# EDGAR Filing Document

**Accession Number:** 0000940944
**File Stem:** 0000940944-25-000028
**Filing Date:** 2025-6
**Character Count:** 33773
**Document Hash:** 7391e9a3bf69d55f61c844f8ae3ec224
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940944-25-000028.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000940944-25-000028

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250613

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DARDEN RESTAURANTS INC
- **CENTRAL INDEX KEY:** 0000940944
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 593305930
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13666
- **FILM NUMBER:** 251059058

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 DARDEN CENTER DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32837
- **BUSINESS PHONE:** 4072454000

**MAIL ADDRESS:**
- **STREET 1:** 1000 DARDEN CENTER DRIVE
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32837

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENERAL MILLS RESTAURANTS INC
- **DATE OF NAME CHANGE:** 19950313

?xml version='1.0' encoding='ASCII'? dri-20250613

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report: June 13, 2025** 

**(Date of earliest event reported)**

**DARDEN RESTAURANTS, INC.**

**(Exact name of registrant as specified in its charter)**

**Commission File Number: 1-13666** 

---

| | |
|:---|:---|
| **Florida** | **59-3305930** |
| **(State or other jurisdiction of incorporation)** | **(IRS Employer Identification No.)** |

---

**1000 Darden Center Drive, Orlando, Florida 32837** 

**(Address of principal executive offices, including zip code)**

**(407) 245-4000** 

**(Registrant's telephone number, including area code)**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| **Common Stock, without par value** | **DRI** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act (17 CFR 230.405) or Rule 12b-2 of the Exchange Act (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

On June 20, 2025, Darden Restaurants, Inc. (the Company) issued a news release entitled "Darden Restaurants Reports Fiscal 2025 Fourth Quarter and Full Year Results; Increases Quarterly Dividend; Authorizes New $1 Billion Share Repurchase Program; And Provides Fiscal 2026 Outlook," a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K. In addition, the slide presentation accompanying the Company's conference call will be posted on the Company's website.

As provided in General Instruction B.2 of Form 8-K, the information in this Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section. The information in this Item 2.02 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended (the Securities Act), except as expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 5.02** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

---

On June 13, 2025, Dan Kiernan, the Company's President, Olive Garden, notified the Company of his intent to retire. The effective date of his retirement is August 31, 2025. On June 18, 2025, the Company's Board of Directors approved the appointment of John Wilkerson, currently the Company's President, Cheddar's Scratch Kitchen, to the office of President, Olive Garden, effective September 1, 2025. Effective on June 23, 2025, Mr. Wilkerson will no longer serve as President, Cheddar's Scratch Kitchen and will assume the role of President-elect, Olive Garden. Mr. Wilkerson will work with Mr. Kiernan until his retirement date to ensure a smooth leadership transition.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

(d)Exhibits.

---

| | |
|:---|:---|
| Exhibit<br>Number | Description of Exhibit |
| 99.1 | <u>[News release dated June 20, 202](exhibit991-q4fy25.htm)[5](exhibit991-q4fy25.htm)[entitled "Darden Restaurants Reports Fiscal 202](exhibit991-q4fy25.htm)[5](exhibit991-q4fy25.htm)[Fourth Quarter and Full Year Results; Increases Quarterly Dividend;](exhibit991-q4fy25.htm)[Authorizes New $1 Billion Share Repurchase Program](exhibit991-q4fy25.htm)[;](exhibit991-q4fy25.htm)[And Provides Fiscal 202](exhibit991-q4fy25.htm)[6](exhibit991-q4fy25.htm)[Outlook"](exhibit991-q4fy25.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| DARDEN RESTAURANTS, INC. | DARDEN RESTAURANTS, INC. |
| By: | /s/ Rajesh Vennam |
|  | Rajesh Vennam |
|  | Senior Vice President, Chief Financial Officer |

---

Date: June 20, 2025

## Exhibit 99.1

 **Exhibit 99.1**

![drilogoa06a.jpg](drilogoa06a.jpg)

**Darden Restaurants Reports Fiscal 2025 Fourth Quarter and Full Year Results;** 

**Increases Quarterly Dividend;**

**Authorizes New $1 Billion Share Repurchase Program;**

**And Provides Fiscal 2026 Outlook**

**ORLANDO, Fla., June 20, 2025 /PRNewswire/** -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the fourth quarter and fiscal year ended May 25, 2025.

