US Market News
2月前
Arcos Dorados Reports First Quarter 2026 Financial ResultsMay 20, 2026 7:15 AM
Business Wire Total revenue reached $1.2 billion in the first quarter, up 12.9% in US dollars versus the prior year. Systemwide comparable sales rose 16.0% in the first quarter of 2026, supporting strong market share performance across the business. Consolidated Adjusted EBITDA1 in the first quarter was $118.0 million, up 29.3% versus the prior year period and the Company’s highest result for a first quarter. Consolidated Adjusted EBITDA margin expanded 120 basis points year-over-year to 9.7%. Consolidated Food & Paper costs as a percentage of revenue improved by about 60 basis points versus the prior year, led by a strong improvement in Brazil. Net Income was $36.1 million in the quarter, or $0.17 per share, up from $0.07 per share last year. Consolidated Net Income margin expanded 170 basis points year-over-year to 3.0%. Adjusted Free Cash Flow1 over the last twelve months reached $109.2 million, a significant improvement from $(3.1) million in the prior comparable period. The Company opened 19 restaurants across the region in the quarter. Arcos Dorados Holdings Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America and the Caribbean’s largest restaurant chain and the world’s largest independent McDonald’s franchisee, today reported unaudited results for the three months ended March 31, 2026. Message from Luis Raganato, Chief Executive Officer Arcos Dorados has consistently added to its leading market share position and strengthened the McDonald’s Brand across our operating footprint over the last several years. In fact, taking 2019 as the base, through the end of 2025: total revenue grew almost 60%, Adjusted EBITDA nearly doubled and net income was up more than 2.5x, in US dollars. Our objective for the coming years is to build on this incredible foundation and continue to capitalize on the significant competitive advantages we built over the period. With that context, 2026 is off to a good start. First quarter 2026 highlights included $1.2 billion in total revenue, the Company’s highest level for a first quarter, which was supported by 16% systemwide comparable sales growth. Increased guest volume in NOLAD and SLAD added to higher average checks in Brazil and SLAD to drive growth in the period. Similar to total revenue, we generated our highest Adjusted EBITDA for a first quarter, reaching $118 million thanks to strong topline growth and very solid margin expansion, especially in Brazil and SLAD. We are pursuing strategies that capitalize on the Brand to monetize the significant market share advantage we hold in the region. Marketing campaigns focused on offering value platforms that appeal to lower income consumers and core menu items that drive Brand love as well as licenses and partnerships that keep McDonald’s culturally relevant. The Brand experience continued to expand beyond our restaurants, bolstered by the region’s most extensive digital platform and Loyalty Program. During the quarter, we added 19 new restaurants to our footprint and are already seeing opening costs per unit coming down thanks to more efficient capital deployment. Finally, 75% of our restaurants now offer guests the most modern experience available in the region’s quick service restaurant industry. 1 For definitions, please refer to pages 7 and 8 of this document. AD Holdings Inc. – Consolidated Key Financial Results Figure 1.
(In millions of U.S. dollars, except as noted) 1Q25
(a)
Currency Translation
(b) Constant
Currency
Growth (c) 1Q26
(a+b+c) % As
Reported % Constant
Currency Total Restaurants (Units) 2,439 2,536 Sales by Company-operated Restaurants 1,027.5 (67.3) 200.2 1,160.4 12.9% 19.5% Revenues from franchised Restaurants 49.1 (3.7) 10.2 55.5 13.2% 20.8% Total Revenues 1,076.6 (71.0) 210.4 1,216.0 12.9% 19.5% Systemwide Comparable Sales 16.0% Adjusted EBITDA 91.3 (4.3) 31.0 118.0 29.3% 34.0% Adjusted EBITDA Margin 8.5% 9.7% 1.2 p.p. Net income attributable to AD 13.9 5.9 16.3 36.1 159.4% 117.1% Net income attributable to AD Margin 1.3% 3.0% 1.7 p.p. No. of shares outstanding (thousands) 210,663 210,663 EPS (US$/Share) 0.07 0.17 Arcos Dorados’ total revenues reached $1.2 billion, up 12.9% in US dollars versus the prior year quarter. The Company’s systemwide comparable sales rose 16.0% in the quarter, underpinned by positive guest traffic trends in SLAD and NOLAD, together with average check growth in Brazil and SLAD. Digital channel sales rose about 21% in the period and represented 64% of the first quarter’s systemwide sales. Performance remained notably strong in Self-order kiosk, Delivery and Loyalty sales versus the prior year. Self-order kiosk sales growth was helped by the increasingly modernized restaurant base. Delivery sales were helped by new partnerships in Brazil and expanding penetration in NOLAD and SLAD, where a growing number of consumers are discovering the convenience and value of the service. The Company’s Loyalty Program is available in all main markets and grew to 30.4 million registered members as of the end of the quarter. Enrollment and engagement has grown consistently since the Program’s launch, leading to more personalized marketing capabilities and a notable increase in both usage and frequency among members. Marketing campaigns during the quarter spanned core menu, affordability, and partnerships. In Brazil, for example, initiatives included the introduction of Best Burger, limited time offers through Economéqui and the first promotions associated with the FIFA World Cup. In NOLAD, Mexico continued to leverage affordability platforms and localized menu offerings while Panama and Costa Rica captured early results from initiatives designed to rebalance average check and guest traffic growth in those markets. Menu innovation was a key growth driver in SLAD, with food news across the beef, chicken and dessert categories. All divisions benefited from popular licenses such as Friends and Super Mario Galaxy, appealing to both kids and adults. Finally, the Brand’s cultural relevance was reinforced in Brazil, Argentina, Chile, and Colombia through music, a key consumer passion point, at the local Lollapalooza and Estéreo Picnic festivals. Consolidated Adjusted EBITDA margin was 9.7%, up 120 basis points versus the prior year period, driven by lower Food & Paper costs and G&A expenses as a percentage of revenue as well as gains from restaurant transactions in NOLAD and SLAD. Food & Paper contributed 60 basis points to the consolidated margin gain, led by a significant improvement in Brazil as well as better results in SLAD. Net income margin attributable