NYSE: DRI

Middle East 4 — — — — — — — — — — 4

The Caribbean 1 — — — — 1 — — — — — 2

Total 63 21 3 — 2 74 3 — — 1 — 167

Operated:

United States — — — — — 4 — — — — — 4

Total — — — — — 4 — — — — — 4

Grand Total 1,012 639 187 110 95 161 77 44 31 14 3 2,373

(1)Includes one Yard House restaurant that we jointly own with a third party and operate independently.

(2)Includes Puerto Rico and Guam.

Darden is a Florida corporation, incorporated in March 1995, and is the parent company of GMRI, Inc., also a Florida corporation. GMRI, Inc. and certain other of our subsidiaries own and operate our restaurants. GMRI, Inc. was originally incorporated in March 1968 as Red Lobster Inns of America, Inc. We were acquired by General Mills, Inc. in 1970 and became a separate publicly held company in 1995 when General Mills distributed all of our outstanding stock to the stockholders of General Mills. Our principal executive offices and restaurant support center (“RSC”) are located at 1000 Darden Center Drive, Orlando, Florida 32837, telephone (407) 245-4000. Our corporate website address is www.darden.com. We make our reports on Forms 10-K, 10-Q, and 8-K; Section 16 reports on Forms 3, 4, and 5; and all amendments to those reports available free of charge on our website on the same day that the reports are filed with or furnished to the Securities and Exchange Commission (the “SEC”). Information on our website is not deemed to be incorporated by reference into this Form 10-K. Unless the context indicates otherwise, all references to “Darden,” the “Company,” “we,” “our,” or “us” include Darden Restaurants, Inc., GMRI, Inc., and our respective subsidiaries.

On July 14, 2025, we closed on the sale of eight Olive Garden restaurants in Canada (the “Olive Garden Canada Restaurants”) to Recipe Unlimited Corporation (“Recipe”). All gains and losses on disposition have been aggregated in impairments and disposal of assets, net on our consolidated statement of earnings. See Note 4 to our consolidated financial

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statements in Part II, Item 8 of this Form 10-K for additional information. At closing, Darden and Recipe entered into an area development agreement and franchise agreements, pursuant to which Recipe will operate current and any new restaurants contemplated thereunder under the Olive Garden trade name and will pay royalties for use of the trade name.

On our June 2025 earnings call, we announced the decision to explore strategic alternatives for the Bahama Breeze brand, which, at that time, included 28 company-owned restaurants and one franchised restaurant. As part of this review, we evaluated a potential sale of the brand as well as the conversion of certain restaurants to other Darden brands. On February 3, 2026, we announced the completion of this process and our decision to permanently close approximately half of the Bahama Breeze restaurants, which we completed on or about April 5, 2026, and our expectation to convert the remaining Bahama Breeze restaurants to other Darden brands over the next 12–18 months. As of the end of fiscal 2026, we have completed one conversion.

We have a 52/53 week fiscal year ending the last Sunday in May. Fiscal 2026 ended May 31, 2026 and consisted of 53 weeks, fiscal 2025 ended May 25, 2025 and consisted of 52 weeks, and fiscal 2024 ended May 26, 2024 and consisted of 52 weeks.

The following description of our business should be read in conjunction with the information in Part II of this report under the caption “Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8 - Financial Statements and Supplementary Data.”

Segment Information

We manage our restaurant brands in North America as operating segments. The brands operate principally in the U.S. within full-service dining. We aggregate our operating segments into reportable segments based on a combination of the size, economic characteristics, and sub-segment of full-service dining within which each brand operates. We have four reportable segments: 1) Olive Garden, 2) LongHorn Steakhouse, 3) Fine Dining (which includes Ruth’s Chris, The Capital Grille, and Eddie V’s) and 4) Other Business (which includes Yard House, Cheddar’s Scratch Kitchen, Chuy’s, Seasons 52, Bahama Breeze, The Capital Burger, and ongoing royalties and other fees from our franchise operations and contractually managed locations). External sales are derived principally from food and beverage sales. We do not rely on any major customers as a source of sales, and customers and long-lived assets of our reportable segments are predominantly in the U.S. There were no material transactions among reportable segments.

Restaurant Brands

Olive Garden

Olive Garden is an internally-developed brand and is the largest full-service dining Italian restaurant operator in the United States. Olive Garden offers a variety of Italian foods featuring fresh ingredients presented simply with a focus on flavor and quality and a selection of imported Italian wines. In 1982, Olive Garden opened its first restaurant in Orlando, Florida.

Most dinner menu entrée prices range from $12.50 to $24.00, and most lunch menu entrée prices range from $10.00 to $12.00. The price of each entrée includes as much fresh salad or soup and breadsticks as a guest desires. During fiscal 2026, the average check per person, defined as total sales divided by number of entrées sold, was approximately $25.00, with alcoholic beverages accounting for 4.1 percent of Olive Garden’s sales. Olive Garden maintains different menus across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu.

LongHorn Steakhouse

LongHorn Steakhouse is a full-service steakhouse restaurant brand with locations primarily in the eastern United States, operating in an atmosphere inspired by the American West. LongHorn Steakhouse opened its first restaurant in 1981, and we acquired LongHorn Steakhouse in October 2007 as part of the RARE Hospitality International, Inc. (“RARE”) acquisition. LongHorn Steakhouse restaurants feature a variety of menu items including signature fresh steaks and chicken, as well as salmon, shrimp, ribs, pork chops, and burgers.

Most dinner menu entrée prices range from $14.00 to $42.00, and most lunch menu entrée prices range from $9.50 to $12.00. The price of most entrées includes a side and/or salad and as much freshly baked bread as a guest desires. During fiscal 2026, the average check per person was approximately $28.50, with alcoholic beverages accounting for 8.1 percent of LongHorn Steakhouse’s sales. LongHorn Steakhouse maintains different menus for dinner and lunch and different menus across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu.

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Yard House

Yard House is a full-service restaurant brand operating in metropolitan areas across the United States and is known for great food, classic rock, and over 100 draft beer offerings. The American menu includes more than 100 chef-driven items with a wide range of appetizers, burgers and steaks, street tacos, salads, sandwiches, and a generous selection of vegetarian dishes. Yard House opened its first restaurant in 1996, and we acquired Yard House in August 2012.

