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Darden Restaurants (DRI) stock

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NYSE: DRI NYSE Restaurants Next results ~December 18, 2026

B Fundamentals grade

Darden Restaurants is a full-service restaurant company based in Orlando, Florida. As of May 2026 it owned and operated 2,202 restaurants in the United States under brands including Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, Eddie V's, Bahama Breeze and The Capital Burger. A further 167 restaurants are run by independent operators under franchise and area development agreements, mainly across Latin America, Canada, Europe, Asia, the Middle East and the Caribbean.

Customers are diners at its restaurants, with revenue coming chiefly from food and beverage sales, supplemented by royalties and fees from franchised and contractually managed locations. No single customer accounts for a material share of sales.

The group reports four segments: Olive Garden, LongHorn Steakhouse, Fine Dining (Ruth's Chris, The Capital Grille and Eddie V's) and Other Business, covering its remaining brands plus franchise income. Operations and assets sit predominantly in the US. Olive Garden, founded in 1982, is described as the largest full-service Italian dining chain in the country, while Ruth's Chris ranks among the largest fine dining steakhouse brands worldwide. Darden was spun off from General Mills in 1995 and employed 209,931 people, including 198,111 hourly staff, at fiscal year-end.

Based on Darden Restaurants's 10-K filed July 24, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$190

Cash-flow model

Base case. Range ~$140–$260 across our lower- and higher-growth cases (2.8%–12.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 19% above our base value.

Price used: $222.83, November 2, 2026

Darden Restaurants valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Darden Restaurants files

Where Darden Restaurants stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $13.4bn, up 8.1% on a year earlier, slower than 9.4% a quarter earlier. Free-cash-flow margin fell to 7.9% from 8.9% a year earlier. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 6 financial-health checks. Our cash-flow model value is $203 a share, against a share price of $216. At that price, our model says the market is pricing in about 9.0% a year of cash-flow growth for five years, faster than the 6.8% a year revenue growth it has delivered.

Source: 10-Q filed October 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 18, 2026 (estimated)

Darden Restaurants's trailing-twelve-month revenue grew 8.1% year on year, with a free-cash-flow margin of 7.9%. Where it lags: gross margin of 20.3% ranks 14 of 15 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$190 per share in the base case (~$140–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Share count shrinking (buybacks): Diluted shares outstanding fell 2.1% year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.

Things to watch

  • Insiders selling. 12 insiders sold $25M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Below peers: gross margin. Gross margin of 20.3% ranks 14 of 15 restaurants companies we cover (median 63.0%).
  • Below peers: change in growth rate. Change in growth rate of -1.3pp ranks 37 of 44 restaurants companies we cover (median +0.3pp).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2027 Q1

Filed October 2, 2026
Earnings per share
$2.05 against an average estimate of $2.05: missed by 0.2%
Revenue
$3.20bn, up 5.1% on a year earlier
Share reaction
-6.5% in the first session after the results on September 24, 2026, against +0.5% for the S&P 500
Guidance given
diluted net earnings per share from continuing operations $11.1 to $11.35 (fiscal 2027)
Next report
December 18, 2026; average EPS estimate $2.25

Darden Restaurants' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.2%
  • 1 week+4.5%
  • 1 month+12.1%
  • This year+24.9%
  • 1 year+27.6%
  • 5 years+81.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$13.4B
Operating margin
11.7%
Net margin
8.8%
EPS (TTM, diluted)
$10.24

Growth

Revenue growth
+8.1%
Change in growth rate
−1.3 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$1.1B
FCF margin
7.9%
Stock pay % of revenue
0.6%

Earnings

Last results
September 24, 2026
Next results (est.)
December 17, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Shareholder vote
  4. Guidance
  5. Announcement
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Darden Restaurants valuation models and calculator

What the price is pricing in

The share price implies about 9.8% a year of cash-flow growth for five years.That is close to the 6.8% a year revenue growth Darden Restaurants has delivered.

