Deferred revenue liabilities from contracts with customers included on our accompanying consolidated balance sheets was comprised of the following: | | | | | | | | | | | | | | | | (in millions) | | February 22, 2026 | | May 25, 2025 | | Unearned revenues | | | | | | Deferred gift card revenue | | $ | 688.5 | | | $ | 628.8 | | | Deferred gift card discounts | | (34.6) | | | (30.1) | | | Other | | 1.0 | | | 0.7 | | | Total | | $ | 654.9 | | | $ | 599.4 | | | | | | | | Other liabilities | | | | | | Deferred franchise fees - non-current | | $ | 11.3 | | | $ | 5.3 | |
The following table presents a rollforward of deferred gift card revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | (in millions) | | February 22, 2026 | | February 23, 2025 | | February 22, 2026 | | February 23, 2025 | | Beginning balance | | $ | 593.8 | | | $ | 576.9 | | | $ | 628.8 | | | $ | 620.6 | | | Sale of Olive Garden Canada gift card balances | | — | | | — | | | (0.4) | | | — | | | Acquired deferred gift card revenue | | — | | | — | | | — | | | 2.6 | | | Activations | | 348.2 | | | 346.5 | | | 614.2 | | | 599.9 | | | Redemptions and breakage | | (253.5) | | | (250.7) | | | (554.1) | | | (550.4) | | | Ending balance | | $ | 688.5 | | | $ | 672.7 | | | $ | 688.5 | | | $ | 672.7 | |
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