Domino’s Pizza, Inc. is the largest pizza company in the world, operating over 21,300 locations across more than 90 markets as of December 29, 2024. Headquartered in Ann Arbor, Michigan, the company is a Delaware corporation listed on the New York Stock Exchange under the ticker symbol DPZ. Domino’s is renowned for its leadership in pizza delivery and its significant presence in the carryout segment, offering a highly recognized global brand focused on value, convenience, and technological innovation. The company operates through a network of company-owned and franchised stores, supported by a robust supply chain and a franchise model that emphasizes operational excellence and customer satisfaction.
Company Profile
Domino’s business model is built on two distinct service models: delivery and carryout, which contribute roughly equally to its U.S. transaction count. The company’s “Hungry for MORE” strategy drives its operations, focusing on MORE Sales, Operational Excellence, Renowned Value, and Enhanced by Best-in-Class Franchisees. This strategy has propelled Domino’s to achieve strong financial performance and global retail sales growth, with a reported 5.9% increase in global retail sales (excluding foreign currency impact) in 2024 compared to 2023. The company’s commitment to technological innovation is evident, with over 85% of U.S. retail sales in 2024 generated through digital channels.
Domino’s fosters a culture of inclusivity and innovation, emphasizing team member engagement and community impact. Its franchise system, which includes a 99% franchise agreement renewal rate in 2024, is a cornerstone of its success, enabling consistent global expansion and financial stability. The company’s supply chain operations, which accounted for 60% of its consolidated revenues in 2024, ensure efficient delivery of high-quality ingredients to its stores worldwide.
Business Segments
Domino’s operates through three reportable business segments, each contributing to its global operations and revenue stream. Below is a detailed breakdown of these segments, including their revenue contributions for 2024.
1. U.S. Stores
- Description: This segment encompasses all franchised and company-owned stores in the United States. It includes revenues from company-owned store sales, franchise royalties, fees, and advertising contributions. The U.S. stores segment is the largest contributor to Domino’s revenue, driven by strong same-store sales growth (3.2% in 2024) and strategic initiatives like the Domino’s Rewards program and national promotions.
- Revenue Contribution (2024): $1,541.9 million, representing 32.8% of total revenues.
- U.S. Company-owned Stores: $393.9 million (8.4% of total revenues).
- U.S. Franchise Royalties and Fees: $638.2 million (13.6% of total revenues).
- U.S. Franchise Advertising: $509.9 million (10.8% of total revenues).
- Key Highlights: The segment benefits from the “Pizza Theater” store design, which enhances the carryout experience with casual seating and visibility into pizza preparation. In 2024, Domino’s refranchised 114 company-owned stores in Arizona and Utah, generating a $21.2 million pre-tax gain. The segment’s focus on operational excellence, including innovations like the “DJ” dough stretching machines, has improved product consistency and employee training efficiency.
2. Supply Chain
- Description: The supply chain segment is responsible for the procurement, manufacturing, and distribution of food and other products to Domino’s franchised and company-owned stores in the U.S. and Canada. It operates 22 regional dough manufacturing and supply chain centers in the U.S., two thin crust manufacturing facilities, one vegetable processing center, and five centers in Canada. This segment is critical to maintaining product quality and operational efficiency.
- Revenue Contribution (2024): $2,845.8 million, representing 60.5% of total revenues.
- Key Highlights: In 2024, supply chain revenues increased due to higher order volumes and improved food basket pricing. The segment achieved a gross margin of 9.8% in 2024, driven by procurement productivity, though partially offset by higher commodity costs and labor rates. Domino’s plans to continue investing in supply chain productivity to enhance efficiency and manage cost fluctuations.
3. International Franchise
- Description: This segment includes operations related to franchised stores in over 90 international markets. It generates revenue through royalties and fees from international franchisees, who operate under master franchise agreements. The segment has achieved 31 consecutive years of same-store sales growth, with a 1.6% increase in 2024 (excluding foreign currency impact).
- Revenue Contribution (2024): $318.7 million, representing 6.8% of total revenues.
- Key Highlights: The international franchise segment added 615 net new stores in 2024, demonstrating robust global expansion. The segment’s revenues are highly profitable due to the absence of cost-of-sales components, though they are sensitive to foreign currency fluctuations. Domino’s international presence includes 3,741 stores in 12 markets, accounting for approximately 26% of its total international store count.