  • Priced in9.8%
  • Last 12 months8.1%
  • 3 years a year7.5%
  • 5 years a year6.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($220.39, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$190
Price used
$220.39close November 3, 2026
Implied change
▼ 15%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Darden Restaurants's free cash flow after stock-based pay with after-tax interest added back ($1.1B, FY2027 Q1 TTM), growing 5.2% and 7.1% in the next two years (forecasts, guidance and its record), then back to 7.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Darden Restaurants's free cash flow after stock-based pay ( $1.1B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Darden Restaurants as an operating company, with every model that fits that kind of business. Cost of equity 8.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$190 ~$140–$260 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$180–$390 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$140–$200 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$170–$210 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Darden Restaurants with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −27%
  • Revenue growth 5 points higher ▲ +36%
  • Free-cash-flow margin 1 point lower ▼ −14%
  • Last year's free-cash-flow margin change, if it persists ▼ −13%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $114$162$226$310$420$562
8.5% $82$117$163$224$302$403
10% $63$90$126$172$231$308

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$49.83$67.11$69.00$96.92$63.43$119.64$108.54$143.95$136.25$194.79$200.64$222.83
Market value$6.4bn$8.5bn$8.7bn$12.2bn$7.8bn$15.8bn$14.0bn$17.7bn$16.5bn$23.1bn$23.3bn$25.7bn
+ Net debt (− = net cash)$175m$717m$792m$482m$436m−$276m$519m$571m$1.3bn$1.9bn$2.1bn$2.4bn
Enterprise value$6.6bn$9.2bn$9.5bn$12.6bn$8.2bn$15.5bn$14.5bn$18.3bn$17.7bn$25.0bn$25.4bn$28.1bn
Multiples
Price / sales 0.9x1.2x1.1x1.4x1.0x2.2x1.5x1.7x1.4x1.9x1.8x1.9x
Price / earnings 17.2x17.6x14.6x17.0x—25.1x14.7x18.0x16.0x22.0x19.3x21.8x
Price / free cash flow 10.9x13.6x13.9x14.9x30.2x16.8x15.8x17.9x16.1x21.7x20.9x24.4x
EV / EBITDA 7.3x9.7x8.8x10.8x20.4x15.5x9.5x11.5x10.0x13.3x11.9x13.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Darden Restaurants's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Net income has been a median 8.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 19.1%, moving by 1.6 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 11.1%; its worst year was -1.3%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 12.5% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 18, 2026, before the open. Analysts expect revenue of $3.3bn and EPS of $2.25 (range $2.07 to $2.34) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.26 +6% $13.7bn +4%
Next $12.40 +10% $14.5bn +6%

Next year's EPS estimate has moved +0.1% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.2% on 90 days ago. In the last 30 days, 9 analysts raised Darden Restaurants's forecast and 7 cut it.

Consensus EPS forecast Darden Restaurants, last 90 days
$11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.27 Current fiscal year, 60 days ago: $11.27 Current fiscal year, 30 days ago: $11.28 Current fiscal year, 7 days ago: $11.26 Current fiscal year, Now: $11.26 $11.26 Next fiscal year, 90 days ago: $12.39 Next fiscal year, 60 days ago: $12.39 Next fiscal year, 30 days ago: $12.40 Next fiscal year, 7 days ago: $12.40 Next fiscal year, Now: $12.40 $12.40

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.27$12.39
60 days ago $11.27$12.39
30 days ago $11.28$12.40
7 days ago $11.26$12.40
Now $11.26$12.40

Earnings against estimates

Quarter toEstimateActualSurprise
Aug 2026 $2.05 $2.05 −0.2%
May 2026 $3.64 $3.66 +0.6%
Feb 2026 $2.94 $2.95 +0.3%
Nov 2025 $2.10 $2.08 −0.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 24, 2026
  • diluted net earnings per share from continuing operations fiscal 2027 $11.10 to $11.35 Maintained
    “The Company reaffirmed all aspects of its full year financial outlook for fiscal 2027, culminating in diluted net earnings per share from continuing operations of $11.10 to $11.35.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Darden Restaurants's revenue by +5.2% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.1%, weight 70%) and the company's own record (+7.8%, weight 30%) . How the weights are set.

