John Ivankoe

Reddy deferred a number to the Q4 call but signaled continued pressure on openings until franchisee profits improve.

Jordan said DPE's new CEO is refocusing on volume-driven profitability but gave no specifics on which markets will be renewed.

Weiner rejected the remapping premise directly, citing minimal closures and order growth as the driver of unit expansion; Reddy added carryout incrementality math.

Russell confirmed multiyear innovation funnel allows items to be moved up or newly created for calendar. 40%+ of sales are non-pizza already. Sandwiches since 2008, wide chicken portfolio. Testing Chicken Dip in UK with DPE excited about results. Pizza innovation is focus now but other platforms are on table if needed.

Russell highlighted only 7 US closures on 7,000+ base as key metric, stores stay open once built. Sandeep explained pace is deliberately managed to protect franchisee profitability during splits (initial step-back then growth). Growing faster than anyone with 3,000+ US stores while maintaining discipline.

Sandeep noted pipeline visibility better than same time last year. 175+ per year through 2028 remains algo. 8,500 TAM evolves upward as Domino's gains share and competitor stores close. Russell added builder base has broadened with more smaller franchisees opening stores.

Russell denied strategic shift; average franchisee has 9 stores with $162K EBITDA each. Values diversity of system (no concentration risk). Maryland buyer was a 20-year Domino's veteran entering as a new franchisee.

Russell explained splits are carryout-driven (80% incremental), stores break even on carryout alone, then delivery efficiency improves via shorter routes and better service. Carryout share still has runway.

Russell emphasized sustainability of value pricing given Domino's scale, supply chain advantage, and higher volume vs competitors running similar promotions at worse economics.

Rick said it is early to call malls a durable trend but the youngest cohort is returning; deferred the developer-construction question. Partial.

Raj said a fuel surcharge could add up to 50-60 bps to COGS at peak, easing through the year as fuel prices come down.

Rick confirmed AI used for food prep, labor management, and beyond forecasting. Goal is getting managers out of office and with guests/team members.

Rick estimated 80/20 split, possibly better. Dissatisfaction rates at all-time lows, low single-digit dis-sats in big brands.

Rick confirmed no material immigration impact on labor. Record retention. One supplier closed a plant but unknown if labor-related. Midwest was strongest region; New England and Northwest softest.

Raj confirmed retail beef volume declined low single digits YoY in the most recent month after being robust for 4-5 months prior.

Rick distinguished current approach from 2007-2008: not shrinking the whole menu, adding smaller options alongside regular sizes. OG still offers unlimited soup/salad and breadsticks. Value and portion size ratings both up significantly.

Rick confirmed strong pipeline with great access to capital. Slowdown in industry growth coming from smaller independents and chains, not big chains.

Rick explained Darden uses behavioral data to send reminders without offers. Noted Olive Garden unlikely to reach 25% margin as focus is sales building.

Acknowledged morning peak as the efficiency opportunity and said hours would be earned into as growth comes, but did not commit to a labor-hour trajectory. Clarified the 24-hour reference was supply chain, not store hours.

Niccol emphasized productivity through throughput growth rather than labor cuts. New Mastrena machine can do 4 shots in under 30 seconds. Smith clarified focus on covered hours with customer and reducing non-customer-facing tasks through technology.

Brian described AM as ritual and PM as reset requiring personalized energy, sparkling, blended, and indulgent offerings. Digital menu boards completing rollout will enable daypart menus. On competition, emphasized the full cafe/drive-thru/mobile ecosystem is unmatched.

Brian described it as both corrective and offensive. Hypothesis that stores were understaffed and orders poorly sequenced was confirmed. The flywheel effect means better performance earns more hours, enabling further growth phases organically.

Brian explained the Starting 5 approach co-builds innovation with baristas in stores rather than developing at support center and throwing over the wall. 4-minute speed requirement is a gate for any new item.

Brian clarified Siren will still be used in highest-volume stores but not broadly. Confirmed AM/PM menu differentiation will come through digital menu boards and afternoon aperitivo menu concept.

Brian confirmed digital menu boards enable AM/PM merchandising flexibility. On food warming cabinets, he clarified the trade-off is volume-dependent rather than universal drive-thru rollout.

Niccol called food a key piece with a 'fewer, better' quality focus but stopped short of naming it a primary growth driver over beverage.

Ivankoe questioned whether strong new-unit volumes make next-year comps harder; Tolivar said the 2024 cohort posts double-digit SRS and expects '25-'26 to follow.

Brett said the Houston catering test is expanding to a second market this year, focused on capacity/load balancing; Tricia said NROs remain the best use of cash.

Tolivar answered directly: new units into the base were not significant to comps and strength is broad across vintages, geographies and income cohorts.

Said the environment is less supply-intense than the 2013-2016 era, real estate is easier to obtain, and differentiated Mediterranean cuisine wins share regardless of new entrants.

CEO said scaled markets now make marketing an efficient, untapped lever, with tests across CTV, over-the-top, and outdoor, while paid lower-funnel remains highly efficient; competition is unchanged from the norm.

Brett said CAVA sees no market-specific weakness and no region with AUV below $2.6M, framing continued white space despite competition. Direct.

CEO cited second-make-line productivity, order accuracy and status updates from KDS, and firmly ruled out kiosks.

Scott shared competitive analysis from New York and Florida showing initial cannibalization recovers by month 6-8 as new competitors bring more consumers to the trade area. National marketing has highest return on ad spend.

Adam confirmed new restaurants opening at approximately 80% of comp restaurant volumes, consistent with the last couple of years, attributing any appearance of softness to cadence timing within the quarter.

Scott confirmed 350 company-owned restaurants in 2026, roughly one per day. Comfortable at this pace out to 7,000 North America target. Can reach 9-10% total unit growth including partner-operated. Returns remain ~60%.

Scott candidly acknowledged France is challenging due to wage inflation and occupancy. UK strategy focused on Central London density similar to NYC/Chicago model. Looking to expand to Benelux, Nordics, Poland, Spain.

Scott believes tax-related tailwinds will benefit core over-$100K consumers and align with menu innovation ramp. Also expects a bump for under-$100K cohort after tax season.

Scott reported all regions trending similarly with Northeast still strong despite new fast-casual competition. Adam noted urban slightly outperforming suburban, and softness in vacation pockets.

Scott attributed retention to best-in-class wages, benefits, and culture. Noted Chipotle taking share despite QSR value wars, maintaining 30% discount to peer group.

CEO cautioned third-party survey data is unreliable and prefers known-customer satisfaction data, which improved over time before a Q2 step-back. CFO said MCD always seeks best operators but offered no specific refranchising mechanics.

CFO confirmed U.S. McOpCo performance unacceptable but noted IOM McOpCo margins grew. Still confident in reaching ~50,000 restaurants by end of 2027 but will adjust if returns don't meet thresholds.

Chris noted McDonald's is approaching a ~10-year remodel cadence and that taste and quality work is being done without preconceived constraints; Jill described near and longer term lenses.

Chris confirmed EVM is meant as the predictable-value foundation with McValue pulsing deals on top, not to revert to prior state.

Chris cited real-income declines, tariff and employment anxiety, daypart skipping and trading down; Ian noted similar family-pressure dynamics internationally.

Chris framed pricing as trading-area based and confirmed Snack Wraps following strips later in the year.

Chris explicitly pushed back that benefits were never expected in 2025; peak investment years are 2025-2027.