Yard House design elements create a contemporary, yet casual, “come as you are” environment. Most lunch and dinner menu entrée prices range from $11.00 to $57.00. During fiscal 2026, the average check per person was approximately $37.00, with alcoholic beverages accounting for 28.9 percent of Yard House’s sales. Yard House maintains different menus and selections of craft beers across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu.

Ruth’s Chris

Ruth’s Chris is one of the largest fine dining steakhouse restaurant brands in the world. The menu features a broad

selection of high-quality USDA Prime and Choice grade steaks and other premium offerings served in Ruth’s Chris’ signature fashion —“sizzling”— complemented by other traditional menu items inspired by its New Orleans heritage. Ruth’s Chris complements its distinctive food offerings with an award-winning wine list. Ruth’s Chris opened its first restaurant in 1965, and we acquired Ruth’s Chris in June 2023.

Most dinner menu entrée prices range from $40.00 to $92.00, and most lunch menu entrée prices range from $16.00 to $70.00. During fiscal 2026, the average check per person was approximately $104.00, with alcoholic beverages accounting for 18.7 percent of Ruth’s Chris’ sales. Ruth’s Chris offers different menus for dinner and lunch and varies its wine list to reflect geographic differences in consumer preferences, prices, and selections.

Cheddar’s Scratch Kitchen

Cheddar’s Scratch Kitchen is a full-service restaurant brand operating primarily in Texas and throughout the southern, mid-western, and mid-Atlantic regions of the United States. The casual dining menu features modern classics and American favorites, cooked from scratch. Each entrée includes a honey butter croissant. Cheddar’s Scratch Kitchen opened its first restaurant in 1979, and we acquired Cheddar’s Scratch Kitchen in April 2017.

Most dinner menu entrée prices range from $10.00 to $24.00, and most lunch menu entrée prices range from $9.00 to $11.00. During fiscal 2026, the average check per person was approximately $19.50, with alcoholic beverages accounting for 6.4 percent of Cheddar’s Scratch Kitchen’s sales. Cheddar’s Scratch Kitchen features different menus across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu.

The Capital Grille

The Capital Grille is a fine dining restaurant brand with locations primarily in major metropolitan cities in the United States featuring relaxed elegance and style. The Capital Grille opened its first restaurant in 1990, and we acquired The Capital Grille in October 2007 as part of the RARE acquisition. Nationally acclaimed for dry aging steaks on the premises, the restaurants feature an award-winning wine list offering over 350 selections, personalized service, a comfortable club-like atmosphere, and premiere private dining rooms.

Most dinner menu entrée prices range from $41.00 to $95.00, and most lunch menu entrée prices range from $20.00 to $53.00. During fiscal 2026, the average check per person was approximately $107.00, with alcoholic beverages accounting for 25.6 percent of The Capital Grille’s sales. The Capital Grille offers different menus for dinner and lunch and varies its wine list to reflect geographic differences in consumer preferences, prices, and selections.

Chuy’s

Chuy’s is a full-service restaurant brand offering a distinct menu of authentic, freshly-prepared Mexican and Tex-Mex inspired food. The restaurants have common décor, but each location is unique in format, offering an “unchained” look and feel, as expressed by the motto “If you’ve seen one Chuy’s, you’ve seen one Chuy’s!” Chuy’s opened its first restaurant in Austin, Texas in 1982, and we acquired Chuy’s in October 2024.

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Most menu entrée prices range from $11.00 to $22.00. During fiscal 2026, the average check per person was approximately $20.00, with alcoholic beverages accounting for 11.4 percent of Chuy’s sales. The core menu was established using recipes from family and friends of the founders and has remained relatively unchanged over the years. Chuy’s offers the same menu for both lunch and dinner, which includes enchiladas, fajitas, tacos, burritos, combination platters, and salads complemented by a variety of appetizers and desserts. All meals include free chips and salsa.

Seasons 52

Seasons 52 is an internally developed full-service restaurant brand with a casually sophisticated, fresh grill and wine bar that offers a seasonally changing menu with all items under 595 calories. The menu includes an international collection of wines, along with exceptional signature handcrafted cocktails. In 2003, Seasons 52 opened its first restaurant in Orlando, Florida.

Most lunch and dinner menu entrée prices range from $13.00 to $58.50. During fiscal 2026, the average check per person was approximately $53.00, with alcoholic beverages accounting for 21.3 percent of Seasons 52’s sales. Seasons 52 maintains an all-day menu in addition to different seasonal offerings, a pared-down lunch menu, and a happy-hour menu.

Eddie V’s

Eddie V’s is a fine dining restaurant brand with locations in major metropolitan cities in the United States, with a sophisticated and contemporary ambiance, featuring live music nightly in the V Lounge. Dishes are artistically prepared and feature seasonal seafood and critically acclaimed prime steaks, hand cut and broiled to perfection. The atmosphere provides an alluring dining experience reminiscent of a modern day Gatsby, infusing an indulgent experience with an irresistible vibe. Eddie V’s opened its first restaurant in 2000, and we acquired Eddie V’s in November 2011.

Most dinner menu entrée prices range from $42.00 to $116.00. During fiscal 2026, the average check per person was approximately $126.00, with alcoholic beverages accounting for 26.4 percent of Eddie V’s sales. Eddie V’s menu features a premium selection of seafood and hand-cut steaks, and each restaurant offers unique wine and spirit selections that reflect local preferences, in addition to the brand’s core wine & cocktail offerings.

Bahama Breeze

Bahama Breeze is an internally developed full-service restaurant brand operating primarily in the eastern United States that offers guests the feeling of a Caribbean escape, with food, drinks, and atmosphere found in the islands. The menu features distinctive, Caribbean-inspired fresh seafood, chicken, and steaks as well as handcrafted tropical cocktails. In 1996, Bahama Breeze opened its first restaurant in Orlando, Florida.