Analyst recommendations

28 analysts, Oct 2026
Buy1864%
Hold932%
Sell14%

Monthly trend

  1. Oct 2026216928
  2. Sep 2026216928
  3. Aug 20262151028
  4. Jul 20262141128

Counts of recommendations published by analysts covering Darden Restaurants, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.2%
of tradable shares
Days to cover
5.21
at average volume
Short interest, 1 month
+13%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
209,931
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +27.6%

$174.60 on October 31, 2025 to $222.83

ThenNowEffect
Revenue (last 12 months) $12.4bn $13.4bn +8.1%
Net margin 8.9% 8.8% −0.6%
P/E multiple 18.7x 21.8x +16.2%
Share count 118m 116m +2.2%

Biggest factor: p/e multiple.

Last 3 years +62.8%

$136.86 on November 3, 2023 to $222.83

ThenNowEffect
Revenue (last 12 months) $10.8bn $13.4bn +24.1%
Net margin 9.1% 8.8% −3.1%
P/E multiple 17.0x 21.8x +27.8%
Share count 122m 116m +6.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
DRI+30%−5%+23%+18%+2%+25%
Industry peers (median)+15%−17%+15%−1%−10%+2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
DRI67%42%67%50%58%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
DRI−14%−25%−21%−20%−24%−15%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from September 9, 2019 to March 18, 2020. Getting back needed a 268% gain, reached on January 11, 2021, 299 days after the low.

Price behaviour

52-week range
$164.00 – $225.84
From 52-week high
−1.3%
vs 50-day average
+6.4%
vs 200-day average
+9.9%
Volatility (1 year)
27%
Beta vs S&P 500
0.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±5.0%
After a week
4 up, 8 down
typical move ±5.4%
After a month
6 up, 6 down
typical move ±6.1%
Results releasedNext dayS&P 500 next day5 days21 days
September 24, 2026 −6.5% +0.5% −7.6% +0.2%
June 25, 2026 +0.1% −0.6% −4.3% −3.6%
March 19, 2026 +1.2% −1.7% −0.9% +1.3%
December 18, 2025 +0.2% +1.7% −0.6% +10.2%
September 18, 2025 −11.5% +1.0% −10.4% −9.1%
June 20, 2025 −0.6% +0.8% −3.0% −5.4%
March 20, 2025 +6.3% −0.3% +10.5% +5.5%
December 19, 2024 +17.3% +1.2% +17.3% +17.3%
September 19, 2024 +6.9% +1.5% +5.5% +4.3%
June 20, 2024 +0.9% −0.4% +0.1% −4.5%
March 21, 2024 −5.4% +0.1% −4.3% −10.7%
December 15, 2023 +2.5% +0.4% −0.8% −1.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Darden Restaurants’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.31× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

DRI Darden Restaurants Grade B $221.89

Own 100 shares, sell the $250 call expiring December 18, 2026 (46 days) for $2.20 a share — $220 per contract.

Previous session · Bid $2.20, ask $2.90, quoted Mon 2 Nov, 17:21 New York time with DRI at $221.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If DRI ends below $250: you keep your shares and the $220 — 1.0% extra on the position, 7.9% a year at that pace.
  • If it ends above $250: your shares are sold at $250, a total return of 13.7% including the premium — at or above our value of ~$190.
$3.0k $0 −$4.4k Our value $190 Break-even $219.69 Price $221.89
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$220
Annualised
7.9%
Break-even
$219.69
Max gain
$3,031
Chance of selling
~20%

Results are expected around December 17, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $220 put and sell the $250 call, both expiring December 18, 2026 (46 days).