to the Company was 3.0%, or 170 basis points higher versus the first quarter of 2025. The year-over-year improvement was driven by a higher Adjusted EBITDA margin, along with favorable impacts on net interest expenses and other financing results, gain from derivative instruments and foreign currency exchange results. These positive effects more than offset higher income tax expense and depreciation. Arcos Dorados recorded earnings of $0.17 per share in the first quarter of 2026 compared to $0.07 per share in the prior year period. Total weighted average shares were 210,663,057 in both periods. Notable Items Included in Adjusted EBITDA: The result in the first quarter of 2026 included $5.8 million related to restaurant transactions with sub-franchisees in NOLAD and SLAD. Excluded from Adjusted EBITDA: The result in the first quarter of 2026 excludes $1.7 million related to the reorganization and optimization plan, which was implemented in the fourth quarter of 2025 and finalized in the first quarter of 2026. New Unit Development: Total and by Format1 Figure 2. Mar. 31,
2026 Dec. 31,
2025 Sep. 30,
2025 Jun. 30,
2025 Mar. 31,
2025 Brazil 1,241 1,230 1,202 1,191 1,179 NOLAD 670 669 666 658 657 SLAD 625 621 611 608 603 TOTAL 2,536 2,520 2,479 2,457 2,439 1end of period, including company operated and franchised restaurants Figure 3. As of
Mar.31, 2026 Store Format* Total Restaurants Ownership McCafes Dessert Centers FS IS MS & FC Company Operated Franchised Brazil 684 90 467 1,241 769 472 214 2,019 NOLAD 427 48 195 670 536 134 20 524 SLAD 286 124 215 625 518 107 248 740 TOTAL 1,397 262 877 2,536 1,823 713 482 3,283 * FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court. Arcos Dorados opened 19 restaurants in the first quarter of 2026, including 13 freestanding units. As of the end of March 2026, 75% of its systemwide restaurant portfolio offers the most modernized restaurant experience in the Latin American and Caribbean QSR industry. Consolidated Debt and Financial Ratios Figure 4.
(In thousands of U.S. dollars, except ratios) March 31, December 31, 2026 2025 Total Cash & cash equivalents (i) 266,165 422,347 Total Financial Debt (ii) 975,106 1,101,739 Net Financial Debt (iii) 708,941 679,392 LTM Adjusted EBITDA 601,939 575,209 Total Financial Debt / LTM Adjusted EBITDA ratio 1.6 1.9 Net Financial Debt / LTM Adjusted EBITDA ratio 1.2 1.2 LTM Net income attributable to AD 234,327 212,116 Total Financial Debt / LTM Net income attributable to AD ratio 4.2 5.2 Net Financial Debt / LTM Net income attributable to AD ratio 3.0 3.2 (i) Total cash & cash equivalents includes short-term investment (ii)Total financial debt includes long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to $70.4 million and $78.7 million as a reduction of financial debt as of March 31, 2026 and December 31, 2025, respectively). (iii) Net financial debt equals total financial debt less total cash & cash equivalents. In March, the Company completed the liability management transaction it began implementing during the fourth quarter of 2025. The resulting net leverage ratio at the end of the first quarter of 2026 was unchanged compared with year-end 2025. Adjusted Free Cash Flow For the last twelve months ended March 31, 2026, the Company generated Adjusted Free Cash Flow of $109.2 million, compared to $(3.1) million in the prior comparable period. Recent Developments 2026 Annual General Shareholders Meeting The Company held its Annual General Shareholders’ Meeting in Montevideo, Uruguay on April 10, 2026. At the meeting, all the proposals were approved by the required majority of shareholders. 2029 Senior Notes – the Sustainability-Linked Bond The Company achieved its Sustainability Performance Targets related to greenhouse gas (GHG) emissions as defined in the Framework of its 2029 Senior Notes. Based on its audited 2025 metrics, Arcos Dorados reduced its absolute Scope 1 and Scope 2 GHG emissions by 26.5% versus the 2021 baseline (Sustainability Performance Target 1: 15% reduction). Additionally, the Company reduced the intensity of its Scope 3 GHG emissions by 16.1% versus the 2021 baseline (Sustainability Performance Target 2: 10% reduction). 2025 Social Impact and Sustainable Development Report In the coming weeks, Arcos Dorados will publish its 2025 Social Impact and Sustainable Development Report. The report will include information audited by EY and will provide an update on the progress related to initiatives and the implementation of the six pillars of the Company’s “Recipe for the Future” platform, as well as detailed information and key initiatives supporting the results of the Sustainability-Linked Bond target achievement. The full report will be available for download at www.recipeforthefuture.com. 2026 Arcos Dorados Investor Day The Company is planning to hold an Investor Day on the morning of October 1, 2026, in New York City. More information on registration and in-person participation in the event will be made available in the coming weeks. First Quarter 2026 Earnings Webcast A webcast to discuss the information contained in this press release will be held today, May 20, 2026, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: Arcos Dorados First Quarter 2026 Earnings Webcast. A replay of the webcast will be available later today in the investor section of the Company’s website: https://ir.arcosdorados.com/. Definitions In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), management analyzes business trends using a variety of performance, financial and liquidity measures, which are considered non-GAAP. This press release and the accompanying tables use the following non-GAAP measures: Adjusted EBITDA, Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth. Adjusted EBITDA: Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period. Adjusted EBITDA is defined as the Company’s operating income plus depreciation and amortization plus/minus the following losses/gains: gains from sale or insurance recovery of property and equipment, write-offs of long-lived assets, impairment of long-lived assets, and reorganization and optimization plan expenses. Management believes Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 5 of this earnings release includes a reconciliation of Adjusted EBITDA to Net income attributable to Arcos Dorados. For more information, please see the Adjusted EBITDA reconciliation in Note 8 – Segment and geographic information – of our financial statements filed today with the Securities and Exchange Commission (the “SEC”) on Form 6-K. Adjusted net cash provided by operating activities and Adjusted Free Cash Flow: Management uses Adjusted net