Arcos Dorados Holdings Inc.
ARCO NYSE Retail-Eating Places Financials FY2016–FY2025
Last close · Oct 23, 2026
$8.09
0.9%
Revenue
Total sales reported in the income statement.
$4.7B
4.7%
vs prior year
Operating margin
Operating income as a share of revenue.
7.8%
0.5 pts
Net income
Profit after all expenses, interest and tax.
$212M
42.6%
Free cash flow
Cash from operations minus capital spending.
$15.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
15.9%
2.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.7B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
8.0x
On $1.01 EPS (TTM)
What Arcos Dorados Holdings Inc. does
No business description yet.
- Legal name
- Arcos Dorados Holdings Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 30, 2026
- Accession · CIK
- 0001628280-26-028950
0001508478
Revenue and margins
Arcos Dorados Holdings Inc. had $4.7B of revenue in fiscal 2025, up 4.7% on the year before.
FY16
Revenue $2.9B
FY17
Revenue $3.3B
FY18
Revenue $3.1B
FY19
Revenue $3.0B
FY20
Revenue $2.0B
FY21
Revenue $2.7B
FY22
Revenue $3.6B
FY23
Revenue $4.3B
FY24
Revenue $4.5B
FY25
Revenue $4.7B
FY16
Gross —
Operating 6.1%
Net 2.7%
FCF 2.5%
FY17
Gross —
Operating 8.2%
Net 3.9%
FCF 2.4%
FY18
Gross 97.8%
Operating 4.0%
Net 1.2%
FCF −0.6%
FY19
Gross 97.9%
Operating 5.4%
Net 2.7%
FCF −1.4%
FY20
Gross 97.8%
Operating −3.4%
Net −7.5%
FCF −3.5%
FY21
Gross 98.1%
Operating 5.2%
Net 1.7%
FCF 5.4%
FY22
Gross 98.1%
Operating 7.3%
Net 3.9%
FCF 3.5%
FY23
Gross 98.1%
Operating 7.2%
Net 4.2%
FCF 0.5%
FY24
Gross 98.1%
Operating 7.3%
Net 3.3%
FCF −1.4%
FY25
Gross 98.1%
Operating 7.8%
Net 4.5%
FCF 0.3%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 11.8% a year. Loss periods are shown in red.
FY16
Net income $78.8M
FY17
Net income $129M
FY18
Net income $36.8M
FY19
Net income $79.9M
FY20
Net income −$149M
FY21
Net income $45.5M
FY22
Net income $140M
FY23
Net income $181M
FY24
Net income $149M
FY25
Net income $212M
FY16
Diluted EPS $0.37
FY17
Diluted EPS $0.61
FY18
Diluted EPS $0.18
FY19
Diluted EPS $0.38
FY20
Diluted EPS −$0.72
FY21
Diluted EPS $0.22
FY22
Diluted EPS $0.67
FY23
Diluted EPS $0.86
FY24
Diluted EPS $0.71
FY25
Diluted EPS $1.01
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 15.8%
Return on equity 22.5%
Return on assets 5.2%
FY17
Return on capital 24.1%
Return on equity 30.5%
Return on assets 7.8%
FY18
Return on capital 9.7%
Return on equity 8.3%
Return on assets 2.2%
FY19
Return on capital 11.5%
Return on equity 19.6%
Return on assets 3.9%
FY20
Return on capital −6.5%
Return on equity −48.3%
Return on assets −6.2%
FY21
Return on capital 13.2%
Return on equity 21.8%
Return on assets 2.0%
FY22
Return on capital 22.9%
Return on equity 51.6%
Return on assets 5.6%
FY23
Return on capital 20.3%
Return on equity 43.2%
Return on assets 6.4%
FY24
Return on capital 18.4%
Return on equity 29.1%
Return on assets 5.0%
FY25
Return on capital 15.9%
Return on equity 33.2%
Return on assets 6.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $15.0M in fiscal 2025, 0.3% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $71.9M
FY17
Free cash flow $80.4M
FY18
Free cash flow −$17.3M
FY19
Free cash flow −$41.8M
FY20
Free cash flow −$70.3M
FY21
Free cash flow $143M
FY22
Free cash flow $128M
FY23
Free cash flow $21.9M
FY24
Free cash flow −$60.8M
FY25
Free cash flow $15.0M
FY16
Cash from operations $164M
Capital spending $92.3M
FY17
Cash from operations $255M
Capital spending $175M
FY18
Cash from operations $180M
Capital spending $197M
FY19
Cash from operations $223M
Capital spending $265M
FY20
Cash from operations $16.0M
Capital spending $86.3M
FY21
Cash from operations $258M
Capital spending $115M
FY22
Cash from operations $345M
Capital spending $217M
FY23
Cash from operations $382M
Capital spending $360M
FY24
Cash from operations $267M
Capital spending $328M
FY25
Cash from operations $296M
Capital spending $281M
Cash from operations
Capital spending
Dividends, buybacks and share count
Arcos Dorados Holdings Inc. returned $50.6M to shareholders in fiscal 2025, 337% of free cash flow. The diluted share count rose 0.0%.
