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Did Dine Brands Global beat or miss consensus estimates last quarter?

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What is the revenue and EPS growth rate for Dine Brands Global year over year?

- **Revenue Growth**: Applebee's full year comp +1.3%, IHOP -1.5% (both better than 2024).
- **Dual-Brand Success**: 32 dual-brand restaurants generating 1.5-2.5x revenue of single-brand locations.
- **Share Buybacks**: $92 million returned to shareholders in 2025; $50 million committed for Q4 2025/Q1 2026.
- **2026 Guidance**: EBITDA $220-230 million; domestic comp sales 0-2% for both brands.
- **Off-Premise Growth**: Applebee's off-premise +6.5% YoY, IHOP delivery comps in low double digits Q4.


**【CEO Opening Remarks】**
- Full year 2025 adjusted EBITDA: $219.8 million (down 8% YoY) due to company restaurant investments and transitory costs.
- Q4 2025 adjusted EBITDA: $59.8 million (up 19% YoY) driven by improved franchise performance.
- Applebee's full year comp sales: +1.3% vs. -4.2% in 2024; IHOP: -1.5% vs. -2.0%.
- Off-premise sales growth: Applebee's +6.5% YoY, IHOP +4.5% Q4.
- Dual-brand restaurants outperform single-brand by 1.5-2.5x revenue.
- 2026 guidance: Domestic Applebee's comp 0-2%, IHOP 0-2%; EBITDA $220-230 million.

**【CFO Financial Commentary】**
- Q4 2025 total revenue: $217.6 million (+6.2% YoY); full year: $879.3 million (+8.2% YoY).
- Franchise revenue (excl. advertising): Q4 -2.8% YoY; full year -3% YoY.
- G&A expenses: $51.5 million Q4 (-1.5% YoY); full year $203.8 million (+3.6% YoY).
- Adjusted free cash flow: $61.5 million (down from $106.4 million YoY) due to CapEx investments.
- Share buybacks: $92 million in 2025 (15% of shares outstanding); committed to $50 million in Q4 2025/Q1 2026.
- 2026 CapEx: $25-35 million (down from $35.6 million in 2025).

**【Q&A Highlights】**
- **Comp Sales Trends**: Both brands saw Q1 2026 recovery to pre-winter storm trends, within 0-2% guidance range.
- **Dual-Brand Expansion**: 50+ new dual-brand openings in 2026, targeting 80 total domestic locations.
- **Consumer Behavior**: Higher-income guests driving growth, value menu penetration stable at 34% (Applebee's) and 20% (IHOP).
- **Cash Flow**: 2026 free cash flow expected to improve with normalized EBITDA and reduced one-time costs.
- **Franchisee Health**: Franchisee margins improving due to cost savings initiatives ($46 million annualized in 2025).


Dine Brands Global, Inc.(DIN)-20260225-2025 Q4 Earnings call transcript

- **Dual-branded growth**: 1.5-2.5x sales lifts in 30+ U.S. openings, 900+ global target. 
- **Financial strength**: $68M free cash flow, $50M+ buybacks. 
- **Remodel impact**: 20%+ franchisee ROI, 100+ remodels in 2025. 
- **Value strategy**: 19% IHOP value mix, 3% Applebee's check growth.

**【CEO Summary Section】**
- CEO highlights dual-branded restaurant strategy, with 1.5-2.5x sales lifts in international markets, targeting 900 units over 10 years. U.S. openings expected to reach 30 by year-end, with 50+ in 2026. 
- Dual-branded restaurants achieve 1.5x+ sales vs single-branded, driven by complementary daypart menu offerings (Applebee's evening, IHOP morning). 
- 2025 remodels for 100+ restaurants, with franchisee ROI exceeding 20% within 3 years. 

**【CFO Financial Commentary】**
- Q3 GAAP net income $420M, Non-GAAP EPS $1.08 (vs. $0.73 prior year). 
- Free cash flow $68.2M (vs. $77.8M prior year), driven by remodel costs. 
- Share buybacks $50M+ in 2025, dividend cut to $0.19/share. 
- 2025 remodels impact EBITDA by $49M, with 2024 at $61.9M. 

