0001628280-25-049239 | 10-Q | XBRL Viewer

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Leases - Narrative (Details)	Sep. 30, 2025 lease restaurant
Lessee, Lease, Description [Line Items]
Lessor, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	296
Lessee, number of leases requiring additional rent payments based on a percentage of restaurant sales \| lease	34
Finance lease, weighted average remaining lease term (in years)	5 years 6 months
Operating lease, weighted average remaining lease term (in years)	6 years 3 months 18 days
Finance lease, weighted average discount rate (in percent)	9.10%
Operating lease, weighted average discount rate (in percent)	6.20%
IHOP
Lessee, Lease, Description [Line Items]
Number of franchisee-operated restaurants	477
Number of properties leased	48
Number of company-operated restaurants	10
Lessee, operating lease, renewal term (in years)	5 years
IHOP \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	20 years
IHOP \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	25 years
Applebee's
Lessee, Lease, Description [Line Items]
Number of properties leased	1
Number of company-operated restaurants	59
Applebee's \| Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	10 years
Lessee, operating lease, renewal term (in years)	5 years
Applebee's \| Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	20 years
Lessee, operating lease, renewal term (in years)	20 years
Fuzzy's
Lessee, Lease, Description [Line Items]
Number of company-operated restaurants	1

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Equity classified awards expense	$	3.2	$	3.9	$	9.9	$	12.7
Liability classified awards expense	0.1		0.1		(0.1)		0.2
Total stock-based compensation expense	$	3.3	$	4.0	$	9.8	$	12.9

As of September 30, 2025, total unrecognized compensation expense of $18.6 million related to restricted stock and restricted stock units and $1.3 million related to stock options is expected to be recognized over a weighted average period of 1.5 years for restricted stock and restricted stock units and 0.9 years for stock options.

Equity Classified Awards - Stock Options

Stock option balances at September 30, 2025, and activity for the nine months ended September 30, 2025 were as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2024	524,646	$	69.89
Granted	—	—
Exercised	—	—
Expired	(33,746)	85.57
Forfeited	(8,072)	55.50
Outstanding at September 30, 2025	482,828	69.04		5.01	$	—
Vested and Expected to Vest at September 30, 2025	475,940	69.28		4.96	$	—
Exercisable at September 30, 2025	400,687	$	72.02	4.35	$	—

The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing share price of the Company’s common stock on the last trading day of the third quarter of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2025. The aggregate intrinsic value will change based on the fair market value of the Company’s common stock and the number of in-the-money options.

Equity Classified Awards - Restricted Stock and Restricted Stock Units

Outstanding balances as of September 30, 2025, and activity related to restricted stock and restricted stock units for the nine months ended September 30, 2025 were as follows:


	Shares of Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	421,459	$	56.18	72,953	$	46.83
Granted	526,141	26.05		55,109	26.13
Released	(186,551)	61.10		(34,030)	47.70
Forfeited	(47,632)	45.74		(36,516)	39.61
Outstanding at September 30, 2025	713,417	$	33.37	57,516	$	31.78

Liability Classified Awards - Long-Term Incentive Awards

The Company has granted cash long-term incentive awards (“LTIP awards”) to certain employees. The 2023 and 2024 LTIP awards vest at the end of the three-year period and are determined using multipliers from 0% to 200% of the target award based on the total stockholder return of Dine Brands Global common stock compared to the total stockholder returns of a peer group of companies.

The 2025 LTIP awards vest at the end of the three-year period and are determined using multipliers from 0% to 200% of the target award based on the Company's cumulative adjusted EBITDA, as defined and reflected in the Company’s earnings release and/or financial statements for each of the three years in the performance period, subject to adjustment based on the total stockholder returns of a peer group of companies. As of September 30, 2025, the cumulative performance target of the 2025 LTIP awards is not known; therefore, no compensation expense related to the 2025 LTIP award has been recognized.

The LTIP awards are considered stock-based compensation and are classified as liabilities measured at fair value as of the respective period end. For the three months ended September 30, 2025 and 2024, an expense of $0.1 million and $0.1 million, respectively, were included in total stock-based compensation expense related to LTIP awards. For the nine months ended September 30, 2025 and 2024, a credit of $0.1 million and an expense of $0.2 million, respectively, were included in total stock-based compensation expense related to LTIP awards. At September 30, 2025 and December 31, 2024, liabilities of $0.7 million and $0.8 million, respectively, related to LTIP awards were included as part of accrued employee compensation and benefits and other non-current liabilities in the Condensed Consolidated Balance Sheets.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 167,950	$ 186,650
Receivables, net of allowance of $5,452 (2025) and $3,383 (2024)	90,329	115,218
Restricted cash	61,163	42,448
Prepaid gift card costs	22,823	28,552
Prepaid income taxes	0	1,446
Prepaid expenses	11,945	9,314
Other current assets	4,304	2,371
Total current assets	358,514	385,999
Non-current restricted cash	22,000	19,500
Property and equipment, net	155,165	156,134
Operating lease right-of-use assets	331,819	323,468
Deferred rent receivable	19,470	24,804
Long-term receivables, net of allowance of $1,212 (2025) and $1,354 (2024)	34,167	35,873
Net	249,557	248,622
Other intangible assets, net	566,241	575,654
Other non-current assets, net	36,925	20,530
Total assets	1,773,858	1,790,584
Current liabilities:
Current maturities of long-term debt	0	100,000
Accounts payable	34,293	37,718
Gift card liability	143,164	177,584
Current maturities of operating lease obligations	63,594	65,336
Current maturities of finance lease and financing obligations	6,364	6,387
Accrued employee compensation and benefits	19,070	16,674
Accrued advertising expenses	11,660	4,735
Dividends payable	7,350	7,790
Accrued interest payable	17,040	6,360
Other accrued expenses	37,575	22,721
Total current liabilities	340,110	445,305
Long-term debt, net, less current maturities	1,187,594	1,086,551
Operating lease obligations, less current maturities	314,601	310,476
Finance lease obligations, less current maturities	34,019	34,286
Financing obligations, less current maturities	20,990	23,251
Deferred income taxes, net	58,772	54,572
Deferred franchise revenue, long-term	33,872	36,700
Other non-current liabilities	15,818	15,462
Total liabilities	2,005,776	2,006,603
Commitments and contingencies
Stockholders’ deficit:
Preferred stock, $1 par value, 10,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock, $0.01 par value; shares: 40,000,000 authorized; September 30, 2025 - 24,668,757 issued, 14,412,031 outstanding; December 31, 2024 - 24,756,637 issued, 15,273,210 outstanding	247	248
Additional paid-in-capital	237,848	254,814
Retained earnings	189,846	183,614
Accumulated other comprehensive loss	(75)	(76)
Treasury stock, at cost; shares: September 30, 2025 - 10,256,726; December 31, 2024 - 9,483,427	(659,784)	(654,619)
Total stockholders’ deficit	(231,918)	(216,019)
Total liabilities and stockholders’ deficit	$ 1,773,858	$ 1,790,584

Subsequent Events (Details) - $ / shares		3 Months Ended					9 Months Ended
Subsequent Events (Details) - $ / shares	Nov. 05, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 1.53	$ 1.53
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.19

Leases - Schedule of Income From Direct Financing Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Interest income	$ 0.3	$ 0.3	$ 0.9	$ 0.9
Variable lease income	0.1	0.1	0.2	0.2
Selling profit	0.4	0.0	0.4	0.2
Total real estate lease income	$ 0.8	$ 0.4	$ 1.5	$ 1.3
Direct financing lease, lease income, statement of income or comprehensive income [extensible enumeration]	Rental revenues	Rental revenues	Rental revenues	Rental revenues

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Receivables, allowance for credit loss	$ 5,452	$ 3,383
Long-term receivables, allowance for credit loss	$ 1,212	$ 1,354
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	40,000,000	40,000,000
Common stock, issued (in shares)	24,668,757	24,756,637
Common stock, outstanding (in shares)	14,412,031	15,273,210
Treasury stock (in shares)	10,256,726	9,483,427

Stock-Based Compensation - Restricted Stock Activity (Details)	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Shares of Restricted Stock
Shares of Restricted Stock
Beginning of period (in shares) \| shares	421,459
Granted (in shares) \| shares	526,141
Released (in shares) \| shares	(186,551)
Forfeited (in shares) \| shares	(47,632)
End of period (in shares) \| shares	713,417
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 56.18
Granted (in dollars per share) \| $ / shares	26.05
Released (in dollars per share) \| $ / shares	61.10
Forfeited (in dollars per share) \| $ / shares	45.74
Ending balance (in dollars per share) \| $ / shares	$ 33.37
Stock-Settled Restricted Stock Units
Shares of Restricted Stock
Beginning of period (in shares) \| shares	72,953
Granted (in shares) \| shares	55,109
Released (in shares) \| shares	(34,030)
Forfeited (in shares) \| shares	(36,516)
End of period (in shares) \| shares	57,516
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 46.83
Granted (in dollars per share) \| $ / shares	26.13
Released (in dollars per share) \| $ / shares	47.70
Forfeited (in dollars per share) \| $ / shares	39.61
Ending balance (in dollars per share) \| $ / shares	$ 31.78

Receivables and Current Expected Credit Losses (“CECL”) (Tables)

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable


	September 30, 2025		December 31, 2024
	(In millions)
Accounts receivable	$	74.7	$	72.0
Gift card receivable	5.9		34.7
Notes receivable	19.3		14.7

Equipment leases receivable	7.8		13.2
Real estate leases receivable	18.6		18.3
Other receivables	4.9		2.9
	131.2		155.8
Less: allowance for credit losses and notes receivable	(6.7)		(4.7)
	124.5		151.1
Less: current portion	(90.3)		(115.2)
Long-term receivables	$	34.2	$	35.9

Schedule of Changes in Allowance for Credit Losses

Changes in the allowance for credit losses during the nine months ended September 30, 2025 were as follows:



	Accounts Receivable		Notes Receivable, short-term		Notes Receivable, long-term		Real estate leases receivable		Equipment leases receivable		Other (1)		Total
	(In millions)
Balance, December 31, 2024	$	3.1	$	0.3	$	0.8	$	0.1	$	0.4	$	0.0	$	4.7
Bad debt expense	2.9		0.3		(0.0)		0.1		0.4		—		3.7
Advertising provision adjustment	(0.3)		—		—		—		—		—		(0.3)
Write-offs	(0.9)		—		—		(0.1)		(0.5)		—		(1.5)

Balance, September 30, 2025	$	4.8	$	0.6	$	0.8	$	0.1	$	0.3	$	0.0	$	6.7

(1) Primarily gift card receivable and credit card receivable.

Schedule of Financing Receivable Credit Quality Indicators

The year of origination of the Company's notes and financing receivables at September 30, 2025 is as follows:



	Notes Receivable, short and long-term		Real estate leases receivable		Equipment leases receivable		Total
	(In millions)
2025	$	6.5	$	1.3	$	0.1	$	7.9
2024	7.4		1.8		0.2		9.4
2023	4.8		3.2		0.3		8.3
2022	0.3		7.5		—		7.8
2021	0.3		1.9		—		2.2
Prior	0.0		2.9		7.2		10.1
Total	$	19.3	$	18.6	$	7.8	$	45.7

Goodwill and Other Intangible Assets - Changes In Carrying Amount of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Goodwill [Line Items]
Goodwill, beginning balance	$ 248,622
Goodwill, ending balance	249,557
Operating Segments
Goodwill [Line Items]
Goodwill, beginning balance	248,600
Business acquisition	1,600
Purchase price adjustment	(900)
Adjustments resulting from the subsequent recognition of deferred tax assets	300
Goodwill, ending balance	249,600
Operating Segments \| Franchise Segment
Goodwill [Line Items]
Goodwill, beginning balance	247,000
Business acquisition	0
Purchase price adjustment	0
Adjustments resulting from the subsequent recognition of deferred tax assets	0
Goodwill, ending balance	247,000
Operating Segments \| Company Restaurants Segment
Goodwill [Line Items]
Goodwill, beginning balance	1,600
Business acquisition	1,600
Purchase price adjustment	(900)
Adjustments resulting from the subsequent recognition of deferred tax assets	300
Goodwill, ending balance	$ 2,600

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross	$ 216.7	$ 218.7
Accumulated Amortization	(180.8)	(173.2)
Net	$ 35.8	$ 45.5
Weighted Average Remaining Period	7 years 9 months 18 days	7 years 9 months 18 days
Franchising Rights
Finite-Lived Intangible Assets [Line Items]
Gross	$ 214.8	$ 214.8
Accumulated Amortization	(180.5)	(172.5)
Net	$ 34.3	$ 42.3
Weighted Average Remaining Period	7 years 9 months 18 days	7 years 7 months 6 days
Favorable Leaseholds
Finite-Lived Intangible Assets [Line Items]
Gross	$ 0.0	$ 3.4
Accumulated Amortization	0.0	(0.6)
Net	$ 0.0	$ 2.8
Weighted Average Remaining Period	0 years	10 years 1 month 6 days
Other
Finite-Lived Intangible Assets [Line Items]
Gross	$ 1.9	$ 0.5
Accumulated Amortization	(0.3)	(0.1)
Net	$ 1.6	$ 0.4
Weighted Average Remaining Period	8 years 1 month 6 days	13 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Non-Current Financial Liabilities

The fair values of the Company's long-term debt, excluding the Credit Facility, at September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
	(In millions)
Face Value	$	1,100.0	$	1,094.0
Fair Value	$	1,108.1	$	1,095.5

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate (in percent)	29.80%	26.90%
Gross unrecognized tax benefit	$ 2.8		$ 2.5
Expected change in unrecognized tax benefits	0.1
Accrued interest on income taxes	$ 0.9		$ 0.8

Receivables and Current Expected Credit Losses (“CECL”) - Components of Receivables (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract]
Accounts receivable	$ 74,700	$ 72,000
Gift card receivable	5,900	34,700
Notes receivable	19,300	14,700
Accounts and financing receivable, before allowance for credit loss	131,200	155,800
Less: allowance for credit losses and notes receivable	(6,700)	(4,700)
Receivables, net	124,500	151,100
Less: current portion	(90,329)	(115,218)
Long-term receivables	34,200	35,900
Equipment leases receivable
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract]
Financing receivables	7,800	13,200
Real estate leases receivable
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract]
Financing receivables	18,600	18,300
Other receivables
Accounts and Financing Receivable, after Allowance for Credit Loss, Current and Noncurrent [Abstract]
Financing receivables	$ 4,900	$ 2,900

Revenues

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues

Franchise revenues and revenues from company-owned restaurants are recognized in accordance with current guidance for revenue recognition as codified in Accounting Standards Topic 606 (“ASC 606”). Under ASC 606, revenue is recognized upon transfer of control of promised services or goods to customers in an amount that reflects the consideration the Company expects to receive for those services or goods.