Most lunch and dinner menu entrée prices range from $10.00 to $39.00. During fiscal 2026, the average check per person was approximately $38.00, with alcoholic beverages accounting for 19.0 percent of Bahama Breeze’s sales. Bahama Breeze maintains different menus across its trade areas to reflect geographic differences in consumer preferences, prices, and selections, as well as a smaller portioned, lower-priced children’s menu.

On February 3, 2026, we announced our decision to permanently close approximately half of our Bahama Breeze restaurants, which we completed on or about April 5, 2026, and our expectation to convert the remaining restaurants to other Darden brands over the next 12–18 months.

The Capital Burger

The Capital Burger is an internally created, development-stage full-service restaurant concept with locations primarily in major metropolitan cities in the United States that offers guests a luxe burger experience. The Capital Burger opened its first restaurant in 2018. The menu features burgers made with a proprietary beef blend, sandwiches, and appetizers. It is a bar-centric concept offering local craft beers, a unique wine list, and spiked shakes. Multiple items take from the parentage of The Capital Grille, like the signature Doli, a pineapple-infused martini.

Most lunch and dinner menu entrée prices range from $18.00 to $36.00. During fiscal 2026, the average check per person was approximately $37.00, with alcoholic beverages accounting for 25.5 percent of The Capital Burger’s sales. The Capital Burger maintains an all-day menu in addition to a happy hour menu.

The following table shows our restaurant growth over the last five years, including the number of restaurants owned and operated by each brand and concept, including a restaurant that we jointly own with a third party and operate independently, as of the end of each fiscal year presented. The table excludes restaurants operated by independent third parties pursuant to area development, franchise, and contractual agreements. The final column in the table lists our total sales from continuing operations for each fiscal year indicated.

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Fiscal

Year Olive

Garden LongHorn

Steakhouse Cheddar’s

Scratch

Kitchen Chuy’s Yard

House Ruth’s

Chris The

Capital

Grille Seasons

52 Eddie V’s Bahama

Breeze The

Capital

Burger Total

Restaurants Total

Sales

(in millions)

2022 884 546 172 — 85 — 62 45 28 42 3 1,867 $9,630.0

2023 905 562 180 — 86 — 62 44 29 42 4 1,914 $10,487.8

2024 920 575 181 — 88 80 66 44 30 43 4 2,031 $11,390.0

2025 935 591 181 108 88 82 71 43 29 28 3 2,159 $12,076.7

2026 949 618 184 110 93 83 74 44 31 13 3 2,202 $13,210.9

Strategy

We believe that capable operators of strong multi-unit brands have the opportunity to increase their share of the restaurant industry’s full-service segment. Generally, the restaurant industry is considered to be comprised of three segments: quick service, fast casual, and full-service. All of our restaurants fall within the full-service segment, which is highly fragmented and includes many independent operators and small chains. We believe we have strong brands and that the breadth and depth of our experience and expertise set us apart in the full-service restaurant industry. This collective capability is the product of investments over many years in areas that are critical to success in our business, including restaurant operations excellence, brand management excellence, our supply chain, talent management, and information technology, among other things.

Our operating philosophy remains focused on strengthening the core operational fundamentals of the business by providing an outstanding guest experience rooted in culinary innovation, attentive service, and an engaging atmosphere enabled by our people. Darden enables each brand to reach its full potential by leveraging our scale, insights, and experience in a way that protects our uniqueness and competitive advantages. Additionally, our brands can capitalize on data driven insights to deliver customized one-to-one customer relationship marketing. We hold ourselves accountable for operating our restaurants with a sense of urgency to achieve our commitments to all of our stakeholders.

Recent and Planned Restaurant Growth

During fiscal 2026, we added 43 net new restaurants in the United States. Fiscal 2026 actual restaurant openings and closings, fiscal 2027 projected openings, and approximate capital investment, square footage, and dining capacity, by brand, are shown below:

Actual - Fiscal 2026 Projected - Fiscal 2027 (1) Pro-Forma New Restaurants (1)

Restaurant Openings Sold (2) Restaurant Closings New Restaurant Openings
Capital Investment

Range (3)

(in millions)
Approximate Square Feet

(4) Approximate Dining Seats

(5)

Olive Garden 22 8 — 22-26 $4.4 - $6.3 7,700 250

LongHorn Steakhouse 27 — — 26-30 $3.8 - $5.2 5,800 180

Yard House 5 — — 7-10 $7.8 — $9.8 9,000 330

Ruth’s Chris 1 — — 1-2 $6.0 — $8.0 7,400 200

Cheddar’s Scratch Kitchen 4 — 1 6-8 $4.3 - $5.4 6,300 210

The Capital Grille 4 — 1 2-4 $7.2 — $9.5 9,000 260

Chuy’s 4 — 2 4-6 $4.3 - $5.5 5,900 160

Seasons 52 2 — 1 1-2 $6.0 — $7.2 7,400 230

Eddie V’s 3 — 1 1-2 $8.5 — $10.2 10,000 320

Bahama Breeze (6) — — 15 —

Totals 72 8 21 75-80

(1)The Capital Burger is a development-stage concept with limited pro-forma information, and as such, it is excluded from this table.

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(2)Includes the eight Olive Garden Canada Restaurants sold and franchised to Recipe in the first quarter of fiscal 2026.

(3)Includes cash investments for building, equipment, furniture, and other construction costs; excludes internal capitalized overhead, pre-opening expenses, tenant allowance, and future lease obligations. Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, and Chuy’s capital investments are based on costs associated with land-only leases; Yard House, Ruth’s Chris, The Capital Grille, Seasons 52, and Eddie V’s capital investments are based on ground and building leases. Actual costs can vary significantly depending on the specific location.

(4)Per restaurant, includes all space under the roof, including coolers and freezers; based on primary prototypes.

(5)Includes bar dining seats and patio seating, but excludes bar stools.

(6)We permanently closed approximately half of our Bahama Breeze restaurants and expect to convert the remaining restaurants to other Darden brands. As such, Bahama Breeze is excluded from the pro forma section of this table.

While our objective is to continue to expand all of our restaurant brands, the actual number of openings for each of our brands for fiscal 2027 will depend on many factors, including our ability to recruit and train restaurant management and hourly personnel, locate appropriate sites, negotiate acceptable purchase or lease terms, obtain necessary local governmental permits, and complete construction.

