Darden Restaurants Declares $1.50 Quarterly Dividend
Darden Restaurants, Inc. (NYSE: DRI), the parent company of Olive Garden and LongHorn Steakhouse, declared a quarterly cash dividend of $1.50 per share. The dividend is payable May 1, 2026, to shareholders of record as of April 10, 2026.
Darden Restaurants, Inc. (NYSE: DRI), the parent company of Olive Garden and LongHorn Steakhouse, declared a quarterly cash dividend of $1.50 per share on March 19, 2026. The dividend is payable May 1, 2026, to shareholders of record as of April 10, 2026. Read more dividend announcements.
The announcement came as the Orlando-based casual dining operator reported its fiscal 2026 third quarter results. The company operates multiple restaurant brands including Olive Garden, LongHorn Steakhouse, Yard House, and Cheddar's Scratch Kitchen.
| Dividend Details | |
|---|---|
| Amount | $1.50 per share |
| Record Date | April 10, 2026 |
| Payment Date | May 1, 2026 |
| Frequency | Quarterly |
Third Quarter Financial Performance
Darden reported total sales of $3.3 billion for the third quarter ended February 22, 2026, an increase of 5.9% from the same period last year. Same-restaurant sales increased 4.2% across the consolidated portfolio.
LongHorn Steakhouse posted the strongest same-restaurant sales growth at 7.2%, followed by Olive Garden at 3.2%. Fine Dining segment same-restaurant sales rose 2.1%, while Other Business segment sales increased 3.9%.
Adjusted diluted earnings per share from continuing operations reached $2.95, up 5.4% year-over-year. This figure excludes $0.05 in costs related to the exploration of strategic alternatives for the Bahama Breeze brand, $0.16 in impairment charges from restaurant closures, and $0.06 in income tax adjustments.
Share Repurchase Activity
During the quarter, Darden repurchased approximately 0.7 million shares of common stock for $127 million. The company had $516 million remaining under its current $1 billion repurchase authorization at the end of the third quarter.
Updated Fiscal 2026 Outlook
The company updated its full-year guidance for fiscal 2026, which includes a 53rd week. Darden expects total sales growth of approximately 9.5%, including roughly 2% attributable to the extra week. Same-restaurant sales growth is projected at approximately 4.5%.
The company plans to open approximately 70 new restaurants and expects total capital spending between $750 million and $775 million. Total inflation is anticipated at approximately 3.5%, with an effective tax rate of approximately 12.5%.
Adjusted diluted earnings per share from continuing operations are forecast between $10.57 and $10.67, including approximately $0.25 from the 53rd week. Weighted average diluted shares outstanding are expected to be approximately 116.5 million.