Franchise Revenues

The Company franchises the Applebee's Neighborhood Grill & Bar® (“Applebee's”) concept in the American full-service restaurant segment within the casual dining category of the restaurant industry, the International House of Pancakes® (“IHOP”) concept in the family dining mid-scale full-service category of the restaurant industry, and the Fuzzy's Taco Shop® (“Fuzzy's”) concept in the Mexican food segment within the fast-casual dining category of the restaurant industry. The franchise arrangement for the brands is documented in the form of a franchise agreement and, in most cases, a development agreement. The franchise arrangement between the Company as the franchisor and the franchisee as the customer requires the Company to perform various activities to support the brands that do not directly transfer goods and services to the franchisee, but instead represent a single performance obligation, which is the transfer of the franchise license. The intellectual property subject to the franchise license is symbolic intellectual property as it does not have significant standalone functionality, and substantially all the utility is derived from its association with the Company’s past or ongoing activities. The nature of the Company’s promise in granting the franchise license is to provide the franchisee with access to the respective brand’s symbolic intellectual property over the term of the license. The services provided by the Company are highly interrelated with the franchise license and as such are considered to represent a single performance obligation.

The transaction price in a standard franchise arrangement for the brands primarily consists of (a) initial franchise/development fees; (b) continuing franchise fees (royalties); and (c) advertising fees. Since the Company considers the licensing of the franchising right to be a single performance obligation, no allocation of the transaction price is required. Additionally, all domestic IHOP franchise agreements require franchisees to purchase proprietary pancake and waffle dry mix from the Company.

The Company recognizes the primary components of the transaction price as follows:

•Franchise and development fees are recognized as revenue ratably on a straight-line basis over the term of the franchise agreement commencing with the restaurant opening date. As these fees are typically received in cash at or near the beginning of the franchise term, the cash received is initially recorded as a contract liability until recognized as revenue over time;

•The Company is entitled to royalties and advertising fees based on a percentage of the franchisee's gross sales as defined in the franchise agreement. Royalty and advertising revenues are recognized when the franchisee's reported sales occur. Depending on timing within a fiscal period, the recognition of revenue results in either what is considered a contract asset (unbilled receivable) or once billed, accounts receivable, and are included in “receivables, net” on the balance sheet;

•Revenue from the sale of proprietary pancake and waffle dry mix and other proprietary products is recognized in the period in which distributors ship the franchisee's order; recognition of revenue results in an accounts receivable included in “receivables, net” on the balance sheet.

In determining the amount and timing of revenues from contracts with customers, the Company exercises significant judgment with respect to collectability of the amount; however, the timing of recognition does not require significant judgments as it is based on either the term of the franchise agreement, the month of reported sales by the franchisee or the date of product shipment, none of which require estimation.

The following table disaggregates franchise revenues by major type for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Franchise Revenues:
Royalties	$	74.7	$	76.2	$	233.0	$	236.9
Advertising revenues	68.2		69.8		212.2		219.6
Proprietary product sales and other	16.5		18.3		50.0		55.2
Franchise and development fees	1.9		2.1		7.0		7.0
Total franchise revenues	$	161.3	$	166.4	$	502.3	$	518.7

Changes in the Company's contract liability for deferred franchise and development fees during the nine months ended September 30, 2025 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In millions)
Balance at December 31, 2024	$	42.7
Recognized as revenue during the nine months ended September 30, 2025	(6.7)
Fees deferred during the nine months ended September 30, 2025	3.6
Balance at September 30, 2025	$	39.6

The balance of deferred revenue as of September 30, 2025 is expected to be recognized as follows:


	(In millions)
2025 (remaining three months)	$	1.5
2026	5.5
2027	4.6
2028	3.7
2029	3.1
Thereafter	21.2
Total	$	39.6

Company Restaurant Revenues

Company restaurant revenues comprise retail sales at company-owned restaurants. Sales by company-owned restaurants are recognized when food and beverage items are sold. Company restaurant sales are reported net of sales taxes collected from guests that are remitted to the appropriate taxing authorities, with no significant judgments required.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill during the nine months ended September 30, 2025 were as follows:


	Franchise Segment		Company Restaurants Segment		Total
	(In millions)
Balance at December 31, 2024	$	247.0	$	1.6	$	248.6
Business acquisition	—		1.6		1.6
Purchase price adjustment	—		(0.9)		(0.9)
Adjustments resulting from the subsequent recognition of deferred tax assets	—		0.3		0.3
Balance at September 30, 2025	$	247.0	$	2.6	$	249.6

Gross and net carrying amounts of goodwill at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025						December 31, 2024
	Gross		Accumulated Impairment Loss		Net		Gross		Accumulated Impairment Loss		Net
	(In millions)
Franchise Segment	$	704.6	$	(457.6)	$	247.0	$	704.6	$	(457.6)	$	247.0
Company Restaurants Segment	2.6		—		2.6		1.6		—		1.6
Total	$707.2		$(457.6)		$249.6		$706.2		$(457.6)		$248.6

Other Intangible Assets Roll Forward

Changes in the carrying amounts during the nine months ended September 30, 2025 are as follows:


	Tradenames		Franchising Rights		Favorable Leaseholds		Other		Total
	(In millions)
Balance at December 31, 2024	$	525.2	$	42.3	$	2.8	$	5.4	$	575.7
Impairment	—		—		(2.8)		—		(2.8)
Amortization expense	—		(8.1)		—		(0.2)		(8.3)
Additions	—		—		—		1.6		1.6
Disposition	—		—		—		—		—
Balance at September 30, 2025	$	525.2	$	34.3	$	—	$	6.8	$	566.2

Schedule of Finite-Lived Intangible Assets

Gross and net carrying amounts of intangible assets subject to amortization at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025							December 31, 2024
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Period	Gross		Accumulated Amortization		Net		Weighted Average Remaining Period
	(In millions, except weighted average remaining period in years)
Franchising rights	$	214.8	$	(180.5)	$	34.3	7.8	$	214.8	$	(172.5)	$	42.3	7.6
Favorable leaseholds	—		—		—		0.0	3.4		(0.6)		2.8		10.1
Other	1.9		(0.3)		1.6		8.1	0.5		(0.1)		0.4		13.0
Total	$	216.7	$	(180.8)	$	35.8	7.8	$	218.7	$	(173.2)	$	45.5	7.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Closure and Impairment Charges

9 Months Ended

Sep. 30, 2025

Restructuring Charges [Abstract]

Closure and Impairment Charges

Closure and impairment charges for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Closure charges	$	0.6	$	0.4	$	4.3	$	1.4
Other asset impairment charges	0.0		—		3.3		—




Total closure and impairment charges	$	0.6	$	0.4	$	7.6	$	1.4

The closure charges for the three and nine months ended September 30, 2025 were primarily related to the acquisition and closure of certain IHOP restaurants in March 2025 and the establishment of or revisions to existing closure reserves for restaurants closed prior to December 31, 2024. The closure charges for the three and nine months ended September 30, 2024 were related to the establishment of or revisions to existing closure reserves for restaurants closed prior to December 31, 2023.

The other asset impairment charges for the nine months ended September 30, 2025 was primarily attributable to the strategic realignment of the IHOP Cincinnati market resulting in the acquisition and closure of certain IHOP restaurants in March 2025.

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The significant majority of the Company's goodwill arose from the November 29, 2007 acquisition of Applebee's which was allocated between the franchise and company restaurants segments.

Changes in the carrying amount of goodwill during the nine months ended September 30, 2025 were as follows:


	Franchise Segment		Company Restaurants Segment		Total
	(In millions)
Balance at December 31, 2024	$	247.0	$	1.6	$	248.6
Business acquisition	—		1.6		1.6
Purchase price adjustment	—		(0.9)		(0.9)
Adjustments resulting from the subsequent recognition of deferred tax assets	—		0.3		0.3
Balance at September 30, 2025	$	247.0	$	2.6	$	249.6

During the nine months ended September 30, 2025, the Company acquired 12 Applebee's restaurants from a franchisee as described in Note 17 - Business Acquisition of the Notes to the Condensed Consolidated Financial Statements, and allocated $1.6 million of resulting goodwill to the company restaurants segment.

Gross and net carrying amounts of goodwill at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025						December 31, 2024
	Gross		Accumulated Impairment Loss		Net		Gross		Accumulated Impairment Loss		Net
	(In millions)
Franchise Segment	$	704.6	$	(457.6)	$	247.0	$	704.6	$	(457.6)	$	247.0
Company Restaurants Segment	2.6		—		2.6		1.6		—		1.6
Total	$707.2		$(457.6)		$249.6		$706.2		$(457.6)		$248.6

Other Intangible Assets

The significant majority of the Company's other intangible assets arose from the November 29, 2007 acquisition of Applebee's. Changes in the carrying amounts during the nine months ended September 30, 2025 are as follows:


	Tradenames		Franchising Rights		Favorable Leaseholds		Other		Total
	(In millions)
Balance at December 31, 2024	$	525.2	$	42.3	$	2.8	$	5.4	$	575.7
Impairment	—		—		(2.8)		—		(2.8)
Amortization expense	—		(8.1)		—		(0.2)		(8.3)
Additions	—		—		—		1.6		1.6
Disposition	—		—		—		—		—
Balance at September 30, 2025	$	525.2	$	34.3	$	—	$	6.8	$	566.2

Gross and net carrying amounts of intangible assets subject to amortization at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025							December 31, 2024
	Gross		Accumulated Amortization		Net		Weighted Average Remaining Period	Gross		Accumulated Amortization		Net		Weighted Average Remaining Period
	(In millions, except weighted average remaining period in years)
Franchising rights	$	214.8	$	(180.5)	$	34.3	7.8	$	214.8	$	(172.5)	$	42.3	7.6
Favorable leaseholds	—		—		—		0.0	3.4		(0.6)		2.8		10.1
Other	1.9		(0.3)		1.6		8.1	0.5		(0.1)		0.4		13.0
Total	$	216.7	$	(180.8)	$	35.8	7.8	$	218.7	$	(173.2)	$	45.5	7.8

Stockholders' Deficit - Dividends Declared and Paid per Share (Details) - $ / shares	3 Months Ended					9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity [Abstract]
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 1.53	$ 1.53
Dividends paid per common share (in dollars per share)	$ 0.51				$ 0.51	$ 1.53	$ 1.53

Leases - Components of Lease Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Minimum lease payments	$ 22.4	$ 23.7	$ 67.2	$ 72.3
Variable lease income	3.9	3.9	12.5	12.9
Total operating lease income	$ 26.3	$ 27.6	$ 79.7	$ 85.2
Operating lease, lease income, statement of income or comprehensive income [extensible enumeration]	Rental revenues	Rental revenues	Rental revenues	Rental revenues

Fair Value Measurements (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Face Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,100.0	$ 1,094.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 1,108.1	$ 1,095.5

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

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+ Details

Business Acquisition - Narrative (Details) $ in Millions			9 Months Ended
Business Acquisition - Narrative (Details) $ in Millions	May 19, 2025 USD ($) restaurant	Mar. 05, 2025 USD ($) restaurant	Sep. 30, 2025 restaurant
Applebee's Restaurants
Business Combination [Line Items]
Number of businesses acquired \| restaurant	12		12
Cash	$ 1.3
IHOP Restaurants
Business Combination [Line Items]
Number of businesses acquired \| restaurant		10
Cash		$ 0.2
Gain on bargain purchase		$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Business Acquisition (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Schedule of Fair Value of Net Assets

The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):


Equipment and fixtures	$	0.5
Inventory and other current assets	0.0
Accounts Receivable	(0.2)
Total identifiable assets acquired	0.3

Liabilities assumed	(0.1)
Bargain purchase gain	$	0.2

The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):


Off-market leases	$	1.2
Cash	0.9
Inventory and other current assets	0.4
Total identifiable assets acquired	2.5

Liabilities assumed	(2.8)
Net identifiable liabilities acquired	(0.3)
Goodwill	1.6
Consideration transferred	$	1.3

Receivables and Current Expected Credit Losses (“CECL”) - Changes in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			$ 4,700
Bad debt expense	$ 489	$ 151	3,686	$ (395)
Advertising provision adjustment			(300)
Write-offs			(1,500)
Ending balance	6,700		6,700
Accounts Receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			3,100
Bad debt expense			2,900
Advertising provision adjustment			(300)
Write-offs			(900)
Ending balance	4,800		4,800
Notes Receivable, short-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			300
Bad debt expense			300
Advertising provision adjustment			0
Write-offs			0
Ending balance	600		600
Notes Receivable, long-term
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			800
Bad debt expense			0
Advertising provision adjustment			0
Write-offs			0
Ending balance	800		800
Real estate leases receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			100
Bad debt expense			100
Advertising provision adjustment			0
Write-offs			(100)
Ending balance	100		100
Equipment leases receivable
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			400
Bad debt expense			400
Advertising provision adjustment			0
Write-offs			(500)
Ending balance	300		300
Other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance			0
Bad debt expense			0
Advertising provision adjustment			0
Write-offs			0
Ending balance	$ 0		$ 0

Cash, Cash Equivalents and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

The components of cash and cash equivalents were as follows:


	September 30, 2025		December 31, 2024
	(In millions)
Money market funds	$	2.0	$	35.0
IHOP advertising funds and gift card programs	74.1		73.1
Other depository accounts	91.9		78.6
Total cash and cash equivalents	$	168.0	$	186.7

Schedule of Restrictions on Cash and Cash Equivalents

The components of current restricted cash were as follows:



	September 30, 2025		December 31, 2024
	(In millions)
Securitized debt reserves	$	56.4	$	40.0
Applebee's advertising funds	3.6		1.6
Other	1.2		0.8
Total current restricted cash	$	61.2	$	42.4

Stockholders' Deficit (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Dividends Declared

Dividends declared and paid per share for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Dividends declared per common share	$	0.51	$	0.51	$	1.53	$	1.53
Dividends paid per common share	$	0.51	$	0.51	$	1.53	$	1.53

Long-Term Debt - Schedule of Debt Components (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 17, 2025	Dec. 31, 2024	Apr. 17, 2023	Jun. 05, 2019
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (12,400)		$ (7,400)
Long-term debt, net of debt issuance costs	1,187,600		1,186,600
Less: current portion of long-term debt	0		(100,000)
Long-term debt	1,187,594		1,086,551
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Senior Notes	$ 0		$ 594,000
Debt interest rate (in percent)	4.723%		4.723%		4.723%
Series 2022-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 7.14% at December 31, 2024
Debt Instrument [Line Items]
Senior Notes	$ 0		$ 100,000
Debt interest rate (in percent)			7.14%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Senior Notes	$ 500,000		$ 500,000
Debt interest rate (in percent)	7.824%		7.824%	7.824%
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Senior Notes	$ 600,000		$ 0
Debt interest rate (in percent)	6.72%	6.72%	6.72%
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025
Debt Instrument [Line Items]
Senior Notes	$ 100,000		$ 0
Debt interest rate (in percent)	6.56%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 29,337	$ 59,716
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization	31,378	29,049
Non-cash closure and impairment charges	7,613	1,442
Non-cash stock-based compensation expense	9,733	12,572
Non-cash interest expense	2,702	2,448
Loss on extinguishment of debt	850	0
Deferred income taxes	4,131	(3,335)
Provision for doubtful accounts	3,686	(395)
Gain on disposition of assets	(99)	(57)
Other	(2,010)	(1,269)
Changes in operating assets and liabilities:
Receivables, net	(6,045)	5,707
Deferred rent receivable	5,334	6,605
Current income tax receivable and payable	4,990	1,352
Gift card receivable and payable	(6,103)	(13,060)
Other current assets	(1,213)	7,624
Accounts payable	998	(2,100)
Operating lease assets and liabilities	(10,206)	(9,716)
Accrued employee compensation and benefits	2,199	(11,033)
Accrued advertising	9,119	(1,827)
Accrued interest payable	10,679	(39)
Other accrued expenses	(3,739)	(776)
Deferred revenue	(10,032)	(5,214)
Cash flows provided by operating activities	83,302	77,694
Cash flows from investing activities:
Principal receipts from notes, equipment contracts and other long-term receivables	6,205	10,388
Additions to property and equipment	(21,348)	(10,305)
Proceeds from sale of property and equipment	1,062	305
Additions to long-term receivables	(1,859)	(649)
Acquisition, net of cash acquired	1,580	0
Additions to intangible assets	(1,467)	(400)
Cash flows used in investing activities	(15,827)	(661)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	600,000	0
Repayment of long-term debt	(594,000)	0
Payment of debt issuance costs	(11,591)	0
Dividends paid on common stock	(23,609)	(23,513)
Repurchase of common stock	(30,102)	(12,000)
Principal payments on finance lease and financing obligations	(3,807)	(4,396)
Repurchase of restricted stock for tax payments upon vesting	(1,831)	(2,573)
Tax payments for share settlement of restricted stock units	(20)	(30)
Other	0	(3)
Cash flows used in financing activities	(64,960)	(42,515)
Net change in cash, cash equivalents and restricted cash	2,515	34,518
Cash, cash equivalents and restricted cash at beginning of period	248,598	200,592
Cash, cash equivalents and restricted cash at end of period	251,113	235,110
Supplemental disclosures:
Interest paid in cash	53,041	59,538
Income taxes paid in cash	3,871	31,392
Non-cash conversion to notes receivable	6,395	3,130
Non-cash balance sheet gross-up of receivables and other accrued expenses	$ 0	$ 11,000

