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Arcos Dorados Holdings (ARCO) investor relations material
Arcos Dorados Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Total revenue reached $1.2 billion in Q3 2025, up 5.2% year-over-year, with balanced growth across all divisions and strong digital channel performance; Brazil stabilized sequentially.
Systemwide comparable sales grew 12.7% year-over-year, driven by average check growth, offsetting a low single-digit decline in guest traffic.
Net income was $150.4 million ($0.71 per share), significantly boosted by a $125.2 million net benefit from a federal tax credit in Brazil.
Digital sales contributed 61% of systemwide sales, and loyalty program membership grew nearly 50% year-over-year to 23.6 million.
22 new restaurants opened in Q3, with 72% of the portfolio modernized.
Financial highlights
Adjusted EBITDA was $201.1 million, up 60.9% year-over-year, with margin improving to 16.9%, including an $85.6 million net impact from the federal tax credit.
Systemwide comparable sales grew in line with blended inflation, driven by average check growth offsetting a slight volume decline.
Net income margin increased to 12.6% from 3.1% in Q3 2024.
Food & Paper costs increased, especially in Brazil due to elevated beef prices.
Digital channel sales rose over 11% year-over-year, accounting for 61% of systemwide sales.
Outlook and guidance
Expect to deliver 90-100 new restaurant openings in 2025, with more than 2,500 restaurants by year-end.
Positioned for normalized top-line and EBITDA growth as macroeconomic and consumer environments improve.
Focused on expanding EBITDA margin in 2026 and maintaining flexibility in investment pace based on market conditions.
2026 FIFA World Cup sponsorship and major marketing campaigns planned for the three largest markets.
Loyalty program expansion on track to cover all main markets by year-end 2025.
What is the expected annual cash impact of Brazil tax credit?
Explain SLAD's strong growth vs. NOLAD's operating income decline.
How will loyalty program expansion impact future sales?
Brazil: Margin recovery plan beyond pricing?
Capital allocation: Buybacks vs. growth investment?
Growth plan flexibility given market conditions?
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Next Arcos Dorados Holdings earnings date
Q4 202511 Mar, 2026
Next Arcos Dorados Holdings earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Arcos Dorados Holdings Inc. is the world's largest independent McDonald's franchisee, operating the largest quick-service restaurant chain in Latin America and the Caribbean. The company has the exclusive right to own, operate, and grant franchises of McDonald's restaurants in 20 countries and territories within these regions. The company is headquartered in Montevideo, Uruguay, and its shares are listed on the New York Stock Exchange.
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