-8.62%	5.95%	1.49%	28.92%	19.84%
Revenue Q/Q Growth	3.49%	-1.25%	2.06%	2.53%	1.13%	-10.94%	16.31%	3.48%	1.61%	1.68%	2.67%
EBITDA Q/Q Growth	13.86%	2.30%	-1.18%	6.76%	0.75%	-79.31%	1,098.19%	1.24%	2.61%	2.51%	0.14%
EBIT Q/Q Growth	28.31%	5.89%	-2.15%	8.46%	-0.02%	-111.92%	334.00%	1.29%	3.11%	1.62%	-0.92%
NOPAT Q/Q Growth	-6.17%	0.61%	-2.62%	6.91%	4.69%	-95.98%	481.02%	-8.33%	3.64%	0.41%	0.47%
Net Income Q/Q Growth	2.72%	10.07%	-3.19%	9.30%	4.93%	-108.24%	387.09%	-8.35%	3.52%	-0.68%	-0.40%
EPS Q/Q Growth	2.72%	8.61%	-4.76%	7.26%	4.79%	-108.40%	351.05%	-6.93%	4.44%	-0.12%	0.00%
Operating Cash Flow Q/Q Growth	38.85%	-0.62%	1.08%	3.71%	8.27%	-43.51%	120.61%	-7.29%	4.31%	0.85%	1.85%
Free Cash Flow Firm Q/Q Growth	-60.14%	-0.84%	-128.07%	369.71%	17.70%	-84.27%	280.13%	-11.01%	-0.03%	11.40%	0.37%
Invested Capital Q/Q Growth	-1.55%	-1.60%	38.99%	0.63%	-2.63%	-6.15%	0.67%	1.20%	2.61%	1.05%	0.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	21.03%	68.43%	68.41%	21.60%	100.00%	18.04%	20.75%	20.72%	19.87%	21.16%	21.88%
EBITDA Margin	10.16%	13.16%	13.25%	13.36%	13.74%	3.23%	13.77%	15.89%	15.16%	15.58%	15.55%
Operating Margin	5.43%	8.97%	9.45%	9.49%	9.78%	0.61%	9.01%	12.07%	11.46%	11.54%	11.28%
EBIT Margin	5.43%	8.97%	9.45%	9.49%	9.78%	-1.33%	8.89%	12.07%	11.46%	11.54%	11.28%
Profit (Net Income) Margin	10.49%	5.41%	6.68%	7.38%	8.38%	-0.67%	8.75%	9.89%	9.36%	9.02%	8.69%
Tax Burden Percent	404.73%	83.39%	75.18%	98.40%	91.19%	32.55%	109.16%	87.13%	87.63%	87.42%	88.41%
Interest Burden Percent	47.69%	72.28%	94.07%	78.99%	93.97%	155.26%	90.08%	94.09%	93.24%	89.45%	87.15%
Effective Tax Rate	-12.04%	20.01%	24.29%	0.31%	8.14%	0.00%	-9.70%	12.69%	12.23%	12.34%	11.47%
Return on Invested Capital (ROIC)	12.11%	18.68%	20.98%	26.57%	26.25%	1.19%	26.88%	38.98%	39.09%	37.02%	31.30%
ROIC Less NNEP Spread (ROIC-NNEP)	37.87%	-4.84%	12.88%	3.47%	17.97%	-17.78%	-82.42%	-24.33%	24.46%	23.03%	21.38%
Return on Net Nonoperating Assets (RNNOA)	19.49%	-1.18%	2.65%	1.18%	4.85%	-3.41%	-2.41%	-0.95%	5.55%	9.22%	14.79%
Return on Equity (ROE)	31.60%	17.50%	23.64%	27.74%	31.10%	-2.22%	24.47%	38.03%	44.63%	46.25%	46.10%
Cash Return on Invested Capital (CROIC)	22.04%	61.28%	-7.45%	20.64%	29.67%	4.61%	35.89%	33.20%	37.61%	11.76%	13.26%
Operating Return on Assets (OROA)	5.62%	11.76%	13.72%	14.25%	14.65%	-1.31%	6.21%	11.18%	11.80%	12.19%	11.40%
Return on Assets (ROA)	10.85%	7.09%	9.70%	11.08%	12.56%	-0.66%	6.11%	9.17%	9.64%	9.53%	8.78%
Return on Common Equity (ROCE)	31.60%	17.50%	23.64%	27.74%	31.10%	-2.22%	24.47%	38.03%	44.63%	46.25%	46.10%
Return on Equity Simple (ROE_SIMPLE)	30.41%	19.21%	22.80%	27.16%	29.82%	-2.25%	22.37%	43.34%	44.60%	45.82%	45.41%
Net Operating Profit after Tax (NOPAT)	412	498	513	764	765	34	712	1,015	1,055	1,152	1,206
NOPAT Margin	6.09%	7.18%	7.15%	9.46%	8.99%	0.43%	9.89%	10.54%	10.06%	10.11%	9.99%
Net Nonoperating Expense Percent (NNEP)	-25.76%	23.51%	8.10%	23.10%	8.29%	18.97%	109.30%	63.30%	14.63%	13.99%	9.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	27.16%
Cost of Revenue to Revenue	78.97%	31.57%	31.59%	78.40%	0.00%	81.96%	79.25%	79.28%	80.14%	78.84%	78.12%
SG&A Expenses to Revenue	6.36%	5.55%	5.41%	5.07%	4.76%	4.82%	5.51%	3.88%	3.68%	4.21%	4.31%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.60%	59.45%	58.96%	12.11%	90.22%	17.43%	11.74%	8.65%	8.41%	9.62%	10.60%
Earnings before Interest and Taxes (EBIT)	368	622	678	767	833	-104	640	1,162	1,202	1,314	1,362
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	687	912	950	1,080	1,169	252	991	1,531	1,590	1,774	1,878