**【Q&A Highlights】**
- **Dual-branded growth**: 30+ U.S. openings by year-end, 50+ in 2026. 
- **Commodity costs**: Applebee's +0.3%, IHOP +5.7% YoY. 
- **Remodel ROI**: 20%+ franchisee returns within 3 years. 
- **Share buybacks**: $50M+ in 2025, dividend yield 3%.

Dine Brands Global, Inc. (DIN) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 total revenues up 11.9% to $230.8M, driven by Applebee's 4.9% comp sales growth and IHOP's sequential improvement.
- **Strategic Initiatives**: 2 for $25 platform boosted Applebee's off-premise sales (+7.6%), while IHOP expanded House Faves to 7 days weekly.
- **Operational Excellence**: Applebee's remodels >100 restaurants, IHOP reduced order errors by 5% and table turns by 4 minutes.
- **International Expansion**: 2 new dual-brand restaurants in Mexico, targeting 12+ by year-end.
- **Financial Update**: Refinanced $600M notes at 6.72%, with updated guidance for G&A ($205-210M) and EBITDA ($220-230M).
- **Dual Brand Momentum**: 2 domestic duals saw 2-3x sales growth, with franchisee demand for 2026 pipeline.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenues increased 11.9% YoY to $230.8 million, driven by company restaurant acquisitions. Applebee's comp sales rose 4.9%, while IHOP declined 2.3% but showed sequential improvement.
- **Menu Innovation**: Applebee's introduced 3 new menu items via the 2 for $25 platform, driving traffic and off-premise sales (+7.6%). IHOP expanded its House Faves value platform to 7 days weekly, improving traffic and check averages.
- **Operational Excellence**: Applebee's Lookin' Good remodel program completed over 100 restaurants, while IHOP reduced order accuracy errors by 5% and table turns by 4 minutes.
- **International Expansion**: Opened 2 dual-brand restaurants in Mexico and signed a 3-unit deal in Canada, targeting 12+ dual brands by year-end.
- **Company-Owned Portfolio**: 70 owned restaurants (2% of total) showed Q2 comp sales improvement, with plans to convert 10 to dual brands.

**【CFO Financial Commentary】**
- **Financial Results**: Adjusted EBITDA decreased to $56.2 million (from $67 million), while adjusted free cash flow was $48.7 million. Refinanced $600 million notes at 6.72% and extended $325 million VFN maturity to 2030.
- **Guidance Update**: Raised G&A to $205-210 million, lowered EBITDA to $220-230 million, and increased CapEx to $30-40 million. Applebee's comp sales guidance revised to +1% to +3%, IHOP to -1% to +1%.
- **Commodities**: Applebee's commodity costs flat YoY, IHOP up 8% due to egg and coffee prices, but CSCS expects stabilization.
- **Share Repurchases**: $6 million in Q2, with plans to continue capital returns post-refinancing.

**【Q&A Highlights】**
- **Applebee's Complexity**: Franchisees manage menu changes via testing and training, with 30% value mix stable despite macro pressures.
- **IHOP Expansion**: 7-day House Faves tests showed +traffic and +sales, with franchisee support for weekend rollouts.
- **Operational Efficiency**: IHOP reduced LTOs by >50%, improving cook speed and table turns.
- **Owned Store Timeline**: Liquor license delays and remodels impact near-term profitability, but 3-year refranchising plan on track.
- **Dual Brand Momentum**: 2 domestic duals saw 2-3x sales growth, with oversubscribed 2026 pipeline.

Dine Brands Global, Inc. (DIN) Q2 2025 Earnings Conference Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 4% to $214.8M, driven by 3.7% off-premise sales growth at Applebee's. 
- **Brand Momentum**: Applebee's March/April comps improved, IHOP beat Black Box with 4.3% traffic growth. 
- **Dual-Brand Success**: Texas dual restaurants generate 3x sales of standalone IHOPs. 
- **Cost Savings**: $14M annualized savings from supply chain initiatives. 
- **Tariff Mitigation**: 10-13% international sourcing, CSCS managing supply chain risks. 
- **Loyalty Expansion**: Club Applebee's members +175K to 8.5M, IHOP adds 100K/month via pancake points. 


