Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period Darden’s total assets moved from $10,656.1m in 2021 to $12,587.0m in 2025, an overall increase of $1,930.9m (+18.1%). That rise was not steady: assets dipped about 4.9% in 2022, edged up modestly in 2023, and then expanded more sharply in 2024–25 (roughly +10–11% each year). The asset build in the last two years suggests investment/expansion or higher working capital needs as the business recovered and grew following the pandemic disruption that affected the restaurant industry. Liabilities rose markedly from $7,843.0m to $10,275.7m (+$2,432.7m, +31.0%), outpacing asset growth and driving a significant leverage shift: liabilities/assets increased from ~73.6% (2021) to ~81.6% (2025), equity/assets fell from ~26.4% to ~18.4%, and liabilities-to-equity moved from ~2.8x to ~4.5x. Stockholders’ equity declined from $2,813.1m to $2,311.3m (−$501.8m, −17.8%), with the sharpest drop in 2022 and only modest recovery thereafter. This pattern is consistent with the company taking on more debt (or liabilities) to finance growth, capital spending or potentially shareholder returns (buybacks/dividends), and it raises financial risk: higher leverage can be acceptable if cash flows from operations are strong (typical for large restaurant chains recovering post‑pandemic), but it also increases sensitivity to rising interest rates and demand shocks.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.