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.71	3.47	4.26	4.17	5.34	3.53	5.97	6.61	8.48	7.78	10.26
Price to Tangible Book Value (P/TBV)	7.14	13.41	0.00	151.93	49.53	16.85	17.32	40.96	52.18	0.00	0.00
Price to Revenue (P/Rev)	0.94	0.98	1.25	1.13	1.50	1.05	2.33	1.51	1.78	1.53	1.96
Price to Earnings (P/E)	8.92	18.06	18.68	15.37	17.92	0.00	26.68	15.24	19.01	16.97	22.59
Dividend Yield	4.37%	3.71%	3.11%	3.41%	2.89%	4.98%	1.21%	3.78%	3.14%	3.59%	2.76%
Earnings Yield	11.21%	5.54%	5.35%	6.51%	5.58%	0.00%	3.75%	6.56%	5.26%	5.89%	4.43%
Enterprise Value to Invested Capital (EV/IC)	2.25	3.31	3.46	3.36	4.63	3.13	6.53	5.60	7.06	5.34	6.09
Enterprise Value to Revenue (EV/Rev)	1.07	1.00	1.35	1.23	1.56	1.11	2.29	1.56	1.83	1.64	2.12
Enterprise Value to EBITDA (EV/EBITDA)	10.57	7.60	10.16	9.21	11.34	34.32	16.66	9.80	12.07	10.54	13.63
Enterprise Value to EBIT (EV/EBIT)	19.75	11.15	14.25	12.96	15.92	0.00	25.79	12.91	15.96	14.23	18.79
Enterprise Value to NOPAT (EV/NOPAT)	17.63	13.94	18.82	13.00	17.33	258.12	23.19	14.78	18.19	16.23	21.23
Enterprise Value to Operating Cash Flow (EV/OCF)	9.00	8.65	10.53	9.92	10.46	12.06	13.83	11.86	12.36	11.53	15.00
Enterprise Value to Free Cash Flow (EV/FCFF)	9.68	4.25	0.00	16.74	15.34	66.66	17.37	17.36	18.91	51.13	50.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.23	0.45	0.42	0.39	0.51	0.33	0.41	0.40	0.65	0.92
Long-Term Debt to Equity	0.62	0.23	0.45	0.42	0.39	0.40	0.33	0.41	0.40	0.61	0.92
Financial Leverage	0.51	0.24	0.21	0.34	0.27	0.19	0.03	0.04	0.23	0.40	0.69
Leverage Ratio	2.91	2.47	2.44	2.50	2.48	3.35	4.00	4.15	4.63	4.85	5.25
Compound Leverage Factor	1.39	1.78	2.29	1.98	2.33	5.21	3.61	3.90	4.32	4.34	4.58
Debt to Total Capital	38.61%	18.39%	30.83%	29.68%	27.94%	33.96%	24.84%	29.07%	28.67%	39.39%	47.95%
Short-Term Debt to Total Capital	0.39%	0.00%	0.00%	0.00%	0.00%	7.65%	0.00%	0.00%	0.00%	2.35%	0.00%
Long-Term Debt to Total Capital	38.21%	18.39%	30.83%	29.68%	27.94%	26.31%	24.84%	29.07%	28.67%	37.04%	47.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.40%	81.61%	69.17%	70.32%	72.06%	66.04%	75.16%	70.93%	71.33%	60.61%	52.05%
Debt to EBITDA	2.14	0.48	0.99	0.86	0.79	4.75	0.94	0.59	0.56	0.82	1.13
Net Debt to EBITDA	1.36	0.18	0.74	0.72	0.40	1.73	-0.29	0.31	0.33	0.71	1.01
Long-Term Debt to EBITDA	2.11	0.48	0.99	0.86	0.79	3.68	0.94	0.59	0.56	0.77	1.13
Debt to NOPAT	3.56	0.88	1.83	1.21	1.21	35.75	1.31	0.89	0.84	1.26	1.77
Net Debt to NOPAT	2.26	0.33	1.37	1.02	0.62	12.99	-0.40	0.47	0.49	1.10	1.57
Long-Term Debt to NOPAT	3.53	0.88	1.83	1.21	1.21	27.70	1.31	0.89	0.84	1.19	1.77
Altman Z-Score	2.58	3.58	3.45	3.60	4.17	1.33	2.23	2.34	2.69	2.39	2.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	0.69	0.46	0.40	0.61	0.61	1.01	0.64	0.52	0.38	0.42
Quick Ratio	0.51	0.29	0.24	0.17	0.37	0.45	0.69	0.27	0.23	0.12	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	750	1,633	-182	594	864	130	950	864	1,015	366	511
Operating Cash Flow to CapEx	329.37%	0.00%	295.58%	241.11%	272.78%	149.86%	450.55%	322.27%	272.95%	259.47%	255.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.03	1.31	1.45	1.50	1.50	0.99	0.70	0.93	1.03	1.06	1.01
Accounts Receivable Turnover	83.61	97.65	102.50	101.25	98.96	113.06	121.97	137.38	137.82	143.00	139.70
Inventory Turnover	29.62	12.90	12.79	32.98	0.00	30.90	28.68	33.09	30.10	31.05	31.34
Fixed Asset Turnover	2.05	2.64	3.32	3.44	3.42	0.00	0.00	0.00	0.00	2.88	2.71
Accounts Payable Turnover	24.73	9.94	9.22	24.06	0.00	21.99	20.59	22.74	21.19	21.75	22.49