Business Acquisition - IHOP Fair Value Of Net Assets Acquired (Details) - IHOP Restaurants $ in Millions	Mar. 05, 2025 USD ($)
Business Combination [Line Items]
Equipment and fixtures	$ 0.5
Inventory and other current assets	0.0
Accounts Receivable	(0.2)
Total identifiable assets acquired	0.3
Liabilities assumed	(0.1)
Net identifiable liabilities acquired	$ 0.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2025 began on December 30, 2024 and ended on March 30, 2025, the second fiscal quarter of 2025 ended on June 29, 2025, and the third fiscal quarter of 2025 ended on September 28, 2025. The first fiscal quarter of 2024 began on January 1, 2024 and ended on March 31, 2024, the second fiscal quarter of 2024 ended on June 30, 2024, and the third fiscal quarter of 2024 ended on September 29, 2024. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries that are consolidated in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. Certain amounts in the Condensed Consolidated Financial Statements and associated notes may not foot due to rounding. The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make assumptions and estimates that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, if any, at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates are made in the calculation and assessment of the following: impairment of tangible and intangible assets and goodwill; income taxes; allowance for doubtful accounts and notes receivables; lease accounting estimates; contingencies; and stock-based compensation. On an ongoing basis, the Company evaluates its estimates based on historical experience, current conditions and various other assumptions that are believed to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.

Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Lease Cost

The Company's lease (income) cost for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.7	$	2.1	$	2.0
Interest on lease liabilities	0.7		0.7		2.1		2.2
Operating lease cost	20.7		18.3		61.2		54.8
Variable lease cost	1.9		1.9		6.0		5.9
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(24.9)		(25.8)		(74.8)		(79.7)
Lease income	$	(0.9)	$	(4.2)	$	(3.5)	$	(14.8)

Other lease information is as follows:


	Nine Months Ended September 30,
	2025		2024

Assets obtained in exchange for operating lease obligations	$	59.6	$	49.8
Assets obtained in exchange for finance lease obligations	$	3.8	$	6.8

Schedule of Lease Payments

During the three and nine months ended September 30, 2025 and 2024, the Company made the following cash payments for leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Principal payments on finance lease obligations	$	1.3	$	1.3	$	3.8	$	4.4
Interest payments on finance lease obligations	0.7		0.7		2.1		2.2
Payments on operating leases	23.6		20.8		67.6		62.6
Variable lease payments	2.0		1.9		6.3		6.0

Schedule of Operating Lease Income

The Company's income from operating leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Minimum lease payments	$	22.4	$	23.7	$	67.2	$	72.3
Variable lease income	3.9		3.9		12.5		12.9
Total operating lease income	$	26.3	$	27.6	$	79.7	$	85.2

Schedule of Direct Finance Lease Income

The Company's income from real estate leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	0.3	$	0.3	$	0.9	$	0.9
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	0.4		—		0.4		0.2
Total real estate lease income	$	0.8	$	0.4	$	1.5	$	1.3

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information by Segment

Information on segments and a reconciliation of operating profit to income before income taxes is as follows:


	Three Months Ended September 30, 2025
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	161.3	$	27.5	$	27.0	$	0.3	$	216.2
Less: Advertising revenue	68.2		—		—		—		68.2
Revenues excluding advertising revenue	93.1		27.5		27.0		0.3		147.9

Less:
Interest expense from finance leases	—		—		0.7		—		0.7
Depreciation and amortization	0.1		0.9		2.4		—		3.4
Other segment items(a)	10.1		31.2		18.0		0.1		59.3
Segment profit (loss)	82.9		(4.5)		5.9		0.2		84.6
Stock based compensation (direct)	0.8		—		—		—		0.8
Gain on disposition of assets	0.0		—		—		—		0.0
Other G&A expenses (direct and allocated)	31.3		1.9		—		—		33.1
Segment operating profit (loss)	$	50.9	$	(6.4)	$	5.9	$	0.2	$	50.6

Reconciliation of segment operating profit
Segment operating profit									$	50.6
Depreciation and amortization (unallocated)									4.2
Stock based compensation (unallocated)									2.3
Other G&A expenses (unallocated)									9.7
Interest expense, net									20.8
Closure and impairment charges									0.6
Amortization of intangible assets									2.9
Loss on extinguishment of debt									—
Income before income taxes									$	10.1


	Nine Months Ended September 30, 2025
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	502.3	$	77.3	$	81.2	$	0.9	$	661.7
Less: Advertising revenue	212.2		—		—		—		212.2
Revenues excluding advertising revenue	290.0		77.3		81.2		0.9		449.5

Less:
Interest expense from finance leases	—		—		2.1		—		2.1
Depreciation and amortization	0.4		2.2		7.3		—		9.9
Other segment items(a)	33.4		82.8		54.1		0.2		170.4
Segment profit	256.2		(7.6)		17.8		0.8		267.1
Stock based compensation (direct)	2.8		—		—		—		2.8
Gain on disposition of assets	(0.1)		—		—		—		(0.1)
Other G&A expenses (direct and allocated)	94.5		5.2		—		—		99.6
Segment operating profit (loss)	$	159.0	$	(12.8)	$	17.8	$	0.8	$	164.7

Reconciliation of segment operating profit
Segment operating profit									$	164.7
Depreciation and amortization (unallocated)									13.1
Stock based compensation (unallocated)									6.9
Other G&A expenses (unallocated)									29.8
Interest expense, net									56.3
Closure and impairment charges									7.6
Amortization of intangible assets									8.3
Loss on extinguishment of debt									0.9
Income before income taxes									$	41.8


	Three Months Ended September 30, 2024
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	166.4	$	0.3	$	28.0	$	0.4	$	195.0
Less: Advertising revenue	69.8		—		—		—		69.8
Revenues excluding advertising revenue	96.6		0.3		28.0		0.4		125.2

Less:
Interest expense from finance leases	—		—		0.7		—		0.7
Depreciation and amortization	0.1		0.0		2.5		—		2.6
Other segment items(a)	9.8		0.3		18.4		0.1		28.6
Segment profit	86.6		0.0		6.4		0.3		93.3
Stock based compensation (direct)	1.6		—		—		—		1.6
Loss on disposition of assets	0.0		—		—		—		0.0
Other G&A expenses (direct and allocated)	28.3		0.0		—		—		28.3
Segment operating profit	$	56.8	$	0.0	$	6.4	$	0.3	$	63.5

Reconciliation of segment operating profit
Segment operating profit									$	63.5
Depreciation and amortization (unallocated)									4.3
Stock based compensation (unallocated)									2.3
Other G&A expenses (unallocated)									9.0
Interest expense, net									18.4
Closure and impairment charges									0.4
Amortization of intangible assets									2.7
Loss on extinguishment of debt									—
Income before income taxes									$	26.5


	Nine Months Ended September 30, 2024
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	518.7	$	0.8	$	86.5	$	1.4	$	607.5
Less: Advertising revenue	219.6		—		—		—		219.6
Revenues excluding advertising revenue	299.2		0.8		86.5		1.4		388.0

Less:
Interest expense from finance leases	—		—		2.2		—		2.2
Depreciation and amortization	0.3		0.1		7.7		—		8.1
Other segment items(a)	31.3		0.8		55.3		0.2		87.6
Segment profit	267.6		(0.1)		21.3		1.2		290.0
Stock based compensation (direct)	4.8		—		—		—		4.8
Gain on disposition of assets	(0.1)		—		—		—		(0.1)
Other G&A expenses (direct and allocated)	88.3		0.0		—		—		88.3
Segment operating profit	$	174.5	$	(0.1)	$	21.3	$	1.2	$	196.9

Reconciliation of segment operating profit
Segment operating profit									$	196.9
Depreciation and amortization (unallocated)									12.8
Stock based compensation (unallocated)									7.8
Other G&A expenses (unallocated)									30.7
Interest expense, net									54.3
Closure and impairment charges									1.4
Amortization of intangible assets									8.2
Loss on extinguishment of debt									—
Income before income taxes									$	81.7

(a) For each reportable segment, the other segment item category includes:

Franchise: Costs of proprietary products, bad debt expense, pre-opening training expenses and other franchise-related costs.

Company Restaurants: Operating expenses at company-owned restaurants and include food, beverage, labor, benefits, utilities, rent and other operating costs.

Rental: Costs of operating leases and interest expense of finance leases on franchisee-operated restaurants.

Financing: Costs of restaurant equipment.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation, Claims and Disputes The Company is subject to various lawsuits, administrative proceedings, audits and claims arising in the ordinary course of business. Some of these lawsuits purport to be class actions and/or seek substantial damages. The Company is required under U.S. GAAP to record an accrual for litigation loss contingencies that are both probable and reasonably estimable. Legal fees and expenses associated with the defense of all of the Company's litigation are expensed as such fees and expenses are incurred. Management regularly assesses the Company's insurance coverage, analyzes litigation information with the Company's attorneys and evaluates the Company's loss experience in connection with pending legal proceedings. While the Company does not presently believe that any of the legal proceedings to which it is currently a party will ultimately have a material adverse impact on the Company, there can be no assurance that the Company will prevail in all the proceedings the Company is party to, or that the Company will not incur material losses from them. Lease Guarantees In connection with the refranchising of Applebee’s restaurants to franchisees, the Company has, in certain cases, guaranteed or has potential continuing liability for lease payments totaling $327.5 million as of September 30, 2025. This amount represents the maximum potential liability for future payments under these leases. These leases have been assigned to the buyers and expire at the end of the respective lease terms, which range from 2025 through 2058. Excluding unexercised option periods, the Company's potential liability for future payments under these leases is $84.1 million. 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.

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense (credit)	$ 3,300	$ 4,000	$ 9,800	$ 12,900
Accrued employee compensation and benefits	19,070		19,070		$ 16,674
Restricted Stock and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	18,600		$ 18,600
Total compensation cost not yet recognized, period for recognition (in years)			1 year 6 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost not yet recognized	1,300		$ 1,300
Total compensation cost not yet recognized, period for recognition (in years)			10 months 24 days
LTIP Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense (credit)	100	$ 100	$ (100)	$ 200
Accrued employee compensation and benefits	$ 700		$ 700		$ 800
2023 and 2024 LTIP Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
2023 and 2024 LTIP Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			0.00%
2023 and 2024 LTIP Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			200.00%
2025 LTIP Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)			3 years
2025 LTIP Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			0.00%
2025 LTIP Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Multiplier for target award based on total shareholder return on common stock (in percent)			200.00%

Goodwill and Other Intangible Assets - Other Intangible Assets Roll Forward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period			$ 45,500
Amortization expense	$ (2,905)	$ (2,724)	(8,315)	$ (8,169)
End of period	35,800		35,800
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total other intangible assets, beginning of period			575,654
Total other intangible assets, impairment			(2,800)
Total other intangible assets, amortization expense	(2,905)	$ (2,724)	(8,315)	$ (8,169)
Total other intangible assets, additions			1,600
Total other intangible assets, disposition			0
Total other intangible assets, end of period	566,241		566,241
Tradenames
Indefinite-lived Intangible Assets [Roll Forward]
Beginning of period			525,200
Impairment			0
Additions			0
Disposition			0
End of period	525,200		525,200
Franchising Rights
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period			42,300
Impairment			0
Amortization expense			(8,100)
Additions			0
Disposition			0
End of period	34,300		34,300
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total other intangible assets, amortization expense			(8,100)
Favorable Leaseholds
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period			2,800
Impairment			(2,800)
Amortization expense			0
Additions			0
Disposition			0
End of period	0		0
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total other intangible assets, amortization expense			0
Other
Finite-Lived Intangible Assets [Roll Forward]
Beginning of period			5,400
Impairment			0
Amortization expense			(200)
Additions			(1,600)
Disposition			0
End of period	$ 6,800		6,800
Intangible Assets, Net (Excluding Goodwill) [Roll Forward]
Total other intangible assets, amortization expense			$ (200)

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rate was 29.8% for the nine months ended September 30, 2025, as compared to 26.9% for the nine months ended September 30, 2024. The effective tax rate for the nine months ended September 30, 2025 was higher than the rate of the prior comparable period primarily due to a lower tax deduction related to stock-based compensation, resulting from the changes in our share price. The total gross unrecognized tax benefit as of September 30, 2025 and December 31, 2024 was $2.8 million and $2.5 million, respectively, excluding interest, penalties and related income tax benefits. The Company estimates the unrecognized tax benefit as of September 30, 2025 may decrease over the upcoming 12 months by $0.1 million related to settlements with taxing authorities and statute of limitations expirations. For the remaining liability, due to the uncertainties related to these tax matters, the Company is unable to make a reasonable estimate as to when cash settlement with a taxing authority will occur. The accrued interest as of September 30, 2025 and December 31, 2024 was $0.9 million and $0.8 million, respectively, excluding any related income tax benefits. The Company recognizes interest accrued related to unrecognized tax benefits and penalties as a component of the income tax provision recognized in the Condensed Consolidated Statements of Comprehensive Income. The Company files federal income tax returns and the Company or one of its subsidiaries file income tax returns in various state and international jurisdictions. With few exceptions, the Company is no longer subject to federal tax examinations by tax authorities for years before 2021 and state or non-United States tax examinations by tax authorities for years before 2020. The Company believes that adequate reserves have been provided relating to all matters contained in the tax periods open to examination.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Receivables and Current Expected Credit Losses (“CECL”) - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) lease
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term (in years)	6 years 3 months 18 days
Finance lease, weighted average remaining lease term (in years)	5 years 6 months
Notes Receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Accounts and financing receivable, allowance for credit loss	$ 1.3
Notes Receivable \| Applebee's
Financing Receivable, Allowance for Credit Loss [Line Items]
Wrote off accounts receivable	$ 0.9
Equipment leases receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Operating lease, weighted average remaining lease term (in years)	2 years 2 months 12 days
Real estate leases receivable
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of properties subject to ground leases \| lease	16
Finance lease, weighted average remaining lease term (in years)	9 years 10 months 24 days

