Jon Tower

Raj said LongHorn is holding up with strong traffic/sales momentum but declined to get specific on quarter-to-date trends. Partial.

Rick clarified lighter portions isn't marketed; protein items carry good margins and FY27 margins are flat-to-positive.

Rick noted LongHorn already has different portion sizes (filet, sirloins, chicken, salmon). Ruth's Chris prix fixe uses smaller filet. Opportunities across brands but not as broad as OG's separate menu section.

Rick confirmed 4.7% delivery mix in Q3 (up from 0.8% prior year). January had no-offer delivery message; February added free delivery. Q4 delivery marketing would be secondary message; year-over-year jump expected smaller than Q3.

Rick confirmed additional restaurants from a couple of brands. Not a pull forward, development team continuing to find sites and execute deals faster. Pipeline strong since June.

Rick confirmed no plans to market lighter portions currently, doing well without marketing via word-of-mouth. Available through 1P delivery as well.

Rick confirmed higher frequency for delivery guests. Uber noted delivery orders usually fall off over summer but Olive Garden had not seen that. Delivery continues to grow.

Raj quantified lighter portions and Uber delivery each at approximately 20bp margin impact. Even with 1.9% OG pricing (well below inflation), segment profit margin only down 10bp.

Rick confirmed brand-driven improvement with all income groups above $50K positive after adjusting for weather.

Rick confirmed all brands seeing gradual speed improvement but this is a long-term initiative involving convincing 200,000 team members.

Reddy attributed the items-per-order decline to macro and said the company is still studying GLP-1 as the pill becomes widely available.

Reddy said development incentives have always been part of the model and will remain so.

Weiner declined to confirm the occasion or format and argued incrementality outweighs ticket risk, without addressing how aggregate ticket would be protected.

Sandeep confirmed March incremental pressure is base assumption carried forward in updated guidance. Still expecting balance of ticket and order count growth for the year. Timing shifted from original calendar but approach unchanged. Russell clarified: guidance updated but goals have NOT been updated, team focused on high end.

Russell confirmed sequential monthly growth in customers on new platform; expanding when new site outperforms old on conversion metrics. Sandeep emphasized measured rollout given 85% digital to avoid disruption.

Sandeep confirmed 2x gross, 50% incremental for DoorDash. Russell explained unique buttery dough formulation and medium-only enables ~$4 upcharge to mix and match, making it both an order and ticket driver.

Russell noted DPE closures will be behind them by year-end and highlighted China/India acceleration. Sandeep pointed to improving store profitability and paybacks across the portfolio ex-DPE.

CEO walked through Q2's crowded calendar (KPop Demon Hunters, EDAP, beverages, FIFA in roughly 3-week windows) that overwhelmed crews and blurred customer messaging; the back-half calendar is being scrutinized to give launches space to execute.

CEO confirmed entering a remodel cycle roughly a decade after EOTF. Typically franchisees fund remodels, but MCD may partner on sales-driving elements. More details expected at September Investor Day.

Chris noted GLP-1 consumers favor protein (a McDonald's strength) and shift away from snacking and sugary drinks; Jill highlighted the existing protein-forward menu items.

Chris said some international markets will test the US construct; beverages are positioned to drive check and margin, not as a pure value platform.

Ian said back-half G&A spend is normal cycle; Chris positioned beverages as a full-margin growth opportunity though some will remain on the value menu.

Chris cited 80% of CosMc's orders are recipe-ed and beverage test will integrate into existing restaurants later this year.

Chris confirmed beverage is a strategic priority with Cosmics test learnings ongoing but no new timing commitments.

Tower asked whether the delivery-sales pickup was intentional; Schulman credited last year's KDS rollout for better service, accuracy, and platform ratings.

Brett said CAVA would not take additional price, absorbing fuel surcharges in RLM guidance; cited strong brand-health value scores and California traffic data.

Confirmed 2026 pricing will be modest and less than 2025; opening approach largely unchanged but pacing new markets thoughtfully to balance the honeymoon effect.

CEO cited accuracy and productivity gains from KDS and TurboChef rollouts but declined to quantify store-profit impact, and noted the AGM role has been largely self-funded by transaction growth.

CEO credited a balanced portfolio approach, robust analytics, and post-IPO awareness tailwinds for strong new-market openings.

Jon called the For Real campaign stale; Scott framed new CMO Fernando Machado's work as an evolution emphasizing fresh-prep and ingredient-based value.

Scott acknowledged more labor investment opportunity, citing HEAT equipment freeing hours for reinvestment, and a push to ensure manager coverage at all 14 peak dayparts (lunch and dinner daily).

Scott noted delivery prices remain below peers even at elevated levels, order ahead surpassed 20% of digital mix showing consumer shift to pickup, and new CDO Arlie Sisson will review aggregator strategy.

Adam explained the leverage is intentional from post-COVID pricing, not a pullback. Absolute dollars still grew ~8.5% YoY and they would invest more if good opportunities arise.

Scott cited permitting as a governor, targeting 9-9.5% unit growth in 2025 with ambition to reach 10% in 2026.

Brian emphasized remaining premium while innovating with different sizes, packages, and price points for different dayparts. Pricing will be used when necessary but as a last lever and in minimal amounts.

Brian confirmed full US rollout but tailored to store type. Shared specific examples of Chicago urban store doing 250 transactions in 30 minutes and suburban store adding dedicated drive-thru labor.

Rachel confirmed Q2 will be the earnings trough with intensifying YoY pressure from restructuring charges, then gradual improvement in H2. Brian addressed pricing balance through food/beverage innovation.

Niccol did not quantify the non-dairy upcharge revenue impact ('still working through') and was upbeat on licensed-store partner support for Back to Starbucks.