Operational efficiency is evidenced by an OCF/NI ratio of 1.16 in 2026Q1, supporting a disciplined capital expenditure profile that consistently remains below 4.2% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jan'23 | Jan'22 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 774.94M | 792.06M | 624.9M | 590.86M | 475.32M | 654.21M | 592.79M | 496.95M | 394.17M | 339.04M | 287.27M | 291.79M | 192.34M | 193.99M | 176.32M | 153.07M | 128.32M | 101.27M | 75.26M | 84.19M | 133M | 141.2M | 113.46M | 102.52M | 0 | 0 |
| Operating CF Margin % | - | 16.03% | 13.28% | 13.19% | 10.48% | 15.01% | 14.4% | 13.73% | 11.48% | 12.16% | 11.62% | 13.16% | 9.65% | 10.76% | 10.51% | 9.26% | 8.17% | 7.21% | 5.28% | 5.75% | 9.25% | 9.34% | 7.84% | 7.69% | - | - |
| Operating CF Growth % | 57.1% | 26.75% | 5.76% | 24.31% | -27.34% | 10.36% | 19.29% | 26.07% | 16.26% | 18.02% | -1.55% | 51.7% | -0.85% | 10.02% | 15.19% | 19.29% | 26.71% | 34.57% | -10.61% | -36.7% | -5.8% | 24.44% | 10.67% | - | - | - |
| Net Income | 591.86M | 601.7M | 584.17M | 519.12M | 452.26M | 510.47M | 491.3M | 400.71M | 361.97M | 277.9M | 214.68M | 192.79M | 162.59M | 142.99M | 112.39M | 105.36M | 87.92M | 79.74M | 53.97M | 37.88M | 106.23M | 108.28M | 62.29M | 39.04M | 36.8M | 25.3M |
| Depreciation & Amortization | 88.9M | 88.83M | 87.73M | 80.64M | 80.25M | 72.92M | 65.04M | 59.93M | 53.66M | 44.37M | 38.14M | 32.43M | 35.79M | 25.78M | 23.17M | 24.04M | 24.05M | 24.06M | 28.38M | 69.79M | 35.65M | 35.44M | 39.51M | 29.82M | 33.1M | 33.6M |
| Stock-Based Compensation | 43.05M | 44.64M | 43.26M | 37.51M | 28.71M | 28.67M | 24.24M | 20.27M | 22.79M | 20.71M | 18.56M | 17.62M | 17.59M | 21.99M | 17.62M | 13.95M | 13.37M | 17.25M | 9.06M | 8.4M | 5.22M | 3.8M | 51K | 0 | 0 | 0 |
| Deferred Taxes | 6.9M | 1.29M | -9.12M | -19.51M | 253K | 1.99M | 14.42M | -3.3M | -872K | 6.16M | -3.06M | 1.71M | -132K | 6.05M | 4.19M | 8.17M | 6.03M | 19.48M | 2.05M | -5.56M | -615K | 308K | 8.76M | 7.8M | 0 | 0 |
| Other Non-Cash Items | 17M | 2.85M | -37.13M | -12.65M | -12.35M | -46.31M | -49.78M | -17.77M | -19.59M | -19.68M | -41.07M | -6.15M | -23.51M | -14.29M | -1.15M | -10.41M | 495K | -43.27M | 5.07M | 1.59M | -3.41M | -17.74M | 2.63M | 26.39M | -69.9M | -58.9M |
| Working Capital Changes | 27.23M | 52.75M | -44.01M | -14.24M | -73.81M | 86.47M | 47.57M | 37.11M | -23.8M | 9.56M | 60.02M | 53.38M | 23K | 11.47M | 20.1M | 11.95M | -3.54M | 4M | -23.26M | -27.91M | -10.07M | 11.12M | 216K | -523K | 0 | 0 |
| Change in Receivables | 0 | -6.15M | -27.35M | -26.52M | -6.33M | -8.11M | -33.33M | -20.9M | -18.17M | -22.65M | -18.72M | -13.68M | -12.71M | -11M | -6.92M | -7.71M | -3.4M | -7.24M | -10.3M | -4.34M | 687K | -3.29M | -8.82M | 0 | 0 | 0 |
| Change in Inventory | 0 | -6.7M | 6.65M | 160K | -17.06M | -9.42M | -24.96M | -6.74M | -12.46M | 1.53M | -2.95M | -2.26M | -11.83M | -242K | -703K | -4.9M | -2.36M | -1.05M | 1.25M | -1.5M | 1.04M | -1.18M | 913K | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -10.22M | 69.37M | -36.6M | 17.53M | 58.29M | 27.64M | 10.01M | 22.27M | 78.93M | 69.03M | 22.78M | 21.87M | 24.91M | 21.42M | -116.7M | -46.95M | -118.9M | -20.98M | -10.51M | 14.81M | 5.68M | 0 | 0 | 0 |
| Cash from Investing | -62.29M | -70.19M | -31.23M | -106.92M | -53.68M | -142.72M | -128.93M | -27.85M | -88.26M | -149M | -836K | -109.29M | -57.44M | -99.73M | 7.35M | -26.94M | -18.38M | -32.89M | 12.09M | -109.47M | -5.93M | 137K | -36.27M | -19.56M | -40.6M | -37.9M |