Revenue Breakup Summary (2024):
| Segment | Revenue ($ millions) | Percentage of Total Revenues |
|---|---|---|
| U.S. Stores | 1,541.9 | 32.8% |
| – U.S. Company-owned Stores | 393.9 | 8.4% |
| – U.S. Franchise Royalties | 638.2 | 13.6% |
| – U.S. Franchise Advertising | 509.9 | 10.8% |
| Supply Chain | 2,845.8 | 60.5% |
| International Franchise | 318.7 | 6.8% |
| Total Revenues | 4,706.4 | 100.0% |
Products and Services
Domino’s core offering is pizza, but its menu extends to a variety of complementary products tailored to local markets. Below is a detailed list of products and services, with their contributions to revenue reflected through the business segments.
1. Pizza
- Description: Domino’s is the global leader in pizza delivery and a major player in carryout. Its pizzas are available in various crust types, including hand-tossed, thin crust, and New York Style Pizza (launched in 2024). Customers can customize their pizzas with a range of toppings.
- Revenue Contribution: Pizza sales are the primary driver of U.S. company-owned store revenues ($393.9 million, 8.4% of total revenues) and contribute significantly to franchise royalties and fees, as well as supply chain revenues through ingredient sales.
- Key Details: In 2024, Domino’s introduced the New York Style Pizza in the U.S., enhancing its menu to cater to evolving consumer preferences. Internationally, pizza offerings are adapted to local tastes, such as the French Burgundy-flavored Beef Pizza for the Paris 2024 Olympics or Paratha Pizza in India with flavors like Corn & Cheese, Paneer, and Chicken Keema.
2. Complementary Food Items
- Description: Domino’s offers a range of side dishes and complementary items, including 5-Cheese Mac & Cheese (launched in 2024), oven-baked sandwiches, bread twists, salads, chicken wings, dips, soft drinks, and desserts. These items enhance the menu’s appeal and drive incremental sales.
- Revenue Contribution: These items contribute to U.S. company-owned store revenues and supply chain revenues through ingredient distribution. Specific revenue breakdowns for side items are not isolated but are included in the $393.9 million from U.S. company-owned stores and the $2,845.8 million from supply chain operations.
- Key Details: The introduction of 5-Cheese Mac & Cheese in 2024 reflects Domino’s focus on menu innovation to meet customer demand for variety. International markets offer region-specific sides, such as unique dessert offerings or localized appetizers.
3. Delivery and Carryout Services
- Description: Domino’s operates two distinct service models: delivery and carryout. Delivery is facilitated through its stores and third-party aggregator platforms, while carryout is enhanced by the Pizza Theater store design, which offers a customer-friendly experience with casual seating and visibility into food preparation.
- Revenue Contribution: Delivery and carryout services drive the majority of U.S. store revenues ($1,541.9 million, 32.8% of total revenues) and international franchise revenues ($318.7 million, 6.8% of total revenues). In 2024, Domino’s achieved its goal of 3% of U.S. sales through aggregator platforms, with potential for $1 billion in incremental sales through this channel.
- Key Details: The company’s emphasis on digital ordering (over 85% of U.S. retail sales in 2024) enhances both delivery and carryout experiences. The Domino’s Rewards program and national promotions further drive customer engagement and order frequency.
4. Supply Chain Services
- Description: Domino’s supply chain segment provides food, equipment, and supplies to its stores, ensuring consistent quality and availability. This includes dough production, vegetable processing, and distribution of other ingredients.
- Revenue Contribution: $2,845.8 million (60.5% of total revenues).
- Key Details: The supply chain operates 22 U.S. regional centers, two thin crust facilities, one vegetable processing center, and five Canadian centers. It supports both company-owned and franchised stores, with revenues driven by food sales and profit-sharing rebates.
5. Franchise Royalties and Fees
- Description: Domino’s collects royalties and fees from its franchisees, including a 5.5% royalty fee on U.S. franchise sales and an average of 3.0% on international franchise sales. Additional fees include technology fees and advertising contributions.