Days Sales Outstanding (DSO)	4.37	3.74	3.56	3.60	3.69	3.23	2.99	2.66	2.65	2.55	2.61
Days Inventory Outstanding (DIO)	12.32	28.29	28.54	11.07	0.00	11.81	12.73	11.03	12.13	11.76	11.65
Days Payable Outstanding (DPO)	14.76	36.74	39.59	15.17	0.00	16.60	17.73	16.05	17.22	16.78	16.23
Cash Conversion Cycle (CCC)	1.93	-4.72	-7.48	-0.49	3.69	-1.56	-2.01	-2.36	-2.45	-2.47	-1.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,232	2,097	2,792	2,963	2,863	2,767	2,528	2,679	2,719	3,505	4,200
Invested Capital Turnover	1.99	2.60	2.93	2.81	2.92	2.77	2.72	3.70	3.89	3.66	3.13
Increase / (Decrease) in Invested Capital	-338	-1,135	695	171	-100	-96	-239	150	40	786	695
Enterprise Value (EV)	7,260	6,938	9,653	9,941	13,254	8,655	16,504	15,001	19,186	18,704	25,599
Market Capitalization	6,328	6,773	8,949	9,161	12,783	8,219	16,788	14,520	18,669	17,442	23,710
Book Value per Share	$18.55	$15.40	$16.90	$17.73	$19.46	$19.29	$21.50	$17.62	$18.20	$18.79	$19.75
Tangible Book Value per Share	$7.05	$3.99	($0.40)	$0.49	$2.10	$4.04	$7.41	$2.84	$2.96	($2.48)	($5.93)
Total Capital	3,801	2,392	3,038	3,121	3,320	3,530	3,743	3,099	3,086	3,700	4,440
Total Debt	1,467	440	937	927	928	1,199	930	901	885	1,457	2,129
Total Long-Term Debt	1,452	440	937	927	928	929	930	901	885	1,370	2,129
Net Debt	931	165	704	780	470	436	-285	480	517	1,262	1,889
Capital Expenditures (CapEx)	245	-74	310	416	465	479	265	392	569	625	669
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-661	-642	-934	-978	-1,039	-1,185	-1,192	-1,089	-1,308	-1,478	-1,550
Debt-free Net Working Capital (DFNWC)	-125	-367	-701	-831	-582	-421	23	-668	-940	-1,283	-1,310
Net Working Capital (NWC)	-140	-367	-701	-831	-582	-691	23	-668	-940	-1,370	-1,310
Net Nonoperating Expense (NNE)	-298	123	34	168	51	86	82	62	73	124	156
Net Nonoperating Obligations (NNO)	899	145	690	768	470	436	-285	480	517	1,262	1,889
Total Depreciation and Amortization (D&A)	319	290	273	313	337	356	351	368	388	460	516
Debt-free, Cash-free Net Working Capital to Revenue	-9.78%	-9.25%	-13.03%	-12.10%	-12.21%	-15.18%	-16.56%	-11.31%	-12.47%	-12.97%	-12.83%
Debt-free Net Working Capital to Revenue	-1.85%	-5.29%	-9.78%	-10.28%	-6.83%	-5.40%	0.32%	-6.94%	-8.96%	-11.26%	-10.85%
Net Working Capital to Revenue	-2.07%	-5.29%	-9.78%	-10.28%	-6.83%	-8.86%	0.32%	-6.94%	-8.96%	-12.03%	-10.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.96	$2.94	$3.85	$4.81	$5.78	($0.43)	$4.83	$7.46	$8.06	$8.57	$8.93
Adjusted Weighted Average Basic Shares Outstanding	143.13M	127.40M	124.30M	124M	123.50M	122.70M	130.40M	127.80M	121.90M	119.90M	117.50M
Adjusted Diluted Earnings per Share	$4.88	$2.90	$3.80	$4.73	$5.69	($0.43)	$4.77	$7.39	$7.99	$8.51	$8.86
Adjusted Weighted Average Diluted Shares Outstanding	145.38M	129.30M	126M	126M	125.40M	122.70M	131.80M	129M	122.90M	120.80M	118.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$5.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.98M	126.22M	125.42M	123.54M	123.08M	129.89M	130.76M	123.95M	121.07M	118.86M	117.03M
Normalized Net Operating Profit after Tax (NOPAT)	301	502	507	768	782	307	459	1,013	1,046	1,163	1,272
Normalized NOPAT Margin	4.45%	7.24%	7.07%	9.50%	9.19%	3.93%	6.37%	10.52%	9.97%	10.21%	10.53%
Pre Tax Income Margin	2.59%	6.49%	8.89%	7.50%	9.19%	-2.06%	8.01%	11.36%	10.68%	10.32%	9.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.31%	71.52%	58.26%	52.60%	-51.98%	-615.08%	32.19%	59.09%	60.07%	61.15%	62.74%
Augmented Payout Ratio	110.11%	120.80%	106.30%	92.00%	-22.89%	-1,245.42%	39.41%	171.53%	106.78%	105.32%	102.58%

