Darden Restaurants Reports Fiscal 2027 First Quarter Results;
-- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the first quarter ended August 30, 2026.
• Blended same-restaurant sales 1 for the quarter increased 3.1% on a fiscal calendar basis and increased 3.2% on a comparable calendar basis.
Fiscal Calendar Comparable Calendar Consolidated Darden1 3.1% 3.2% Olive Garden 1.1% 1.0% LongHorn Steakhouse 6.2% 6.8% Fine Dining 1.6% 1.0% Other Business1 3.8% 4.5%
Note: Due to the transition from a 53-week to a 52-week fiscal year, year-over- year fiscal period comparisons are offset by one week. Fiscal calendar is June 1, 2026 - August 30, 2026 vs. May 26, 2025 - August 24, 2025. Using comparable calendar periods helps account for the one-week shift and is intended to provide a clearer year-over-year comparison. Comparable calendar is June 1, 2026 - August 30, 2026 vs. June 2, 2025 - August 31, 2025.
• Reported diluted net earnings per share from continuing operations were $2.05, an increase of 4.1% from last year's adjusted diluted net earnings per share from continuing operations 2
“The first quarter was a solid start to our fiscal year with each of our segments delivering positive same-restaurant sales,” said Darden President & CEO Rick Cardenas. “The performance across our portfolio reinforces the importance of having distinctive brands, each with a clear strategy, supported by Darden’s scale and other competitive advantages. Looking ahead, our focus remains the same: operate our restaurants at a high level, strengthen guest loyalty, invest in our people and brands, and deploy capital in ways that support long-term shareholder value.”
Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non- cash real estate related expenses.
1Quarter same-restaurant sales is a 13-week metric and excludes the impact of Bahama Breeze as all locations are expected to be closed or converted to other brands by Q4 fiscal 2027. 2See the "Non-GAAP Information" below for more details. 3Inclusive of 1% excise tax incurred on net repurchases, resulting from the Inflation Reduction Act of 2022.
Darden’s Board of Directors declared a quarterly cash dividend of $1.62 per share on the Company’s outstanding common stock. The dividend is payable on November 2, 2026 to shareholders of record at the close of business on October 9, 2026.
During the quarter, the Company repurchased approximately 1.1 million shares of its common stock for a total of $222.3 million 3 . As of the end of the fiscal first quarter, the Company had $1.3 billion remaining under the current $1.5 billion repurchase authorization.
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.
to review its recent financial performance, which will be available via a live webcast through the Company’s Investor Relations website at
. Please allow extra time prior to the call to visit the site and download any software required to listen to the webcast. Supplemental materials will be available on the Investor Relations website prior to the start of the conference call. For those who are unable to listen to the live broadcast, a replay will be available shortly after the call.
Darden is a full-service restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, The Capital Grille, Chuy’s, Seasons 52, and Eddie V’s. For more information, please visit
Forward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “may,” “will,” “expect,” “intend,” "focus," “anticipate,” “continue,” “could,” “estimate,” “project,” “believe,” “plan,” “outlook,” "seek," or similar expressions. Any forward-looking statements speak only as of the date on which such statements are first made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden’s Form 10-K, Form 10-Q, and Form 8-K reports. These risks and uncertainties include: a failure to address cost pressures and a failure to effectively deliver cost management activities and achieve some economies of scale in purchasing, certain economic and business factors, and their impacts on the restaurant industry, and other general macroeconomic factors including unemployment, energy prices, tariffs and interest rates, the inability to hire, train, reward, and retain restaurant team members and determine and maintain adequate staffing, a failure to recruit, develop, and retain effective leaders or the loss or shortage of personnel with key capacities and skills that could impact our strategic direction, increased labor and insurance costs, health concerns arising from food-related pandemics, outbreaks of flu, viruses, or other diseases, food safety and food-borne illness concerns, insufficient guest or employee facing technology or a failure to maintain a continuous and secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to recognize, respond to, and effectively manage the accelerated impact of social media, a failure to identify and execute innovative marketing and guest relationship tactics, ineffective or improper use of other marketing initiatives, and increased advertising and marketing costs, climate change, adverse weather conditions, and natural disasters, long-term and non-cancelable property leases, inability or failure to execute a business continuity plan following a major natural disaster, shortages, delays, or interruptions in the delivery of food and 2 other products and services from our third-party vendors and suppliers, failure to drive profitable sales growth, a lack of availability of suitable locations for new restaurants or a decline in the quality of locations of our current restaurants, higher-than-anticipated costs associated with the opening of new restaurants or with the closing, relocating, or remodeling of existing restaurants, risks associated with doing business with franchisees, licensees, and vendors in foreign markets, volatility in the market value of derivatives, volatility in the U.S. equity markets affecting our ability to efficiently hedge exposures, failure to protect our intellectual property, our reporting on environmental, social, and governance matters or our sustainability ratings, litigation, unfavorable publicity or failure to respond effectively to adverse publicity, disruptions in the financial and credit markets, impairment of the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, failure of our internal controls over financial reporting and future changes in accounting standards, and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.
