Arcos Dorados Holdings Inc. Class A (ARCO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.15	$0.22	+46.7%	—	$1.3B	—
Q1 26	$0.1	$0.17	+70.0%	—	$1.2B	—
Q4 25	$0.2	$0.13	-35.0%	—	$1.3B	—
Q3 25	$0.13	$0.71	+446.2%	—	$1.2B	—
Q2 25	$0.07	$0.11	+57.1%	—	$1.1B	—
Q1 25	$0.13	$0.07	-46.2%	—	$1.1B	—
Q4 24	$0.21	$0.28	+33.3%	—	$1.1B	—
Q3 24	$0.16	$0.17	+6.3%	—	$1.1B	—
Q2 24	$0.13	$0.13	0.0%	—	$1.1B	—
Q1 24	$0.15	$0.14	-6.7%	—	$1.1B	—
Q4 23	$0.25	$0.26	+4.0%	—	$1.2B	—
Q3 23	$0.2	$0.28	+40.0%	—	$1.1B	—
Q2 23	$0.13	$0.13	0.0%	—	$1B	—
Q1 23	$0.13	$0.18	+38.5%	—	$990.8M	—
Q4 22	$0.24	$0.26	+8.3%	—	$1B	—
Q3 22	$0.11	$0.22	+100.0%	—	$921.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.01	—	—	$4.7B	—
FY24	—	$0.71	—	—	$4.5B	—
FY23	—	$0.86	—	—	$4.3B	—
FY22	—	$0.67	—	—	$3.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.9B	$3.3B	$3.1B	$3B	$2B	$2.7B	$3.6B	$4.3B	$4.5B	$4.7B
YoY change	-4.07%	+13.3%	-7.17%	-3.98%	-32.9%	+34.1%	+36.1%	+19.7%	+3.19%	+4.66%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.9B	3.3B	3.1B	3B	2B	2.7B	3.6B	4.3B	4.5B	4.7B
Cost of revenue	2.6B	2.9B	2.7B	2.6B	1.9B	2.3B	3.1B	3.7B	3.9B	4.1B
Gross profit	358.3M	449M	413.9M	367.5M	115.4M	324.1M	492.6M	597.1M	586.4M	574.1M
Gross margin	12.2%	13.5%	13.4%	12.4%	5.82%	12.2%	13.6%	13.8%	13.1%	12.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	221.1M	244.7M	229.3M	212.5M	171.4M	210.9M	239.3M	285M	279.9M	312.8M
Operating expenses	179.7M	176.1M	290.5M	207.6M	182.2M	184.5M	228.2M	283.1M	261.9M	209.7M
Operating income	178.6M	272.9M	123.5M	159.9M	-66.8M	139.5M	264.4M	314M	324.5M	364.4M
Operating margin	6.1%	8.22%	4.01%	5.4%	-3.36%	5.25%	7.31%	7.25%	7.26%	7.79%
Non-operating income, net	26.9M	-21.8M	14.6M	11.1M	-31.7M	-12.2M	5.7M	-3.6M	-18M	-9.4M
Pretax income	138.6M	182.8M	85.2M	119M	-131.9M	77.8M	226.4M	278.1M	259.3M	341.3M
Income tax	59.6M	53.3M	48.1M	38.8M	17.5M	31.9M	85.5M	95.7M	109.9M	128.7M
Net income	79M	129.5M	37M	80.1M	-149.4M	45.9M	140.9M	182.4M	149.4M	212.6M
Net margin	2.7%	3.9%	1.2%	2.71%	-7.53%	1.72%	3.89%	4.21%	3.34%	4.54%
EBITDA	269.2M	371.9M	229.5M	281.1M	62.4M	262.1M	383.9M	462.1M	516M	569.6M
EPS	0.36	0.59	0.18	0.38	-0.72	0.22	0.67	0.86	0.71	1.01
Diluted EPS	0.36	0.59	0.18	0.38	-0.72	0.22	0.67	0.86	0.71	1.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.2B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.2B	1.3B	1.2B	1.3B
Cost of revenue	963.9M	1B	949M	968.7M	992.5M	973.6M	956.9M	1B	1.1B	1.1B	1.1B	1.2B
Gross profit	161.2M	166.2M	132.4M	142.2M	141.2M	170.7M	119.7M	132M	141.9M	180.5M	133.6M	154.2M
Gross margin	14.3%	14.1%	12.2%	12.8%	12.5%	14.9%	11.1%	11.6%	11.9%	14.2%	11%	11.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	67.8M	82.1M	68.7M	73M	68.1M	70.2M	73.3M	77.5M	76.8M	85.1M	76.7M	80.4M
Operating expenses	70.2M	84.4M	64.8M	68M	61.3M	67.7M	74.6M	69.6M	-5.3M	70.9M	70.9M	81.5M
Operating income	91.1M	81.8M	67.6M	74.2M	79.8M	102.9M	45.1M	62.5M	147.2M	109.6M	62.8M	72.6M
Operating margin	8.09%	6.96%	6.25%	6.68%	7.04%	8.99%	4.19%	5.47%	12.3%	8.65%	5.16%	5.56%
Non-operating income, net	2.1M	-12.6M	-3.4M	-15.2M	3.5M	-3M	-2M	-2.8M	2M	-6.7M	11.5M	8M
Pretax income	88.2M	63.9M	47.8M	44.9M	74.9M	91.7M	26.6M	41.2M	176.3M	97.3M	60M	71M
Income tax	28.1M	7.8M	19M	18.1M	39.6M	33.2M	12.5M	18.5M	25.7M	72M	23.8M	25.9M
Net income	60.1M	56.1M	28.8M	26.8M	35.3M	58.5M	14.1M	22.7M	150.5M	25.3M	36.2M	45.1M
Net margin	5.34%	4.78%	2.66%	2.41%	3.11%	5.11%	1.31%	1.99%	12.6%	2%	2.98%	3.45%
EBITDA	128.3M	124.1M	110.2M	119.2M	80.6M	145.6M	93.3M	64.8M	144.7M	115.8M	105.5M	119M
EPS	0.28	—	0.14	—	0.17	0.28	0.07	0.11	0.71	0.12	0.17	0.22
Diluted EPS	0.28	—	0.14	—	0.17	0.28	0.07	0.11	0.71	0.12	0.17	0.22