This table displays calculated financial ratios and metrics derived from Darden Restaurants' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	11/27/2022	2/26/2023	5/28/2023	8/27/2023	11/26/2023	2/25/2024	5/26/2024	8/25/2024	11/24/2024	2/23/2025	5/25/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.43%	13.77%	6.38%	11.63%	9.68%	6.77%	6.80%	0.97%	5.97%	6.16%	10.63%
EBITDA Growth	-1.40%	13.44%	9.37%	6.74%	18.48%	12.74%	9.22%	7.72%	7.37%	8.87%	0.52%
EBIT Growth	-3.87%	16.32%	10.73%	3.56%	19.43%	10.72%	5.58%	6.45%	4.88%	7.95%	-3.19%
NOPAT Growth	-1.35%	15.43%	12.41%	4.76%	19.54%	13.88%	1.52%	9.09%	4.61%	4.98%	1.57%
Net Income Growth	-3.11%	16.03%	11.86%	0.78%	13.30%	9.18%	-2.22%	6.53%	1.41%	3.36%	-1.36%
EPS Growth	2.70%	21.24%	15.25%	1.92%	15.79%	11.11%	-0.39%	9.43%	3.41%	5.38%	0.00%
Operating Cash Flow Growth	-31.01%	16.07%	18.44%	-37.10%	64.00%	16.02%	3.32%	1.52%	14.03%	0.41%	7.28%
Free Cash Flow Firm Growth	131.62%	136.04%	99.62%	-296.06%	-387.26%	-257.03%	-250.92%	119.08%	27.23%	30.60%	21.61%
Invested Capital Growth	-0.06%	0.10%	1.49%	36.67%	30.78%	30.91%	28.92%	2.90%	19.32%	19.94%	19.84%
Revenue Q/Q Growth	1.65%	12.05%	-0.62%	-1.39%	-0.12%	9.07%	-0.59%	-6.77%	4.82%	9.27%	3.60%
EBITDA Q/Q Growth	-2.88%	35.82%	5.22%	-23.09%	7.80%	29.23%	1.94%	-24.15%	7.45%	31.04%	-5.87%
EBIT Q/Q Growth	-4.50%	50.04%	7.03%	-32.47%	10.12%	39.10%	2.07%	-31.92%	8.51%	43.17%	-8.46%
NOPAT Q/Q Growth	-2.75%	48.28%	10.39%	-34.19%	10.97%	41.27%	-1.59%	-29.28%	6.41%	41.76%	-4.79%
Net Income Q/Q Growth	-3.01%	53.10%	9.94%	-38.27%	9.05%	47.52%	-1.53%	-32.75%	3.81%	50.35%	-6.03%
EPS Q/Q Growth	-2.56%	53.95%	9.83%	-38.13%	10.69%	47.73%	-1.54%	-32.03%	4.60%	50.55%	-6.57%
Operating Cash Flow Q/Q Growth	-51.43%	142.97%	-18.34%	-34.73%	26.64%	71.89%	-27.28%	-35.87%	42.24%	51.36%	-22.31%
Free Cash Flow Firm Q/Q Growth	-44.21%	45.80%	-1.93%	-345.77%	18.25%	20.30%	5.75%	131.06%	-411.86%	23.99%	-6.45%
Invested Capital Q/Q Growth	5.51%	-2.73%	2.61%	29.79%	0.96%	-2.64%	1.05%	3.59%	17.07%	-2.13%	0.97%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.80%	20.99%	21.76%	20.42%	20.17%	21.70%	22.21%	20.41%	21.20%	22.24%	23.38%
EBITDA Margin	13.27%	16.09%	17.03%	13.28%	14.34%	16.99%	17.42%	14.17%	14.53%	17.42%	15.83%
Operating Margin	9.38%	12.56%	13.52%	9.26%	10.21%	13.02%	13.37%	9.76%	10.11%	13.24%	11.70%
EBIT Margin	9.38%	12.56%	13.52%	9.26%	10.21%	13.02%	13.37%	9.76%	10.11%	13.24%	11.70%
Profit (Net Income) Margin	7.53%	10.29%	11.38%	7.12%	7.78%	10.52%	10.42%	7.52%	7.44%	10.24%	9.29%
Tax Burden Percent	87.72%	86.77%	89.42%	87.14%	87.86%	89.17%	85.58%	89.27%	87.47%	86.77%	90.31%
Interest Burden Percent	91.51%	94.40%	94.10%	88.26%	86.68%	90.58%	91.05%	86.22%	84.18%	89.12%	87.90%
Effective Tax Rate	12.14%	13.17%	10.44%	12.72%	12.05%	10.69%	13.89%	10.56%	12.28%	13.15%	9.66%
Return on Invested Capital (ROIC)	30.19%	42.50%	47.07%	28.50%	31.47%	42.59%	42.14%	27.85%	26.28%	35.47%	33.14%