The information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles (“GAAP”), such as adjusted diluted net earnings per share from continuing operations. The Company’s management uses these non-GAAP measures in its analysis of the Company’s performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company’s businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release.
4Costs related to the closure of 22 underperforming restaurants that were permanently closed during the fourth quarter of fiscal 2025
8/30/26 8/24/25 Olive Garden 953 933 LongHorn Steakhouse 624 595 Cheddar’s Scratch Kitchen 187 182 Chuy’s 112 108 Yard House 95 89 Ruth’s Chris Steak House 83 82 The Capital Grille 75 73 Seasons 52 44 43 Eddie V’s 32 29 Bahama Breeze 10 28 The Capital Burger 3 3 Darden Continuing Operations 2,218 2,165
Three Months Ended 8/30/2026 8/24/2025 ────────────────────────────────────────────────────────────────────────────── 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 134.8 136.1 administrative expenses Depreciation and 144.2 135.1 amortization Impairments and (gain) loss on disposal -3.9 -42.0 of assets, net Total operating costs $ 2,881.0 $ 2,705.5 and expenses Operating income 319.3 339.2 Interest, net 50.3 45.4 Earnings before income 269.0 293.8 taxes Income tax expense 34.7 35.9 Earnings from $ 234.3 $ 257.9 continuing operations Losses from discontinued operations, net -0.9 -0.1 of tax benefit of $0.3 and $0.4, respectively Net earnings $ 233.4 $ 257.8 Basic net earnings per share: Earnings from $ 2.06 $ 2.21 continuing operations Losses from -0.01 — discontinued operations Net earnings $ 2.05 $ 2.21 Diluted net earnings per share: Earnings from $ 2.05 $ 2.19 continuing operations Losses from -0.01 — discontinued operations Net earnings $ 2.04 $ 2.19 Average number of common shares outstanding: Basic 113.6 116.7 Diluted 114.4 117.6
ASSETS 8/30/2026 Current assets: (Unaudited) 5/31/2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 220.5 $ 219.5 equivalents Receivables, 118.0 129.9 net Inventories 321.0 326.3 Prepaid income 146.3 139.8 taxes Prepaid expenses and 147.3 127.4 other current assets Total current $ 953.1 $ 942.9 assets Land, buildings and equipment, 5,122.2 5,048.6 net Operating lease right-of-use 3,713.8 3,433.1 assets Goodwill 1,658.2 1,658.2 Trademarks 1,346.4 1,346.4 Other assets 432.9 433.2 Total assets $ 13,226.6 $ 12,862.4 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts $ 470.0 $ 427.7 payable Short-term debt and current 979.7 693.6 portion of long-term debt Accrued payroll and employee 596.6 648.1 benefits Accrued taxes 95.9 87.0 Unearned 571.5 606.0 revenues Other current 485.3 543.0 liabilities Total current $ 3,199.0 $ 3,005.4 liabilities Long-term debt 1,636.1 1,637.7 Deferred income 367.6 343.6 taxes Operating lease liabilities - 4,009.7 3,722.3 non-current Other 1,945.8 1,945.9 liabilities Total $ 11,158.2 $ 10,654.9 liabilities Stockholders’ equity: Common stock $ 2,307.5 $ 2,296.3 and surplus Retained earnings -259.5 -108.4 (deficit) Accumulated other 20.4 19.6 comprehensive income Total stockholders’ $ 2,068.4 $ 2,207.5 equity Total liabilities and $ 13,226.6 $ 12,862.4 stockholders’ equity