FY16
Dividends $0.0M
Buybacks $0.0M
FY17
Dividends $0.0M
Buybacks $0.0M
FY18
Dividends $20.9M
Buybacks $46.0M
FY19
Dividends $22.4M
Buybacks $14.0M
FY20
Dividends $10.2M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $31.6M
Buybacks —
FY23
Dividends $40.0M
Buybacks —
FY24
Dividends $50.6M
Buybacks —
FY25
Dividends $50.6M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.21B
FY17
Diluted shares 0.21B
FY18
Diluted shares 0.21B
FY19
Diluted shares 0.21B
FY20
Diluted shares 0.21B
FY21
Diluted shares 0.21B
FY22
Diluted shares 0.21B
FY23
Diluted shares 0.21B
FY24
Diluted shares 0.21B
FY25
Diluted shares 0.21B
Balance sheet
Cash, debt and the ratios that show how comfortably Arcos Dorados Holdings Inc. can carry it.
FY16
Cash $195M
Debt $580M
FY17
Cash $328M
Debt $634M
FY18
Cash $197M
Debt $631M
FY19
Cash $122M
Debt $646M
FY20
Cash $166M
Debt $783M
FY21
Cash $279M
Debt $750M
FY22
Cash $304M
Debt $736M
FY23
Cash $247M
Debt $753M
FY24
Cash $139M
Debt $788M
FY25
Cash $422M
Debt $1.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $279M | $304M | $247M | $139M | $422M |
| Debt incl. finance leases | $750M | $736M | $753M | $788M | $1.1B |
| Net debt / EBITDA | 1.8x | 1.1x | 1.1x | 1.3x | 1.3x |
| Debt / equity | 3.4x | 2.3x | 1.4x | 1.5x | 1.5x |
| Interest coverage | 2.8x | 6.0x | 9.7x | 6.9x | 26.7x |
| Current ratio | 0.9x | 0.9x | 0.7x | 0.6x | 1.0x |
| Quick ratio | 0.8x | 0.8x | 0.7x | 0.5x | 0.9x |
| Total assets | $2.4B | $2.6B | $3.0B | $2.9B | $3.9B |
| Total liabilities | $2.1B | $2.3B | $2.5B | $2.4B | $3.1B |
| Shareholders' equity | $220M | $324M | $515M | $508M | $770M |
| Net debt (− = net cash) | $471M | $432M | $506M | $649M | $727M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | 6 / 8 | 5 / 8 | 7 / 9 | 3 / 9 | 8 / 9 | 8 / 9 | 6 / 9 | 5 / 9 | 5 / 9 |
| Accruals ratio | −5.7% | −7.6% | −8.5% | −6.9% | −6.8% | −9.1% | −8.2% | −7.1% | −4.0% | −2.5% |
| Altman Z'' | 1.26 | 2.31 | 1.61 | 0.74 | 0.07 | 0.73 | 1.16 | 1.01 | 1.05 | 1.62 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.9B | $3.3B | $3.1B | $3.0B | $2.0B | $2.7B | $3.6B | $4.3B | $4.5B | $4.7B |
| Gross profit | — | — | $3.0B | $2.9B | $1.9B | $2.6B | $3.6B | $4.2B | $4.4B | $4.6B |
| Operating income | $179M | $273M | $123M | $160M | −$66.8M | $140M | $264M | $314M | $325M | $364M |
| Interest expense | $66.9M | $68.4M | $52.9M | $52.1M | $33.4M | $49.5M | $43.8M | $32.3M | $47.2M | $13.7M |
| Pretax income | $139M | $183M | $85.2M | $119M | −$132M | $77.8M | $226M | $278M | $259M | $341M |
