NYSE : ARCO
Arcos Dorados Holdings Inc. — Financial statements
Consumer Discretionary · Restaurants · Uruguay
Last price 6.9 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.45B
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Financial statements
Arcos Dorados Holdings Inc. (ARCO) reported revenue of 4.98B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.98B | 4.68B | 4.47B | 4.33B | 3.62B | 2.66B |
| Cost of Revenue | 4.37B | 4.10B | 3.88B | 3.73B | 3.13B | 2.34B |
| Gross Profit | 610.17M | 574.12M | 586.42M | 597.14M | 492.61M | 324.06M |
| Selling, General & Admin | 310.29M | 304.03M | 279.86M | 285.00M | 239.26M | 210.91M |
| Other Operating Expenses | -101.41M | -103.42M | -18.96M | -3.03M | -11.12M | -18.91M |
| Operating Expenses | 208.87M | 200.61M | 260.89M | 281.97M | 228.14M | 192.00M |
| Operating Income | 401.30M | 373.51M | 325.53M | 315.17M | 264.46M | 132.06M |
| Interest Expense | -58.15M | -62.06M | -43.68M | -43.72M | -40.94M | -46.92M |
| Interest & Investment Income | 58.84M | 52.07M | 11.63M | 863.00K | 1.21M | |
| Earnings From Equity Investments | 528.00K | 528.00K | 54.00K | 1.49M | 1.13M | 531.00K |
| Currency Exchange Gain (Loss) | 13.02M | -4.86M | -15.06M | 10.77M | 16.50M | -9.19M |
| Other Non Operating Income (Expenses) | -1.25M | -8.22M | -6.49M | -14.60M | -14.45M | -6.83M |
| EBT Excluding Unusual Items | 414.29M | 350.95M | 260.35M | 280.74M | 227.57M | 70.86M |
| Merger & Restructuring Charges | -8.72M | -8.72M | ||||
| Gain (Loss) on Sale of Investments | 8.50M | |||||
| Asset Writedown | -922.00K | -922.00K | -1.07M | -2.63M | -1.17M | -1.57M |
| Pretax Income | 404.65M | 341.31M | 259.28M | 278.12M | 226.40M | 77.79M |
| Income Tax Expense | 147.50M | 128.73M | 109.90M | 95.70M | 85.48M | 31.93M |
| Earnings From Continuing Operations | 257.15M | 212.58M | 149.38M | 182.41M | 140.92M | 45.85M |
| Minority Interest in Earnings | -401.00K | -468.00K | -620.00K | -1.14M | -577.00K | -367.00K |
| Net Income | 256.75M | 212.12M | 148.76M | 181.27M | 140.34M | 45.49M |
| Net Income to Common | 256.75M | 212.12M | 148.76M | 181.27M | 140.34M | 45.49M |
| Shares Outstanding (Basic) | 210.66M | 210.66M | 210.66M | 210.63M | 210.55M | 210.39M |
| Shares Outstanding (Diluted) | 210.66M | 210.66M | 210.66M | 210.63M | 210.63M | 210.54M |
| EPS (Basic) | 1.22 | 1.01 | 0.71 | 0.86 | 0.67 | 0.22 |
| EPS (Diluted) | 1.22 | 1.01 | 0.71 | 0.86 | 0.67 | 0.22 |
| Free Cash Flow | 99.06M | 14.99M | -60.79M | 21.87M | 128.32M | 143.04M |
| Free Cash Flow Per Share | 0.47 | 0.07 | -0.29 | 0.10 | 0.61 | 0.68 |
| Dividend Per Share | 0.28 | 0.24 | 0.24 | 0.19 | 0.15 | |
| Gross Margin | 12.25% | 12.27% | 13.12% | 13.79% | 13.61% | 12.18% |
| Operating Margin | 8.06% | 7.98% | 7.28% | 7.28% | 7.31% | 4.96% |
| Profit Margin | 5.16% | 4.53% | 3.33% | 4.18% | 3.88% | 1.71% |
| Free Cash Flow Margin | 1.99% | 0.32% | -1.36% | 0.51% | 3.55% | 5.38% |
| EBITDA | 613.03M | 570.76M | 502.88M | 464.44M | 384.24M | 252.45M |
| EBITDA Margin | 12.31% | 12.20% | 11.25% | 10.72% | 10.62% | 9.49% |
| D&A For EBITDA | 211.73M | 197.26M | 177.35M | 149.27M | 119.78M | 120.39M |
