DRIDarden Restaurants
- Headquarters
- Orlando, FL
- CEO
- Ricardo Cardenas
- Next results
- around Dec 17, 2026
5 paragraphs in Risk Factors of the 10-K filed Jul 24, 2026 with nothing like them in the 10-K filed Jul 18, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.
In addition, our ability to offset the effects of inflation through pricing actions may be constrained by competitive dynamics and consumer demand sensitivity, and if menu pricing does not sufficiently offset rising costs or adversely affects guest traffic, our operating margins and results of operation could be adversely affected.
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may also increase at any time, thereby further increasing our costs. In addition, if property and liability insurance becomes less available or more difficult to obtain, we may incur higher premium costs and face increased exposure to uninsured losses.
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efforts to ensure that our providers are observing proper standards and controls, we cannot guarantee that breaches or failures caused by these outsourced providers will not occur.
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The restaurant industry is subject to extensive federal, state, local, and international laws and regulations. The development and operation of restaurants depends on the selection and acquisition of suitable sites to a significant extent, which are subject to
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Consumers are continually changing health and dietary preferences. As a result, our diverse portfolio of restaurant brands is continually challenged to evolve our menu offerings to appeal to these changing customer preferences, while maintaining our
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New in the latest 10-Q
16 paragraphs in the 10-Q filed Oct 2, 2026 with nothing like them in the 10-Q filed Mar 27, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
10-Q
Number of shares of common stock outstanding as of September 21, 2026: 113,143,224.
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Financial statements and notes
2026 2025 Sales $ 3,200.3 $ 3,044.7 Costs and expenses: Food and beverage 984.9 929.1 Restaurant labor 1,028.9 988.0 Restaurant expenses 530.5 504.2 Marketing expenses 53.1 49.1 Pre-opening costs 8.5 5.9 General and administrative expenses 134.8 136.1 Depreciation and amortization 144.2 135.1 Impairments and (gain) loss on disposal of assets, net (3.9) (42.0) Total operating costs and expenses $ 2,881.0 $ 2,705.5 Operating income 319.3 339.2 Interest, net 50.3 45.4 Earnings before income taxes 269.0 293.8 Income tax expense 34.7 35.9 Earnings from continuing operations $ 234.3 $ 257.9 Losses from discontinued operations, net of tax benefit of $0.3 and $0.4, respectively (0.9) (0.1) Net earnings $ 233.4 $ 257.8 Basic net earnings per share: Earnings from continuing operations $ 2.06 $ 2.21 Losses from discontinued operations (0.01) — Net earnings $ 2.05 $ 2.21 Diluted net earnings per share: Earnings from continuing operations $ 2.05 $ 2.19 Losses from discontinued operations (0.01) — Net earnings $ 2.04 $ 2.19 Average number of common shares outstanding: Basic 113.6 116.7 Diluted 114.4 117.6
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2026 2025 Net earnings $ 233.4 $ 257.8 Foreign currency adjustment — (4.6) Change in fair value of derivatives and amortization of unrecognized gains (losses) on derivatives, net of taxes of $(0.1) and $0.0, respectively 0.7 (1.3) Net unamortized gain (loss) arising during the period, including amortization of unrecognized net actuarial gain (loss), net of taxes of $0.0 and $0.0, respectively, related to pension and other post-employment benefits 0.1 0.1 Other comprehensive income (loss) $ 0.8 $ (5.8) Total comprehensive income $ 234.2 $ 252.0
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We have reclassified certain amounts in prior-period financial statements to conform to the current period’s presentation. Specifically, during fiscal 2027, we reclassified $ 412 million from Other current liabilities to Accrued payroll and employee benefits on our May 31, 2026 consolidated balance sheet to enhance transparency and disaggregation. This reclassification had no effect on total current liabilities, total liabilities, shareholders equity, net income, earnings per share, or cash flows.
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As of August 30, 2026, the components of accumulated other comprehensive income (loss) (“AOCI”), net of tax, are foreign currency translation adjustment ($ 0.1 million gain), unrealized gains (losses) on derivatives ($ 23.4 million gain), and benefit plan funding position ($ 3.1 million loss). As of August 24, 2025, the components of accumulated other comprehensive income (loss), net of tax, were unrealized gains (losses) on derivatives ($ 29.1 million gain), and benefit plan funding position ($ 3.1 million loss). Amounts reclassified from AOCI into net earnings in the three months ended August 30, 2026 and August 24, 2025 did not, individually or in the aggregate, have a material impact on the components of AOCI, net earnings, or individual line items in our consolidated statements of earnings.
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On August 18, 2026, we settled our interest rate swap agreement previously designated as a fair
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value hedge for $ 38.6 million. The related cost basis adjustment balance will be amortized to interest expense over the remaining life of the associated senior notes.
