達美樂 (DPZ) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4, full year 2025 Domino's Pizza earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加達美樂披薩2025年第四季及全年業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Greg Lemenchick, Vice President of Investor Relations and Sustainability. Please go ahead.

現在我謹將會議交給今天的演講嘉賓，投資者關係和永續發展副總裁格雷格·萊門奇克。請繼續。

Good morning, everyone. Thank you for joining us today for our fourth quarter and year-end conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner; followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session.

各位早安。感謝各位今天參加我們的第四季及年終電話會議。今天的電話會議將首先由我們的執行長 Russell Weiner 發言；隨後由我們的財務長 Sandeep Reddy 發言。通話最後將進行問答環節。

The forward-looking statements in this morning's earnings release and 10-K, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC. In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.

今天早上發布的收益報告和 10-K 文件中的前瞻性陳述（這兩份文件均可在我們的投資者關係網站上查閱）也適用於我們今天在電話會議上的評論。實際結果或趨勢可能與我們的預測有重大差異。有關更多信息，請參閱我們向美國證券交易委員會提交的文件中討論的風險因素。此外，請參閱 8-K 收益報告，以了解今天電話會議上可能會提到的非 GAAP 財務指標的揭露和調節情況。

This morning's conference call is being webcast and is also being recorded for replay via our website. (Event Instructions)

今天早上的電話會議正在進行網路直播，同時也會錄製下來，以便透過我們的網站進行回放。（活動須知）

With that, I'd like to turn the call over to Russell.

接下來，我想把電話交給羅素。

Well, thank you, Greg, and good morning, everybody. I'd like to start by saying how incredibly proud I am of our team and franchisees as we continue to bring our Hungry for MORE strategy to life and deliver some of the best results within all of QSR.

謝謝你，格雷格，大家早安。首先，我想表達我對我們的團隊和加盟商的無比自豪，因為我們一直在努力將「渴望更多」的策略付諸實踐，並在快餐業取得了一些最好的成績。

Before I highlight our great 2025 and look ahead to 2026, I want to provide my perspective on the QSR pizza category in the US. There seems to be a narrative out there that pizza is a challenged and declining category. That is just not true. Looking back to 2019, you'll find a category that has generally grown approximately 1% to 2% per year, including last year 2025. I am confident QSR pizza will continue to grow at this historical rate in 2026 and beyond.

在重點介紹我們美好的 2025 年並展望 2026 年之前，我想談談我對美國 QSR 披薩行業的看法。似乎有一種說法認為披薩是一個面臨挑戰且正在衰退的類別。那根本不是事實。回顧 2019 年，你會發現一個類別通常每年增長約 1% 至 2%，包括去年 2025 年。我相信，快餐披薩在2026年及以後將繼續以這種歷史性的速度成長。

The pizza category is certainly mature, but do not let the challenges at some of our higher profile competitors drive a false narrative. Our competitors' results are not a reflection of the category's health or its future potential. Their results are a direct reflection of our strength. Domino's has dominated the QSR pizza category for over a decade, and we expect our momentum will continue.

披薩市場固然成熟，但不要讓一些更知名的競爭對手所面臨的挑戰誤導我們。競爭對手的業績並不能反映該產業的健康狀況或其未來潛力。他們的成績直接反映了我們的實力。達美樂披薩在快餐披薩領域已經佔據主導地位超過十年，我們預計這種勢頭還會繼續下去。

So to be clear, our growth prospects have never been greater because our brand has never been stronger. Our Hungry for MORE strategy is working, and we're leveraging the scale and advantages of being the number one pizza company in the world.

所以說，我們的成長前景從未如此光明，因為我們的品牌從未如此強大。我們的「渴望更多」策略正在奏效，我們正在利用作為世界第一披薩公司的規模和優勢。

I want to share what I think is the ultimate opportunity for Domino's in the US. When I look at our current market share in comparison to other leaders within QSR who own 40% to 50% of their categories, I believe that Domino's can double our retail sales from where they are today, double. We've already achieved this higher market share in some of our international markets and in some US markets today. I believe there is meaningful growth in front of us for many years to come.

我想分享我認為達美樂披薩在美國面臨的絕佳機會。當我把我們目前的市場份額與其他快餐行業領導者（他們佔據各自品類 40% 到 50% 的市場份額）進行比較時，我相信達美樂可以將我們的零售額在今天的基礎上翻一番。目前，我們在一些國際市場和一些美國市場已經實現了更高的市場份額。我相信在未來的許多年裡，我們將迎來意義深遠的成長。

I'd now like to review 2025, another successful year for Domino's. Despite a challenging macro environment that impacted the entire restaurant industry, we proved that when we execute against our Hungry for MORE strategy, we deliver more sales, more stores, more market share, and more profits.

現在我想回顧 2025 年，這對達美樂來說又是成功的一年。儘管宏觀環境充滿挑戰，影響了整個餐飲業，但我們證明，當我們執行「渴望更多」策略時，就能實現更高的銷售額、更多的門市、更大的市場份額和更多的利潤。

Let's start with sales. We grew both our carryout and delivery businesses again this year in the US, proving that our strategy and tactics are effective and producing best-in-class results. We also drove positive order counts in both our US and international businesses. As you know, order count growth is key to long-term success in the restaurant industry.

我們先從銷售說起。今年，我們在美國的外送和配送業務再次實現成長，證明我們的策略和策略是有效的，並取得了一流的成果。我們在美國和國際業務的訂單量也都實現了正成長。如您所知，訂單量的成長是餐飲業長期成功的關鍵。

Next, stores. We drove global net store growth in line with our expectations. In the US, we opened 172 net stores, which is impressive in absolute and relative terms. When we benchmark versus all traditional public QSR brands of more than 3,000 units from 2019 through the third quarter of 2025, Domino's is number one in net store growth, number one in pizza, and number one in non-pizza. We grew over 1,200 net stores, while half the remaining top 10 public QSR brands were negative over this period.

接下來是商店。我們實現了全球淨門市數量的成長，符合預期。在美國，我們淨開設了 172 家門市，無論從絕對值或相對值來看，這都非常令人印象深刻。從 2019 年到 2025 年第三季度，我們將達美樂披薩與所有擁有 3000 家以上門市的傳統上市快餐品牌進行基準比較，結果顯示，達美樂披薩在淨門市增長、披薩和非披薩產品方面均排名第一。我們淨增了 1200 多家門市，而同期排名前 10 名的上市快餐品牌中，有一半的門市數量為負增長。

In our international business, China and India continue to perform extremely well and opened almost 600 net stores combined last year.

在我們的國際業務中，中國和印度繼續表現非常出色，去年合計淨增近 600 家門市。

Market share. In the US, our same-store sales growth of 3% and success in net store openings led to another point of market share gain in 2025. Domino's has gained approximately 11 points of market share over the last 11 years.

市場占有率.在美國，我們同店銷售額成長 3%，淨開設新店取得成功，這將使我們在 2025 年再次獲得市佔率成長。在過去的11年裡，達美樂披薩的市佔率成長了約11個百分點。

Finally, more profits. All of this growth culminated in a year where we grew company operating profits by more than 8% and our estimated US franchisee per store profitability grew to approximately $166,000. Our strong results can be linked to our strategy directly.

最後，利潤會更高。所有這些成長最終促成了公司營業利潤成長超過 8% 的一年，我們估計美國加盟商每家門市的獲利能力成長到約 166,000 美元。我們取得的優異成績與我們的策略直接相關。

Our initiatives were effective across all four of our Hungry for MORE strategic pillars in 2025, and I'm going to focus though on two of them: one from our most delicious food pillar, Parmesan Stuffed Crust; and the other from our renowned value pillar, Best Deal Ever. Each of these initiatives had a strong 2025 and will continue to positively impact 2026 and beyond.

2025 年，我們的各項舉措在「渴望更多」的四大戰略支柱中都取得了成效，但我將重點介紹其中兩項：一項來自我們最美味的食品支柱——帕爾馬乾酪餡料酥皮；另一項來自我們著名的價值支柱——史上最佳優惠。這些措施在 2025 年都取得了顯著成效，並將繼續對 2026 年及以後產生正面影響。

We are really happy with the Parmesan Stuffed Crust launched and the way it performed throughout the year. It met our high expectations on every level, mix, incremental new customers, and franchisee profitability. Most important, our in-store teams continue to effectively execute this complex product while also handling the challenges associated with our record-setting order volume in 2025.

我們對推出的帕瑪森餡料酥皮披薩及其全年的表現非常滿意。它在各個層面、產品組合、新增客戶數量和加盟商獲利能力方面都達到了我們的高期望。最重要的是，我們的門市團隊在有效執行這項複雜產品的同時，也要面對 2025 年創紀錄的訂單量所帶來的挑戰。

And in a year when customers continued to seek value, we innovated with our Best Deal Ever promotion. This price point screamed renowned value and the taste of a pizza that can be customized and loaded with toppings drove our most delicious food perceptions with customers. This promotion also demonstrated our system's operational excellence as we did a great job of handling these customized pizza.

在顧客持續追求性價比的這一年裡，我們推出了「史上最佳優惠」促銷活動，實現了創新。這個價位體現了卓越的性價比，而且披薩可以客製化口味，添加各種配料，這讓顧客對我們最美味的食物產生了深刻的印象。這次促銷活動也展現了我們系統的卓越運作能力，因為我們出色地處理了這些客製化披薩。

Finally, and most importantly, Best Deal Ever drove franchisee profitability. The scale of our media and purchasing power enables us to drive the volume it takes to make a promotion like this profitable for our franchisees.

