Darden Restaurants, Inc.
Full-Service Restaurants and Casual DiningFounded 1938- Updated July 2025
Reviewed by Swet Parvadiya
Last reviewed: July 2025
CorpDigest
Darden Restaurants, Inc.
Financial Performance
Last reviewed: July 2025 · By Swet Parvadiya
Revenue
$11.77B
Market Cap
$21.0B
Net Income
$950M
Employees
180,000
Olive Garden accounts for roughly half of Darden's total revenue — a single Italian-American casual dining chain carrying the weight of an $11.77 billion restaurant company. The current portfolio includes Olive Garden, LongHorn Steakhouse, The Capital Grille, Eddie V's, and Ruth's Chris Steak House — the last of which was added in 2023 for $715 million, instantly expanding Darden's footprint in fine dining by more than 150 locations. The revenue trajectory has been consistent: $7.86 billion in fiscal 2021, climbing to $11.77 billion by fiscal 2024 as the post-pandemic dining recovery, price increases, and the Ruth's Chris acquisition all contributed to the growth line. The $21 billion market capitalization reflects investor confidence in that positioning, though the company remains deeply exposed to labor cost inflation and same-store sales momentum. Darden grew revenue from $7.86 billion in fiscal 2021 to $11.77 billion in fiscal 2024 — a 50% increase over three years that reflects both organic recovery from pandemic-era lows and the impact of the Ruth's Chris acquisition. Net income of $950 million on nearly $12 billion in revenue puts the net margin at approximately 8%, which is competitive for a large-scale restaurant operator. The $21 billion market capitalization on $11.77 billion in revenue implies a multiple that reflects consistent execution and dividend payments rather than growth-stock premium. At $715 million for a fine-dining brand with 150-plus locations, it was the most expensive bet Darden had made in a decade.
Revenue Trend Analysis
YoY Change
+11.4%
4-Year CAGR
+15.1%
Peak Year
2024
Trend
Consistent Growth
Darden Restaurants, Inc. has reported revenue across 5 fiscal years, compounding at +15.1% annually over 4 years. The most recent year saw a 11.4% increase versus the prior year. Revenue peaked in 2024 at $11.8B. Out of 4 reported periods, 4 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2024 | $11.8B | $950M | +11.4% |
| FY2023 | $10.6B | — | +12.7% |
| FY2022 | $9.4B | — | +19.3% |
| FY2021 | $7.9B | — | +17.3% |
| FY2020 | $6.7B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Darden Restaurants' $950 million FY2024 net income on $11.77 billion revenue represents 8.1% net margin reflecting solid casual and fine dining industry economics with operating margin of approximately 11-12%. The financial performance reflects continued operational improvements across various brand operations, with continued comparable sales growth supporting consolidated business performance through various operational initiatives. Operating cash flow generation of approximately $1.3 billion supports substantial dividend payments ($5.60 annual dividend representing approximately $660 million annual payout, approximately 3.5% yield supporting income-oriented investors with 10+ year increase streak), continued capital expenditure supporting various restaurant operations, share buybacks averaging $400-500 million annually during favorable conditions, and various other capital deployment. Recent earnings have shown continued growth supporting strategic positioning through various operational improvements. Future profitability depends on continued operational execution through various competitive dynamics, inflation pressures affecting operational costs, and various other dynamics affecting consolidated business performance.
Darden Restaurants allocates approximately $1.3 billion in annual operating cash flow across multiple priorities including substantial dividend payments ($660 million annual at $5.60 annual rate, 10+ year increase streak), continued share buybacks ($400-500 million annually during favorable conditions), continued capital expenditure supporting restaurant operations and new unit development (approximately $600 million annually), selective M&A activity including 2023 Ruth's Hospitality Group acquisition ($715 million), and various other capital deployment options. The capital allocation framework prioritises continued shareholder returns reflecting mature restaurant industry economics, continued operational reinvestment supporting various brand and operational requirements, and selective strategic moves supporting continued positioning. Recent capital allocation has emphasised continued shareholder returns plus selective M&A supporting strategic positioning. Future capital allocation depends on continued operational performance through various competitive dynamics. The disciplined approach supports continued strategic discipline while maintaining shareholder return commitment through various market conditions.
Darden Restaurants faces significant exposure to food commodity costs including beef (major cost category at LongHorn Steakhouse and various other operations), seafood (across various Olive Garden, Eddie V's, and other operations), poultry, dairy, produce, and various other ingredient categories representing approximately 30-35% of total cost structure. Strategic responses include forward contracting and hedging activities supporting price visibility, supply chain diversification reducing single-supplier dependencies, recipe flexibility supporting cost management when commodity prices change, pricing actions passing through input cost increases to customers, and various other operational responses. Recent commodity volatility (2022-2024 inflation pressures across various food categories) created significant margin pressure requiring continued operational discipline and pricing flexibility supporting margin management. Strategic implications include continued operational responses through various competitive dynamics, with pricing flexibility limited by continued casual dining competitive intensity and customer price sensitivity. Future commodity dynamics depend on various agricultural and food industry conditions.
Darden Restaurants requires approximately $600 million in annual capital expenditure supporting various operational requirements including new restaurant openings (continued unit growth across various brand operations supporting strategic expansion), existing restaurant remodels and refreshes (continued investment maintaining restaurant attractiveness and operational efficiency), technology investments supporting various operational improvements including ordering, kitchen operations, customer engagement, and various other applications, and various other infrastructure investments. Capital expenditure pattern reflects mature US casual and fine dining operations with selective new unit growth versus aggressive expansion plus various maintenance investment requirements. Strategic capital allocation decisions navigate competing investment priorities including continued unit growth, maintenance capital, technology investment, and various other operational considerations. Recent capital expenditure has emphasised continued operational improvements supporting various brand operations. Future capital expenditure depends on continued operational performance and various strategic factors affecting infrastructure investment requirements through various casual and fine dining industry dynamics.
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CorpDigest. "Darden Restaurants, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/darden-restaurants/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Darden Restaurants, Inc. reported $12B in revenue (FY2024).</strong><br>Source: <a href="https://corpdigest.com/company/darden-restaurants/financials" target="_blank" rel="noopener">CorpDigest — Darden Restaurants, Inc. financials</a></div>