Sara Senatore

Rick used LongHorn as evidence that added lunch traffic is largely incremental and expects net traffic gains, not cannibalization. Direct.

Raj broke down the $875M CapEx: ~$25M conversions, ~$350M maintenance/IT, ~$500M new-unit growth plus pipeline build.

Raj detailed: Darden pricing 3.4%, 10bp positive mix. OG pricing 2.8%, catering +130bp, lighter portions -60bp, Uber fees +50bp. OG traffic negative 0.4% as measured, but positive 2% adjusted for weather and catering.

Rick confirmed both decisions planned early in fiscal year or before. Q3 promotional reduction assumed weather tailwind (which didn't materialize). BOTO was always intended to be longer than last year's initial run.

Rick confirmed promotions primarily help core customers with slight increase in new/lapsed guests. Ruth's Chris $55 prix fixe drives volume profitably with guests seeking price certainty.

Raj acknowledged recent dynamics differ from historical patterns. Supply constraining behavior between packers makes it difficult to forecast. Seeing some green shoots and coverage coming more in line.

Rick confirmed marketing activity grew despite flat percent of sales due to cost savings. Cheddar's first ever 30-second CTV commercial. 1M free deliveries impacted margin slightly.

Rick acknowledged both GLP-1 effects (smaller portions, less eating out but more casual dining when they do) and general consumer health trends. Lower-end consumers may have less resources.

Rick defended portfolio structure with two largest brands reporting to CEO, others to two group presidents. Fine dining challenges due to COVID-era consumers reverting to normal patterns.

Raj noted casual dining growth across most income cohorts. Fine dining seeing pullback below $150k. Urban fine dining at 82% of pre-COVID, suburban at 95%.

Rick confirmed smaller prototypes achieve similar sales and traffic with nearly same table count, just fewer underutilized large booths.

Rick clarified Buy One Take One fits existing marketing filters, not deep discounted, uses existing menu items, creates urgency.

Rick noted Cheddar's has improved fundamentals with record retention and a successful smaller prototype, building pipeline for growth.

Rick noted improving mid-income consumer sentiment while higher-income consumers spending less than $150K pulled back from fine dining.

Scott confirmed Honey Chicken performed better on its second run and that brand-tracker value and affordability scores improved across income cohorts.

Scott confirmed uplift across all ages and income cohorts in Q1 through targeted messaging and culturally relevant moments, particularly re-engaging the younger consumer.

Scott confirmed double-digit margins and 40% year-2 ROI on European restaurants, saying they are released to go as quickly as possible in Central London and Germany.

Scott confirmed carne asada matched 2023 incidence levels. LTO consumers show higher lifetime value, visit more often, spend more. Marketing spend increased to fully support four stand-alone LTOs in 2026. Messaging evolving to celebrate differentiation.

Scott framed CMO transition as chapter change, not disruption. Strong internal and external candidates. Core purpose-driven lifestyle brand positioning stays intact. Next evolution of marketing strategy to push into next phase of growth.

Scott revealed test ad with $10 message didn't resonate; consumers responded more to innovation and culinary. Engaging additional ad agencies to develop new approach for 2026. More work needed on creative strategy.

Scott confirmed dayparts holding ~50/50 lunch-dinner. Problem detection study surfaced unaffordability perception, but suspects consumers lump Chipotle with $15 fast casual peers despite $10 price point. Needs to communicate value without disparaging competitors.

Scott clarified summer initiatives were planned last fall/winter to address seasonal lull, not a reactive response. Learning what works to inform back-half and 2026 calendar.

Adam confirmed NSP just above 80% in Q2, consistent with prior periods. Strong validation of unit growth strategy.

Scott acknowledged multiple factors but attributed underlying trend primarily to consumer spending pullback based on visitation study data.

Scott explained summer marketing shift to streaming, social, and digital channels where linear TV is less efficient. Focused on return on ad spend.

Management explained food cost beat was timing on avocado prices. On tariffs, Scott detailed supply diversification to Colombia, Peru, Dominican Republic with only 50% of avocados from Mexico.

Adam directly quantified full-year pricing at ~2%, explaining the December price carry and April Fast Act rolloff math.

Jordan said group occasions with individual choice, not drive-thru, are where The Domino lets pizza compete.

Jordan reaffirmed long-term beliefs, including 3%-plus U.S. growth, but deferred any change to the February 2027 guidance.

