Bank of America research identifies Domino’s Pizza (NYSE: DPZ) and Casey’s General Stores (NASDAQ: CASY) as the leading winners in the contest for pizza market share within the U.S. quick-service restaurant segment.
The analysis underscores that the broader U.S. pizza category remains on a growth trajectory, with total sales forecast at $43.4 billion in 2025 - an increase of 3.1% from the prior year. That expansion, the analysts say, comes as some of the intense competitive dynamics that followed the rise of third-party delivery platforms begin to stabilize.
Industry disruption tied to aggregators such as DoorDash and Uber Eats has shown signs of easing. As growth at these delivery platforms normalizes, pizza chains appear to be regaining a firmer footing among quick-service restaurant operators.
Domino’s: strengthening share among traditional operators
According to the report, Domino’s has continued to reinforce its competitive position among national pizza brands. Since 2021 the company has expanded its share of both delivery and carryout sales. The report notes that Domino’s has been successful at attracting customers away from competing chains, enabling it to grow systemwide sales even as many restaurant peers contend with a challenging operating environment.
The analysis explicitly contrasts Domino’s momentum with the ongoing traffic pressures faced by rivals such as Pizza Hut and Papa John’s, noting that Domino’s remains the leading winner among national pizza chains.
Casey’s: convenience-store strategy centered on pizza
Casey’s growth follows a different strategic path. Pizza is central to its prepared-food mix and accounts for roughly half of its foodservice sales. The bank’s report highlights Casey’s focus on value-oriented menu offerings, loyalty initiatives and deep penetration in smaller markets as drivers of share gains.
Foodservice revenue has become an increasingly important earnings contributor for Casey’s, supported by store acquisitions, menu innovation and expansion of its loyalty program. The analysis also points to Casey’s fuel business as a competitive advantage that can help offset food cost pressures that burden operators solely focused on restaurant dining.
Outlook
Despite persistent competition across the pizza category, Bank of America’s view is that both Domino’s and Casey’s are well positioned to capture additional market share as pizza demand grows and competitive conditions become more stable. Domino’s is identified as the primary winner among national quick-service pizza chains, while Casey’s continues to expand its presence through convenience-store foodservice.
The report frames both companies as key beneficiaries of the ongoing dynamics in the pizza segment as delivery-platform growth normalizes and operators that can combine product, price and distribution advantages capitalize on recovering traffic trends.