{"schemaVersion":1,"research":true,"symbol":"dri","name":"Darden Restaurants","topic":"moat","path":"/stock/dri/moat","status":"published","version":6,"updatedAt":"2026-10-19T11:30:54.007Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Darden has a narrow moat from its established sourcing, distribution and advertising infrastructure, reinforced by durable demand for its largest brands. Realized cost savings, acquisition synergies and five years of positive same-restaurant sales support these advantages. Pricing leverage is demonstrated but does not consistently offset inflation and mix effects. Customer lock-in and exceptional pricing power are not established; brand closures and lease commitments constrain resilience.","advantages":[{"mechanism":"cost_advantage","claim":"Direct sourcing, long-term distribution arrangements and national advertising spread capabilities across a large restaurant base. Reported cost savings and realized Chuy’s synergies provide operating support beyond management’s scale assertions, although relative costs versus competitors are undisclosed.","durability":"Established supplier relationships, distribution contracts and purchasing coordination support persistence over multiple years. Replicability by other large operators limits the demonstrated moat to narrow.","risks":"Inflation, supplier disruption and rising advertising costs can absorb efficiencies. Long-term restaurant leases also reduce flexibility when locations underperform.","invalidation":"The thesis would weaken materially if savings and integration benefits ceased across successive reporting periods while comparable operating costs rose despite stable volumes, or if disclosed competitor benchmarks showed no meaningful sourcing or distribution advantage.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10"]},{"mechanism":"intangible_assets","claim":"Established restaurant brands support sustained demand and some pricing latitude. Olive Garden, LongHorn Steakhouse and Yard House each achieved five consecutive years of positive same-restaurant sales; actual franchise royalties also demonstrate commercial use of brand rights.","durability":"The multiyear demand record supports current brand relevance. It does not establish customer dependency or guarantee future loyalty, and franchise income is immaterial to consolidated results.","risks":"Same-restaurant sales can reflect pricing rather than traffic. Bahama Breeze closures demonstrate that brand strength is uneven, while competition and changing preferences remain disclosed risks.","invalidation":"Repeated comparable-sales declines at the largest brands accompanied by falling guest volumes, sustained discounting or price reversals would undermine the advantage. Widespread closures beyond the weaker brands would further contradict portfolio durability.","competitors":[],"evidenceIds":["e11","e12","e13","e14","e15","e16"],"counterEvidenceIds":["e17","e18","e19"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / company-owned restaurant footprint","excerpt":"(“Darden,” the “Company,” “we,” “us,” or “our”) is a full-service restaurant company, and as of May 31, 2026, we owned and operated 2,202 restaurants through subsidiaries in the United States under the Olive Garden®, LongHorn Steakhouse®, Yard House®, Ruth’s Chris Steak House® (“Ruth’s Chris”), Cheddar’s Scratch Kitchen®, The Capital Grille®, Chuy’s®, Seasons 52®, Eddie V’s Prime Seafood® (“Eddie V’s”), Bahama Breeze®, and The Capital Burger® trademarks."},{"id":"e2","sourceId":"filing-1","location":"Business / sourcing methods and supplier contracts","excerpt":"We leverage competitive bids, long-term contracts, and strategic supplier relationships to manage availability and cost of products."},{"id":"e3","sourceId":"filing-1","location":"Business / long-term third-party distribution agreements","excerpt":"We enter into long-term agreements with multiple third-party national distribution companies to deliver food and supplies to our restaurants."},{"id":"e4","sourceId":"filing-1","location":"Business / purchasing forecasts and operating efficiencies","excerpt":"These and other terms of Darden Direct’s long-term supply agreements further enable our sourcing staff to integrate demand forecasts into our purchasing operations, driving efficiencies in our operations."},{"id":"e5","sourceId":"filing-1","location":"Business / Olive Garden national advertising","excerpt":"Olive Garden leverages the efficiency of national advertising, on both traditional and streaming television, supplemented with targeted digital media investments."},{"id":"e6","sourceId":"filing-5","location":"MD&A / third-quarter fiscal 2026 food costs, pricing and realized savings","excerpt":"•Food and beverage costs increased as a percent of sales primarily due to a 1.5% impact from inflation and a 0.2% impact from menu mix, partially offset by a 1.0% impact from pricing leverage and a 0.2% impact from cost saving initiatives."