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Fair Values (in millions) Notional Values Assets (Liabilities) (1) August 30, 2026 August 30, 2026 May 31, 2026 Equity forwards Designated (0.2 million shares) $ 41.1 (2.1) $ 1.1 Not designated (0.3 million shares) 52.8 (3.0) 3.1 Total equity forwards $ (5.1) $ 4.2 Commodity contracts (Designated) $ 10.7 $ 0.7 $ — Interest rate related (Designated) — — (36.0) Total derivative contracts $ (4.4) $ (31.8)
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The fair value of any derivative instruments, individually and in the aggregate, including equity forward, commodity, or interest rate contracts, did not have a material impact on our consolidated balance sheets. Designated and undesignated equity forwards extend through July 2030, and commodity contracts extend through May 2027.
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For derivative instruments designated as cash flow hedges, the amounts of gains and losses recognized in AOCI and the amounts of gains and losses reclassified from AOCI into earnings for the three months ended August 30, 2026 and August 24, 2025 were not material, individually or in the aggregate, to AOCI, earnings, or the consolidated statements of earnings line items in which such amounts were recorded, including general and administrative expenses, food and beverage costs, restaurant expenses, interest, net and impairments and (gain) loss on disposal of assets, net. For derivative instruments designated as fair value hedges, the amounts of gains and losses recognized in earnings on the derivative instruments and the related hedged items for the three months ended August 30, 2026 and August 24, 2025 were not material, individually or in the aggregate, to earnings or the consolidated statements of earnings line items in which such amounts were recorded, including interest, net or the carrying amounts of the hedged assets and liabilities presented in our consolidated balance sheets. For derivative instruments not designated as hedging instruments, the amounts of gains and losses recognized in earnings for the three months ended August 30, 2026 and August 24, 2025 were not material, individually or in the aggregate, to earnings or to consolidated statements of earnings line items in which such amounts are recorded, including food and beverage costs, restaurant expenses, and general and administrative expenses.
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Fair value is the price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under market conditions. Fair value measurements are categorized in three levels based on the types of significant inputs used, as follows: Level 1 Quoted prices in active markets for identical assets or liabilities Level 2 Observable inputs other than quoted prices in active markets for identical assets or liabilities Level 3 Unobservable inputs that cannot be corroborated by observable market data
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We review the carrying amounts of non-financial assets of goodwill and trademarks annually or when events or circumstances indicate that the fair value may not exceed the carrying amount. We review the carrying amounts of our other non-financial assets, primarily land, building, equipment, finance lease assets, operating lease assets, definite-lived intangible assets and transferable liquor licenses when events or circumstances indicate that the carrying amount may not be recoverable. We record an impairment charge for the excess of the carrying amount over the fair value. The fair values of land, buildings, equipment, finance lease assets, operating lease assets, and definite-lived intangible assets are determined utilizing Level 3 inputs, including appraisals, sales prices of comparable assets, and estimates of discounted future cash flows. The fair values of transferable liquor licenses are determined utilizing Level 2 inputs, including prices in the open market for licenses in the same or similar jurisdictions.
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(2) Note: Because fiscal year 2026 contained 53 weeks and fiscal year 2027 contains 52 weeks, the fiscal year 2027 period from June 1, 2026 through August 30, 2026 does not align by calendar week with the corresponding fiscal year 2026 period from May 26, 2025 through August 24, 2025. Accordingly, in addition to the fiscal-period results, we are presenting supplemental results for a fiscal year 2026 comparison period of June 2, 2025 through August 31, 2025, which aligns with the same calendar weeks as the fiscal year 2027 period. This supplemental presentation shifts the fiscal year 2026 comparison period forward by one week and is intended to assist in comparing performance across periods with aligned calendar weeks. Comparable Calendar Consolidated Darden SRS are 3.2 percent.
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Three Months Ended August 30, 2026 August 24, 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────── Sales 100.0% 100.0% Costs and expenses: Food and beverage 30.8 30.5 Restaurant labor 32.2 32.4 Restaurant expenses 16.6 16.6 Marketing expenses 1.7 1.6 Pre-opening costs 0.3 0.2 General and administrative expenses 4.2 4.5 Depreciation and amortization 4.5 4.4 Impairments and (gain) loss on disposal of assets, net (0.1) (1.4) Total operating costs and expenses 90.0% 88.9% Operating income 10.0 11.1 Interest, net 1.6 1.5 Earnings before income taxes 8.4 9.6 Income tax expense 1.1 1.2 Earnings from continuing operations 7.3% 8.5%
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• Pre-opening costs increased primarily due to an increase in new restaurant openings.
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The $500.0 million of unsecured 3.850 percent senior notes due in May 2027 are classified as current on the August 30, 2026 balance sheet. We expect to satisfy this maturity through available liquidity, which may include cash on hand, operating cash flows, borrowings under our existing credit facility, commercial paper issuances, or refinancing transactions, depending on market conditions and other factors.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 2, 2026 against Item 1A of the 10-K filed Jul 24, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
What the 10-Q itself says about its risk factors:
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There have been no material changes to the risk factors contained in Item 1A of our Annual Report on Form 10-K for the year ended May 31, 2026.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
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Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
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