**【CEO Summary Section】**
- **Company Overview**: Q1 2025 revenue increased 4% to $214.8 million, driven by a 34% value mix at Applebee's and 19% at IHOP. Off-premise sales grew 3.7% for Applebee's and 21% for IHOP. 
- **Applebee's Performance**: 
  - Comp sales declined 2.2% YoY, but showed momentum in March/April with off-premise sales up 3.7%. 
  - Big Easy menu drove sales, and the Date Night promotion added 175,000 new Club Applebee's members (total 8.5M). 
  - Dual-brand restaurants in Texas are performing 3x better than standalone IHOPs. 
- **IHOP Strategy**: 
  - House Faves menu boosted traffic, with Q1 comps improving 4.3% vs. Black Box. 
  - Social media campaign (Guinness World Record pancakes) generated 3B impressions. 
  - Simplified operations reduced wait times and improved speed of service. 
- **International Expansion**: 
  - 13 dual-brand restaurants planned for 2025, including first in Costa Rica. 
  - 10 IHOPs and 47 Applebee's taken back for remodeling and dual conversions. 

**【CFO Financial Commentary】**
- **Financial Highlights**: 
  - EBITDA: $54.7M (down 10% YoY). 
  - Adjusted Free Cash Flow: $14.6M (down 50% YoY). 
  - Commodity Costs: Applebee's +0.5%, IHOP +8.4% YoY. 
- **Revenue Breakdown**: 
  - Company restaurant sales up $21.3M, offset by $9.7M franchise revenue decline. 
  - Off-premise sales: 23% of Applebee's, 21% of IHOP. 
- **Capital Allocation**: 
  - $1.6M share buybacks and $7.8M dividends. 
  - $14M annualized cost savings from supply chain initiatives. 
- **Commodity Outlook**: 
  - Applebee's: Flat to down. 
  - IHOP: Mid-single-digit increases due to avian influenza impact on egg prices. 

**【Q&A Key Takeaways】**
- **Value Proposition**: 
  - Applebee's 34% value mix (vs. 28% Q4) is at historical high, driven by two-for-$25 deals. 
  - IHOP testing everyday House Faves program after 7-month success. 
- **Franchisee Sentiment**: 
  - Dual-brand openings (14 planned for 2025) are 3x more profitable than standalone restaurants. 
  - Franchisees acquiring portfolios to convert to dual brands (e.g., 6 Applebee's in Wisconsin). 
- **Tariff Impact**: 
  - 10-13% of menu items sourced internationally, with CSCS mitigating supply chain risks. 
- **Loyalty Programs**: 
  - Club Applebee's now offers exclusive access to new menu items and promotions. 
  - IHOP's International Bank of Pancakes program adds 100,000+ members/month. 


Dine Brands Global (DIN)-7 May 25-2025 Q1 Earnings call transcript

- **2024 Results**: $106.4M free cash flow, but Applebee's comp sales down 4.2%, IHOP down 2% YoY due to macroeconomic challenges.
- **2025 Growth Drivers**: 
  - **Dual Brands**: 12-14 U.S. openings, 18 international locations, with Texas prototype achieving 3x sales of standalone IHOP.
  - **Reimage Program**: 30 Applebee's remodels, 6 franchisees accelerating plans, new prototype design Q2.
  - **Value Platforms**: Applebee's "Everyday Value Platform" H2, IHOP expanding House Faves to 7 days/week.
- **Financial Outlook**: 2025 EBITDA $235-245M, G&A $200-205M, CapEx $20-30M. IHOP commodity costs up low-mid single digits.
- **Franchisee Momentum**: 7 top Applebee's franchisees committing to remodels, IHOP signing 27 new restaurants with existing franchisees.
- **Innovation**: Buffalo chicken omelettes and other exclusive dual brand menu items tested, social media engagement to drive traffic.