**<u>Fourth Quarter 2025 Financial Highlights</u>**

• Total sales increased 10.6% to $3.3 billion driven by a blended same-restaurant sales<sup>1</sup> increase of 4.6% and sales from the acquisition of 103 Chuy's Tex Mex (Chuy's) restaurants and 25 net new restaurants

• Same-restaurant sales:

---

| | |
|:---|:---|
| **Consolidated Darden**<sup>1</sup> | **4.6%** |
| Olive Garden | 6.9% |
| LongHorn Steakhouse | 6.7% |
| Fine Dining | (3.3)% |
| Other Business<sup>1</sup> | 1.2% |

---

• Reported diluted net earnings per share from continuing operations were $2.58

• Excluding $0.40 of Chuy's transaction and integration related costs and costs from restaurant closures, adjusted diluted net earnings per share from continuing operations were $2.98, an increase of 12.5%<sup>3</sup>

• The Company repurchased $51 million of its outstanding common stock

**<u>Fiscal 2025 Financial Highlights</u>**

• Total sales increased 6.0% to $12.1 billion driven by a blended same-restaurant sales<sup>1, 2</sup> increase of 2.0% and sales from the acquisition of 103 Chuy's restaurants and 25 net new restaurants

• Same-restaurant sales:

---

| | |
|:---|:---|
| **Consolidated Darden**<sup>1, 2</sup> | **2.0%** |
| Olive Garden | 1.7% |
| LongHorn Steakhouse | 5.1% |
| Fine Dining<sup>2</sup> | (3.0)% |
| Other Business<sup>1</sup> | 0.2% |

---

• Reported diluted net earnings per share from continuing operations were $8.88

• Excluding $0.67 of Chuy's transaction and integration related costs and costs from restaurant closures, adjusted diluted net earnings per share from continuing operations were $9.55, an increase of 7.5%<sup>3</sup>

"We had a strong quarter with same-restaurant sales and earnings growth that exceeded our expectations," said Darden President & CEO Rick Cardenas. "Our adherence to our winning strategy, anchored in our four competitive advantages and being brilliant with the basics, led to a successful year. Our strategy remains the right one for the company, and we will continue to execute it to drive growth and long-term shareholder value."

---

| |
|:---|
| <sup>1</sup> *Will not include Chuy's until they have been owned and operated by Darden for a 16-month period (Q4 Fiscal 2026)* |
| <sup>2</sup> *Does not include Ruth's Chris as they were not owned and operated by Darden for a 16-month period at the beginning of Fiscal 2025* |
| <sup>3</sup> *See the "Non-GAAP Information" below for more details* |

---

------

**<u>Segment Performance</u>**

During the fourth quarter of fiscal 2025, the Company changed its reporting of segment profit to exclude pre-opening costs. Fiscal 2024 figures were recast for comparability. Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses. Sales and profits from Chuy's restaurants are included within the Other Business segment from the date of acquisition forward.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Q4 Sales** | **Q4 Sales** | **Q4 Segment Profit** | **Q4 Segment Profit** |
|<br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| **Consolidated Darden** | $3271.7 | $2957.3 |  |  |
| Olive Garden | $1381.0 | $1277.5 | $328.4 | $291.4 |
| LongHorn Steakhouse | $833.8 | $762.7 | $167.8 | $147.2 |
| Fine Dining | $334.6 | $327.1 | $62.9 | $64.6 |
| Other Business | $722.3 | $590.0 | $126.3 | $102.5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Annual Sales** | **Annual Sales** | **Annual Segment Profit** | **Annual Segment Profit** |
|<br>**($ in millions)** | **2025** | **2024** | **2025** | **2024** |
| **Consolidated Darden** | $12076.7 | $11390.0 |  |  |
| Olive Garden | $5212.9 | $5067.0 | $1163.9 | $1117.4 |
| LongHorn Steakhouse | $3025.5 | $2806.2 | $582.7 | $516.8 |
| Fine Dining | $1304.8 | $1291.5 | $242.5 | $245.0 |
| Other Business | $2533.5 | $2225.3 | $397.4 | $340.3 |