We consider location to be a critical factor in determining a restaurant’s long-term success, and we devote significant effort to the site selection process. Prior to entering a market, we conduct a thorough study to determine the optimal number and placement of restaurants. Our site selection process incorporates a variety of analytical techniques to evaluate key factors. These factors include trade area demographics, such as target population density and household income levels; competitive influences in the trade area; the site’s visibility, accessibility, and traffic volume; and proximity to activity centers such as shopping malls, hotel/motel complexes, offices, and universities. Members of senior management evaluate, inspect, and approve each restaurant site prior to its acquisition. Constructing and opening a new restaurant takes approximately 250 days on average after the site is acquired and permits are obtained.

We systematically review the performance of our restaurants to ensure that each one meets our standards. When a restaurant falls below minimum standards, we conduct a thorough analysis to determine the causes and implement operational and marketing plans to improve that restaurant’s performance. If performance does not improve to acceptable levels, the restaurant is evaluated for relocation, closing, or conversion to one of our other brands. Permanent closures are typically due to economic changes in trade areas, the expiration of lease agreements, or site concerns. Accordingly, we continue to evaluate our site locations in order to minimize the risk of future closures or asset impairment charges.

Restaurant Operations

We believe that high-quality restaurant management is critical to our long-term success. Our restaurant management structure varies by brand and restaurant size. We issue detailed operations manuals covering all aspects of restaurant operations, as well as food and beverage manuals which detail the preparation procedures of our recipes. The restaurant management teams are responsible for the day-to-day operation of each restaurant and for ensuring compliance with our operating standards.

Each Olive Garden and Yard House restaurant is led by a General Manager, and each LongHorn Steakhouse restaurant is led by a Managing Partner. Each restaurant also has three to ten additional managers, depending on the operating complexity and sales volume of the restaurant. In addition, each restaurant typically employs between 35 to 200 hourly team members, most of whom work part-time. Restaurant General Managers or Managing Partners report to a Director of Operations who is responsible for approximately five to eleven restaurants. Depending on the brand, Directors of Operations report to a Divisional Vice President of Operations or a Senior Director of Operations.

Each Ruth’s Chris, Bahama Breeze, and The Capital Burger restaurant is led by a General Manager, and each Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, and Eddie V’s restaurant is led by a Managing Partner. Each restaurant also has three to ten additional managers. In addition, each restaurant typically employs between 50 to 200 hourly team members, most of whom work part-time. The General Manager or Managing Partner of each restaurant reports directly to a Director of Operations, who has operational responsibility for approximately three to eleven restaurants. Depending on the brand, Directors of Operations report to a Divisional Vice President, Senior Director of Operations, or Vice President of Brand Operations.

Each Chuy’s restaurant is led by a General Manager. Each restaurant has a First Assistant, Kitchen Manager, and an additional one to three managers, depending on the operating complexity and sales volume of the restaurant. In addition, each restaurant typically employs between 60 to 120 hourly team members, most of whom work part-time. Restaurant General Managers report to an Area Supervisor who is responsible for approximately four to seven restaurants. Each Area Supervisor reports to a Senior Director of Operations who is responsible for between 30 to 40 restaurants.

Brands employ a mix of executive chefs, sous chefs, and culinary managers, depending on the brand and operating model.

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Across our brands, restaurants are visited regularly by operations management, including officer-level executives, to help ensure strict adherence to our standards and to solicit feedback on opportunities for improvement.

Our Learning and Development team, in partnership with each brand’s training leader and senior operations executives, is responsible for developing and maintaining our operations training programs. These efforts include an eight to twelve-week training program for management trainees and continuing development programs for all levels of leadership. The emphasis of the training and development programs varies by restaurant brand, but includes leadership effectiveness, restaurant business management, and culinary skills. We also use a highly structured training program to open new restaurants, including deploying training teams experienced in all aspects of restaurant operations. The opening training teams typically begin work one to two weeks prior to opening and remain at the new restaurant for up to three weeks after the opening and are re-deployed as appropriate to enable a smooth transition to the restaurant’s operating staff.

We maintain performance measurement and incentive compensation programs for our management-level team members. We believe that our leadership position, strong results-oriented culture, and various short-term and long-term incentive programs, including stock-based compensation, enhance our ability to attract and retain highly motivated restaurant managers.

Quality Assurance

Our Total Quality Department helps ensure that all restaurants provide safe, high-quality food in a clean and safe environment.

Through rigorous supplier and risk-based product evaluations, we purchase only products that meet or exceed our product specifications. We rely on independent third parties to inspect and evaluate our suppliers and distributors. Suppliers that produce “high-risk” ready-to-eat products are subject to a food safety evaluation by Darden personnel at least annually. We require our suppliers to maintain sound manufacturing practices and operate with comprehensive Hazard Analysis and Critical Control Point food safety programs and risk-based preventative controls adopted by the U.S. Food and Drug Administration. These programs focus on preventing hazards that could cause food-borne illnesses by applying scientifically-based controls to analyze hazards, identify and monitor critical control points, and establish corrective actions when monitoring shows that a critical limit has not been met.

Third party auditors inspect each restaurant regularly throughout the year to assess food safety and sanitation practices. Our Total Quality team verifies the application of preventative controls through on-site support visits ensuring an effective and robust food safety system. Total Quality managers provide support to operations staff with education and training in food safety and sanitation. The team also serves as a liaison to regulatory agencies on issues relating to food safety.

Sourcing and Distribution

Ensuring available, safe, high-quality food and supplies at competitive prices to all our restaurants depends on reliable sources of procurement. Our sourcing staff sources, negotiates, and purchases food and supplies from more than 1,400 suppliers whose products originate in more than 30 countries. Suppliers must meet our strict quality control standards in the development, harvest, catch, and production of food products. We leverage competitive bids, long-term contracts, and strategic supplier relationships to manage availability and cost of products.

We contribute to Darden’s scale advantage by directly sourcing product utilizing our supplier relationships, product expertise, dedicated distribution network, while prioritizing food safety. Our staff travels routinely within the United States and internationally to source top-quality food and supplies at competitive prices. We actively engage with and monitor our suppliers, both in person and remotely, including hosting virtual visits and audits. We have excellent long-term relationships with key suppliers and usually source our product directly from producers.