最後，也是最重要的一點，「史上最佳交易」提高了加盟商的獲利能力。我們擁有龐大的媒體規模和強大的購買力，能夠推動足夠大的銷量，從而使此類促銷活動為我們的加盟商帶來利潤。

I've been asked whether or not QSR brands have pricing power anymore, given the value consumers are seeking. As you can see from our 2025 results and our franchisee's increase profits, Domino's has something even more important than pricing power. We have profit power. We can offer value to consumers and still create profit gains for our franchisees.

有人問我，鑑於消費者追求的性價比，速食品牌是否仍有定價權。從我們 2025 年的業績和加盟商利潤的成長可以看出，達美樂擁有比定價權更重要的東西。我們擁有獲利能力。我們既可以為消費者提供價值，又可以為加盟商創造利潤。

Now a big picture view of 2026 and why I believe we will grow our US comp by 3% during what we expect will continue to be a challenging macro environment. Domino's plays the long game. We have a proven track record over the last 15 years. Our initiatives are rarely one and done. We identify opportunities that have multiple years of growth ahead of them. For example, we committed to building our US carryout business back in 2010. It didn't stop growing the year after we've launched the initiative. In fact, it has grown an average of 10% annually since that time.

現在，讓我們從宏觀角度展望 2026 年，並闡述為什麼我相信，在我們預期宏觀環境仍將充滿挑戰的情況下，我們的美國同業銷售額將成長 3%。達美樂採取的是長遠策略。過去15年裡，我們取得了良好的業績記錄。我們的舉措很少是一蹴可幾的。我們尋找那些未來幾年仍有成長空間的機會。例如，我們早在 2010 年就致力於發展美國外送業務。在我們啟動這項計畫後的第二年，它的成長速度並沒有停止。事實上，自那時以來，它平均每年增長10%。

Our carryout business ended 2025 at approximately $4.4 billion. It has been a multiple year growth driver. And I believe we still have meaningful growth ahead as we have yet to achieve the same level of carryout market share as we have in our delivery business.

截至 2025 年底，我們的外送業務收入約為 44 億美元。它一直是多年來的成長動力。我相信我們未來仍有巨大的成長空間，因為我們在外賣市場份額方面還沒有達到與外賣業務相同的水平。

Another example of a multiyear growth driver is our loyalty program. We launched it in 2015 and made it even better in 2023. Domino's Rewards finished 2025 with 37.3 million active users, which is up almost 20% since our relaunch. Our long-term approach to initiatives apply to what we launched in 2025 and what we plan to launch in 2026. These initiatives are just getting started.

另一個推動多年成長的例子是我們的會員忠誠度計劃。我們在 2015 年推出了它，並在 2023 年對其進行了改進。Domino's Rewards 在 2025 年底擁有 3,730 萬活躍用戶，比我們重新推出時成長了近 20%。我們採取的長期舉措方法適用於我們在 2025 年推出的舉措以及我們計劃在 2026 年推出的舉措。這些舉措才剛開始。

We will continue to evolve our product offerings to meet consumer demands and preferences through two or more menu innovations. These will build on our successful product launches over the past couple of years that remain a key part of our future growth, such as New York Style and Parmesan Stuffed Crust. I believe there is more growth to come from these crust types.

我們將透過兩項或多項菜單創新，不斷改進我們的產品，以滿足消費者的需求和偏好。這些產品將建立在我們過去幾年成功推出的產品基礎上，這些產品仍然是我們未來成長的關鍵部分，例如紐約風味和帕瑪森餡料酥皮。我認為這些地殼類型還有更大的發展空間。

We will continue to drive the renowned value initiatives that have powered our business. We already have proven winners such as boost week and our Best Deal Ever promotion that we relaunched today. We have a team focused on coming up with new ideas that will grow our business into the future.

我們將繼續推動那些推動我們業務發展的、享譽業界的價值舉措。我們已經有一些非常成功的活動，例如「能量提升週」和我們今天重新推出的「史上最佳優惠」促銷活動。我們有一個團隊專注於提出能夠推動公司未來發展的新想法。

In 2026, we expect continued growth on aggregator platforms, in particular on DoorDash, where we were not fully rolled out until midyear 2025. We expect our share on DoorDash to grow as awareness and marketing spend increases. This opportunity is meaningful as we have not yet reached our fair share on either of the major aggregators.

2026 年，我們預計聚合平台將繼續成長，尤其是在 DoorDash 上，我們直到 2025 年年中才全面推出該服務。我們預計隨著品牌知名度和行銷投入的增加，我們在 DoorDash 上的市佔率將會成長。這個機會意義重大，因為我們在兩大聚合平台上的份額都還沒有達到應有的水準。

Our business will be amplified this year by our enhanced e-commerce platform, which is a better experience for our customers, and our brand refresh that has given Hungry for MORE a unique look, sound, and heartbeat.

今年，我們透過增強電子商務平台，為客戶帶來更好的體驗，並進行品牌重塑，使 Hungry for MORE 擁有獨特的外觀、聲音和核心理念，從而擴大了我們的業務。

Lastly, our scale advantages will continue to be a differentiator. We have best-in-class franchisee economics in QSR pizza, the largest advertising budget, and a supply chain with incredible purchasing power. As a result, we expect our franchisee store-level EBITDA to continue to grow in 2026.

最後，我們的規模優勢仍將是我們的差異化優勢。我們在速食披薩領域擁有業界最佳的加盟商經濟效益、最大的廣告預算以及擁有強大採購能力的供應鏈。因此，我們預計到 2026 年，我們加盟店層級的 EBITDA 將持續成長。

Now turning to our international business, where we delivered a remarkable 32nd straight year of same-store sales growth in 2025. We expect another year of same-store sales growth in '26 and an acceleration in net store growth. Our international business has generally tracked in line with the goals that we set forth back at our Investor Day in late 2023, apart from Domino's Pizza Enterprises.

現在讓我們來看看我們的國際業務，我們在 2025 年實現了連續第 32 年同店銷售額增長，成績斐然。我們預期 2026 年同店銷售額將持續成長，淨門市成長速度也將加快。除了達美樂披薩企業之外，我們的國際業務總體上與我們在 2023 年底投資者日上設定的目標一致。

We continue to work closely with them to turn their business around and are encouraged by the hiring of their new CEO Andrew Gregory that they announced recently. Mr. Gregory is a well-qualified global QSR executive and brings more than 30 years of QSR experience to the role. Getting the DPE business back on track remains a top priority as it is key for us in order to return to our international algorithm.

我們繼續與他們密切合作，幫助他們扭轉業務局面，並對他們最近宣布聘請新任執行長 Andrew Gregory 感到鼓舞。葛雷戈里先生是一位資深的全球速食業主管，擁有超過 30 年的速食業經驗。讓 DPE 業務重回正軌仍然是首要任務，因為這對我們恢復國際化策略至關重要。

In closing, I want to reinforce the same message I've shared with our team. Our strategy is not just about what we are doing. It's about how we are doing it. We remain focused on getting stronger every day. We build for the present and the future. Domino's has always been in the business of creating our own tailwinds and driving growth. That has been and will continue to be how we drive best-in-class results and long-term value creation for our franchisees and shareholders.

最後，我想再次強調我之前跟團隊傳達的訊息。我們的策略不僅僅是關乎我們正在做的事情。關鍵在於我們如何做。我們將繼續專注於每天變得更強大。我們為現在和未來而建設。達美樂一直以來都致力於創造自身發展機會並推動成長。過去如此，將來也仍將如此，這是我們為加盟商和股東創造一流業績和長期價值的方式。

I'll now hand the call over to Sandeep.

現在我將把電話交給桑迪普。

Thank you, and good morning, everyone. We are very proud of our 2025 results as we drove profit growth that was in line with our expectations despite a challenging macro environment.

謝謝大家，大家早安。儘管宏觀環境充滿挑戰，但我們仍實現了符合預期的利潤成長，我們對 2025 年的業績感到非常自豪。

Income from operations increased 7.3% in Q4, excluding the impact of foreign currency. This increase was primarily due to higher US franchise royalties and fees and gross margin dollar growth within supply chain. This was partially offset by a decrease in US company-owned store margins that were meaningfully impacted by outsized insurance costs. For fiscal 2025, our income from operations increased 8.1%, excluding a $0.6 million negative impact of foreign currency and $4 million in refranchising gains.

第四季營業收入成長7.3%，不計外匯影響。這一增長主要是由於美國特許經營費和佣金增加以及供應鏈毛利率增長所致。但這部分被美國公司自營門市利潤率的下降所抵消，而利潤率的下降又受到了巨額保險成本的顯著影響。2025 財年，我們的營業收入成長了 8.1%，不包括 0.6 百萬美元的外匯負面影響和 400 萬美元的特許經營權轉讓收益。

Excluding the impact of foreign currency, global retail sales grew 4.9% in the fourth quarter and 5.4% for the year, both of which were due to positive US and international comps and global net store growth. Within the quarter, retail sales grew by 5.5% in the US driven by same-store sales and net store growth, which was in line with our expectations.

剔除匯率影響，全球零售額第四季成長 4.9%，全年成長 5.4%，主要得益於美國和國際同店銷售額的成長以及全球淨門市數量的成長。本季度，美國零售額成長了 5.5%，主要得益於同店銷售額和淨門市成長，符合我們的預期。

Same-store sales were up 3.7% for the quarter on the strength of our Best Deal Ever promotion, the launch of our new specialty pizza, and to a smaller extent, aggregators, all of which contributed to positive transaction counts. We continue to manage our aggregator business with discipline with the aim of ensuring that we are maximizing incremental sales and profits for Domino's and our franchisees.