- Revenue Contribution: U.S. franchise royalties and fees ($638.2 million, 13.6%) and international franchise royalties and fees ($318.7 million, 6.8%).
- Key Details: The franchise model is supported by a 99% renewal rate in 2024, reflecting strong franchisee satisfaction. Technology fees, such as the $0.355 per-transaction digital fee in the U.S., support ongoing digital platform enhancements.
Revenue Breakup by Product/Service (2024):
| Product/Service | Revenue ($ millions) | Percentage of Total Revenues |
|---|---|---|
| Pizza (via U.S. Company-owned Stores) | 393.9 (est.) | 8.4% |
| Complementary Food Items (est.) | Included in 393.9 | Included in 8.4% |
| Delivery/Carryout (U.S. Stores) | 1,541.9 | 32.8% |
| Supply Chain Services | 2,845.8 | 60.5% |
| Franchise Royalties and Fees | 956.9 (U.S. + Int’l) | 20.4% |
| Total Revenues | 4,706.4 | 100.0% |
Note: Pizza and complementary food items are not separately quantified in the report but are part of U.S. company-owned store revenues.
Company History
Domino’s Pizza was founded in 1960 when brothers Tom and James Monaghan purchased a single pizza store in Ypsilanti, Michigan, named “DomiNick’s.” In 1965, the name was changed to Domino’s Pizza, marking the beginning of its journey to becoming a global brand. Below is a comprehensive timeline of key milestones:
- 1960: Tom and James Monaghan acquire DomiNick’s, a small pizza shop in Ypsilanti, Michigan.
- 1965: The name changes to Domino’s Pizza, reflecting the brand’s growing ambition.
- 1970s: Domino’s pioneers the pizza delivery model, focusing on speed and convenience. The company begins franchising, laying the foundation for rapid expansion.
- 1980s: Domino’s expands internationally, opening its first store outside the U.S. in Winnipeg, Canada, in 1983. The company also introduces innovations like the 30-minute delivery guarantee.
- 1990s: The company grows to over 1,000 stores and refines its franchise model. In 1998, Tom Monaghan sells his controlling interest to Bain Capital, and Domino’s Pizza, Inc. is formed as a Delaware corporation.
- 2004: Domino’s goes public, listing on the NYSE under the ticker DPZ. This marks a significant step in its financial growth and visibility.
- 2010s: The company undergoes a brand revitalization, improving its pizza recipe and introducing new menu items like oven-baked sandwiches and bread twists. Technological innovation becomes a priority, with the launch of online ordering and mobile apps.
- 2012-2021: Domino’s executes multiple recapitalizations (2012, 2015, 2017, 2018, 2021, 2022) to optimize its capital structure, issuing fixed and variable funding notes to support share repurchases and dividends. The company also invests heavily in digital platforms, achieving over 85% of U.S. sales through digital channels by 2024.
- 2024: Domino’s reports global retail sales growth of 5.9%, opens 615 net new stores internationally, and launches new menu items like 5-Cheese Mac & Cheese and New York Style Pizza. The company refranchises 114 U.S. stores and sells its investment in DPC Dash for $82.9 million.
Domino’s growth has been driven by its focus on delivery, franchisee partnerships, and technological advancements, positioning it as the world’s largest pizza company by store count and retail sales.
Brands
Domino’s operates under a single primary brand, Domino’s Pizza, which is one of the most recognized consumer brands globally. The brand is associated with quality, affordable food, and technological innovation. Below are the details of the Domino’s brand and its revenue contributions:
Domino’s Pizza
- Description: The Domino’s Pizza brand is synonymous with pizza delivery and carryout, offering a consistent menu of pizzas, sides, and beverages across its global network. The brand is supported by extensive advertising and digital platforms, including the Domino’s Rewards program and aggregator partnerships.
- Revenue Contribution (2024):
- U.S. Stores: $1,541.9 million (32.8% of total revenues), driven by company-owned and franchised store sales and advertising.
- Supply Chain: $2,845.8 million (60.5%), supporting the brand’s operations through ingredient distribution.
- International Franchise: $318.7 million (6.8%), reflecting royalties and fees from international stores operating under the Domino’s brand.
