Dine Brands Global reports $4.6 million net income for Q3 2026
- Form
- 10-Q
- Filed
- Importance
- Notable
- Accession
- 0001628280-26-069796
- Revenue of $248.9 million for the three months ended Sep 27, 2026
- Net income of $4.6 million for the three months ended Sep 27, 2026
- Diluted EPS of $0.37 for the three months ended Sep 27, 2026
- Cash and equivalents of $91.1 million as of Sep 27, 2026
Written from the 10-Q on EDGAR. Check the filing before you rely on it.
What changed
14 changes since the June 2026 10-Q
Compared with the 10-Q 0001628280-26-052924, filed Aug 5, 2026.
Our stockholder rights agreement includes terms and conditions that could discourage a takeover or other…
On October 28, 2026, the Board of Directors ("Board") adopted a limited-duration stockholder rights agreement, which may be amended from time to time (the "Rights Agreement"), between the Company and Computershare…
From the filings
Now
Our stockholder rights agreement includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable. On October 28, 2026, the Board of Directors ("Board") adopted a limited-duration stockholder rights agreement, which may be amended from time to time (the "Rights Agreement"), between the Company and Computershare Trust Company, N.A., as rights agent. The Rights Agreement was adopted in response to media reports about a significant open market accumulation in Dine Brands' stock and derivatives. Pursuant to the Rights Agreement, the Board declared a dividend of one preferred stock purchase right (a "Right") for each outstanding share of Company common stock. If exercisable, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (the "Series A Preferred Stock") of the Company at a price of $210 per one one-thousandth of a share of Series A Preferred Stock, subject to certain anti-dilution adjustments. The Rights are not exercisable until the earlier of (a) ten days after a public announcement that a person or group has acquired, or obtained the right to acquire, beneficial ownership of 10% (or 20% in the case of a passive institutional investor) or more of Company common stock (including certain synthetic equity positions created by derivative securities, which are treated as beneficial ownership of the number of shares of Company common stock equivalent to the economic exposure created by the synthetic equity position, subject to certain specified conditions) (an "Acquiring Person") and (b) ten business days (or a later date determined by our Board) after a person or group begins a tender or an exchange offer that, if completed, would result in that person or group becoming an Acquiring Person. The Rights Agreement will expire on October 27, 2027, subject to the Company's right to extend such date unless (x) prior…Unsolicited acquisition proposals and attempts to acquire control of the Company could cause us to incur…
We may be subject to unsolicited acquisition proposals, tender offers, or proxy contests to gain control of the Company, which could result in substantial costs to the Company and divert management's and our Board's…
From the filings
Now
Unsolicited acquisition proposals and attempts to acquire control of the Company could cause us to incur significant expense, disrupt our business, result in a proxy contest or litigation and impact our stock price. We may be subject to unsolicited acquisition proposals, tender offers, or proxy contests to gain control of the Company, which could result in substantial costs to the Company and divert management's and our Board's attention and resources from our business. Such events could give rise to perceived uncertainties as to our future, adversely affect our relationships with our employees, customers or suppliers, and make it more difficult to attract and retain qualified personnel. We may be required to incur significant fees and other expenses in responding to these events, including for required regulatory responses and third-party advisors. We also may be subjected to stockholder litigation in connection with these events. Our stock price could be subject to significant fluctuations or otherwise be adversely affected by speculative market perceptions about these events, risks, and uncertainties.Net income up 7% from Jun 28
$4.6M, was $4.3M.
From the filings
Before
$4.3MNow
$4.6MCash down 6.6% from Jun 28
$91.1M, was $97.5M.
From the filings
Before
$97.5MNow
$91.1MEPS up 5.7% from Jun 28
$0.37, was $0.35.
From the filings
Before
$0.35Now
$0.37Revenue up 3.3% from Jun 28
$249M, was $241M.
From the filings
Before
$241MNow
$249MIncome before income taxes in the three months ended September 27, 2026, was lower due to an increase in…
Adds "September 27,"; drops "June 28,".
From the filings
Before
Income before income taxes in the three months ended June 28, 2026, was lower due to a decrease in gross profit, increase in general and administrative expenses, increase in interest expense and an increase in closure and impairment charges. The increase in general and administrative expenses is primarily due to our investment in company-owned and dual-branded restaurant initiatives, increased reorganization costs, and higher professional service fees from the acquisition of additional company-owned restaurants. The increase in interest expense is primarily the result of the refinancing of our 2025 Class A-2Now
Income before income taxes in the three months ended September 27, 2026, was lower due to an increase in general and administrative expenses, an increase in amortization of intangible assets and an increase in closure and impairment charges. The increase in general and administrative expenses is primarily due to higher professional service fees, higher employee-related costs associated with our investment in company-owned and dual-branded restaurant initiatives, partially offset by fees recovered from franchisees. The increase in amortization of intangible assets is primarily due to the reclassification of certain indefinite-lived intangible assets to finite-lived in the fourth quarter of 2025. Closure and impairment charges increased primarily due to closure charges related to properties for which we are the lessee but have ceased using in the current year quarter.During the nine months ended September 27, 2026, we had one existing Applebee's franchised restaurant which…
Adds "nine"; drops "As of June 28, 2026, we had 44 dual-branded domestic IHOP and Applebee's restaurant…".
From the filings
Before
As of June 28, 2026, we had 44 dual-branded domestic IHOP and Applebee's restaurant locations. During the three months ended June 28, 2026, we had three existing company-owned Applebee's restaurants which added the IHOP brand, three existing Applebee's franchised restaurants which added the IHOP brand, two existing IHOP franchised restaurants which added the Applebee's brand, and one new franchised restaurant which added to both brands. This totaled 10 dual-branded domestic openings.Now
During the nine months ended September 27, 2026, we had one existing Applebee's franchised restaurant which added the IHOP brand, one existing IHOP franchised restaurant which added the Applebee's brand, eight new franchised restaurants which added to both brands, and one dual-branded international franchised restaurant location that closed. This totaled 18 dual-branded international openings and two dual-branded international closures.• IHOP revenue increased $0.2 million primarily due to higher franchise transfer fees and new restaurant…
Adds "increased $0.2"; drops "franchise".
From the filings
Before
• IHOP franchise revenue decreased $0.9 million primarily due to a decrease in fees related to franchisee terminations and a decrease in proprietary product sales, partially offset by a 1.5% increase in franchise domestic same-restaurant sales. The decrease in franchise termination fees was primarily due to fewer franchisee restaurant closures as compared to the prior year quarter. The decrease in proprietary product sales was primarily due to changes to product offerings.Now
• IHOP revenue increased $0.2 million primarily due to higher franchise transfer fees and new restaurant openings, largely offset by lower franchise termination fees and proprietary product sales. The decrease in franchise termination fees was primarily due to fewer franchisee restaurant closures as compared to the prior year quarter.• IHOP revenue decreased $2.4 million primarily due to lower proprietary product sales and franchise…
Adds "$2.4"; drops "franchise".