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	2.2B	1.7B	1.7B	1B	1.2B	1.8B	2.7B	1.5B	1.5B	1.5B
Enterprise value	1.6B	2.5B	2.1B	3.1B	2.5B	2.5B	3B	4.1B	3.1B	3.4B	3.4B
Shares outstanding	216.5M	216.8M	215M	209.7M	208.4M	210.4M	210.6M	210.6M	210.7M	210.7M	210.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	14.8	17.3	45.9	21.2	—	26.7	12.5	14.7	10.3	7.27	5.9
P/S	0.4	0.68	0.55	0.57	0.53	0.46	0.49	0.62	0.34	0.33	0.3
P/B	3.33	4.52	4.32	4.03	5.29	5.55	5.43	5.17	3.01	2	1.81
EV/EBITDA	5.77	6.86	9.29	11.2	39.6	9.45	7.86	8.91	6.04	5.92	5.6
EV/Sales	0.53	0.77	0.69	1.06	1.24	0.93	0.83	0.95	0.7	0.72	0.69
Earnings yield	6.76%	5.77%	2.18%	4.72%	—	3.74%	8.01%	6.82%	9.74%	13.7%	16.9%
FCF yield	6.15%	3.58%	-1.02%	-2.46%	-6.71%	11.7%	7.29%	0.82%	-3.96%	0.97%	8.57%
PEG	—	—	—	—	—	—	—	—	—	—	0.06