---

**<u>Dividend Declared</u>**

Darden's Board of Directors declared a quarterly cash dividend of $1.50 per share on the Company's outstanding common stock, a 7.1% increase from third quarter fiscal 2025. The dividend is payable on August 1, 2025 to shareholders of record at the close of business on July 10, 2025.

**<u>Share Repurchase Program</u>**

During the quarter, the Company repurchased approximately 0.2 million shares of its common stock for a total of $51 million. In addition, on Wednesday, June 18, 2025, Darden's Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $1 billion of its outstanding common stock. This repurchase program does not have an expiration and replaces the previously existing share repurchase authorization.

"Our long-term framework calls for 10-15% Total Shareholder Return over time," said Darden CFO Raj Vennam. "Over our 30-year history as a public company, Darden has achieved an annualized total shareholder return of 10% or greater over any 10 fiscal-year period. This level of performance reflects the strength of our operating model and the durability of the cash flows it generates."

**<u>Fiscal 2026 Financial Outlook</u>**

Below is the full year financial outlook for fiscal 2026, which includes a 53rd week. This outlook includes the impact of the additional week. We will provide more details during our investor conference call scheduled for this morning at 8:30 am ET.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total sales growth of 7% to 8%, including approximately 2% growth related to the 53rd week

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same-restaurant sales<sup>4</sup> growth of 2% to 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New restaurant openings of 60 to 65

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total capital spending of $700 to $750 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total inflation of 2.5% to 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An effective tax rate of approximately 13%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted net earnings per share from continuing operations of $10.50 to $10.70, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Approximately $0.20 related to the addition of the 53rd week

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately 117 million weighted average diluted shares outstanding

<sup>4</sup> *Annual same-restaurant sales is a 52-week metric and excludes the impact of Chuy's, which will not have been owned and operated by Darden for a 16-month period prior to the beginning of Fiscal 2026, as well as any additional locations not expected to be operated by Darden for the entirety of the fiscal year.*<br>

**<u>Annual Meeting of Shareholders</u>**

Darden will hold its Annual Meeting of Shareholders on September 17, 2025. The meeting will be held in a virtual format only. The record date for shareholders to vote in the Annual Meeting is July 23, 2025.

**<u>Investor Conference Call</u>**

The Company will host a conference call and slide presentation on **Friday, June 20, 2025** at 8:30 am ET to review its recent financial performance. To listen to the call live, please go to **https://event.choruscall.com/mediaframe/webcast.html?webcastid=7QyRH4t8.** Please allow extra time prior to the call to visit the site and download any software required to listen to the webcast. Prior to the call, a slide presentation will be posted on the Investor Relations section of our website at: **<u>www.darden.com</u>**. For those who cannot access the Internet, please dial **1-877-407-9219**. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

**<u>About Darden</u>**

Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, Eddie V's and Bahama Breeze. For more information, please visit **<u>www.darden.com</u>**.

