Domino’s reported network sales down 7% and EBIT up 1% in FY26. The company is aggressively pursuing cost savings and lower discounting across its network. We expect modest EBIT growth in FY27e, however the quality of earnings growth is lower with EBITDA declining. The shape of earnings revisions shows the outcome of a lower operating cost base and shrinking store network in the near-term, but bigger downgrades in later years from underinvestment in marketing to chase profitable growth.