Peter Saleh

Raj said retail beef demand is still down about 4% in August, easing from prior ~10% declines, so pressure is plateauing. Direct with data.

Rick attributed LongHorn strength mostly to trade-in from retail amid high retail beef prices, with some fine-dining trade-down.

Raj confirmed tariff impact in tens of basis points on commodities (in line with prior). Construction cost impact still mid-single digit, no change.

Rick explained NEPB took priority over delivery marketing in Q2. Gap to industry grew every month even as NEPB wound down. Cannot comment on Q3/Q4 delivery marketing plans.

Raj detailed supply constraints: packer cutbacks, halted Mexican cattle imports (screwworm), tariffs on Brazil. Cattle on feed consistent, retail demand destruction starting. Would take modest price if demand supports it.

Rick described delivery guests as younger, slightly higher income, with minimal dining overlap. Nearly 40% of pickup consumers tried delivery. Higher frequency vs dine-in.

Rick noted reinvestment could include lower pricing, more items at lower price points, and labor investments. Estimated 10-20 basis points depending on sales outperformance.

Rick described delivery guests as younger, higher income, with 20% higher food/bev check vs to-go and 12% ordering catering items.

Raj confirmed delivery and service fees count as sales but impact was single basis points given limited rollout.

Jordan used pulling The Domino launch forward as the example of prioritizing fewer initiatives and moving faster.

Jordan said order growth was strong all year and backed Q4 marketing, but gave no intra-quarter progression.

Russell confirmed growth across every income cohort including lower-income, better than rest of QSR. Consumer uncertainty at COVID lows magnified for lower-income. From retail sales perspective still up 2.8%. Bright spots exist despite headline comp miss.

Russell confirmed growth across all income cohorts in Q4 and full year, countering QSR-wide narrative about lower-income decline. Sandeep confirmed delivery/carryout overlap consistently in mid-teens, separate occasions with no meaningful switching.

Russell noted Domino's grew among all income cohorts for second straight quarter despite macro pressure on lower-income. Sandeep added pizza category now at 1% YTD, close to 1-2% historical rate. Category not declining as some feared; consistent with Hungry for More algorithm assumptions.

Russell attributed flat category to QSR-wide consumer headwinds (similar in burgers), expects reversion to 1-2% over time. Emphasized Domino's is on offense with value while competitors are defensive.

Sandeep confirmed no change to 175+ guide; tariff impact not material enough to dampen franchisee enthusiasm. Russell added pipeline is better than this point last year.

Russell confirmed billion-dollar opportunity but noted timing pushed out due to optimizing incrementality. Learned to optimize marketing on platform and expects faster tech integration with new partners.

Niccol said Rewards membership grew instead of the expected temporary disruption. Frequency is already increasing in early data. Three-tier program driving engagement without resorting to discounting.

Brian acknowledged peak throughput is strong but off-peak performance still inconsistent. Sees opportunity to extend hours earlier than 5 AM as demand warrants. Grow program focusing teams on few key metrics is a major unlock for reducing complexity.

Brian cited brand first choice metric at highest since 2023, improving non-Rewards transactions every quarter since fall arrival, and higher-quality transactions showing up in approximately 1 point of ticket improvement.

Brian explained the shift from equipment-driven to algorithm-driven solution, noting most stores can achieve four-minute throughput through process improvements rather than siren equipment investment.

Niccol candidly conceded a 'not the most direct path' on Siren, attributing it to prior lack of clarity on the problem being solved.

Scott teased center-of-the-plate items plus beverage, sides and dessert work in the stage-gate process, some landing in back-half 2026 and 2027.