**Information About Forward-Looking Statements**

Forward-looking statements in this communication regarding our expected earnings performance and all other statements that are not historical facts, including without limitation statements concerning our future economic performance, are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements speak only as of the date on which such statements are first made, and we undertake no obligation to update such statements to reflect events or circumstances arising after such date. We wish to caution investors not to place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to materially differ from those anticipated in the statements. The most significant of these uncertainties are described in Darden's Form 10-K, Form 10-Q and Form 8-K reports. These risks and uncertainties include: a failure to address cost pressures and a failure to effectively deliver cost management activities, economic factors and their impacts on the restaurant industry and general macroeconomic factors including unemployment, energy prices, tariffs and interest rates, the inability to hire, train, reward and retain restaurant team members, a failure to develop and recruit effective leaders, labor and insurance costs, health concerns including food-related pandemics or outbreaks of flu or other viruses, food safety and food-borne illness concerns, technology failures including failure to maintain a secure cyber network, compliance with privacy and data protection laws and risks of failures or breaches of our data protection systems, the inability to successfully complete our integration of Chuy's Holdings operations into our business, risks relating to public policy changes and federal, state and local regulation of our business, intense competition, changing consumer preferences, an inability or failure to manage the accelerated impact of social media, a failure to execute innovative marketing and guest relationship tactics, climate change, adverse weather conditions and natural disasters, long-term and non-cancelable property leases, failure to execute a business continuity plan following a disaster, shortages or interruptions in the delivery of food and other products and services, failure to drive profitable sales growth, a lack of availability of suitable locations for new restaurants, higher-than-anticipated costs to open, close, relocate or remodel restaurants, risks of doing business with franchisees, licensees and vendors in foreign markets, volatility in the market value of derivatives, volatility leading to the inability to hedge equity compensation market exposure, failure to protect our intellectual property, environmental, social and governance risk, including disclosure expectations and the impacts of third party ratings,

------

litigation, unfavorable publicity, disruptions in the financial markets, impairment in the carrying value of our goodwill or other intangible assets, changes in tax laws or unanticipated tax liabilities, failure of our internal controls over financial reporting and other factors and uncertainties discussed from time to time in reports filed by Darden with the Securities and Exchange Commission.

**Non-GAAP Information**

The information in this press release includes financial information determined by methods other than in accordance with U.S. generally accepted accounting principles ("GAAP"), such as adjusted diluted net earnings per share from continuing operations. The Company's management uses these non-GAAP measures in its analysis of the Company's performance. The Company believes that the presentation of certain non-GAAP measures provides useful supplemental information that is essential to a proper understanding of the operating results of the Company's businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in this release.

(Analysts) Courtney Aquilla, (407) 245-5054; (Media) Rich Jeffers, (407) 245-4189

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** | **Fiscal Q4 Reported to Adjusted Earnings Reconciliation** |
| | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Q4 2025** | **Q4 2024** | **Q4 2024** | **Q4 2024** | **Q4 2024** |
|<br>$ in millions, except per share amounts | **Earnings Before Income Tax** | **Income Tax Expense** | **Net Earnings** | **Diluted Net Earnings Per Share** | **Earnings Before Income Tax** | **Income Tax Expense** | **Net Earnings** | **Diluted Net Earnings Per Share** |
| **Reported Earnings from Continuing Operations** | $**336.5** | $**32.5** | $**304.0** | $**2.58** | $**360.0** | $**50.0** | $**310.0** | $**2.58** |
| &nbsp;&nbsp;&nbsp;% Change vs Prior Year |  |  |  | —% |  |  |  |  |
| <u>Adjustments:</u> |  |  |  |  |  |  |  |  |
| Transaction and integration related costs<sup>5</sup> | 7.0 | 2.1 | 4.9 | 0.04 | 7.4 | (0.8) | 8.2 | 0.07 |
| Impairment on restaurant disposition<sup>6</sup> | 47.7 | 11.9 | 35.8 | 0.30 |  |  |  |  |
| Restaurant closing costs<sup>7</sup> | 9.2 | 2.3 | 6.9 | 0.06 |  |  |  |  |
| **Adjusted Earnings from Continuing Operations** | $**400.4** | $**48.8** | $**351.6** | $**2.98** | $**367.4** | $**49.2** | $**318.2** | $**2.65** |
| &nbsp;&nbsp;&nbsp;% Change vs Prior Year |  |  |  | 12.5% |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** | **Fiscal YTD Reported to Adjusted Earnings Reconciliation** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** |
| $ in millions, except per share amounts | **Earnings Before Income Tax** | **Income Tax Expense** | **Net Earnings** | **Diluted Net Earnings Per Share** | **Earnings Before Income Tax** | **Income Tax Expense** | **Net Earnings** | **Diluted Net Earnings Per Share** |
| **Reported Earnings from Continuing Operations** | $**1187.2** | $**136.2** | $**1051.0** | $**8.88** | $**1175.5** | $**145.0** | $**1030.5** | $**8.53** |
| &nbsp;&nbsp;&nbsp;% Change vs Prior Year |  |  |  | 4.1% |  |  |  |  |
| <u>Adjustments:</u> |  |  |  |  |  |  |  |  |
| Transaction and integration related costs<sup>5</sup> | 44.6 | 7.9 | 36.7 | 0.31 | 51.8 | 9.7 | 42.1 | 0.35 |
| Impairment on restaurant disposition<sup>6</sup> | 47.7 | 11.9 | 35.8 | 0.30 |  |  |  |  |
| Restaurant closing costs<sup>7</sup> | 9.2 | 2.3 | 6.9 | 0.06 |  |  |  |  |
| **Adjusted Earnings from Continuing Operations** | $**1288.7** | $**158.3** | $**1130.4** | $**9.55** | $**1227.3** | $**154.7** | $**1072.6** | $**8.88** |
| &nbsp;&nbsp;&nbsp;% Change vs Prior Year |  |  |  | 7.5% |  |  |  |  |

