Darden Restaurants
DRI · NYSERetail-Eating Places · Fiscal year ends May 30
Darden Restaurants reported revenue of $13.2B in the fiscal year ended May 2026, up 9.4% from the year before. Operating income was $1.6B, an operating margin of 12.0%, and net income was $1.2B. Operating cash flow of $1.9B less capital expenditure of $734M left free cash flow of $1.1B. Net debt was $2.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | $9.6B | $10.5B | $11.4B | $12.1B | $13.2B |
| Gross profit | $1.9B | $2B | $2.3B | $2.5B | $2.7B |
| Operating income | $1.2B | $1.2B | $1.3B | $1.4B | $1.6B |
| Interest expense | $41M | $50M | $94M | $116M | $127M |
| Pre-tax income | $1.1B | $1.1B | $1.2B | $1.2B | $1.4B |
| Income tax | $139M | $137M | $145M | $136M | $175M |
| Net income | $953M | $982M | $1B | $1B | $1.2B |
| Diluted EPS | 7.39 | 7.99 | 8.51 | 8.86 | 10.38 |
| Diluted shares | 129M | 123M | 121M | 118M | 116M |
Balance sheet
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $421M | $368M | $195M | $240M | $220M |
| Receivables | $72M | $80M | $79M | $94M | $130M |
| Inventory | $271M | $288M | $291M | $312M | $326M |
| Current assets | $1.2B | $998M | $823M | $938M | $943M |
| Goodwill | $1B | $1B | $1.4B | $1.7B | $1.7B |
| Total assets | $10.1B | $10.2B | $11.3B | $12.6B | $12.9B |
| Payables | $367M | $426M | $400M | $440M | $428M |
| Current liabilities | $1.8B | $1.9B | $2.2B | $2.2B | $3B |
| Short-term debt | $0 | $0 | $87M | $0 | $694M |
| Long-term debt | $901M | $885M | $1.4B | $2.1B | $1.6B |
| Total liabilities | $7.9B | $8B | $9.1B | $10.3B | $10.7B |
| Shareholders' equity | $2.2B | $2.2B | $2.2B | $2.3B | $2.2B |
Cash flow
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.6B | $1.6B | $1.7B | $1.9B |
| Capital expenditure | $377M | $565M | $601M | $645M | $734M |
| Free cash flow | $888M | $988M | $1B | $1.1B | $1.1B |
| Depreciation & amortisation | $368M | $388M | $460M | $516M | $561M |
| Stock-based compensation | $61M | $68M | $69M | $79M | $79M |
| Acquisitions | $0 | $0 | $701M | $614M | $0 |
| Share buybacks | $1.1B | $459M | $454M | $418M | $672M |
| Dividends paid | $563M | $590M | $628M | $659M | $693M |
| Dividend per share | 4.40 | 4.84 | 5.24 | 5.60 | 6.00 |
Key ratios
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.9% | 8.6% | 6.0% | 9.4% |
| Operating income growth (YoY) | – | 3.4% | 9.4% | 3.7% | 16.2% |
| EPS growth (YoY) | – | 8.1% | 6.5% | 4.1% | 17.2% |
| Gross margin | 19.7% | 19.0% | 20.1% | 20.5% | 20.3% |
| Operating margin | 12.1% | 11.5% | 11.5% | 11.3% | 12.0% |
| Net margin | 9.9% | 9.4% | 9.0% | 8.7% | 9.1% |
| Return on equityBlank when equity is negative | 43.3% | 44.6% | 45.8% | 45.4% | 54.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.0% | 14.5% | 14.4% | 13.2% | 16.1% |
| Free cash flow margin | 9.2% | 9.4% | 9.0% | 8.8% | 8.5% |
| Cash conversion (CFO ÷ net income) | 1.33x | 1.58x | 1.58x | 1.63x | 1.54x |
| Receivable days | 3 | 3 | 3 | 3 | 4 |
| Inventory days | 13 | 12 | 12 | 12 | 11 |
| Payable days | 17 | 18 | 16 | 17 | 15 |
| Interest cover | 28.4x | 23.9x | 14.1x | 11.8x | 12.5x |
| Debt ÷ equity | 0.41x | 0.40x | 0.65x | 0.92x | 1.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $480M | $517M | $1.3B | $1.9B | $2.1B |
| Current ratio | 0.64x | 0.51x | 0.38x | 0.42x | 0.31x |
Recent filings
More in Retail-Eating Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.