David Tarantino

Niccol answered directly, attributing momentum to Green Apron staffing and routines and naming remaining runway in both dayparts, though without quantifying a comp ceiling.

Niccol pointed to 40% of stores still below 4-shot Grow scorecard as clear upside opportunity. Coffeehouse uplifts only at 300 stores with 1,000+ planned by fiscal year-end and 8,000+ target thereafter. Lead stores continue to perform.

Brian quantified approximately 0.5pp of comp from sales transfer, confirming the remaining ~3.5pp was organic. Both non-Rewards and Rewards transactions grew. Pilot 650 stores continue to outperform fleet by about 200 basis points in comp.

Brian explained they are only 8-9 weeks into full rollout and seeing week-over-week improvement. Initial 650 pilot stores continue to outpace the broader portfolio, suggesting further upside as newer stores mature.

Cathy acknowledged extensive opportunities across COGS, operating expenses, and G&A but declined to quantify offsets, noting work spans FY26-28 for durable cost structure improvements.

Brian confirmed slower near-term builds while resetting renovation and new build costs, then ramp back up. Still sees potential to double US store count with right cost structure.

Brian directly addressed both drivers: shift from discounting to broad marketing attracted non-rewards customers, and morning daypart showed sequential improvement.

Niccol described lowering renovation cost, separating mobile pickup and warmer cafe design, but deferred on the remodel-cycle schedule.

Tarantino asked how broad-based the strong new-unit productivity is; Tolivar said it spans all geographies and formats, aided by rising brand awareness.

Tricia attributed the margin caution to salmon, energy/fuel surcharges and digital-mix OpEx; noted the top-end RLM guide was raised 10bps.

Direct: infrastructure/tech is in place; the biggest governor to growth is deepening the people-development pipeline as CAVA scales toward 100+ units/year.

Framed the transition as proactive rather than reactive; cited the intense discount environment and doubling down on guest experience, but gave no specifics on the change.

CFO confirmed the trend line is tracking to the implied second-half comp, with exit rates above the 2.1% Q2 print and continued acceleration into Q3.

Tricia noted the quarter ended April 20 (post-Liberation Day captured) and that new markets (Indianapolis/Fishers, South Florida, Lafayette) meet or exceed expectations. Direct.

CFO confirmed the 2024 vintage is outperforming 2023 and underpins the raised AUV and returns targets.

Adam detailed Q1 pricing-inflation gap of ~250bps margin headwind. Full-year pricing 1-2% vs inflation 3-4% creating ~150bps YoY margin decline. Plus 10-20bps higher ad promo and 20bps gift card comp headwind. Gap narrows throughout year.

Adam confirmed pricing dislocation resolved by year-end, then transaction-driven flow-through to reach 27-28% and beyond at $4M AUV. Scott added 1-2% pricing vs industry 4% strengthens value proposition and preserves pricing power for future years.

Scott attributed weakness to macro, noted low-income consumers shifting to QSR $5 meals. Acknowledged need to think differently about value at Chipotle but maintained confidence in mid-single-digit path.

Scott cited record brand tracker rankings (top 3 in 15 perceptual drivers), all-time low turnover, all-time high staffing, and continued digital innovation as evidence the issue is macro, not brand-specific.

Adam confirmed the trend line yields 0-1% full-year comp, and initiatives should build to low single-digit. Full-year mid-single-digit would require macro relief.

Adam gave detailed quarter-by-quarter trajectory: Q1 flattish transactions due to tough LTO comps, Q2 low point from strong prior year, then step-up in Q3/Q4 to reach full-year guide.

Scott confirmed honey chicken is NOT in the guidance, providing potential upside. Signaled mid-to-late March launch timeframe.

Reddy confirmed order counts met plan and ticket missed, but withheld the magnitudes; Weiner added directional color without disclosing figures.

Russell maintained personal 3% objective despite formal guidance lower. Plans adjusted: new calendar items starting May that weren't planned at year start. Not just value, pizza innovation also accelerated. Sandeep emphasized 'positive' in positive low single digits guidance and noted retail sales growth well above SSS from store additions.

Russell framed it as natural extension of 11 years of ~1 point/year share gains. Category leaders in other QSR segments at 40-50% share vs Domino's ~25%. Sandeep noted 8,500 store target keeps going up as competitive closures create more whitespace. Every prior full-potential target has been exceeded.

Russell differentiated Domino's from LTO-driven businesses. Every launch (aggregators, stuffed crust, loyalty) becomes permanent base that compounds over time. Loyalty bigger in 25 than 24, which was bigger than 23. Aggregators not yet at fair share. Not a launch-and-replace model.

Sandeep confirmed India (250 stores) and China (300 stores) on track. Ex-DPE markets healthy with 2026 visibility good. DPE opening plan still being developed; unit economics must support sustainable growth.

Russell confirmed high mix and good satisfaction scores but declined to quantify lift given only 3 weeks in Q1. Noted competitors have ~15% mix for stuffed crust as the opportunity.

Russell attributed the miss to hurricane impacts and noted Domino's was still multiple times higher than public pizza competitors on net openings. Sandeep cited strong paybacks and demand.

CEO said McDonald's > NEXT is not primarily a remodel program; franchisees are entering a normal 10-year remodel cycle with healthy balance sheets and borrowing capacity, and much of the sales-growth investment will be self-funded through productivity.

CEO acknowledged franchisee profitability under pressure in both U.S. and IOM from beef inflation. CFO noted hedging positions and supply chain strength provide confidence for navigating 2026 inflation.

Chris said EVM corporate support has already rolled off in some places; franchisees set pricing but McDonald's defends brand value leadership through RGM.

Ian quantified $15M of September support, ~$75M in Q4, plus smaller Q1 2026 support before corporate support ends; Chris said 98-99% of franchisees endorsed the plan.

Ian credited EDAP platforms plus entry-level value meals in all large IOM markets, with Chris adding 'value, menu innovation and marketing... you got to go 3 for 3.'

Chris disclosed Buy One Add One for $1 is ~10-13 points less incremental than the $5 Meal Deal and may be reconsidered.

Chris framed the recovery as contingent on execution on McValue, marketing and food innovation, not just E. coli dissipating.

Raj confirmed FY2027 commodities inflation directionally better than 4%, even with recent oil price news. Update in June.

Raj confirmed 52-to-52 comparison is the right approach. Details on 53rd week treatment will come in June.

Rick noted no dramatic change in consumer spending. Job revision adjustments reflect what was actually happening. August retail sales and Darden results both strong.

Raj confirmed pricing increasing from 2.2% to mid- to high-2s through the year, plus some near-term beef pressures expected to ease.

Raj confirmed 80% domestic sourcing with mitigation strategies including inventory management and alternative sourcing.

Raj attributed CapEx increase to Chuy's openings, pipeline building for next year, and some land purchases.