We enter into long-term agreements with multiple third-party national distribution companies to deliver food and supplies to our restaurants. Under these arrangements, we maintain ownership of the food and supplies inventory through our subsidiary, Darden Direct Distribution, Inc. (“Darden Direct”), managed by third-party distribution partners. Because of the rapid turnover of perishable food products, inventories in the restaurants have a modest aggregate dollar value in relation to sales.

We continue to drive automation of our supply chain by collaborating with our suppliers, logistics partners, and distributors to improve optimization with information visibility and other technological advances. These and other terms of Darden Direct’s long-term supply agreements further enable our sourcing staff to integrate demand forecasts into our purchasing operations, driving efficiencies in our operations.

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Integrated Marketing

Our restaurants appeal to a broad spectrum of consumers. To further strengthen our brands, we focus on highlighting what makes each of our brands unique. Accordingly, our brands evaluate marketing activities through three filters. First, marketing activities must elevate brand equity by bringing each brand’s competitive advantages to life. Second, marketing activities must be simple to execute, allowing our teams to deliver consistently memorable guest experiences. Third, we will not rely on deep discounts and are therefore able to provide great value to our guests while driving profitable sales growth.

Integrated marketing is key to bringing our brands to life, and our scale enables us to be a leading advertiser in the full-service dining segment of the restaurant industry. Olive Garden leverages the efficiency of national advertising, on both traditional and streaming television, supplemented with targeted digital media investments. LongHorn Steakhouse, Yard House, Ruth’s Chris, Cheddar’s Scratch Kitchen, The Capital Grille, Chuy’s, Seasons 52, and Eddie V’s also use streaming television and digital marketing to build engagement and loyalty.

In fiscal 2026, we continued a multi-year effort to implement new technology platforms that allow us to digitally engage with our guests and team members and strengthen our marketing and analytics capabilities. We also continued making improvements to our online and mobile ordering and payment systems across all our brands. In addition, we continued working on developing sophisticated customer relationship management programs, data analytics, and data-driven marketing approaches to effectively and efficiently target our existing and potential guests across our portfolio of brands. This enables us to tailor our messaging and offerings depending on guest visit history, preferences, and brand loyalty. Finally, we continued to utilize sophisticated consumer marketing research to monitor guest satisfaction and evolving trends and marketplace dynamics.

Human Capital

We believe that our team members are one of our most important assets and a competitive advantage. We are committed to our People Strategy and focus on hiring, training, rewarding, and retaining a workforce that best serves our guests and the communities in which we operate. We closely track and assess a variety of metrics that help us evaluate the effectiveness of our People Strategy across our restaurant brands and the RSC. Our People Strategy is focused on four strategic imperatives:

•Hire - Attract and select diverse team members that reflect our values and are committed to our results-oriented culture.

•Train - Teach team members to perform in today’s environment and develop the skills to meet tomorrow’s needs.

•Reward - Invest in compelling programs that recognize team members when goals are achieved and further motivate our culture of winning.

•Retain - Keep team members engaged and motivated, ready to deliver results and grow their careers.

We closely track and assess a variety of metrics that help us evaluate our performance on each of these imperatives.

Hire. We are committed to attracting, engaging, developing, and retaining a workforce that best serves our guests and the communities in which we operate. We track a variety of statistics to help us understand our workforce, including the following key team member statistics as of the end of fiscal 2026:

Total team members (hourly and salaried)
209,931

Total number of hourly team members
198,111

Percent of hourly team members – female
58%

Percent of hourly team members – members of racial or ethnic minority groups
56%

Total number of new hires of hourly team members during fiscal 2026
146,934

Percent of hourly new hires – female
57%

Percent of hourly new hires – members of racial or ethnic minority groups
56%

At Darden, we employ team members across five generations of the United States population: Traditionalists, Baby Boomers, Generation X, Millennials, and Centennials. We provide our EEO-1 report on our website at www.darden.com.

Train. We succeed because of our people, and with our success come rewards, recognition, and great opportunities for our team members. We regularly invest in our team members’ careers by providing the tools that our team members need to succeed

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in their current roles, to grow personally and professionally, and to deliver exceptional experiences to our guests each day. With thousands of leadership positions across our restaurants, we provide a pathway and training for thousands of individuals across the country to advance from entry-level jobs into management roles. In fiscal 2026, 68 percent of the participants in our restaurant Manager In Training program, which teaches team members management skills prior to serving in a management role in our restaurants, were internal promotions. Additionally, 100 percent of the new General Managers or Managing Partners in fiscal 2026 were internal promotions. We believe our emphasis on internal mobility and career development strengthens team member engagement and retention, while supporting the guest experience.

Reward. We believe that we provide working conditions, pay, and benefits that compare favorably with those of our competitors. Most team members, other than restaurant management and corporate management, are paid on an hourly basis. We offer our team members flexible work schedules and competitive pay and benefits, including paid sick leave and access to free counseling through our employee assistance program for team members and their families.

We regularly review our pay and benefits programs to identify and implement enhancements to the ways we reward our team members. Since fiscal 2022, we have maintained a policy that each hourly restaurant team member company-wide would earn a minimum hourly wage of at least $12 per hour, inclusive of tip income. For fiscal 2026, across all of our brands, our hourly team members earned, on average, more than $24 per hour, inclusive of tip income, far exceeding that minimum wage. Since fiscal 2018, we have significantly increased the percentage of medical premium contributions we make on behalf of our team members. In fiscal 2026, we subsidized 76 to 82 percent (depending on the plan and tier selected) of the premiums for our team members. In fiscal 2026, we invested approximately $9.5 million to continue maintaining competitive premiums for our team members.

Further, in fiscal 2026, the Darden Restaurants Foundation continued the Next Course Scholarship program for children and dependents of our team members that launched during fiscal 2023. In its fourth year, the program awarded scholarships worth $3,000 each to 93 children or dependents of our team members. Additionally, in January 2023, we introduced a new benefit for restaurant team members called Fast Fluency, which provides our team members the opportunity to learn English for free.

