DARDEN RESTAURANTS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data DARDEN RESTAURANTS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	7,170	8,080	8,510	7,807	7,196	9,630	10,488	11,390	12,077	13,211
Gross profit	1,330	1,493	1,594	1,170	1,402	1,902	1,991	2,290	2,473	2,682
General and administrative	388	410	406	376	396	373	386	479	520	514
Operating income	678	767	833	47.9	649	1,162	1,202	1,314	1,362	1,583
Interest expense	34.4	152	44.3	49.3	47.5	40.9	50.2	93.5	116	127
Other non-operating income		0	0	-152	-8.7	0	0
Pre-tax income	637	606	782	-161	577	1,094	1,121	1,176	1,187	1,389
Income tax	155	1.9	63.7	-112	-55.9	139	137	145	136	175
Income from continuing operations	483	604	719	-49.2	632	955	984	1,031	1,051	1,214
Net income	479	596	713	-52.4	629	953	982	1,028	1,050	1,207
EBITDA	950	1,080	1,169	404	1,000	1,531	1,590	1,774	1,878	2,144
EPS, basic	3.85	4.81	5.78	-0.43	4.83	7.46	8.06	8.57	8.93	10.45
EPS, diluted	3.80	4.73	5.69	-0.43	4.77	7.39	7.99	8.51	8.86	10.38
Shares, basic (weighted)	124	124	124	123	130	128	122	120	118	116
Shares, diluted (weighted)	126	126	125	123	132	129	123	121	118	116
Dividend per share	2.24	2.52	3.00	2.64	1.55	4.40	4.84	5.24	5.60	6.00

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	233	147	457	763	1,215	421	368	195	240	220
Receivables	75.9	83.7	88.3	49.8	68.2	72	80.2	79.1	93.8	130
Inventory	179	205	207	207	191	271	288	291	312	326
Other current assets	80.6	89.9	98.1	63	60.2	141	155	137	157	127
Total current assets	588	554	893	1,101	1,871	1,179	998	823	938	943
Property, plant and equipment	2,272	2,430	2,553	2,757	2,869	3,356	3,725	4,184	4,716	5,049
Lease right-of-use assets			0	3,969	3,776	3,465	3,374	3,429	3,556	3,433
Goodwill	1,202	1,184	1,184	1,037	1,037	1,037	1,037	1,391	1,659	1,658
Intangible assets	20.1	57.3	49.9	17.4	15.3	13.3	11.3	16.2	14.3
Other non-current assets	280	352	313	275	296	292	301	348	372	433
Total assets	5,292	5,470	5,893	9,946	10,656	10,136	10,242	11,323	12,587	12,862
Accounts payable	250	277	333	249	305	367	426	400	440	428
Accrued liabilities	149	178	175	150	177	182	173	190	208	236
Deferred revenue	389	416	429	468	474
Short-term debt	0	0	0	270	0	0	0	86.8	0	694
Total current liabilities	1,289	1,385	1,474	1,793	1,848	1,848	1,937	2,193	2,248	3,005
Long-term debt	937	927	928	929	930	901
Lease liabilities			0	4,276	4,089	3,756	3,668	3,705	3,817	3,722
Other non-current liabilities	536	532	587	561	755	1,232	1,408	1,581	1,804	1,946
Total liabilities	3,191	3,275	3,500	7,615	7,843	7,938	8,040	9,081	10,276	10,655
Total debt	937	927	928	929	930	901	885	1,370	2,129	1,638
Paid-in capital	1,615	1,632	1,685	2,205	2,287	2,226	2,231	2,252	2,296	2,296
Retained earnings	560	658	807	144	522	-25.9	-32.5	-35.5	-16.1	-108
Treasury stock	-7.8	-7.8	0
Other comprehensive income	-62.9	-85.2	-98.2	-17.6	4.2	-1.9	3.2	25.6	31.8	19.6
Shareholders' equity	2,102	2,195	2,393	2,331	2,813	2,198	2,202	2,243	2,311	2,208
Total equity	2,102	2,195	2,393	2,331	2,813	2,198	2,202	2,243	2,311	2,208
Total liabilities and equity	5,292	5,470	5,893	9,946	10,656	10,136	10,242	11,323	12,587	12,862
Shares outstanding	125	124	123	130	131	124	121	119	117	114

