Domino's Pizza (DPZ)

Hold Recap: Q1 2026

The Comp Cracks: U.S. Decelerates to +0.9%, International Turns Negative, and the Full-Year Guide Gets Cut — Downgrading to Hold from Outperform

Outperform Recap: Q4 2025

Beat-and-Reassure: Revenue Tops, FCF Jumps 31%, the Dividend Rises 15%, and a Credible +3% 2026 Guide Lands — But the H1-Weighted Comp Concedes the Macro; Maintaining Outperform

Outperform Recap: Q3 2025

The Proof Quarter Delivers: U.S. Comps Accelerate to +5.2%, DoorDash Starts Contributing, and a De-Rated Multiple Tips the Risk/Reward — Upgrading to Outperform from Hold

Hold Recap: Q2 2025

Stuffed Crust Re-Accelerates the Comp, But the EPS Miss and a Back-Half Resting on DoorDash Leave a Full Multiple Exposed — Initiating at Hold