From the filings
Before
• IHOP franchise revenue decreased $2.6 million primarily due to a decrease in franchisee termination fees and proprietary product sales, partially offset by an increase in the number of franchise restaurants. The decrease in franchise termination fees was the result of fewer franchisee restaurant closures as compared to the prior year period. The decrease in proprietary product sales was primarily due to changes to product offerings.Now
• IHOP revenue decreased $2.4 million primarily due to lower proprietary product sales and franchise termination fees. The decrease was partially offs et by an increase in same-restaurant sales change and an increase from restaurant openings. The decrease in proprietary product sales was primarily due to the removal of gluten friendly product offerings. The decrease in franchise termination fees resulted from fewer franchisee restaurant closures as compared to the prior year period.• Applebee's expenses decreased $3.7 million primarily due to lower bad debt expense and lower refranchising…
Adds "$3.7"; drops "franchise".
From the filings
Before
• Applebee's franchise expenses decreased $3.8 million primarily due to a decrease in bad debt expense as compared to the prior year period.Now
• Applebee's expenses decreased $3.7 million primarily due to lower bad debt expense and lower refranchising costs in the current year period.For the three and nine months ended September 27, 2026, rental revenues decreased compared to the respective…
Adds "nine"; drops "Rental revenues".
From the filings
Before
Rental revenues for the three and six months ended June 28, 2026 decreased as compared to the prior year periods, primarily due to closures. Rental expenses for the three and six months ended June 28, 2026 decreased as compared with the same prior year period primarily due to lease terminations.Now
For the three and nine months ended September 27, 2026, rental revenues decreased compared to the respective prior year periods, primarily due to restaurant closure s and our continued investment in the system by our exiting sublease arrangements with franchisees allowing them to enter master leases directly with landlords. Rental expenses also decreased compared to the respective prior year periods, primarily due to lease terminations.Total general and administrative expenses for the three months ended September 27, 2026 increased $1.4…
Adds "September 27,"; drops "June 28,".
From the filings
Before
Total general and administrative expenses for the three months ended June 28, 2026 increased $4.8 million, primarily due to higher employee-related costs associated with the expansion of company-owned restaurants and dual-brand operations, increased reorganization costs, and higher professional services from the acquisition of 48 Applebee's restaurants in June 2026.Now
Total general and administrative expenses for the three months ended September 27, 2026 increased $1.4 million compared to the prior year quarter, primarily due to higher professional services fees and higher employee-related costs associated with our investment in company-owned and dual-brand restaurant initiatives. These increases were partially offs et by fees recovered from franchisees.Our $500.0 million Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2, become callable at par…
New paragraph in MD&A.
From the filings
Now
Our $500.0 million Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2, become callable at par in December 2026. We will continue to monitor market conditions and evaluate potential refinancing opportunities when economically advantageous.
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Section by section. Added words and removed words against the earlier filing.
Cover page 2 changes
3 unchanged paragraphs
For the quarterly period ended June 28, September 27, 2026
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As of July 26, October 28, 2026, the Registrant had 12,659,150 12,295,050 shares of Common Stock outstanding.
2 unchanged paragraphs
Forward-looking statements 1 change
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Our fiscal quarters end on the Sunday closest to the last day of each calendar quarter. The second third fiscal quarter of 2026 and 2025 ended on June 28, September 27, 2026 and June 29, September 28, 2025, respectively.
1 unchanged paragraph
Financial statements 208 changes
3 unchanged paragraphs
Receivables, net 86.8 119.0
Restricted cash 52.8 51.5
Prepaid expenses 50.0 49.0
June 28, September 27, 2026 December 28, 2025
Cash and cash equivalents $ 97.5 91.1 $ 128.2
Receivables, net 82.7 119.0
Restricted cash 60.0 51.5
Prepaid expenses 52.5 49.0
Other current assets 2.3 1.1 4.1
Total current assets 289.4 287.4 351.8
Intangible assets, net 524.0 520.5 534.1
Operating lease right-of-use assets 427.5 418.2 328.7
1 unchanged paragraph
Property and equipment, net of accumulated depreciation and amortization of $ 330.4 338.0 (2026) and $ 317.9 (2025)
Long-term receivables, net of allowance 25.6 18.6 33.8
1 unchanged paragraph
Other non-current assets, net 59.7 65.3 57.1
Total assets $ 1,771.7 1,754.0 $ 1,737.7
2 unchanged paragraphs
Accounts payable and other accrued liabilities $ 87.6 88.2 $ 93.2
Gift card liability 158.1 151.5 182.7
Current portion of operating leases obligations 69.9 69.2 67.6
2 unchanged paragraphs
Accrued interest payable 7.3 7.2 7.3
Deferred franchise revenue, short-term 5.1 4.9 5.6
Total current liabilities 337.0 330.0 365.6
Long-term debt, net 1,189.5 1,190.1 1,188.2
Operating lease obligations, less current portion 394.1 384.8 305.3
Finance lease obligations, less current portion 29.4 28.2 32.2
Deferred income taxes, net 50.1 51.9 51.2
Deferred franchise revenue, long-term 32.3 31.6 34.2
Other non-current liabilities 31.3 30.5 35.0
Total liabilities 2,063.7 2,047.1 2,011.5
2 unchanged paragraphs
Common stock, $ 0.01 par value; shares: 40,000,000 authorized; June 28, 2026 - 24,512,821 issued, 12,671,279 outstanding
Retained earnings 181.9 175.1
Common stock, $ 0.01 par value; shares: 40,000,000 authorized, 24,472,784 issued, 12,411,186 outstanding as of September 27, 2026; 40,000,000 authorized, 24,623,226 issued, 13,326,537 outstanding as of December 28, 2025
Additional paid-in-capital 224.0 227.0 239.9
Retained earnings 184.1 175.1
1 unchanged paragraph
Treasury stock, at cost; shares: June 28, 2026 - 11,841,542
Treasury stock, at cost; shares: September 27, 2026 - 12,061,598 ; December 28, 2025 - 11,296,689 ( 704.4 ) ( 689.1 )