cash provided by operating activities and Adjusted Free Cash Flow as supplemental measure to facilitate the analysis of the Company’s cash generation performance and liquidity from period to period. Adjusted net cash provided by operating activities is defined as net cash provided by (used in) operating activities plus interest paid less interest collected. Adjusted Free Cash Flow is defined as Adjusted net cash provided by operating activities less property and equipment expenditures, and purchases of restaurant businesses paid at acquisition date plus proceeds from sales of property and equipment, restaurant businesses and related advances. Management believes Adjusted net cash provided by operating activities and Adjusted Free Cash Flow provide useful information to investors, when considered together with GAAP measures, in evaluating the Company’s ability to generate cash to fund capital expenditures and financing activities. Management evaluates these measures prior to investing and financing decisions. Adjusted net cash provided by operating activities and Adjusted Free Cash Flow are non-GAAP financial measures and should not be considered as an alternative to net cash provided by operating activities or any other measure of financial performance or liquidity prepared in accordance with GAAP. These non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable to similarly titled measures used by other companies. A reconciliation of Adjusted Free Cash Flow to net cash provided by operating activities is included in Figure 11 of this earnings release. Constant Currency basis: refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories: Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which the Company conducts its business against the US dollar (the currency in which the Company’s financial statements are prepared). Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation. The Company also calculates variations as a percentage in constant currency, which are also considered to be non-GAAP measures, to provide a more meaningful analysis of its business by identifying the underlying business trends, without distortion from the effect of foreign currency fluctuations. Systemwide sales: Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial health of its sub-franchisee base. Systemwide comparable sales growth: this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year basis) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and is indicative of the success of the Company’s initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company. About Arcos Dorados Arcos Dorados is the world’s largest independent McDonald’s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 21 Latin American and Caribbean countries and territories with more than 2,500 restaurants, operated by the Company or by its sub-franchisees, that together employ more than 100 thousand people (as of 03/31/2026). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its Recipe for the Future to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: https://ir.arcosdorados.com/. Cautionary Statement on Forward-Looking Statements This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company’s business prospects, its ability to attract customers, its expectation for revenue generation and its outlook and guidance for 2026. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. Certain trademarks and characters referenced herein are the property of their respective owners and are used under license. First Quarter 2026 Consolidated Results Figure 5.
(In thousands of U.S. dollars, except per share data) For Three-Months ended March 31, 2026 2025 REVENUES Sales by Company-operated restaurants 1,160,416 1,027,531 Revenues from franchised restaurants 55,547 49,061 Total Revenues 1,215,963 1,076,592 OPERATING COSTS AND EXPENSES Company-operated restaurant expenses: Food and paper (406,999) (366,612) Payroll and employee benefits (226,349) (197,749) Occupancy and other operating expenses (353,877) (308,065) Royalty fees (70,855) (63,411) Franchised restaurants - occupancy expenses (24,257) (21,044) General and administrative expenses (76,749) (73,325) Other operating income (expense), net 5,887 (1,239) Total operating costs and expenses (1,153,199) (1,031,445) Operating income 62,764 45,147 Net interest expense and other financing results (14,258) (16,592) Gain from derivative instruments 4,369 110 Foreign currency exchange results 7,187 (1,961) Other non-operating expenses, net (16) (122) Income before income taxes 60,046 26,582 Income tax expense, net (23,815) (12,505) Net income 36,231 14,077 Net income attributable to non-controlling interests (90) (147) Net income attributable to Arcos Dorados Holdings Inc. 36,141 13,930 Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues 3.0% 1.3% Earnings per share information ($ per share): Basic net income per common share $ 0.17 $ 0.07 Weighted-average number of common shares outstanding-Basic 210,663,057 210,663,057 Adjusted EBITDA Reconciliation Net income attributable to Arcos Dorados Holdings Inc. 36,141 13,930 Net income attributable to non-controlling interests 90 147 Income tax expense, net 23,815 12,505 Other non-operating expenses, net 16 122 Foreign currency exchange results (7,187) 1,961 Gain from derivative instruments (4,369) (110) Net interest expense and other financing results 14,258 16,592 Depreciation and amortization 54,261 46,295 Operating charges excluded from EBITDA computation 984 (163) Adjusted EBITDA 118,009 91,279 Adjusted EBITDA Margin as % of total revenues 9.7% 8.5% First Quarter 2026 Results by Division and Average Exchange Rates per Quarter Figure 6.
(In thousands of U.S. dollars) For Three-Months ended as Constant March 31, reported Currency 2026 2025 Incr/(Decr)% Incr/(Decr)% Revenues Brazil 471,495 400,302 17.8% 5.8% NOLAD 322,553 281,700 14.5% 6.2% SLAD 421,915 394,590 6.9% 43.0% TOTAL 1,215,963 1,076,592 12.9% 19.5% Operating Income (loss) Brazil 38,310 32,978 16.2% 4.3% NOLAD 15,160 12,859 17.9% 10.5% SLAD 34,097 25,069 36.0% 86.8% Corporate and Other (24,803) (25,759) 3.7% -8.2% TOTAL 62,764 45,147 39.0% 49.6% Adjusted EBITDA Brazil 59,944 49,569 20.9% 8.6% NOLAD 31,702 26,240 20.8% 12.1% SLAD 49,403 39,060 26.5% 65.6% Corporate and Other (23,040) (23,590) 2.3% -8.5% TOTAL 118,009 91,279 29.3% 34.0% Figure 7. Systemwide Comparable Sales Growth For Three-Months ended March 31, 2026 2025 Brazil 0.5% 2.9% NOLAD 1.6% -1.6% SLAD 47.7% 38.7% TOTAL 16.0% 11.1% Figure 8. Period average
Local currency per US$ Brazil Mexico Argentina 1Q26 5.26 17.57 1,418 1Q25 5.86 20.43 1,055 Summarized Consolidated Balance Sheet Figure 9.