- Key Details: The Domino’s brand is protected by numerous registered trademarks, with a policy to vigorously oppose infringement. The brand’s “Pizza Theater” store design enhances customer engagement, and its digital innovations (e.g., online ordering, mobile apps) drive customer loyalty. The brand’s global recognition is bolstered by consistent marketing and localized menu adaptations.
Brand Revenue Breakup (2024):
| Brand | Revenue ($ millions) | Percentage of Total Revenues |
|---|---|---|
| Domino’s Pizza (U.S. Stores) | 1,541.9 | 32.8% |
| Domino’s Pizza (Supply Chain) | 2,845.8 | 60.5% |
| Domino’s Pizza (Int’l Franchise) | 318.7 | 6.8% |
| Total Revenues | 4,706.4 | 100.0% |
Geographical Presence
Domino’s operates in over 90 markets worldwide, with a significant presence in both the U.S. and international markets. Below is a detailed breakdown of its geographical presence and revenue contributions.
1. United States
- Description: The U.S. is Domino’s largest market, with a network of company-owned and franchised stores. The company is the market share leader in both delivery and carryout in the U.S. QSR pizza category, which grew to $42.1 billion in 2024.
- Store Count: Over 6,500 stores (exact number not specified but inferred from total store count and international figures).
- Revenue Contribution (2024): $1,541.9 million from U.S. stores (32.8% of total revenues), plus $2,845.8 million from supply chain operations (60.5%), which primarily serve U.S. stores.
- Key Details: U.S. retail sales increased by 5.3% in 2024, driven by 3.2% same-store sales growth. The U.S. market benefits from the Pizza Theater design and digital innovations, with over 85% of retail sales through digital channels.
2. International Markets
- Description: Domino’s international franchise segment operates in over 90 markets, with 3,741 stores in 12 key markets accounting for 26% of its international store count. The company has achieved 31 consecutive years of same-store sales growth internationally.
- Store Count: Over 14,800 stores (total store count of 21,300 minus U.S. stores).
- Revenue Contribution (2024): $318.7 million from international franchise royalties and fees (6.8% of total revenues).
- Key Markets:
- Canada: Operates five supply chain centers and numerous franchised stores.
- India: Offers localized menu items like Paratha Pizza.
- France: Introduced the French Burgundy-flavored Beef Pizza for the Paris 2024 Olympics.
- Other Markets: Includes 90+ countries, with notable growth in Asia, Europe, and Latin America.
- Key Details: International retail sales grew by 6.5% in 2024 (excluding foreign currency impact), with 615 net new stores added. The segment faces macroeconomic and geopolitical challenges but maintains strong growth through localized strategies.
Geographical Revenue Breakup (2024):
| Region | Revenue ($ millions) | Percentage of Total Revenues |
|---|---|---|
| United States (Stores) | 1,541.9 | 32.8% |
| United States (Supply Chain) | 2,845.8 | 60.5% |
| International Franchise | 318.7 | 6.8% |
| Total Revenues | 4,706.4 | 100.0% |
Financial Statements
Below are the consolidated financial statements for Domino’s Pizza, Inc. for the fiscal year ended December 29, 2024, presented in tabular format.