},{"id":"e7","sourceId":"filing-5","location":"MD&A / nine-month fiscal 2026 overhead and realized Chuy’s synergies","excerpt":"•General and administrative expenses decreased as a percent of sales primarily due to a 0.4% impact from Chuy’s transaction and integration costs incurred in fiscal 2025, 0.3% impact from sales and pricing leverage including synergies realized from the Chuy’s transaction and a 0.1% impact from lower performance-based compensation expense, partially offset by a 0.2% impact from one-time transaction costs incurred in fiscal 2026 and a 0.1% impact from inflation."},{"id":"e8","sourceId":"filing-4","location":"MD&A / first-quarter fiscal 2027 food inflation, mix and pricing leverage","excerpt":"•Food and beverage costs increased as a percent of sales primarily due to a 1.0% impact from inflation and a 0.4% impact from brand mix, partially offset by a 1.1% impact from pricing leverage."},{"id":"e9","sourceId":"filing-4","location":"MD&A / increased marketing expense","excerpt":"•Marketing expenses increased as a percent of sales due to increased marketing and media activity."},{"id":"e10","sourceId":"filing-1","location":"Risk factors / leased restaurant footprint and cancellation restrictions","excerpt":"20\nAs of May 31, 2026, 2,104 of our 2,202 restaurants operating in the United States operate in leased locations, and the leases are generally non-cancellable for some period of time."},{"id":"e11","sourceId":"filing-6","location":"Proxy / five consecutive years of positive comparable sales at three largest brands","excerpt":"This was a particularly strong year for our three largest brands, Olive Garden, LongHorn Steakhouse, and Yard House, marking the fifth consecutive year that all three brands delivered positive same-restaurant sales."},{"id":"e12","sourceId":"filing-6","location":"Proxy / fiscal 2026 comparable-sales growth and exclusions","excerpt":"This most recent donation marks a total of $22.3 \n \n $1.4B\nCash returned to\nshareholders through\ndividends and share\nrepurchases\n \n \n \n 4.5%\nSame-restaurant\nsales (SRS) growth(1)\n \n \n \n 43\nNet new\nrestaurants opened\n \n (1) Annual SRS is a 52-week metric and excludes Chuy's and Bahama Breeze\n \n \n \n2026 Proxy Statement 3\n \n million that the Company and the Darden Foundation have contributed to Feeding America since 2010."},{"id":"e13","sourceId":"filing-4","location":"MD&A / first-quarter fiscal 2027 sales and comparable-sales results","excerpt":"•Total sales increased 5.1 percent to $3.20 billion for the first three months of fiscal 2027 compared to $3.04 billion for the first three months of fiscal 2026, driven by 53 net new restaurants and a blended same-restaurant sales increase of 3.1 percent1."},{"id":"e14","sourceId":"filing-1","location":"Business / completed Canadian franchise and royalty agreements","excerpt":"At closing, Darden and Recipe entered into an area development agreement and franchise agreements, pursuant to which Recipe will operate current and any new restaurants contemplated thereunder under the Olive Garden trade name and will pay royalties for use of the trade name."},{"id":"e15","sourceId":"filing-1","location":"Business / immaterial franchise income","excerpt":"The amount of income we derive from our franchise arrangements is not material to our consolidated financial statements."},{"id":"e16","sourceId":"filing-1","location":"Business / fiscal 2026 Olive Garden average check","excerpt":"During fiscal 2026, the average check per person, defined as total sales divided by number of entrées sold, was approximately $25.00, with alcoholic beverages accounting for 4.1 percent of Olive Garden’s sales."},{"id":"e17","sourceId":"filing-4","location":"MD&A / completed Bahama Breeze closures and planned conversions","excerpt":"On February 3, 2026, we announced the completion of this process and our decision to permanently close approximately half of the Bahama Breeze restaurants, which we completed on or about April 5, 2026, and our expectation to convert the remaining Bahama Breeze restaurants to other Darden brands over the next 12–18 months."},{"id":"e18","sourceId":"filing-4","location":"Forward-looking risk discussion / intense competition","excerpt":"•Intense competition, or an insufficient strategy or focus on competition and the consumer landscape;"},{"id":"e19","sourceId":"filing-4","location":"Forward-looking risk discussion / changing consumer preferences","excerpt":"•Changes in consumer preferences that may adversely affect demand for food at our restaurants;"},{"id":"e20","sourceId":"filing-2","location":"Business / fiscal 2025 Olive Garden average check","excerpt":"During fiscal 2025, the average check per person (defined as total sales divided by number of entrées sold) was approximately $24.00, with alcoholic beverages accounting for 4.7 percent of Olive Garden’s sales."