Darden Restaurants

Capital is deployed first to high‑return growth and maintenance, then to dividends and repurchases, and selectively to M&A. FY2025 capex was 645 million dollars and FY2026 plans call for 65 to 70 openings with capex guidance in the mid‑700 million range for the year.

The board authorized a 1 billion dollar repurchase program in June 2025; 2.0 million shares were repurchased in the first half of FY2026, and a 1.50 dollar quarterly dividend was declared in December 2025. Strategic M&A has been disciplined: Ruth’s Chris (FY2024) and Chuy’s (closed October 2024, about 605 million dollars EV) broadened the portfolio, with targeted pre‑tax synergies around 15 million dollars by the end of FY2026. We view the track record as balanced and shareholder‑minded.