ROIC Less NNEP Spread (ROIC-NNEP)	26.20%	38.94%	43.00%	25.74%	28.52%	39.09%	38.50%	25.51%	24.06%	33.01%	30.47%
Return on Net Nonoperating Assets (RNNOA)	5.08%	8.69%	9.75%	11.60%	15.63%	17.52%	15.42%	17.05%	21.67%	24.43%	21.09%
Return on Equity (ROE)	35.28%	51.20%	56.82%	40.10%	47.10%	60.11%	57.56%	44.90%	47.95%	59.90%	54.22%
Cash Return on Invested Capital (CROIC)	35.93%	38.34%	37.61%	3.87%	8.48%	10.73%	11.76%	29.88%	12.68%	13.34%	13.26%
Operating Return on Assets (OROA)	9.17%	12.78%	13.92%	9.38%	10.54%	13.61%	14.12%	9.85%	9.82%	13.02%	11.82%
Return on Assets (ROA)	7.36%	10.47%	11.71%	7.21%	8.02%	10.99%	11.01%	7.58%	7.23%	10.07%	9.38%
Return on Common Equity (ROCE)	35.28%	51.20%	56.82%	40.10%	47.10%	60.11%	57.56%	44.90%	47.95%	59.90%	54.22%
Return on Equity Simple (ROE_SIMPLE)	44.98%	46.41%	0.00%	45.78%	49.43%	47.44%	0.00%	48.53%	50.38%	47.83%	0.00%
Net Operating Profit after Tax (NOPAT)	205	304	335	221	245	346	340	241	256	363	346
NOPAT Margin	8.24%	10.90%	12.11%	8.08%	8.98%	11.63%	11.51%	8.73%	8.87%	11.50%	10.57%
Net Nonoperating Expense Percent (NNEP)	4.00%	3.56%	4.07%	2.76%	2.95%	3.50%	3.64%	2.34%	2.22%	2.45%	2.66%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	6.52%	-	-	-	5.73%	8.28%	7.79%
Cost of Revenue to Revenue	82.20%	79.01%	78.24%	79.58%	79.83%	78.30%	77.79%	79.59%	78.80%	77.76%	76.62%
SG&A Expenses to Revenue	3.64%	3.84%	3.63%	5.61%	4.21%	3.64%	3.48%	4.58%	4.99%	3.70%	4.07%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.43%	8.43%	8.23%	11.16%	9.96%	8.68%	8.84%	10.65%	11.09%	9.00%	11.68%
Earnings before Interest and Taxes (EBIT)	233	350	375	253	279	387	395	269	292	418	383
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	330	448	472	363	391	505	515	391	420	550	518
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.46	8.17	8.48	8.48	8.88	9.11	7.78	8.54	9.51	10.17	10.26
Price to Tangible Book Value (P/TBV)	96.53	83.44	52.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.71	1.62	1.78	1.69	1.65	1.77	1.53	1.60	1.70	1.90	1.96
Price to Earnings (P/E)	18.82	17.61	19.01	18.53	17.97	19.21	16.97	17.60	18.89	21.26	22.59
Dividend Yield	3.31%	3.45%	3.14%	3.28%	3.35%	3.09%	3.59%	3.46%	3.23%	2.88%	2.76%
Earnings Yield	5.31%	5.68%	5.26%	5.40%	5.56%	5.21%	5.89%	5.68%	5.30%	4.70%	4.43%
Enterprise Value to Invested Capital (EV/IC)	6.54	6.53	7.06	5.56	5.51	6.10	5.34	5.45	5.15	5.86	6.09
Enterprise Value to Revenue (EV/Rev)	1.78	1.68	1.83	1.82	1.78	1.89	1.64	1.73	1.89	2.07	2.12
Enterprise Value to EBITDA (EV/EBITDA)	11.90	11.17	12.07	12.16	11.74	12.23	10.54	10.99	11.95	12.99	13.63
Enterprise Value to EBIT (EV/EBIT)	15.95	14.85	15.96	16.19	15.64	16.36	14.23	14.88	16.28	17.72	18.79
Enterprise Value to NOPAT (EV/NOPAT)	18.22	17.01	18.19	18.41	17.78	18.44	16.23	16.89	18.49	20.29	21.23
Enterprise Value to Operating Cash Flow (EV/OCF)	12.55	11.63	12.36	14.06	12.86	13.16	11.53	12.18	13.08	14.53	15.00