},{"id":"e21","sourceId":"filing-3","location":"Business / fiscal 2024 Olive Garden average check","excerpt":"During fiscal 2024, the average check per person (defined as total sales divided by number of entrées sold) was approximately $23.00, with alcoholic beverages accounting for 5.0 percent of Olive Garden’s sales."},{"id":"e22","sourceId":"filing-1","location":"Business / geographic menu and price variation","excerpt":"Olive Garden maintains different menus across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu."},{"id":"e23","sourceId":"filing-4","location":"MD&A / labor inflation, productivity and sales leverage","excerpt":"•Restaurant labor costs decreased as a percent of sales primarily due to a 1.2% impact from sales leverage and brand mix and a 0.1% impact from productivity, partially offset by a 1.0% impact from inflation."},{"id":"e24","sourceId":"filing-4","location":"MD&A / restaurant expense inflation and pricing leverage","excerpt":"•Restaurant expenses remained flat primarily due to a 0.5% impact from sales and pricing leverage, offset by a 0.5% impact from inflation."},{"id":"e25","sourceId":"filing-4","location":"MD&A / operating margins","excerpt":"Marketing expenses\n1.7 \n1.6 \nPre-opening costs\n0.3 \n0.2 \nGeneral and administrative expenses\n4.2 \n4.5 \nDepreciation and amortization\n4.5 \n4.4 \nImpairments and (gain) loss on disposal of assets, net\n(0.1)\n(1.4)\nTotal operating costs and expenses\n90.0 \n%\n88.9 \n%\nOperating income \n10.0 \n11.1 \nInterest, net\n1.6 \n1.5 \nEarnings before income taxes\n8.4 \n9.6 \nIncome tax expense\n1.1 \n1.2 \nEarnings from continuing operations\n7.3 \n%\n8.5 \n%\nThree Months Ended August 30, 2026 Compared to Three Months Ended August 24, 2025"},{"id":"e26","sourceId":"filing-4","location":"MD&A / prior-year Canadian restaurant disposal gain","excerpt":"•Impairments and (gain) loss on disposal of assets, net decreased as a percent of sales primarily due to the gain on the sale of the assets of the Olive Garden Canada Restaurants and certain liabilities related thereto in fiscal 2026."},{"id":"e27","sourceId":"filing-1","location":"Consolidated cash flows / operating cash, capital spending and acquisitions","excerpt":"49\nDARDEN RESTAURANTS, INC.\nCONSOLIDATED STATEMENTS OF CASH FLOWS\n(In millions)\nFiscal Year Ended\nMay 31, 2026\nMay 25, 2025\nMay 26, 2024\nCash flows - operating activities\nNet earnings\n$\n1,206.7 \n$\n1,049.6 \n$\n1,027.6 \nLosses from discontinued operations, net of tax\n7.0 \n1.4 \n2.9 \nAdjustments to reconcile net earnings from continuing operations to cash flows:\nDepreciation and amortization\n561.1 \n516.1 \n459.9 \nImpairments and (gain) loss on disposal of assets, net\n(10.7)\n49.2 \n12.4 \nStock-based compensation expense\n79.1 \n79.1 \n68.5 \nChange in current assets and liabilities\n(24.8)\n11.5 \n95.4 \nDeferred income taxes\n71.3 \n5.0 \n(3.2)\nChange in other assets and liabilities\n(0.4)\n— \n(23.4)\n(Increase) Decrease in trust-owned life insurance value\n(42.6)\n(9.2)\n(24.8)\nOther, net\n6.4 \n4.3 \n6.4 \nNet cash provided by operating activities of continuing operations\n$\n1,853.1 \n$\n1,707.0 \n$\n1,621.7 \nCash flows - investing activities\nPurchases of land, buildings and equipment\n(734.0)\n(644.6)\n(601.2)\nProceeds from disposal of land, buildings and equipment\n45.5 \n2.5 \n3.3 \nCash used in business acquisitions, net of cash acquired\n— \n(613.7)\n(701.1)\nPurchases of capitalized software and other assets\n(26.4)\n(27.3)\n(27.1)\nOther, net\n3.5 \n4.8 \n1.5 \nNet cash used in investing activities of continuing operations"},{"id":"e28","sourceId":"filing-4","location":"MD&A / quarterly operating cash flow decline","excerpt":"Net cash flows provided by operating activities from continuing operations decreased to $279.0 million for the first three months of fiscal 2027, from $342.5 million for the first three months of fiscal 2026."},{"id":"e29","sourceId":"filing-4","location":"MD&A / commercial paper, dividends and repurchases","excerpt":"Net cash flows used in financing activities for the first three months of fiscal 2027 included borrowings of commercial paper of $285.9 million, net, offset by dividends paid of $184.2 million and share repurchases of $220.8 million."},{"id":"e30","sourceId":"filing-6","location":"Compensation discussion / actual long-term incentive design","excerpt":"Continued emphasis was placed on the pay and performance linkage by granting one half of the total long-term incentive grant value in PSUs tied to relative TSR, with the reference index set as the S&P 500 Index."