Consolidated Balance Sheets
| (In thousands) | December 29, 2024 | December 31, 2023 |
|---|---|---|
| Assets | ||
| Current Assets | ||
| Cash and cash equivalents | 127,074 | 106,267 |
| Restricted cash and cash equivalents | 195,422 | 208,559 |
| Accounts receivable, net | 287,412 | 282,492 |
| Inventories | 80,769 | 81,007 |
| Prepaid expenses and other | 37,127 | 38,559 |
| Advertising fund assets, restricted | 80,928 | 88,165 |
| Total Current Assets | 808,732 | 805,049 |
| Property, Plant, and Equipment, Net | 309,233 | 297,305 |
| Other Assets | ||
| Operating lease right-of-use assets | 218,677 | 210,346 |
| Investments | 50,374 | 45,747 |
| Goodwill | 11,612 | 11,612 |
| Capitalized software, net | 94,193 | 83,573 |
| Other assets | 37,171 | 36,628 |
| Deferred tax assets | 3,389 | 2,801 |
| Total Other Assets | 415,416 | 390,707 |
| Total Assets | 1,533,381 | 1,493,061 |
| Liabilities and Stockholders’ Deficit | ||
| Current Liabilities | ||
| Current portion of long-term debt | 78,614 | 76,614 |
| Accounts payable | 101,567 | 104,246 |
| Operating lease liabilities | 39,920 | 39,330 |
| Insurance reserves | 32,783 | 33,367 |
| Advertising fund liabilities | 80,928 | 88,165 |
| Other accrued liabilities | 169,697 | 160,888 |
| Total Current Liabilities | 503,509 | 502,610 |
| Long-Term Liabilities | ||
| Long-term debt, less current portion | 4,086,842 | 4,934,062 |
| Operating lease liabilities | 181,983 | 179,548 |
| Insurance reserves | 25,658 | 28,135 |
| Other accrued liabilities | 33,229 | 38,559 |
| Total Long-Term Liabilities | 4,327,712 | 5,180,304 |
| Total Liabilities | 4,831,221 | 5,682,914 |
| Stockholders’ Deficit | ||
| Common stock | 343 | 347 |
| Additional paid-in capital | 1,272 | 2,801 |
| Retained deficit | (3,956,474) | (4,069,648) |
| Accumulated other comprehensive loss | (7,432) | (3,867) |
| Total Stockholders’ Deficit | (3,962,291) | (4,070,367) |
| Total Liabilities and Stockholders’ Deficit | 1,533,381 | 1,493,061 |
Consolidated Statements of Income
| (In thousands, except per share) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenues | |||
| U.S. Company-owned stores | 393,898 | 376,180 | 445,810 |
| U.S. franchise royalties and fees | 638,193 | 604,897 | 556,269 |
| Supply chain | 2,845,824 | 2,714,959 | 2,754,695 |
| International franchise royalties and fees | 318,664 | 303,329 | 290,567 |
| U.S. franchise advertising | 509,863 | 473,195 | 473,195 |
| Total Revenues | 4,706,442 | 4,472,560 | 4,520,536 |
| Cost of Sales | 2,857,939 | 2,751,917 | 2,824,337 |
| Gross Margin | 1,848,503 | 1,720,643 | 1,696,199 |
| Operating Expenses | |||
| General and administrative | 458,973 | 434,047 | 401,389 |
| U.S. franchise advertising | 509,863 | 473,195 | 473,195 |
| Refranchising gain | (21,190) | – | – |
| Income from Operations | 900,857 | 813,401 | 821,615 |
| Other Income (Expense) | |||
| Interest income | 11,700 | 10,004 | 2,754 |
| Interest expense | (189,249) | (170,965) | (251,536) |
| Other income | 22,139 | 17,684 | – |
| Income Before Provision for Income Taxes | 722,215 | 652,440 | 572,833 |
| Provision for income taxes | 138,045 | 133,322 | 120,570 |
| Net Income | 584,170 | 519,118 | 452,263 |
| Earnings Per Share | |||
| Basic | 16.83 | 14.80 | 12.66 |
| Diluted | 16.69 | 14.66 | 12.53 |
Consolidated Statements of Cash Flows
| (In thousands) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Net income | 584,170 | 519,118 | 452,263 |
| Depreciation and amortization | 87,732 | 80,640 | 77,042 |
| Refranchising gain | (21,190) | – | – |
| Other adjustments | 47,750 | 42,349 | 33,694 |
| Changes in operating assets and liabilities | (60,960) | (69,837) | (73,331) |
| Net Cash Provided by Operating Activities | 637,502 | 572,270 | 489,668 |
| Cash Flows from Investing Activities | |||
| Capital expenditures | (130,985) | (105,383) | (96,193) |
| Proceeds from sale of assets | 41,073 | – | – |
| Proceeds from sale of investments | 82,900 | – | – |
| Other | (3,597) | (1,474) | (2,596) |
| Net Cash Used in Investing Activities | (10,609) | (106,857) | (98,789) |
| Cash Flows from Financing Activities | |||
| Repayments of long-term debt | (76,614) | (74,614) | (81,614) |
| Dividends paid | (209,945) | (169,772) | (157,531) |
| Purchases of common stock | (326,995) | (269,025) | (293,740) |
| Other | 81,374 | 26,863 | 26,853 |
| Net Cash Used in Financing Activities | (532,180) | (486,548) | (506,042) |
| Effect of exchange rate changes | (2,522) | 1,064 | (1,356) |
| Change in Cash and Equivalents | 92,191 | (20,071) | (116,459) |
| Cash and Equivalents, Beginning | 403,133 | 423,204 | 539,663 |
| Cash and Equivalents, End | 462,424 | 403,133 | 423,204 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Domino’s operates through a network of subsidiaries, primarily wholly-owned, to manage its operations, supply chain, and international franchising. Below is a list of key subsidiaries with details:
1. Domino’s Pizza LLC
- Ownership: Wholly-owned subsidiary.