Total stockholders' deficit ( 292.0 293.1 ) ( 273.9 )
Total liabilities and stockholders' deficit $ 1,771.7 1,754.0 $ 1,737.7
4 unchanged paragraphs
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Royalties, franchise fees and other $ 95.0 $ 101.2 $ 188.9 $ 196.9
Advertising revenues 71.9 73.5 143.0 144.0
Total franchise revenues 166.9 174.7 331.9 340.9
Company-owned restaurant revenues 47.3 28.2 80.7 49.8
Rental revenues 26.7 27.9 53.5 54.8
Total revenues 240.9 230.8 466.1 445.5
Advertising expenses ( 71.9 ) ( 73.5 ) ( 143.0 ) ( 144.0 )
Other franchise expenses ( 8.8 ) ( 12.9 ) ( 20.1 ) ( 23.6 )
Total franchise expenses ( 80.7 ) ( 86.4 ) ( 163.1 ) ( 167.6 )
Company-owned restaurant expenses ( 49.1 ) ( 30.9 ) ( 84.0 ) ( 52.9 )
Rental expenses ( 19.9 ) ( 21.3 ) ( 40.5 ) ( 42.5 )
Total cost of revenues ( 149.7 ) ( 138.6 ) ( 287.6 ) ( 263.0 )
Gross profit 91.2 92.2 178.5 182.5
General and administrative expenses ( 55.6 ) ( 50.8 ) ( 108.7 ) ( 102.1 )
Interest expense, net ( 22.0 ) ( 17.7 ) ( 43.8 ) ( 35.5 )
Closure and impairment charges ( 4.0 ) ( 1.2 ) ( 4.8 ) ( 7.0 )
Amortization of intangible assets ( 3.9 ) ( 2.7 ) ( 7.6 ) ( 5.4 )
Income before income taxes 6.0 18.9 16.1 31.7
Income tax provision ( 1.7 ) ( 5.1 ) ( 4.4 ) ( 9.7 )
Net income $ 4.3 $ 13.8 11.7 22.0
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025
Royalties, franchise fees and other $ 91.7 $ 93.1 $ 280.7 $ 290.1
Advertising revenues 67.3 68.2 210.2 212.2
Total franchise revenues 159.0 161.3 490.9 502.3
Company-owned restaurant revenues 64.4 27.5 145.1 77.3
Rental revenues 25.5 27.3 79.0 82.1
Total revenues 248.9 216.1 715.0 661.7
Advertising expenses ( 67.3 ) ( 68.2 ) ( 210.2 ) ( 212.2 )
Other franchise expenses ( 11.0 ) ( 10.2 ) ( 31.2 ) ( 33.8 )
Total franchise expenses ( 78.3 ) ( 78.4 ) ( 241.4 ) ( 246.0 )
Company-owned restaurant expenses ( 66.4 ) ( 32.0 ) ( 150.3 ) ( 84.9 )
Rental expenses ( 19.5 ) ( 21.2 ) ( 60.1 ) ( 63.6 )
Total cost of revenues ( 164.2 ) ( 131.6 ) ( 451.8 ) ( 394.5 )
Gross profit 84.7 84.6 263.2 267.1
General and administrative expenses ( 51.6 ) ( 50.2 ) ( 160.3 ) ( 152.3 )
Interest expense, net ( 21.3 ) ( 20.8 ) ( 65.1 ) ( 56.3 )
Closure and impairment charges ( 1.5 ) ( 0.6 ) ( 6.2 ) ( 7.6 )
Amortization of intangible assets ( 4.2 ) ( 2.9 ) ( 11.8 ) ( 8.3 )
Loss on extinguishment of debt — — 0.9 ) — ( 0.9 )
Gain on disposition of assets 0.3 0.6 — 2.5 3.1 0.1
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and 128 more changes in the filing
Note 1: Basis of Presentation 2 changes
The accompanying unaudited interim Condensed Consolidated Financial Statements of Dine Brands Global, Inc. (the "Company," "Dine Brands Global," "we," "us," or "our") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. We believe that all adjustments consisting of normal recurring accruals considered necessary for a fair presentation have been included. The operating results for the six nine months ended June 28, September 27, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ending January 3, 2027.
4 unchanged paragraphs
The Company closely monitors evaluates the financial condition of our franchisees and estimates the allowance for credit losses based on historical collection experience, credit quality, and current market conditions.
2 unchanged paragraphs
Note 3: Cash, Cash Equivalents and Restricted Cash 8 changes
3 unchanged paragraphs
June 28, September 27, 2026 December 28, 2025
1 unchanged paragraph
Other depository accounts, including IHOP advertising and gift card 85.4 79.0 126.2
Total cash and cash equivalents $ 97.5 91.1 $ 128.2
2 unchanged paragraphs
June 28, September 27, 2026 December 28, 2025
Securitized debt reserves $ 45.4 50.9 $ 46.0
Applebee's and Fuzzy's advertising funds 7.4 9.1 5.5
Total current restricted cash $ 52.8 60.0 $ 51.5
1 unchanged paragraph
Non-current restricted cash of $ 22.5 million and $ 22.0 million as of June 28, September 27, 2026 and December 28, 2025, respectively, represents interest reserves contractually restricted as required under the terms of our debt agreements.
1 unchanged paragraph
Note 4: Revenues 22 changes
1 unchanged paragraph
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025
1 unchanged paragraph
Royalties $ 77.0 $ 82.1 $ 152.2 $ 158.4
Advertising fees 71.9 73.5 143.0 144.0
Franchise and development fees 2.0 2.7 4.5 5.1
Total franchise revenues $ 166.9 $ 174.7 $ 331.9 $ 340.9
Royalties $ 73.1 $ 74.7 $ 225.3 $ 233.1
Advertising fees 67.3 68.2 210.2 212.2
Proprietary product sales and other 16.0 16.4 32.2 33.4 16.5 48.6 50.0
Franchise and development fees 2.3 1.9 6.8 7.0
Total franchise revenues $ 159.0 $ 161.3 $ 490.9 $ 502.3
Changes in the Company's contract liability for deferred franchise and development fees during the six nine months ended June 28, September 27, 2026 were as follows:
2 unchanged paragraphs
Recognized during the six months ended June 28, 2026
Deferred during the six months ended June 28, 2026
Balance at June 28, 2026
Recognized during the nine months ended September 27, 2026
Deferred during the nine months ended September 27, 2026
Balance at September 27, 2026
The balance of deferred franchise revenue as of June 28, September 27, 2026 is expected to be recognized as follows:
1 unchanged paragraph
2026 (remaining six months)
2026 (remaining three months)
Note 5: Receivables 14 changes
Accounts receivable $ 67.7 $ 75.2
Notes receivable 12.2 20.9
Leases receivable 21.9 24.8
Other receivables 7.8 4.9
Total receivables balances at June 28, September 27, 2026 and December 28, 2025 were as follows:
Receivables June 28, September 27, 2026 December 28, 2025
Accounts receivable $ 66.0 $ 75.2
Gift card receivables 10.5 7.2 33.3
Notes receivable 6.5 20.9
Leases receivable 20.6 24.8
Other receivables 9.3 4.9
Less: allowance for doubtful accounts and notes receivable ( 7.7 8.3 ) ( 6.3 )
Less: current portion ( 86.8 82.7 ) ( 119.0 )
Long-term receivables $ 25.6 18.6 $ 33.8
1 unchanged paragraph
Note 5: Receivables (Continued) 8 changes
Changes in the allowance for credit losses during the six nine months ended June 28, September 27, 2026 were as follows:
1 unchanged paragraph
Balance, June 28, 2026
Bad debt expense 1.8 3.1
Balance, September 27, 2026
The $ 1.8 3.1 million of bad debt expense recorded for the six nine months ended June 28, September 27, 2026 is primarily attributable to accounts receivable. The Company's primary credit quality indicator for all portfolio segments is delinquency.