(In thousands of U.S. dollars) March 31, December 31, 2026 2025 ASSETS Current assets Cash and cash equivalents 255,630 373,438 Short-term investments 10,535 48,909 Accounts and notes receivable, net 159,676 164,482 Other current assets (1) 256,688 254,764 Derivative instruments 11,544 10,365 Total current assets 694,073 851,958 Non-current assets Property and equipment, net 1,322,688 1,308,732 Net intangible assets and goodwill 158,649 148,950 Deferred income taxes 114,077 104,250 Derivative instruments 58,829 68,339 Equity method investments 15,913 16,033 Leases right of use asset 1,185,573 1,133,551 Other non-current assets (2) 268,915 254,031 Total non-current assets 3,124,644 3,033,886 Total assets 3,818,717 3,885,844 LIABILITIES AND EQUITY Current liabilities Accounts payable 327,587 356,606 Taxes payable (3) 123,717 143,922 Accrued payroll and other liabilities 204,399 145,460 Royalties payable to McDonald’s Corporation 30,120 34,099 Provision for contingencies 1,457 1,455 Interest payable 14,566 18,915 Financial debt (4) 53,134 21,442 Operating lease liabilities 109,475 106,836 Total current liabilities 864,455 828,735 Non-current liabilities Accrued payroll and other liabilities 95,307 91,801 Provision for contingencies 55,521 49,399 Financial debt (5) 977,779 1,140,086 Deferred income taxes 2,888 2,757 Operating lease liabilities 1,045,624 1,000,927 Total non-current liabilities 2,177,119 2,284,970 Total liabilities 3,041,574 3,113,705 Equity Class A shares of common stock 389,967 389,967 Class B shares of common stock 132,915 132,915 Additional paid-in capital 8,659 8,659 Retained earnings 803,101 825,946 Accumulated other comprehensive loss (539,845) (567,630) Common stock in treasury (19,367) (19,367) Total Arcos Dorados Holdings Inc shareholders’ equity 775,430 770,490 Non-controlling interest in subsidiaries 1,713 1,649 Total equity 777,143 772,139 Total liabilities and equity 3,818,717 3,885,844 (1) Includes "Other receivables", "Inventories" and "Prepaid expenses and other current assets". (2) Includes "Miscellaneous" and "Collateral deposits". (3) Includes "Income taxes payable" and "Other taxes payable". (4) Includes "Short-term debt”, “Current portion of long-term debt" and "Derivative instruments”. (5) Includes "Long-term debt, excluding current portion" and "Derivative instruments". Condensed Consolidated Statements of Cash Flows Figure 10.
(In thousands of U.S. dollars) For Three-Months ended March 31, 2026 2025 Operating activities Net income attributable to Arcos Dorados Holdings Inc. 36,141 13,930 Adjustments to reconcile net income attributable to Arcos Dorados Holdings Inc. to cash provided by operating activities: Non-cash charges and credits: Depreciation and amortization 54,261 46,295 Gain on restaurant transactions (5,830) — Foreign currency exchange results 320 5,536 Gain from derivative instruments (4,369) (110) Others, net 4,394 (9,787) Changes in assets and liabilities (66,791) (69,300) Net cash provided by (used in) operating activities 18,126 (13,436) Investing activities Property and equipment expenditures (36,829) (48,810) Purchases of restaurant businesses paid at acquisition date (3,500) — Proceeds from sales of property and equipment, restaurant businesses and related advances 2,418 68 Proceeds from short-term investments 39,899 — Acquisition of short and long term investments (1,380) (86,700) Other investing activity (362) (254) Net cash provided by (used in) investing activities 246 (135,696) Financing activities Issuance of 2032 Senior Notes — 597,498 Cash Tender of 2029 and 2027 Senior Notes (139,240) (136,145) Payment of short-term debt — (34,493) Payments for debt issue costs — (6,158) Dividend payments to Arcos Dorados Holdings Inc.’s shareholders — (12,640) Short and long term borrowings — 11,303 Proceeds related to sales of restaurant businesses 3,271 — Other financing activities (1,146) (690) Net cash (used in) provided by financing activities (137,115) 418,675 Effect of exchange rate changes on cash and cash equivalents 935 (1) (Decrease) increase in cash and cash equivalents (117,808) 269,542 Cash and cash equivalents at the beginning of the year 373,438 135,064 Cash and cash equivalents at the end of the period 255,630 404,606 Adjusted free cash flow Figure 11.
(In thousands of U.S. dollars) LTM ended Mar 31, 2026 2025 Net cash provided by operating activities 327,906 262,799 Interest paid 76,452 55,358 Interest collected (20,182) (11,072) Adjusted net cash provided by operating activities 384,176 307,085 Property and equipment expenditures (269,369) (315,232) Purchases of restaurant business paid at acquisition date (10,557) (1,060) Proceeds from sales of property and equipment, restaurant businesses and related advances 4,919 6,091 Adjusted free cash flow 109,169 (3,116) View source version on businesswire.com: https://www.businesswire.com/news/home/20260520704665/en/ Investor Relations Contact
Dan Schleiniger
VP of Investor Relations
Arcos Dorados
daniel.schleiniger@mcd.com.uy Media Contact
David Grinberg
VP of Corporate Communications
Arcos Dorados
david.grinberg@mcd.com.uy Follow us on:
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YouTube Original: Arcos Dorados Reports First Quarter 2026 Financial Results
US Market News
4月前
Arcos Dorados Reports Fourth Quarter and Full Year 2025 Financial ResultsMarch 19, 2026 7:30 AM
Business Wire
Total revenue reached $1.3 billion in the fourth quarter and $4.7 billion for the full year 2025, up 10.7% and 4.7% in US dollars versus the prior year period, respectively.