Cash flows—operating Three Months Ended activities 8/30/2026 8/24/2025 ────────────────────────────────────────────────────────────────────────────── Net earnings $ 233.4 $ 257.8 Losses from discontinued operations, net 0.9 0.1 of tax Adjustments to reconcile net earnings from continuing operations to cash flows: Depreciation and 144.2 135.1 amortization Impairments and (gain) loss on disposal -3.9 -42.0 of assets, net Stock-based compensation 26.6 25.0 expense Change in current assets and liabilities -122.2 -33.5 and other, net Net cash provided by operating $ 279.0 $ 342.5 activities of continuing operations Cash flows—investing activities Purchases of land, buildings and -175.3 -174.1 equipment Proceeds from disposal of land, 8.8 20.3 buildings and equipment Purchases of capitalized software and -4.8 -5.5 changes in other assets, net Net cash used in investing activities of $ -171.3 $ -159.3 continuing operations Cash flows—financing activities Net proceeds from issuance of common 20.0 8.8 stock Dividends paid -184.2 -175.1 Repurchases of common stock, inclusive -220.8 -182.7 of excise taxes paid Proceeds from (repayments of) short-term 285.9 142.0 debt, net Principal payments on finance leases, -5.3 -5.2 net Net cash used in financing activities of $ -104.4 $ -212.2 continuing operations Cash flows—discontinued operations Net cash used in operating activities of -2.3 — discontinued operations Net cash used in $ -2.3 $ — discontinued operations Increase (decrease) in cash, cash 1.0 -29.0 equivalents, and restricted cash Cash, cash equivalents, and restricted 227.6 254.5 cash - beginning of period Cash, cash equivalents, and restricted $ 228.6 $ 225.5 cash - end of period
Reconciliation of cash, cash equivalents, and restricted cash: 8/30/2026 8/24/2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 220.5 $ 211.0 Restricted cash included in prepaid 8.1 14.5 expenses and other current assets Total cash, cash equivalents, and restricted cash shown in the $ 228.6 $ 225.5 statement of cash flows
Full text with the tables
Exhibit 99.1
Darden Restaurants Reports Fiscal 2027 First Quarter Results;
Declares Quarterly Dividend;
and Reaffirms Fiscal 2027 Outlook
ORLANDO, Fla., September 24, 2026 /PRNewswire/
-- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for
the first quarter ended August 30, 2026.
First Quarter 2027 Financial Highlights
• Total sales increased 5.1% to $3.2 billion.
• Blended same-restaurant sales 1 for the quarter increased 3.1% on a fiscal
calendar basis and increased 3.2% on a comparable calendar basis.
Fiscal Calendar Comparable Calendar
Consolidated Darden1 3.1% 3.2%
Olive Garden 1.1% 1.0%
LongHorn Steakhouse 6.2% 6.8%
Fine Dining 1.6% 1.0%
Other Business1 3.8% 4.5%
Note: Due to the transition from a 53-week to a 52-week fiscal year, year-over-
year fiscal period comparisons are offset by one week. Fiscal calendar is June
1, 2026 - August 30, 2026 vs. May 26, 2025 - August 24, 2025. Using comparable
calendar periods helps account for the one-week shift and is intended to provide
a clearer year-over-year comparison. Comparable calendar is June 1, 2026 -
August 30, 2026 vs. June 2, 2025 - August 31, 2025.
• Reported diluted net earnings per share from continuing operations were $2.05,
an increase of 4.1% from last year's adjusted diluted net earnings per share
from continuing operations 2
• The Company repurchased $222.3 million 3 of its outstanding common stock
“The first quarter was a solid start to our fiscal year with each of our
segments delivering positive same-restaurant sales,” said Darden President & CEO
Rick Cardenas. “The performance across our portfolio reinforces the importance
of having distinctive brands, each with a clear strategy, supported by Darden’s
scale and other competitive advantages. Looking ahead, our focus remains the
same: operate our restaurants at a high level, strengthen guest loyalty, invest
in our people and brands, and deploy capital in ways that support long-term
shareholder value.”