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Fiscal Period	The Company’s fiscal quarters end on the Sunday closest to the last day of each calendar quarter. For convenience, the fiscal quarters of each year are referred to as ending on March 31, June 30, September 30 and December 31. The first fiscal quarter of 2025 began on December 30, 2024 and ended on March 30, 2025, the second fiscal quarter of 2025 ended on June 29, 2025, and the third fiscal quarter of 2025 ended on September 28, 2025. The first fiscal quarter of 2024 began on January 1, 2024 and ended on March 31, 2024, the second fiscal quarter of 2024 ended on June 30, 2024, and the third fiscal quarter of 2024 ended on September 29, 2024.
Newly Issued Accounting Standards Not Yet Adopted	Newly Issued Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect material impact of adopting this ASU on our disclosures. In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses," which requires public business entities to provide disaggregated disclosures, in the Notes to Condensed Consolidated Financial Statements, of certain expense categories that are included in expense line items on the face of the income statement. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU in our disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

Segments - Narrative (Details)	9 Months Ended
Segments - Narrative (Details)	Sep. 30, 2025 restaurant segment territory country
Franchisor Disclosure [Line Items]
Number of operating segments (segment) \| segment	6
Number of reportable segments (segment) \| segment	4
Applebee's
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory	2
Number of countries in which entity operates (country) \| country	16
IHOP
Franchisor Disclosure [Line Items]
Number of territories in which entity operates (territory) \| territory	2
Number of countries in which entity operates (country) \| country	16
Franchised Units \| Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,512
Franchised Units \| IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1,793
Franchised Units \| Fuzzy's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	108
Entity Operated Units \| Applebee's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	59
Entity Operated Units \| IHOP
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	10
Entity Operated Units \| Fuzzy's
Franchisor Disclosure [Line Items]
Number of restaurants (restaurant)	1

Leases - Components of Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Finance lease cost:
Amortization of right-of-use assets	$ 0.7	$ 0.7	$ 2.1	$ 2.0
Interest on lease liabilities	0.7	0.7	2.1	2.2
Operating lease cost	20.7	18.3	61.2	54.8
Variable lease cost	1.9	1.9	6.0	5.9
Short-term lease cost	0.0	0.0	0.0	0.0
Sublease income	(24.9)	(25.8)	(74.8)	(79.7)
Lease income	$ (0.9)	$ (4.2)	$ (3.5)	$ (14.8)

Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

At September 30, 2025 and December 31, 2024, long-term debt consisted of the following components:


	September 30, 2025		December 31, 2024
	(In millions)

Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	$	—	$	594.0
Series 2022-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 7.14% at December 31, 2024	—		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		500.0
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2	600.0		—
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025	100.0		—
Unamortized debt issuance costs	(12.4)		(7.4)
Long-term debt, net of debt issuance costs	1,187.6		1,186.6
Less: current portion of long-term debt	—		(100.0)
Long-term debt	$	1,187.6	$	1,086.6

Cash, Cash Equivalents and Restricted Cash

9 Months Ended

Sep. 30, 2025

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. These cash equivalents are stated at cost which approximates market value. Cash held

related to IHOP advertising funds and the Company's gift card programs is not considered to be restricted cash as there are no restrictions on the use of these funds.

The components of cash and cash equivalents were as follows:


	September 30, 2025		December 31, 2024
	(In millions)
Money market funds	$	2.0	$	35.0
IHOP advertising funds and gift card programs	74.1		73.1
Other depository accounts	91.9		78.6
Total cash and cash equivalents	$	168.0	$	186.7

Current Restricted Cash

Current restricted cash primarily consisted of funds required to be held in trust in connection with the Company's securitized debt and funds from Applebee's franchisees pursuant to franchise agreements, usage of which was restricted to advertising activities.

The components of current restricted cash were as follows:



	September 30, 2025		December 31, 2024
	(In millions)
Securitized debt reserves	$	56.4	$	40.0
Applebee's advertising funds	3.6		1.6
Other	1.2		0.8
Total current restricted cash	$	61.2	$	42.4

Non-current Restricted Cash

Non-current restricted cash was $22.0 million at September 30, 2025 and $19.5 million at December 31, 2024 and represents interest reserves required to be set aside for the duration of the Company's securitized debt.

Long-Term Debt - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
Long-Term Debt - Narrative (Details)	Jun. 30, 2025 USD ($) renewalPeriod	Sep. 30, 2025 USD ($) extensionTerm Rate	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) renewalPeriod extensionTerm Rate	Sep. 30, 2024 USD ($)	Jun. 17, 2025 USD ($)	Dec. 31, 2024 USD ($)	Apr. 17, 2023 USD ($)	Feb. 16, 2023 USD ($)	Jun. 05, 2019 USD ($) tranche
Debt Instrument [Line Items]
Repayments of long-term debt				$ 594,000,000	$ 0
Debt instrument, repurchase program, maximum amount									$ 100,000,000
Cash sweeping event \| Rate		175.00%		175.00%
Rapid amortization event \| Rate		120.00%		120.00%
Manager termination event \| Rate		120.00%		120.00%
Interest-only debt service coverage ratio, default event \| Rate		110.00%		110.00%
Debt service coverage ratio \| Rate		310.00%		310.00%
Unamortized debt issuance costs		$ 12,400,000		$ 12,400,000			$ 7,400,000
Gain (loss) on extinguishment of debt		$ 0	$ 0	$ (850,000)	0
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II and Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Number of tranches issued \| tranche										2
Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I
Debt Instrument [Line Items]
Debt interest rate (in percent)										4.194%
Debt instrument, face amount										$ 700,000,000
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II
Debt Instrument [Line Items]
Debt interest rate (in percent)		4.723%		4.723%			4.723%			4.723%
Debt instrument, face amount										$ 600,000,000
Amortization of debt issuance costs		$ 0		$ 400,000
Gain (loss) on extinguishment of debt				(900,000)
Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of long-term debt				$ 594,000,000
Amortization of debt issuance costs			200,000		700,000
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Debt interest rate (in percent)		7.824%		7.824%			7.824%	7.824%
Debt instrument, face amount								$ 500,000,000
Debt instrument, term (in years)				10 years
Additional interest on fixed rate (in percent)				5.00%
Quarterly principal payment				$ 1,250,000
Covenant compliance, leverage ratio, maximum \| Rate		525.00%		525.00%
Ratio of indebtedness to net capital \| Rate		458.00%		458.00%
Make-whole premium		$ 20,900,000		$ 20,900,000
Annual principal payment		5,000,000		$ 5,000,000
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate (in percent)				9.24%
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross		8,000,000		$ 8,000,000
Amortization of debt issuance costs		300,000	300,000	900,000	800,000
Debt issuance costs, net		$ 5,300,000		$ 5,300,000
Series 2022-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 7.14% at December 31, 2024
Debt Instrument [Line Items]
Debt interest rate (in percent)							7.14%
Series 2022-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 7.14% at December 31, 2024 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, expired amount						$ 325,000,000
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2
Debt Instrument [Line Items]
Debt interest rate (in percent)		6.72%		6.72%		6.72%	6.72%
Debt instrument, face amount						$ 600,000,000
Debt instrument, term (in years)				10 years
Additional interest on fixed rate (in percent)				5.00%
Quarterly principal payment				$ 1,500,000
Covenant compliance, leverage ratio, maximum \| Rate		525.00%		525.00%
Ratio of indebtedness to net capital \| Rate		458.00%		458.00%
Make-whole premium		$ 40,600,000		$ 40,600,000
Annual principal payment		6,000,000		$ 6,000,000
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2 \| Ten Year United States Treasury Bill Rate
Debt Instrument [Line Items]
Additional interest on fixed rate (in percent)				7.85%
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2 \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, gross		7,500,000		$ 7,500,000
Amortization of debt issuance costs		300,000		400,000
Debt issuance costs, net		$ 7,100,000		$ 7,100,000
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025
Debt Instrument [Line Items]
Debt interest rate (in percent)		6.56%		6.56%
Number of additional extensions \| extensionTerm		2		2
Additional extension (in years)				1 year
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 325,000,000					$ 325,000,000
Number of renewal periods \| renewalPeriod	2			2
Renewal period term (in years)	1 year			1 year
Interest rate after renewal date (in percent)	5.00%
Debt, weighted average interest rate (in percent)		6.85%		6.85%
Letters of credit outstanding, amount		$ 600,000		$ 600,000
Line of credit facility, current borrowing capacity		224,400,000		224,400,000
Debt issuance costs, gross	$ 4,100,000
Amortization of debt issuance costs		300,000	$ 300,000	900,000	$ 900,000
Debt issuance costs, net		$ 6,600,000		6,600,000
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.50%
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Letter of Credit
Debt Instrument [Line Items]
Proceeds from long-term lines of credit				$ 100,000,000
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Letter of Credit \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	2.00%
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Letter of Credit \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.50%
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025 \| Letter of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percent)	0.50%

Receivables and Current Expected Credit Losses (“CECL”)

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Receivables and Current Expected Credit Losses (“CECL”)

The CECL reserve methodology requires companies to measure expected credit losses on financial instruments based on the total estimated amount to be collected over the lifetime of the instrument. Under the CECL model, reserves may be established against financial asset balances even if the risk of loss is remote or has not yet manifested itself. The Company records specific reserves against account balances of franchisees deemed at-risk when a potential loss is likely or imminent as a result of prolonged payment delinquency (greater than 90 days past due) and where notable credit deterioration has become evident. For financial assets that are not currently deemed at-risk, an allowance is recorded based on expected loss rates derived pursuant to the Company's CECL methodology that assesses four components - historical losses, current conditions, reasonable and supportable forecasts, and a reversion to history, if applicable.

The Company considers its portfolio segments to be the following:

Accounts Receivable

Most of the Company’s short-term receivables due from franchisees are derived from royalty, advertising, and other franchise-related fees, and from distributors related to the sale of proprietary products to franchisees through the Company’s network of suppliers and distributors. During the nine months ended September 30, 2025, the Company wrote off $0.9 million, predominantly related to Applebee's accounts receivable.

Gift Card Receivable

Gift card receivable consists primarily of amounts due from third-party vendors. Receivables related to gift card sales are subject to seasonality and usually peak around year-end as a result of the December holiday season.

Notes Receivable

Notes receivable balances primarily relate to the conversion of certain past due franchisee accounts receivable to notes receivable, cash loans to franchisees for working capital purposes, notes receivable in connection with the sale of IHOP and Applebee's company restaurants, franchise fees and other notes. A portion of these notes have specific reserves recorded against them amounting to $1.3 million as of September 30, 2025.

Equipment Leases Receivable

Equipment leases receivable primarily relates to IHOP franchise development activity prior to 2003 when IHOP typically leased or purchased the restaurant site, built and equipped the restaurant, then franchised the restaurant to a franchisee. Equipment lease contracts are collateralized by the equipment in the restaurant. The estimated fair value of the equipment collateralizing these lease contracts are not deemed to be significant given the very seasoned and mature nature of this portfolio. The weighted average remaining life of the Company’s equipment leases is 2.2 years as of September 30, 2025.

Real Estate Leases Receivable

Real estate leases receivable primarily relates to the franchise development activity resulting from the previous IHOP business model where the Company provided the financing for leasing or subleasing the site. Real estate leases at September 30, 2025 comprised of 16 leases with a weighted average remaining life of 9.9 years, and relate to locations that IHOP is leasing from third parties and subleasing to franchisees.


	September 30, 2025		December 31, 2024
	(In millions)
Accounts receivable	$	74.7	$	72.0
Gift card receivable	5.9		34.7
Notes receivable	19.3		14.7

Equipment leases receivable	7.8		13.2
Real estate leases receivable	18.6		18.3
Other receivables	4.9		2.9
	131.2		155.8
Less: allowance for credit losses and notes receivable	(6.7)		(4.7)
	124.5		151.1
Less: current portion	(90.3)		(115.2)
Long-term receivables	$	34.2	$	35.9

Changes in the allowance for credit losses during the nine months ended September 30, 2025 were as follows:



	Accounts Receivable		Notes Receivable, short-term		Notes Receivable, long-term		Real estate leases receivable		Equipment leases receivable		Other (1)		Total
	(In millions)
Balance, December 31, 2024	$	3.1	$	0.3	$	0.8	$	0.1	$	0.4	$	0.0	$	4.7
Bad debt expense	2.9		0.3		(0.0)		0.1		0.4		—		3.7
Advertising provision adjustment	(0.3)		—		—		—		—		—		(0.3)
Write-offs	(0.9)		—		—		(0.1)		(0.5)		—		(1.5)

Balance, September 30, 2025	$	4.8	$	0.6	$	0.8	$	0.1	$	0.3	$	0.0	$	6.7

(1) Primarily gift card receivable and credit card receivable.

The Company's primary credit quality indicator for all portfolio segments is delinquency. Generally, the notes receivable, leases receivable, equipment receivable, and other receivable (primarily consisting of credit card receivable) are not delinquent.

The year of origination of the Company's notes and financing receivables at September 30, 2025 is as follows:



	Notes Receivable, short and long-term		Real estate leases receivable		Equipment leases receivable		Total
	(In millions)
2025	$	6.5	$	1.3	$	0.1	$	7.9
2024	7.4		1.8		0.2		9.4
2023	4.8		3.2		0.3		8.3
2022	0.3		7.5		—		7.8
2021	0.3		1.9		—		2.2
Prior	0.0		2.9		7.2		10.1
Total	$	19.3	$	18.6	$	7.8	$	45.7

The Company does not place its financing receivables in non-accrual status.

Stock-Based Compensation - Components of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity classified awards expense	$ 3.2	$ 3.9	$ 9.9	$ 12.7
Liability classified awards expense	0.1	0.1	(0.1)	0.2
Total stock-based compensation expense	$ 3.3	$ 4.0	$ 9.8	$ 12.9

Cash, Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Non-current restricted cash	$ 22,000	$ 19,500

Goodwill and Other Intangible Assets - Narrative (Details) $ in Millions		9 Months Ended
	May 19, 2025 restaurant	Sep. 30, 2025 USD ($) restaurant
Operating Segments
Goodwill [Line Items]
Business acquisition		$ 1.6
Operating Segments \| Company Restaurants Segment
Goodwill [Line Items]
Business acquisition		$ 1.6
Applebee's Restaurants
Goodwill [Line Items]
Number of businesses acquired \| restaurant	12	12

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

Subsequent Event	9 Months Ended
Subsequent Event	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On November 5, 2025, the Board of Directors declared a fourth quarter 2025 cash dividend of $0.19 per share of common stock, payable on January 7, 2026, to the Company's stockholders of record at the close of business on December 23, 2025.