},{"id":"e31","sourceId":"filing-6","location":"Compensation discussion / clawbacks, ownership, hedging and payout safeguards","excerpt":"Compensation Highlights:\nFully independent Compensation Committee\n \n •\nNo guaranteed bonuses\n •\nIndependent executive compensation consultant\n \n •\nNo excise tax gross ups\n •\nMajority of our target pay opportunity for our NEOs is in the form of “at risk” incentives\n \n •\nNo option repricing\n •\nAnnual incentives have multiple performance measures and capped payouts to mitigate risk\n \n •\nNo dividends paid on unvested long-term incentives\n •\nLong-term incentives granted in multiple award types to achieve multiple objectives\n \n •\nNo hedging, pledging, or short sales of Company securities by officers or directors (more details on these policies under Employee, Officer, and Director Hedging above)\n •\nClawback policy to require us to recover incentive compensation in the event of a financial restatement regardless of fraud or misconduct\n \n •\nNo excessive perks\n •\nRobust executive officer and outside director stock ownership requirements with mandatory holding requirements until requirements are met\n \n •\nNo automatic single-trigger change in control payments\n •"},{"id":"e32","sourceId":"filing-6","location":"Compensation discussion / granted CEO special award and conditional 2030 vesting","excerpt":"2026 Proxy Statement 59\n \n The CEO Special Equity Award consists of a grant of PSUs with a target grant value of $17 million, which will vest on July 24, 2030 (the Vesting Date), subject to achievement of performance targets and continued service."},{"id":"e33","sourceId":"filing-6","location":"Compensation discussion / September 2025 special award grant date","excerpt":"The award was granted on September 24, 2025 (the Special Award Grant Date), with the target number of PSUs determined based on the average closing stock price on the NYSE for the two fiscal weeks ending before the week prior to the Special Award Grant Date (the Target PSUs)."},{"id":"e34","sourceId":"filing-6","location":"Director compensation / actual ownership-guideline compliance","excerpt":"As of May 31, 2026, all of our directors were in compliance with the stock ownership guidelines."},{"id":"e35","sourceId":"filing-6","location":"Proxy / existing election, committee and shareholder rights","excerpt":"•\nAll directors are elected annually and we have a majority vote standard for uncontested elections; \n \n •\nDirectors and executive officers are subject to robust stock ownership requirements; \n \n \n \n •\nAll Board committees are composed of only independent directors; \n \n •\n10 percent of shareholders can call a special meeting; and \n \n \n \n •\nThe Board and committees conduct annual self-assessments; \n \n •\nWe have no supermajority voting requirements."},{"id":"e36","sourceId":"filing-6","location":"Governance / independent chair and executive sessions","excerpt":"•\nThe Chair of the Board is independent, and independent directors meet regularly in executive session."},{"id":"e37","sourceId":"filing-6","location":"Audit fees / actual non-audit service preapprovals","excerpt":"During fiscal 2026 and fiscal 2025, all of the services provided by KPMG LLP for the services described above related to Tax Fees and All Other Fees were pre-approved using the above procedures, and none were provided pursuant to any waiver of the pre-approval requirement."},{"id":"e38","sourceId":"filing-4","location":"MD&A / two completed Bahama Breeze conversions","excerpt":"As of the end of Q1 fiscal 2027, we have completed two conversions of Bahama Breeze restaurants to other brands."},{"id":"e39","sourceId":"filing-1","location":"Business / 53-week fiscal 2026 versus 52-week comparative years","excerpt":"Fiscal 2026 ended May 31, 2026 and consisted of 53 weeks, fiscal 2025 ended May 25, 2025 and consisted of 52 weeks, and fiscal 2024 ended May 26, 2024 and consisted of 52 weeks."},{"id":"e40","sourceId":"filing-6","location":"Compensation discussion / purpose of compensation peer group","excerpt":"Compensation Peer Group\nThe Compensation Committee periodically reviews the pay levels and practices of peer companies in order to assess the competitive positioning of Darden’s pay levels and plan designs."