- Description: The primary operating entity for Domino’s U.S. operations, including company-owned stores and franchise support. It also leases the company’s headquarters in Ann Arbor, Michigan.
- Revenue Contribution: Contributes to U.S. stores ($1,541.9 million, 32.8%) and supply chain revenues ($2,845.8 million, 60.5%).
- Key Details: Responsible for operational activities, including store management and supply chain logistics.
2. Domino’s Pizza Master Issuer LLC
- Ownership: Wholly-owned subsidiary.
- Description: A special-purpose entity used for asset-backed securitization in recapitalization transactions (e.g., 2015, 2017, 2018, 2021, 2022). It issues senior secured notes to fund corporate activities.
- Revenue Contribution: Not directly revenue-generating but supports financial operations.
- Key Details: Issued notes such as the 2015 Ten-Year Notes and 2021 Notes, with outstanding principal payments of $742 million and $1.8 billion, respectively, as of 2024.
3. Domino’s SPV Canadian Holding Company Inc.
- Ownership: Wholly-owned subsidiary.
- Description: Manages supply chain operations in Canada, including five regional dough manufacturing and distribution centers.
- Revenue Contribution: Contributes to supply chain revenues ($2,845.8 million, 60.5%), with a portion attributable to Canadian operations.
- Key Details: Supports Canadian franchisees with food and supply distribution.
4. Domino’s Pizza Distribution LLC
- Ownership: Wholly-owned subsidiary.
- Description: Operates U.S. supply chain centers, including 22 regional dough manufacturing centers, two thin crust facilities, and one vegetable processing center.
- Revenue Contribution: Primary contributor to supply chain revenues ($2,845.8 million, 60.5%).
- Key Details: Ensures consistent ingredient quality and distribution efficiency.
5. Domino’s IP Holder LLC
- Ownership: Wholly-owned subsidiary.
- Description: Holds and licenses Domino’s intellectual property, including trademarks and logos, to franchisees globally.
- Revenue Contribution: Supports franchise royalties and fees ($956.9 million, 20.4%).
- Key Details: Pursues trademark registration and opposes infringement to protect the Domino’s brand.
6. Domino’s Pizza International Franchising Inc.
- Ownership: Wholly-owned subsidiary.
- Description: Manages international franchise agreements and collects royalties and fees from international markets.
- Revenue Contribution: Generates international franchise royalties and fees ($318.7 million, 6.8%).
- Key Details: Oversees operations in over 90 markets, with a 3.0% average royalty rate in 2024.
7. Domino’s SPV Guarantor LLC
- Ownership: Wholly-owned subsidiary.
- Description: Provides guarantees for the company’s securitized debt obligations.
- Revenue Contribution: Not directly revenue-generating but supports financial stability.
- Key Details: Part of the collateral structure for notes issued in recapitalizations.
8. Domino’s National Advertising Fund Inc. (DNAF)
- Ownership: Wholly-owned, not-for-profit subsidiary.
- Description: Manages U.S. franchise advertising contributions and expenditures for national marketing campaigns.
- Revenue Contribution: Generates $509.9 million in U.S. franchise advertising revenues (10.8%).
- Key Details: Funds media purchases and promotional activities to enhance brand visibility.
Associate: DPC Dash
- Ownership: Partial ownership (sold 10,000,000 ordinary shares in 2024 for $82.9 million).
- Description: A former investment in a China-based pizza chain. Domino’s recorded net adjustments of $22.1 million in 2024 and $17.7 million in 2023 to its carrying amount, with gains recorded in other income.