Revenues - Deferred Revenue Expected to be Recognized (Details) $ in Millions	Sep. 30, 2025 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 39.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 1.5
Performance obligations expected to be satisfied, expected timing	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 5.5
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 4.6
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3.7
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 3.1
Performance obligations expected to be satisfied, expected timing	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligations expected to be satisfied	$ 21.2
Performance obligations expected to be satisfied, expected timing

Long-Term Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Long-Term Debt

At September 30, 2025 and December 31, 2024, long-term debt consisted of the following components:


	September 30, 2025		December 31, 2024
	(In millions)

Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II	$	—	$	594.0
Series 2022-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 7.14% at December 31, 2024	—		100.0
Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2	500.0		500.0
Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2	600.0		—
Series 2025-1 Variable Funding Senior Notes, Class A-1, variable interest rate of 6.56% at September 30, 2025	100.0		—
Unamortized debt issuance costs	(12.4)		(7.4)
Long-term debt, net of debt issuance costs	1,187.6		1,186.6
Less: current portion of long-term debt	—		(100.0)
Long-term debt	$	1,187.6	$	1,086.6

On June 5, 2019, Applebee’s Funding LLC and IHOP Funding LLC (the “Co-Issuers”), each a special purpose, wholly-owned indirect subsidiary of the Company, issued two tranches of fixed rate senior secured notes, the Series 2019-1 4.194% Fixed Rate Senior Secured Notes, Class A-2-I (“2019 Class A-2-I Notes”) in an initial aggregate principal amount of $700 million and the Series 2019-1 4.723% Fixed Rate Senior Secured Notes, Class A-2-II in an initial aggregate principal amount of $600 million (the “2019 Class A-2-II Notes” and, together with the 2019 Class A-2-I Notes, the “2019 Class A-2 Notes”). The 2019 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended. The 2019 Class A-2-I Notes were voluntarily repaid in full on April 17, 2023 and the 2019 Class A-2-II Notes were voluntarily repaid in full on June 17, 2025 (discussed further below). For a description of the repaid 2019 Class A-2-I Notes, refer to Note 8 — Long-Term Debt of the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and for a description of the repaid 2019 Class A-2-II Notes, refer to Note 8 — Long-Term Debt of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

On April 17, 2023, the Co-Issuers completed a refinancing transaction and issued $500 million of Series 2023-1 7.824% Fixed Rate Senior Secured Notes, Class A-2 (the “2023 Class A-2 Notes”). The 2023 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended.

On June 17, 2025, the Co-Issuers established a new revolving financing facility, the 2025-1 Variable Funding Senior Notes, Class A-1 (the “Credit Facility” or “2025 Class A-1 Notes”), that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. In connection with this transaction, the Co-Issuers terminated their $325 million revolving financing facility, the 2022-1 Variable Funding Senior Notes, Class A-1 (the "2022 Credit Facility"). For a description of the terminated 2022 Credit Facility, refer to Note 8 — Long-Term Debt of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Also on June 17, 2025, the Co-Issuers completed a refinancing transaction and issued $600 million of Series 2025-1 6.720% Fixed Rate Senior Secured Notes, Class A-2 (the “2025 Class A-2 Notes”). The 2025 Class A-2 Notes were issued pursuant to an offering exempt from registration under the Securities Act of 1933, as amended. The Company used the net proceeds of the 2025 Class A-2 Notes to repay the entire outstanding balance of approximately $594.0 million of the 2019 Class A-2-II Notes and to pay fees and expenses incurred in connection with the issuance of the 2025 Class A-2 Notes. The 2023 Class A-2 Notes and the 2025 Class A-1 Notes, together with the 2025 Class A-2 Notes are referred to collectively herein as the “Notes.” The Notes were issued in securitization transactions pursuant to which substantially all the domestic revenue-generating assets and domestic intellectual property held by the Co-Issuers and certain other special-purpose, wholly-owned indirect subsidiaries of the Company (the “Guarantors”) were pledged as collateral to secure the Notes.

The Notes were issued under a Base Indenture, dated as of September 30, 2014, amended and restated as of June 5, 2019 and further amended and restated as of April 17, 2023 (the “Base Indenture”). In addition, the 2019 Class A-2-II Notes were issued under the related Series 2019-1 Supplement to the Base Indenture, dated June 5, 2019 (the “Series 2019-1 Supplement”),

among the Co-Issuers and Citibank, N.A., as the trustee (in such capacity, the “Trustee”) and securities intermediary, the 2022 Credit Facility was issued under the related Series 2022-1 Supplement to the Base Indenture, dated August 12, 2022 (“Series 2022-1 Supplement”), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary, the 2023 Class A-2 Notes were issued under the related Series 2023-1 Supplement to the Base Indenture, dated April 17, 2023 (the “Series 2023-1 Supplement”), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary, and the 2025 Class A-2 Notes and the 2025 Class A-1 Notes were issued under the related Series 2025-1 Supplement to the Base Indenture, dated June 17, 2025 (the "Series 2025-1 Supplement"), among the Co-Issuers and Citibank, N.A., as Trustee and securities intermediary. The Base Indenture, Series 2023-1 Supplement, and Series 2025-1 Supplement (collectively, the “Indenture”) will allow the Co-Issuers to issue additional series of notes in the future subject to certain conditions set forth therein.

2023 Class A-2 Notes

The legal final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier to the extent permitted under the Indenture, the 2023 Class A-2 Notes will be repaid in June 2029 (the “2023 Class A-2 Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2023 Class A-2 Notes by the 2023 Class A-2 Anticipated Repayment Date, then additional interest will accrue on the 2023 Class A-2 Notes, as applicable, at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the Series 2023-1 Class A-2 Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the 2023 Class A-2 Anticipated Repayment Date of the United States Treasury Security having a term closest to 10 years plus (y) 9.24% for the 2023 Class A-2 Notes.

While the 2023 Class A-2 Notes are outstanding, payment of principal and interest is required to be made on the 2023 Class A-2 Notes on a quarterly basis. The quarterly principal payment of $1.25 million on the 2023 Class A-2 Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x.

As of September 30, 2025, the Company's leverage ratio was approximately 4.58x. As a result, quarterly principal payments on the 2023 Class A-2 Notes of $1.25 million currently are not required.

The Company may voluntarily repay the 2023 Class A-2 Notes at any time; however, if the 2023 Class A-2 Notes are repaid prior to certain dates, the Company would be required to pay make-whole premiums. As of September 30, 2025, the make-whole premium associated with voluntary prepayment of the 2023 Class A-2 Notes was approximately $20.9 million. The Company also would be subject to a make-whole premium in the event of a mandatory prepayment required following a Rapid Amortization Event or certain asset dispositions. The mandatory make-whole premium requirements are considered derivatives embedded in the Notes that must be bifurcated for separate valuation. The Company estimated the fair value of these derivatives to be immaterial as of September 30, 2025, based on the probability-weighted discounted cash flows associated with either event.

2025 Class A-2 Notes

The legal final maturity of the 2025 Class A-2 Notes is in June 2055, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2025 Class A-2 Notes will be repaid in June 2030 (the “2025 Class A-2 Anticipated Repayment Date”). If the Co-Issuers have not repaid or refinanced the 2025 Class A-2 Notes by the 2025 Class A-2 Anticipated Repayment Date, then additional interest will accrue on the 2025 Class A-2 Notes at the greater of: (A) 5.0% and (B) the amount, if any, by which the sum of the following exceeds the applicable Series 2025-1 Class A-2 Note interest rate: (x) the yield to maturity (adjusted to a quarterly bond-equivalent basis) on the applicable anticipated repayment date of the United States Treasury Security having a term closest to 10 years plus (y) 7.85%.

While the 2025 Class A-2 Notes are outstanding, payment of principal and interest is required to be made on the 2025 Class A-2 Notes on a quarterly basis. The quarterly principal payment of $1.5 million on the 2025 Class A-2 Notes may be suspended when the leverage ratio for the Company and its subsidiaries is less than or equal to 5.25x.

As of September 30, 2025, the Company's leverage ratio was approximately 4.58x. As a result, quarterly principal payments on the 2025 Class A-2 Notes of $1.5 million currently are not required.

The Company may voluntarily repay the 2025 Class A-2 Notes at any time; however, if the 2025 Class A-2 Notes are repaid prior to certain dates, the Company would be required to pay make-whole premiums. As of September 30, 2025, the make-whole premium associated with voluntary prepayment of the 2025 Class A-2 Notes was approximately $40.6 million. The Company also would be subject to a make-whole premium in the event of a mandatory prepayment required following a Rapid Amortization Event or certain asset dispositions. The mandatory make-whole premium requirements are considered derivatives embedded in the Notes that must be bifurcated for separate valuation. The Company estimated the fair value of

these derivatives to be immaterial as of September 30, 2025, based on the probability-weighted discounted cash flows associated with either event.

2025 Class A-1 Notes

In June 2025, the Co-Issuers entered into the Credit Facility that allows for drawings up to $325 million of variable funding notes on a revolving basis and the issuance of letters of credit. The applicable interest rate under the Credit Facility depends on the type of borrowing by the Co-Issuers. The applicable interest rate for advances is generally calculated at a per annum rate equal to the commercial paper funding rate or one-, two-, three- or six-month Term SOFR Rate, in either case, plus 2.50%. The applicable interest rate for swingline advances and unreimbursed draws on outstanding letters of credit is a per annum base rate equal to the sum of (a) the greatest of (A) the Prime Rate in effect from time to time, (B) the Federal Funds Rate in effect from time to time plus 0.50% and (C) Term SOFR for a one-month tenor in effect at such time plus 0.50% plus (b) 2.00%.

The legal final maturity of the Credit Facility is June 2055, but rapid amortization will apply if there are outstanding amounts under the Credit Facility after June 2030 (the “Class A-1 Renewal Date”). The 2025 Class A-1 Renewal Date may be extended at the Co-Issuers’ election for up to two successive one-year periods if certain conditions are met. If the Co-Issuers have not repaid or refinanced the Credit Facility by the 2025 Class A-1 Renewal Date (after giving effect to any extensions), then interest will accrue on the Credit Facility at a rate equal to 5.00% in addition to the regular interest rate applicable to the Credit Facility.

As of September 30, 2025, the outstanding balance of the Credit Facility was $100 million. The amount of $0.6 million was pledged against the Credit Facility for outstanding letters of credit, leaving $224.4 million of the Credit Facility available for borrowing at September 30, 2025. It is anticipated that the principal and interest on the 2025 Class A-1 Notes will be repaid in full on or prior to the quarterly payment date in June 2030 (the “2025 Class A-1 Anticipated Repayment Date”), subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions. The letters of credit are used primarily to satisfy insurance-related collateral requirements. The weighted average interest rate for the period outstanding during the nine months ended September 30, 2025 was 6.85%.

Repurchase Program

On February 16, 2023, the Company's Board of Directors authorized a debt repurchase program of up to $100 million. Repurchases of the Company’s debt, if any, are expected to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption. Under the authorization, the Company may make repurchases of the Company's debt from time to time in the open market or in privately negotiated transactions upon such terms and at such prices as management may determine.

Covenants and Restrictions

The Notes are subject to a series of covenants and restrictions customary for transactions of this type, including: (i) that the Co-Issuers maintain specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments, and the related payment of specified amounts, including specified call redemption premiums in the case of Class A-2 Notes under certain circumstances; (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are subject to customary rapid amortization events provided for in the Indenture, including events tied to failure of the Securitization Entities (as defined in the Indenture) to maintain the stated debt service coverage ratio (“DSCR”), the sum of domestic retail sales for all restaurants being below certain levels on certain measurement dates, certain manager termination events, certain events of default and the failure to repay or refinance the Class A-2 Notes on the anticipated repayment dates. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure of the Securitization Entities to maintain the stated DSCR, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties and certain judgments.

In general, the DSCR ratio is Net Cash Flow (as defined in the Indenture) for the four quarters preceding the calculation date divided by the total debt service payments (as defined in the Indenture) of the preceding four quarters. The complete definitions of the DSCR and all calculation elements are contained in the Indenture. Failure to maintain a prescribed DSCR can trigger a Cash Trapping Event, A Rapid Amortization Event, a Manager Termination Event or a Default Event (each as defined in the Indenture) as described below. In a Cash Trapping Event, the Trustee is required to retain respective Cash Trapping Percentage (as defined in the Indenture) of excess cash flow in a restricted account. In a Rapid Amortization Event, all excess cash flow is retained and used to retire principal amounts of debt. In a Manager Termination Event, the Company may be

replaced as manager of the assets securitized under the Indenture. In a Default Event, the outstanding principal amount and any accrued but unpaid interest can be called to become immediately due and payable. Key DSCRs are as follows:

•DSCR less than 1.75x - Cash Trapping Event

•DSCR less than 1.20x - Rapid Amortization Event

•Interest-only DSCR less than 1.20x - Manager Termination Event

•Interest-only DSCR less than 1.10x - Default Event

The Company's DSCR for the reporting period ended September 30, 2025 was approximately 3.1x.

Debt Issuance Costs

Credit Facility

In June 2025, the Company incurred costs of approximately $4.1 million in connection with the issuance of the Credit Facility. These debt issuance costs are deferred along with the unamortized costs of the terminated 2022 Credit Facility and are being amortized over the terms of the new arrangement. Amortization of $0.3 million and $0.9 million of these costs were included in interest expense for the three and nine months ended September 30, 2025, respectively. Amortization of $0.3 million and $0.9 million of these costs were included in interest expense for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, total unamortized debt issuance costs of $6.6 million related to the Credit Facility are classified as other non-current assets in the Condensed Consolidated Balance Sheets.

2025 Class A-2 Notes

The Company incurred costs of approximately $7.5 million in connection with the issuance of the 2025 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over estimated life of the 2025 Class A-2 Notes. Amortization costs of $0.3 million and $0.4 million were included in interest expense for the three and nine months ended September 30, 2025, respectively. As of September 30, 2025, unamortized debt issuance costs of $7.1 million are reported as a direct reduction of the 2025 Class A-2 Notes in the Condensed Consolidated Balance Sheets.

2023 Class A-2 Notes

The Company incurred costs of approximately $8.0 million in connection with the issuance of the 2023 Class A-2 Notes. These debt issuance costs are being amortized using the effective interest method over the estimated life of the 2023 Class A-2 Notes. Amortization costs of $0.3 million and $0.9 million were included in interest expense for the three and nine months ended September 30, 2025, respectively. Amortization costs of $0.3 million and $0.8 million were included in interest expense for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025, unamortized debt issuance costs of $5.3 million are reported as a direct reduction of the 2023 Class A-2 Notes in the Condensed Consolidated Balance Sheets.

2019 Class A-2-II Notes

Debt issuance costs incurred in connection with the issuance of the 2019 Class A-2-II Notes were amortized using the effective interest method over the estimated life of each tranche of the 2019 Class A-2 Notes. The 2019 Class A-2-II Notes amortization costs of zero and $0.4 million were included in interest expense for the three and nine months ended September 30, 2025, respectively. The 2019 Class A-2-II Notes amortization costs of $0.2 million and $0.7 million were included in interest expense for the three and nine months ended September 30, 2024, respectively. In connection with the repayment of the 2019 Class A-2-II Notes discussed above, the Company recognized a loss on extinguishment of debt of $0.9 million, representing the remaining unamortized debt issuance costs.

Maturities of Long-term Debt

•The final maturity of the 2023 Class A-2 Notes is in March 2053, but it is anticipated that, unless repaid earlier, to the extent permitted under the Indenture, the 2023 Class A-2 Notes will be repaid in June 2029.

•The final maturity of the 2025 Class A-2 Notes is in June 2055, but it is anticipated that, unless repaid earlier, to the extent permitted under the Indenture, the 2025 Class A-2 Notes will be repaid in June 2030.

•The renewal date of the 2025 Class A-1 Notes is June 2030, subject to two additional one-year extensions at the option of the Company upon the satisfaction of certain conditions.