Segment Performance
Segment profit represents sales, less costs for food and beverage, restaurant
labor, restaurant expenses and marketing expenses. Segment profit excludes non-
cash real estate related expenses.
Q1 Sales Q1 Segment Profit
($ in millions) 2027 2026 2027 2026
Consolidated Darden $3,200.3 $3,044.7
Olive Garden $1,329.8 $1,301.1 $270.8 $267.6
LongHorn Steakhouse $860.9 $776.4 $154.6 $134.9
Fine Dining $304.2 $286.5 $39.6 $38.7
Other Business $705.4 $680.7 $111.5 $109.3
1Quarter same-restaurant sales is a 13-week metric
and excludes the impact of Bahama Breeze as all
locations are expected to be closed or converted
to other brands by Q4 fiscal 2027.
2See the "Non-GAAP Information" below for more
details.
3Inclusive of 1% excise tax incurred on net
repurchases, resulting from the Inflation
Reduction Act of 2022.
1
Dividend Declared
Darden’s Board of Directors declared a quarterly cash dividend of $1.62 per
share on the Company’s outstanding common stock. The dividend is payable on
November 2, 2026 to shareholders of record at the close of business on October
9, 2026.
Share Repurchase Program
During the quarter, the Company repurchased approximately 1.1 million shares of
its common stock for a total of $222.3 million 3 . As of the end of the fiscal
first quarter, the Company had $1.3 billion remaining under the current $1.5
billion repurchase authorization.
Fiscal 2027 Financial Outlook
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.
Investor Conference Call
The Company will host a conference call today,
Thursday, September 24, 2026 at 8:30 am ET
to review its recent financial performance, which will be available via a live
webcast through the Company’s Investor Relations website at
investor.darden.com
. Please allow extra time prior to the call to visit the site and download any
software required to listen to the webcast. Supplemental materials will be
available on the Investor Relations website prior to the start of the conference
call. For those who are unable to listen to the live broadcast, a replay will be
available shortly after the call.
About Darden
Darden is a full-service restaurant company featuring a portfolio of
differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard
House, Ruth’s Chris Steak House, Cheddar’s Scratch Kitchen, The Capital Grille,
Chuy’s, Seasons 52, and Eddie V’s. For more information, please visit
www.darden.com
.
Information About Forward-Looking Statements
Forward-looking statements in this communication regarding our expected earnings
performance and all other statements that are not historical facts, including
without limitation statements concerning our future economic performance, are
made under the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are generally identified by
the use of forward-looking terminology, including the terms “may,” “will,”
“expect,” “intend,” "focus," “anticipate,” “continue,” “could,” “estimate,”
“project,” “believe,” “plan,” “outlook,” "seek," or similar expressions. Any
forward-looking statements speak only as of the date on which such statements
are first made, and we undertake no obligation to update such statements to
reflect events or circumstances arising after such date. We wish to caution
investors not to place undue reliance on any such forward-looking statements. By
their nature, forward-looking statements involve risks and uncertainties that
could cause actual results to materially differ from those anticipated in the
statements. The most significant of these uncertainties are described in
Darden’s Form 10-K, Form 10-Q, and Form 8-K reports. These risks and
uncertainties include: a failure to address cost pressures and a failure to
effectively deliver cost management activities and achieve some economies of
scale in purchasing, certain economic and business factors, and their impacts on
the restaurant industry, and other general macroeconomic factors including
unemployment, energy prices, tariffs and interest rates, the inability to hire,
train, reward, and retain restaurant team members and determine and maintain
adequate staffing, a failure to recruit, develop, and retain effective leaders
or the loss or shortage of personnel with key capacities and skills that could
impact our strategic direction, increased labor and insurance costs, health
concerns arising from food-related pandemics, outbreaks of flu, viruses, or
other diseases, food safety and food-borne illness concerns, insufficient guest
or employee facing technology or a failure to maintain a continuous and secure
cyber network, compliance with privacy and data protection laws and risks of
failures or breaches of our data protection systems, risks relating to public
policy changes and federal, state and local regulation of our business, intense
competition, changing consumer preferences, an inability or failure to
recognize, respond to, and effectively manage the accelerated impact of social
media, a failure to identify and execute innovative marketing and guest
relationship tactics, ineffective or improper use of other marketing
initiatives, and increased advertising and marketing costs, climate change,
adverse weather conditions, and natural disasters, long-term and non-cancelable
property leases, inability or failure to execute a business continuity plan
following a major natural disaster, shortages, delays, or interruptions in the
delivery of food and
2
other products and services from our third-party vendors and suppliers, failure
to drive profitable sales growth, a lack of availability of suitable locations
for new restaurants or a decline in the quality of locations of our current
restaurants, higher-than-anticipated costs associated with the opening of new
restaurants or with the closing, relocating, or remodeling of existing
restaurants, risks associated with doing business with franchisees, licensees,
and vendors in foreign markets, volatility in the market value of derivatives,
volatility in the U.S. equity markets affecting our ability to efficiently hedge
exposures, failure to protect our intellectual property, our reporting on
environmental, social, and governance matters or our sustainability ratings,
litigation, unfavorable publicity or failure to respond effectively to adverse
publicity, disruptions in the financial and credit markets, impairment of the
carrying value of our goodwill or other intangible assets, changes in tax laws
or unanticipated tax liabilities, failure of our internal controls over
financial reporting and future changes in accounting standards, and other
factors and uncertainties discussed from time to time in reports filed by Darden
with the Securities and Exchange Commission.