| Capital Expenditures | -120.86M | -120.56M | -112.89M | -105.4M | -87.23M | -94.17M | -88.77M | -85.56M | -119.89M | -90.01M | -58.55M | -63.28M | -70.09M | -40.39M | -29.27M | -24.35M | -25.42M | -22.87M | -19.41M | -42.41M | -20.2M | -28.69M | -39.76M | -29.16M | -40.6M | -37.9M |
| CapEx % of Revenue | 2.43% | 2.44% | 2.4% | 2.35% | 1.92% | 2.16% | 2.16% | 2.36% | 3.49% | 3.23% | 2.37% | 2.85% | 3.52% | 2.24% | 1.74% | 1.47% | 1.62% | 1.63% | 1.36% | 2.9% | 1.41% | 1.9% | 2.75% | 2.19% | 3.23% | 3.25% |
| Acquisitions | 100K | 0 | 0 | 0 | -6.81M | 16K | 174K | -3.42M | 119.89M | 6.83M | 4.94M | 12.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -515K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 58.47M | 6.28M | -1.26M | -1.52M | 40.37M | 531K | -159K | -74.58M | -112.11M | -562K | -1.66M | -58.73M | 12.65M | -59.35M | 36.62M | -2.59M | 7.04M | 2.25M | 31.5M | -67.05M | 14.27M | 3.29M | 4.01M | 9.6M | 0 | 0 |
| Cash from Financing | -788.6M | -752.09M | -532.22M | -476.36M | -515.95M | -522.83M | -446.41M | -222.79M | -322.8M | -197.15M | -375.79M | -80.94M | -118.9M | -134.8M | -177.45M | -123.48M | -104.27M | -70.8M | -53.53M | -1.61M | -155.76M | -114.58M | -83.9M | -62.88M | 0 | 0 |
| Debt Issued (Net) | -165.16M | -164.97M | -17.65M | -40.81M | -57.27M | 939.79M | -44.06M | 582.91M | 365.91M | 971.81M | -59.33M | 740.6M | -12.33M | -24.35M | 109.49M | -890K | -113.9M | -75.68M | -15.31M | 917.4M | 4.72M | -40.34M | -180.62M | 347.6M | 0 | 0 |
| Equity Issued (Net) | -387.93M | -338.9M | -329.56M | -269.02M | -293.74M | -1.3B | -311.39M | -685.94M | -581.38M | -1.06B | -285.02M | -733.74M | -73.38M | -87.68M | -79.29M | -164.44M | -836K | 4.38M | -38.52M | -44.16M | -135.46M | -46.86M | 118.06M | -201M | 0 | 0 |
| Dividends Paid | -237.7M | -236.86M | -209.94M | -169.77M | -157.53M | -139.4M | -121.92M | -105.72M | -92.17M | -84.3M | -73.92M | -80.33M | -52.84M | -34.24M | -185.48M | 0 | 0 | 0 | 0 | -896.97M | -29.84M | -26.9M | -4.46M | -188.33M | 0 | 0 |
| Share Repurchases | -395.73M | -357.7M | -329.56M | -269.02M | -293.74M | -1.32B | -304.59M | -699.01M | -591.21M | -1.06B | -300.25M | -738.56M | -82.41M | -97.13M | -88.24M | -165.01M | -5.38M | 0 | -42.98M | -54.55M | -145M | -75M | -1.77M | -201.09M | 0 | 0 |
| Other Financing | 2.19M | -11.36M | 24.93M | 3.25M | -7.41M | -22M | 30.97M | -14.05M | -5.34M | -26.5M | 42.48M | -7.46M | 28.68M | 11.47M | -22.16M | 41.85M | 10.47M | 512K | 305K | 22.11M | 4.83M | -482K | -16.88M | -21.14M | 0 | 0 |
| Net Change in Cash | -74.57M | -28.44M | 59.29M | 7.93M | -95.28M | -11.67M | 18.22M | 246.5M | -17.43M | 60.44M | 60.95M | 102.59M | 16.47M | 14.38M | 54.81M | 2.35M | 5.55M | -2.98M | 34.03M | -26.88M | -28.7M | 26.52M | -6M | 20.26M | -40.6M | -37.9M |
| Free Cash Flow | 654.09M | 671.5M | 512.01M | 485.47M | 388.08M | 560.03M | 504.03M | 411.38M | 274.28M | 249.03M | 228.72M | 228.5M | 122.25M | 153.6M | 147.05M | 128.72M | 102.9M | 78.4M | 55.85M | 41.77M | 112.8M | 112.51M | 73.7M | 73.36M | -40.6M | -37.9M |
| FCF Margin % | 13.14% | 13.59% | 10.88% | 10.84% | 8.55% | 12.85% | 12.24% | 11.37% | 7.99% | 8.93% | 9.25% | 10.31% | 6.13% | 8.52% | 8.76% | 7.79% | 6.55% | 5.58% | 3.92% | 2.86% | 7.85% | 7.44% | 5.1% | 5.5% | -3.23% | -3.25% |
| FCF Growth % | 14.14% | 31.15% | 5.47% | 25.09% | -30.7% | 11.11% | 22.52% | 49.99% | 10.14% | 8.88% | 0.09% | 86.92% | -20.41% | 4.45% | 14.24% | 25.09% | 31.25% | 40.39% | 33.69% | -62.97% | 0.26% | 52.66% | 0.46% | 280.69% | -7.12% | - |