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	479	596	713	-52.4	629	953	982	1,028	1,050	1,207
Depreciation and amortization	273	313	337	356	351	368	388	460	516	561
Stock-based compensation	40.7	42.8	59.8	53	72.4	60.5	67.5	68.5	79.1	79.1
Deferred income tax	-22.9	-20.6	49.2	-135	166	-26	-56.1	-0.7	0.9	69.7
Change in receivables	-6.5	-7.2	2.1	13.7	-18.4	-3.9	-8.2	9.3	-13.2	-36.2
Change in inventory	5	-26.6	-2.1	-13.9	16.1	-79.8	-17.3	5.6	-20.5	-14.7
Change in payables	-9	12.6	55	-68.5	48.9	43.2	40.9	-11.3	26.6	-22.6
Cash from operations	916	1,020	1,268	717	1,194	1,265	1,553	1,622	1,707	1,853
Capital expenditures	-293	-396	-452	-460	-255	-377	-565	-601	-645	-734
Acquisitions	-764	-40.4	0	-55.8	0	0	0	-701	-614	0
Purchases of investments	-0.9
Sales and maturities of investments	3.7
Cash from investing	-1,070	-451	-463	-544	-264	-389	-568	-1,325	-1,278	-711
Debt issued	500	300	0	0		0	0	1,100	750	0
Debt repaid	0	-408	0	0		0	0	-600	0	0
Stock issued	113	37.8	59.3	526	46.2	40.2	35.4	43.6	55.6	25
Share buybacks	-230	-235	-208	-330	-45.4	-1,071	-459	-454	-418	-672
Dividends paid	-279	-314	-371	-322	-203	-563	-590	-628	-659	-693
Cash from financing	129	-637	-484	139	-479	-1,610	-1,033	-483	-386	-1,164
Net change in cash	-41.7	-86.2	310	306	451	-743	-55.9	-196	34.4	-26.9
Free cash flow	623	624	816	258	939	888	988	1,021	1,062	1,119
Interest paid	37	156	50.8	57.6	62.5	65	82.4	135	172	189
Income taxes paid	106	25.7	23.7	0.3	62.5	103	47.4	139	151	110

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $199.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.3%	Gross profit / revenue.
Operating margin	12.0%	Operating income / revenue.
EBITDA margin	16.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.5%	Pre-tax income / revenue.
Net margin	9.1%	Net income / revenue.
FCF margin	8.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.0%	Cash from operations / revenue.
Effective tax rate	12.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	53.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	9.5%	Net income / average total assets.
Return on invested capital (ROIC)	35.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.6%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	8.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	13.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	14.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	16.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	15.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	7.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	31.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	0.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.31x	Current assets / current liabilities.
Quick ratio	0.12x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.07x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	12.7%	Total debt / total assets.
Liabilities / assets	82.8%	Total liabilities / total assets.
Net debt	$1.42B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.66x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	12.5x	Operating income / interest expense.
Working capital	-$2.06B	Current assets - current liabilities.
Goodwill and intangibles / assets	12.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$549.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.04x	Revenue / average total assets.
Fixed asset turnover	2.71x	Revenue / average property, plant and equipment.
Receivables turnover	118x	Revenue / average receivables.
Days sales outstanding	3 days	365 x average receivables / revenue.
FCF conversion	92.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$10.45	Net income per basic share, as reported (split-adjusted).
Revenue per share	$113.59	Revenue / diluted weighted shares.
FCF per share	$9.62	Free cash flow / diluted weighted shares.
Operating cash flow per share	$15.93	Cash from operations / diluted weighted shares.
Book value per share	$19.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.81	Tangible book value / shares outstanding.
Cash per share	$1.92	(Cash + short-term investments) / shares outstanding.
Dividend per share	$6.00	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	57.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	61.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	60.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$22.79B	Share price x shares outstanding.
Enterprise value	$24.21B	Market cap + total debt - cash - short-term investments.
P/E	18.9x	Market cap / net income. Only when net income is positive.
P/S	1.72x	Market cap / revenue.
P/B	10.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	41.5x	Market cap / tangible book value, when positive.
P/FCF	20.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	1.83x	Enterprise value / revenue.
EV/EBIT	15.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.3x	Enterprise value / EBITDA, when both are positive.
EV/FCF	21.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.9%	Free cash flow / market cap.
Earnings yield	5.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.
PEG	2.07x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was DARDEN RESTAURANTS INC's revenue in fiscal 2026?

DARDEN RESTAURANTS INC reported revenue of $13.21B for fiscal 2026, 9.4% higher than the year before.

Was DARDEN RESTAURANTS INC profitable in fiscal 2026?

Yes. Net income was $1.21B, a net margin of 9.1%.

How much free cash flow did DARDEN RESTAURANTS INC generate in fiscal 2026?

Cash from operations of $1.85B minus capital expenditures of $734.0M left free cash flow of $1.12B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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