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	12.2%	13.5%	13.4%	12.4%	5.82%	12.2%	13.6%	13.8%	13.1%	12.3%	11.8%
Operating margin	6.1%	8.22%	4.01%	5.4%	-3.36%	5.25%	7.31%	7.25%	7.26%	7.79%	5.56%
Net margin	2.7%	3.9%	1.2%	2.71%	-7.53%	1.72%	3.89%	4.21%	3.34%	4.54%	5.16%
ROE	22.5%	26.1%	9.43%	19%	-75.4%	20.7%	43.4%	35.3%	29.3%	27.5%	36.4%
ROA	5.25%	7.18%	2.35%	3.13%	-6.51%	1.94%	5.34%	6.04%	5.16%	5.47%	6.91%
ROIC	13.8%	24.1%	6.5%	5.76%	-4.13%	5.59%	10.4%	10.5%	8.94%	8.75%	8.96%
Return on tangible assets	5.57%	7.58%	2.48%	3.24%	-6.73%	2.01%	5.58%	6.34%	5.41%	5.92%	6.88%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.81	1.08	0.94	0.68	0.83	0.87	0.9	0.72	0.61	1.03	0.88
Quick ratio	0.72	0.94	0.85	0.62	0.76	0.81	0.84	0.66	0.54	0.95	0.88
Debt / equity	1.65	1.28	1.61	3.73	8.01	6.92	4.81	3.27	3.38	2.91	2.64
Debt / assets	0.39	0.35	0.4	0.61	0.69	0.65	0.59	0.56	0.59	0.58	0.57
Net debt / EBITDA	1.43	0.82	1.89	5.16	22.8	4.77	3.27	3.13	3.07	3.2	4.02
Interest coverage	3.07	3.67	2.61	3.28	-2.95	2.57	6.17	9.62	6.87	—	—
Effective tax rate	43%	29.2%	56.5%	32.6%	0%	41.1%	37.8%	34.4%	42.4%	37.7%	36.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	13.5	15.3	14.3	14.1	9.52	12.6	17.2	20.6	21.2	22.2	23.6
EPS (basic)	0.36	0.59	0.18	0.38	-0.72	0.22	0.67	0.86	0.71	1.01	1.01
EPS (diluted)	0.36	0.59	0.18	0.38	-0.72	0.22	0.67	0.86	0.71	1.01	1.21
Book value per share	1.62	2.29	1.83	2.01	0.95	1.05	1.54	2.45	2.42	3.67	3.94
FCF per share	0.33	0.37	-0.08	-0.2	-0.34	0.68	0.61	0.1	-0.29	0.07	0.47
Cash per share	0.9	1.51	0.92	0.58	0.8	1.33	1.45	1.17	0.66	2	1.28
Capex per share	0.41	0.29	0.01	0.02	0	0.01	0.01	0.01	0.04	1.34	1.25

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	3.02%	1.87%	0.09%	0.11%	0.04%	0.07%	0.07%	0.06%	0.18%	6.01%	5.28%
Capex / operating cash flow	39.4%	25.9%	2.28%	1.75%	-0.92%	1.02%	1%	0.82%	2.48%	94.9%	72.6%
Payout ratio	0%	0%	56.5%	28%	-6.84%	0.05%	22.4%	21.9%	33.8%	23.8%	21.1%
Dividend yield	0%	0%	1.23%	1.32%	0.98%	0%	1.79%	1.5%	3.3%	3.27%	3.92%

Yield

3.92%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.07

ex-dividend Sep 21, 2026

Payout ratio

21%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 21, 2026	$0.07
Jun 22, 2026	$0.07
Mar 30, 2026	$0.07
Dec 22, 2025	$0.06
Sep 23, 2025	$0.06
Jun 24, 2025	$0.06
Mar 24, 2025	$0.06