Non-GAAP Information
The information in this press release includes financial information determined
by methods other than in accordance with U.S. generally accepted accounting
principles (“GAAP”), such as adjusted diluted net earnings per share from
continuing operations. The Company’s management uses these non-GAAP measures in
its analysis of the Company’s performance. The Company believes that the
presentation of certain non-GAAP measures provides useful supplemental
information that is essential to a proper understanding of the operating results
of the Company’s businesses. These non-GAAP disclosures should not be viewed as
a substitute for operating results determined in accordance with GAAP, nor are
they necessarily comparable to non-GAAP performance measures that may be
presented by other companies. Reconciliations of these non-GAAP measures are
included in this release.
(Analysts) Courtney Aquilla, (407) 245-5054; (Media) Rich Jeffers, (407)
245-4189
…
… … D…
… … E… N…
… … … B… I… E…
… … … … … I… T… N… P…
… … … … … T… E… E… S…
──────────────────────────────────────────────────────────────────────────────
$ … $ 3… $ 2… $ 2… $ … $ … $ … $ …
— — — — … … … …
— — — — … … … …
— — — — … … … …
$ … $ 3… $ 2… $ 2… $ … $ … $ … $ …
…
4Costs related to the closure of 22
underperforming restaurants that were permanently
closed during the fourth quarter of fiscal 2025
3
DARDEN RESTAURANTS, INC.
NUMBER OF COMPANY-OWNED RESTAURANTS
8/30/26 8/24/25
Olive Garden 953 933
LongHorn Steakhouse 624 595
Cheddar’s Scratch Kitchen 187 182
Chuy’s 112 108
Yard House 95 89
Ruth’s Chris Steak House 83 82
The Capital Grille 75 73
Seasons 52 44 43
Eddie V’s 32 29
Bahama Breeze 10 28
The Capital Burger 3 3
Darden Continuing Operations 2,218 2,165
4
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In millions, except per share data)
(Unaudited)
Three Months Ended
8/30/2026 8/24/2025
──────────────────────────────────────────────────────────────────────────────
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 134.8 136.1
administrative expenses
Depreciation and 144.2 135.1
amortization
Impairments and (gain)
loss on disposal -3.9 -42.0
of assets, net
Total operating costs $ 2,881.0 $ 2,705.5
and expenses
Operating income 319.3 339.2
Interest, net 50.3 45.4
Earnings before income 269.0 293.8
taxes
Income tax expense 34.7 35.9
Earnings from $ 234.3 $ 257.9
continuing operations
Losses from
discontinued
operations, net -0.9 -0.1
of tax benefit of $0.3
and $0.4,
respectively
Net earnings $ 233.4 $ 257.8
Basic net earnings per
share:
Earnings from $ 2.06 $ 2.21
continuing operations
Losses from -0.01 —
discontinued operations
Net earnings $ 2.05 $ 2.21
Diluted net earnings
per share:
Earnings from $ 2.05 $ 2.19
continuing operations
Losses from -0.01 —
discontinued operations
Net earnings $ 2.04 $ 2.19
Average number of
common shares
outstanding:
Basic 113.6 116.7
Diluted 114.4 117.6
5
DARDEN RESTAURANTS, INC.