None of our team members are covered by a collective bargaining agreement. We conduct engagement surveys with hourly team members and management twice a year through Gallup, and Darden’s overall engagement is well above the average for both U.S. and international companies, as measured by Gallup.

Consistent with our core values of respect, caring, and teamwork, in fiscal 1999, we established a program called Darden Dimes to help fellow Darden team members in need. Darden Dimes provides short-term financial grants to team members experiencing financial need caused by unexpected emergencies or catastrophic natural disasters. Participating team members donate as little as 10 cents from each paycheck to the Darden Dimes fund, which raised over $2.3 million and granted $1.5 million in fiscal 2026.

Retain. As a full-service restaurant company, food is always top of mind, but our team members make the difference: they are at the heart of everything we do. We believe strong team member engagement supports the guest experience, so we strive to hire the best individuals and retain them by fostering an environment of respect and inclusion, where differing perspectives and experiences are valued and team members have the opportunity to develop and grow their careers. In addition, our geographic footprint often puts us in a position to offer our restaurant team members jobs in their current roles when personal circumstances require relocation.

Darden’s consolidated turnover rate for hourly team members during fiscal 2026 was 67 percent, which is one of the lowest rates in the restaurant industry. Each of our brands experienced a turnover rate during fiscal 2026 that was lower than the most recent relevant casual dining or fine dining turnover rate for their segment of the industry as reported in The People ReportTM by Black Box IntelligenceTM. Darden’s consolidated restaurant management turnover rate of 15 percent was also significantly lower than the broader restaurant industry benchmark. Our executive leadership, vice president and above, has an average of over 20 years of experience with Darden, while our restaurant General Managers and Managing Partners have an average of 15 years of experience with us.

Information Technology and Cybersecurity

We believe our ability to leverage and use technology effectively is a competitive advantage and a key factor of our strategy. We have implemented technology-enabled business solutions to improve financial control, cost management, guest service, and employee effectiveness, as well as enable e-commerce. These solutions are designed to be used across restaurant brands, yet are flexible enough to meet the unique needs of each restaurant brand. Our strategy is to fully integrate systems to drive operational

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efficiencies and enable restaurant teams to focus on restaurant operations excellence. Restaurant hardware and software support for our restaurant brands is provided or coordinated from the RSC in Orlando, Florida. Our data center contains sufficient computing power to process information from restaurants quickly and efficiently. We leverage public cloud computing where appropriate to enhance our capabilities and to leverage scale. Our information is processed in a secure environment to protect both our data and the physical computing assets. We guard against business interruption by maintaining a disaster recovery plan, which includes storing critical business information off-site, testing the disaster recovery plan annually, and providing on-site power backup. We periodically engage third parties to perform cybersecurity audits utilizing the National Institute of Standards and Technology (“NIST”) Cybersecurity and Privacy Frameworks. We also engage third parties to conduct security reviews of our network, processes, and systems on a regular basis. We use internally developed proprietary software, cloud-based software as a service (“SaaS”), as well as purchased software, with proven, non-proprietary hardware.

Our brands share a secure, robust digital platform with online ordering and other guest-facing capabilities. We also have deployed mobile applications with online ordering and other features for most of our casual dining brands and specialty restaurant brands. We successfully leverage these digital capabilities to address evolving guest needs. We will continue to invest in these platforms and applications to enhance the guest experience.

We maintain a robust system of data protection and cybersecurity resources, technology, and processes. We regularly evaluate new and emerging risks and ever-changing legal and compliance requirements. We make strategic investments to address these risks, including maintaining insurance coverage to mitigate the potential financial consequences of cybersecurity incidents, and compliance requirements to keep Company, guest, and team member data secure. We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis. We also perform annual and ongoing cybersecurity awareness training for our restaurant management and RSC team members. As we accept credit card payments, we are subject to the Payment Card Industry (“PCI”) Data Security Standard and engage a third-party auditor to conduct annual compliance assessments. In addition, we provide annual credit card handling training following PCI guidelines to team members who handle guest credit cards.

Our management believes that our current systems and practice of implementing regular updates position us well to support current needs and future growth. We use a strategic information systems multi-year planning process that involves senior management and is integrated into our overall business planning. We provide data protection and cybersecurity reports to the Audit Committee of the Company’s Board of Directors on a quarterly basis, which has oversight of risks related to cybersecurity threats. These reports are also provided periodically to the full Board of Directors. Information systems projects are prioritized based upon strategic, financial, regulatory, risk and other business advantage criteria.

Competition

The restaurant industry is intensely competitive with respect to the type and quality of food, price, service, restaurant location, personnel, brand, attractiveness of facilities, availability of carryout and home delivery, internet and mobile ordering capabilities, and effectiveness of advertising and marketing. The restaurant business is often affected by changes in consumer tastes; national, regional or local economic conditions; demographic trends; traffic patterns; the type, number and location of competing restaurants; and consumers’ discretionary purchasing power. We compete within each market with national and regional chains and locally-owned restaurants for guests, management and hourly personnel and suitable real estate sites. In addition, expanding product offerings at fast casual and quick-service restaurants and the convenience of home delivery services, together with negative economic conditions, could cause consumers to choose less expensive alternatives or reduce the frequency of their restaurant visits. We expect intense competition to continue in all of these areas.

Other factors pertaining to our competitive position in the industry are addressed under the sections entitled “Sourcing and Distribution,” “Integrated Marketing” and “Information Technology and Cybersecurity” in this Item 1 and in our Risk Factors in Item 1A of this Form 10-K.

Trademarks and Service Marks

We regard our Olive Garden®, LongHorn Steakhouse®, Yard House®, Ruth’s Chris Steak House®, Cheddar’s Scratch Kitchen®, The Capital Grille®, Chuy’s®, Seasons 52®, Eddie V’s Prime Seafood®, Bahama Breeze®, The Capital Burger®, Darden®, and Darden Restaurants® service marks, and other service marks and trademarks related to our restaurant businesses, as having significant value and as being important to our marketing efforts. Our policy is to pursue registration of our important service marks and trademarks and to vigorously oppose any infringement of them. Generally, with appropriate renewal and use, the registration of our service marks and trademarks will continue indefinitely.