•Quarterly principal payments on the 2023 Class A-2 Notes totaling $1.25 million ($5.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

•Quarterly principal payments on the 2025 Class A-2 Notes totaling $1.5 million ($6.0 million per annum) are required if the Company's leverage ratio is greater than 5.25x.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Revenues - Changes in the Company's Contract Liability for Deferred Franchise and Development Fees (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Deferred Franchise Revenue (short- and long-term)
Balance at December 31, 2024	$ 42.7
Recognized as revenue during the nine months ended September 30, 2025	(6.7)
Fees deferred during the nine months ended September 30, 2025	3.6
Balance at September 30, 2025	$ 39.6

Leases - Payment for Leases (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Principal payments on finance lease obligations	$ 1.3	$ 1.3	$ 3.8	$ 4.4
Interest payments on finance lease obligations	0.7	0.7	2.1	2.2
Payments on operating leases	23.6	20.8	67.6	62.6
Variable lease payments	$ 2.0	$ 1.9	$ 6.3	$ 6.0

Closure and Impairment Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Restructuring Charges [Abstract]
Closure charges	$ 600	$ 400	$ 4,300	$ 1,400
Other asset impairment charges	0	0	3,300	0
Total closure and impairment charges	$ 612	$ 366	$ 7,613	$ 1,442

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Business Acquisition - Applebee's Fair Value Of Net Assets Acquired (Details) - USD ($) $ in Thousands	Sep. 30, 2025	May 19, 2025	Dec. 31, 2024
Business Combination [Line Items]
Goodwill	$ 249,557		$ 248,622
Applebee's Restaurants
Business Combination [Line Items]
Off-market leases		$ 1,200
Cash		900
Inventory and other current assets		400
Total identifiable assets acquired		2,500
Liabilities assumed		(2,800)
Net identifiable liabilities acquired		(300)
Goodwill		1,600
Consideration transferred		$ 1,300

Revenues - Disaggregation of Franchise Revenue by Major Type (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Franchise Revenues:
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 161,346	$ 166,354	$ 502,279	$ 518,729
Royalties
Disaggregation of Revenue [Line Items]
Total franchise revenues	74,700	76,200	233,000	236,900
Advertising revenues
Disaggregation of Revenue [Line Items]
Total franchise revenues	68,200	69,800	212,200	219,600
Proprietary product sales and other
Disaggregation of Revenue [Line Items]
Total franchise revenues	16,500	18,300	50,000	55,200
Franchise and development fees
Disaggregation of Revenue [Line Items]
Total franchise revenues	$ 1,900	$ 2,100	$ 7,000	$ 7,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Receivables and Current Expected Credit Losses (“CECL”) - Year of Origination of Financing Receivables (Details) $ in Millions	Sep. 30, 2025 USD ($)
Total
Financing Receivable, Credit Quality Indicator [Line Items]
2025	$ 7.9
2024	9.4
2023	8.3
2022	7.8
2021	2.2
Prior	10.1
Total	45.7
Notes Receivable, short and long-term
Financing Receivable, Credit Quality Indicator [Line Items]
2025	6.5
2024	7.4
2023	4.8
2022	0.3
2021	0.3
Prior	0.0
Total	19.3
Real estate leases receivable
Financing Receivable, Credit Quality Indicator [Line Items]
2025	1.3
2024	1.8
2023	3.2
2022	7.5
2021	1.9
Prior	2.9
Total	18.6
Equipment leases receivable
Financing Receivable, Credit Quality Indicator [Line Items]
2025	0.1
2024	0.2
2023	0.3
2022	0.0
2021	0.0
Prior	7.2
Total	$ 7.8

Stockholders' Deficit - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					9 Months Ended		44 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Feb. 28, 2022
Equity, Class of Treasury Stock [Line Items]
Dividends paid						$ 23,600	$ 23,500
Dividends declared per common share (in dollars per share)	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 0.51	$ 1.53	$ 1.53
Stock repurchased during period	$ 22,503					$ 30,102	$ 12,000
Reissuance of treasury stock	$ 1				$ 0	$ 0	$ 0
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of restricted shares for taxes (in shares)	989,662					1,299,440	269,621
Reissuance of treasure stock (in shares)	30,285				760	526,141	280,953
Treasury Stock
Equity, Class of Treasury Stock [Line Items]
Repurchase of restricted shares for taxes (in shares)	989,662					1,299,440	269,621
Stock repurchased during period	$ 22,503					$ 30,102	$ 12,000
Reissuance of treasure stock (in shares)	(30,285)				(760)	(526,141)	(280,953)
Reissuance of treasury stock	$ 1,404				$ 36	$ 24,937	$ 13,627
2022 Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount									$ 250,000
Repurchase of restricted shares for taxes (in shares)						1,299,440		3,164,839
Stock repurchased during period						$ 30,100		$ 146,900
Remaining dollar value of shares that may be repurchased	$ 103,100					$ 103,100		$ 103,100

Goodwill and Other Intangible Assets - Gross And Net Carrying Amounts Of Goodwill (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Line Items]
Net	$ 249,557	$ 248,622
Operating Segments
Goodwill [Line Items]
Gross	707,200	706,200
Accumulated Impairment Loss	(457,600)	(457,600)
Net	249,600	248,600
Operating Segments \| Franchise Segment
Goodwill [Line Items]
Gross	704,600	704,600
Accumulated Impairment Loss	(457,600)	(457,600)
Net	247,000	247,000
Operating Segments \| Company Restaurants Segment
Goodwill [Line Items]
Gross	2,600	1,600
Accumulated Impairment Loss	0	0
Net	$ 2,600	$ 1,600

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases - Other Lease Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases [Abstract]
Assets obtained in exchange for operating lease obligations	$ 59.6	$ 49.8
Assets obtained in exchange for finance lease obligations	$ 3.8	$ 6.8

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company does not have a material amount of financial assets or liabilities that are required under U.S. GAAP to be measured on a recurring basis at fair value. The Company is not a party to any material derivative financial instruments. The Company does not have a material amount of non-financial assets or non-financial liabilities that are required under U.S. GAAP to be measured at fair value on a recurring basis. The Company has not elected to use the fair value measurement option, as permitted under U.S. GAAP, for any assets or liabilities for which fair value measurement is not presently required.

The Company believes the fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts due to their short duration.

The fair values of the Company's long-term debt, excluding the Credit Facility, at September 30, 2025 and December 31, 2024 were as follows:


	September 30, 2025		December 31, 2024
	(In millions)
Face Value	$	1,100.0	$	1,094.0
Fair Value	$	1,108.1	$	1,095.5

The fair values were determined based on Level 2 inputs, including information gathered from brokers who trade in the Company’s long-term debt, as well as information on notes that are similar to those of the Company.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Common stock, shares, outstanding, beginning (in shares) at Dec. 31, 2023		15,344,768
Stockholders' equity, beginning of period at Dec. 31, 2023	$ (250,974)	$ 249	$ 256,542	$ 150,008	$ (64)	$ (657,709)
Treasury stock, shares, beginning (in shares) at Dec. 31, 2023						9,525,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59,716			59,716
Other comprehensive income (loss)	(3)				(3)
Repurchase of restricted shares for taxes (in shares)		(269,621)				(269,621)
Purchase of Company common stock	(12,000)					$ (12,000)
Reissuance of treasure stock (in shares)		280,953				(280,953)
Reissuance of treasury stock		$ (1)
Reissuance of treasury stock	0		(13,626)			$ 13,627
Net issuance of shares for stock plans (in shares)		(27,796)
Repurchase of restricted shares for taxes (in shares)		(54,739)
Repurchase of restricted shares for taxes	(2,573)		(2,573)
Stock-based compensation	12,572		12,572
Dividends on common stock	(23,378)		109	(23,487)
Tax payments for share settlement of restricted stock units	(30)		(30)
Common stock, shares, outstanding, ending (in shares) at Sep. 30, 2024		15,273,565
Stockholders' equity, end of the period at Sep. 30, 2024	(216,670)	$ 248	252,994	186,237	(67)	$ (656,082)
Treasury stock, shares, ending (in shares) at Sep. 30, 2024						9,514,429
Common stock, shares, outstanding, beginning (in shares) at Jun. 30, 2024		15,299,270
Stockholders' equity, beginning of period at Jun. 30, 2024	(231,702)	$ 248	249,265	174,972	(69)	$ (656,118)
Treasury stock, shares, beginning (in shares) at Jun. 30, 2024						9,515,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,061			19,061
Other comprehensive income (loss)	2				2
Reissuance of treasure stock (in shares)		760				(760)
Reissuance of treasury stock	0		(36)			$ 36
Net issuance of shares for stock plans (in shares)		(23,766)
Repurchase of restricted shares for taxes (in shares)		(2,699)
Repurchase of restricted shares for taxes	(87)		(87)
Stock-based compensation	3,815		3,815
Dividends on common stock	(7,759)		37	(7,796)
Common stock, shares, outstanding, ending (in shares) at Sep. 30, 2024		15,273,565
Stockholders' equity, end of the period at Sep. 30, 2024	$ (216,670)	$ 248	252,994	186,237	(67)	$ (656,082)
Treasury stock, shares, ending (in shares) at Sep. 30, 2024						9,514,429
Common stock, shares, outstanding, beginning (in shares) at Dec. 31, 2024	15,273,210	15,273,210
Stockholders' equity, beginning of period at Dec. 31, 2024	$ (216,019)	$ 248	254,814	183,614	(76)	$ (654,619)
Treasury stock, shares, beginning (in shares) at Dec. 31, 2024	9,483,427					9,483,427
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 29,337			29,337
Other comprehensive income (loss)	1				1
Repurchase of restricted shares for taxes (in shares)		(1,299,440)				(1,299,440)
Purchase of Company common stock	(30,102)					$ (30,102)
Reissuance of treasure stock (in shares)		526,141				(526,141)
Reissuance of treasury stock		$ (1)
Reissuance of treasury stock	0		(24,936)			$ 24,937
Net issuance of shares for stock plans (in shares)		(14,429)
Repurchase of restricted shares for taxes (in shares)		(73,451)
Repurchase of restricted shares for taxes	(1,831)		(1,831)
Stock-based compensation	9,733		9,733
Dividends on common stock	(23,017)		88	(23,105)
Tax payments for share settlement of restricted stock units	$ (20)		(20)
Common stock, shares, outstanding, ending (in shares) at Sep. 30, 2025	14,412,031	14,412,031
Stockholders' equity, end of the period at Sep. 30, 2025	$ (231,918)	$ 247	237,848	189,846	(75)	$ (659,784)
Treasury stock, shares, ending (in shares) at Sep. 30, 2025	10,256,726					10,256,726
Common stock, shares, outstanding, beginning (in shares) at Jun. 30, 2025		15,379,495
Stockholders' equity, beginning of period at Jun. 30, 2025	$ (212,545)	$ 247	236,117	189,849	(73)	$ (638,685)
Treasury stock, shares, beginning (in shares) at Jun. 30, 2025						9,297,349
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,326			7,326
Other comprehensive income (loss)	(2)				(2)
Repurchase of restricted shares for taxes (in shares)		(989,662)				(989,662)
Purchase of Company common stock	(22,503)					$ (22,503)
Reissuance of treasure stock (in shares)		30,285				(30,285)
Reissuance of treasury stock	1		(1,403)			$ 1,404
Net issuance of shares for stock plans (in shares)		(7,558)
Repurchase of restricted shares for taxes (in shares)		(529)
Repurchase of restricted shares for taxes	(11)		(11)
Stock-based compensation	3,117		3,117
Dividends on common stock	$ (7,300)		29	(7,329)
Common stock, shares, outstanding, ending (in shares) at Sep. 30, 2025	14,412,031	14,412,031
Stockholders' equity, end of the period at Sep. 30, 2025	$ (231,918)	$ 247	$ 237,848	$ 189,846	$ (75)	$ (659,784)
Treasury stock, shares, ending (in shares) at Sep. 30, 2025	10,256,726					10,256,726

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Components of the Company’s Stock-Based Compensation Expense

The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Equity classified awards expense	$	3.2	$	3.9	$	9.9	$	12.7
Liability classified awards expense	0.1		0.1		(0.1)		0.2
Total stock-based compensation expense	$	3.3	$	4.0	$	9.8	$	12.9

Schedule of Stock Option Activity

Stock option balances at September 30, 2025, and activity for the nine months ended September 30, 2025 were as follows:


	Number of Shares Under Option	Weighted Average Exercise Price Per Share		Weighted Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2024	524,646	$	69.89
Granted	—	—
Exercised	—	—
Expired	(33,746)	85.57
Forfeited	(8,072)	55.50
Outstanding at September 30, 2025	482,828	69.04		5.01	$	—
Vested and Expected to Vest at September 30, 2025	475,940	69.28		4.96	$	—
Exercisable at September 30, 2025	400,687	$	72.02	4.35	$	—

Schedule of Restricted Stock Unit Activity

Outstanding balances as of September 30, 2025, and activity related to restricted stock and restricted stock units for the nine months ended September 30, 2025 were as follows:


	Shares of Restricted Stock	Weighted Average Grant Date Fair Value		Stock-Settled Restricted Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2024	421,459	$	56.18	72,953	$	46.83
Granted	526,141	26.05		55,109	26.13
Released	(186,551)	61.10		(34,030)	47.70
Forfeited	(47,632)	45.74		(36,516)	39.61
Outstanding at September 30, 2025	713,417	$	33.37	57,516	$	31.78

General	9 Months Ended
General	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General The accompanying unaudited interim condensed consolidated financial statements of Dine Brands Global, Inc. (the “Company” or “Dine Brands Global”) have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with 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. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the twelve months ending December 31, 2025. The consolidated balance sheet at December 31, 2024 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Segments

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segments

The chief executive officer is the Company's chief operating decision maker ("CODM"). The CODM uses each segments' revenue and operating profit to assess its performance.

The CODM uses revenue and operating profit for each segment primarily in the annual budget and forecasting process, and in the quarterly budget-to-actual analysis when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses operating profit to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees. The CODM does not consider asset information when evaluating operating segments, therefore total segment assets are not presented.

The Company identifies its reporting segments based on the organizational units used by management to monitor performance and make operating decisions. The Company currently has six operating segments: Applebee's franchise operations, IHOP franchise operations, Fuzzy's franchise operations, rental operations, financing operations, and company-

owned restaurant operations. The Company has four reporting segments: franchise operations (an aggregation of each restaurant concept's franchise operations), company-owned restaurant operations, rental operations and financing operations.

As of September 30, 2025, the franchise operations segment consisted of 1,512 restaurants operated by Applebee’s franchisees in the United States, two U.S. territories and 16 countries outside the United States; 1,793 restaurants operated by IHOP franchisees and area licensees in the United States, two U.S. territories and 16 countries outside the United States; and 108 restaurants operated by Fuzzy's franchisees in the United States. Franchise operations revenue consists primarily of franchise royalty revenues, franchise advertising revenue, sales of proprietary products to franchisees, and other franchise fees. Franchise operations expenses include advertising expense, the cost of proprietary products, pre-opening training expenses and other franchise-related costs.