  • Net cost of $7.40 a share ($740 per contract of 100 shares).
  • Worst case at expiry: -4.2%, if the shares fall below $220 (-0.9% from today).
  • Best case at expiry: +9.3%, if the shares rise above $250 (+12.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $190: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Darden Restaurants in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Darden Restaurants
$11B $12B $13B $14B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $11B Revenue (TTM), FY24 Q3: $11.2B Revenue (TTM), FY24 Q4: $11.4B Revenue (TTM), FY25 Q1: $11.4B Revenue (TTM), FY25 Q2: $11.6B Revenue (TTM), FY25 Q3: $11.8B Revenue (TTM), FY25 Q4: $12.1B Revenue (TTM), FY26 Q1: $12.4B Revenue (TTM), FY26 Q2: $12.6B Revenue (TTM), FY26 Q3: $12.8B Revenue (TTM), FY26 Q4: $13.2B Revenue (TTM), FY27 Q1: $13.4B $13.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $11B
FY24 Q3 $11.2B
FY24 Q4 $11.4B
FY25 Q1 $11.4B
FY25 Q2 $11.6B
FY25 Q3 $11.8B
FY25 Q4 $12.1B
FY26 Q1 $12.4B
FY26 Q2 $12.6B
FY26 Q3 $12.8B
FY26 Q4 $13.2B
FY27 Q1 $13.4B
Revenue growth, TTM YoY Darden Restaurants
4% 6% 8% 10% 12% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 10.3% Revenue growth, TTM YoY, FY24 Q3: 8.5% Revenue growth, TTM YoY, FY24 Q4: 8.6% Revenue growth, TTM YoY, FY25 Q1: 6.0% Revenue growth, TTM YoY, FY25 Q2: 5.1% Revenue growth, TTM YoY, FY25 Q3: 5.0% Revenue growth, TTM YoY, FY25 Q4: 6.0% Revenue growth, TTM YoY, FY26 Q1: 8.3% Revenue growth, TTM YoY, FY26 Q2: 8.6% Revenue growth, TTM YoY, FY26 Q3: 8.5% Revenue growth, TTM YoY, FY26 Q4: 9.4% Revenue growth, TTM YoY, FY27 Q1: 8.1% 8.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 10.3%
FY24 Q3 8.5%
FY24 Q4 8.6%
FY25 Q1 6.0%
FY25 Q2 5.1%
FY25 Q3 5.0%
FY25 Q4 6.0%
FY26 Q1 8.3%
FY26 Q2 8.6%
FY26 Q3 8.5%
FY26 Q4 9.4%
FY27 Q1 8.1%
Operating margin (TTM) Darden Restaurants
11.2% 11.4% 11.6% 11.8% 12% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 11.4% Operating margin (TTM), FY24 Q3: 11.5% Operating margin (TTM), FY24 Q4: 11.5% Operating margin (TTM), FY25 Q1: 11.7% Operating margin (TTM), FY25 Q2: 11.6% Operating margin (TTM), FY25 Q3: 11.7% Operating margin (TTM), FY25 Q4: 11.3% Operating margin (TTM), FY26 Q1: 11.6% Operating margin (TTM), FY26 Q2: 11.6% Operating margin (TTM), FY26 Q3: 11.4% Operating margin (TTM), FY26 Q4: 12.0% Operating margin (TTM), FY27 Q1: 11.7% 11.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 11.4%
FY24 Q3 11.5%
FY24 Q4 11.5%
FY25 Q1 11.7%
FY25 Q2 11.6%
FY25 Q3 11.7%
FY25 Q4 11.3%
FY26 Q1 11.6%
FY26 Q2 11.6%
FY26 Q3 11.4%
FY26 Q4 12.0%
FY27 Q1 11.7%
FCF margin (TTM) Darden Restaurants
7.5% 8% 8.5% 9% 9.5% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 8.4% FCF margin (TTM), FY24 Q3: 8.9% FCF margin (TTM), FY24 Q4: 9.0% FCF margin (TTM), FY25 Q1: 9.0% FCF margin (TTM), FY25 Q2: 9.2% FCF margin (TTM), FY25 Q3: 9.0% FCF margin (TTM), FY25 Q4: 8.8% FCF margin (TTM), FY26 Q1: 8.9% FCF margin (TTM), FY26 Q2: 8.0% FCF margin (TTM), FY26 Q3: 8.0% FCF margin (TTM), FY26 Q4: 8.5% FCF margin (TTM), FY27 Q1: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 8.4%
FY24 Q3 8.9%
FY24 Q4 9.0%
FY25 Q1 9.0%
FY25 Q2 9.2%
FY25 Q3 9.0%
FY25 Q4 8.8%
FY26 Q1 8.9%
FY26 Q2 8.0%
FY26 Q3 8.0%
FY26 Q4 8.5%
FY27 Q1 7.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Darden Restaurants took in during FY2026, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $13.2B
  2. Cost of revenue $10.5B · 79.7%
  3. Gross profit $2.7B · 20.3%
  4. Selling, general and admin $514M · 3.9%
  5. Other operating costs $585M · 4.4%
  6. Operating income $1.6B · 12.0%
  7. Income tax $175M · 1.3%
  8. Interest and other $201M · 1.5%
  9. Net income $1.2B · 9.1%