| Income tax | $59.6M | $53.3M | $48.1M | $38.8M | $17.5M | $31.9M | $85.5M | $95.7M | $110M | $129M |
| Net income | $78.8M | $129M | $36.8M | $79.9M | −$149M | $45.5M | $140M | $181M | $149M | $212M |
| Diluted EPS | $0.37 | $0.61 | $0.18 | $0.38 | −$0.72 | $0.22 | $0.67 | $0.86 | $0.71 | $1.01 |
| Diluted shares | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $164M | $255M | $180M | $223M | $16.0M | $258M | $345M | $382M | $267M | $296M |
| Capital expenditure | $92.3M | $175M | $197M | $265M | $86.3M | $115M | $217M | $360M | $328M | $281M |
| Free cash flow | $71.9M | $80.4M | −$17.3M | −$41.8M | −$70.3M | $143M | $128M | $21.9M | −$60.8M | $15.0M |
| Depreciation and amortization | $93.0M | $99.4M | $106M | $123M | $127M | $120M | $120M | $149M | $177M | $197M |
| Acquisitions | — | $0.9M | $0.0M | $2.7M | $3.8M | $0.2M | $4.8M | $2.1M | $6.1M | $7.1M |
| Share buybacks | $0.0M | $0.0M | $46.0M | $14.0M | $0.0M | $0.0M | — | — | — | — |
| Dividends paid | $0.0M | $0.0M | $20.9M | $22.4M | $10.2M | $0.0M | $31.6M | $40.0M | $50.6M | $50.6M |
| Dividends and buybacks | $0.0M | $0.0M | $67.0M | $36.4M | $10.2M | $0.0M | $31.6M | $40.0M | $50.6M | $50.6M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $195M | $328M | $197M | $122M | $166M | $279M | $304M | $247M | $139M | $422M |
| Total debt | $580M | $634M | $631M | $640M | $777M | $744M | $731M | $744M | $779M | $1.1B |
| Finance lease liabilities | — | — | — | $5.4M | $5.9M | $6.1M | $5.0M | $8.5M | $9.1M | $11.7M |
| Current assets | $445M | $653M | $465M | $405M | $416M | $540M | $684M | $605M | $468M | $852M |
| Current liabilities | $548M | $606M | $493M | $595M | $503M | $618M | $759M | $842M | $766M | $829M |
| Inventory | $48.9M | $82.7M | $46.1M | $37.8M | $33.6M | $37.8M | $50.1M | $52.8M | $51.7M | $66.4M |
| Property and equipment, net | $848M | $891M | $856M | $961M | $797M | $744M | $856M | $1.1B | $1.1B | $1.3B |
| Goodwill | $7.1M | $7.1M | $5.9M | $6.8M | $5.6M | $5.2M | $7.2M | $11.9M | $13.3M | $16.6M |
| Intangible assets | $35.9M | $40.7M | $35.1M | $36.3M | $31.4M | $33.6M | $47.3M | $58.1M | $53.3M | $132M |
| Total assets | $1.5B | $1.8B | $1.6B | $2.6B | $2.3B | $2.4B | $2.6B | $3.0B | $2.9B | $3.9B |
| Total liabilities | $1.2B | $1.3B | $1.2B | $2.1B | $2.1B | $2.1B | $2.3B | $2.5B | $2.4B | $3.1B |
| Shareholders' equity | $351M | $496M | $392M | $421M | $198M | $220M | $324M | $515M | $508M | $770M |
| Margins | ||||||||||
