Domino's Pizza (DPZ)
Domino's is a pizza franchisor and food supplier operating ~22,100 locations across 90+ markets, with about a third in the US. Nearly all stores are franchised.
How it makes money: - Supply chain (60% of revenue): Sells dough, ingredients, and supplies to US and Canadian franchisees through its own network of 25 manufacturing and distribution facilities. Franchisees are effectively required to buy from Domino's. - US franchises (33%): Collects royalties and marketing fees from domestic store operators. - International franchises (7%): Collects royalties from overseas master franchisees.
A small number of company-owned stores contribute directly to revenue. The core economic model is low-capital, recurring revenue from franchisees—both through mandatory supply purchases and percentage-of-sales royalties.