Enterprise Value to Free Cash Flow (EV/FCFF)	18.19	17.05	18.91	165.81	73.69	64.45	51.13	18.51	44.19	47.87	50.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.47	0.43	0.40	0.73	0.84	0.70	0.65	0.78	1.16	0.99	0.92
Long-Term Debt to Equity	0.44	0.43	0.40	0.69	0.67	0.63	0.61	0.65	1.02	0.96	0.92
Financial Leverage	0.19	0.22	0.23	0.45	0.55	0.45	0.40	0.67	0.90	0.74	0.69
Leverage Ratio	4.48	4.68	4.63	5.05	5.26	5.07	4.85	5.27	5.80	5.46	5.25
Compound Leverage Factor	4.10	4.42	4.36	4.46	4.56	4.60	4.42	4.55	4.88	4.86	4.62
Debt to Total Capital	31.83%	30.12%	28.67%	42.27%	45.73%	41.25%	39.39%	43.93%	53.65%	49.75%	47.95%
Short-Term Debt to Total Capital	1.96%	0.00%	0.00%	2.56%	9.31%	4.27%	2.35%	7.69%	6.16%	1.33%	0.00%
Long-Term Debt to Total Capital	29.88%	30.12%	28.67%	39.70%	36.41%	36.98%	37.04%	36.24%	47.49%	48.42%	47.95%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	68.17%	69.88%	71.33%	57.73%	54.27%	58.75%	60.61%	56.07%	46.35%	50.25%	52.05%
Debt to EBITDA	0.63	0.57	0.56	0.98	1.03	0.89	0.82	0.93	1.31	1.16	1.13
Net Debt to EBITDA	0.47	0.39	0.33	0.86	0.91	0.74	0.71	0.83	1.19	1.04	1.01
Long-Term Debt to EBITDA	0.59	0.57	0.56	0.92	0.82	0.79	0.77	0.77	1.16	1.13	1.13
Debt to NOPAT	0.97	0.87	0.84	1.48	1.56	1.33	1.26	1.43	2.03	1.82	1.77
Net Debt to NOPAT	0.72	0.60	0.49	1.30	1.38	1.12	1.10	1.27	1.84	1.63	1.57
Long-Term Debt to NOPAT	0.91	0.87	0.84	1.39	1.24	1.20	1.19	1.18	1.79	1.77	1.77
Altman Z-Score	2.21	2.24	2.42	2.08	2.04	2.24	2.12	2.10	1.96	2.20	2.32
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	0.46	0.52	0.40	0.36	0.39	0.38	0.35	0.37	0.39	0.42
Quick Ratio	0.16	0.17	0.23	0.12	0.12	0.14	0.12	0.11	0.12	0.13	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	207	301	295	-726	-593	-473	-446	138	-432	-328	-349
Operating Cash Flow to CapEx	133.72%	370.16%	259.47%	174.17%	201.90%	379.40%	289.21%	180.33%	221.05%	360.42%	255.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	1.02	1.03	1.01	1.03	1.05	1.06	1.01	0.97	0.98	1.01
Accounts Receivable Turnover	141.92	187.33	137.82	196.04	145.00	172.60	143.00	185.63	146.48	170.72	139.70
Inventory Turnover	30.58	30.21	30.10	30.65	28.74	29.29	31.05	30.79	28.96	29.63	31.34
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	2.88	0.00	0.00	0.00	2.71
Accounts Payable Turnover	20.36	21.46	21.19	20.77	20.29	21.32	21.75	21.94	21.87	22.42	22.49
Days Sales Outstanding (DSO)	2.57	1.95	2.65	1.86	2.52	2.11	2.55	1.97	2.49	2.14	2.61
Days Inventory Outstanding (DIO)	11.93	12.08	12.13	11.91	12.70	12.46	11.76	11.86	12.60	12.32	11.65
Days Payable Outstanding (DPO)	17.93	17.01	17.22	17.57	17.99	17.12	16.78	16.64	16.69	16.28	16.23
Cash Conversion Cycle (CCC)	-3.42	-2.98	-2.45	-3.80	-2.77	-2.54	-2.47	-2.82	-1.59	-1.83	-1.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,724	2,650	2,719	3,528	3,562	3,469	3,505	3,631	4,251	4,160	4,200
Invested Capital Turnover	3.66	3.90	3.89	3.53	3.50	3.66	3.66	3.19	2.96	3.08	3.13
Increase / (Decrease) in Invested Capital	-1.70	2.60	40	947	838	819	786	102	688	692	695