| Gross margin | — | — | 97.8% | 97.9% | 97.8% | 98.1% | 98.1% | 98.1% | 98.1% | 98.1% |
| Operating margin | 6.1% | 8.2% | 4.0% | 5.4% | −3.4% | 5.2% | 7.3% | 7.2% | 7.3% | 7.8% |
| EBITDA margin | 9.3% | 11.2% | 7.4% | 9.6% | 3.0% | 9.8% | 10.6% | 10.7% | 11.2% | 12.0% |
| Net margin | 2.7% | 3.9% | 1.2% | 2.7% | −7.5% | 1.7% | 3.9% | 4.2% | 3.3% | 4.5% |
| FCF margin | 2.5% | 2.4% | −0.6% | −1.4% | −3.5% | 5.4% | 3.5% | 0.5% | −1.4% | 0.3% |
| Returns | ||||||||||
| Return on capital | 15.8% | 24.1% | 9.7% | 11.5% | −6.5% | 13.2% | 22.9% | 20.3% | 18.4% | 15.9% |
| Return on capital employed | 18.7% | 22.8% | 11.4% | 8.2% | −3.7% | 8.0% | 14.1% | 14.4% | 15.3% | 11.9% |
| Return on equity | 22.5% | 30.5% | 8.3% | 19.6% | −48.3% | 21.8% | 51.6% | 43.2% | 29.1% | 33.2% |
| Return on assets | 5.2% | 7.8% | 2.2% | 3.9% | −6.2% | 2.0% | 5.6% | 6.4% | 5.0% | 6.3% |
| Return on tangible equity | 25.6% | 28.8% | 10.5% | 21.1% | −93.1% | 25.0% | 52.2% | 40.7% | 33.7% | 34.1% |
| Growth | ||||||||||
| Revenue growth | — | 13.3% | −7.2% | −4.0% | −32.9% | 34.1% | 36.1% | 19.7% | 3.2% | 4.7% |
| Net income growth | — | 63.9% | −71.5% | 116.8% | −287.1% | — | 208.5% | 29.2% | −17.9% | 42.6% |
| EPS growth | — | 64.9% | −70.5% | 111.1% | −289.5% | — | 204.5% | 28.4% | −17.4% | 42.3% |
| FCF growth | — | 11.8% | −121.5% | — | — | — | −10.3% | −83.0% | −378.0% | — |
| Share count change | — | 0.5% | −0.9% | −1.2% | 0.5% | 0.9% | 0.0% | 0.0% | 0.0% | 0.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.4x | 0.8x | 1.9x | 1.8x | 10.3x | 1.8x | 1.1x | 1.1x | 1.3x | 1.3x |
| Debt / equity | 1.7x | 1.3x | 1.6x | 1.5x | 3.9x | 3.4x | 2.3x | 1.4x | 1.5x | 1.5x |
| Interest coverage | 2.7x | 4.0x | 2.3x | 3.1x | −2.0x | 2.8x | 6.0x | 9.7x | 6.9x | 26.7x |
| Current ratio | 0.8x | 1.1x | 0.9x | 0.7x | 0.8x | 0.9x | 0.9x | 0.7x | 0.6x | 1.0x |
| Quick ratio | 0.7x | 0.9x | 0.8x | 0.6x | 0.8x | 0.8x | 0.8x | 0.7x | 0.5x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.2% | 5.3% | 6.4% | 9.0% | 4.3% | 4.3% | 6.0% | 8.3% | 7.3% | 6.0% |
| Payouts / FCF | 0.0% | 0.0% | — | — | — | 0.0% | 24.6% | 183.0% | — | 337.2% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 5.0 | 7.0 | 3.0 | 8.0 | 8.0 | 6.0 | 5.0 | 5.0 |
| Altman Z'' | 1.3 | 2.3 | 1.6 | 0.7 | 0.1 | 0.7 | 1.2 | 1.0 | 1.1 | 1.6 |
| Accruals ratio | −5.7% | −7.6% | −8.5% | −6.9% | −6.8% | −9.1% | −8.2% | −7.1% | −4.0% | −2.5% |
Source: SEC EDGAR XBRL filings (CIK 0001508478). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.