The year of origination of the Company's notes and financing receivables at June 28, September 27, 2026 is as follows:
1 unchanged paragraph
Total $ 12.2 $ 21.9 $ 34.1
Total $ 6.5 $ 20.5 $ 27.0
Note 6: Leases 1 change
1 unchanged paragraph
The Company's leases and subleases related to IHOP restaurants generally provide for an initial term of 20 to 25 years, with most having one or more five-year renewal options. Leases related to Applebee's restaurants generally have an initial term of 10 to 20 years, with renewal terms of five to 20 years. Generally, option periods were not included in determining lease liabilities and right-of-use assets related to operating leases. With extensions of franchise agreements and related subleases, renewal option periods are included if the Company is reasonably certain that such options will be exercised. Certain leases also include variable rental payments based on a percentage of restaurant sales if certain restaurant sales thresholds are met.
1 unchanged paragraph
Note 6: Leases (Continued) 16 changes
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Cash paid on operating leases $ 23.7 $ 22.3 $ 46.5 $ 44.0
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Minimum lease payments $ 22.0 $ 22.6 $ 44.2 $ 44.8
Variable lease income 4.1 4.5 8.0 8.6
Total operating lease income $ 26.0 $ 27.1 $ 52.2 $ 53.4
During the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025, the Company made the following cash payments for operating leases:
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In millions)
Cash paid on operating leases $ 24.5 23.6 $ 71.0 67.6
The Company's income from operating leases for the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025 was as follows:
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In millions)
Minimum lease receipts $ 21.5 $ 22.4 $ 65.7 $ 67.2
Variable lease income 3.4 3.9 11.4 12.5
Total operating lease income $ 24.9 $ 26.3 $ 77.1 $ 79.7
Note 7: Long-Term Debt 4 changes
1 unchanged paragraph
June 28, September 27, 2026 December 28, 2025
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Long-term debt, net of debt issuance costs $ 1,189.5 1,190.1 $ 1,188.2
(a) Variable interest rate of 6.14 6.17 % and 6.56 % at June 28, September 27, 2026 and December 28, 2025, respectively.
2 unchanged paragraphs
As of June 28, September 27, 2026, the Company's leverage ratio was approximately 5.10 x. As a result, the Company did not make quarterly principal payments on the A-2 Notes.
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Note 7: Long-Term Debt (Continued) 2 changes
1 unchanged paragraph
As of June 28, September 27, 2026, the outstanding balance of the Credit Facility was $ 100 million. The amount of $ 0.5 million was pledged against the Credit Facility for outstanding letters of credit, leaving $ 224.5 million of the Credit Facility available for borrowing at June 28, September 27, 2026. The weighted average interest rate for the period outstanding during the six nine months ended June 28, September 27, 2026 was 6.24 6.22 %.
7 unchanged paragraphs
The Company's DSCR for the reporting period ended June 28, September 27, 2026 was approximately 3.0 x.
Note 8: Stockholders' Deficit 10 changes
1 unchanged paragraph
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
During the six months ended June 28, 2026 and June 29, 2025, the Company paid dividends of $ 4.9 million and $ 15.8 million, respectively.
During the six nine months ended June 28, September 27, 2026, the Company repurchased 901,436 1,125,046 shares of common stock at a cost of $ 29.3 35.9 million.
On May 14, 2026, the Company's Board of Directors authorized a share repurchase program of up to $ 100 million (the "2026 Repurchase Program") in addition to the Corporation's existing share repurchase program, approved in February 2022 (together with the 2026 Repurchase Program, the "Repurchase Programs"). Cumulatively under the Repurchase Programs, the Company repurchased 5,119,471 5,343,081 shares at a cost of $ 206.2 212.7 million. As of June 28, September 27, 2026, a remaining amount of $ 143.8 137.3 million in the value of shares may be repurchased under the Repurchase Programs.
Dividends declared and paid per share for the three and six nine months ended June 28, September 27, 2026 and June 29, September 28, 2025 were as follows:
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025
Dividends declared per common share $ 0.19 $ 0.51 $ 0.38 0.57 $ 1.02 1.53
Dividends paid per common share $ 0.19 $ 0.51 $ 0.38 0.57 $ 1.02 1.53
During the nine months ended September 27, 2026 and September 28, 2025, the Company paid dividends of $ 7.2 million and 23.0 million, respectively.
1 unchanged paragraph
Note 9: Stock-Based Compensation 10 changes
1 unchanged paragraph
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Equity classified awards expense $ 3.4 $ 3.3 $ 7.5 $ 6.7
Three Months Ended Six Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In millions)
Equity classified awards expense $ 3.6 $ 3.2 $ 11.1 $ 9.9
Liability classified awards expense 0.2 0.1 ( 0.5 ) 0.8 1.0 ( 0.2 0.1 )
Total stock-based compensation expense $ 3.5 3.8 $ 2.8 3.3 $ 8.3 12.1 $ 6.5 9.8
As of June 28, September 27, 2026, total unrecognized compensation cost related to restricted stock awards and restricted stock units of $ 18.8 14.6 million and $ 0.4 0.3 million related to stock options is expected to be recognized over a weighted average period of approximately 1.5 1.4 years for restricted stock and restricted stock units and 0.6 years for stock options.
A significant majority of the Company's equity grants occur in the first quarter of its fiscal year. During the six nine months ended June 28, September 27, 2026, the Company granted approximately 360,000 restricted stock and 147,000 restricted stock unit awards with a weighted average grant date fair value of $ 30.88 30.84 and $ 31.84 , respectively. The Company did not grant any options in this period. during the three and nine months ended September 27, 2026.
For the three months ended June 28, 2026 and June 29, 2025, the Company recorded expense of $ 0.1 million and the reversal of expense of $ 0.5 million, respectively, related to liability classified awards. For the six months ended June 28, 2026 and June 29, 2025, the Company recorded expense of $ 0.8 million and the reversal of expense of $ 0.2 million, respectively, related to liability classified awards. As of June 28, September 27, 2026 and December 28, 2025, a liability of $ 2.3 2.5 million and $ 3.3 million, respectively, was recorded as Other non-current liabilities on the Condensed Consolidated Balance Sheets.
Note 10: Income Taxes 1 change
The Company's effective tax rate was 27.7 28.8 % for the six nine months ended June 28, September 27, 2026, as compared to 30.6 29.8 % for the six nine months ended June 29, September 28, 2025. The effective tax rate for the six nine months ended June 28, September 27, 2026 was lower than the rate of the prior year period primarily due to a higher tax deduction related to stock-based compensation resulting from an increase in our share price, and higher tax credits in the current period. These benefits were partially offset by an increase in valuation allowances in the current period.