Enterprise Value (EV)	17,808	17,310	19,186	19,604	19,643	21,161	18,704	19,800	21,883	24,357	25,599
Market Capitalization	17,105	16,704	18,669	18,223	18,120	19,873	17,442	18,313	19,704	22,400	23,710
Book Value per Share	$16.51	$16.79	$18.20	$17.74	$16.95	$18.26	$18.79	$18.04	$17.62	$18.81	$19.75
Tangible Book Value per Share	$1.45	$1.65	$2.96	($3.11)	($4.17)	($3.06)	($2.48)	($3.33)	($7.91)	($6.80)	($5.93)
Total Capital	2,965	2,925	3,086	3,721	3,758	3,712	3,700	3,823	4,468	4,384	4,440
Total Debt	944	881	885	1,573	1,718	1,532	1,457	1,680	2,397	2,181	2,129
Total Long-Term Debt	886	881	885	1,477	1,368	1,373	1,370	1,386	2,122	2,123	2,129
Net Debt	703	606	517	1,380	1,523	1,288	1,262	1,487	2,180	1,957	1,889
Capital Expenditures (CapEx)	155	136	159	155	169	154	147	152	176	163	179
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,197	-1,335	-1,308	-1,355	-1,360	-1,481	-1,478	-1,404	-1,464	-1,569	-1,550
Debt-free Net Working Capital (DFNWC)	-956	-1,060	-940	-1,163	-1,164	-1,237	-1,283	-1,211	-1,246	-1,344	-1,310
Net Working Capital (NWC)	-1,014	-1,060	-940	-1,259	-1,514	-1,396	-1,370	-1,505	-1,521	-1,403	-1,310
Net Nonoperating Expense (NNE)	18	17	20	26	33	33	32	34	41	40	42
Net Nonoperating Obligations (NNO)	703	606	517	1,380	1,523	1,288	1,262	1,487	2,180	1,957	1,889
Total Depreciation and Amortization (D&A)	97	98	97	110	113	118	120	122	128	132	135
Debt-free, Cash-free Net Working Capital to Revenue	-11.99%	-12.93%	-12.47%	-12.58%	-12.35%	-13.22%	-12.97%	-12.30%	-12.64%	-13.34%	-12.83%
Debt-free Net Working Capital to Revenue	-9.58%	-10.26%	-8.96%	-10.80%	-10.57%	-11.05%	-11.26%	-10.61%	-10.76%	-11.43%	-10.85%
Net Working Capital to Revenue	-10.16%	-10.26%	-8.96%	-11.68%	-13.75%	-12.46%	-12.03%	-13.18%	-13.14%	-11.92%	-10.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.53	$2.36	$2.60	$1.61	$1.77	$2.62	$2.57	$1.75	$1.83	$2.76	$2.59
Adjusted Weighted Average Basic Shares Outstanding	122.10M	121.40M	121.90M	120.90M	119.90M	119.40M	119.90M	118.50M	117.50M	117.20M	117.50M
Adjusted Diluted Earnings per Share	$1.52	$2.34	$2.57	$1.59	$1.76	$2.60	$2.56	$1.74	$1.82	$2.74	$2.56
Adjusted Weighted Average Diluted Shares Outstanding	123.10M	122.50M	122.90M	122M	120.80M	120.40M	120.80M	119.20M	118.30M	118M	118.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	121.71M	120.93M	121.07M	120.31M	119.41M	119.36M	118.86M	117.50M	117.15M	117.03M	117.03M
Normalized Net Operating Profit after Tax (NOPAT)	197	305	337	223	252	346	342	242	256	363	389
Normalized NOPAT Margin	7.93%	10.94%	12.17%	8.18%	9.22%	11.64%	11.55%	8.77%	8.87%	11.50%	11.90%
Pre Tax Income Margin	8.58%	11.85%	12.73%	8.17%	8.85%	11.80%	12.17%	8.42%	8.51%	11.80%	10.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.09%	61.16%	60.07%	60.99%	60.40%	59.79%	61.15%	61.13%	61.65%	61.77%	62.74%
Augmented Payout Ratio	164.11%	130.82%	106.78%	101.93%	108.34%	97.66%	105.32%	107.59%	104.23%	105.85%	102.58%