Rental operations revenue includes revenue from operating leases and interest income from real estate leases. Rental operations expenses are costs of operating leases and interest expense from finance leases on which the Company is the lessee. Financing operations revenue primarily consists of interest income from the financing of IHOP equipment leases and franchise fees and interest income on notes receivable due from franchisees. Financing operations expenses primarily are the cost of taxes related to IHOP equipment leases. As of September 30, 2025, the company restaurants segment consisted of 59 company-owned Applebee's restaurants, 10 company-owned IHOP restaurants, and one company-owned Fuzzy's restaurant located in the United States. Company-owned restaurant operation revenue consists of retail sales at company-owned restaurants. Company-owned restaurant operation expenses are operating expenses such as food, beverage, labor, benefits, utilities, rent and other operating costs.

Information on segments and a reconciliation of operating profit to income before income taxes is as follows:


	Three Months Ended September 30, 2025
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	161.3	$	27.5	$	27.0	$	0.3	$	216.2
Less: Advertising revenue	68.2		—		—		—		68.2
Revenues excluding advertising revenue	93.1		27.5		27.0		0.3		147.9

Less:
Interest expense from finance leases	—		—		0.7		—		0.7
Depreciation and amortization	0.1		0.9		2.4		—		3.4
Other segment items(a)	10.1		31.2		18.0		0.1		59.3
Segment profit (loss)	82.9		(4.5)		5.9		0.2		84.6
Stock based compensation (direct)	0.8		—		—		—		0.8
Gain on disposition of assets	0.0		—		—		—		0.0
Other G&A expenses (direct and allocated)	31.3		1.9		—		—		33.1
Segment operating profit (loss)	$	50.9	$	(6.4)	$	5.9	$	0.2	$	50.6

Reconciliation of segment operating profit
Segment operating profit									$	50.6
Depreciation and amortization (unallocated)									4.2
Stock based compensation (unallocated)									2.3
Other G&A expenses (unallocated)									9.7
Interest expense, net									20.8
Closure and impairment charges									0.6
Amortization of intangible assets									2.9
Loss on extinguishment of debt									—
Income before income taxes									$	10.1


	Nine Months Ended September 30, 2025
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	502.3	$	77.3	$	81.2	$	0.9	$	661.7
Less: Advertising revenue	212.2		—		—		—		212.2
Revenues excluding advertising revenue	290.0		77.3		81.2		0.9		449.5

Less:
Interest expense from finance leases	—		—		2.1		—		2.1
Depreciation and amortization	0.4		2.2		7.3		—		9.9
Other segment items(a)	33.4		82.8		54.1		0.2		170.4
Segment profit	256.2		(7.6)		17.8		0.8		267.1
Stock based compensation (direct)	2.8		—		—		—		2.8
Gain on disposition of assets	(0.1)		—		—		—		(0.1)
Other G&A expenses (direct and allocated)	94.5		5.2		—		—		99.6
Segment operating profit (loss)	$	159.0	$	(12.8)	$	17.8	$	0.8	$	164.7

Reconciliation of segment operating profit
Segment operating profit									$	164.7
Depreciation and amortization (unallocated)									13.1
Stock based compensation (unallocated)									6.9
Other G&A expenses (unallocated)									29.8
Interest expense, net									56.3
Closure and impairment charges									7.6
Amortization of intangible assets									8.3
Loss on extinguishment of debt									0.9
Income before income taxes									$	41.8


	Three Months Ended September 30, 2024
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	166.4	$	0.3	$	28.0	$	0.4	$	195.0
Less: Advertising revenue	69.8		—		—		—		69.8
Revenues excluding advertising revenue	96.6		0.3		28.0		0.4		125.2

Less:
Interest expense from finance leases	—		—		0.7		—		0.7
Depreciation and amortization	0.1		0.0		2.5		—		2.6
Other segment items(a)	9.8		0.3		18.4		0.1		28.6
Segment profit	86.6		0.0		6.4		0.3		93.3
Stock based compensation (direct)	1.6		—		—		—		1.6
Loss on disposition of assets	0.0		—		—		—		0.0
Other G&A expenses (direct and allocated)	28.3		0.0		—		—		28.3
Segment operating profit	$	56.8	$	0.0	$	6.4	$	0.3	$	63.5

Reconciliation of segment operating profit
Segment operating profit									$	63.5
Depreciation and amortization (unallocated)									4.3
Stock based compensation (unallocated)									2.3
Other G&A expenses (unallocated)									9.0
Interest expense, net									18.4
Closure and impairment charges									0.4
Amortization of intangible assets									2.7
Loss on extinguishment of debt									—
Income before income taxes									$	26.5


	Nine Months Ended September 30, 2024
	Franchise		Company Restaurants		Rental		Financing		Total
	(In millions)
Revenues	$	518.7	$	0.8	$	86.5	$	1.4	$	607.5
Less: Advertising revenue	219.6		—		—		—		219.6
Revenues excluding advertising revenue	299.2		0.8		86.5		1.4		388.0

Less:
Interest expense from finance leases	—		—		2.2		—		2.2
Depreciation and amortization	0.3		0.1		7.7		—		8.1
Other segment items(a)	31.3		0.8		55.3		0.2		87.6
Segment profit	267.6		(0.1)		21.3		1.2		290.0
Stock based compensation (direct)	4.8		—		—		—		4.8
Gain on disposition of assets	(0.1)		—		—		—		(0.1)
Other G&A expenses (direct and allocated)	88.3		0.0		—		—		88.3
Segment operating profit	$	174.5	$	(0.1)	$	21.3	$	1.2	$	196.9

Reconciliation of segment operating profit
Segment operating profit									$	196.9
Depreciation and amortization (unallocated)									12.8
Stock based compensation (unallocated)									7.8
Other G&A expenses (unallocated)									30.7
Interest expense, net									54.3
Closure and impairment charges									1.4
Amortization of intangible assets									8.2
Loss on extinguishment of debt									—
Income before income taxes									$	81.7

(a) For each reportable segment, the other segment item category includes:

Franchise: Costs of proprietary products, bad debt expense, pre-opening training expenses and other franchise-related costs.

Company Restaurants: Operating expenses at company-owned restaurants and include food, beverage, labor, benefits, utilities, rent and other operating costs.

Rental: Costs of operating leases and interest expense of finance leases on franchisee-operated restaurants.

Financing: Costs of restaurant equipment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Cash, Cash Equivalents and Restricted Cash - Schedule of Current Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]
Total current restricted cash	$ 61.2	$ 42.4
Securitized debt reserves
Restricted Cash and Cash Equivalent Item [Line Items]
Total current restricted cash	56.4	40.0
Applebee's advertising funds \| Applebee's
Restricted Cash and Cash Equivalent Item [Line Items]
Total current restricted cash	3.6	1.6
Other
Restricted Cash and Cash Equivalent Item [Line Items]
Total current restricted cash	$ 1.2	$ 0.8

Cash, Cash Equivalents and Restricted Cash - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 167,950	$ 186,650
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	2,000	35,000
IHOP advertising funds and gift card programs \| IHOP
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	74,100	73,100
Other depository accounts
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 91,900	$ 78,600

Stock-Based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) $ / shares shares
Number of Shares Under Option
Outstanding, beginning of period (in shares) \| shares	524,646
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	0
Expired (in shares) \| shares	(33,746)
Forfeited (in shares) \| shares	(8,072)
Outstanding, end of period (in shares) \| shares	482,828
Vested and Expected to Vest (in shares) \| shares	475,940
Exercisable (in shares) \| shares	400,687
Weighted Average Exercise Price Per Share
Beginning of period (in dollars per share) \| $ / shares	$ 69.89
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	0
Expired (in dollars per share) \| $ / shares	85.57
Forfeited (in dollars per share) \| $ / shares	55.50
End of period (in dollars per share) \| $ / shares	69.04
Vested and Expected to vest (in dollars per share) \| $ / shares	69.28
Exercisable (in dollars per share) \| $ / shares	$ 72.02
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term (in years)	5 years 3 days
Weighted Average Remaining Contractual Term, Vested and Expected to Vest (in years)	4 years 11 months 15 days
Weighted Average Remaining Contractual Term, Exercisable (in years)	4 years 4 months 6 days
Aggregate Intrinsic Value, Outstanding \| $	$ 0.0
Aggregate Intrinsic Value, Vested and Expected to Vest \| $	0.0
Aggregate Intrinsic Value, Exercisable \| $	$ 0.0

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2025
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Newly Issued Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and should be applied on a prospective basis with the option to apply the standard retrospectively. The Company does not expect material impact of adopting this ASU on our disclosures. In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses," which requires public business entities to provide disaggregated disclosures, in the Notes to Condensed Consolidated Financial Statements, of certain expense categories that are included in expense line items on the face of the income statement. The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU in our disclosures. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segments - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Total revenues	$ 216,166	$ 195,034	$ 661,730	$ 607,536
Interest expense from finance leases	553	729	1,957	2,208
Gross profit	84,553	93,319	267,092	290,014
Stock based compensation (direct)	3,300	4,000	9,800	12,900
(Gain) loss on disposition of assets	(19)	6	(99)	(57)
Interest expense, net	20,791	18,369	56,317	54,291
Closure and impairment charges	612	366	7,613	1,442
Amortization of intangible assets	2,905	2,724	8,315	8,169
Loss on extinguishment of debt	0	0	850	0
Income before income taxes	10,064	26,464	41,790	81,734
Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	68,246	69,789	212,245	219,568
Operating Segments
Segment Reporting Information [Line Items]
Total revenues	216,200	195,000	661,700	607,500
Interest expense from finance leases	700	700	2,100	2,200
Depreciation and amortization	3,400	2,600	9,900	8,100
Other segment items	59,300	28,600	170,400	87,600
Gross profit	84,600	93,300	267,100	290,000
Stock based compensation (direct)	800	1,600	2,800	4,800
(Gain) loss on disposition of assets	(0)	(0)	(100)	(100)
Other G&A expenses (direct and allocated)	33,100	28,300	99,600	88,300
Segment operating profit (loss)	50,600	63,500	164,700	196,900
Operating Segments \| Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	68,200	69,800	212,200	219,600
Operating Segments \| Revenues excluding advertising revenue
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	147,900	125,200	449,500	388,000
Operating Segments \| Franchise Segment
Segment Reporting Information [Line Items]
Total revenues	161,300	166,400	502,300	518,700
Interest expense from finance leases	0	0	0	0
Depreciation and amortization	100	100	400	300
Other segment items	10,100	9,800	33,400	31,300
Gross profit	82,900	86,600	256,200	267,600
Stock based compensation (direct)	800	1,600	2,800	4,800
(Gain) loss on disposition of assets	(0)	(0)	(100)	(100)
Other G&A expenses (direct and allocated)	31,300	28,300	94,500	88,300
Segment operating profit (loss)	50,900	56,800	159,000	174,500
Operating Segments \| Franchise Segment \| Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	68,200	69,800	212,200	219,600
Operating Segments \| Franchise Segment \| Revenues excluding advertising revenue
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	93,100	96,600	290,000	299,200
Operating Segments \| Company Restaurants Segment
Segment Reporting Information [Line Items]
Total revenues	27,500	300	77,300	800
Interest expense from finance leases	0	0	0	0
Depreciation and amortization	900	0	2,200	100
Other segment items	31,200	300	82,800	800
Gross profit	(4,500)	0	(7,600)	(100)
Stock based compensation (direct)	0	0	0	0
(Gain) loss on disposition of assets	0	0	0	0
Other G&A expenses (direct and allocated)	1,900	0	5,200	0
Segment operating profit (loss)	(6,400)	0	(12,800)	(100)
Operating Segments \| Company Restaurants Segment \| Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	0	0	0	0
Operating Segments \| Company Restaurants Segment \| Revenues excluding advertising revenue
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	27,500	300	77,300	800
Operating Segments \| Rental
Segment Reporting Information [Line Items]
Total revenues	27,000	28,000	81,200	86,500
Interest expense from finance leases	700	700	2,100	2,200
Depreciation and amortization	2,400	2,500	7,300	7,700
Other segment items	18,000	18,400	54,100	55,300
Gross profit	5,900	6,400	17,800	21,300
Stock based compensation (direct)	0	0	0	0
(Gain) loss on disposition of assets	0	0	0	0
Other G&A expenses (direct and allocated)	0	0	0	0
Segment operating profit (loss)	5,900	6,400	17,800	21,300
Operating Segments \| Rental \| Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	0	0	0	0
Operating Segments \| Rental \| Revenues excluding advertising revenue
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	27,000	28,000	81,200	86,500
Operating Segments \| Financing
Segment Reporting Information [Line Items]
Total revenues	300	400	900	1,400
Interest expense from finance leases	0	0	0	0
Depreciation and amortization	0	0	0	0
Other segment items	100	100	200	200
Gross profit	200	300	800	1,200
Stock based compensation (direct)	0	0	0	0
(Gain) loss on disposition of assets	0	0	0	0
Other G&A expenses (direct and allocated)	0	0	0	0
Segment operating profit (loss)	200	300	800	1,200
Operating Segments \| Financing \| Advertising revenues
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	0	0	0	0
Operating Segments \| Financing \| Revenues excluding advertising revenue
Segment Reporting Information [Line Items]
Revenues excluding advertising revenue	300	400	900	1,400
Segment Reporting Excluding Corporate Expenditure
Segment Reporting Information [Line Items]
Depreciation and amortization	4,200	4,300	13,100	12,800
Stock based compensation (direct)	2,300	2,300	6,900	7,800
Other G&A expenses (direct and allocated)	9,700	9,000	29,800	30,700
Interest expense, net	20,800	18,400	56,300	54,300
Closure and impairment charges	600	400	7,600	1,400
Amortization of intangible assets	2,900	2,700	8,300	8,200
Loss on extinguishment of debt	0	0	900	0
Income before income taxes	$ 10,100	$ 26,500	$ 41,800	$ 81,700

Closure and Impairment Charges (Tables)

9 Months Ended

Sep. 30, 2025

Restructuring Charges [Abstract]

Schedule of Impairment and Closure Charges

Closure and impairment charges for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Closure charges	$	0.6	$	0.4	$	4.3	$	1.4
Other asset impairment charges	0.0		—		3.3		—




Total closure and impairment charges	$	0.6	$	0.4	$	7.6	$	1.4

Condensed Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Rental revenues	$ 27,017	$ 27,991	$ 81,197	$ 86,546
Financing revenues	296	422	931	1,421
Total revenues	216,166	195,034	661,730	607,536
Cost of revenues:
Franchise expenses	78,451	79,727	246,088	251,153
Bad debt expense (credit)	489	151	3,686	(395)
Company restaurant expenses	32,020	304	84,934	915
Interest expense from finance leases	553	729	1,957	2,208
Other rental expenses	20,527	20,879	61,479	63,005
Total rental expenses	21,080	21,608	63,436	65,213
Financing expenses	62	76	180	241
Total cost of revenues	131,613	101,715	394,638	317,522
Gross profit	84,553	93,319	267,092	290,014
General and administrative expenses	50,200	45,390	152,306	144,435
Interest expense, net	20,791	18,369	56,317	54,291
Closure and impairment charges	612	366	7,613	1,442
Amortization of intangible assets	2,905	2,724	8,315	8,169
Loss on extinguishment of debt	0	0	850	0
(Gain) loss on disposition of assets	(19)	6	(99)	(57)
Income before income taxes	10,064	26,464	41,790	81,734
Income tax provision	(2,738)	(7,403)	(12,453)	(22,018)
Net income	7,326	19,061	29,337	59,716
Other comprehensive income (loss) net of tax:
Foreign currency translation adjustment	(2)	2	1	(3)
Total comprehensive income	7,324	19,063	29,338	59,713
Net income available to common stockholders:
Net income	7,326	19,061	29,337	59,716
Less: Net income allocated to unvested restricted stock	(342)	(553)	(1,250)	(1,760)
Net income available to common stockholders	$ 6,984	$ 18,508	$ 28,087	$ 57,956
Net income available to common stockholders per share:
Basic (in dollars per share)	$ 0.48	$ 1.24	$ 1.90	$ 3.88
Diluted (in dollars per share)	$ 0.48	$ 1.24	$ 1.90	$ 3.88
Weighted average shares outstanding:
Basic (in shares)	14,410	14,897	14,751	14,940
Diluted (in shares)	14,410	14,897	14,751	14,940
Franchise Revenues:
Revenues:
Revenue from contract with customer	$ 161,346	$ 166,354	$ 502,279	$ 518,729
Royalties, franchise fees and other
Revenues:
Revenue from contract with customer	93,100	96,565	290,034	299,161
Advertising revenues
Revenues:
Revenue from contract with customer	68,246	69,789	212,245	219,568
Company restaurant sales
Revenues:
Revenue from contract with customer	27,507	267	77,323	840
Advertising revenues
Revenues:
Revenue from contract with customer	68,200	69,800	212,200	219,600
Cost of revenues:
Franchise expenses	68,246	69,789	212,245	219,568
Other franchise expenses
Cost of revenues:
Franchise expenses	$ 9,716	$ 9,787	$ 30,157	$ 31,980

Business Acquisition

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Business Acquisition

On March 5, 2025, the Company entered into a cooperation agreement with an IHOP franchisee to acquire 10 IHOP restaurants across Ohio and Kentucky for $0.2 million of consideration. The Company entered into the transaction to invest in the system, improve operations through innovation tests and create a blueprint for franchisee success and growth for the Company. Due to the fair value of the assets acquired exceeding the consideration transferred, the transaction resulted in a $0.2 million gain on bargain purchase, which is recorded under General and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025.

