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Denny's (DENN) investor relations material
Denny's Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
System-wide same-restaurant sales declined 1.3% year-over-year, a 170bps sequential improvement, while Keke's grew 4.0% and outperformed regional benchmarks for the fourth straight quarter.
Off-premise and digital initiatives contributed to sales improvement, with off-premise representing 21% of Denny's and 16% of Keke's sales.
Keke's opened eight new cafes, refranchised three, and launched its first system-wide promotion; Denny's completed 14 remodels and opened three franchised restaurants.
Both brands advanced aggressive remodels, with over 55% of Denny's and 70% of Keke's company fleets upgraded.
Strategic initiatives included value-focused promotions, digital loyalty program launch, and continued portfolio rationalization.
Financial highlights
Total operating revenue for Q2 2025 was $117.7M, up from $115.9M year-over-year, driven by Keke's expansion and offset by Denny's franchise closures.
Net income for the quarter was $2.5M ($0.05 per diluted share), with adjusted net income at $4.8M ($0.09 per share).
Adjusted EBITDA for Q2 2025 was $18.8M; adjusted EBITDA margin was 15.5%.
Franchise and license revenue was $59.3M, down from $61.6M year-over-year, due to fewer Denny's franchise units and softer sales.
Adjusted company restaurant operating margin was $6.7M (11.5% of sales), down from $13.7M (12.9%) year-over-year, impacted by higher product costs and new cafe inefficiencies.
Outlook and guidance
Full-year 2025 same-restaurant sales for Denny's expected between -2.0% and 1.0%; adjusted EBITDA guidance is $80–$85M.
Projecting 25–40 new openings and 70–90 closures for the year, consistent with the strategy to close underperforming units.
Commodity inflation forecasted at 3–5%; labor inflation at 2.5–3.5%.
G&A guidance remains $80M–$85M, including $1M for the 53rd week.
Share repurchases expected between $15M–$25M for the year.
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