Darden Restaurants

Darden Restaurants, Inc. (Darden) is a full-service restaurant company based in Orlando, Florida. At August 30, 2026, it owned and ran 2,218 restaurants in the United States. They were Olive Garden (953), LongHorn Steakhouse (624), Cheddar's Scratch Kitchen (187), Chuy's (112), Yard House (95), Ruth's Chris Steak House (83), The Capital Grille (75), Seasons 52 (44), Eddie V's (32), Bahama Breeze (10) and The Capital Burger (3). Its segments are Olive Garden, LongHorn Steakhouse, Fine Dining and Other Business.

In fiscal 2026, which ended on May 31, 2026 and had 53 weeks, sales were $13.21 billion, reported diluted EPS from continuing operations was $10.44 and adjusted EPS was $10.64. Rick Cardenas is President and Chief Executive Officer. Darden files 10-K and 10-Q reports with the SEC and has a fiscal year that ends in late May. Its common stock trades on the New York Stock Exchange in US dollars.

The price of Darden depends on whether its brands keep growing sales at a steady rate while costs rise. In Q1 of fiscal 2027, sales rose 5.1% to $3.2 billion and same-restaurant sales rose 3.1%. LongHorn grew 6.2%, but Olive Garden, the largest brand, grew only 1.1%. Darden reaffirmed its outlook for fiscal 2027 of diluted EPS from continuing operations of $11.10 to $11.35, in a year of 52 weeks after the 53 weeks of fiscal 2026.

The market has to weigh steady sales, a growing dividend and large buybacks, with $222.3 million in Q1, against a careful guest, total inflation of about 3.0% and an effective tax rate that the company guides to about 13.5%. For the price to hold or rise, three things must be true. Olive Garden same-restaurant sales must stay positive, and LongHorn must keep its growth. Restaurant margins must hold when inflation is about 3.0%.

Chuy's must keep growing, and the closing or conversion of the Bahama Breeze restaurants by Q4 of fiscal 2027 must not cost more than planned. The next tests are the Q2 report, expected in December 2026, and the Q3 report, expected in March 2027.

1. Dec 17, 2026 · est.Pending

   Q2 fiscal 2027 resultsOlive Garden same-restaurant sales stay positive, blended same-restaurant sales grow 2.5% or more and the EPS outlook is kept, and this passes; negative Olive Garden sales or a lower outlook fails.
2. Mar 2027 · est.Pending

   Q3 fiscal 2027 resultsSame-restaurant sales stay inside the outlook range and the EPS outlook is kept, and this passes; a cut fails.
3. Jun 2027 · est.Pending

   Q4 fiscal 2027 results and the outlook for fiscal 2028Fiscal 2027 EPS is at least $11.10 and the outlook for fiscal 2028 shows EPS growth of 7% or more, and this passes; lower EPS or a weaker outlook fails.

Every passed and failed checkpoint across all picks

• October 22, 2026Darden signed a new $1.5 billion revolving credit agreement that matures on October 22, 2031. It replaces a $1.25 billion agreement of 2023, under which nothing was outstanding.
• September 24, 2026Darden reported Q1 fiscal 2027 results. Sales rose 5.1% to $3.2 billion, and reported diluted EPS from continuing operations was $2.05, up 4.1% from adjusted EPS of a year before. It reaffirmed its outlook for fiscal 2027.
• September 24, 2026Darden bought back about 1.1 million shares for $222.3 million in Q1. It had $1.3 billion left under its $1.5 billion authorization. It declared a quarterly dividend of $1.62 per share, payable on November 2, 2026 to holders of record on October 9, 2026.

Last earnings

September 24, 2026 (8-K on sec.gov)

Next earnings

Expected about December 17, 2026. The company has not confirmed the date.

• 8-KNew material agreement and End of a material agreementFiled October 23, 2026 · dri-20261022
• 10-QQuarterly report for the period ended Aug 30, 2026Filed October 2, 2026 · dri-20260830
• 8-KShareholder vote resultsFiled September 24, 2026 · dri-20260923
• 8-KEarnings releaseFiled September 24, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended May 31, 2026Filed July 24, 2026 · dri-20260531
• 8-KEarnings release and Change to shareholder rights or bylawsFiled June 25, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Feb 22, 2026Filed March 27, 2026 · dri-20260222
• 8-KEarnings releaseFiled March 19, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Nov 23, 2025Filed December 30, 2025 · dri-20251123
• 8-KEarnings releaseFiled December 18, 2025 · Press release and exhibits

Every filing on SEC EDGAR (CIK 940944)

• Olive Garden, the largest brand, grew same-restaurant sales by only 1.1% in Q1 of fiscal 2027. A guest who is more careful about spending would slow traffic at all brands.
• Costs rise. Darden expects total inflation of about 3.0% in fiscal 2027, and it must offset this with price, traffic and productivity to hold its margins.
• Darden has large lease commitments. Non-current operating lease liabilities were $4,009.7 million at August 30, 2026, and a fall in sales would make this fixed cost heavier.
• Darden guides to an effective tax rate of about 13.5% for fiscal 2027. A higher rate, because of a change in tax rules, would reduce EPS.
• Bahama Breeze is closing or changing to other brands by Q4 of fiscal 2027. Closure costs and impairments can hurt reported earnings.

At August 30, 2026, Darden had cash and cash equivalents of $220.5 million. Short-term debt and the current portion of long-term debt were $979.7 million, and long-term debt was $1,636.1 million. Read more

Yield at the current rate

2.8% (current annual rate, at today’s price)

Dividend yield

2.7% (last 12 months, at today’s price of $228.94)

Paid per share

$6.24 in the last 12 months (4 payments)

Current annual rate

$6.48 ($1.62 × 4 a year)

Payout ratio

58% of the last fiscal year’s earnings (the year that ended May 31, 2026)

Latest ex-dividend date

October 9, 2026, $1.62 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 37.5% a year. From 2015 to 2025, the dividend grew by about 11.4% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.