Darden Restaurants (DRI) 10-K Summary — Year Ended May 28, 2023
Darden Restaurants filed its annual report for the fiscal year ended May 28, 2023. The report details the company's financial results, business operations, and liquidity position.
Key takeaway
Year ended May 28, 2023 · FY2025 10-K
Darden Restaurants filed its annual report for the fiscal year ended May 28, 2023. The report details the company's financial results, business operations, and liquidity position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$10.5B
Revenue reported for the fiscal year.
Operating income
$1.2B
Income from operations reported for the year.
Net income
$981.9M
Net income reported for the year.
Operating cash flow
n/a
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| May 30, 2021 | $7.2B | n/a |
| May 29, 2022 | $9.6B | +33.8% |
| May 28, 2023 | $10.5B | +8.9% |
Business overview
Darden Restaurants operates and manages a portfolio of restaurant brands. The company uses cash from operations to fund new restaurant openings, remodels, dividends, and share repurchases. It targets an investment-grade bond rating to maintain flexible financing access.
Financial performance
Revenue increased compared to the prior year. Operating income and net income were reported for the period. Revenue has grown over the past three fiscal years.
Material risks
The filing includes a risk factors section, but the supplied context does not provide specific risk descriptions. Therefore, no material risks can be identified from the available information.
Liquidity and capital
The company's primary liquidity source is operating cash flows, which support capital expenditures, dividends, and share repurchases. Darden maintains a revolving credit facility and targets investment-grade credit ratings.
What to watch
Readers should monitor the company's revenue growth trend in the next filing.