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Franchises, Joint Ventures, and New Business Development

As of May 31, 2026, we owned and operated 2,202 restaurants through subsidiaries in the United States. We own all of those locations, except for four restaurants operating under contractual agreements and one restaurant that we jointly own with a third party and operate independently. In all instances, we maintain control over the use of our service marks and receive management fees, which are not material to our consolidated financial statements.

As of May 31, 2026, franchisees operated 87 franchised restaurants in the United States and 80 franchised restaurants outside of the United States. We have area development, franchise, and/or license agreements in place with unaffiliated operators to develop and operate Olive Garden, LongHorn Steakhouse, Yard House, Ruth’s Chris, Cheddar’s Scratch Kitchen, The Capital Grille, and Bahama Breeze restaurants in the following regions:

•United States (including Puerto Rico and Guam),

•Canada,

•Mexico,

•Central and South America (Brazil, Costa Rica, Ecuador, El Salvador, Guatemala, and Panama),

•Asia (Philippines, China, Hong Kong, Taiwan, Indonesia, Japan, and India),

•the Caribbean (Aruba, Jamaica, Bahamas, and Barbados),

•Europe (Spain), and

•the Middle East (Saudi Arabia and Qatar).

The open and operating franchised restaurants are all reflected in the table under the “Introduction” section of this Item 1. We do not have an ownership interest in any of these franchisees, but we receive fees under the area development and franchise agreements and royalty income under the franchise or license agreements. The amount of income we derive from our franchise arrangements is not material to our consolidated financial statements.

The restaurants operating under contractual agreements are also reflected in the table under the “Introduction” section of this Item 1. We do not have an ownership interest in any of these locations, but we receive incentive and royalty fees under the management agreements. The amount of income we derive from our managed agreement arrangements is not material to our consolidated financial statements.

We license the sales and distribution of several items including Olive Garden salad dressings and salad croutons through various channels, including wholesale distribution chains and major grocery chains. The amount of income we derive from these licensing arrangements is not material to our consolidated financial statements.

Seasonality

Our sales volumes have historically fluctuated seasonally. Our average sales per restaurant were highest in the spring and winter, followed by the summer and fall. Holidays, changes in the economy, severe weather, and similar conditions may impact sales volumes seasonally in some operating regions. Due to the historical seasonality of our business and these other factors, results for any fiscal quarter are not necessarily indicative of the results that may be achieved for the full fiscal year.

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Government Regulation

We are subject to various federal, state, local, and international laws affecting our business. Each of our restaurants must comply with licensing requirements and regulations by a number of governmental authorities, which include health, safety, and fire agencies in the state or municipality in which a restaurant is located. The development and operation of restaurants depend on selecting and acquiring suitable sites, which are subject to zoning, land use, environmental, traffic, and other regulations. To date, we have not been significantly affected by any difficulty, delay, or failure to obtain required licenses or approvals.

During fiscal 2026, 10.0 percent of our sales were attributable to the sale of alcoholic beverages. Regulations governing the sale of alcoholic beverages require licensure by each site (in most cases, on an annual basis), and licenses may be revoked or suspended for cause at any time. These regulations relate to many aspects of restaurant operations, including the minimum age of patrons and employees, hours of operation, advertising, wholesale purchasing, inventory control and handling, and storage and dispensing of alcoholic beverages. The failure of a restaurant to obtain or maintain alcoholic beverage licenses or to comply with regulations governing the sale of alcoholic beverages would adversely affect a restaurant’s operations. We also are subject in certain states to “dram shop” statutes, which generally provide an injured party with recourse against an establishment that serves alcoholic beverages to an intoxicated person who then causes injury to himself or a third party. We carry liquor liability coverage as part of our comprehensive general liability insurance.

We also are subject to federal, state, and local minimum wage laws and other laws governing such matters as overtime, tip credits, working conditions, paid leave, safety standards, and hiring and employment practices.

Since 1995, Darden has had a Tip Rate Alternative Commitment (“TRAC”) agreement with the Internal Revenue Service (“IRS”). TRAC requirements, which include increased educational and other efforts in each restaurant to increase the reporting compliance of employees with respect to cash tips, are applied across all of our brands. Compliance with TRAC requirements reduces the likelihood of potential employer-only Federal Insurance Contributions Act (“FICA”) tax assessments related to cash tips that are unreported by employees at Darden’s covered units. Consistent with our long-standing agreement with the IRS, we work proactively with IRS personnel responsible for tip compliance to ensure that we are taking the appropriate steps to continue to meet our TRAC obligations.

We are subject to federal and state environmental regulations, but these rules have not had a material effect on our operations. During fiscal 2026, there were no material capital expenditures for environmental control facilities and no material expenditures for this purpose are anticipated.

Our facilities must comply with the applicable requirements of the Americans with Disabilities Act of 1990 (“ADA”) and related state accessibility statutes. Under the ADA and related state laws, we must provide equivalent service to disabled persons and make reasonable accommodation for their employment, and when constructing or undertaking significant remodeling of our restaurants, we must make those facilities accessible.

We are subject to federal and state regulations relating to employer-provided health insurance, but these rules have not had a material effect on our operations.

We are subject to laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content, and menu labeling. We are subject to laws and regulations requiring disclosure of calorie, fat, trans fat, sodium, and allergen content.

We are subject to laws relating to information security, privacy, cashless payments and consumer credit, protection, and fraud. An increasing number of governments and industry groups worldwide have established data privacy laws and standards for the protection of personal information, including social security numbers, financial information (including credit card numbers), and health information. As a merchant and service provider of point-of-sale services, we are also subject to the PCI Data Security Standard issued by the PCI Security Standards Council.

We are subject to anti-corruption laws in the United States and in the international jurisdictions where we do business, including the Foreign Corrupt Practices Act. We are also subject to a variety of international laws relating to franchising and licensing of intellectual property in the various countries across the world where we are engaged in franchising our restaurant brands.

See Item 1A “Risk Factors” below for a discussion of risks relating to federal, state, and local regulation of our business, including in the areas of data privacy and environmental matters.