1 unchanged paragraph
Note 11: Intangible Assets 12 changes
Changes in indefinite-lived intangible assets during the six nine months ended June 28, September 27, 2026 were as follows:
3 unchanged paragraphs
Balance at June 28, 2026
Transfer out — ( 2.5 ) ( 2.5 )
Balance at September 27, 2026
Gross and net carrying amounts of finite-lived intangible assets at June 28, September 27, 2026 and December 28, 2025 are were as follows:
June 28, September 27, 2026 December 28, 2025
1 unchanged paragraph
Other 2.6 ( 1.8 ) 0.8 2.2 ( 1.2 ) 1.0
Tradename $ 28.2 $ ( 1.4 2.1 ) $ 26.8 26.1 n/a n/a n/a
Franchising Franchise rights 214.8 ( 188.8 191.6 ) 26.0 23.2 214.8 ( 183.2 ) 31.6
Transfer in 2.5 ( 0.2 ) 2.3 n/a n/a n/a
Other 3.1 ( 2.2 ) 0.9 2.2 ( 1.2 ) 1.0
Total $ 245.6 248.6 $ ( 192.1 196.1 ) $ 53.5 52.5 $ 217.0 $ ( 184.4 ) $ 32.6
1 unchanged paragraph
Note 12: Fair Value Measurements 3 changes
5 unchanged paragraphs
The fair value of the Company's long-term debt, excluding the Credit Facility, is based on quoted market prices which represent Level 1 inputs. The fair value as of June 28, September 27, 2026 and December 28, 2025 were as follows:
June 28, September 27, 2026 December 28, 2025
1 unchanged paragraph
Fair Value $ 1,106.2 1,091.5 $ 1,112.3
1 unchanged paragraph
Note 13: Reportable Segments 25 changes
1 unchanged paragraph
Three Months Ended June 28, 2026
Three Months Ended September 27, 2026
1 unchanged paragraph
Revenues $ 166.9 $ 47.3 $ 26.7 $ 240.9
Less: Advertising revenue 71.9 — — 71.9
Revenues excluding advertising revenue 95.0 47.3 26.7 169.0
Revenues $ 159.0 $ 64.4 $ 25.5 $ 248.9
Less: Advertising revenue 67.3 — — 67.3
Revenues excluding advertising revenue 91.7 64.4 25.5 181.6
2 unchanged paragraphs
Depreciation and amortization ( 0.1 ) ( 1.5 ) ( 2.2 ) ( 3.8 )
Depreciation and amortization ( 0.4 ) ( 1.7 ) ( 2.1 ) ( 4.2 )
1 unchanged paragraph
Segment profit (loss) 86.2 ( 1.8 ) 6.8 91.2
Segment profit (loss) 80.7 ( 2.0 ) 5.9 84.6
1 unchanged paragraph
Segment operating profit (loss) $ 53.5 $ ( 5.2 ) $ 6.8 $ 55.1
Gain on disposition of assets 0.3 0.6 — — 0.3 0.6
Other G&A expenses (direct and allocated) ( 31.9 31.2 ) ( 3.4 3.6 ) — ( 35.3 34.8 )
Segment operating profit (loss) $ 49.0 $ ( 5.6 ) $ 5.9 $ 49.3
1 unchanged paragraph
Segment operating profit $ 55.1 49.3
Depreciation and amortization (unallocated) ( 4.2 4.4 )
Stock based compensation (unallocated) ( 2.4 2.5 )
Other G&A expenses (unallocated) ( 12.5 8.7 )
Interest expense, net ( 22.1 21.3 )
Closure and impairment charges ( 4.0 1.4 )
Amortization of intangible assets ( 3.9 4.2 )
Income before income taxes $ 6.0 6.8
Dine Brand Brands Global, Inc. and Subsidiaries
Note 13: Reportable Segments (Continued) 25 changes
Six Months Ended June 29, 2025
Nine Months Ended September 28, 2025
1 unchanged paragraph
Revenues $ 340.9 $ 49.8 $ 54.8 $ 445.5
Less: Advertising revenue 144.0 — — 144.0
Revenues excluding advertising revenue 196.9 49.8 54.8 301.5
Revenues $ 502.3 $ 77.3 $ 82.1 $ 661.7
Less: Advertising revenue 212.2 — — 212.2
Revenues excluding advertising revenue 290.0 77.3 82.1 449.5
1 unchanged paragraph
Depreciation and amortization ( 0.3 ) ( 1.3 ) ( 4.9 ) ( 6.5 )
Interest expense from finance leases — — ( 1.4 2.1 ) ( 1.4 2.1 )
Depreciation and amortization ( 0.4 ) ( 2.2 ) ( 7.3 ) ( 9.9 )
1 unchanged paragraph
Segment profit (loss) 173.3 ( 3.1 ) 12.3 182.5
Segment profit (loss) 256.2 ( 7.6 ) 18.5 267.1
Stock based compensation (direct) ( 2.1 2.8 ) — — ( 2.1 2.8 )
1 unchanged paragraph
Segment operating profit $ 108.1 $ ( 6.4 ) $ 12.3 $ 114.1
Other G&A expenses (direct and allocated) ( 63.2 94.5 ) ( 3.3 5.2 ) — ( 66.5 99.6 )
Segment operating profit $ 159.0 $ ( 12.8 ) $ 18.6 $ 164.7
1 unchanged paragraph
Segment operating profit $ 114.1 164.7
Depreciation and amortization (unallocated) ( 8.9 13.1 )
Stock based compensation (unallocated) ( 4.6 ) 6.9
Other G&A expenses (unallocated) ( 20.1 29.8 )
Interest expense, net ( 35.5 56.3 )
Closure and impairment charges ( 7.0 7.6 )
Amortization of intangible assets ( 5.4 8.3 )
1 unchanged paragraph
Income before income taxes $ 31.7 41.8
2 unchanged paragraphs
Note 15: Commitments and Contingencies 1 change
2 unchanged paragraphs
In connection with refranchising restaurants to franchisees, in certain cases the Company has guaranteed lease payments. As of June 28, September 27, 2026 the notional amount of lease guarantees by the Company was $ 312.0 307.7 million. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $ 79.4 78.1 million. This amount represents the maximum potential liability of future payments under these leases. These leases expire at the end of the respective lease terms, which range from 2026 through 2058. In the event of default, the indemnity and default clauses in the sale or assignment agreements govern the Company's ability to pursue and recover damages incurred.
