Dine Brands Global (DIN) Q4 2025 earnings summary

Executive summary

• 2025 performance improved over 2024, driven by operational enhancements, marketing, menu innovation, and a focus on guest experience and value across brands.

• Entered 2026 with momentum in dual-brand development, franchisee engagement, and continued capital returns while maintaining a strong balance sheet.

• Dual-brand openings, remodels, and digital engagement were key growth levers.

Financial highlights

• FY 2025 revenues grew 8.2% YoY to $879.3M; Q4 revenues were $217.6M, up from $204.8M YoY.

• FY 2025 adjusted EBITDA was $219.8M, down from $239.8M in 2024; Q4 adjusted EBITDA rose to $59.8M from $50.1M YoY.

• FY 2025 adjusted net income was $63.5M (adjusted EPS $4.45), down from $79.8M (adjusted EPS $5.34) in 2024.

• FY 2025 net income was $16.0M (EPS $1.11), down from $63.0M (EPS $4.22) in 2024, due to a $29M non-cash impairment charge.

• Adjusted free cash flow was $61.5M, down from $106.4M in 2024, due to CapEx and remodel incentives.

Outlook and guidance

• 2026 guidance: Applebee's and IHOP domestic system-wide Comp Sales expected between 0% and 2%.

• EBITDA forecasted at $220M–$230M; CapEx expected at $25M–$35M; G&A projected at $205M–$210M.

• Net unit growth inflection expected in 12–24 months, driven by dual-brand pipeline.

• At least 50 domestic dual-branded openings planned, mainly by franchisees.

• Applebee’s net domestic development expected to be 5 to 15 fewer restaurants; IHOP net development between 10 fewer and 10 new openings.