Arcos Dorados Holdings Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arcos Dorados Holdings Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,929	3,320	3,082	2,959	1,984	2,660	3,619	4,332	4,470	4,678
Cost of revenue			67.9	61.3	43.5	50.6	68	83.4	83.7	89.5
Gross profit			3,014	2,898	1,941	2,609	3,551	4,249	4,386	4,589
General and administrative	221	245	229	213	171	211	239	285	280	313
Operating income	179	273	123	160	-66.8	140	264	314	325	364
Interest expense	66.9	68.4	52.9	52.1	33.4	49.5	43.8	32.3	47.2	13.7
Other non-operating income	-2.36	-0.44	0.27	-2.1	2.3	2.19	-0.29	-1.24	-3.87	-1.48
Pre-tax income	139	183	85.2	119	-132	77.8	226	278	259	341
Income tax	59.6	53.3	48.1	38.8	17.5	31.9	85.5	95.7	110	129
Net income to minority interests	0.18	0.33	0.19	0.22	0.07	0.37	0.58	1.14	0.62	0.47
Net income	78.8	129	36.8	79.9	-149	45.5	140	181	149	212
EBITDA	272	372	229	283	60.1	260	384	463	502	562
EPS, basic	0.37	0.61	0.18	0.39	-0.72	0.22	0.67	0.86	0.71	1.01
EPS, diluted	0.37	0.61	0.18	0.38	-0.72	0.22	0.67	0.86	0.71	1.01
Shares, basic (weighted)	211	211	209	207	208	210	211	211	211	211
Shares, diluted (weighted)	211	212	210	208	209	211	211	211	211	211
Dividend per share	0.00	0.00	0.10	0.11	0.05		0.15	0.19	0.24	0.24

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	195	308	197	122	166	279	267	197	135	373
Short-term investments	0	19.6	0	0.03	0	0	37.5	50.1	3.53	48.9
Receivables	83.2	111	84.3	99.9	94.2	82.2	124	148	119	164
Inventory	48.9	82.7	46.1	37.8	33.6	37.8	50.1	52.8	51.7	66.4
Other current assets	3.63	0.97	0.41	0.32	0.81	1.21	1.44	1.2	0.71	0.23
Total current assets	445	653	465	405	416	540	684	605	468	852
Property, plant and equipment	848	891	856	961	797	744	856	1,120	1,127	1,309
Lease right-of-use assets				922	791	764	821	955	950	1,134
Goodwill	7.12	7.08	5.94	6.78	5.6	5.21	7.23	11.9	13.3	16.6
Intangible assets	35.9	40.7	35.1	36.3	31.4	33.6	47.3	58.1	53.3	132
Other non-current assets	89.7	98.3	99	95.8	72.3	71.4	81.7	104	93.6	252
Total assets	1,505	1,804	1,578	2,558	2,294	2,361	2,637	3,019	2,893	3,886
Accounts payable	218	303	242	260	210	269	353	375	348	357
Deferred revenue								1.58	6.82	16.6
Short-term debt	28.1	4.36	3.84	3.23	3.13	4.74	19	1.8	2.62	11.8
Total current liabilities	548	606	493	595	503	618	759	842	766	829
Long-term debt	552	629	626	624	773	739	712	713	716	1,126
Lease liabilities		15.2	16.4	862	753	707	748	853	849	1,001
Other non-current liabilities	9.98	14.2	0.5	2.37	2.49	1.3	0.29	0	0	0.61
Total liabilities	1,153	1,308	1,185	2,136	2,096	2,140	2,312	2,502	2,383	3,114
Total debt	580	634	630	627	777	744	731	715	719	1,138
Paid-in capital	13.8	14.2	14.9	13.4	11.5	10.1	9.21	8.72	8.66	8.66
Retained earnings	272	401	413	471	291	316	425	566	664	826
Treasury stock		0	-46	-60	-39.5	-19.4	-19.4	-19.4	-19.4	-19.4
Other comprehensive income	-442	-429	-502	-520	-585	-608	-613	-563	-668	-568
Shareholders' equity	351	496	392	421	198	220	324	515	508	770
Minority interests	0.59	0.49	0.38	0.43	0.47	0.73	0.8	1.56	1.35	1.65
Total equity	352	496	393	422	198	221	324	517	509	772
Total liabilities and equity	1,505	1,804	1,578	2,558	2,294	2,361	2,637	3,019	2,893	3,886
Shares outstanding	211	211	205	204	207	210		211	211	211