}],"changes":["Retain the previous narrow verdict, supported by supplied evidence of realized savings, acquisition synergies and sustained comparable sales.","Incorporate first-quarter fiscal 2027 comparable-sales growth of 3.1%, continuing pricing leverage, completed conversions and weaker operating cash flow.","Qualify the previous inflation conclusion: latest food pricing leverage exceeded the disclosed inflation contribution alone, but did not offset inflation plus brand mix.","Add assessments of actual compensation arrangements and governance using the supplied proxy; the September 2025 special CEO award was granted, while its future vesting remains conditional."],"limitations":["All evidence comes from issuer filings. Reported results and actual contractual arrangements support assessment, but claimed scale superiority lacks competitor cost benchmarks.","No supplied passage establishes a named operating competitor. Compensation peers, transaction counterparties and Darden’s own brands are not treated as established competitors.","Comparable-sales and average-check results do not isolate traffic, repeat visits, customer cohorts or price elasticity; retention is assessed indirectly.","No supplied revenue and cost series establishes durable margin resilience through a full cycle. Latest operating-margin comparisons include a prior-year disposal gain.","Executive ownership amounts and complete ownership-guideline compliance for executives are not supplied; director compliance and actual incentive terms are available.","Source dates are filing dates, retaining dateKind=filed. Fiscal 2026 had 53 weeks; disclosed annual comparable-sales growth uses 52 weeks and excludes Chuy’s and Bahama Breeze."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Established sourcing and distribution arrangements, national advertising and realized savings and synergies jointly support a current scale advantage. Its magnitude relative to competitors is unverified.","evidenceIds":["e1","e2","e3","e4","e5","e6","e7"]},{"criterion":"durability","grade":2,"rationale":"Long-term distribution contracts and five years of positive comparable sales support persistence, but closures show uneven brand durability and no exceptional barrier to replication is demonstrated.","evidenceIds":["e3","e11","e17"]},{"criterion":"customer_dependency","grade":1,"rationale":"Demand persistence indicates brand preference indirectly. Food-and-beverage transactions and geographically adjustable menus establish little customer dependency; repeat-customer rates or switching friction are not demonstrated.","evidenceIds":["e11","e16","e22"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Positive comparable sales and labor productivity offset some inflation, while food cost pressure, completed brand closures and lease restrictions limit resilience. Generic competition risks are possibilities, not proof of realized deterioration.","evidenceIds":["e13","e8","e23","e17","e10","e18"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Reported pricing leverage is positive, and Olive Garden’s average check rose from approximately $23 in fiscal 2024 to $24 in 2025 and $25 in 2026. Checks include mix effects; pricing did not fully offset food inflation and mix together.","evidenceIds":["e21","e20","e16","e6","e8"]},{"criterion":"retention","grade":2,"rationale":"Five consecutive years of positive comparable sales at the three largest brands and continued quarterly comparable growth support demand persistence indirectly. They do not establish repeat-customer retention or traffic growth, and Bahama Breeze closures temper the portfolio evidence.","evidenceIds":["e11","e12","e13","e17"]},{"criterion":"margin_resilience","grade":2,"rationale":"Pricing, sales leverage and productivity absorbed substantial labor and restaurant inflation, but food costs still rose as a share of sales. Operating margin fell from 11.1% to 10.0%; the prior-year Canadian disposal gain materially complicates that comparison.","evidenceIds":["e8","e23","e24","e25","e26"]},{"criterion":"contractual_freedom","grade":3,"rationale":"Disclosed geographic price variation and observed pricing leverage demonstrate practical discretion over restaurant menu prices. Franchise pricing restrictions and all contractual terms are not supplied, so this conclusion applies principally to company-operated dining.","evidenceIds":["e22","e8"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Operating cash generation rose over fiscal 2024–2026 while funding substantial restaurant investment, and management completed closures and conversions. Latest quarterly dividends and repurchases exceeded operating cash flow alongside increased commercial paper borrowing, limiting confidence in capital discipline; acquisition returns are not established.","evidenceIds":["e27","e17","e38","e28","e29"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual relative-TSR equity grants, ownership requirements, director compliance, clawbacks and hedging restrictions support alignment. The additional $17 million CEO award was granted in September 2025 with conditional 2030 vesting; its size and absent executive ownership amounts limit a stronger assessment.","evidenceIds":["e30","e31","e34","e32","e33"]},{"criterion":"execution","grade":3,"rationale":"Multiyear comparable-sales growth, realized acquisition synergies, reported cost savings and completed restaurant conversions demonstrate execution through indirect operating outcomes. 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