由於我們「史上最佳優惠」促銷活動、新推出的特色披薩，以及聚合平台在一定程度上帶來的增長，本季度同店銷售額增長了 3.7%，所有這些都對交易量的增長做出了貢獻。我們將繼續嚴格管理我們的聚合業務，以確保為達美樂和我們的加盟商實現銷售額和利潤的最大化成長。

Average ticket benefited from Stuffed Crust, which carries a higher price point, which was partially offset by a slight decline in our mix due to a higher carryout business that has a lower ticket than delivery.

平均客單價受益於芝心餅皮，其價格較高，但由於外賣業務增多（而外賣客單價低於送餐），導致我們的產品組合略有下降，部分抵消了這一利好。

Pricing was flat in the quarter. Our carryout comps were up 6.5% and delivery was positive 1.6% due to the previously noted initiatives. For the year, our same-store sales in the US grew 3%, which was primarily driven by renowned value promotions, inclusive of Best Deal Ever as well as our successful launch of Parmesan Stuffed Crust Pizza. We also paced well ahead of the QSR pizza category, which grew in line with its historical range, resulting in continued share gains.

本季價格持平。由於先前提到的舉措，我們的外送銷售額成長了 6.5%，送餐銷售額成長了 1.6%。今年，我們在美國同店銷售額成長了 3%，這主要得益於著名的超值促銷活動，包括「史上最佳優惠」以及我們成功推出的帕瑪森餡料披薩。我們的成長速度也遠遠超過了速食披薩品類，該品類的成長與其歷史水準相符，從而實現了市場份額的持續成長。

In terms of the breakout by channel, delivery represented 45% of our transactions and 56% of our sales, while carryout represented 55% of transactions and 44% of our sales. The weight of sales and transactions shifted slightly more to carryout again in 2025 because of the carryout comp of 5.6%. The full year delivery comp was up 1%.

按通路劃分，外送占我們交易量的 45% 和銷售額的 56%，而自取佔交易量的 55% 和銷售額的 44%。2025 年，由於外送銷售額佔 5.6%，銷售額和交易量的比重再次略微向外賣轉移。全年交付量較去年同期成長1%。

The strong comps that we had flowed through to franchisee profits, which we continue to believe are best-in-class. Our estimated average US franchisee store profitability in 2025 came in at approximately $166,000, up $4,000 over the prior year.

我們所取得的強勁業績也轉化為加盟商的利潤，我們仍然認為這些利潤是業界最好的。我們估計，到 2025 年，美國加盟店的平均獲利能力約為 166,000 美元，比前一年增加 4,000 美元。

Shifting to US unit count. In Q4, we added 96 net new stores and 172 for the full year, bringing our US system store count to 7,186.

改為以美國單位數量為單位計數。第四季度，我們新增了 96 家門市，全年新增 172 家門市，使我們在美國的系統門市總數達到 7,186 家。

Moving to international, where retail sales grew 4.5% in Q4, excluding the impact of foreign currency. This was driven by a net store growth of 296 and same-store sales of 0.7%, both of which met our expectations. For the year, retail sales grew 5.9% with net store growth of 604 and same-store sales of 1.9%. Excluding the headwind on our comp sales from DPE in 2025, we would have been in line with our long-term same-store sales algorithm of 3%.

再來看國際市場，第四季零售額成長了 4.5%，不計外匯影響。這主要得益於淨增門市 296 家和同店銷售額 0.7%，這兩項指標均符合我們的預期。本年度零售額成長 5.9%，淨增門市 604 家，同店銷售額成長 1.9%。如果排除 2025 年 DPE 對我們同店銷售額的不利影響，我們本來可以實現 3% 的長期同店銷售額成長目標。

Moving to capital allocation. This morning, we announced a 15% increase in our quarterly dividend, which was done in line with our capital allocation priorities. We also repurchased approximately 189,000 shares for a total of $80 million in the fourth quarter. At the end of 2025, we had approximately $460 million remaining on our share repurchase authorization.

接下來討論資本配置。今天上午，我們宣布季度股息增加 15%，這符合我們的資本配置優先事項。第四季度，我們也回購了約 189,000 股股票，總計 8,000 萬美元。截至 2025 年底，我們的股票回購授權額度還剩下約 4.6 億美元。

Now let's talk about our guidance for 2026. Please note that all of the metrics provided exclude the impact of the 53rd week, which we estimate will have an approximately 2% impact on global retail sales and operating profit growth for the year.

現在我們來談談2026年的發展方向。請注意，所有提供的指標均不包括第 53 週的影響，我們估計這將對全年全球零售額和營業利潤成長產生約 2% 的影響。

We continue to believe that global retail sales growth should be approximately 6%. As part of that, we expect the following. First, we expect our US comp for the year to be 3% and to grow our market share meaningfully in what we expect to be a QSR pizza category that continues to grow. We also expect that based on the timing of certain initiatives that our comp will be higher in the first half compared to the back half. We also believe that the macro environment will remain pressured throughout 2026.

我們仍然認為全球零售銷售成長率應約為 6%。為此，我們期望達到以下目標。首先，我們預計今年在美國的同店銷售額將成長 3%，我們預計在速食披薩市場這一持續成長的品類中，我們的市佔率將顯著成長。我們也預計，根據某些措施的實施時間，我們上半年的同店銷售額將高於下半年。我們也認為，宏觀環境在2026年全年仍將面臨壓力。

Second, we expect our international same-store sales to be 1% to 2% due to continued pressures at DPE and impacts from our high-volume new store openings in China, which puts a slight drag on our comps despite being beneficial to retail sales.

其次，由於DPE持續面臨壓力，以及我們在中國大量開設新店的影響，我們預期國際同店銷售額將成長1%至2%，儘管這對零售銷售有利，但會略微拖累我們的同店銷售額。

Shifting to net stores. We continue to expect 175-plus net stores in the US, and we have a robust pipeline heading into the year to achieve this. Internationally, we expect to increase our net store growth to approximately 800 stores. This increase is primarily due to DPE's expectation of fewer closures and continued meaningful net store growth from our two largest growth markets, China and India. All this leads to operating income growth of approximately 8%, excluding the impact of foreign currency and refranchising gains.

轉向網上商店。我們仍然預計在美國淨增 175 家門市，並且我們今年擁有強大的專案儲備來實現這一目標。在國際市場上，我們預計淨增門店數量將達到約 800 家。這一成長主要歸功於 DPE 預計中國和印度這兩個最大的成長市場將出現更少的關閉，並持續實現顯著的淨門市成長。所有這些因素共同作用，使得營業收入成長約 8%，不包括外匯和特許經營收益的影響。

A few additional points of color on expectations for the P&L in 2026. We expect our food basket to be moderate, up low single digits. Our supply chain margins to grow year over year due to procurement productivity. We do expect the amount of procurement productivity to be less moving forward than we have seen in the last couple of years.

關於 2026 年損益預期，還有幾點需要補充說明。我們預計食品籃的供應量將處於中等水平，在個位數低位。由於採購效率的提高，我們的供應鏈利潤率將逐年成長。我們預期未來採購效率的提升幅度將低於過去幾年的水準。

G&A as a percentage of global retail sales to be approximately 2.3%. In February of 2026, we increased the technology fee by $0.01 to $0.385 per digital transaction to fund our technology initiatives. Operating income margins to expand slightly in 2026, primarily driven by sales leverage and supply chain margin expansion.

一般及行政費用佔全球零售額的比例約為 2.3%。2026 年 2 月，我們將每筆數位交易的技術費提高了 0.01 美元，達到 0.385 美元，以資助我們的技術計畫。2026 年營業利潤率將略為成長，主要得益於銷售槓桿效應和供應鏈利潤率的提升。

Interest expense to be generally in line with 2025. At current exchange rates, we expect foreign currency to have a modest benefit on operating income. We expect our tax rate to be in the range of 21% to 23%, which is consistent with 2025. And lastly, we expect CapEx to be approximately $120 million due to investments we plan to make in our corporate office before reverting to our algorithm of $110 million in 2027.

利息支出將與 2025 年的預期基本一致。以目前的匯率計算，我們預期外匯對營業收入將產生適度的正面影響。我們預計稅率將在 21% 到 23% 之間，這與 2025 年的情況一致。最後，由於我們計劃在 2027 年恢復到 1.1 億美元的演算法之前，對公司總部進行投資，我們預計資本支出約為 1.2 億美元。

Thank you. We'll now open the line for questions.

謝謝。現在我們將開放提問環節。

(Operator Instructions) Brian Bittner, Oppenheimer.

（操作說明）布萊恩·比特納，奧本海默。

The question we continue to get, as you're well aware, is just related to investors' skepticism about whether you can keep up the solid performance moving forward in '26 after a very successful '25, and taking market share remains an important component of hitting your same-store sales targets. So can you talk about what you see as the biggest share drivers in '25? Do you think there's actually an opportunity to accelerate share gains in light of competitive closures?

如您所知，我們不斷收到的問題都與投資者對您在 2025 年取得巨大成功後，能否在 2026 年繼續保持穩健業績的懷疑有關，而搶佔市場份額仍然是實現同店銷售目標的重要組成部分。那麼，您能否談談您認為2025年最大的市佔率驅動因素是什麼？你認為在競爭對手關店的情況下，是否真的有加速提升市場佔有率的機會？

And just separately, on the industry, it does continue to grow, which I do think may be an underappreciated dynamic. Can you just maybe talk about what's driving the stable growth of the industry? Thanks.

單獨來看，就產業本身而言，它確實在持續成長，我認為這可能是一個被低估的動態。您能否談談推動該產業穩定成長的因素？謝謝。

A couple of -- maybe I'll start with the first question, then Sandeep, you can do on -- talk about the second one.