Financials Breakdown Chart

Key Financial Trends

Darden Restaurants (NYSE: DRI) has demonstrated steady financial performance over the past four years, with consistent growth in revenue and net income, supported by solid operating effectiveness and strategic capital management.

Key Trends and Highlights:

Operating Revenue increased from $2.45 billion in Q1 2023 to $3.27 billion in Q4 2025, showcasing steady top-line growth over nearly three years.
Net Income attributable to common shareholders grew from $193 million in Q1 2023 to $304 million in Q4 2025, indicating improved profitability.
Basic and diluted earnings per share (EPS) rose from approximately $1.57 in Q1 2023 to $2.59 in Q4 2025, reflecting both earnings growth and share repurchases contributing to shareholder value.
Gross profit margins showed improvement, with gross profit increasing over time due to revenue growth outpacing cost increases.
Consistent operating income growth, from around $252 million in Q1 2025 to $383 million in Q4 2025, demonstrates improved operational efficiency.
Cash from operating activities grew significantly, reaching $457 million in Q4 2025 compared to about $270 million in Q1 2023, indicating strong cash generation ability from core operations.
Darden has been returning capital to shareholders through steady dividend payments, which have increased slightly over the period, maintaining attractive yield for income investors.
Total assets and equity increased over time, reflecting growth and reinvestment; however, Darden carries substantial long-term debt, which warrants monitoring but appears manageable given cash flow levels.
Capital expenditures remain significant (commonly $100-$180 million quarterly), reflecting ongoing investment in restaurant locations and infrastructure to support growth.
There are periodic impairment charges impacting operating expenses, the largest being $48 million in Q4 2025, suggesting some challenges in asset utilization or restaurant performance needing attention.

Summary: Darden Restaurants has steadily expanded its revenue and profit base over the past several years, with improving margins and increasing earnings per share. The company maintains strong operational cash flows, which support ongoing investments and shareholder returns via dividends and share repurchases. Though debt levels are elevated, they are supported by solid cash generation. Investors should watch for any recurring impairment charges that may indicate areas for operational improvement.

09/18/25 08:36 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Darden Restaurants' Financials

When does Darden Restaurants' fiscal year end?

According to the most recent income statement we have on file, Darden Restaurants' financial year ends in May. Their financial year 2025 ended on May 25, 2025.

How has Darden Restaurants' net income changed over the last 10 years?

Darden Restaurants' net income appears to be on an upward trend, with a most recent value of $1.05 billion in 2025, rising from $709.50 million in 2015. The previous period was $1.03 billion in 2024. Find out what analysts predict for Darden Restaurants in the coming months.

What is Darden Restaurants' operating income?

Darden Restaurants' total operating income in 2025 was $1.36 billion, based on the following breakdown:

Total Gross Profit: $2.64 billion
Total Operating Expenses: $1.28 billion

How has Darden Restaurants' revenue changed over the last 10 years?

Over the last 10 years, Darden Restaurants' total revenue changed from $6.76 billion in 2015 to $12.08 billion in 2025, a change of 78.5%.

How much debt does Darden Restaurants have?

Darden Restaurants' total liabilities were at $10.28 billion at the end of 2025, a 13.2% increase from 2024, and a 180.7% increase since 2015.

How much cash does Darden Restaurants have?

In the past 10 years, Darden Restaurants' cash and equivalents has ranged from $146.90 million in 2018 to $1.21 billion in 2021, and is currently $240 million as of their latest financial filing in 2025.

How has Darden Restaurants' book value per share changed over the last 10 years?

Over the last 10 years, Darden Restaurants' book value per share changed from 18.55 in 2015 to 19.75 in 2025, a change of 6.5%.

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This page (NYSE:DRI) was last updated on 9/18/2025 by MarketBeat.com Staff

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