| EBIT | 401.30M | 373.51M | 325.53M | 315.17M | 264.46M | 132.06M |
| EBIT Margin | 8.06% | 7.98% | 7.28% | 7.28% | 7.31% | 4.96% |
| Effective Tax Rate | 36.45% | 37.72% | 42.39% | 34.41% | 37.76% | 41.05% |
| Revenue as Reported | 4.98B | 4.68B | 4.47B | 4.33B | 3.62B | 2.66B |
| Advertising Expenses | 174.11M | 184.15M | 175.04M | 148.78M | 104.01M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 259.99M | 373.44M | 135.06M | 196.66M | 266.94M | 278.83M |
| Short-Term Investments | 10.00M | 48.91M | 3.53M | 50.11M | 37.46M | |
| Cash & Short-Term Investments | 269.99M | 422.35M | 138.59M | 246.77M | 304.40M | 278.83M |
| Accounts Receivable | 171.76M | 163.09M | 118.58M | 147.73M | 123.71M | 79.59M |
| Other Receivables | 92.93M | 83.98M | 40.38M | 38.60M | 26.52M | 21.37M |
| Receivables | 264.69M | 248.47M | 159.82M | 186.58M | 150.79M | 103.55M |
| Inventory | 59.96M | 66.39M | 51.65M | 52.83M | 50.09M | 37.80M |
| Prepaid Expenses | 111.73M | 86.49M | 98.35M | 95.82M | 100.60M | 98.33M |
| Other Current Assets | 52.80M | 28.26M | 19.99M | 23.28M | 78.49M | 21.61M |
| Total Current Assets | 759.17M | 851.96M | 468.40M | 605.28M | 684.36M | 540.12M |
| Property, Plant & Equipment | 2.57B | 2.44B | 2.08B | 2.07B | 1.68B | 1.51B |
| Long-Term Investments | 15.96M | 46.32M | 51.97M | 37.45M | 14.71M | 120.49M |
| Goodwill | 16.61M | 13.34M | 11.90M | 7.23M | 5.21M | |
| Other Intangible Assets | 157.31M | 132.34M | 53.30M | 58.13M | 47.34M | 33.60M |
| Long-Term Deferred Tax Assets | 108.44M | 104.25M | 90.29M | 98.16M | 87.97M | 67.80M |
| Other Long-Term Assets | 282.19M | 285.94M | 133.18M | 129.37M | 113.90M | 82.98M |
| Total Assets | 3.89B | 3.89B | 2.89B | 3.02B | 2.64B | 2.36B |
| Accounts Payable | 332.79M | 356.61M | 347.89M | 374.99M | 353.47M | 269.21M |
| Accrued Expenses | 328.51M | 263.94M | 202.34M | 228.78M | 217.91M | 177.63M |
| Short-Term Debt | 60.25M | 29.53M | 318.00K | |||
| Current Portion of Long-Term Debt | 40.87M | 11.78M | 2.62M | 7.83M | 29.25M | 12.79M |
| Current Portion of Leases | 119.69M | 106.84M | 92.28M | 93.51M | 82.91M | 79.12M |
| Current Income Taxes Payable | 25.21M | 50.63M | 39.00M | 77.72M | 65.31M | 70.28M |
| Current Unearned Revenue | 16.57M | 6.82M | 1.58M | |||
| Other Current Liabilities | 12.42M | 22.37M | 14.71M | 27.74M | 10.25M | 8.84M |
| Total Current Liabilities | 859.50M | 828.74M | 765.92M | 841.67M | 759.41M | 617.86M |
| Long-Term Debt | 940.40M | 1.11B | 706.89M | 721.27M | 724.81M | 747.96M |
| Long-Term Leases | 1.10B | 1.01B | 858.25M | 861.61M | 752.71M | 713.26M |
| Long-Term Unearned Revenue | 79.26M | 10.23M | 12.64M | 11.06M | 10.38M | |
| Long-Term Deferred Tax Liabilities | 3.01M | 2.76M | 2.08M | 1.17M | 3.93M | 7.17M |
| Other Long-Term Liabilities | 158.19M | 76.14M | 39.86M | 64.04M | 60.29M | 43.46M |
| Total Liabilities | 3.06B | 3.11B | 2.38B | 2.50B | 2.31B | 2.14B |
| Common Stock | 522.88M | 522.88M | 522.88M | 522.82M | 522.31M | 521.28M |
| Additional Paid-In Capital | 8.66M | 8.66M | 8.66M | 8.72M | 9.21M | 10.10M |