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Our Impact

Darden Foundation and Community Affairs

We are recognized for a culture that rewards caring for and responding to people. That defines service for Darden. The Darden Restaurants, Inc. Foundation (the “Foundation”) works to bring this spirit of service to life through its philanthropic support of charitable organizations across the country and support for the volunteer involvement of our team members. The Foundation does this by focusing its philanthropic efforts on programs that enhance the communities where our team members and guests live and work. In addition, team members at the RSC are eligible for 16 hours per calendar year of paid time for approved community service activities during scheduled work hours.

In fiscal 2026, the Foundation awarded approximately $11.0 million in grants to national organizations as well as local nonprofits, including Second Harvest Food Bank of Central Florida and the Heart of Florida United Way. These organizations serve the public through hunger relief, community investment, and the promotion of career opportunities in the culinary industry.

The Foundation continues to invest in food distribution programs through its long-standing partnership with Feeding America. In fiscal 2026, the Foundation awarded a $2.0 million grant to provide refrigerated trucks to help Feeding America increase access to nutritious food and address transportation needs at food banks that are under-resourced and serve communities with high percentages of food insecurity. Over six consecutive years, the Foundation has funded more than 60 vehicles to meet the increasing demand for food assistance in communities where we operate. The most recent donation marks a total of $22.3 million that the Foundation and Darden have contributed to the Feeding America network since 2010.

Our support of Feeding America and the fight against hunger complement our Darden Harvest program, which began in 2003 as a mechanism for delivering fresh and healthy food to people who need it. Each day, our restaurants collect surplus, wholesome food that is not served to guests. Rather than discarding the food, our team members prepare it for donation to local nonprofit feeding partners. In fiscal 2026, Darden contributed approximately 6 million pounds of food, the equivalent of 5 million meals provided to people in need across the communities served by our restaurants. As an added benefit of the Darden Harvest program, we are able to divert millions of pounds of surplus food from waste streams every year.

In fiscal 2026, the Foundation awarded $1.25 million to the Coalition for the Homeless of Central Florida for its new Center for Women and Families, located in Orlando, Florida. This contribution will support the construction and equipping of a commercial kitchen, enabling the organization to scale meal production to approximately 335,000 meals annually. Through this contribution, the Foundation aims to address the basic needs of women and children experiencing homelessness in Central Florida.

The Foundation’s funding also helps support the National Restaurant Association Educational Foundation’s ProStart program, a national high school program that introduces students to the restaurant industry and provides them with an industry-driven curriculum on topics ranging from culinary techniques to management skills. The Foundation’s fiscal 2026 contribution of $250,000 also supports the Restaurant Ready program to engage and encourage disconnected young people to pursue a path to employment and improve their quality of life.

We are also a proud member of the American Red Cross’ Annual Disaster Giving Program, which enables the Red Cross to respond to the needs of individuals and families impacted by disasters anywhere in the United States. In fiscal 2026, the Foundation provided $500,000 to the American Red Cross for the program. In addition to financial support, our restaurants donate meals to feed first responders and victims of natural disasters.

In fiscal 2026, the Foundation supported the fourth annual Next Course Scholarship program to help the children or dependents of Darden team members reach their educational goals. The Foundation has partnered with Scholarship America to administer the initiative, which provided scholarships for post-secondary education to children or dependents of eligible full-time and part-time Darden team members for the 2026-27 academic year. As a result, 93 children or dependents of Darden team members were awarded scholarships worth $3,000 each. These team members represent 85 different restaurants across eight of our brands and 31 states.

More information about the Foundation and its efforts to enhance the quality of life in the communities where we do business is available on our website at www.darden.com.

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Sustainability and Animal Welfare

The sustainability of our food sources and restaurant operations is a key component of providing great service and food to our guests. During fiscal 2026, we remained focused on our climate strategy, restaurant sustainability metrics, and guidance from Darden’s Animal Welfare Council. As needed, we will continue to adapt our sustainability approach with development or enhancement of integrated and strategic priorities across our operations, from the food we source to the operation of our restaurants.

Darden manages energy and water conservation within our restaurant operations and engages with our supply chain partners on sustainability topics including, but not limited to, climate, water, nature impacts, and animal welfare. In fiscal 2026, Darden continued to develop our understanding, measurement systems, and relevant disclosures in our priority focus areas. Environmental performance indicators, including energy and water consumption, waste generation and diversion, as well as value chain impacts, are reported on our website at www.darden.com/our-impact/communities/sustainability.

Greenhouse Gas Emissions (“GHG”)(1)

Fiscal Year Ended

(in metric tons CO2e)
May 31, 2026 May 25, 2025 May 26, 2024

Average Per Restaurant (2)
379 380 400

Total - Scope 1 and 2

847,331 (3)
833,462 818,117

(1)GHG reporting is for the same fiscal year for which current financial results are included in this report. Above emissions are for owned and operated restaurants only.

(2)GHG Emissions per Restaurant Intensity Ratio includes only Scope 1 and 2 totals (as defined in the Corporate Accounting and Reporting Standard of the GHG Protocol) divided by the total number of restaurants that operated in the fiscal year.

(3)APEX Companies, LLC provided statements of third-party verification to a limited assurance level for the above stated values for fiscal years 2026, 2025, and 2024 in accordance with ISO Standard 14064-3 Second edition 2019-4 on greenhouse gases- Part 3: Specification with guidance for the verification and validation of GHG statements.

Darden’s Food Principles, which outline our commitments in sustainable sourcing, nutritional disclosure, food safety, and animal welfare, connect each of these strategic business efforts in a guest-centered platform, including sourcing and ingredient commitments to our guests.

Darden established an Animal Welfare Policy that adopts an outcomes-based approach to continue to ensure a high level of care for farm animals in our food supply chain. To implement this policy, we established an Animal Welfare Council, which is a cross-functional group including leaders in our Total Quality, Sustainability, Communications, Government Relations, Legal, and Supply Chain departments, leading animal welfare academics, and thought leaders with expertise in the care of animals in food supply chains. The Animal Welfare Council advises and supports the Company on our efforts to advance strategy and implementation of an outcomes-based approach to animal welfare, from supplier collaborations to reporting improvements.

More information about our sustainability strategy, our commitment to our guests on Food Principles, and our progress to date is available at www.darden.com.

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