我先回答第一個問題，然後桑迪普，你可以接著回答第二個問題。

When I think about '26, I refer back maybe to what I talked about in the script. I think a lot of the discussion has been around almost spreadsheet-like look at the year. Okay, you had this last year. How are you going to lap that in '26? And if you look back at our results over time, I think what you'll see is we're not a one-and-done company. We launched things that got legs far beyond the year in which they're in launch, and then we bring new things on top of them in 2026, so -- or 2027 in the future.

當我想到 26 年的時候，我可能會回想起我在劇本裡談到的內容。我認為很多討論都是圍繞著像電子表格一樣回顧這一年展開的。好的，你去年就有這個了。你打算如何在 2026 年超越它？如果你回顧我們過去的業績，你會發現我們不是曇花一現的公司。我們推出的產品在發布當年後就取得了巨大的成功，然後在 2026 年（或未來的 2027 年）又推出了新的產品。

So one thing I can tell you about 2026 is you should expect in line with our Hungry for MORE strategy: M, 2+ product innovations this year. On O, operational excellence, we're going to still continue to drive efficiencies in our stores, which drive profits, which drives that amazing store count I talked to you about earlier. And then renowned value, we're out there right now with Best Deal Ever.

關於 2026 年，我可以告訴大家的一件事是，根據我們「渴望更多」的策略，今年我們將推出 M、2+ 產品創新。在營運卓越方面，我們將繼續提高門市效率，從而提高利潤，進而實現我之前提到的驚人的門市數量。而且我們以超值著稱，現在就有史上最佳優惠。

And so it's just -- it's important to understand that when we launched stuff and the examples I gave, for example, were a carryout and loyalty. Carryout, we launched in 2010, and it's still -- I'll let Sandeep talk about, over 6% in the quarter. loyalty continues to grow. So we think all that stuff will continue. So I think in '26, in addition to what we come out with, continued growth of loyalty; aggregators, we said we're not in our fair share yet, so there still should be both in Uber and DoorDash growth there.

所以，重要的是要明白，當我們推出產品時，我舉的例子，例如外帶和會員忠誠度計劃。外送服務是我們2010年推出的，至今──我還是讓桑迪普來談談吧──本季佔比超過6%。顧客忠誠度持續成長。所以我們認為這些事情還會繼續發生。所以我認為在 2026 年，除了我們推出的產品之外，忠誠度的持續成長；聚合器，我們說過我們還沒有佔據應有的份額，所以 Uber 和 DoorDash 仍然應該有成長空間。

Carryout, we expect to continue to grow. Stuffed Crust, we've got ahead of us. I think, long headway. We've got a brand-new website that runs better than the old one. A brand refresh. There are a lot of things. I could go on and on, but Greg is telling me I'm running out of time.

外送業務預計將持續成長。芝心餡餅，我們前面還有呢。我認為，取得了長足的進步。我們推出了全新的網站，運作速度比舊網站更快。品牌煥新。有很多事情。我還可以繼續說下去，但格雷格告訴我時間不多了。

Sandeep?

桑迪普？

All right. So let's talk about industry growth. And I think that to me as going through even what we talked about the last quarter, we talked about this on the call. This industry has been growing 1% to 2% for definitely since 2019 and even further back. And what we saw in '25 was very representative of what the industry has been doing over the years. And we expect it to continue to be doing the same thing going forward as well.

好的。那我們來談談產業成長吧。我認為，回顧上個季度我們討論的內容，我們在電話會議上也討論過這個問題。自 2019 年以來，甚至更早之前，該行業一直保持著 1% 到 2% 的成長率。我們在 2025 年看到的景象，非常能代表這個產業多年來的發展趨勢。我們預計它未來也會繼續保持這種狀態。

And so when we think about this, what is really impressive for us is the way we've actually consistently been gaining market share from our competitors. And I think this is actually highlighted by two things. One is our consistency in driving same-store sales growth. The other is our franchise economics, which are significantly better than the competition. We opened '25 with a massive gap against all of our competitors, including the bigger national competitors. Guess what's happened since that time. One of our national competitors has announced that they've had a negative same-store sales in the mid-single digits. And they also talked about closing a number of stores, up to 250 stores, in the first half of the year.

因此，當我們思考這個問題時，真正讓我們印象深刻的是，我們實際上一直在不斷地從競爭對手那裡獲得市場份額。我認為這其實可以從兩件事中得到印證。一是我們持續推動同店銷售成長。另一方面，我們的特許經營經濟效益明顯優於競爭對手。2025 年開局，我們與所有競爭對手，包括規模更大的全國性競爭對手，都建立了巨大的差距。猜猜從那時到現在發生了什麼事？我們的一家全國性競爭對手宣布，他們的同店銷售額出現了個位數中段的負成長。他們也談到，今年上半年將關閉多達 250 家門市。

All this plays into our strategy to continue to gain market share because we will go into that 1% to 2% growth in the industry with less doors outside, which we can actually take share from effectively and grab those sales. And this is just a continuation of what we talked about at Hungry for MORE and what we've been doing for years. That's how we look at what's going to come in 2026 and beyond.

所有這些都符合我們繼續擴大市場份額的策略，因為在這個行業中，我們將以 1% 到 2% 的增長速度進入競爭日益激烈的市場，而外部競爭的機會卻越來越少，我們可以有效地從這些競爭對手手中奪取市場份額並搶佔銷售機會。這只是我們在「渴望更多」大會上討論的內容以及我們多年來一直在做的事情的延續。這就是我們看待2026年及以後發展趨勢的方式。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Congrats on the strong 4Q and full year results. Russell and Sandeep, I wanted to ask a bit more on the US sales outlook for that 3%. You guys gave a lot of detail around plenty of runway from those existing initiatives that you came out with last year. Would it be possible to kind of highlight how you think about contribution from those existing initiatives versus maybe some of the newer stuff, whether it's the two items, other promotional deals this year from newer stuff? Any high-level thoughts just on is the bulk of what drives the US comp from initiatives that are already in play versus some of that new stuff that may come out this year that we'll see more as the year goes on?

恭喜公司第四季和全年業績表現強勁。Russell 和 Sandeep，我想再問一下關於那 3% 的美國銷售前景。你們詳細介紹了去年推出的那些現有措施所帶來的充足發展空間。能否重點談談您如何看待現有措施的貢獻，以及一些新措施（例如今年推出的兩項新措施和其他促銷活動）的貢獻？大家有什麼高層次的想法嗎？美國薪酬體系的驅動力主要來自已經實施的舉措，還是來自今年可能推出的、我們將在今年稍後看到的一些新舉措？

Dennis, it's Sandeep. So I'll take this one, and I think I'm going to just do a bit of a framing and then I'll get into some of the initiatives that Russell already talked about, but I'll just repeat them afterwards.

丹尼斯，我是桑迪普。所以我來談談這個話題，我想我會先做一些框架性的工作，然後再談談羅素已經談到的一些舉措，不過之後我會再重複一次。

So first of all, I think from a same-store sales perspective, we talked about 3% for the year. We did say it's going to be higher in the first half than the second half. And I would be remiss if I didn't address what I think a lot of the industry has already been talking about, which is weather has been tough in January, it had a disruption on us. We had to close a number of stores like many others. And that factor is included in our same-store sales estimate.

首先，我認為從同店銷售的角度來看，我們討論的是全年成長 3%。我們確實說過，上半場會比下半場高。如果我不談談我認為業內很多人已經在談論的事情，那就是一月份的天氣很惡劣，給我們造成了乾擾，那我就失職了。和其他許多公司一樣，我們也不得不關閉一些門市。而這因素已計入我們的同店銷售額預估中。

So we acknowledge the pressure in the early part of the quarter. But I think in our business, weather tends to even itself out over the year. And so as far as we're concerned for the full year, we don't see that being an impact. But clearly, it was a disruption in January. And I want to make sure we hit that and make sure we address it.

因此，我們承認本季初會面臨壓力。但我認為在我們這個行業，天氣在一年中往往會趨於穩定。因此，就全年而言，我們認為這不會產生影響。但很明顯，1月發生了一起騷亂。我想確保我們能做到這一點，並確保我們能解決這個問題。

So in terms of the initiatives. Russell talked about it a lot in the prepared remarks. But Look, the thing about our business and acknowledge this, last year definitely had a few headline events that we talked about in '25. We were really thrilled with Parmesan Stuffed Crust. We were really excited to be launching with DoorDash. And I think the really cool thing was we'd already talked about renowned value and then we brought in Best Deal Ever that ended up being a significant comp driver.

所以就各項舉措而言。拉塞爾在事先準備好的發言稿中多次談到這一點。但是，就我們的業務而言，必須承認，去年確實發生了一些重大事件，我們在 2025 年就討論過這些事件。我們對帕瑪森起司餡餅皮讚不絕口。我們非常高興能與 DoorDash 合作推出產品。我覺得最酷的是，我們之前已經討論過“卓越價值”，然後我們引入了“史上最佳交易”，結果這成為了顯著的同店銷售成長驅動因素。

None of these go away. They're all definitely there in the business in our baseline, and we expect these to compound over time as we move forward. In addition to that, Russell talked about the carryout business, which has been on a tear. I mean, we grew 5.6% on the back of significant growth in the previous year as well. And just going back to the fact that we've actually gotten to $4.4 billion on the carryout business, which is bigger than two of our national competitors on their total business.