Systemwide comparable sales rose 16.0% in the fourth quarter and 13.0% for the full year 2025, in line with blended inflation for both periods.
Consolidated Adjusted EBITDA1 in the fourth quarter and full year were $172.7 million and $575.2 million, respectively, the Company’s highest US dollar result for a full year.
Net Income was $25.2 million in the fourth quarter and $212.1 million for the full year.
Results included a net tax benefit in Brazil of $33.8 million in the fourth quarter and $159.0 million for the full year, which is expected to convert to cash over the next five years.
Capital expenditures for the full year reached $281.4 million, including $140.6 million related to 102 restaurant openings, exceeding openings guidance on lower capital expenditures.
The Board of Directors declared a cash dividend of $0.28 per share for 2026.
Arcos Dorados Holdings Inc. (NYSE: ARCO) (“Arcos Dorados” or the “Company”), Latin America and the Caribbean’s largest restaurant chain and the world’s largest independent McDonald’s franchisee, today reported unaudited results for the three months, and audited results for the twelve months, ended December 31, 2025.
Message from Luis Raganato, Chief Executive Officer
Among our competitive strengths are a strong brand, a resilient business model, and a culture built around operational excellence to support long-term shareholder value creation. These strengths delivered some of the Company’s best financial results last year, while protecting or expanding our industry-leading market share and maintaining a strong bond with the communities we serve.
Full year systemwide comparable sales grew in line with the Company’s blended inflation in 2025, driven mainly by the strength of the South Latin American Division as well as Mexico. Profitability in 2025 reached a new high, with $575.2 million in Adjusted EBITDA and US dollar growth in all three divisions.
Digital sales, generated through the Mobile App, Delivery and Self-order Kiosks, accounted for 61% of systemwide sales in 2025. Additionally, as of the end of 2025, our Loyalty Program was available in more than 90% of our restaurants and had more than 27 million registered members.
For the full year, we opened 102 restaurants across the region, just above our guidance range for the year and 17 more than we opened in 2024. We did this with lower total capital expenditures versus the prior year, which contributed to a significant increase in our net cash from operations minus capital expenditures versus 2024. We are committed to finding additional efficiencies in our growth investments over the next few years.
The McDonald’s brand is stronger than ever in Latin America and the Caribbean, serving more than 4 million guests every day in more than 2,500 restaurants, across 21 countries and territories. We entered 2026 with a focus on increasing the efficiency of the business and monetizing the significant market share gains of the last several years. Looking ahead, we believe we can continue to leverage this strong foundation to support a new phase of profitable growth for Arcos Dorados and all its stakeholders.
1 For definitions, please refer to page 7 of this document.
AD Holdings Inc. – Consolidated Key Financial Results
Figure 1.
(In millions of U.S. dollars, except as noted)
4Q24
(a)
Currency Translation
(b)
Constant
Currency
Growth
(c)
4Q25
(a+b+c)
% As
Reported
%
Constant
Currency
Total Restaurants (Units)
2,428
2,520
Sales by Company-operated Restaurants
1,091.2
(85.8)
201.8
1,207.2
10.6%
18.5%
Revenues from franchised restaurants
53.1
(4.1)
10.5
59.4
11.9%
19.7%
Total Revenues
1,144.2
(89.9)
212.2
1,266.5
10.7%
18.5%
Systemwide Comparable Sales
16.0%
Adjusted EBITDA
147.4
8.7
16.6
172.7
17.2%
11.2%
Adjusted EBITDA Margin
12.9%
13.6%
0.8 p.p.
Net income attributable to AD
58.4
21.6
(54.9)
25.2
-56.9%
-94.0%
Net income attributable to AD Margin
5.1%
2.0%
-3.1 p.p.
No. of shares outstanding (thousands)
210,663
210,663
EPS (US$/Share)
0.28
0.12
Arcos Dorados’ total revenues reached $1.3 billion, up 10.7% in US dollars versus the prior year quarter. The Company’s systemwide comparable sales rose 16.0% in the quarter, which was in-line with its blended inflation rate. Brazil’s systemwide comparable sales improved relative to the third quarter of 2025, while Mexico and Argentina supported the consolidated result with systemwide comparable sales growth of 1.5x and 1.3x blended inflation, respectively.
The Company’s Digital strategy continued to support sales growth. Digital channel sales rose 18.7% in the period and represented 62% of the fourth quarter’s systemwide sales. Performance was notably strong in Self-order kiosk, Delivery and Loyalty sales versus the prior year. The strength in Self-order kiosk sales reinforces the continued relevance of the on-premise restaurant experience in the region’s quick-service restaurant industry.
By the end of 2025, the Company’s Loyalty Program was active in nine countries, with Mexico and Chile added to the Program during the fourth quarter. The Loyalty platform is now available in all main markets, completing the planned year-end 2025 rollout with 27.2 million registered members.
Marketing activities strengthened consumer connections with the brand through a series of campaigns and initiatives during the quarter. A fully integrated menu strategy, leveraging the cultural relevance of the Stranger Things Netflix series, boosted sales and drove high levels of engagement and meaningful brand conversations among consumers. Several markets also offered compelling value platforms, including EconoMéqui in Brazil and McXMenos in Chile, both of which performed well with price-sensitive consumers. Menu innovation in the quarter included a new chicken sandwich in Colombia and limited-time flavors within the dessert category, such as Ovomaltine in Brazil. Additionally, Happy Meal sales benefited from engaging campaigns for all ages, built around popular licensed properties such as Friends, Zootopia 2, and Disney Villains.
