Earlier today (Thursday, November 5th), Wendy’s reported that its third-quarter adjusted EPS amounted to $0.13. This was ahead of our $0.11 estimate and sell-side consensus (according to Consensus Metrix) of $0.09. Third-quarter adjusted EBITDA was $113.4 million. This was better than our $105.8 million projection and consensus at $101.3 million.
Earlier today (Thursday, November 5th), Papa Johns announced that its third-quarter adjusted EPS amounted to $0.16. While this was below our $0.25 forecast, it did match sell-side consensus (according to Consensus Metrix) of $0.16. Q3 adjusted EBITDA was $38 million; consensus was at $38.2 million.
Earlier today (Wednesday, November 4th), Dine Brands reported third-quarter adjusted EPS of $0.82. This was well short of our $1.10 forecast and sell-side consensus (according to Consensus Metrix) at $1.02. We attribute the earnings miss largely to lower-than-expected margins at company-owned restaurants. Over time, we expect most/all of these restaurants to be refranchised — although that takes time. But, in the short run, they can be a drag on a quarter’s results, as they were in Q3. Applebee’s company-owned restaurant count as of the end of Q3 2026 was 118, up from 59 as of quarter-end Q3 2025. Back to Q3 2026: adjusted EBITDA reached $49.0 million in Q3. Consensus was at $54.1 million.
Earlier today (Wednesday, November 4th), McDonald’s reported third-quarter adjusted EPS of $3.57. This was above our $3.35 projection and sell-side consensus (according to Consensus Metrix) of $3.37. We attribute at least part of the earnings beat to higher-than-expected Other Operating Income, which was helped by gains on sales of restaurants in the U.S., as well as higher gains on sales of excess properties.
Earlier today (Tuesday, November 3rd), Yum Brands reported third-quarter adjusted EPS of $1.56. This was better than our $1.52 projection and sell-side consensus (according to Consensus Metrix) of $1.49.
After today’s (Thursday, October 29th’s) market close, Starbucks reported fiscal Q4 (calendar Q3) adjusted EPS of $0.80, surpassing our $0.74 estimate, and coming in ahead of sell-side consensus (according to Consensus Metrix) of $0.72.