Weiner reframed independent strength as category growth rather than a threat; Reddy cited the investor deck showing three of nine share points taken from independents. No dine-in share figure given.

Russell rejected lowering long-term algo, DPE market potential too large. Contractual powers exist to drive change. Jack Cowin has discussed potential portfolio restructuring. Sandeep on US competitive intensity: unsustainable for competitors, either stores close or promotions stop due to profit pressure. Short-term headwind = long-term tailwind.

Sandeep noted Domino's is early in 3P journey (only started 2023-24) vs competitors who adopted years earlier. Expects both 1P and 3P growth once annualized. Confirmed pricing was flat in Q4. Russell emphasized order-count-driven quality of comp growth supports sustainable future growth vs ticket-driven.

Russell confirmed 50% incrementality still holds. Differences as expected: Uber more urban, higher income; DoorDash more rural. DoorDash is bigger platform overall so expect more volume through that channel over time.

Sandeep confirmed Uber still tracking to expectations; DoorDash modest Q2 impact with material H2 contribution expected. Russell outlined four pricing principles: consistency, quantitative optimization, at/below income growth, and talk value.

Russell attributed H1 weakness to calendarization (lapping carryout special and loyalty intro from Q1 2024). Sandeep noted Q1 was near expectations; further macro deceleration is the risk case.

CFO said pushing the 50,000 target to 2028 reflects development discipline (inflation, consumer) and expects little comp benefit from a slower pace. CEO said marketing is evolving toward creators/influencers and fewer borrowed equities, not reverting to an old process.

CEO highlighted the unique advantage of North America hosting the World Cup, with exciting marketing plans across U.S., Canada, and Mexico, but didn't specifically address loyalty frequency doubling.

Chris said both predictable EVMs and sharp price points are needed; Ian reiterated US McOpCo margins grew in Q4 on top-line strength and owner-operator cash flow was up year-over-year.

Ian said high-income strength is extension of bifurcation not a new trend; Chris noted China delivery war pressuring pricing but MCD still gaining share.

Chris said loyalty program is not yet at a size where its frequency lift offsets industry-level low-income declines; China at ~90% loyalty is the aspiration.

Chris rejected the segment-shift theory and said people are cutting frequency, particularly at breakfast.

Ian attributed check softness to moderating pricing and value-mix resets; Chris addressed UK cost-of-living and family-business pressure.

Answered on differentiation (craft, customization, caffeine flexibility) and admitted prior complacency on the platform, but offered no share data against new entrants.

Smith explained macro caution drives EPS conservatism. Coffee prices almost $1/lb higher YoY plus tariff impacts in first half. Both expected to abate in back half. Innovation-led product mix also elevated COGS.

Brian declined to disaggregate comp contribution but emphasized Green Apron as the foundation that amplifies marketing and innovation. Cathy confirmed guidance includes flexibility for continued investments; this is about strategic investment, not broad cost-cutting.

Cathy explained closures were primarily top-line driven, coffee houses that couldn't generate adequate revenue. Sales transfer from closures has been higher than expected. Deferred comprehensive margin outlook to Investor Day in late January.

Brian clarified both are contributing: operational improvements from 5 key moments and speed targets, plus marketing driving non-Rewards and non-discounted Rewards transactions. Canada food success with waffles and pancakes can be applied globally.

Brian reframed the issue as correcting a prior error of removing labor in favor of equipment. Noted quality transactions improving with higher ticket and non-Rewards customer growth but deferred on margin timeline.

Rachel clarified transition costs sit in both GAAP and non-GAAP and are non-recurring; a direct answer on the accounting question.

Senatore asked whether CAVA tracks returns on earned/social media; Schulman described a shift to analog experiences that amplify on social, without citing metrics.

Tricia cited $3M AUVs and >100% productivity across all geographies, no single commonality; confirmed salmon runs through Q4.

Direct but no single driver: sequential 2-year-stack improvement across many initiatives (AGMs, innovation, loyalty, marketing) rather than one lever.

Explained KDS improves order accuracy, the biggest experience opportunity, and that comps follow guest-experience scores, without quantifying a frequency lift.

CFO clarified that some outperforming 2024 units are now posting negative overall comps despite strong absolute AUVs, a new honeymoon dynamic weighing on the same-restaurant-sales line.

Tricia rebutted peer-cited softness: positive traffic across all cohorts, no DC/DOGE impact, and bottom-income cohorts outperforming. Direct.