這些都不會消失。這些因素在我們公司的基本營運中都已存在，我們預期隨著公司的發展，這些因素會不斷累積。除此之外，羅素也談到了外送業務，這項業務發展迅速。我的意思是，我們今年的成長率為 5.6%，而去年我們也實現了顯著成長。再說回我們的外送業務，它實際上已經達到了 44 億美元，比我們兩家全國性競爭對手的總業務額還要高。

So in order of magnitude, with that kind of base, the compounding impact of growth on that on our total sales is very material. You didn't take the layer that we added as an accelerator to it, which is the loyalty program that we launched in '23. We stated before that our objectives with the loyalty program was definitely to be catered much more to the carryout customer and also to attract light users. And we just talked about the fact that we're up 20% on the number of customers that have come into our loyalty program. So that becomes an accelerator to this fantastic carryout business that we're talking about.

因此，從數量級來看，在這樣的基數下，成長對我們總銷售額的複合影響非常顯著。你沒有註意到我們為了加速發展而添加的那層推動力，那就是我們在 2023 年推出的忠誠度計畫。我們之前說過，我們推出會員計畫的目標肯定是要更多地服務外送顧客，並吸引輕度用戶。我們剛才談到，加入我們會員計畫的顧客數量增加了 20%。因此，這便加速了我們正在討論的這種蓬勃發展的外送業務。

And then last year, when we initially talked about it, we talked about renowned value, but we didn't talk about Best Deal Ever, but Best Deal Ever came, and it actually drove significant value for our consumers and for our profits as well. So we have a whole bunch of initiatives back to what Russell talked about on the menu items that are going to come out and we're going to lean on our 4 pillars. We're going to lean on our 4 pillars and drive multiple initiatives that add up to the 3%. We don't talk about all of them just from a competitive perspective. But believe me, the competitors will find out as we go through the year.

去年，當我們最初談到這件事時，我們談到了卓越的價值，但我們沒有談到“史上最佳優惠”，但“史上最佳優惠”出現了，它實際上為我們的消費者和我們的利潤帶來了巨大的價值。所以，我們有很多舉措都與羅素之前談到的即將推出的菜單項目有關，我們將依靠我們的四大支柱。我們將依靠四大支柱，推動多項舉措，最終實現 3% 的目標。我們並非僅僅從競爭的角度來討論所有這些問題。但相信我，隨著時間的推移，競爭對手們會發現這一點。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Question on delivery. I think one of the things that -- this is a bit of a follow-up to Brian's question is just people have a hard time seeing long-term sustainable delivery same-store sales growth. They look at what happened in '25, particularly the fourth quarter, there was the Best Deal Ever and MORE promotional intensity, but also obviously, DoorDash and the delivery comp was 1.6% up. But that was a lot of firepower against it. I felt unusual. So I guess maybe how do you reflect on the fourth quarter, the 1% for '25? And just your outlook for delivery, that half of the business going forward on a sustainable basis?

關於配送的問題。我認為其中一個問題是——這算是對布萊恩問題的後續——人們很難看到長期可持續的同店銷售成長。他們回顧了 2025 年的情況，特別是第四季度，當時出現了史上最佳優惠和更強勁的促銷力度，但顯然 DoorDash 的配送收入也成長了 1.6%。但那可是相當大的火力啊。我感覺不太對勁。所以我想問的是，您如何看待第四季度，以及2025年那1%的成長率？那麼，您對未來業務交付的展望如何？也就是能否以永續的方式繼續維持這部分業務？

Yes. Thanks, David. The way I look at delivery, especially regarding the aggregators is, we're not at our fair share. So our -- we're about one out of every three deliveries out there. We're not on that on Uber, which has been more than a year and DoorDash, which we got fully up to, call it, Q3 of last year. And so that was kind of my point from before, when you launch something, you don't get to the full potential year one unless you're managing it in an irresponsible way.

是的。謝謝你，大衛。在我看來，配送，尤其是聚合平台，我們還沒有獲得應有的份額。所以，我們──我們大約占到總送貨量的三分之一。我們沒有在 Uber 上進行任何操作，Uber 已經運營一年多了；也沒有在 DoorDash 上進行任何操作，我們去年第三季度才完全投入運營。所以，這正是我之前想表達的觀點：當你推出某項產品時，除非你以不負責任的方式進行管理，否則你無法在第一年充分發揮其潛力。

We continue to manage those 2 platforms for incrementality because a lot of our kind of self-help initiatives are doing well. And so we're growing it slowly over time. We're not at our fair share. So there definitely is upside.

我們繼續管理這兩個平台以實現漸進式發展，因為我們許多自助式措施都進展順利。因此，我們正在逐步發展壯大它。我們沒有得到應有的份額。所以肯定存在有利因素。

Second, when you think about what works on those platforms, it's what works in the digital media. We've got -- what works in digital media is the expertise on how to run it and the dollars in order to buy your media placement. We do really well on marketplaces and all these things are marketplaces.

其次，當你思考哪些內容在這些平台上有效時，你會發現它們在數位媒體中也同樣有效。我們已經掌握了——在數位媒體領域行之有效的方法是擁有營運方面的專業知識以及購買媒體投放位置所需的資金。我們在電商平台上的表現非常出色，而這一切都屬於電商平台。

And I think last is the business is a delivery business and a carryout business. So I still think, and we are growing our delivery business. We're still not at our fair share yet, but remember, carryout is actually bigger than delivery. We only do one out of every five carryouts, and that business is growing significantly. So I think at the end of the day, what folks are looking for is growth.

我認為最後一點是，這家公司是一家外送公司和一家自取公司。所以我仍然認為，我們的配送業務正在不斷發展壯大。我們還沒有達到應有的份額，但請記住，外帶的規模實際上比送餐更大。我們每五份訂單中只有一份是外帶的，而且這項業務正在顯著成長。所以我覺得歸根究底，大家追求的是成長。

I'm going to add a little bit more texture though because we concentrate a lot so far on the call on same-store sales. I want to take a step back and just really point out the engine that is Domino's Pizza, which is same-store sales and store growth, right? We talked about and I -- this may have been a surprise to some of you. But if you look back to 2019, pizza or not pizza, if you look at public restaurants with 3,000 stores or above, we're number one in growth.

不過，我打算再增加一些細節，因為我們目前主要關注的是同店銷售。我想退一步，真正指出達美樂披薩的引擎，那就是同店銷售額和門市成長，對吧？我們談到了我——這可能會讓你們中的一些人感到驚訝。但回顧 2019 年，無論是否以披薩為主，在擁有 3000 家或以上門市的餐飲企業中，我們的成長速度排名第一。

And so part of the reason I think you're seeing the impact on the competitors that you are is because now people have a choice in their neighborhood and Domino's is there. And when Domino's is there, they pick Domino's. When we grow these stores, especially from a split perspective, we split an area, two things happened. 80% of the customers that come in on carryout are incremental. But David, to your point before, our delivery business gets more efficient. And the quicker we can get more hot pizza to our customers, the better it is for your delivery business. So all of this truly is the domino effect of all the initiatives working together.

所以我認為，你之所以會對競爭對手產生影響，部分原因是現在人們在居住地附近有了更多選擇，而達美樂披薩就在那裡。如果達美樂披薩在場，他們就會選擇達美樂披薩。當我們拓展這些門市，特別是從分割的角度來看，當我們分割一個區域時，會發生兩件事。 80% 的外帶顧客都是新增顧客。但是大衛，正如你之前所說，我們的配送業務效率會更高。我們越快將熱騰騰的披薩送到顧客手中，對您的外送業務就越有利。所以，這一切確實是各項措施共同作用所產生的骨牌效應。

And David, I think I'm just going to just add a financial component just to make sure that we understand. I think Russell talked about that we are managing the business for incrementality and profitability and really playing the long game. But I think when you put numbers to what Russell was talking about, you take the 1% same-store sales, you add the store growth, you're talking about 3-plus percent or around 3% our growth in retail sales on the delivery business, which far outpaced QSR pizza delivery, and we gained share.

大衛，我想我還是應該補充一些財務上的內容，以確保我們都能理解。我認為羅素說過，我們正在以穩定成長和獲利為目標來管理業務，真正著眼於長遠發展。但我認為，當你用數字來解釋羅素所說的內容時，你會發現，1%的同店銷售額增長，加上門市增長，我們的零售額在配送業務方面增長了3%以上，或者說增長了3%左右，遠遠超過了快餐披薩配送業務，而且我們還獲得了市場份額。

We gained about 1 point of share in delivery, we gained about 1 point of share in carryout and a point across the entire business. So we're really happy with the delivery business and what we got out of it in 2025, and we're very confident as we move forward in '26 as well, especially given the really tough macro backdrop that we've been seeing in '24 and '25.

我們在外送業務份額增加了約 1 個百分點，在自取業務份額增加了約 1 個百分點，在整個業務範圍內增加了 1 個百分點。因此，我們對配送業務以及我們在 2025 年取得的成果感到非常滿意，並且我們對 2026 年的發展也充滿信心，尤其是在 2024 年和 2025 年我們所看到的非常艱難的宏觀經濟背景下。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Russell, I think you mentioned the concept of doubling the US retail sales over time and I don't recall you mentioning that before. So I guess if you could clarify that, is it a new goal to do that?

羅素，我想你提到了隨著時間的推移，美國零售額翻一番的概念，我不記得你以前提到過這一點。所以我想請您澄清一下，這樣做是一個新的目標嗎？

And then I guess my questions are over what time frame do you think that's possible? And does that sort of imply you're thinking a little differently about the unit opportunity? I think you mentioned 8,500-plus at the last investor meeting. Is it now something maybe higher than that as you think about the current competitive landscape?