| Retained Earnings | 848.11M | 825.95M | 664.39M | 566.19M | 424.94M | 316.18M |
| Treasury Stock | -19.37M | -19.37M | -19.37M | -19.37M | -19.37M | -19.37M |
| Comprehensive Income & Other | -529.20M | -567.63M | -668.48M | -563.08M | -613.46M | -607.77M |
| Total Common Equity | 831.08M | 770.49M | 508.08M | 515.28M | 323.62M | 220.43M |
| Minority Interest | 1.70M | 1.65M | 1.35M | 1.56M | 804.00K | 732.00K |
| Shareholders' Equity | 832.77M | 772.14M | 509.43M | 516.84M | 324.43M | 221.16M |
| Total Liabilities & Equity | 3.89B | 3.89B | 2.89B | 3.02B | 2.64B | 2.36B |
| Total Debt | 2.20B | 2.25B | 1.72B | 1.71B | 1.59B | 1.55B |
| Net Cash (Debt) | -1.93B | -1.82B | -1.58B | -1.47B | -1.29B | -1.27B |
| Net Cash Per Share | -9.16 | -8.65 | -7.51 | -6.96 | -6.10 | -6.05 |
| Filing Date Shares Outstanding | 210.66M | 210.66M | 210.66M | 210.65M | 210.59M | 210.48M |
| Total Common Shares Outstanding | 210.66M | 210.66M | 210.66M | 210.65M | 210.59M | 210.48M |
| Working Capital | -100.33M | 23.22M | -297.52M | -236.39M | -75.05M | -77.75M |
| Book Value Per Share | 3.95 | 3.66 | 2.41 | 2.45 | 1.54 | 1.05 |
| Tangible Book Value | 673.76M | 621.54M | 441.44M | 445.25M | 269.05M | 181.62M |
| Tangible Book Value Per Share | 3.20 | 2.95 | 2.10 | 2.11 | 1.28 | 0.86 |
| Land | 128.12M | 123.13M | 136.19M | 134.41M | 128.06M | |
| Buildings | 1.28B | 997.30M | 977.59M | 754.94M | 660.75M | |
| Machinery | 1.25B | 1.12B | 1.12B | 886.60M | 750.96M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 256.75M | 212.12M | 148.76M | 181.27M | 140.34M | 45.49M |
| Depreciation & Amortization | 211.73M | 197.26M | 177.35M | 149.27M | 119.78M | 120.39M |
| Other Amortization | 5.94M | 5.94M | 4.87M | 4.27M | 5.34M | 4.25M |
| Loss (Gain) From Sale of Assets | -9.68M | -10.70M | -6.55M | -4.01M | -577.00K | |
| Asset Writedown & Restructuring Costs | 6.56M | 6.56M | 2.65M | 8.40M | 4.31M | 4.67M |
| Loss (Gain) From Sale of Investments | -8.50M | |||||
| Stock-Based Compensation | 4.58M | 4.58M | 953.00K | 14.34M | 6.09M | 758.00K |
| Other Operating Activities | 22.91M | 10.20M | -877.00K | 5.81M | -14.17M | -1.57M |
| Change in Accounts Receivable | -39.86M | -39.86M | 209.00K | -46.02M | -56.79M | -4.69M |
| Change in Inventory | -9.29M | -9.29M | -4.25M | 4.83M | -6.04M | -38.66M |
| Change in Accounts Payable | 2.95M | 2.95M | 24.46M | 70.00M | 111.96M | 78.20M |
| Change in Income Taxes | 10.41M | 10.41M | -23.05M | 7.75M | 18.64M | 41.53M |
| Change in Other Net Operating Assets | -100.88M | -93.83M | -57.67M | -13.95M | 16.55M | 16.18M |
| Operating Cash Flow | 362.13M | 296.34M | 266.85M | 381.96M | 345.44M | 258.04M |
| Capital Expenditures | -263.08M | -281.35M | -327.64M | -360.10M | -217.12M | -115.00M |
| Sale of Property, Plant & Equipment | 5.14M | 2.57M | 8.21M | 2.54M | 2.71M | 1.99M |
| Cash Acquisitions | -7.08M | -7.06M | -6.08M | -2.08M | -4.80M | -185.00K |
| Investment in Securities | 87.33M | -45.49M | 46.11M | -19.98M | -41.08M | |
| Other Investing Activities | -3.20M | -3.69M | -936.00K | -727.00K | 635.00K | 4.92M |
