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Dine Brands
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Latest analysis
Updated Nov 4, 2026
Dine Brands Q3 FY2026: Flat EBITDA at $49M, Dual Brand Pipeline at Record Strength, Unsolicited Takeover Bid Rejected
Dine Brands delivered Q3 FY2026 adjusted EBITDA of $49 million, flat year-over-year, as franchise revenue declined 1.5% due to unit count reduction while company-owned restaurant revenues added $36.9 million from acquired locations. Both Applebee's (+0.9% SSS) and IHOP (+0.8% SSS) outperformed Black Box benchmarks, though traffic remained negative at both brands with 3-4% menu pricing the primary SSS driver. The board rejected an unsolicited acquisition offer as 'inadequate and substantially undervalued,' and management is tracking toward the low end of full-year guidance amid a soft Applebee's start to Q4.
Tone: cautiousRevenue
$879.3M
DIN 10-K · FY 2025
Revenue FY2024
$812.3M
Founded
1958
Headquarters
Pasadena, CA
Profile
DIN 10-K Item 1 · Feb 25, 2026Dine Brands Global is a pure-play franchisor and operator of three restaurant concepts: IHOP (family dining), Applebee's (casual dining), and Fuzzy's Taco Shop (fast-casual). As of December 28, 2025, the company operated 3,509 restaurants across all brands, the substantial majority franchisee-owned, across 20 countries and two U.S. territories. Revenue derives primarily from royalties, advertising fees, company-owned restaurant sales, and rental income from legacy IHOP lease arrangements.
Read filing description ↓ Collapse description ↑
Dine Brands Global, Inc., together with its subsidiaries, owns and franchises the International House of Pancakes (IHOP) restaurant concept in the full-service restaurant family dining category, the Applebee's Neighborhood Grill + Bar (Applebee's) restaurant concept in the full-service casual dining category, and the Fuzzy's Taco Shop (Fuzzy's) restaurant concept in the limited-service fast-casual dining category. As of December 28, 2025, the substantial majority of our 3,509 restaurants across all brands were owned and operated by independent franchisees. During the year ended December 28, 2025, we conducted our business through the following three reportable business segments: Franchise — consists of IHOP, Applebee's, and Fuzzy's franchise operations which generate revenues primarily from royalties and advertising fees from 1,812 IHOP franchised restaurants, 1,520 Applebee's franchised restaurants, and 105 Fuzzy's franchised restaurants in addition to revenues from the sale of proprietary IHOP and Fuzzy's products to our franchisees; Company-owned restaurants — primarily generates revenues from 12 IHOP restaurants, 59 Applebee's restaurants and one Fuzzy's restaurant; Rental — rental revenues are primarily from lease or sublease agreements covering 521 IHOP franchised restaurants and one Applebee's franchised restaurant. Most of our revenue is derived from domestic sources within our business segments, with approximately 74% of our total revenues for the year ended December 28, 2025 being generated from our two largest operating segments, IHOP and Applebee's. Internationally, our restaurants are in 20 countries and two territories of the United States as of December 28, 2025. Revenues derived from all international operations were less than 2% of total consolidated revenues for the year ended December 28, 2025.
Primary products
- IHOP franchise agreements and royalties
- Applebee's franchise agreements and royalties
- Fuzzy's Taco Shop franchise agreements and royalties
- Proprietary IHOP and Fuzzy's products sold to franchisees
- Company-owned restaurant revenues
- Rental and sublease income
Business segments
End markets
Geographies
Named competitors
“IHOP, Applebee's and Fuzzy's are among the numerous restaurant chains and independent restaurants competing in the restaurant industry in the United States.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased $67.0 million in fiscal year 2025 compared to fiscal year 2024, largely driven by a $95.3 million increase from the Company-owned restaurant segment from restaurants acquired over the last 14 months, partially offset by a $20.5 million decrease in franchise revenues and a $7.8 million decrease in rental revenues.
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