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Arphra AIPlain-English read on Darden Restaurants, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.2B | $9.63B | $10.49B | $11.39B | $12.08B | $13.71B | $14.52B | $15.47B | $16.37B |
| Cost of revenue | $5.7B | $7.64B | $8.38B | $8.96B | $9.43B | $10.91B | $11.69B | $12.1B | $13.29B |
| Gross profit | $1.49B | $2B | $2.11B | $2.43B | $2.64B | $2.87B | $3.12B | $3.23B | $3.46B |
| Gross margin | +20.75% | +20.72% | +20.11% | +21.37% | +21.88% | +20.91% | +21.49% | +20.87% | +21.12% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $487.3M | $466.4M | $504.4M | $623.7M | $690.2M | $712.91M | $752.15M | $835.96M | $857.95M |
| Total operating expenses | $844.8M | $832.8M | $907.5M | $1.12B | $1.28B | $1.3B | $1.39B | $1.52B | $1.62B |
| Operating income | $648.7M | $1.16B | $1.2B | $1.31B | $1.36B | $1.52B | $1.64B | $1.75B | $1.92B |
| Operating margin | +9.01% | +12.07% | +11.46% | +11.54% | +11.28% | +11.11% | +11.27% | +11.30% | +11.72% |
| EBITDA | $992.6M | $1.53B | $1.6B | $1.78B | $1.88B | $2.17B | $2.19B | $2.46B | $2.6B |
| EBIT | $641.7M | $1.16B | $1.21B | $1.32B | $1.37B | $1.61B | $1.65B | $1.76B | $1.83B |
| Below the line | |||||||||
| Interest expense | $66M | $73.2M | $85.1M | $139.8M | $180.4M | $158.31M | $173.99M | $187.5M | $188.32M |
| Interest income | $1.7M | $1.9M | $7.8M | $4.5M | $3.4M | $6.45M | $6.81M | $7.18M | $7.98M |
| Other income / expense | -$72.2M | -$68.7M | -$81.3M | -$138.7M | -$175.1M | — | — | — | — |
| Pre-tax income | $576.5M | $1.09B | $1.12B | $1.18B | $1.19B | $1.38B | $1.5B | $1.62B | $1.72B |
| Income tax expense | -$55.9M | $138.8M | $137M | $145M | $136.2M | $166.5M | $181.43M | $186.29M | $200.01M |
| Earnings | |||||||||
| Net income | $629.3M | $952.8M | $981.9M | $1.03B | $1.05B | $1.27B | $1.34B | $1.38B | $1.49B |
| Net income · continuing ops | $632.4M | $954.7M | $983.5M | $1.03B | $1.05B | $1.23B | $1.34B | $1.42B | $1.49B |
| Net margin | +8.75% | +9.89% | +9.36% | +9.02% | +8.69% | +9.22% | +9.19% | +8.90% | +9.07% |
| EPS · basic | $4.83 | $7.46 | $8.06 | $8.57 | $8.93 | $11.42 | $12.84 | $14.14 | $15.73 |
| EPS · diluted | $4.77 | $7.39 | $7.99 | $8.51 | $8.86 | $11.40 | $12.55 | $14.23 | $15.81 |
| EPS · low estimate | — | — | — | — | — | $11.18 | $12.25 | $13.36 | $15.65 |
| EPS · high estimate | — | — | — | — | — | $11.81 | $13.28 | $15.08 | $16.02 |
| Shares · basic | 130.4M | 127.8M | 121.9M | 119.9M | 117.5M | 117.45M | 118.19M | 116.66M | 118.15M |
| Shares · diluted | 131.8M | 129M | 122.9M | 120.8M | 118.4M | 119.41M | 117.52M | 118.34M | 118.26M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 20 | 16 | 4 | 2 |
| Analysts (EPS) | — | — | — | — | — | 18 | 7 | 4 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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