那麼，我的問題是，您認為這在多長時間內是可能的？這是否意味著你對這個單元的機會有了不同的看法？我記得你在上次投資者會議上提到超過 8500 人。考慮到當前的競爭格局，現在它是否比這更高一些？

The interesting thing is, I started at Dominos in September 2008. And I remember back when we said, hey, we're going to be the number one pizza company out there, and that seemed like a stretch. And obviously, we're at that today. And so what I do is I just look at a couple of things. One is our continuous gain in market share, 1 point a year for the last 11 years.

有趣的是，我是在 2008 年 9 月開始在達美樂披薩工作的。我還記得當時我們說，嘿，我們要成為業內第一的披薩公司，這聽起來有點異想天開。很顯然，我們今天就處於這種狀態。所以我只需要關注幾個方面。一是我們市佔率持續成長，過去 11 年每年成長 1 個百分點。

I then say, okay, well, let's look at other categories where -- and what is the share of the number one players? We're about one out of every four pizzas. Well, the number one players are 40-50 share. And look -- and so looking at where we are, the assets we have in our franchisees, their profitability, our marketing, this should just -- why shouldn't we be as big as the other players are in their category. It's something we have continued to do over time and we're headed that way. So it's -- yes, it's part and parcel for what we've been achieving.

然後我說，好的，那我們來看看其他類別——排名第一的球員佔比是多少？我們大約佔每四份披薩中的一份。嗯，排名第一的玩家佔比在 40% 到 50% 之間。你看——看看我們現在所處的位置，看看我們在加盟商那裡擁有的資產、他們的盈利能力、我們的行銷，這——為什麼我們不能像同類中的其他競爭者一樣強大呢？這是我們一直以來都在做的事情，而且我們正朝著這個方向前進。所以——是的，這是我們成就不可或缺的一部分。

Yes. And David, I think from a guidance perspective, we've really talked about guidance through 2028. And that really implies a point of share through 2028. And we're really not going to comment past 2028 in terms of cadence, but I think we're just framing the opportunity, just like we did say 8,500 stores, we believe that there's an opportunity to get to double our retail sales of about $10 billion over time.

是的。大衛，我認為從指導的角度來看，我們已經討論了到 2028 年的指導方針。這實際上意味著到 2028 年市場份額將達到一定水平。對於 2028 年以後的發展節奏，我們真的不會發表評論，但我認為我們只是在把握機遇，就像我們之前說的 8500 家門市一樣，我們相信有機會在一段時間內將零售額翻一番，達到約 100 億美元。

And I think that's really super important. And I think the other thing that Russell I think said at Investor Day, if I remember right, is every single time we thought we'd actually come up with a new goal in terms of full potential that goal kept going up. I think it was the...

我認為這真的非常重要。我記得羅素在投資者日上還說過，每次我們以為我們已經制定了一個關於全部潛力的新目標時，這個目標都會不斷提高。我想應該是…

6,000 or 7,000 and it's 8,500, it's not because we're bad at forecast. One of the things that happens, I talked about store growth before, and you're seeing this, when we grow and we grow closer to where a competitor is, a lot of times, we closed that store. And so if you think about competitive closures, that actually is more opportunities for more stores.

預測是 6000 或 7000，結果卻是 8500，這並不是因為我們預測不好。我之前談到過門市成長，你們也看到了，當我們發展壯大，並且越來越接近競爭對手的門市時，很多時候，我們會關閉那家門市。因此，如果你考慮到競爭對手的關店行為，這實際上意味著更多的新店開幕機會。

And so that's something we're going to continue to lean in on. And I really urge people, I know it's same-store sales are a number everyone focuses on, and we are too, we're guiding to 3% this year. But if you don't take a step back and look at total retail sales, which includes sales from the new stores, you're going to underestimate, as Sandeep said before, how well we're doing in the delivery. But you're also going to underestimate how well we're going to do in the future because we are putting more points of contact for consumers out there.

所以，這是我們將繼續重點關注的領域。我真的想呼籲大家，我知道同店銷售額是每個人都關注的數字，我們也是，我們今年的目標是 3%。但如果你不退後一步，看看包括新店銷售額在內的總零售額，你就會低估我們配送方面做得有多好，正如桑迪普之前所說。但你也會低估我們未來發展的可能性，因為我們正在為消費者提供更多接觸點。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Congrats on a great quarter and the year. I wanted to ask maybe if you guys could comment a little bit on the performance maybe by income cohorts? There's been a lot of discussion about that younger, lower income guests kind of stepping back. Can you guys give us a little bit of color on what you're seeing there?

恭喜你們本季和全年都取得了優異的成績。我想問各位能否就不同收入群體的表現做一些評論？關於年輕、低收入客人逐漸減少的現象，已經有許多討論。你們能給我們詳細描述一下你們在那裡看到的情況嗎？

And then also, historically, you've been talking about how delivery and carryout are kind of separate occasions, different customers. Has that changed recently? Have you seen any more switching between the two or has that stayed pretty consistent?

而且，從歷史上看，你也一直在談論外送和自取是兩種不同的情況，面向不同的顧客。最近情況有改變嗎？你有沒有看到有人在這兩種模式之間切換，還是這種情況一直比較穩定？

I'll maybe do the income cohort question, you can follow up. Certainly, in QSR, there have been a lot of stuff written about the lower income cohort declining. That is not something that has happened in Domino's. We grew all income cohorts in Q4 and for the full year.

我可能會回答收入群體方面的問題，你可以跟進。當然，在速食業，已經有很多文章報導了低收入族群人數下降的問題。這種情況在達美樂披薩從未發生過。我們在第四季度和全年所有收入群體中都實現了成長。

Yes. Look, we've been seeing very consistent results in terms of the delivery carryout overlap, which would be in the mid-teens over time. And we haven't really seen a change on that. So these tend to be very different occasions. And that's great because the addressable market is available for both sides.

是的。你看，我們在外賣自取重疊方面一直看到非常穩定的結果，隨著時間的推移，這個比例會保持在十幾個百分點左右。而我們並沒有看到這方面有任何改變。所以這些場合往往截然不同。這很好，因為雙方都有共同的目標市場。

Gregory Francfort, Guggenheim.

格雷戈里·弗朗福特，古根漢。

My question is just, Russell, can you provide an update on maybe changes in '25 to your tech stack? Or you guys -- you're known as a technology-forward company. And then as you look to hold or things you're trying to address in either '26 in the next couple of years, what stands out?

Russell，我的問題是，你能否提供一下關於2025年你的技術棧可能發生的變化的最新資訊？或者你們——你們是一家以技術領先著稱的公司。那麼，當你考慮在未來幾年內（例如 2026 年）要堅持什麼或要解決什麼問題時，有哪些方面比較突出呢？

Yes. Well, last year was a big year for us on the consumer side and the store side. We relaunched our e-commerce site online and also mobile web. We'll be launching this year the apps versions of all those. The new site that's up already is performing better than the old site, which is something that we said we were going to do. We're focused on the same thing for the app as well.

是的。去年對我們來說，無論是在消費者方面還是在門市方面，都是意義重大的一年。我們重新推出了電子商務網站（包括線上和行動網頁版）。今年我們將推出所有這些產品的應用程式版本。新網站上線後，其表現比舊網站更好，這正是我們先前承諾要實現的。我們對應用程式的關注點也一樣。

Additionally, our DOM OS system continues to get better. And so Greg, just as a reminder, that's our system in store that helps our -- that helps run the store. We talked a lot last year about this idea of -- I've talked this one forever. We make products before consumers finish ordering them because of our technology, we're able to look ahead of the order. But also from a dispatch standpoint, we have smart dispatch that helps route our orders with our stores.

此外，我們的 DOM 作業系統也不斷改進。所以格雷格，提醒一下，這是我們店裡的系統，它幫助我們——幫助我們經營商店。去年我們多次討論過這個想法——其實我一直在談論這個想法。由於我們的技術優勢，我們能夠在消費者完成下單之前就生產產品，因為我們能夠提前看到訂單。但從配送的角度來看，我們也有智慧配送系統，可以幫助我們將訂單分送到各個門市。

Well, now the front end of that, the order; and the back end, the dispatch, are starting to talk to each other and with -- via an orchestration engine. And so now if there is not going to be a driver back and we have this in about 6 stores now, so I expect this to continue to increase. If there's not going to be a driver back in time to get a pizza when it gets out of the oven, and it's going to get out of the oven a couple of minutes later, well, our technology, this orchestration agent will hold that order, so the store doesn't see it. And so my goal at the end of the day is kind of real-time pizza making and delivery. And so that's some of where we have been and some of where we're going both on the consumer and the store side.

現在，前端（訂單）和後端（調度）開始透過編排引擎相互溝通。所以現在如果沒有司機回來，而這種情況目前已經發生在大約 6 家門市，所以我預計這種情況還會繼續增加。如果披薩剛出爐時沒有司機及時趕來取餐，而披薩要過幾分鐘才能出爐，那麼我們的技術，這個協調代理就會保留該訂單，這樣商店就看不到它了。所以，我的最終目標是實現即時製作和配送披薩。所以，以上就是我們在消費者和商店方面所取得的一些成就，以及我們未來的一些發展方向。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Sandeep, I wonder if you can give some color on this insurance costs, like outside insurance costs that are impacting your restaurant level margins in your stores? And more in general, can you comment on the level of restaurant-level margins that you're targeting this year? And what do you think is sustainable, maybe not just for Domino's but for the restaurant industry or maybe for the pizza category, as a restaurant-level margin going forward?

