DOMINOS PIZZA INC (DPZ)

Domino's is the largest pizza company in the world, with more than 22,100 stores in over 90 markets as of December 28, 2025. It has sold food since 1960, became "Domino's Pizza" in 1965 and opened its first franchised store in 1967. The company is primarily a franchisor, with about 99% of global stores owned and operated by independent franchisees. It earns revenue from royalties and fees paid by franchisees, from selling food and other products to franchisees through its supply chain operations, primarily in the U.S. and Canada, and from operating Company-owned stores in the U.S. Its "Hungry for MORE" strategy focuses on the most delicious food, operational excellence, renowned value and best-in-class franchisees.

The company reports three segments. The U.S. stores segment generated $1.61 billion, or 32.6%, of 2025 consolidated revenues and consists of 6,924 franchised stores run by 754 franchisees plus 262 Company-owned stores. Company-owned stores serve as test sites for technology, promotions and operations, and as training grounds for managers and prospective franchisees. U.S. franchisees generally pay a 5.5% royalty plus technology fees and contribute about 6.0% of sales to national advertising. The international franchise segment generated $338.7 million, or 6.9%, of revenues from 14,956 franchised stores in over 90 markets, mostly under master franchise agreements with royalties averaging about 3.0% in 2025. The supply chain segment sells food and other products to franchisees. The menu centers on pizza in various sizes and crust types, with sides such as bread products, wings, boneless chicken, pastas, oven-baked sandwiches, soft drinks and desserts, and with international offerings that vary by market.

Domino's serves consumers through both delivery and carryout, and its stores are mostly in a carryout-friendly "Pizza Theater" design without full-service dining. Customers can also order through Uber and DoorDash marketplaces under multinational agreements. No customer accounted for more than 10% of consolidated revenues in 2025, 2024 or 2023. The largest franchisee, Domino's Pizza Enterprises (ASX: DMP), operated 3,524 stores in 12 markets and generated 1.4% of 2025 revenues. The ten largest international markets, led by India, the United Kingdom, China, Mexico, Japan, Turkey, Australia, Canada, South Korea and France, hold about 66% of international stores, and many are run by publicly traded master franchisees. In the U.S., Domino's holds about 23.3% of the QSR pizza category, with 32.9% of delivery and 19.6% of carryout.

The company's hand-tossed dough is made fresh and distributed to stores by Domino's and its franchisees. Its asset-light model requires limited capital investment from the company. In the U.S., it competes with Pizza Hut, Papa John's, Little Caesars and regional, independent and local pizzerias, and internationally mainly with Pizza Hut, Papa John's and local pizzerias. It also competes with other restaurants and delivery aggregators, and for employees, franchisees and real estate sites. The text does not state the headquarters location.