Dine Brands Q4 EBITDA Up 19%, Opens 80 Restaurants and Returns $92M
Dine Brands Global’s Q4 adjusted EBITDA rose 19% to $59.8M while Applebee’s Two-for platform drove 22% of transactions and the Ultimate Trio accounted for 11.5% of orders. Management reported FY 2025 adjusted EBITDA of $219.8M, returned $92M to shareholders, and guided 2026 EBITDA of $220M–$230M with 0%–2% comparable sales growth.
1. Q4 Financial Performance
Dine Brands Global reported Q4 adjusted EBITDA of $59.8 million, up from $50.1 million a year earlier, reflecting a national advertising fund timing benefit and improved same-store sales. Fiscal 2025 adjusted EBITDA totaled $219.8 million versus $239.8 million in FY2024, with Applebee’s and IHOP returning to positive sales growth.
2. Menu Innovations and Off-Premise Growth
Applebee’s new Ultimate Trio appetizer drove 11.5% of Q4 transactions while the Two-for platform accounted for 22% of orders, aided by viral hits like the O-M-Cheese Burger and Grilled Cheese Cheeseburger. Off-premise comparable sales rose 6.2% in Q4 and 6.5% for the year, with delivery up 10.5%, contributing $12.4 thousand weekly sales per restaurant.
3. Restaurant Development and Capital Returns
Dine Brands opened 80 new restaurants in 2025 (up from 68 in 2024) and expanded global dual-brand locations to 32, with at least 50 more planned in 2026. The company completed 103 Applebee’s remodels, delivered mid-single-digit sales lifts, and returned $92 million to shareholders through dividends and buybacks, including $31 million in Q4.
4. 2026 Guidance and Outlook
Management guided fiscal 2026 to domestic comparable sales growth of 0%–2% at both brands, G&A expenses of $205 million–$210 million, adjusted EBITDA of $220 million–$230 million, and capital expenditures of $25 million–$35 million. Company-owned restaurants are expected to reach EBITDA break-even in 2026, versus a $10 million drag in 2025.