| FCF per Share | 19.34 | 19.61 | 14.69 | 13.71 | 10.75 | 14.86 | 12.71 | 9.81 | 6.33 | 5.22 | 4.58 | 4.11 | 2.15 | 2.66 | 2.49 | 2.09 | 1.69 | 1.36 | 0.96 | 0.65 | 1.75 | 1.64 | 0.96 | 23.09 | -1.00 | -0.94 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.32x | 1.07x | 1.14x | 1.05x | 1.28x | 1.21x | 1.24x | 1.09x | 1.22x | 1.34x | 1.51x | 1.18x | 1.36x | 1.57x | 1.45x | 1.46x | 1.27x | 1.39x | 2.22x | 1.25x | 1.30x | 1.82x | 2.63x | - | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt Leverage Sensitivity
According to recent financial disclosures, DPZ consistently maintains an OCF/NI ratio above 1.0, with a peak of 1.43 in 2025Q2, suggesting that the company's reported net income is supported by high-quality cash inflows rather than aggressive accounting accruals or non-cash revenue recognition practices.
The persistent premium of operating cash flow over net income indicates that the company's earnings are of high quality and not overly reliant on non-cash adjustments. This trend suggests that the underlying franchise and supply chain operations are efficient at converting accounting profits into tangible liquidity.
As reported in quarterly filings, DPZ has maintained a stable free cash flow trajectory, with quarterly FCF peaking at $175.9M in 2025Q4, demonstrating the business model's ability to generate significant surplus cash even amidst fluctuating capital expenditure requirements and broader macroeconomic pressures on consumer spending.
The ability to sustain FCF margins in the 10-15% range highlights the operational leverage inherent in the franchise-heavy model. Investors should monitor whether this trajectory remains intact as the company balances reinvestment needs with the historical commitment to returning capital to shareholders.
Based on the provided data, DPZ maintains a low capital intensity, with CapEx/Revenue ratios consistently below 4.2%, which suggests that the company's asset-light franchise model requires minimal ongoing investment to maintain its existing supply chain infrastructure and digital platform capabilities.
The relatively low and stable capital expenditure suggests that the company is not burdened by heavy maintenance requirements, allowing for higher cash flow conversion. This capital efficiency appears to be a structural advantage that supports the company's ability to fund dividends and buybacks without straining liquidity.
As indicated by historical cash flow statements, DPZ has prioritized share repurchases, with quarterly buybacks reaching as high as $190M in 2024Q3, reflecting a management strategy that aggressively utilizes surplus cash to reduce share count and potentially enhance earnings per share metrics.
The heavy reliance on share repurchases suggests a management focus on financial engineering to drive shareholder returns. However, given the company's debt-heavy profile, investors should consider whether this aggressive deployment remains sustainable if interest costs continue to rise or if operational cash flow faces unexpected volatility.
Quick answers to the most common questions about buying DPZ stock.
Domino's Pizza, Inc. (DPZ) generated $792.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Domino's Pizza, Inc. (DPZ) generated $671.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Domino's Pizza, Inc. (DPZ) spent $120.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Domino's Pizza, Inc. (DPZ) returned $236.9M to shareholders via cash dividends and spent $357.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.