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Darden Restaurants (DRI) investor relations material
Darden Restaurants Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary18 Dec, 2025
Executive summary
Total sales reached $3.1 billion in Q2 FY26, up 7.3% year-over-year, with all segments posting positive same-restaurant sales and record or near-record guest satisfaction scores.
Adjusted diluted EPS from continuing operations was $2.08, up 2.5% year-over-year, and adjusted EBITDA reached $466 million.
Opened 30 net new restaurants, outpacing planned development and contributing to growth.
Returned $396 million to shareholders through dividends and share repurchases.
Leveraged scale to price below inflation, supporting value for guests despite commodity headwinds.
Financial highlights
Q2 consolidated sales: $3,102.1 million, up from $2,890.0 million year-over-year, driven by 4.3% same-restaurant sales growth and the Chuy's acquisition.
Adjusted EBITDA was $466 million; adjusted earnings from continuing operations were $243 million, representing 7.8% of sales.
Restaurant-level EBITDA margin was 18.7%.
Operating income for Q2 was $320.4 million, up from $292.1 million year-over-year.
Returned $174 million in dividends and repurchased $222 million in shares.
Outlook and guidance
Fiscal 2026 guidance: total sales growth of 8.5%-9.3%, same-restaurant sales growth of 3.5%-4.3%, 65-70 new restaurant openings, and capital spending of $750-$775 million.
Adjusted diluted EPS expected between $10.50-$10.70, including $0.20 from a 53rd week.
Effective tax rate expected at 13%.
EPS growth expected to improve sequentially in Q3 and Q4 as pricing catches up to inflation.
Pricing expected to be closer to mid-3% in the back half, with inflation moderating.
Why did segment profit decline for major brands?
What led to the Bahama Breeze unit reduction?
Detail the Olive Garden Canada sale gain impact.
What drives confidence in Q4 beef price relief?
Olive Garden lighter portions marketing strategy?
Explain Darden's labor margin deleverage
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Next Darden Restaurants earnings date
Q3 202619 Mar, 2026
Next Darden Restaurants earnings date
Q3 202619 Mar, 2026
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Frequently asked questions
Unlimited Breadsticks and Full-Service Restaurants
Darden Restaurants is an American multi-brand restaurant operator. It owns and operates several popular chain restaurants concentrated in the US, Canada, and other countries across the Americas. Darden owns over 1,800, and several of their restaurant brands operate on a franchise model, with Olive Garden being the most notable example and holding. The company is headquartered in Orlando, Florida, and its shares are listed on the NYSE.
The Green Frog and General Mills
While the Darden of today is a diversified multinational corporation, its roots can be traced back to a small establishment called The Green Frog in Waycross, Georgia. Bill Darden opened the restaurant when he was just 19, and his little diner quickly became very popular. One of the most notable things about this is the fact that he welcomed everyone to his restaurant, something that was far from being the norm in the segregated Deep South at the time. Bill Darden founded Red Lobster in 1968 with the first locations seeing great early success, he eventually sold the chain to General Mills. However, he got a role within the company, and under his supervision and with the resources of General Mills, the company grew rapidly.
General Mills eventually decided to divest its restaurant operations, and in 1995 what we today know as Darden Restaurants saw the light of day. Following the divestiture, the company acquired and opened a number of new franchises, and today it owns several different chains.
The Restaurants
The company’s largest and most recognizable holding is Olive Garden, a full-service restaurant focusing on American-Italian food. Roughly 50% of the company’s revenue is generated by the chain, but it's far from being the only restaurant that Darden owns and operates. Other holdings include Ruth’s Chris Steakhouse, LongHorn Steakhouse, Seasons 52, Eddie V’s, and several others.
Franchising
Unlike companies such as McDonald’s and Starbucks, which operate more or less exclusively on a franchising model, Darden has traditionally owned and operated its locations itself, but in recent years the company has started offering select franchising opportunities for prospective franchisees.
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