- Revenue Contribution: No direct revenue contribution; investment gains recorded separately.
- Key Details: The sale of DPC Dash shares in 2024 reduced Domino’s exposure to this associate.
Subsidiary Revenue Breakup (2024):
| Subsidiary/Associate | Revenue ($ millions) | Percentage of Total Revenues |
|---|---|---|
| Domino’s Pizza LLC (U.S. Stores) | 1,541.9 | 32.8% |
| Domino’s Pizza LLC (Supply Chain) | 2,845.8 | 60.5% |
| Domino’s SPV Canadian Holding | Included in Supply Chain | Included in 60.5% |
| Domino’s Pizza Distribution LLC | Included in Supply Chain | Included in 60.5% |
| Domino’s IP Holder LLC | Included in Royalties | Included in 20.4% |
| Domino’s Pizza International | 318.7 | 6.8% |
| Domino’s SPV Guarantor LLC | – | – |
| Domino’s National Advertising Fund | 509.9 | 10.8% |
| DPC Dash (Associate) | – (Investment gain) | – |
| Total Revenues | 4,706.4 | 100.0% |
Physical Properties
Domino’s operates a network of physical properties to support its operations, including corporate headquarters, supply chain centers, and stores. Below is a detailed list:
1. Corporate Headquarters
- Location: 30 Frank Lloyd Wright Drive, Ann Arbor, MI 48106.
- Description: Leased facility serving as the global headquarters for Domino’s Pizza, Inc. It houses administrative and corporate functions, including executive offices and technology development teams.
- Details: The lease agreement with Domino’s Farms Office Park, L.L.C. has been amended multiple times (latest in 2018) to accommodate expansion and operational needs.
2. Supply Chain Centers
- U.S. Centers:
- Quantity: 22 regional dough manufacturing and supply chain centers, two thin crust manufacturing facilities, one vegetable processing center.
- Description: These facilities produce dough, process vegetables, and distribute food and supplies to U.S. stores. They are critical to maintaining product consistency and supply chain efficiency.
- Details: Most centers are leased under long-term agreements, with plans for continued investment in productivity initiatives.
- Canadian Centers:
- Quantity: 5 regional dough manufacturing and supply chain centers.
- Description: Support Canadian franchisees with food and supply distribution.
- Details: Leased facilities, integrated with U.S. supply chain operations for efficiency.
3. Company-Owned Stores
- Quantity: Approximately 300 stores (exact number not specified, but 114 were refranchised in 2024).
- Description: Operated directly by Domino’s, primarily in the U.S., these stores generate direct sales and serve as testing grounds for operational innovations.
- Details: Most stores are leased under 10-year agreements with one or two five-year renewal options. The Pizza Theater design is prevalent, offering casual seating and transparency in food preparation.
4. Franchised Stores
- Quantity: Over 21,000 stores globally (company-owned and franchised total 21,300).
- Description: Operated by franchisees under Domino’s brand and operational guidelines. The majority are designed as Pizza Theaters, enhancing the carryout experience.
- Details: Franchisees lease or own their store properties directly. Each store operates under an exclusive area of primary responsibility, with a 5.5% royalty fee in the U.S. and 3.0% internationally (on average).
Property Summary:
| Property Type | Quantity | Details |
|---|---|---|
| Corporate Headquarters | 1 | Leased, Ann Arbor, MI |
| U.S. Supply Chain Centers | 25 | 22 dough, 2 thin crust, 1 vegetable; mostly leased |
| Canadian Supply Chain Centers | 5 | Leased, support Canadian franchisees |
| Company-Owned Stores | ~300 | Leased, primarily U.S., Pizza Theater design |
| Franchised Stores | ~21,000 | Leased/owned by franchisees, global |
Founders Details
Domino’s was founded by brothers Tom Monaghan and James Monaghan in 1960. Below are the details:
Tom Monaghan
- Role: Co-founder, former CEO, and Chairman.
- Background: Born in 1937, Tom Monaghan grew up in foster care and served in the U.S. Marine Corps before entering the pizza business. He was the driving force behind Domino’s growth, pioneering the pizza delivery model and expanding the brand globally.
