# Darden Restaurants, Inc. (DRI)

> Source: Nexqual · https://nexqual.com/DRI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Darden Restaurants, Inc. (DRI), nexqual.com/DRI" · informational, not investment advice.

**Price:** USD 217.56 (+1.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 214.52 · day 214.01–217.87 · 52w 169–229.76 · market cap $24.6B · NYQ

## Key facts
- Last four reported quarters (through Aug 30, 2026): revenue $13.4B, net income $1.18B (8.8% margin), free cash flow $1.05B (SEC filings).
- Valuation: P/E 20.8x (avg 20.5x at the last 3 fiscal year-ends), EV/EBITDA 12.7x, net debt $2.40B.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $17.8M; 11 not under a Rule 10b5-1 plan ($17.8M); 6 by opportunistic insiders (6 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.36 on a 1–5 scale) (28 analysts), mean target USD 233.44 (range 163–276).
- Total return with dividends: 1Y +20.4% vs S&P 500 +14.9%; 5Y +76.6% vs S&P 500 +80.3%.
- Next earnings: 2026-12-18, EPS estimate USD 2.25, revenue estimate $3.27B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.63B | $10.5B | $11.4B | $12.1B | $13.2B | $13.4B |
| Gross profit | $1.90B | $1.99B | $2.29B | $2.47B | $2.68B | — |
| Operating income | $1.16B | $1.20B | $1.31B | $1.36B | $1.58B | $1.56B |
| Net income | $953M | $982M | $1.03B | $1.05B | $1.21B | $1.18B |
| EPS (diluted) | $7.39 | $7.99 | $8.51 | $8.86 | $10.38 | — |
| Free cash flow | $888M | $988M | $1.02B | $1.06B | $1.12B | $1.05B |
| Gross margin | 19.7% | 19.0% | 20.1% | 20.5% | 20.3% | — |
| Operating margin | 12.1% | 11.5% | 11.5% | 11.3% | 12.0% | 11.7% |
| Net margin | 9.9% | 9.4% | 9.0% | 8.7% | 9.1% | 8.8% |
| Revenue growth | +33.8% | +8.9% | +8.6% | +6.0% | +9.4% | — |
| Cash + short-term investments | $421M | $368M | $195M | $240M | $220M | — |
| Total debt | $901M | $885M | $1.46B | $2.13B | $2.33B | — |
Fiscal years end May. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 30, 2026)
P/E 20.8x · P/S 1.8x · EV/EBITDA 12.7x · EV/Sales 2.0x · P/FCF 23.3x · P/B 11.9x · FCF yield 4.28% · Earnings yield 4.80% · Dividend yield (paid, TTM) 2.85% · Buyback yield (TTM) 2.88% · Net debt $2.40B · EV $27.0B
P/E at fiscal year-ends: May 2026 19.7x, May 2025 24.2x, May 2024 17.7x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Martin Melvin John | Group President | 2,209 | $448K | 9.3% | No | Routine (sold in Oct each year 2023–2025) |
| 2026-08-05 | Wilkerson John W. | President, Olive Garden | 8,864 | $1.8M | 31.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-31 | Williamson Laura B | President, LongHorn Steakhouse | 1,553 | $318K | 8.3% | No | Too little history (no open-market trades in 2023) |
| 2026-07-29 | Vennam Rajesh | SVP, CFO | 8,478 | $1.8M | 49.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | Connelly Susan M. | SVP, Chief Comm & PA Officer | 2,226 | $463K | 34.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | King Sarah H. | SVP, Chief People Officer | 4,373 | $920K | 85.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-28 | Cardenas Ricardo | President and CEO | 39,134 | $8.2M | 31.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-07 | Connelly Susan M. | SVP, Chief Comm & PA Officer | 9,930 | $2.0M | 70.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-17 | Milanes Douglas J. | SVP, Chief Supply Chain Ofcr | 3,620 | $732K | 93% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-07 | Koren Lindsay L. | SVP General Counsel | 300 | $58K | 15.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Martin Melvin John | Group President | 5,091 | $998K | 22.8% | No | Routine (sold in Oct each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.36 on a 1–5 scale), 28 analysts; mean target USD 233.44 (low 163, high 276).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Citigroup | Target lowered | Buy | $248 → $247 |
| 2026-09-25 | Guggenheim | Reiterated | Buy | $235 |
| 2026-09-25 | Mizuho | Target raised | Outperform | $235 → $245 |
| 2026-09-25 | Freedom Capital Markets | Target raised | Buy | $255 → $260 |
| 2026-09-25 | BMO Capital | Target lowered | Market Perform | $225 → $220 |
| 2026-09-25 | BTIG | Reiterated | Buy | $235 |
| 2026-09-25 | Stephens & Co. | Reiterated | Equal-Weight | $220 |
| 2026-09-24 | TD Cowen | Reiterated | Hold | $215 |
| 2026-09-21 | Freedom Capital Markets | Maintained | Buy | $255 |
| 2026-09-16 | Seaport Global | Initiated | Buy | $240 |
| 2026-09-15 | Oppenheimer | Target raised | Outperform | $235 → $245 |
| 2026-09-14 | Morgan Stanley | Target raised | Overweight | $236 → $255 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.4% | +76.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.5% | +12.0% |
| Volatility (annualized) | 27.5% | 25.1% |
| Max drawdown | -15.1% (Aug 2026→Sep 2026) | -24.9% (Nov 2021→Jun 2022) |

## Peers (Restaurants)
QSR (Restaurant Brands International) USD 76.41 +3.05% · CMG (Chipotle Mexican Grill, Inc.) USD 28.14 +0.07% · YUMC (Yum China Holdings, Inc.) USD 44.76 +0.67% · YUM (Yum! Brands, Inc.) USD 154.45 +2.12% · TXRH (Texas Roadhouse, Inc.) USD 172.78 +2.96% · DPZ (Domino's Pizza Inc) USD 317.7 +2.11%

## More
Full page: https://nexqual.com/DRI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name DRI in their own reports (relationship from DRI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Four Corners Property Trust, Inc. (FCPT) | 10-K 2026-02-12 | "If we are unable to diversify our tenant and transaction partner base further beyond Darden, it may have a materially adverse effect on our ability to operate and grow our business and our ability to …" |

## Revenue by business segment (quarter ended 2026-08-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Olive Garden | $1.33B | 41.6% | +2.2% |
| LongHorn Steakhouse | $860.9M | 26.9% | +10.9% |
| Other Business | $705.4M | 22.0% | +3.6% |
| Fine Dining | $304.2M | 9.5% | +6.2% |
| Total revenue | $3.20B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-11-30) | $2.25 | $2.29 | -1.5% | $3.27B | 27 |
| Next quarter (ends 2027-02-28) | $3.27 | $3.25 | +0.6% | $3.55B | 27 |
| Current fiscal year (ends 2027-05-31) | $11.26 | $11.27 | -0.2% | $13.70B | 27 |
| Next fiscal year (ends 2028-05-31) | $12.40 | $12.39 | +0.1% | $14.54B | 28 |