Dine Brands Global, Inc. (DIN) is one of the largest full-service restaurant companies in the world, operating through a highly franchised business model. The company owns and franchises three restaurant concepts: Applebee's Neighborhood Grill & Bar, International House of Pancakes (IHOP), and Fuzzy's Taco Shop, catering to casual dining, family dining, and fast-casual dining categories, respectively. DIN generates revenue through franchise operations, rental income, financing activities, and company-operated restaurants, with a focus on delivering value to franchisees and shareholders.
- Franchise Operations - Generates revenue from franchise royalties, advertising fees, sales of proprietary products to franchisees, and other franchise-related income.
- Rental Operations - Earns income from lease and sublease agreements for franchised restaurants, primarily covering IHOP and Applebee's locations.
- Company Restaurant Operations - Includes retail sales from company-operated restaurants, such as Applebee's and Fuzzy's Taco Shop.
- Financing Operations - Provides interest income from equipment leases, franchise fee notes, and other receivables from franchisees.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John W. Peyton Executive | Chief Executive Officer (CEO) | None | CEO of DIN since January 2021. Previously held leadership roles at Realogy Franchise Group and Starwood Hotels & Resorts. | View Report → |
Lawrence Kim Executive | President, IHOP Business Unit | None | President of IHOP since January 2025. Former Chief Innovation Officer at YUM! Brands and held leadership roles at Taco Bell, Samsung, and P&G. | |
Vance Y. Chang Executive | Chief Financial Officer (CFO) | None | CFO of DIN since June 2021. Previously CFO at Exer Urgent Care and YogaWorks. | |
Arthur F. Starrs Board | Director | CEO of Topgolf International; Board Member at Five Iron Golf | Director since 2023. Extensive experience in restaurant and hospitality industries. Former Global CEO of Pizza Hut. | |
Caroline W. Nahas Board | Director; Chair of Nominating and Corporate Governance Committee | Senior Advisor at Korn Ferry; Chair of UCLA Anderson School of Management Board of Advisors | Director since 1992. Extensive experience in executive recruiting and human resources. Former Vice Chair at Korn Ferry. | |
Douglas M. Pasquale Board | Director; Chair of Audit Committee | CEO of Capstone Enterprises Corporation; Board Member at Alexander & Baldwin, Terreno Realty, and Sunstone Hotel Investors | Director since 2013. Extensive expertise in finance, strategic planning, and real estate. | |
Howard M. Berk Board | Director; Chair of Compensation Committee | Senior Advisor at BDT & MSD Partners | Director since 2009. Extensive experience in finance and private capital investment. Former Partner at MSD Capital/MSD Partners. | |
Lilian C. Tomovich Board | Director | Chief Marketing Officer at Barclays US Consumer Bank | Director since 2017. Over 25 years of marketing experience across hospitality, retail, and financial services. Former CMO at MGM Resorts. | |
Martha C. Poulter Board | Director | Senior VP & CIO at Royal Caribbean Group | Director since 2021. Extensive IT leadership experience, including roles at Starwood Hotels and GE Capital. | |
Matthew T. Ryan Board | Director; Member of Audit Committee | CEO of Soli Organic; Board Member at Kaiser Permanente Health Plan and Hospitals | Director since 2024. Over 35 years of experience in strategic planning, marketing, and digital innovation. Former CMO at Starbucks. | |
Richard J. Dahl Board | Chairman of the Board | Chairman of American Savings Bank; Board Member at IDACORP, Inc. and Idaho Power Company | Chairman of DIN since 2017. Extensive leadership experience, including roles at Dole Food Company and James Campbell Company LLC. |
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Given the negative same-restaurant sales at both Applebee's (-4.2%) and IHOP (-2%) in 2024, what specific strategies are you implementing to drive traffic and sales growth in 2025, and how do you plan to mitigate the ongoing macroeconomic pressures impacting your core customer base?
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You took back 47 Applebee's restaurants from two franchisees in November; can you elaborate on the issues that led to these takebacks, and what measures are in place to prevent similar situations with other franchisees and to maintain the health of your franchise network?
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With the departure of Applebee's President and you stepping in as interim president, how will you ensure that this leadership transition does not disrupt the execution of Applebee's turnaround plan, and what qualifications are you seeking in the new permanent leader to drive the brand forward?
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Fuzzy's Taco Shop underperformed in 2024, not meeting financial expectations; what are the primary challenges facing Fuzzy's, and what specific actions are you taking to reset its brand strategy and improve its performance in 2025?
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While the initial dual-brand location in Seguin, Texas, showed promising results with sales nearly three times higher than as a standalone IHOP, what potential risks do you foresee in scaling the dual-brand concept domestically, and how will you address concerns such as operational complexity and possible cannibalization of existing locations?
Research analysts who have asked questions during Dine Brands Global earnings calls.