The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):


Equipment and fixtures	$	0.5
Inventory and other current assets	0.0
Accounts Receivable	(0.2)
Total identifiable assets acquired	0.3

Liabilities assumed	(0.1)
Bargain purchase gain	$	0.2

On May 19, 2025, the Company entered into Assignment of Membership Interest and Amendment to Limited Liability Company Operating Agreements with an Applebee's franchisee to acquire 12 Applebee's restaurants across Kentucky, Indiana, Arkansas, and Oklahoma for $1.3 million of consideration. The Company entered into the transaction to invest in the system, improve operations through innovation tests and create a blueprint for franchisee success and growth for the Company. There were no significant indirect costs related to the transaction as of September 30, 2025.

The following table summarizes the estimated fair value of net assets acquired at the date of acquisition (in millions):


Off-market leases	$	1.2
Cash	0.9
Inventory and other current assets	0.4
Total identifiable assets acquired	2.5

Liabilities assumed	(2.8)
Net identifiable liabilities acquired	(0.3)
Goodwill	1.6
Consideration transferred	$	1.3

The purchase price allocation is preliminary, subject to finalization of certain transition cut-off adjustments typical with transactions of this nature. There are no significant unresolved contingencies. The Company does not expect there will be material adjustments to the preliminary purchase price allocation.

The results of operation of these restaurants are included in the Company's condensed consolidated results from the acquisition date. The Company has not presented pro forma results of the restaurants for periods prior to the acquisition because the business is not considered significant as measured by the amount of the Company's investment in and assets of the business relative to the Company's condensed consolidated balance sheet and by the income before income taxes of the business relative to the Company's average income before income taxes for the most recent five-year period excluding loss years.

- Definition

The entire disclosure for business combination.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2025	Oct. 23, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-15283
Entity Registrant Name	Dine Brands Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3038279
Entity Address, Address Line One	10 West Walnut Street, 5th Floor
Entity Address, City or Town	Pasadena
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91103
City Area Code	(818)
Local Phone Number	240-6055
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	DIN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,423,699
Entity Central Index Key	0000049754
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

The Company engages in leasing activity as both a lessee and a lessor. The Company currently leases from third parties the real property on which 477 IHOP franchisee-operated restaurants are located; the Company (as lessor) subleases the property to the franchisees that operate those restaurants. The Company also leases property it owns to the applicable franchisees that operate the 48 IHOP restaurants and one Applebee's restaurant located on such company-owned property. The Company leases from third parties the real property on which 59 Applebee's company-owned restaurants, 10 IHOP company-owned restaurants and one Fuzzy's company-owned restaurant are located. The Company also leases office space for its principal corporate office in Pasadena, California and a restaurant support center in Irving, Texas. The Company does not have a significant amount of non-real estate leases.

The Company's existing leases/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. Option periods were not included in determining liabilities and right-of-use assets related to operating leases. Restaurants associated with 296 of the Company's leases met the sales levels that required variable rent payments to the Company (as lessor), based on a percentage of restaurant sales during the nine months ended September 30, 2025. Restaurants associated with 34 of the Company's leases met the sales levels that required variable rent payments by the Company (as lessee), based on a percentage of restaurant sales during the nine months ended September 30, 2025.

The Company's lease (income) cost for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.7	$	2.1	$	2.0
Interest on lease liabilities	0.7		0.7		2.1		2.2
Operating lease cost	20.7		18.3		61.2		54.8
Variable lease cost	1.9		1.9		6.0		5.9
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(24.9)		(25.8)		(74.8)		(79.7)
Lease income	$	(0.9)	$	(4.2)	$	(3.5)	$	(14.8)

Other lease information is as follows:


	Nine Months Ended September 30,
	2025		2024

Assets obtained in exchange for operating lease obligations	$	59.6	$	49.8
Assets obtained in exchange for finance lease obligations	$	3.8	$	6.8

The weighted average remaining lease term as of September 30, 2025 was 5.5 years for finance leases and 6.3 years for operating leases. The weighted average discount rate as of September 30, 2025 was 9.1% for finance leases and 6.2% for operating leases.

During the three and nine months ended September 30, 2025 and 2024, the Company made the following cash payments for leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Principal payments on finance lease obligations	$	1.3	$	1.3	$	3.8	$	4.4
Interest payments on finance lease obligations	0.7		0.7		2.1		2.2
Payments on operating leases	23.6		20.8		67.6		62.6
Variable lease payments	2.0		1.9		6.3		6.0

The Company's income from operating leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Minimum lease payments	$	22.4	$	23.7	$	67.2	$	72.3
Variable lease income	3.9		3.9		12.5		12.9
Total operating lease income	$	26.3	$	27.6	$	79.7	$	85.2

The Company's income from real estate leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	0.3	$	0.3	$	0.9	$	0.9
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	0.4		—		0.4		0.2
Total real estate lease income	$	0.8	$	0.4	$	1.5	$	1.3

Leases

The Company's lease (income) cost for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.7	$	2.1	$	2.0
Interest on lease liabilities	0.7		0.7		2.1		2.2
Operating lease cost	20.7		18.3		61.2		54.8
Variable lease cost	1.9		1.9		6.0		5.9
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(24.9)		(25.8)		(74.8)		(79.7)
Lease income	$	(0.9)	$	(4.2)	$	(3.5)	$	(14.8)

Other lease information is as follows:


	Nine Months Ended September 30,
	2025		2024

Assets obtained in exchange for operating lease obligations	$	59.6	$	49.8
Assets obtained in exchange for finance lease obligations	$	3.8	$	6.8

During the three and nine months ended September 30, 2025 and 2024, the Company made the following cash payments for leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Principal payments on finance lease obligations	$	1.3	$	1.3	$	3.8	$	4.4
Interest payments on finance lease obligations	0.7		0.7		2.1		2.2
Payments on operating leases	23.6		20.8		67.6		62.6
Variable lease payments	2.0		1.9		6.3		6.0

The Company's income from operating leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Minimum lease payments	$	22.4	$	23.7	$	67.2	$	72.3
Variable lease income	3.9		3.9		12.5		12.9
Total operating lease income	$	26.3	$	27.6	$	79.7	$	85.2

The Company's income from real estate leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	0.3	$	0.3	$	0.9	$	0.9
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	0.4		—		0.4		0.2
Total real estate lease income	$	0.8	$	0.4	$	1.5	$	1.3

Leases

The Company's lease (income) cost for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.7	$	2.1	$	2.0
Interest on lease liabilities	0.7		0.7		2.1		2.2
Operating lease cost	20.7		18.3		61.2		54.8
Variable lease cost	1.9		1.9		6.0		5.9
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(24.9)		(25.8)		(74.8)		(79.7)
Lease income	$	(0.9)	$	(4.2)	$	(3.5)	$	(14.8)

Other lease information is as follows:


	Nine Months Ended September 30,
	2025		2024

Assets obtained in exchange for operating lease obligations	$	59.6	$	49.8
Assets obtained in exchange for finance lease obligations	$	3.8	$	6.8

During the three and nine months ended September 30, 2025 and 2024, the Company made the following cash payments for leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Principal payments on finance lease obligations	$	1.3	$	1.3	$	3.8	$	4.4
Interest payments on finance lease obligations	0.7		0.7		2.1		2.2
Payments on operating leases	23.6		20.8		67.6		62.6
Variable lease payments	2.0		1.9		6.3		6.0

The Company's income from operating leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Minimum lease payments	$	22.4	$	23.7	$	67.2	$	72.3
Variable lease income	3.9		3.9		12.5		12.9
Total operating lease income	$	26.3	$	27.6	$	79.7	$	85.2

The Company's income from real estate leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	0.3	$	0.3	$	0.9	$	0.9
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	0.4		—		0.4		0.2
Total real estate lease income	$	0.8	$	0.4	$	1.5	$	1.3

Leases

The Company's lease (income) cost for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Finance lease cost:
Amortization of right-of-use assets	$	0.7	$	0.7	$	2.1	$	2.0
Interest on lease liabilities	0.7		0.7		2.1		2.2
Operating lease cost	20.7		18.3		61.2		54.8
Variable lease cost	1.9		1.9		6.0		5.9
Short-term lease cost	0.0		0.0		0.0		0.0
Sublease income	(24.9)		(25.8)		(74.8)		(79.7)
Lease income	$	(0.9)	$	(4.2)	$	(3.5)	$	(14.8)

Other lease information is as follows:


	Nine Months Ended September 30,
	2025		2024

Assets obtained in exchange for operating lease obligations	$	59.6	$	49.8
Assets obtained in exchange for finance lease obligations	$	3.8	$	6.8

During the three and nine months ended September 30, 2025 and 2024, the Company made the following cash payments for leases:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Principal payments on finance lease obligations	$	1.3	$	1.3	$	3.8	$	4.4
Interest payments on finance lease obligations	0.7		0.7		2.1		2.2
Payments on operating leases	23.6		20.8		67.6		62.6
Variable lease payments	2.0		1.9		6.3		6.0

The Company's income from operating leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Minimum lease payments	$	22.4	$	23.7	$	67.2	$	72.3
Variable lease income	3.9		3.9		12.5		12.9
Total operating lease income	$	26.3	$	27.6	$	79.7	$	85.2

The Company's income from real estate leases for the three and nine months ended September 30, 2025 and 2024 was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Interest income	$	0.3	$	0.3	$	0.9	$	0.9
Variable lease income	0.1		0.1		0.2		0.2
Selling profit	0.4		—		0.4		0.2
Total real estate lease income	$	0.8	$	0.4	$	1.5	$	1.3

Commitments and Contingencies (Details) - Property Lease Guarantee - Applebee's $ in Millions	Sep. 30, 2025 USD ($)
Loss Contingencies [Line Items]
Potential liability for guaranteed leases	$ 327.5
Potential liability for guaranteed leases excluding unexercised option periods	$ 84.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Revenues (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates franchise revenues by major type for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions)
Franchise Revenues:
Royalties	$	74.7	$	76.2	$	233.0	$	236.9
Advertising revenues	68.2		69.8		212.2		219.6
Proprietary product sales and other	16.5		18.3		50.0		55.2
Franchise and development fees	1.9		2.1		7.0		7.0
Total franchise revenues	$	161.3	$	166.4	$	502.3	$	518.7

Schedule of Changes in Deferred Revenue

Changes in the Company's contract liability for deferred franchise and development fees during the nine months ended September 30, 2025 were as follows:


	Deferred Franchise Revenue (short- and long-term)
	(In millions)
Balance at December 31, 2024	$	42.7
Recognized as revenue during the nine months ended September 30, 2025	(6.7)
Fees deferred during the nine months ended September 30, 2025	3.6
Balance at September 30, 2025	$	39.6

Schedule of Remaining Performance Obligations

The balance of deferred revenue as of September 30, 2025 is expected to be recognized as follows:


	(In millions)
2025 (remaining three months)	$	1.5
2026	5.5
2027	4.6
2028	3.7
2029	3.1
Thereafter	21.2
Total	$	39.6

Stockholders' Deficit

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders' Deficit

Dividends

Dividends declared and paid per share for the three and nine months ended September 30, 2025 and 2024 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Dividends declared per common share	$	0.51	$	0.51	$	1.53	$	1.53
Dividends paid per common share	$	0.51	$	0.51	$	1.53	$	1.53

During the nine months ended September 30, 2025 and 2024, the Company paid dividends of $23.6 million and $23.5 million, respectively.

On September 4, 2025, the Board of Directors declared a third quarter 2025 cash dividend of $0.51 per share of common stock, paid on October 8, 2025 to the stockholders of record as of the close of business on September 19, 2025.

On May 14, 2025, the Board of Directors declared a second quarter 2025 cash dividend of $0.51 per share of common stock, paid on July 9, 2025 to the stockholders of record as of the close of business on June 20, 2025.

On February 21, 2025, the Board of Directors declared a first quarter 2025 cash dividend of $0.51 per share of common stock, paid on April 4, 2025 to the stockholders of record as of the close of business on March 17, 2025.

On November 22, 2024, the Board of Directors declared a fourth quarter 2024 cash dividend of $0.51 per share of common stock, paid on January 7, 2025 to the stockholders of record as of the close of business on December 20, 2024.

Stock Repurchase Program

In February 2022, the Company’s Board of Directors approved a stock repurchase program, effective April 1, 2022, authorizing the Company to repurchase up to $250 million of the Company’s common stock (the “2022 Repurchase Program”) on an opportunistic basis from time to time in the open market or in privately negotiated transactions based on business, market, applicable legal requirements and other considerations. The 2022 Repurchase Program, as approved by the Board of Directors, does not require the repurchase of a specific number of shares and can be terminated at any time.

During the nine months ended September 30, 2025, the Company repurchased 1,299,440 shares of common stock at a cost of $30.1 million. Cumulatively, the Company repurchased 3,164,839 shares at a cost of $146.9 million. As of September 30, 2025, a remaining amount of $103.1 million in the value of shares may be repurchased under the 2022 Repurchase Program.

Treasury Stock

Repurchases of the Company's common stock are included in treasury stock at the cost of shares repurchased plus any transaction costs. Treasury stock may be re-issued when stock options are exercised, when restricted stock awards are granted and when restricted stock units settle in stock upon vesting. The cost of treasury stock re-issued is determined using the first-in, first-out (“FIFO”) method. During the nine months ended September 30, 2025, the Company re-issued 526,141 shares of treasury stock at a total FIFO cost of $24.9 million.

- Definition

The entire disclosure for equity.

+ References

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+ Details