Dine Brands reports Q4 $29M impairment-driven loss; IHOP up, Applebee's down

Dine Brands Global reported a Q4 net loss of $12.3 million driven by a $29 million impairment charge, while adjusted earnings per share came in at $1.46 and revenue climbed 6.2% to $217.6 million. The impairment flipped GAAP results into a loss for the period, even as underlying operating performance showed pockets of strength.

Adjusted EPS of $1.46 beat analyst estimates, and the company highlighted revenue momentum with the $217.6 million top line in Q4. Same-store sales diverged across its two largest concepts: IHOP posted a positive comparable-sales gain of 0.3%, while Applebee's comps declined 0.4%, underscoring uneven consumer traction between the breakfast-focused brand and the casual-dining chain.

The $29 million impairment was the headline charge that produced the $12.3 million net loss for the quarter; Dine Brands reported the loss alongside the adjusted results that exclude that non-cash write-down. The size of the impairment relative to quarterly revenue makes the charge material to GAAP earnings, even as adjusted metrics showed profitability on a per-share basis.

Brand-level performance matters for franchise owners and operators: IHOP’s 0.3% same-store sales gain in Q4 will be read as signs of modest stability for daytime and breakfast traffic, while Applebee’s 0.4% decline signals continued pressure on evening and casual-dining check or traffic trends. With total revenue up 6.2%, corporate sees growth but the split between IHOP and Applebee’s suggests different operational priorities for each concept heading into the new fiscal year.

Dine Brands guided for modest FY26 growth, entering the year with adjusted EPS strength of $1.46 in Q4, $217.6 million in quarterly revenue, and a GAAP loss tied to a $29 million impairment. Franchisees and operators will watch whether the company can translate the revenue gain into sustained same-store sales improvement at Applebee’s and build on IHOP’s small positive comp, while managing balance-sheet impacts from the impairment as the company executes its FY26 plan.