In the fourth quarter of 2025, Arcos Dorados recognized a net tax benefit in Brazil, with a positive impact of $33.8 million. Of this amount, $20.5 million impacted Operating income, while $13.3 million impacted interest income.
In the fourth quarter of 2024, consolidated Adjusted EBITDA included a benefit of $13.6 million related to payroll tax credits in Brazil.
Consolidated Adjusted EBITDA margin was 13.6% and 12.9% in the fourth quarters of 2025 and 2024, respectively. Even excluding the tax benefit in each respective period, fourth quarter 2025 consolidated Adjusted EBITDA margin expanded by 30 basis points versus the prior year period.
The main drivers of the underlying Adjusted EBITDA margin expansion were: (i) higher Food and Paper, with higher costs in NOLAD and SLAD partly offset by lower costs in Brazil, (ii) lower payroll expenses, thanks to better results in Brazil and SLAD, with nearly flat payroll expenses in NOLAD, (iii) an improvement in Occupancy and other operating expenses in all three divisions, and (iv) lower general & administrative expenses (G&A), in each case, as a percentage of revenue.
Net income for the fourth quarter of 2025 was $25.2 million, compared with $58.4 million in the prior year period. The decrease was mainly driven by a higher income tax expense as well as a reorganization and optimization expense that was excluded from Adjusted EBITDA (see below).
Net income margin attributable to the Company was 2.0% in the period compared to 5.1% in the prior year for the reasons mentioned above.
Arcos Dorados recorded earnings of $0.12 per share in the fourth quarter of 2025 compared to $0.28 per share in the prior year period. Total weighted average shares were 210,663,057 in both periods.
Notable Items
Included in Adjusted EBITDA: The result in the fourth quarter of 2025 included $20.5 million related to the aforementioned net tax benefit in Brazil.
Additionally, the result for the fourth quarter of 2024 included a $13.6 million positive impact from payroll tax credits in Brazil.
Excluded from Adjusted EBITDA: In the fourth quarter of 2025, the Company executed plans to restructure and enhance efficiencies in its operations. As a result, the Company incurred $8.7 million in reorganization and optimization expenses, which were recorded within G&A.
New Unit Development: Total and by Format1
Figure 2.
Dec. 31,
2025
Sep. 30,
2025
Jun. 30,
2025
Mar. 31,
2025
Dec. 31,
2024
Brazil
1,230
1,202
1,191
1,179
1,173
NOLAD
669
666
658
657
654
SLAD
621
611
608
603
601
TOTAL
2,520
2,479
2,457
2,439
2,428
1end of period, including company operated and franchised restaurants
Figure 3.
as of
Dec.31, 2025
Store Format*
Total Restaurants
Ownership
McCafes
Dessert
Centers
FS
IS
MS & FC
Company Operated
Franchised
Brazil
678
90
462
1,230
762
468
203
2,028
NOLAD
426
48
195
669
522
147
20
511
SLAD
280
124
217
621
516
105
244
740
TOTAL
1,384
262
874
2,520
1,800
720
467
3,279
* FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court.
Arcos Dorados opened 48 restaurants in the fourth quarter of 2025, including 41 freestanding units. For the full year, the Company opened 102 restaurants, just above the guidance range for the year. This included 88 freestanding locations. As of the end of December 2025, 73% of its systemwide restaurant portfolio had been modernized.
Consolidated Debt and Financial Ratios
Figure 4.
(In thousands of U.S. dollars, except ratios)
December 31,
December 31,
2025
2024
Total Cash & cash equivalents (i)
422,347
138,593
Total Financial Debt (ii)
1,101,739
707,649
Net Financial Debt (iii)
679,392
569,056
LTM Adjusted EBITDA
575,209
500,100
Total Financial Debt / LTM Adjusted EBITDA ratio
1.9
1.4
Net Financial Debt / LTM Adjusted EBITDA ratio
1.2
1.1
LTM Net income attributable to AD
212,116
148,759
Total Financial Debt / LTM Net income attributable to AD ratio
5.2
4.8
Net Financial Debt / LTM Net income attributable to AD ratio
3.2
3.8
(i)
Total cash & cash equivalents include short-term investment.
(ii)
Total financial debt includes short-term debt, long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to $78.7 million and $80.3 million as a reduction of financial debt as of December 31, 2025 and December 31, 2024, respectively).
(iii)
Net financial debt equals total financial debt less total cash & cash equivalents.
The Company’s net debt to Adjusted EBITDA leverage ratio ended the fourth quarter of 2025 at 1.2x, compared with 1.1x at year-end 2024.
For the twelve-month period ended December 31, 2025, the Company’s cash flows included net cash provided by operating activities of $296.3 million with total property and equipment expenditures of $281.4 million. This compares with full year 2024, which had net cash provided by operating activities of $266.8 million and total property and equipment expenditures of $327.6 million.
Recent Developments
2026 Guidance
As announced in the press release issued by the Company on January 28, 2026, Arcos Dorados plans to open 105 to 115 restaurants in 2026. The Company projects total capital expenditures of $275 million to $325 million for the full year 2026, which it expects to fund with cash on hand and cash from operations.
2029 Notes Tender Offer and Redemption
On January 30, 2026, the Company launched a cash tender offer to purchase up to $150 million aggregate principal amount of its outstanding 2029 Notes. As a result of the tender offer, the Company redeemed 38.6% of the outstanding 2029 Notes for $135.2 million plus accrued and unpaid interest.