- Contribution: Tom purchased DomiNick’s in 1960 with his brother James for $900. He renamed it Domino’s Pizza in 1965 and focused on operational efficiency and franchising. By 1998, he sold his controlling interest to Bain Capital, marking a transition to professional management.
- Current Status: No longer involved in daily operations but remains a significant figure in Domino’s history.
James Monaghan
- Role: Co-founder.
- Background: James partnered with Tom to acquire DomiNick’s in 1960. His involvement was brief, as he traded his share to Tom in 1961 for a Volkswagen Beetle.
- Contribution: Played a limited role in the early days, primarily providing initial capital and support for the purchase of the first store.
- Current Status: No longer associated with Domino’s.
Board of Directors
Below is a list of Domino’s executive officers and directors as of December 29, 2024, with their roles and backgrounds:
1. Russell J. Weiner
- Age: 56
- Position: Chief Executive Officer and Director
- Background: Joined Domino’s in 2008, serving as CEO since 2018. Previously held marketing roles at PepsiCo and Procter & Gamble. Known for driving the “Hungry for MORE” strategy and digital innovation.
2. Joseph H. Jordan
- Age: 51
- Position: President, U.S. and Global Services
- Background: Joined Domino’s in 2011, serving in various operational roles before becoming President in 2020. Previously worked at PepsiCo and Yum! Brands, focusing on operational excellence.
3. Sandeep Reddy
- Age: 54
- Position: Executive Vice President, Chief Financial Officer
- Background: Joined Domino’s in 2017 as CFO. Previously served as CFO at Guess?, Inc. and held financial leadership roles at Six Flags. Oversees financial strategy and recapitalizations.
4. Kelly E. Garcia
- Age: 49
- Position: Executive Vice President, Chief Technology Officer
- Background: Joined Domino’s in 2012, leading technology initiatives since 2018. Previously worked at Starbucks, driving digital transformation and IT strategy.
5. Lisa V. Price
- Age: 48
- Position: Executive Vice President, Chief Human Resources Officer
- Background: Joined Domino’s in 2016, serving as Chief HR Officer since 2020. Previously held HR roles at General Electric, focusing on talent development and culture.
6. Cynthia A. Headen
- Age: 55
- Position: Executive Vice President, Supply Chain Services
- Background: Joined Domino’s in 2015, serving as EVP of Supply Chain since 2020. Spent 16 years at PepsiCo in global procurement roles, enhancing supply chain efficiency.
7. Kevin S. Morris
- Age: 53
- Position: Executive Vice President, General Counsel and Corporate Secretary
- Background: Joined Domino’s in 2017, previously served as General Counsel at Equinox Holdings, Inc. Manages legal and corporate governance functions.
Non-Executive Directors:
- The report does not provide a detailed list of non-executive directors but references the Board of Directors’ oversight of risk management and cybersecurity. Additional details are incorporated by reference from the 2025 proxy statement.
Investment Details
Passive Investment: DPC Dash
- Description: Domino’s held an investment in DPC Dash, a China-based pizza chain, until 2024.
- Details: In Q4 2024, Domino’s sold 10,000,000 ordinary shares for net proceeds of $82.9 million, recording a $22.1 million net adjustment to the carrying amount (compared to $17.7 million in 2023). Gains were recorded in other income.
- Percentage of Total Investments: Represents 100% of Domino’s passive investments, as no other investments are detailed.
Future Investment Plans
Domino’s plans to continue investing in key areas to support its “Hungry for MORE” strategy:
- Supply Chain Productivity: Ongoing investments in supply chain centers to enhance efficiency and manage cost fluctuations. This includes potential expansions or upgrades to existing facilities.
- Technological Innovation: Continued focus on digital platforms, with investments in AI solutions, mobile apps, and aggregator partnerships to drive sales through digital channels.
- Store Expansion: Plans to open new U.S. and international franchised stores to increase global retail sales. The company added 615 net new stores in 2024 and aims for similar growth.
- Menu Innovation: Investment in R&D for new menu items to maintain competitiveness and meet consumer demands.
- Capital Expenditures: In 2024, Domino’s spent $130.9 million on capital expenditures, primarily for technological initiatives, supply chain centers, and corporate stores. Similar investments are planned for 2025 to support growth and operational efficiency.