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.1B	$1.2B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.2B	$1.3B	$1.2B	$1.3B
YoY change	+22.1%	+15.4%	+9.14%	+6.76%	+0.76%	-2.66%	-0.44%	+2.83%	+5.22%	+10.7%	+12.9%	+14.3%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	194.8M	328.1M	197.3M	121.9M	166M	278.8M	304.4M	246.8M	138.6M	422.3M
Receivables	97.4M	127.4M	106.7M	120.4M	80.1M	80.1M	124.2M	149.1M	118.9M	163.8M
Inventory	48.9M	82.7M	46.1M	37.8M	33.6M	37.8M	50.1M	52.8M	51.6M	66.4M
Total current assets	445.2M	653M	464.6M	405.4M	415.5M	540.1M	684.4M	605.3M	468.4M	852M
Property, plant & equipment	820.1M	909.8M	915.5M	2B	935.8M	852.3M	926M	1.1B	1.1B	1.2B
Goodwill & intangibles	86.1M	95.5M	82M	86.1M	74.1M	77.6M	109.1M	140.1M	133.3M	297.9M
Total assets	1.5B	1.8B	1.6B	2.6B	2.3B	2.4B	2.6B	3B	2.9B	3.9B
Accounts payable	217.9M	303.5M	242.5M	259.6M	209.5M	269.2M	353.5M	375M	347.9M	356.6M
Short-term debt	28.1M	4.4M	4.2M	86.7M	60M	83.9M	102.3M	124.8M	155.2M	118.6M
Total current liabilities	548.3M	605.6M	493.3M	595.4M	503.5M	617.9M	759.4M	841.7M	765.9M	828.7M
Long-term debt	551.6M	629.1M	626.4M	1.5B	1.5B	1.4B	1.5B	1.6B	1.6B	2.1B
Total liabilities	1.2B	1.3B	1.2B	2.1B	2.1B	2.1B	2.3B	2.5B	2.4B	3.1B
Shareholders' equity	351.6M	496.1M	392.8M	421.6M	198M	221.2M	324.4M	516.8M	509.4M	772.1M
Total debt	579.7M	633.5M	630.6M	1.6B	1.6B	1.5B	1.6B	1.7B	1.7B	2.2B
Net debt	384.9M	325M	433.3M	1.4B	1.4B	1.3B	1.3B	1.5B	1.6B	1.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	251.1M	246.8M	162.5M	139.4M	120.8M	138.6M	494.8M	233.9M	256.9M	422.3M	266.2M	270M
Receivables	136.5M	149.1M	148.7M	141.2M	135.1M	118.9M	148.6M	156.3M	149.6M	163.8M	159.7M	171.8M
Inventory	54.3M	52.8M	52.5M	51.1M	51.9M	51.6M	51.9M	—	56.9M	66.4M	60.1M	—
Total current assets	608.1M	605.3M	548.6M	513.1M	506.3M	468.4M	860.8M	623.7M	649.3M	852M	694.1M	759.2M
Property, plant & equipment	1.9B	1.1B	2.1B	2B	2.1B	1.1B	2.2B	2.3B	2.4B	1.2B	2.5B	2.6B
Goodwill & intangibles	59.1M	140.1M	71.1M	66.9M	67.9M	133.3M	133.8M	144.1M	145.8M	297.9M	158.6M	157.3M
Total assets	2.8B	3B	3B	2.9B	3B	2.9B	3.5B	3.4B	3.6B	3.9B	3.8B	3.9B
Accounts payable	324.5M	375M	322.8M	333M	328.2M	347.9M	297.6M	313.2M	320M	356.6M	327.6M	332.8M
Short-term debt	91.5M	124.8M	126.9M	133.8M	137.9M	155.2M	378.1M	137.2M	111.1M	118.6M	150.6M	171.8M
Total current liabilities	784.8M	841.7M	827M	816.6M	803.5M	765.9M	1B	778.6M	732.8M	828.7M	864.5M	859.5M
Long-term debt	1.5B	1.6B	1.6B	1.5B	1.6B	1.6B	1.8B	1.9B	2B	2.1B	2B	2B