2026 Dividend
On March 18, 2026, the Board of Directors of Arcos Dorados Holdings Inc. approved a cash dividend for 2026. As such, the Company will pay $0.28 per share to all its Class A and Class B shareholders in four installments of $0.07 per share to be made on April 2, 2026, June 26, 2026, September 25, 2026, and December 29, 2026. The payments will be made to shareholders of record as of March 30, 2026, June 22, 2026, September 21, 2026, and December 23, 2026, respectively.
2026 Annual General Shareholders Meeting (AGM)
On March 6, 2026, the Company’s Board of Directors set the date for its AGM, which will be held on April 10, 2026, in Montevideo, Uruguay, at 2:00 p.m. (local time), for all shareholders of record as of March 16, 2026.
Fourth Quarter 2025 Earnings Webcast
A webcast to discuss the information contained in this press release will be held today, March 19, 2026, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: Arcos Dorados Fourth Quarter 2025 Earnings Webcast.
A replay of the webcast will be available later today in the investor section of the Company’s website: https://ir.arcosdorados.com/.
Definitions
In analyzing business trends, management considers a variety of performance and financial measures which are considered to be non-GAAP including: Adjusted EBITDA, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.
Adjusted EBITDA: In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), this press release and the accompanying tables use a non-GAAP financial measure titled ‘Adjusted EBITDA’. Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period.
Adjusted EBITDA is defined as the Company’s operating income plus depreciation and amortization plus/minus the following losses/gains: gains from sale or insurance recovery of property and equipment, write-offs of long-lived assets, impairment of long-lived assets, and reorganization and optimization plan expenses.
Management believes Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 5 of this earnings release includes a reconciliation of Adjusted EBITDA to Net income attributable to Arcos Dorados. For more information, please see the Adjusted EBITDA reconciliation in Note 22 – Segment and geographic information – of our financial statements filed today with the Securities and Exchange Commission (the “SEC”) on Form 6-K.
Constant Currency basis: refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories:
Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which the Company conducts its business against the US dollar (the currency in which the Company’s financial statements are prepared).
Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation. The Company also calculates variations as a percentage in constant currency, which are also considered to be non-GAAP measures, to provide a more meaningful analysis of its business by identifying the underlying business trends, without distortion from the effect of foreign currency fluctuations.
Systemwide sales: Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial health of its sub-franchisee base.
Systemwide comparable sales growth: this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year basis) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and is indicative of the success of the Company’s initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company.
About Arcos Dorados
Arcos Dorados is the world’s largest independent McDonald’s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 21 Latin American and Caribbean countries and territories with more than 2,500 restaurants, operated by the Company or by its sub-franchisees, that together employ more than 100 thousand people (as of 12/31/2025). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its Recipe for the Future to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: https://ir.arcosdorados.com/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company’s business prospects, its ability to attract customers, its expectation for revenue generation and its outlook and guidance for 2026. These statements are subject to the general risks inherent in Arcos Dorados' business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events. Certain trademarks and characters referenced herein are the property of their respective owners and are used under license.
Fourth Quarter and Full Year 2025 Consolidated Results
Figure 5.
(In thousands of U.S. dollars, except per share data)
For Three-Months ended
For Twelve-Months ended
December 31,
December 31,
2025
2024
2025
2024
REVENUES
Sales by Company-operated restaurants
1,207,190
1,091,170
4,465,177
4,266,748
Revenues from franchised restaurants
59,353
53,050
213,082
203,414
Total Revenues
1,266,543
1,144,220
4,678,259
4,470,162
OPERATING COSTS AND EXPENSES
Company-operated restaurant expenses:
Food and paper
(428,121)
(383,765)
(1,606,076)
(1,498,853)
Payroll and employee benefits
(219,747)
(194,228)
(835,109)
(797,620)
Occupancy and other operating expenses
(339,292)
(308,038)
(1,300,420)
(1,238,220)
Royalty fees
(74,083)
(66,855)
(273,018)
(265,382)
Franchised restaurants - occupancy expenses
(24,827)
(20,670)
(89,518)
(83,665)
General and administrative expenses
(85,071)
(70,177)
(312,750)
(279,859)
Other operating income, net
14,201
2,433
103,025
17,952
Total operating costs and expenses
(1,156,940)
(1,041,300)
(4,313,866)
(4,145,647)
Operating income
109,603
102,920
364,393
324,515
Net interest expense and other financing results
(5,656)
(8,179)
(13,660)
(47,238)
(Loss) Gain from derivative instruments
(3,939)
208
(3,078)
941
Foreign currency exchange results
(2,269)
760
(4,859)
(15,063)
Other non-operating expenses, net
(457)
(3,979)
(1,484)
(3,873)
Income before income taxes
97,282
91,730
341,312
259,282
Income tax expense, net
(72,005)
(33,208)
(128,728)
(109,903)
Net income
25,277
58,522
212,584
149,379
Net income attributable to non-controlling interests
(107)
(118)
(468)
(620)
Net income attributable to Arcos Dorados Holdings Inc.
25,170
58,404
212,116
148,759
Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues
2.0%
5.1%
4.5%
3.3%
Earnings per share information ($ per share):
Basic net income per common share
$ 0.12
$ 0.28
$ 1.01
$ 0.71
Weighted-average number of common shares outstanding-Basic
210,663,057
210,663,057
210,663,057
210,660,590
Adjusted EBITDA Reconciliation
Net income attributable to Arcos Dorados Holdings Inc.
25,170
58,404
212,116
148,759
Net income attributable to non-controlling interests
107
118
468
620
Income tax expense, net
72,005
33,208
128,728
109,903
Other non-operating expenses, net
457
3,979
1,484
3,873
Foreign currency exchange results
2,269
(760)
4,859
15,063
Loss (Gain) from derivative instruments
3,939
(208)
3,078
(941)
Net interest expense and other financing results
5,656
8,179
13,660
47,238
Depreciation and amortization
52,332
43,650
197,257
177,354
Operating charges excluded from EBITDA computation
10,758
814
13,559
(1,769)
Adjusted EBITDA
172,693
147,384
575,209
500,100
Adjusted EBITDA Margin as % of total revenues
13.6%
12.9%
12.3%
11.2%
Fourth Quarter and Full Year 2025 Results by Division and Average Exchange Rates per Quarter
Figure 6.
