DINNYSERetail-Eating PlacesUS GAAP · USD

Dine Brands Global, Inc.

Dine Brands Global owns and franchises three restaurant concepts: IHOP, Applebee's Neighborhood Grill + Bar, and Fuzzy's Taco Shop. The company operates primarily as a franchisor, earning royalties, advertising fees, product sales to franchisees, and rental income, while a small portfolio of company-owned restaurants is used mainly for acquisition, transition, and refranchising purposes.

Kysy yhtiöstä
Liikevaihto879milj. USD
+8,2 %v/v
Nettotulos17,1milj. USD
−73,6 %v/v
Vapaa kassavirta53,4milj. USD
−43,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

02004006008001 000milj. USD2020: 689 milj. USD20202021: 896 milj. USD20212022: 909 milj. USD20222023: 831 milj. USD20232024: 812 milj. USD20242025: 879 milj. USD2025879
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Franchise royalties and advertising70 %

Recurring fees earned from franchised IHOP, Applebee's, and Fuzzy's restaurants based on system sales.

Company-owned restaurant operations10 %

Revenue from a small number of restaurants temporarily owned and operated by the company.

Rental income10 %

Lease and sublease revenue from restaurant real estate tied mainly to IHOP locations.

Proprietary product sales10 %

Sales of company-developed products to franchisees, mainly within IHOP and Fuzzy's systems.

Tuotteet

Raportoitu · osuus liikevaihdosta
35,0%32,0%32,0%FY2025100 %
  • Royalties35,0 %
  • Franchisor Advertising Revenue32,0 %
  • Advertising32,0 %
  • Franchise and Development Fees1,0 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Dine Brands sells primarily to franchisees and area licensees that operate IHOP, Applebee's, and Fuzzy's restaurants. Its end customers are restaurant operators who pay for brand access, operating systems, supply-chain support, and in some cases leased real estate; the company also serves diners indirectly through its restaurant concepts. The business depends on franchisee sales performance because royalties, advertising fees, and some rental income are tied to system sales.

IHOP franchisees and area licensees

Buy the IHOP brand, operating model, and support services; their sales drive royalties, advertising fees, and product sales.

Applebee's franchisees

Operate casual dining restaurants under the Applebee's brand and pay royalties and advertising fees tied to sales.

Fuzzy's franchisees

Operate fast-casual Mexican restaurants and buy brand rights plus proprietary products and support.

Company-owned restaurant guests

Purchase food and beverage at company-operated locations, mainly during acquisition and refranchising periods.

Restaurant property tenants

Lease or sublease restaurant real estate, supporting rental income where Dine owns the underlying property.

Strategia

Dine Brands is focused on operating a largely franchised, multi-brand restaurant portfolio while selectively owning restaurants when needed for transition or refranchising. Management is also working on brand-specific initiatives, supply-chain coordination, and technology platform changes to support franchisee economics and system performance.

Refranchise acquired company-owned restaurantsLyhyt aikaväli

Keeps the business asset-light and returns restaurants to the royalty model.

Improve franchisee economics and system salesKeskipitkä aikaväli

Royalties, advertising fees, and rental income depend on franchisee sales performance.

Strengthen supply-chain and technology infrastructureKeskipitkä aikaväli

Lower costs and better systems support restaurant operations and protect royalty collection.

Maantiede

The company is primarily U.S.-based, with its restaurant systems and supply-chain infrastructure centered in the United States. Its disclosed operations include domestic franchise networks across many states, while the brand portfolio also includes international restaurant concepts and area-license structures, especially within IHOP. Geography matters because royalty revenue, restaurant traffic, and lease economics are driven by local consumer demand and real-estate conditions.

Riskit

The company is exposed to restaurant-industry demand swings, intense competition, and changes in consumer dining behavior that can reduce system sales and therefore royalties. Its franchised model also creates dependence on franchisee execution, while company-owned acquisitions, technology transitions, and intangible assets add integration, operational, and impairment risk.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Franchisee sales decline1Restaurant industry competition2Impairment of goodwill and intangibles3Consumer behavior and traffic shifts4Technology and systems failure5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Franchisee sales declineVaikutus: KorkeaTodennäköisyys: Korkea

    Royalty and advertising revenue are based on gross sales at franchised restaurants.

    KohdistuuIHOPApplebee'sFuzzy's franchise systems
  2. Restaurant industry competitionVaikutus: KorkeaTodennäköisyys: Korkea

    The company competes with national chains and independent restaurants on price, quality, and convenience.

    Kohdistuu: All three brands

  3. Impairment of goodwill and intangiblesVaikutus: KorkeaTodennäköisyys: Korkea

    Brand values can be written down if performance weakens or assumptions change.

    KohdistuuFuzzy's tradenameFranchise rightsGoodwill
  4. Consumer behavior and traffic shiftsVaikutus: KeskitasoTodennäköisyys: Korkea

    Macro changes in dining habits can reduce visits to full-service restaurants.

    Kohdistuu: Primarily IHOP and Applebee's

  5. Technology and systems failureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Operational systems support sales reporting, supply chain, and service; failures can disrupt business and royalty collection.

    Kohdistuu: POS and third-party technology vendors

Kirjanpito

Harkinnanvaraiset erät
Goodwill and indefinite-lived intangible impairment

Brand values must be tested for impairment and can be written down if performance weakens.

Vaikutus: Fuzzy's tradename impairment and prior goodwill write-off show sensitivity to assumptions

Royalty revenue recognition

Royalties and advertising fees are tied to franchisee sales and must be recorded in the correct period.

Vaikutus: Reported revenue moves with system sales and franchise reporting accuracy

Lease and sublease accounting

The company earns rental income on some restaurant properties and may retain lease obligations.

Vaikutus: Affects rental revenue, lease liabilities, and exposure to underperforming sites

Asset impairment and closure reserves

Restaurant closures, off-market leases, and technology projects can require write-downs.

Vaikutus: Creates noncash charges and can distort period-to-period comparability

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Päivitetty: 24.9.2026