Total liabilities	2.4B	2.5B	2.5B	2.4B	2.4B	2.4B	3B	2.8B	2.8B	3.1B	3B	3.1B
Shareholders' equity	442.7M	516.8M	486.5M	470.5M	513.5M	509.4M	516.8M	581.6M	746.3M	772.1M	777.1M	832.8M
Total debt	1.6B	1.7B	1.7B	1.7B	1.7B	1.7B	2.2B	2B	2.1B	2.2B	2.2B	2.2B
Net debt	1.4B	1.5B	1.6B	1.6B	1.6B	1.6B	1.8B	1.9B	1.9B	1.9B	1.9B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	78.8M	129.2M	36.8M	79.9M	-149.5M	45.5M	140.3M	181.3M	148.8M	212.1M
Depreciation & amortization	93M	99.4M	105.8M	123.2M	126.9M	120.4M	119.8M	149.3M	177.4M	197.3M
Stock-based compensation	3.6M	4.2M	2.6M	4.1M	1.4M	758K	6.1M	14.3M	953K	4.6M
Change in working capital	32.7M	-4.6M	-31.2M	-10M	-59.7M	34M	18.5M	-27.1M	9.4M	-69.3M
Operating cash flow	224.1M	239.7M	126.8M	191.4M	-87.4M	194.1M	272.3M	308.8M	331.3M	296.3M
Capital expenditure	88.4M	62M	2.9M	3.3M	800K	2M	2.7M	2.5M	8.2M	-281.4M
Investing cash flow	115.3M	50.3M	33.3M	4.2M	-2.4M	6.7M	-42.5M	-20.3M	47.3M	-337.6M
Dividends paid	0	0	-20.9M	-22.4M	-10.2M	-21K	-31.6M	-40M	-50.6M	-50.6M
Share repurchases	0	0	-46M	-14M	0	0	—	—	—	—
Financing cash flow	-115.5M	-3.4M	-73.4M	-29.6M	126M	-17.9M	-60M	-11.8M	-37.2M	229.9M
Net change in cash	223.9M	286.6M	86.6M	166M	36.2M	182.9M	169.8M	276.8M	341.5M	188.7M
Free cash flow	71.9M	80.4M	-17.3M	-41.8M	-70.3M	143M	128.3M	21.9M	-60.8M	15M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	59.7M	55.8M	28.5M	26.6M	35.2M	58.4M	13.9M	22.6M	150.4M	25.2M	36.1M	45M
Depreciation & amortization	37.3M	43.5M	43.1M	45.2M	45.4M	43.6M	46.3M	47.9M	50.7M	52.3M	54.3M	54.4M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	104.9M	80.7M	67M	61.1M	87.1M	117.1M	50.4M	71.1M	106.2M	132.4M	18.1M	105.4M
Capital expenditure	1.2M	279K	2.2M	2.6M	2.4M	1.1M	68K	-55.3M	-75.8M	-101.4M	-36.8M	-49M
Investing cash flow	-33.4M	-42.7M	12M	2.9M	77.9M	-75.8M	-86.9M	-66.8M	-66.5M	-68.6M	-2.2M	-48.8M
Dividends paid	-10.5M	-8.4M	-12.6M	-12.6M	-12.6M	-12.6M	-12.6M	-12.6M	-12.6M	-12.6M	0	-29.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-4.2M	-9.1M	-8M	-9.5M	-25.4M	5.8M	384.2M	-260.8M	-17.9M	124.4M	-137.1M	-49.9M
Net change in cash	67.2M	28.9M	71M	54.5M	139.5M	47.1M	347.7M	-256.5M	21.9M	188.3M	-121.2M	6.7M
Free cash flow	43.4M	17.3M	-70.6M	-14.6M	5.8M	18.6M	-62.2M	15.8M	30.4M	31M	-18.7M	56.3M

Date	Ratio
Jul 13, 2021	71:70
Jul 31, 2020	76:75
Jan 9, 2015	1:1

Arcos Dorados Holdings Inc. Class A Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history