(In thousands of U.S. dollars)
For Three-Months ended
as
Constant
For Twelve-Months ended
as
Constant
December 31,
reported
Currency
December 31,
reported
Currency
2025
2024
Incr/(Decr)%
Incr/(Decr)%
2025
2024
Incr/(Decr)%
Incr/(Decr)%
Revenues
Brazil
502,023
445,911
12.6%
4.0%
1,770,301
1,768,311
0.1%
3.6%
NOLAD
338,143
303,141
11.5%
6.2%
1,266,129
1,225,751
3.3%
4.2%
SLAD
426,377
395,168
7.9%
44.4%
1,641,829
1,476,100
11.2%
39.7%
TOTAL
1,266,543
1,144,220
10.7%
18.5%
4,678,259
4,470,162
4.7%
15.7%
Operating Income (loss)
Brazil
83,622
82,626
1.2%
-7.4%
278,043
269,019
3.4%
2.7%
NOLAD
16,322
18,901
-13.6%
-17.4%
71,144
67,412
5.5%
6.1%
SLAD
37,396
29,070
28.6%
37.2%
119,959
87,406
37.2%
62.3%
Corporate and Other
(27,737)
(27,677)
-0.2%
20.8%
(104,753)
(99,322)
5.5%
21.2%
TOTAL
109,603
102,920
6.5%
-4.2%
364,393
324,515
12.3%
13.8%
Adjusted EBITDA
Brazil
108,813
99,381
9.5%
0.3%
358,774
340,002
5.5%
5.7%
NOLAD
33,432
30,810
8.5%
3.7%
130,860
116,256
12.6%
13.4%
SLAD
53,809
42,675
26.1%
43.3%
180,097
133,692
34.7%
60.9%
Corporate and Other
(23,361)
(25,482)
8.3%
13.1%
(94,522)
(89,850)
5.2%
21.9%
TOTAL
172,693
147,384
17.2%
11.2%
575,209
500,100
15.0%
19.4%
Figure 7.
Systemwide Comparable Sales Growth
For Three-Months ended
December 31,
2025
2024
Brazil
1.5%
5.5%
NOLAD
1.7%
4.1%
SLAD
49.5%
61.8%
TOTAL
16.0%
21.5%
Figure 8.
Period average
Local currency per US$
Brazil
Mexico
Argentina
4Q25
5.40
18.31
1,437.94
4Q24
5.84
20.08
999.57
Summarized Consolidated Balance Sheet
Figure 9.
(In thousands of U.S. dollars)
December 31,
December 31,
2025
2024
ASSETS
Current assets
Cash and cash equivalents
373,438
135,064
Short-term investments
48,909
3,529
Accounts and notes receivable, net
164,482
119,441
Other current assets (1)
254,764
209,953
Derivative instruments
10,365
416
Total current assets
851,958
468,403
Non-current assets
Property and equipment, net
1,308,732
1,127,042
Net intangible assets and goodwill
148,950
66,644
Deferred income taxes
104,250
90,287
Derivative instruments
68,339
79,874
Equity method investments
16,033
14,346
Leases right of use asset
1,133,551
949,977
Other non-current assets (2)
254,031
96,081
Total non-current assets
3,033,886
2,424,251
Total assets
3,885,844
2,892,654
LIABILITIES AND EQUITY
Current liabilities
Accounts payable
356,606
347,895
Taxes payable (3)
143,922
118,466
Accrued payroll and other liabilities
145,460
113,259
Royalties payable to McDonald’s Corporation
34,099
20,860
Provision for contingencies
1,455
1,199
Interest payable
18,915
7,798
Financial debt (4)
21,442
64,167
Operating lease liabilities
106,836
92,280
Total current liabilities
828,735
765,924
Non-current liabilities
Accrued payroll and other liabilities
91,801
20,928
Provision for contingencies
49,399
29,157
Financial debt (5)
1,140,086
715,974
Deferred income taxes
2,757
2,084
Operating lease liabilities
1,000,927
849,158
Total non-current liabilities
2,284,970
1,617,301
Total liabilities
3,113,705
2,383,225
Equity
Class A shares of common stock
389,967
389,967
Class B shares of common stock
132,915
132,915
Additional paid-in capital
8,659
8,659
Retained earnings
825,946
664,390
Accumulated other comprehensive loss
(567,630)
(668,484)
Common stock in treasury
(19,367)
(19,367)
Total Arcos Dorados Holdings Inc shareholders’ equity
770,490
508,080
Non-controlling interest in subsidiaries
1,649
1,349
Total equity
772,139
509,429
Total liabilities and equity
3,885,844
2,892,654
(1) Includes "Other receivables", "Inventories" and "Prepaid expenses and other current assets".
(2) Includes "Miscellaneous" and "Collateral deposits".
(3) Includes "Income taxes payable" and "Other taxes payable".
(4) Includes "Short-term debt”, “Current portion of long-term debt" and "Derivative instruments”.
(5) Includes "Long-term debt, excluding current portion" and "Derivative instruments".
View source version on businesswire.com: https://www.businesswire.com/news/home/20260319704934/en/
Investor Relations Contact
Dan Schleiniger
VP of Investor Relations
Arcos Dorados
daniel.schleiniger@mcd.com.uy
Media Contact
David Grinberg
VP of Corporate Communications
Arcos Dorados
david.grinberg@mcd.com.uy
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Original: Arcos Dorados Reports Fourth Quarter and Full Year 2025 Financial Results
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