Tuesday January 6, 2026, 07:00:00
By Mark Kalinowski
Concurrently with this note, we also publish our industry note entitled “Updating our Q4 Kalinowski Family Dining Same-Store Sales Index (1/6/2026).” As part of that industry note, we increase our Q4E IHOP U.S. same-store sales projection by +150 basis points, to +1.0%. This leads us to also increase our Q4E adjusted EPS estimate for parent company Dine Brands by +15 cents, to $1.05. Our full-year 2025E adjusted EPS forecast rises by +15 cents, to $3.98. Given this higher base of potential 2025E earnings, and IHOP’s sales momentum, we also take up our 2026E and 2027E adjusted EPS projections by +30 cents each, to $4.50 and $5.00, respectively.
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Wednesday November 5, 2025, 13:41:01
By Mark Kalinowski
Earlier today (Wednesday), Dine Brands reported third-quarter adjusted EPS of $0.73, well below our $1.10 estimate and sell-side consensus (according to Consensus Metrix) of $1.01. Dine Brands comments that the decline in adjusted EPS year-over-year (Q3 2024 adjusted EPS was $1.44) “was primarily due to lower segment profit and an increase in G&A expenses.” Adjusted EBITDA reached $49.0 million in Q3. Consensus was at $55.8 million.
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Wednesday August 6, 2025, 11:41:03
By Mark Kalinowski
Earlier today (Wednesday), Dine Brands reported second-quarter adjusted EPS of $1.17, well below our $1.45 estimate and sell-side consensus (according to Consensus Metrix) of $1.45. Dine Brands comments that the decline in adjusted EPS year-over-year (Q2 2024 adjusted EPS was $1.71) “was primarily due to a decrease in segment profit and an increase in G&A expenses.” Second-quarter adjusted EBITDA reached $56.2 million in Q2. Consensus was at $62.9 million.
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