MD&A 238 changes
7 unchanged paragraphs
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Franchise revenues $ 166.9 $ 174.7 $ (7.8) $ 331.9 $ 340.9 $ (9.0)
Company-owned restaurant revenues 47.3 28.2 19.1 80.7 49.8 30.9
Rental revenues 26.7 27.9 (1.2) 53.5 54.8 (1.3)
Total revenues 240.9 230.8 10.1 466.1 445.5 20.6
Franchise expenses (80.7) (86.4) 5.7 (163.1) (167.6) 4.5
Company-owned restaurant expenses (49.1) (30.9) (18.2) (84.0) (52.9) (31.1)
Rental expenses (19.9) (21.2) 1.3 (40.5) (42.5) 2.0
Total cost of revenues (149.7) (138.6) (11.1) (287.6) (263.0) (24.6)
Gross profit 91.2 92.2 (1.0) 178.5 182.5 (4.0)
General and administrative expenses (55.6) (50.8) (4.8) (108.7) (102.1) (6.6)
Interest expense, net (22.0) (17.8) (4.2) (43.8) (35.5) (8.3)
Closure and impairment charges (4.0) (1.2) (2.8) (4.8) (7.0) 2.2
Amortization of intangible assets (3.9) (2.7) (1.2) (7.6) (5.4) (2.2)
Income before income taxes $ 6.0 $ 18.9 $ (12.9) $ 16.1 $ 31.7 $ (15.6)
Income before income taxes in the three months ended June 28, 2026, was lower due to a decrease in gross profit, increase in general and administrative expenses, increase in interest expense and an increase in closure and impairment charges. The increase in general and administrative expenses is primarily due to our investment in company-owned and dual-branded restaurant initiatives, increased reorganization costs, and higher professional service fees from the acquisition of additional company-owned restaurants. The increase in interest expense is primarily the result of the refinancing of our 2025 Class A-2
Notes completed in June 2025 which resulted in increased principal and a higher interest rate. Closure and impairment charges increased primarily due to the impairment of trademarks.
Three Months Ended Change Six Nine Months Ended Change
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 (In millions)
Franchise revenues $ 159.0 $ 161.3 $ (2.3) $ 490.9 $ 502.3 $ (11.4)
Company-owned restaurant revenues 64.4 27.5 36.9 145.1 77.3 67.8
Rental revenues 25.5 27.3 (1.8) 79.0 82.1 (3.1)
Total revenues 248.9 216.1 32.8 715.0 661.7 53.3
Franchise expenses (78.3) (78.4) 0.1 (241.4) (246.1) 4.7
Company-owned restaurant expenses (66.4) (32.0) (34.4) (150.3) (84.9) (65.4)
Rental expenses (19.6) (21.2) 1.6 (60.1) (63.6) 3.5
Total cost of revenues (164.3) (131.6) (32.7) (451.8) (394.6) (57.2)
Gross profit 84.7 84.6 0.1 263.2 267.1 (3.9)
General and administrative expenses (51.6) (50.2) (1.4) (160.3) (152.3) (8.0)
Interest expense, net (21.3) (20.8) (0.5) (65.1) (56.3) (8.8)
Closure and impairment charges (1.4) (0.6) (0.8) (6.2) (7.6) 1.4
Amortization of intangible assets (4.2) (2.9) (1.3) (11.8) (8.3) (3.5)
Loss on extinguishment of debt — (0.9) 0.9 — — — (0.9) 0.9
Gain on disposition of assets 0.3 0.6 — 0.3 2.5 0.6 3.1 0.1 2.4 3.0
Income before income taxes $ 6.8 $ 10.0 $ (3.2) $ 22.9 $ 41.8 $ (18.9)
Total revenues for the three months ended June 28, September 27, 2026 increased $10.1 $32.8 million compared to the prior year quarter. The increase was driven by a $19.1 $36.9 million increase in company-owned restaurant revenues from restaurants acquired and opened since the second third quarter of 2025. This increase was partially offset by a $7.8 $2.3 million decrease in franchise revenue from lower proprietary product sales, international franchise performance, less franchise termination fees recognized in the current period, revenues and a $1.8 million decrease in Applebee's same restaurant sales change. rental revenues. The decrease in addition, franchise revenues decreased as a result of closures and was from the acquisition of 12 Applebee's restaurants in February 2026 and 48 Applebee's restaurants in June 2026 Total and closures, partially offset by higher revenues from an increase in domestic same-restaurant sales change. The decrease in rental revenues was primarily driven by restaurant closure s and our continued investment in the system by our exiting sublease arrangements with franchisees allowing them to enter master leases directly with landlords. T otal cost of revenues increased $11.1 $32.7 million primarily due to the increase in the number of company-owned restaurants, partially offset by lower higher bad debt expense as compared to the prior year quarter, partially offset by lower rental expenses resulting from early lease terminations.
Income before income taxes in the three months ended September 27, 2026, was lower due to an increase in general and administrative expenses, an increase in amortization of intangible assets and an increase in closure and impairment charges. The increase in general and administrative expenses is primarily due to higher professional service fees, higher employee-related costs associated with our investment in company-owned and dual-branded restaurant initiatives, partially offset by fees recovered from franchisees. The increase in amortization of intangible assets is primarily due to the reclassification of certain indefinite-lived intangible assets to finite-lived in the fourth quarter of 2025. Closure and impairment charges increased primarily due to closure charges related to properties for which we are the lessee but have ceased using in the current year quarter.
Total revenues for the six nine months ended June 28, September 27, 2026 increased $20.6 $53.3 million compared to the prior year period, driven by a $30.9 $67.8 million increase in company-owned restaurant revenues primarily from the acquisition of 12 Applebee's restaurants acquired in February 2026 and opened since 48 Applebee's restaurants in June 2026, and from the second quarter acquisition of 10 IHOP restaurants in March 2025 and 12 Applebee's restaurants in May 2025. This increase was partially offset by a $9.0 $11.4 million decrease in franchise revenues from driven by a reduction in the number of franchised restaurants, lower franchisee termination fees, lower proprietary product sales due to a decrease in the types remov al of gluten friendly product offerings, and a reduction in the number of franchised restaurants. lower advertising revenues. The reduction in the number of franchised restaurants was primarily driven by acquisitions completed since the second third quarter of 2025 and closures. Total cost of revenues increased $24.6 $57.2 million primarily due to an increase in company-owned restaurants, partially offset by a decrease in bad debt expense compared to the prior year period. lower rental expenses resulting from early lease terminations and lower advertising expenses.
Income before income taxes in the six nine months ended June 28, September 27, 2026, was lower due to a decrease in gross profit, an increase in interest expense, and an increase in general and administrative expenses, and an increase in amortization of intangible assets, partially offset by a gain on disposition of assets. The increase in interest expense is primarily the result of the refinancing of our 2025 Class A-2 Notes completed in June 2025 which resulted in increased principal and a higher interest rate. The increase in general and administrative expenses is primarily due to our investment in company-owned and dual-branded restaurant initiatives and driven by higher year to date incentive compensation due to an increase in the number of employees and higher expectations for the remainder of the year as compared to the prior year period, higher employee-related costs associated with our investment in company-owned and dual-branded restaurant initiatives, an increase in professional service fees from the acquisition of company-owned restaurants, and increased reorganization costs. The increase in amortization of intangible assets is primarily due to the reclassification of certain indefinite-lived intangible assets to finite-lived in the fourth quarter of 2025. Gain on disposition of assets was primarily related to the sale of land and building of two IHOP restaurants and a gain on lease terminations.