---

---

| |
|:---|
| <sup>5</sup> *In Fiscal 2025, Chuy's associated costs. In Fiscal 2024, Ruth's Chris associated costs.* |
| <sup>6</sup> *Fiscal 2025 non-cash asset impairment charges related to 22 underperforming restaurants that were permanently closed during the fourth quarter.* |
| <sup>7</sup> *Includes cash expenses of approximately $8 million for severance and benefits related to 22 underperforming restaurants that were permanently closed during the fourth quarter.* |

---

------

**DARDEN RESTAURANTS, INC.** 

**NUMBER OF COMPANY-OWNED RESTAURANTS** 

---

| | | |
|:---|:---|:---|
| | **5/25/25** | **5/26/24** |
| Olive Garden | 935 | 920 |
| LongHorn Steakhouse | 591 | 575 |
| Cheddar's Scratch Kitchen | 181 | 181 |
| Chuy's | 108 |  |
| Yard House | 88 | 88 |
| Ruth's Chris | 82 | 80 |
| The Capital Grille | 71 | 66 |
| Seasons 52 | 43 | 44 |
| Eddie V's | 29 | 30 |
| Bahama Breeze | 28 | 43 |
| The Capital Burger | 3 | 4 |
| **Darden Continuing Operations** | **2159** | **2031** |

---

------

**DARDEN RESTAURANTS, INC.**

**CONSOLIDATED STATEMENTS OF EARNINGS**

**(In millions, except per share data)**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | 5/25/2025 | 5/26/2024 | 5/25/2025 | 5/26/2024 |
| Sales | $3271.7 | $2957.3 | $12076.7 | $11390.0 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food and beverage | 983.9 | 906.9 | 3657.0 | 3523.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant labor | 1022.0 | 926.0 | 3833.1 | 3619.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restaurant expenses | 517.1 | 462.7 | 1944.0 | 1812.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing expenses | 41.0 | 37.3 | 169.9 | 144.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-opening costs | 8.7 | 5.0 | 24.8 | 24.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 133.1 | 102.9 | 520.3 | 479.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 135.0 | 119.7 | 516.1 | 459.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairments and disposal of assets, net | 48.1 | 1.4 | 49.2 | 12.4 |
| Total operating costs and expenses | $2888.9 | $2561.9 | $10714.4 | $10075.8 |
| Operating income | 382.8 | 395.4 | 1362.3 | 1314.2 |
| Interest, net | 46.3 | 35.4 | 175.1 | 138.7 |
| Earnings before income taxes | 336.5 | 360.0 | 1187.2 | 1175.5 |
| Income tax expense | 32.5 | 50.0 | 136.2 | 145.0 |
| Earnings from continuing operations | $304.0 | $310.0 | $1051.0 | $1030.5 |
| Losses from discontinued operations, net of tax benefit of $0.1, $0.7, $0.8 and $1.7, respectively | (0.2) | (1.9) | (1.4) | (2.9) |
| Net earnings | $303.8 | $308.1 | $1049.6 | $1027.6 |
| Basic net earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings from continuing operations | $2.60 | $2.60 | $8.94 | $8.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from discontinued operations | (0.01) | (0.02) | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $2.59 | $2.58 | $8.93 | $8.57 |
| Diluted net earnings per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings from continuing operations | $2.58 | $2.58 | $8.88 | $8.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from discontinued operations |  | (0.01) | (0.02) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $2.58 | $2.57 | $8.86 | $8.51 |
| Average number of common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 117.1 | 119.2 | 117.5 | 119.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 117.9 | 120.1 | 118.4 | 120.8 |

