Financial Data and Key Metrics Changes - Income from operations increased by 11.8% in Q3 2025, excluding the impact of foreign currency, primarily due to higher U.S. franchise royalties and fees [10] - Global retail sales grew by 6.3% in the quarter, driven by positive U.S. and international comps and global net store growth [10] - U.S. retail sales increased by 7%, with same-store sales accelerating to 5.2% for the quarter [12][13] - International retail sales grew by 5.7%, driven by net store growth and same-store sales of 1.7% [13] Business Line Data and Key Metrics Changes - Carryout comps were up 8.7%, driven by initiatives like the Best Deal Ever promotion and growth from the Domino's Rewards program [12][56] - Delivery comps were positive at 2.5%, primarily due to the Best Deal Ever promotion and the launch of DoorDash [12][13] - The company added 29 net new stores in the U.S., bringing the total to 7,090 [13] Market Data and Key Metrics Changes - The QSR pizza category grew approximately 1% year-to-date, with Domino's pacing well ahead of this growth [12] - The company continues to see strength in Asia, particularly in India, with no material impacts from global macro or geopolitical uncertainty [13] Company Strategy and Development Direction - The company is focused on its "Hungry for More" strategy, which aims to drive more sales, more stores, and more profits [3][8] - The Best Deal Ever promotion has been a significant driver of strong U.S. results, highlighting operational excellence and franchisee profitability [4][5] - The company is fully rolled out on DoorDash, expecting sales to grow as awareness and marketing increase [6][12] Management's Comments on Operating Environment and Future Outlook - Management reiterated a 3% same-store sales outlook for the U.S. in 2025, despite a challenging macro environment [20][49] - The company expects to continue gaining market share against the QSR pizza industry, even amid short-term restaurant headwinds [22][49] - Management expressed confidence in the long-term prospects of the delivery business, particularly with aggregators [28][59] Other Important Information - The company completed a debt refinancing transaction, refinancing $1 billion at a blended rate of approximately 5.1% [14] - Approximately 166,000 shares were repurchased at an average price of $450 per share, totaling $75 million in Q3 [15] Q&A Session Summary Question: U.S. sales outlook and macro dynamics - Management reiterated the 3% outlook for same-store sales, acknowledging a slowing across the restaurant industry [20][21] Question: Delivery market and competitive landscape - Management noted that despite pressures, both delivery and carryout businesses were up, emphasizing their ability to sustain profitability [24][26] Question: Economics of the Best Deal Ever promotion - Franchisees requested the continuation of the Best Deal Ever promotion due to its positive impact on business [29][30] Question: Confidence in future growth and sales drivers - Management explained that their business model focuses on sustainable growth rather than limited-time offers, which supports long-term sales [32][33] Question: International unit growth and market performance - Management highlighted strong performance in China and India, indicating confidence in future international growth [75]