偉大的。Sandeep，我想請你詳細說明保險成本，例如影響你餐廳層面利潤率的外部保險成本？此外，您能否就今年餐廳層級的利潤率目標水準發表一下看法？那麼，你認為未來餐廳層面的利潤率應該如何保持永續？這不僅對達美樂披薩而言如此，對整個餐飲業或披薩品類而言也是如此。

Yes, Danilo, thanks for the question. And look, I mean, I think when we -- and I talked about in the prepared remarks as well, the corporate stores, which are about 260 out of the total 7,200 that we have roughly, is one that was impacted by the outsized insurance costs. It definitely impacted the corporate store P&L. I just want to first just say, yes, this was material to the corporate store P&L, and it was big enough that we called it out at the company level as well.

是的，達尼洛，謝謝你的提問。而且，我的意思是，我認為當我們——我在準備好的演講稿中也談到了——公司直營店（在我們總共約 7200 家門店中，約有 260 家）受到了巨額保險費用的影響。這肯定對公司門市的損益表產生了影響。我首先想說的是，是的，這筆款項對公司門市的損益表來說非常重要，而且金額龐大，所以我們也在公司層級提出了這個問題。

However, when I look at the franchisee performance and I look at what we actually delivered to the franchisee performance, we had a 3% same-store sales growth last year. And if you go to the franchisee economics, it grew at approximately the same rate. So we held the margins. And so including all of these insurance pressures, there are levers that the franchisees in the much larger portfolio that we have in their remit, basically are driving very good profitability.

但是，當我查看加盟商的業績，並查看我們實際為加盟商帶來的業績時，我們發現去年同店銷售額成長了 3%。如果從加盟商的經濟效益來看，其成長速度也大致相同。所以我們保持了利潤率。因此，考慮到所有這些保險壓力，加盟商在我們職責範圍內擁有的更大的投資組合中，基本上可以透過一些手段來獲得非常好的獲利能力。

So we don't really have concerns about the franchisee economics, and I want to make sure that I touch on that. That being said, we are conscious of the fact that there is insurance pressure in the marketplace, and it did impact us. And so we want to acknowledge it. We want to be clear and we need to find ways to find productivities to offset some of these pressures, and we did in 2025, and we're able to actually find a way to actually grow our profits (inaudible).

所以我們並不太擔心加盟商的經濟狀況，我想確保我能談到這一點。儘管如此，我們也意識到市場上存在保險壓力，而這確實對我們產生了影響。所以我們要承認這一點。我們想明確一點，我們需要找到提高生產力的方法來抵消部分壓力，我們在2025年做到了這一點，並且我們能夠找到真正提高利潤的方法。（聽不清楚）

And no, I'd just say the other thing to think about is on the franchisee side is that we ended last year the average number of store per franchisees was nine. And so the enterprise profit for our franchisee is kind of approaching $1.5 million now, which, if there are bumps in a particular year, allows them to get through those bumps. And so we're excited not only at the store level profits are increasing, but the enterprise ones are as well.

不，我只想說，加盟商方面需要考慮的另一點是，去年年底，每個加盟商的平均門市數量為 9 家。因此，我們加盟商的企業利潤現在接近 150 萬美元，如果某一年出現波動，這足以讓他們度過難關。因此，我們不僅對門市利潤的成長感到興奮，而且對企業利潤的成長也感到興奮。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Actually, one quick follow-up on a question. The question is actually about the delivery business. I guess, broadly across the industry. It seems like exclusively the growth, and this is not just pizza, this is everywhere, is coming in 3P versus 1P. So we hear a lot from other companies talking about how 1P has either been steady or mostly declined. So I was just curious whether you think there is continued opportunity to grow 1P deliveries, again, this is more industry-wide or if we've sort of gotten to a point where growth kind of comes exclusively on the aggregators, again, for the restaurant industry as a whole?

實際上，還有一個問題需要快速跟進。這個問題其實與快遞業務有關。我想，這在整個行業範圍內都是如此。似乎只有第三方（3P）模式相對於第三方（1P）模式才能帶來成長，而且這不僅僅是披薩產業，而是所有產業都在發生這種情況。因此，我們經常聽到其他公司談論 1P 的情況，稱其要么保持穩定，要么大部分時間都在下降。所以我很好奇，您是否認為1P配送還有持續成長的機會？這指的是整個產業，還是說我們已經到了只能依靠聚合平台來推動整個餐飲業成長的地步？

And then just quickly on the comp. I don't know if you disclosed the price you had on the fourth quarter, but just wanted to see if I could get that?

然後迅速地在電腦上操作了一下。我不知道您是否透露了第四季的價格，但我只是想問我能不能得到這個價格？

Yes, I'll address both these questions. And let's start with the delivery business, and I think it's more of a broad industry comment that you're making on 3P versus 1P. And I guess with 3P having really been in place for close to a decade at this point and as we gain scale around the time of COVID, many other restaurant companies had already gone on to the 3P well before we did. We only got on '23-'24.

是的，我會回答這兩個問題。我們先從配送業務說起，我認為你對第三方（3P）與第一方（1P）的評論更多的是針對整個行業的。我想，3P模式已經實施了近十年，而且隨著我們在新冠疫情期間規模的擴大，許多其他餐飲公司在我們之前就已經採用了3P模式。我們只參加了 23-24 學年。

So we're in the process of getting on to 3P like Russell talked about earlier. So I think it's a little bit early to actually see kind of what's happening overall. We've we have a sense that overall, the delivery business has been pressured in the last couple of years with the macro, but it still grew. And I think we still are seeing share growth overall and we're managing for incrementality and profitability like we talked about. So we do see that there -- once things stabilize and normalize, once we've annualized completely on 3P, there should be growth both in 3P as well as 1P, and we should participate in both sides.

所以，我們正在像拉塞爾之前提到的那樣，逐步過渡到三分球。所以我覺得現在判斷整體情勢還為時過早。我們感覺，總體而言，過去幾年宏觀經濟環境給外賣行業帶來了壓力，但外賣行業仍然實現了成長。我認為我們仍然看到市場佔有率整體成長，正如我們之前討論的那樣，我們正在努力實現增量成長和獲利能力提升。所以我們看到，一旦情況穩定下來並恢復正常，一旦 3P 完全實現年化，3P 和 1P 都應該會成長，我們應該在兩方面都參與其中。

So with that, I'm actually going to move to the comp question that you had and you asked about pricing. And you may have missed it, but I said pricing was flat, and that's why we are so happy with our franchisees, the discipline that our franchisees have actually shown over the last few years going into Hungry for MORE and then since we have sort of been executing Hungry for MORE, has been fantastic. And that's why when Russell talked about profit power versus pricing power, this is exactly what it is. With that type of pricing, we're able to drive incremental profits to our franchisees. And these economics are just I'm sure of everybody in the industry.

那麼，接下來我要回答你之前提出的關於定價的比較問題。你可能錯過了，但我說過價格是固定的，這就是為什麼我們對加盟商如此滿意，我們的加盟商在過去幾年裡展現出的自律精神，以及我們自開始執行“Hungry for MORE”以來所取得的成就，都非常棒。所以，當羅素談到利潤能力與定價能力時，這正是它的意義。透過這種定價方式，我們能夠為加盟商帶來額外的利潤。我相信這些經濟法則也適用於業界所有人。

Yes. So if you think back to the comment earlier on same-store sales, the quality of the same-store sales being order count driven versus ticket driven really speaks to the opportunity in the future, the kind of basic marketing is trial, repeat, depth of repeat. You don't increase trial when you increase price, right? But the reason why people keep coming back for carryout and loyalty and Stuffed Crust and all of these products is because we maintain a fair price and we have fantastic execution by our franchisees. So the quality of how we got to the 3% gives you a sense of why we're so confident that that's going to continue.

是的。所以，如果你回想一下之前關於同店銷售的評論，同店銷售的品質是由訂單數量驅動而不是由客單價驅動，這確實說明了未來的機遇，這種基本的營銷方式是試用、重複、深度重複。漲價的同時不會增加試用期，對吧？但人們之所以不斷回來購買外賣、保持忠誠度、購買芝心餅皮以及所有這些產品，是因為我們保持了合理的價格，而且我們的加盟商執行得非常出色。所以，我們達到 3% 的比例的過程，足以讓你明白為什麼我們如此有信心繼續保持這個比例。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

The question is on US store growth. And certainly, Russell, your comments around the US market opportunity being double what it is, it's very interesting. So you comment on the path to 7,700 US system stores in 2018. If we have a chance to front-load any of that, especially given some competitor kind of softness. Is there a date where you could do 8,500 stores in your mind? And I know you've kind of been doing under 200 stores a year net in the US, does it make sense to actually go higher given higher market opportunity?

問題在於美國門市的成長情況。當然，羅素，你關於美國市場機會是現在的兩倍的評論非常有趣。所以您對 2018 年在美國開設 7700 家系統商店的目標有何評論？如果我們有機會提前投入其中，尤其是在考慮到某些競爭對手的軟弱表現的情況下。你心中有沒有一個可以開設 8500 家門市的日期？我知道你們在美國每年淨增門市數量不到 200 家，考慮到更大的市場機會，增加門市數量是否有意義？

And where I'll conclude this question, and they're all related into one is how we're thinking about store splits? In other words, the impact of a new store sales on existing stores that very well may share in existing delivery trade area? Are you able to better measure that and perhaps minimize the impact to a market overall? Thank you so much for answering the new store development question.