8 unchanged paragraphs
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025
2 unchanged paragraphs
Same-restaurant sales change 1.3 % (2.3) % (1.8) % 4.7 % n/a n/a
Domestic same-restaurant sales change 1.5 % (2.2) % (1.5) % 5.0 % 4.6 % (11.8) %
Same-restaurant sales change 1.3 % (2.3) % (1.5) % 4.8 % n/a n/a
Same-restaurant sales change 0.7 % (1.6) % 0.9 % 2.8 % n/a n/a
Domestic same-restaurant sales change 0.8 % (1.4) % 1.0 % 3.1 % (2.6) % (1.5) %
Same-restaurant sales change 0.7 % (1.6) % 1.0 % 2.8 % n/a n/a
1 unchanged paragraph
Domestic average weekly unit sales (in thousands) $ 27.5 $ 30.8 $ 39.0 $ 36.2 $ 18.9 $ 17.6
Ending 1,796 1,786 1,439 1,514 96 112
Domestic average weekly unit sales (in thousands) $ 23.4 $ 31.3 $ 39.1 $ 33.4 $ 16.7 $ 17.8
Ending 1,798 1,793 1,432 1,512 96 108
1 unchanged paragraph
Total Development 1,813 1,796 1,557 1,573 97 113
(5) (3) (1) — n/a n/a
Six Months Ended Six Months Ended Six Months Ended
June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025 June 28, 2026 June 29, 2025
Total Development 1,815 1,803 1,550 1,571 97 109
Nine Months Ended Nine Months Ended Nine Months Ended
September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025 September 27, 2026 September 28, 2025
2 unchanged paragraphs
Same-restaurant sales change 0.6 % (2.5) % (0.1) % 1.3 % n/a n/a
Same-restaurant sales change 0.6 % (2.5) (2.2) % (0.1) 0.2 % 1.1 1.7 % n/a n/a
Domestic same-restaurant sales change 0.8 % (2.4) (2.1) % 0.2 0.4 % 1.5 2.0 % 3.6 1.4 % (12.0) (8.7) %
Same-restaurant sales change 0.7 % (2.2) % 0.4 % 1.8 % n/a n/a
1 unchanged paragraph
Domestic average weekly unit sales (in thousands) $ 28.2 $ 33.8 $ 38.3 $ 34.1 $ 18.3 $ 18.1
Ending 1,796 1,786 1,439 1,514 96 112
Domestic average weekly unit sales (in thousands) $ 25.8 $ 39.6 $ 38.7 $ 33.8 $ 17.8 $ 18.0
Ending 1,798 1,793 1,432 1,512 96 108
1 unchanged paragraph
Total Development 1,813 1,796 1,557 1,573 97 113
(4) (1) — (8) n/a n/a
Total Development 1,815 1,803 1,550 1,571 97 109
(1) 3 (3) (7) n/a n/a
1 unchanged paragraph
(b) For the six nine months ended June 29, September 28, 2025, IHOP franchise closures and company-owned openings included 10 restaurants acquired in March 2025. Applebee's franchise closures and company-owned openings included 12 restaurants acquired in May 2025 for the three and six nine months ended June 29, September 28, 2025; 12 acquired in February 2026 for the six nine months ended June 28, September 27, 2026; and 48 acquired in June 2026 for the three and six nine months ended June 28, September 27, 2026.
1 unchanged paragraph
As of June 28, 2026, we had 37 dual-branded international IHOP and Applebee's restaurant locations. During the three months ended June 28, 2026, we had one dual-branded international opening and two dual-branded international closures.
During the six months ended June 28, 2026, we had five new franchised restaurants which added both brands, and one dual-brand international closure. This totaled 10 dual-branded international openings and one dual-branded international closure.
As of June 28, September 27, 2026, we had 44 49 dual-branded domestic IHOP and Applebee's restaurant locations. During the three months ended June 28, September 27, 2026, we had three existing company-owned Applebee's restaurants which added the IHOP brand, three existing Applebee's franchised restaurants which added the IHOP brand, two existing IHOP franchised restaurants which added the Applebee's brand, and one two new franchised restaurant restaurants which added to both brands. This totaled 10 seven dual-branded domestic openings.
During the six nine months ended June 28, September 27, 2026, we had five existing company-owned Applebee's restaurants which added the IHOP brand, six nine existing Applebee's franchised restaurants which added the IHOP brand, three existing IHOP franchised restaurants which added the Applebee's brand, and three five new franchised restaurants which added to both brands. This totaled 20 27 dual-branded domestic openings.
During the three and six months ended June 29, September 28, 2025, we had four existing Applebee's franchised restaurants which added the IHOP brand and one existing IHOP franchised restaurant which added the Applebee's brand. for a total of one This totaled five dual-branded opening. domestic openings.
During the six nine months ended June 29, September 28, 2025, we had two four existing Applebee's franchised restaurants which added the IHOP brand for a total of and two existing IHOP franchised restaurants which added the Applebee's brand. This totaled six dual-branded international domestic openings.
As of June 29, 2025, September 27, 2026, we had 20 41 dual-branded international IHOP and Applebee's restaurant locations. During the three months ended June 29, 2025, September 27, 2026, we had one existing Applebee's franchised restaurant which added the IHOP brand for a total of one and three new franchised restaurants which added to both brands. This totaled seven dual-branded international opening. openings.
During the nine months ended September 27, 2026, we had one existing Applebee's franchised restaurant which added the IHOP brand, one existing IHOP franchised restaurant which added the Applebee's brand, eight new franchised restaurants which added to both brands, and one dual-branded international franchised restaurant location that closed. This totaled 18 dual-branded international openings and two dual-branded international closures.
As of September 28, 2025, we had 23 dual-branded international IHOP and Applebee's restaurant locations. During the three months ended September 28, 2025, we had one existing Applebee's franchised restaurant which added the IHOP brand and two new franchised restaurants which added to both brands, for a total of five dual-branded international openings.
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and 158 more changes in the filing
Risk factors 8 changes
There are no material changes from the risk factors set forth under Item 1A of Part I of the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2025, except for the additional risk factors set forth below.
Our stockholder rights agreement includes terms and conditions that could discourage a takeover or other transaction that stockholders may consider favorable.
On October 28, 2026, the Board of Directors ("Board") adopted a limited-duration stockholder rights agreement, which may be amended from time to time (the "Rights Agreement"), between the Company and Computershare Trust Company, N.A., as rights agent. The Rights Agreement was adopted in response to media reports about a significant open market accumulation in Dine Brands' stock and derivatives. Pursuant to the Rights Agreement, the Board declared a dividend of one preferred stock purchase right (a "Right") for each outstanding share of Company common stock. If exercisable, each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series A Junior Participating Preferred Stock (the "Series A Preferred Stock") of the Company at a price of $210 per one one-thousandth of a share of Series A Preferred Stock, subject to certain anti-dilution adjustments.
The Rights are not exercisable until the earlier of (a) ten days after a public announcement that a person or group has acquired, or obtained the right to acquire, beneficial ownership of 10% (or 20% in the case of a passive institutional investor) or more of Company common stock (including certain synthetic equity positions created by derivative securities, which are treated as beneficial ownership of the number of shares of Company common stock equivalent to the economic exposure created by the synthetic equity position, subject to certain specified conditions) (an "Acquiring Person") and (b) ten business days (or a later date determined by our Board) after a person or group begins a tender or an exchange offer that, if completed, would result in that person or group becoming an Acquiring Person.