CONSOLIDATED BALANCE SHEETS
(In millions)
ASSETS 8/30/2026
Current assets: (Unaudited) 5/31/2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 220.5 $ 219.5
equivalents
Receivables, 118.0 129.9
net
Inventories 321.0 326.3
Prepaid income 146.3 139.8
taxes
Prepaid
expenses and 147.3 127.4
other current
assets
Total current $ 953.1 $ 942.9
assets
Land, buildings
and equipment, 5,122.2 5,048.6
net
Operating lease
right-of-use 3,713.8 3,433.1
assets
Goodwill 1,658.2 1,658.2
Trademarks 1,346.4 1,346.4
Other assets 432.9 433.2
Total assets $ 13,226.6 $ 12,862.4
LIABILITIES AND
STOCKHOLDERS’
EQUITY
Current
liabilities:
Accounts $ 470.0 $ 427.7
payable
Short-term debt
and current 979.7 693.6
portion of
long-term debt
Accrued payroll
and employee 596.6 648.1
benefits
Accrued taxes 95.9 87.0
Unearned 571.5 606.0
revenues
Other current 485.3 543.0
liabilities
Total current $ 3,199.0 $ 3,005.4
liabilities
Long-term debt 1,636.1 1,637.7
Deferred income 367.6 343.6
taxes
Operating lease
liabilities - 4,009.7 3,722.3
non-current
Other 1,945.8 1,945.9
liabilities
Total $ 11,158.2 $ 10,654.9
liabilities
Stockholders’
equity:
Common stock $ 2,307.5 $ 2,296.3
and surplus
Retained
earnings -259.5 -108.4
(deficit)
Accumulated
other 20.4 19.6
comprehensive
income
Total
stockholders’ $ 2,068.4 $ 2,207.5
equity
Total
liabilities and $ 13,226.6 $ 12,862.4
stockholders’
equity
6
DARDEN RESTAURANTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Cash flows—operating Three Months Ended
activities 8/30/2026 8/24/2025
──────────────────────────────────────────────────────────────────────────────
Net earnings $ 233.4 $ 257.8
Losses from discontinued
operations, net 0.9 0.1
of tax
Adjustments to reconcile
net earnings
from continuing
operations to cash
flows:
Depreciation and 144.2 135.1
amortization
Impairments and (gain)
loss on disposal -3.9 -42.0
of assets, net
Stock-based compensation 26.6 25.0
expense
Change in current assets
and liabilities -122.2 -33.5
and other, net
Net cash provided by
operating $ 279.0 $ 342.5
activities of continuing
operations
Cash flows—investing
activities
Purchases of land,
buildings and -175.3 -174.1
equipment
Proceeds from disposal of
land, 8.8 20.3
buildings and equipment
Purchases of capitalized
software and -4.8 -5.5
changes in other assets,
net
Net cash used in
investing activities of $ -171.3 $ -159.3
continuing operations
Cash flows—financing
activities
Net proceeds from
issuance of common 20.0 8.8
stock
Dividends paid -184.2 -175.1
Repurchases of common
stock, inclusive -220.8 -182.7
of excise taxes paid
Proceeds from (repayments
of) short-term 285.9 142.0
debt, net
Principal payments on
finance leases, -5.3 -5.2
net
Net cash used in
financing activities of $ -104.4 $ -212.2
continuing operations
Cash flows—discontinued
operations
Net cash used in
operating activities of -2.3 —
discontinued operations
Net cash used in $ -2.3 $ —
discontinued operations
Increase (decrease) in
cash, cash 1.0 -29.0
equivalents, and
restricted cash
Cash, cash equivalents,
and restricted 227.6 254.5
cash - beginning of
period
Cash, cash equivalents,
and restricted $ 228.6 $ 225.5
cash - end of period
Reconciliation of cash, cash
equivalents, and restricted cash:
8/30/2026 8/24/2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 220.5 $ 211.0
Restricted cash included in prepaid 8.1 14.5
expenses and other current assets
Total cash, cash equivalents, and
restricted cash shown in the $ 228.6 $ 225.5
statement
of cash flows
7