Shares of revenue. Source: Darden Restaurants's 10-K for FY2026, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 May 2011 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026 LTM Aug 2026
Income
Revenue 7.1 7.5 5.3 5.9 6.3 6.8 6.9 7.2 8.1 8.5 7.8 7.2 9.6 10.5 11.4 12.1 13.2 13.4
Gross profit 1.6 1.8 1.2 1.1 1.0 1.2 1.3 1.3 1.5 1.6 1.2 1.4 1.9 2.0 2.3 2.5 2.7 2.7
EBITDA — — — 0.7 0.6 0.7 0.9 1.0 1.1 1.2 0.4 1.0 1.5 1.6 1.8 1.9 2.1 2.1
Operating income — — — 0.4 0.3 0.4 0.6 0.7 0.8 0.8 0.0 0.6 1.2 1.2 1.3 1.4 1.6 1.6
Net income 0.4 0.5 0.5 0.4 0.3 0.7 0.4 0.5 0.6 0.7 −0.1 0.6 1.0 1.0 1.0 1.0 1.2 1.2
Diluted EPS $2.84 $3.39 $3.57 $3.13 $2.15 $5.47 $2.90 $3.80 $4.73 $5.69 −$0.43 $4.77 $7.39 $7.99 $8.51 $8.86 $10.38 $10.24
Growth (year on year)
Revenue −1.4% +5.4% −29.0% +11.1% +6.2% +7.6% +2.5% +3.4% +12.7% +5.3% −8.3% −7.8% +33.8% +8.9% +8.6% +6.0% +9.4% +8.1%
EBITDA — — — — −9.6% +12.0% +32.8% +4.2% +13.6% +8.3% −65.5% +147.5% +53.1% +3.9% +11.6% +5.9% +14.1% +8.7%
Operating income — — — — −22.8% +19.0% +69.3% +8.9% +13.2% +8.6% −94.2% — +79.2% +3.4% +9.4% +3.7% +16.2% +9.1%
Net income +8.7% +17.8% −0.2% −13.4% −30.5% +147.9% −47.1% +27.8% +24.4% +19.7% −107.3% — +51.4% +3.1% +4.7% +2.1% +15.0% +7.5%
Diluted EPS +7.2% +19.4% +5.3% −12.3% −31.3% +154.4% −47.0% +31.0% +24.5% +20.3% −107.6% — +54.9% +8.1% +6.5% +4.1% +17.2% +9.8%
Margins
Gross margin 22.9% 24.0% 23.3% 18.0% 16.6% 17.4% 18.8% 18.5% 18.5% 18.7% 15.0% 19.5% 19.7% 19.0% 20.1% 20.5% 20.3% 20.3%
EBITDA margin — — — 11.5% 9.8% 10.2% 13.2% 13.3% 13.4% 13.7% 5.2% 13.9% 15.9% 15.2% 15.6% 15.6% 16.2% 16.0%
Operating margin — — — 6.8% 4.9% 5.4% 9.0% 9.4% 9.5% 9.8% 0.6% 9.0% 12.1% 11.5% 11.5% 11.3% 12.0% 11.7%
Net margin 5.7% 6.4% 8.9% 7.0% 4.6% 10.5% 5.4% 6.7% 7.4% 8.4% −0.7% 8.7% 9.9% 9.4% 9.0% 8.7% 9.1% 8.8%
Free-cash-flow margin 6.6% 4.6% 1.0% 1.4% 2.2% 8.5% 8.5% 8.7% 7.7% 9.6% 3.3% 13.0% 9.2% 9.4% 9.0% 8.8% 8.5% 7.9%
Cash flow
Cash from operations 0.9 0.9 0.5 0.6 0.6 0.9 0.8 0.9 1.0 1.3 0.7 1.2 1.3 1.6 1.6 1.7 1.9 1.8