Todd Brooks
The Benchmark Company
4 questions for DIN
Brian Mullan
Piper Sandler
3 questions for DIN
Brian Vaccaro
Raymond James Financial, Inc.
3 questions for DIN
Dennis Geiger
UBS
3 questions for DIN
Eric Gonzalez
KeyBanc Capital Markets
3 questions for DIN
Jake Bartlett
Truist Securities
2 questions for DIN
Nick Setyan
Wedbush Securities
2 questions for DIN
Pratik Patel
Barclays
2 questions for DIN
Jeffrey Bernstein
Barclays
1 question for DIN
Larson Rice
Truist Securities, Inc.
1 question for DIN
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Buffalo Wild Wings | Competes in the casual dining category against the company, offering full table service and typically featuring bars or serving liquor, wine, and beer. |
Olive Garden | Operates in the casual dining category, directly competing with the company in terms of full-service dining experiences. |
Chili's Grill & Bar | A competitor in the casual dining category, offering similar services and dining experiences. |
Competes in the casual dining category, focusing on full-service dining and similar customer demographics. | |
Outback Steakhouse | Another competitor in the casual dining category, providing full-service dining options. |
Competes in the family dining category, offering full table service and breakfast, lunch, and dinner options. | |
Operates in the family dining category, competing with the company by offering full-service dining and a variety of meal options. | |
Golden Corral | A competitor in the family dining category, known for its buffet-style offerings. |
Waffle House | Competes in the family dining category, focusing on breakfast and casual dining experiences. |
Bob Evans Restaurants | Operates in the family dining category, offering similar services and meal options. |
Velvet Taco | Competes in the fast-casual dining category, focusing on Mexican limited-service offerings. |
Torchy's Tacos | A competitor in the fast-casual dining category, specializing in Mexican limited-service dining. |
Rusty Taco | Operates in the fast-casual dining category, competing with the company in the Mexican limited-service segment. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Largest Applebee's Franchisee | Franchise arrangement | Applebee's | Owned 460 restaurants (32% of Applebee's franchised in the US ); accounted for 14.4% of total consolidated revenue in 2024 ($117.0 million of $812.3 million ) and 13.9% in 2023, 12.5% in 2022. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Fuzzy's Taco Shop | 2022 | Dine Brands Global acquired the fast-casual Fuzzy's Taco Shop for $80 million in cash (net approximately $70 million after tax benefits) to diversify its portfolio and capture growth in the Mexican dining and fast-casual segments. The deal, completed with the brand operating 138 franchised restaurants (98% franchised) and a pipeline of over 125 new locations, is expected to be immediately accretive to earnings. |
Recent press releases and 8-K filings for DIN.
- Dine Brands Global reported Q2 fiscal 2025 revenue of $230.8 million, an 11.9% year-over-year increase that surpassed Wall Street estimates.
- Despite revenue growth, non-GAAP earnings per share for Q2 fiscal 2025 were $1.17, missing analyst expectations and significantly down from $1.71 in the prior year, with net income falling to $13.2 million.
- The company's operating margins declined to 18% from 25.4% a year earlier, and its EBITDA guidance for the full fiscal year is $225 million at the midpoint, below analyst estimates.
- Dine Brands revised its fiscal 2025 outlook for Applebee's domestic comparable sales growth to 1-3% and IHOP's to between a 1% decline and 1% growth.
- Applebee’s Funding LLC and its co-issuer, IHOP Funding LLC (special purpose subsidiaries of Dine Brands Global), propose to issue and sell $600 million in fixed rate senior secured notes.
- The notes, designated as Series 2025-1 Class A-2, carry a 6.720% interest rate and are structured under a second amended and restated Base Indenture.
- The transaction involves an agreement with a sole initial purchaser as part of a strategic securitization effort.
- Dine Brands Global, Inc. held its 2025 Annual Meeting on May 14, 2025, where key proposals were presented for shareholder voting.
- The vote results confirmed the election of directors, ratified Ernst & Young LLP as the independent auditor for FY2025, approved the advisory compensation of named executive officers, and sanctioned an amendment to the 2019 Stock Incentive Plan.
- The document was filed as an 8-K on May 19, 2025.
- Total revenues for Q1 2025 reached $214.8 million, up from $206.2 million in Q1 2024, reflecting increased company restaurant sales partly driven by new Applebee’s acquisitions.
- Comparable same-restaurant sales declined, with Applebee’s down 2.2% and IHOP down 2.7%, underscoring softening domestic performance.
- Earnings performance showed a GAAP net income of $7.8 million (or $0.53 per diluted share) and an adjusted net income of $15.4 million (or $1.03 per diluted share).
- Operational metrics included an adjusted EBITDA of $54.7 million and operating cash flows of $16.1 million, indicative of decreased cash generation relative to the prior year.