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	79	129	37	80.1	-149	45.9	141	182	149	213
Depreciation and amortization	93	99.4	106	123	127	120	120	149	177	197
Deferred income tax	5.5	2.1	0.65	-7.97	0.47	-16.1	-15.4	-4.31	-11.4	-4.85
Change in inventory							-6.04	4.83	-4.25	-9.29
Change in payables	35.8	103	16.6	39.4
Cash from operations	164	255	180	223	16	258	345	382	267	296
Capital expenditures	-92.3	-175	-197	-265	-86.3	-115	-217	-360	-328	-281
Acquisitions		-0.87	0	-2.66	-3.83	-0.19	-4.8	-2.08	-6.08	-7.06
Purchases of investments	0	-19.6
Cash from investing	23	-124	-164	-261	-88.7	-108	-260	-380	-280	-335
Debt repaid								-22.9	0	-379
Share buybacks	0	0	-46	-14	0	0
Dividends paid	0	0	-20.9	-22.4	-10.2	-0.02	-31.6	-40	-50.6	-50.6
Cash from financing	-113	-3.35	-73.4	-29.6	126	-17.9	-60	-11.8	-37.2	289
Exchange rate effect	8.07	-13.6	-53.7	-8.26	-9.16	-19	-37.7	-60.1	-11	-11.7
Net change in cash	82.3	114	-111	-75.4	44.1	113	-11.9	-70.3	-61.6	238
Free cash flow	71.9	80.4	-17.3	-41.8	-70.3	143	128	21.9	-60.8	15
Interest paid	76.6	53.2	55.4	52.5	57.1	52.6	56.4	47.5	52	59.4
Income taxes paid	39.1	24.1	32.2	34.1	22.5	34.5	78.9	72.8	121	116

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $7.24 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	98.1%	Gross profit / revenue.
Operating margin	7.8%	Operating income / revenue.
EBITDA margin	12.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.3%	Pre-tax income / revenue.
Net margin	4.5%	Net income / revenue.
FCF margin	0.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	6.3%	Cash from operations / revenue.
Effective tax rate	37.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	33.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	17.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	6.0%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	11.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	13.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	56.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	42.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	42.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	14.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-5.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	79.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-51.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	17.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	36.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	51.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	33.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	31.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	34.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.71x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.51x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.48x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	29.3%	Total debt / total assets.
Liabilities / assets	80.1%	Total liabilities / total assets.
Net debt	$715.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.27x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	26.7x	Operating income / interest expense.
Working capital	$23.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$621.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.38x	Revenue / average total assets.
Fixed asset turnover	3.84x	Revenue / average property, plant and equipment.
Inventory turnover	1.52x	Cost of revenue / average inventory.
Days inventory	241 days	365 x average inventory / cost of revenue.
Receivables turnover	33.0x	Revenue / average receivables.
Days sales outstanding	11 days	365 x average receivables / revenue.
Days payables	1,436 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-1,185 days	Days inventory + days sales outstanding - days payables.
FCF conversion	7.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	94.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.01	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$22.21	Revenue / diluted weighted shares.
FCF per share	$0.07	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.41	Cash from operations / diluted weighted shares.
Book value per share	$3.66	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.95	Tangible book value / shares outstanding.
Cash per share	$2.00	(Cash + short-term investments) / shares outstanding.
Dividend per share	$0.24	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	23.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	337.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.53B	Share price x shares outstanding.
Enterprise value	$2.24B	Market cap + total debt - cash - short-term investments.
P/E	7.19x	Market cap / net income. Only when net income is positive.
P/S	0.33x	Market cap / revenue.
P/B	1.98x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.45x	Market cap / tangible book value, when positive.
P/FCF	102x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.15x	Market cap / cash from operations, when positive.
EV/Sales	0.48x	Enterprise value / revenue.
EV/EBIT	6.15x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.99x	Enterprise value / EBITDA, when both are positive.
EV/FCF	149x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.0%	Free cash flow / market cap.
Earnings yield	13.9%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.
PEG	0.49x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Arcos Dorados Holdings Inc.'s revenue in fiscal 2025?

Arcos Dorados Holdings Inc. reported revenue of $4.68B for fiscal 2025, 4.7% higher than the year before.

Was Arcos Dorados Holdings Inc. profitable in fiscal 2025?

Yes. Net income was $212.1M, a net margin of 4.5%.

How much free cash flow did Arcos Dorados Holdings Inc. generate in fiscal 2025?

Cash from operations of $296.3M minus capital expenditures of $281.4M left free cash flow of $15.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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