Capital spending 0.4 0.5 0.5 0.5 0.4 0.3 0.2 0.3 0.4 0.5 0.5 0.3 0.4 0.6 0.6 0.6 0.7 0.7
Free cash flow 0.5 0.3 0.1 0.1 0.1 0.6 0.6 0.6 0.6 0.8 0.3 0.9 0.9 1.0 1.0 1.1 1.1 1.1
Stock-based pay 0.1 0.1 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.4 0.3 0.0 0.0 0.1 0.5 0.6 0.6 0.6 0.8 0.2 0.9 0.8 0.9 1.0 1.0 1.0 1.0
Balance sheet
Cash 0.2 0.1 0.1 0.1 0.1 0.5 0.3 0.2 0.1 0.5 0.8 1.2 0.4 0.4 0.2 0.2 0.2 0.2
Total debt 1.6 1.6 2.1 2.7 2.7 1.5 0.5 1.0 0.9 0.9 1.2 0.9 0.9 0.9 1.5 2.2 2.3 2.6
Net debt (negative = net cash) 1.4 1.5 2.0 2.6 2.6 0.9 0.2 0.7 0.8 0.5 0.4 −0.3 0.5 0.6 1.3 1.9 2.1 2.4
Diluted shares 142m 140m 133m 132m 133m 130m 129m 126m 126m 125m 123m 132m 129m 123m 121m 118m 116m 116m
Returned to shareholders
Dividends 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.2 0.6 0.6 0.6 0.7 0.7 0.7
Buybacks 0.1 0.4 0.4 0.1 0.0 0.5 0.2 0.2 0.2 0.2 0.3 0.0 1.1 0.5 0.5 0.4 0.7 0.7
Total returned 0.2 0.6 0.6 0.3 0.3 0.8 0.5 0.5 0.5 0.6 0.7 0.2 1.6 1.0 1.1 1.1 1.4 1.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · August 30, 2026
What it owns · $13.2bn
Short-term assets $953mLonger-term assets $12.3bn
What it owes, and who funded it · $13.2bn
Short-term liabilities $3.2bnLonger-term liabilities $8.0bnShareholders' equity $2.1bn
  • Short-term assets cover short-term liabilities $953m of assets due within a year against $3.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $953m short-term assets against $8.0bn of longer-dated liabilities.
  • More cash than debt $220m of cash against $2.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 126% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 40% to 126% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $2.6bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Darden Restaurants's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$710M
Dividends (TTM)
$702M
Returned to shareholders
134%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−2.1%
year over year
Total shareholder yield
5.5%
dividends 2.8% + buybacks 2.8% of market value
Dividend payout ratio
59%
of net income paid out