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**DARDEN RESTAURANTS, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(In millions)**

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| | | |
|:---|:---|:---|
| | 5/25/2025 | 5/26/2024 |
| | (Unaudited) | |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $240.0 | $194.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 93.8 | 79.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 311.6 | 290.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid income taxes | 135.6 | 121.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 156.7 | 136.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | $937.7 | $822.8 |
| Land, buildings and equipment, net | 4716.0 | 4184.3 |
| Operating lease right-of-use assets | 3555.9 | 3429.3 |
| Goodwill | 1659.4 | 1391.0 |
| Trademarks | 1346.4 | 1148.0 |
| Other assets | 371.6 | 347.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12587.0 | $11323.0 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $439.6 | $399.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term debt |  | 86.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued payroll | 207.5 | 190.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued income taxes | 4.7 | 6.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued taxes | 83.0 | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenues | 599.4 | 591.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 913.3 | 847.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | $2247.5 | $2192.5 |
| Long-term debt | 2128.9 | 1370.4 |
| Deferred income taxes | 278.8 | 232.0 |
| Operating lease liabilities - non-current | 3816.9 | 3704.7 |
| Other liabilities | 1803.6 | 1580.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $10275.7 | $9080.5 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock and surplus | $2295.6 | $2252.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | (16.1) | (35.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 31.8 | 25.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $2311.3 | $2242.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $12587.0 | $11323.0 |

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**DARDEN RESTAURANTS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(In millions)**

**(Unaudited)**

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| | | |
|:---|:---|:---|
| | Twelve Months Ended | Twelve Months Ended |
| | 5/25/2025 | 5/26/2024 |
| Cash flows—operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $1049.6 | $1027.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses from discontinued operations, net of tax | 1.4 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings from continuing operations to cash flows: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 516.1 | 459.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairments and disposal of assets, net | 49.2 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 79.1 | 68.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in current assets and liabilities and other, net | 11.6 | 50.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities of continuing operations | $1707.0 | $1621.7 |
| Cash flows—investing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of land, buildings and equipment | (644.6) | (601.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of land, buildings and equipment | 2.5 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash used in business acquisitions, net of cash acquired | (613.7) | (701.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of capitalized software and changes in other assets, net | (22.5) | (25.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities of continuing operations | $(1278.3) | $(1324.6) |
| Cash flows—financing activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | 55.6 | 43.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (658.5) | (628.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (418.2) | (453.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Repayment of) proceeds from short-term debt, net | (86.8) | 86.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt, net | 750.0 | 500.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal payments on finance leases, net | (21.0) | (19.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of debt issuance costs | (6.9) | (11.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities of continuing operations | $(385.8) | $(483.4) |
| Cash flows—discontinued operations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities of discontinued operations | (8.5) | (9.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in discontinued operations | $(8.5) | $(9.8) |
| Increase (decrease) in cash, cash equivalents, and restricted cash | 34.4 | (196.1) |
| Cash, cash equivalents, and restricted cash - beginning of period | 220.1 | 416.2 |
| Cash, cash equivalents, and restricted cash - end of period | $254.5 | $220.1 |

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| | | |
|:---|:---|:---|
| Reconciliation of cash, cash equivalents, and restricted cash: | 5/25/2025 | 5/26/2024 |
| Cash and cash equivalents | $240.0 | $194.8 |
| Restricted cash included in prepaid expenses and other current assets | 14.5 | 25.3 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $254.5 | $220.1 |

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