Dine Brands Global Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −8.52%.
Did DIN Beat Earnings? Q4 2025 Results
Dine Brands Global delivered a sharply split Q4 2025, with adjusted earnings beating Wall Street's expectations by a wide margin even as revenue fell short of forecasts. The parent of Applebee's and IHOP posted non-GAAP EPS of $1.46, well ahead of the $1.06 consensus estimate, while revenue of $217.60 million rose 6.3% year over year but trailed the $226.27 million analysts had anticipated. The headline GAAP picture was murkier: a $29.00 million non-cash intangible asset impairment charge helped push the company to a net loss of $12.20 million, or $0.93 per diluted share, reversing net income of $5.20 million a year ago. Consolidated adjusted EBITDA climbed to $59.80 million from $50.10 million, supported by the company's ongoing conversion of franchise locations to company-owned restaurants. With broader economic sentiment weighing on casual dining, management's FY2026 guidance of flat-to-2% domestic comparable sales growth for both brands, alongside adjusted EBITDA of $220 million to $230 million, signals cautious but steady expectations heading into the new fiscal year.
- Higher company-owned restaurant sales from acquisitions of Applebee's and IHOP restaurants from franchisees
- Applebee's full-year domestic comps improved to +1.3% from -4.2% in prior year
- IHOP Q4 domestic comps increased 0.3%
- Off-premise sales accounted for 23.0% of Applebee's and 21.2% of IHOP sales mix in Q4
- Dual-branded restaurant strategy driving development momentum with 28 domestic and 18 international openings in 2025
- Recovery of fees from a franchisee reduced G&A in Q4
“In 2025 our brands' performance improved as we made meaningful progress against our strategic priorities by strengthening the fundamentals of the business and positioning our brands for long-term growth.”
Dine Brands Global CEO, on the earnings call
Forward Guidance & Outlook
For fiscal 2026, Dine Brands guided Applebee's domestic comparable same-restaurant sales growth of 0% to 2% and IHOP domestic comps of 0% to 2%. Consolidated adjusted EBITDA is expected between $220 million and $230 million, reflecting positive trends in the franchise business and modest improvement in company-owned restaurants. G&A expenses are expected between $205 million and $210 million (including ~$35 million in non-cash stock-based compensation and depreciation). Capital expenditures are guided to $25 million to $35 million. Domestic development activity includes at least 50 domestic dual-branded openings. Applebee's domestic net development is expected to be between 15 and 5 net fewer restaurants, while IHOP is expected between 10 net fewer and 10 net new openings.
DIN YoY Financials
DIN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.