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated DRI CMG YUMC QSR ARMK YUM Median
Revenue, last 12 months $13.4bn $12.7bn $12.4bn $9.8bn $19.8bn $8.7bn $1.4bn
Revenue growth, last 12 months 8.1% 7.9% 8.8% 5.5% 11.0% 10.3% 4.6%
Revenue growth, 3-year average 7.5% 10.1% 6.3% 12.4% 13.3% 7.7% 5.1%
Revenue growth, latest quarter 5.1% 9.6% 12.6% 3.1% 9.3% 12.2% 4.5%
Gross margin 20.3% — — 65.3% 4.7% 68.1% 68.6%
Operating margin 11.7% 14.1% 11.1% 27.0% 4.4% 31.0% 4.9%
Operating margin, 3-year average 11.6% 15.8% 10.5% 26.4% 4.3% 31.7% 6.9%
Net margin 8.8% 10.8% 7.8% 15.3% 1.9% 25.4% 2.5%
Cash from operations / revenue 13.4% 18.5% 12.7% 19.1% 4.6% 23.9% 11.9%
Free-cash-flow margin 7.9% 11.9% 7.6% 16.2% 2.2% 19.3% 3.4%
Free-cash-flow margin, 3-year average 8.6% 12.2% 6.9% 15.7% 1.9% 19.3% 2.8%
Stock pay / revenue 0.6% 0.9% 0.3% 1.5% 0.3% 0.8% 0.8%
Change in share count −2.1% −4.6% −5.5% 0.4% −0.1% −1.2% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 8.1% 4.7% 12 of 44
Change in growth rate Growth -1.3pp +0.3pp 37 of 44
Gross margin Profitability 20.3% 63.0% 14 of 15
Operating margin Profitability 11.7% 5.2% 10 of 42
Net margin Profitability 8.8% 2.6% 10 of 44
Free-cash-flow margin Cash generation 7.9% 3.6% 16 of 44
Stock pay as % of revenue Cash generation 0.6% 0.8% 13 of 40
Long-term debt as % of assets Balance sheet 12.4% 29.0% 10 of 36
Change in share count Balance sheet -2.1% 0.3% 11 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 31, 2026
Segments
Line of business Revenue Share YoY
Olive Garden $5.6B 42.3% ▲ 7.3%
Long Horn Steakhouse $3.4B 25.9% ▲ 13.1%
All Other Segments $2.8B 21.3% ▲ 11.2%
Fine Dining $1.4B 10.4% ▲ 5.4%

