Darden Restaurants (DRI) 10-K Summary — Year Ended May 26, 2024
Darden Restaurants reported higher annual revenue and generated substantial operating profit and net income. The company continues to invest in its restaurant portfolio and manages its capital structure to maintain a strong credit profile.
Key takeaway
Year ended May 26, 2024 · FY2025 10-K
Darden Restaurants reported higher annual revenue and generated substantial operating profit and net income. The company continues to invest in its restaurant portfolio and manages its capital structure to maintain a strong credit profile.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.4B
Revenue reported for the fiscal year.
Operating income
$1.3B
Income from operations reported for the year.
Net income
$1B
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% |
| May 26, 2024 | $11.4B | +8.6% |
Business overview
The company operates restaurants, as evidenced by its capital spending on new restaurant openings and existing restaurant maintenance and remodeling. It generates its primary liquidity from operating cash flows.
Financial performance
The company’s revenue increased in the latest period compared to prior periods. Operating profit and net income remained significant, reflecting ongoing profitability.
Material risks
The filing identifies that changes in the company’s credit ratings could impact its access to capital markets and cost of financing. The company also notes general industry risks common to restaurant operators.
Liquidity and capital
The company primarily funds capital expenditures, dividends, and share repurchases through operating cash flows. It targets an investment-grade credit rating and has a revolving credit facility to support liquidity.
What to watch
Monitor any changes in the company’s credit ratings or the terms of its revolving credit facility in the next filing.