最後，我想以一個與此相關的問題來結束我的提問，那就是：我們如何看待門市分割？換句話說，新店開業對現有門市的銷售會產生什麼影響？這些現有門市很可能會與新店共享配送區。您能否更好地衡量這一點，並盡可能減少對整個市場的影響？非常感謝您解答關於新店開發的問題。

Yes. Sure, John. I mean I think the better way to look at our store growth is actually look at closures. So we closed in the US last year on a base of over 7,000 stores, 7. The year prior, we closed six. And so when we open up a store, it stays open, and we want to continue to be as aggressive as we can. And as I said before, since 2019, no one's been more aggressive than us. You can open a lot of stores, but if your net store number isn't big, then all you're doing is replacing one with the other.

是的。當然可以，約翰。我的意思是，我認為衡量我們門市成長的更好方法是專注於門市關閉。因此，我們去年在美國關閉了超過 7000 家門市。前一年，我們關閉了六家門市。因此，當我們開設一家門市時，它就會一直營業，我們希望繼續盡可能地保持積極進取的態度。正如我之前所說，自 2019 年以來，沒有人比我們更積極主動。你可以開很多店，但如果你的門市總數不多，那麼你所做的只是用一家店取代另一家店而已。

And so we're going to be as aggressive as we can to continue to make this a partnership with our franchisees and both win. And so that to me the closures is the more important thing, and that increases that and profits increasing, increases the interest our franchisees to invest.

因此，我們將盡一切努力繼續與加盟商建立夥伴關係，實現雙贏。因此，對我來說，關店才是更重要的事，關店越多，利潤越高，加盟主的投資意願就越強。

Yes. And I think, John, you did mention splits and the impact of split. So this is the reason to be very careful at what pace you go because when you do do the splits initially, you take a little bit of a step back and then you grow into it. So the profitability of the franchisees needs to be protected as we go along this growth path, and that's exactly the approach that we take.

是的。約翰，我想你確實提到了分裂以及分裂的影響。所以，這就是為什麼你要非常小心地控制進度的原因，因為當你一開始做劈腿時，你會稍微退步，然後你才會慢慢進步。因此，在發展過程中，我們需要保護加盟商的獲利能力，而這正是我們所採取的方法。

And it's because we're protecting that profitability, back to what Russell said, seven stores last year, six stores the previous year. And that's something that we keep in mind and are very careful and conscious about to not go so fast and recklessly where you could have an impact where you end up having store closures. We want to protect against that.

這是因為我們正在保護獲利能力，正如羅素所說，去年開了七家店，前年開了六家店。我們始終牢記這一點，並且非常謹慎和有意識地避免行動過快、過於魯莽，以免造成最終導致門市關閉的影響。我們想防範這種情況。

Not go so fast, but still faster than anyone else with over 3,000 stores in the US yes.

雖然速度不算快，但仍然比在美國擁有 3000 多家門市的任何人都快。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

This is Patrick on for Chris. My question was just on international development. I was hoping you could comment a little bit more on the visibility you have into the pipeline today for '26? Just any potential risks to that 800 units this year and just your level of confidence around how achievable that is?

這是派崔克代替克里斯發言。我的問題僅涉及國際發展方面。希望您能就目前您對2026年產品線的了解再多談談吧？今年達成800台的目標有哪些潛在風險？您對實現這目標的信心程度如何？

And longer term, I mean, I know it's been a couple of years and you talked about the importance of getting DPE back to being a net contributor. But do you have multiple paths to get back to that 975 a year over time? Can India accelerate or China? Or does it have to be DPE getting back to the level of contribution that they had previously?

從長遠來看，我知道已經過去幾年了，你也談到了讓 DPE 重新成為淨貢獻者的重要性。但是，隨著時間的推移，你是否有多種途徑可以重新達到每年 975 美元的目標？印度和中國誰能加速？或者說，DPE必須恢復到他們先前的貢獻水準嗎？

Yes, both India and China actually have accelerated. And a good portion of those 800 stores are going to come from those markets. So look, we talk about another 200 stores this year versus last year. So with the closures of DPE behind us, some of that headwind has gone. Now them returning to growth as part of what gets us back to the algorithm. If you look at the algorithm we talked about in Hungry for MORE at our Investor Day, the major cause for any slight miss in that algorithm on the store side or this year, as Sandeep pointed out, on the same-store sales side has been DPE, which is why we're so encouraged with their new hire of Andrew Gregory and the amount of work we're doing together.

是的，印度和中國實際上都加快了腳步。這 800 家門市中很大一部分將來自這些市場。所以你看，我們今年比去年新增了 200 家門市。隨著DPE的關閉，一些不利因素也隨之消失。現在，它們回歸成長，這也是我們重新回到演算法的一部分。如果你看看我們在投資者日上討論的《渴望更多》一書中提到的算法，就會發現，正如 Sandeep 指出的那樣，今年該算法在門店方面或同店銷售方面出現任何輕微偏差的主要原因是 DPE，這就是為什麼我們對 Andrew Gregory 的新聘用以及我們正在共同開展的工作量感到非常鼓舞。

Sandeep, next week is getting on a plane. He's going to bring his pillow from home, so he will sleep well. going to Australia with our Head of International, Weiking. We're on the phone top-to-tops all the time, and we're working with them to turn around that business. It's an important part of our growth.

桑迪普，下週就要搭飛機走了。他要從家裡帶枕頭過來，這樣就能睡個好覺了。他要和我們的國際部主管魏京一起去澳洲。我們一直與高層直接通話，並與他們合作扭轉公司局面。這是我們成長過程中重要的一部分。

And one last thing I'd say on DPE, Australia, in particular. When I was talking about earlier, places around the world where we're 40-50 share, Australia is one of them. And so that is a place from which we are -- certainly need to fix the business, but we're working from a place of strength in Australia.

最後，關於澳洲的DPE，我還有一點要補充。我之前提到過，在世界各地，我們雙方的人口比例在 40% 到 50% 之間，而澳洲就是其中之一。所以這就是我們目前所處的位置——當然，我們需要整頓業務，但我們在澳洲擁有強大的實力。

And Patrick, I'm just going to add one thing just on the guidance topic, since you brought it up and you asked about the multiple parts, two different things. When we look at where we are either for last year or for the guidance that we're talking about, really speaking, excluding the impact of DPE, generally, we're in line with the rest of the international portfolio.

派崔克，關於指導這個主題，既然你提到了它，並且問到了多個部分，那我就補充一點，這是兩個不同的面向。當我們回顧去年的情況，或回顧我們正在討論的指導意見時，實際上，撇開 DPE 的影響不談，總體而言，我們與國際投資組合的其他部分保持一致。

And while India and China have been doing fantastically and accelerating that was already in kind of what our expectations were. So it's great. But I think I just wanted to make sure that you're clear about that. And I don't believe that ex DP getting back to what our initial assumptions are, there's a pathway to get to 925 that we initially guided to because everything is just really running to plan. It's not running ahead of plan. And so I just want to make sure that, that's clear as we talk about the outlook for the year.

雖然印度和中國都取得了巨大的成功，而且發展速度還在加快，但這其實已經符合我們的預期。所以這很棒。但我只是想確保你明白這一點。我不認為前DP會回到我們最初的假設，也沒有一條通往925的路徑，因為一切都在按計劃進行。進度並未超前。所以，我只是想確保這一點，在我們討論今年的展望時，這一點是明確的。

Jeff Farmer, Gordon Haskett.

傑夫法默，戈登哈斯克特。

Just a quick follow-up to Sara's question and then another one real quick. But what menu pricing is assumed in that 3% same-store sales guidance for 2026, coming off the flat pricing in Q4? And then can you guys just share any impact you've potentially seen on -- as it relates to GLP-1s and your business? Just any update there would be helpful.

我先簡單回覆一下Sara的問題，然後再快速問一個問題。但是，在第四季價格保持不變的情況下，2026 年 3% 的同店銷售成長預期中，菜單定價是如何設定的呢？那麼，你們能否分享一下，GLP-1 對你們的業務可能產生的任何影響？任何更新資訊都會很有幫助。

I'll do the GLP-1 and then share pricing. Yes, so on GLP-1, obviously, we continue to watch that closely. We have not seen an impact on our business so far. Obviously, coming out in pill form we're going to wait and see if there's any implication there. Right now, though, when you read the literature on GLP-1s, it's really more kind of breakfast and lunch-focused and dinner for us is a sharing occasion. So perhaps that's why we're not seeing any impact, but we're going to continue to watch it. And with 34 million ways to make a pizza, we got a lot of choices out there. But if there needs to be menu innovation around that, we will do that.

我會先做 GLP-1，然後再做股票定價。是的，所以對於 GLP-1，我們顯然會繼續密切關注。目前為止，我們的業務尚未受到影響。顯然，如果是以藥丸形式上市，我們會拭目以待，看看這是否會產生任何影響。不過，目前當你閱讀有關 GLP-1 的文獻時，你會發現它更側重於早餐和午餐，而晚餐對我們來說則是一種分享的場合。所以也許這就是我們沒有看到任何影響的原因，但我們會繼續觀察。製作披薩的方法有 3400 萬種，我們有很多選擇。但如果需要對菜單進行創新，我們會這樣做。

Yes. And I think specific to pricing, you'll probably catch it in the transcript when you read or listen to it later. But we talked about low single-digit expectations on pricing for 2026, and that's what's embedded in the 3% guide.

是的。至於定價方面，我想你稍後在閱讀或收聽文字稿時可能會看到相關資訊。但我們討論過 2026 年價格的預期是較低的個位數，而這正是 3% 指導方針中所包含的內容。

Thank you, Jeff. That was our last question of the call. I want to thank you all for joining our call today, and we look forward to speaking to you all again soon. You may now disconnect.

謝謝你，傑夫。那是我們通話的最後一個問題。感謝各位今天參加我們的電話會議，我們期待很快能再次與大家交流。您現在可以斷開連線了。