From Darden Restaurants's 10-K filed July 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$23.2B
Institutions reporting
1,080
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
135 / 88

Top buyers and sellers, Q2 2026: 565 institutions bought and 414 sold ; the biggest buyer was Federated Hermes, Inc (+971K shares) and the biggest seller Wellington Management Group LLP (−3.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Capital World Investors $3.1B 15.2M 13.5% ▲ 1.6%
Blackrock, Inc. $2B 9.8M 8.7% ▲ 1.4%
Vanguard Capital Management LLC $1.5B 7.5M 6.6% 0.0%
Vanguard Portfolio Management LLC $1.1B 5.4M 4.8% ▲ 0.4%
State Street Corp $1B 5.0M 4.4% ▲ 2.9%
Wellington Management Group LLP $800M 3.9M 3.4% ▼ 43.3%
Charles Schwab Investment Management Inc $765M 3.7M 3.3% ▲ 10.2%
Raymond James Financial Inc $763M 3.7M 3.3% ▲ 3.8%
Geode Capital Management, LLC $711M 3.5M 3.1% ▲ 0.5%
Bank Of America Corp $652M 3.2M 2.8% ▼ 1.5%
Jpmorgan Chase & Co $413M 2.0M 1.8% ▲ 5.0%
Morgan Stanley $387M 1.9M 1.7% ▲ 5.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Darden Restaurants's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $24.5M 28 trades by 12 insiders · 0% under pre-set plans
Net ▼ $24.5M net selling
Insider Date Trade Shares Price Value
Martin Melvin John Group President October 6, 2026 Sell 2,209 $202.61 $447,565
Wilkerson John W. President, Olive Garden August 5, 2026 Sell 6,364 $208.30 $1.3M
Wilkerson John W. President, Olive Garden August 5, 2026 Sell 2,500 $208.41 $521,035
Williamson Laura B President, LongHorn Steakhouse July 31, 2026 Sell 443 $204.89 $90,768
Williamson Laura B President, LongHorn Steakhouse July 31, 2026 Sell 1,110 $204.32 $226,792
King Sarah H. SVP, Chief People Officer July 29, 2026 Sell 2,873 $210.83 $605,717
King Sarah H. SVP, Chief People Officer July 29, 2026 Sell 1,500 $209.63 $314,448
Connelly Susan M. SVP, Chief Comm & PA Officer July 29, 2026 Sell 2,226 $208.17 $463,389
Vennam Rajesh SVP, CFO July 29, 2026 Sell 8,478 $210.00 $1.8M
Cardenas Ricardo President and CEO July 28, 2026 Sell 15,290 $209.00 $3.2M
Cardenas Ricardo President and CEO July 28, 2026 Sell 12,802 $208.79 $2.7M
Cardenas Ricardo President and CEO July 28, 2026 Sell 7,241 $209.41 $1.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 1 sale of Darden Restaurants shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $15,001 - $50,000, traded April 9, 2026, filed May 19, 2026
  • Rick Larsen(D-WA 2):Purchase, $1,001 - $15,000, traded January 7, 2026, filed January 14, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 17, 2026 estimated from the company's past filing pattern, not announced

  • September 24, 2026
  • June 25, 2026
  • March 19, 2026
  • December 18, 2025
  • September 18, 2025
  • June 20, 2025

Recent SEC filings

Data status

When each part of this page on Darden Restaurants was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Darden Restaurants in brief

What does Darden Restaurants do?
Darden Restaurants is a US-listed company in the restaurants industry. Its financial year ends in May.
What is Darden Restaurants's stock ticker?
Darden Restaurants trades under the ticker DRI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Darden Restaurants's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Darden Restaurants reported revenue of $13.4B, 8.1% higher than a year earlier, according to its SEC filings.
What is Darden Restaurants's free cash flow?
Darden Restaurants's free-cash-flow margin is 7.9% of revenue over the trailing twelve months, ranking 16 of the 44 restaurants companies we cover.
What is Darden Restaurants's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Darden Restaurants's free cash flow after stock-based pay gives ~$190 per share in the base case, and ~$140–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Darden Restaurants's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Capital World Investors, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Darden Restaurants buying back stock, and does it pay a dividend?
Darden Restaurants spent $710M on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Darden Restaurants's market cap?
On November 2, 2026, Darden Restaurants's market capitalisation was about $25.7B, with a price-to-earnings ratio of 21.8 and net debt of $2.4B. Market figures come from third-party market data and may be delayed.
Does Darden Restaurants pay a dividend?
Yes: Darden Restaurants paid $702M in dividends over the trailing twelve months, a dividend yield of 2.76% and a payout ratio of 59.4%.
How much debt does Darden Restaurants have?
Darden Restaurants's debt-to-equity ratio is 126.5%, from its latest balance sheet (40.1% five years earlier). The financial health section below sets out its other solvency checks.
Who are Darden Restaurants's competitors?
In our Restaurants peer group, the companies closest to Darden Restaurants are Chipotle Mexican Grill, Yum China Holdings, Inc., Restaurant Brands International Inc., Aramark and Yum! Brands. The side-by-side comparison below sets their revenue, margins and growth against Darden Restaurants's.
Are insiders buying or selling Darden Restaurants stock?
Over the last 12 months, Darden Restaurants's directors and officers reported 0 open-market purchases and 28 sales on Form 4. The insider trading page charts every trade.
When is Darden Restaurants's next earnings date?
Around December 18, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Darden Restaurants announces its own schedule.