Domino's

The securitized capital structure supports low-coupon, long-dated debt but leaves the company with roughly 4.8 billion dollars of long-term notes and modest unrestricted cash (~140 million dollars at Q3 2025).

Weighted average borrowing cost was 3.8 percent in 2025, and the company satisfied non-amortization tests; however, leverage near mid-4x EBITDA and scheduled maturities in 2027 through 2032 warrant caution if comps soften. Liquidity includes a 320 million dollar variable funding facility.

Free cash flow generation remains robust relative to interest.