**【CEO Summary Section】**
- **2024 Financial Performance**: Adjusted free cash flow of $106.4 million, down 3.2% in total revenues due to macroeconomic challenges. Applebee's comp sales declined 4.2% YoY, IHOP comp sales down 2% YoY.
- **Strategic Initiatives**: 
  1. **Applebee's Reimage Program**: 30 company-owned restaurants to be remodeled in 2025, with 6 top franchisees already committing to accelerate remodels. New prototype design to be unveiled in Q2.
  2. **Dual Brand Expansion**: First U.S. dual brand location opened in Texas, achieving 3x sales of standalone IHOP. 12-14 U.S. dual brand openings planned for 2025.
  3. **Value Platforms**: Applebee's launching "Everyday Value Platform" in H2, IHOP expanding House Faves menu to 7 days/week.
  4. **Leadership Changes**: Interim CEO at Applebee's while searching for new President; Lawrence Kim appointed IHOP President.
- **2025 Priorities**: Enhance guest experience through menu innovation, dynamic marketing, and operational efficiency. Target 2025 comp sales growth of -2% to +1% for Applebee's, -1% to +2% for IHOP.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Adjusted EBITDA $50.1 million (-20% YoY), total revenues $204.8 million (-0.7% YoY). Free cash flow $106.4 million (+3% YoY).
- **2025 Guidance**: 
  - EBITDA: $235-245 million
  - G&A: $200-205 million
  - CapEx: $20-30 million
  - Franchisee Support: $53 million in annualized cost savings from supply chain initiatives.
  - Commodity Costs: Applebee's stable, IHOP up low-mid single digits due to egg price hikes.

**【Q&A Highlights】**
- **Marketing Effectiveness**: Really Big Meal Deal (20% of Applebee's transactions) and House Faves (IHOP loyalty +30%) drove Q4 traffic improvements. 2025 focus on social media engagement and dynamic menu pricing.
- **Franchisee Investment**: 7 top Applebee's franchisees committed to remodels; IHOP signed 27 new restaurants with existing franchisees. Dual brand pipeline exceeds 2025 targets.
- **Innovation**: Dual brand prototype in Texas outperformed expectations; new menu items like buffalo chicken omelettes tested in dual locations.
- **Risk Management**: CSCS mitigating egg price volatility; G&A reduction offset restructuring costs.


Actual												1.45	-0.87	0.8	0.39	1.75	1.94	1.55	1.32	1.54	1.65	1.66	1.34	1.97	1.82	1.46	1.4	1.33	1.71	1.44	0.87	1.03	1.17	0.73	1.46
Forecast												1.4136	-0.9351	0.3688	0.625	0.867	1.7133	1.3625	1.2708	1.438	1.6313	1.3355	1.2456	1.6957	1.5444	1.3068	1.155	1.5724	1.6391	1.3428	1.3447	1.2328	1.4512	1.0057	1.0636
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+2.57%	+6.96%	+116.92%	-37.60%	+101.85%	+13.23%	+13.76%	+3.87%	+7.09%	+1.15%	+24.30%	+7.58%	+16.18%	+17.85%	+11.72%	+21.21%	-15.42%	+4.33%	+7.24%	-35.30%	-16.45%	-19.38%	-27.41%	+37.27%

Actual	--	--	--	--	--	--	--	--	--	--	--	206.88M	109.71M	176.64M	196.03M	204.20M	233.62M	228.72M	229.63M	230.40M	237.79M	233.22M	207.97M	213.77M	208.41M	202.58M	206.30M	206.24M	206.27M	195.03M	204.77M	214.78M	230.78M	216.17M	217.60M
Forecast	--	--	--	--	--	--	--	--	--	--	--	219.31M	99.66M	165.53M	192.44M	199.52M	228.18M	223.48M	236.63M	230.18M	236.43M	229.54M	213.26M	207.55M	209.60M	203.23M	206.24M	210.54M	210.46M	198.40M	200.61M	215.09M	223.41M	220.58M	225.73M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.67%	+10.08%	+6.71%	+1.87%	+2.35%	+2.38%	+2.35%	-2.96%	+0.10%	+0.58%	+1.61%	-2.48%	+2.99%	-0.56%	-0.32%	+0.03%	-2.04%	-1.99%	-1.70%	+2.07%	-0.15%	+3.30%	-2.00%	-3.60%

DIN

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