The Rights Agreement will expire on October 27, 2027, subject to the Company's right to extend such date unless (x) prior to such date stockholder approval has been obtained to extend the Rights or (y) the Rights are earlier redeemed or exchanged by the Company or terminated.
The Rights have certain anti-takeover effects, including potentially discouraging a takeover that stockholders may consider favorable. The Rights will cause substantial dilution to a person or group that attempts to acquire us on terms not approved by the Board.
Unsolicited acquisition proposals and attempts to acquire control of the Company could cause us to incur significant expense, disrupt our business, result in a proxy contest or litigation and impact our stock price.
We may be subject to unsolicited acquisition proposals, tender offers, or proxy contests to gain control of the Company, which could result in substantial costs to the Company and divert management's and our Board's attention and resources from our business. Such events could give rise to perceived uncertainties as to our future, adversely affect our relationships with our employees, customers or suppliers, and make it more difficult to attract and retain qualified personnel. We may be required to incur significant fees and other expenses in responding to these events, including for required regulatory responses and third-party advisors. We also may be subjected to stockholder litigation in connection with these events. Our stock price could be subject to significant fluctuations or otherwise be adversely affected by speculative market perceptions about these events, risks, and uncertainties.
Unregistered sales of stock 7 changes
6 unchanged paragraphs
March 30, 2026 - April 26, 2026 206 $ 26.45 277,844 $ 43,838,000
April 27, 2026 - May 24, 2026 1,106 29.79 — $ 143,838,000
May 25, 2026 - June 28, 2026 1,646 29.77 — $ 143,838,000
June 29, 2026 - July 26, 2026 3,639 $ 36.28 — $ 143,838,000
July 27, 2026 - August 23, 2026 15,318 34.40 15,318 $ 143,311,000
August 24, 2026 - September 27, 2026 216,849 28.87 208,292 $ 137,310,000
(a) These amounts are Total number of shares purchased include shares owned and tendered by employees to satisfy tax withholding obligations arising upon the vesting of restricted stock awards. The shares tendered by holders are repurchased by us pursuant to the terms of the plan under which the shares were issued and the applicable individual award agreements and not pursuant to publicly announced repurchase authorizations.
Other information 1 change
1 unchanged paragraph
During the fiscal quarter ended June 28, September 27, 2026, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted , modified, or terminated a Rule 10b5-1 trading plan or a non-Rule 10b5-1 trading arrangement for our securities (as defined in Item 408(c) of Regulation S-K).
Exhibits 6 changes
*†10.1 Performance Award Agreement dated as of June 15, 2026 by and between the Corporation and Lawrence Y. Kim
3.1 Certificate of Designation of the Series A Junior Participating Preferred Stock of Dine Brands Global, Inc., dated October 28, 2026 (incorporated by reference to Exhibit 3.1 to Dine Brands Global, Inc.'s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on October 29, 2026, File No. 001-15283)
4.1 Stockholder Rights Agreement, dated as of October 28, 2026, by and between Dine Brands Global, Inc. and Computershare Trust Company, N.A., as rights agent (which includes the Form of Rights Certificate as Exhibit B thereto) (incorporated by reference to Exhibit 4.1 to Dine Brands Global, Inc.'s Registration Statement on Form 8-A, filed with the Securities and Exchange Commission on October 29, 2026, File No. 001-15283)
16 unchanged paragraphs
Dated: 5th 4th day of August, November, 2026 By: /s/ John W. Peyton
2 unchanged paragraphs
Dated: 5th 4th day of August, November, 2026 By: /s/ Vance Y. Chang
2 unchanged paragraphs
Dated: 5th 4th day of August, November, 2026 By: /s/ Joseph F. Camperlingo (Principal Accounting Officer)
Unchanged: Notes to the financial statements, Note 2: Recent Accounting Pronouncements, Note 2: Recent Accounting Pronouncements (Continued), Note 14: Business Acquisition, Note 14: Business Acquisition (Continued), Market risk, Controls and procedures, Legal proceedings, Defaults on senior securities, Mine Safety Disclosures
Only in this filing: Note 16: Subsequent Event
Compared by code from the two filings' text and XBRL. Not advice.
The reading, claim by claim
From the filing's financial data, not stated in its text
From this 10-Q's financial data (XBRL) for the quarter ended September 27, 2026
- For the quarter ended September 27, 2026, Dine Brands Global, Inc. reported: Revenue $248.9 million.
- Net income $4.6 million.
- Gross margin 34.0%.
- Net margin 1.8%.
- Revenue change from a year earlier +15.2%.
From the filing
Item 6—Exhibits
Item 6—Exhibits
Signatures
38
1
Table of Contents
Cautionary Statement Regarding Forward-Looking Statements
Statements contained in this Quarterly Report on Form 10-Q may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. You can identify these forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan," "goal" and other similar expressions. You should consider our forward-looking statements in light of the risks discussed under the heading "Risk Factors," as well as our Condensed Consolidated Financial Statements, related notes, and the other financial information appearing elsewhere in this report and our other filings with the United States Securities and Exchange Commission. The forward-looking statements contained in this report are made as of the date hereof and Dine Brands Global, Inc. does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date of this report to reflect actual results or future events or circumstances.
These statements involve known and unknown risks, uncertainties, and other factors, which may cause actual results to be materially different from those expressed or implied in such statements. These factors include, but are not limited to: general economic conditions, including the impact of inflation on us and our franchisees directly; cost pressures, including rising costs for commodities, labor, health care and utilities; our level of indebtedness; compliance with the terms of our securitized debt; our ability to refinance our current indebtedness or obtain additi
Item 1. Financial Statements
Item 1. Financial Statements
Dine Brands Global, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In millions, except share and par amounts)
(Unaudited)
September 27, 2026 December 28, 2025
Assets
Current assets:
Operating lease right-of-use assets 418.2 328.7
Long-term receivables, net of allowance 18.6 33.8
Non-current restricted cash 22.5 22.0
Other non-current assets, net 65.3 57.1
Total assets $ 1,754.0 $ 1,737.7
Liabilities and Stockholders' Deficit
Current liabilities:
Accounts payable and other accrued liabilities $ 88.2 $ 93.2
Gift card liability 151.5 182.7
Current portion of operating leases obligations 69.2 67.6
Current portion of finance leases 6.4 6.6
Deferred franchise revenue, short-term 4.9 5.6
Operating lease obligations, less current portion 384.8 305.3
Finance lease obligations, less current portion 28.2 32.2
Deferred income taxes, net 51.9 51.2
Deferred franchise revenue, long-term 31.6 34.2
Stockholders' deficit:
Preferred stock, $ 1 par value, 10,000,000 shares authorized; no shares issued and outstanding
— —
Treasury stock, at co
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