| Investing Cash Flow | -180.90M | -335.03M | -280.33M | -380.35M | -259.65M | -108.28M |
| Short-Term Debt Issued | 176.45M | 77.24M | 29.68M | 359.00K | ||
| Long-Term Debt Issued | 613.65M | 349.97M | ||||
| Total Debt Issued | 181.17M | 790.10M | 77.24M | 29.68M | 350.33M | |
| Short-Term Debt Repaid | -58.82M | -43.57M | -1.09M | |||
| Long-Term Debt Repaid | -379.97M | -15.27M | -26.24M | -371.75M | -37.17M | |
| Total Debt Repaid | -181.89M | -438.79M | -58.85M | -27.33M | -371.75M | -37.17M |
| Net Debt Issued (Repaid) | -726.00K | 351.31M | 18.39M | 2.35M | -21.43M | -37.17M |
| Common Dividends Paid | -54.77M | -50.56M | -50.56M | -40.02M | -31.59M | -21.00K |
| Other Financing Activities | -1.81M | -11.99M | -5.00M | 25.85M | -6.96M | 19.26M |
| Financing Cash Flow | -57.31M | 288.75M | -37.16M | -11.82M | -59.98M | -17.93M |
| Foreign Exchange Rate Adjustments | -10.99M | -11.70M | -10.95M | -60.07M | -37.70M | -19.00M |
| Net Cash Flow | 112.94M | 238.37M | -61.60M | -70.28M | -11.89M | 112.84M |
| Free Cash Flow | 99.06M | 14.99M | -60.79M | 21.87M | 128.32M | 143.04M |
| Free Cash Flow Margin | 1.99% | 0.32% | -1.36% | 0.51% | 3.55% | 5.38% |
| Free Cash Flow Per Share | 0.47 | 0.07 | -0.29 | 0.10 | 0.61 | 0.68 |
| Levered Free Cash Flow | 128.89M | 120.64M | -39.62M | 64.00M | 57.58M | 142.06M |
| Unlevered Free Cash Flow | 163.11M | 157.30M | -13.24M | 90.34M | 82.07M | 170.40M |
| Cash Interest Paid | 68.97M | 59.35M | 52.00M | 47.51M | 56.37M | 52.58M |
| Cash Income Tax Paid | 149.79M | 116.14M | 120.85M | 72.77M | 78.94M | 34.54M |
| Change in Working Capital | -136.66M | -129.61M | -60.31M | 22.62M | 84.32M | 92.56M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.43B | 1.55B | 1.53B | 2.67B | 1.76B | 1.23B |
| Enterprise Value | 3.36B | 3.35B | 3.13B | 4.07B | 3.00B | 2.59B |
| Last Close Price | 6.77 | 7.15 | 6.87 | 11.65 | 7.52 | 5.14 |
| PE Ratio | 5.55 | 7.29 | 10.31 | 14.75 | 12.54 | 26.98 |
| Forward PE | 8.06 | 10.79 | 9.66 | 14.87 | 10.28 | 25.01 |
| PS Ratio | 0.29 | 0.33 | 0.34 | 0.62 | 0.49 | 0.46 |
| PB Ratio | 1.72 | 2.00 | 3.01 | 5.17 | 5.43 | 5.55 |
| P/TBV Ratio | 2.12 | 2.49 | 3.47 | 6.00 | 6.54 | 6.76 |
| P/FCF Ratio | 14.40 | 103.13 | 122.24 | 13.72 | 8.58 | |
| P/OCF Ratio | 3.94 | 5.22 | 5.75 | 7.00 | 5.10 | 4.75 |
| PEG Ratio | 2.66 | 0.57 | 0.71 | 0.60 | 0.22 | |
| EV/Sales Ratio | 0.67 | 0.72 | 0.70 | 0.94 | 0.83 | 0.97 |
| EV/EBITDA Ratio | 5.47 | 5.88 | 6.22 | 8.75 | 7.81 | 10.27 |
| EV/EBIT Ratio | 8.36 | 8.98 | 9.61 | 12.90 | 11.35 | 19.63 |
| EV/FCF Ratio | 33.88 | 223.63 | 185.90 | 23.38 | 18.12 | |
| Debt / Equity Ratio | 2.64 | 2.91 | 3.38 | 3.32 | 4.90 | 7.02 |
| Debt / EBITDA Ratio | 2.71 | 3.36 | 2.90 | 3.06 | 3.40 | 4.80 |
| Debt / FCF Ratio | 22.20 | 149.75 | 78.37 | 12.39 | 10.86 | |
| Net Debt / Equity Ratio | 2.32 | 2.36 | 3.10 | 2.84 | 3.96 | 5.76 |
| Net Debt / EBITDA Ratio | 3.15 | 3.19 | 3.15 | 3.16 | 3.35 | 5.05 |
| Net Debt / FCF Ratio | 19.48 | 121.59 | -26.02 | 67.08 | 10.02 | 8.91 |
| Asset Turnover | 1.37 | 1.38 | 1.51 | 1.53 | 1.45 | 1.14 |
| Inventory Turnover | 74.96 | 69.54 | 74.34 | 72.58 | 71.14 | 65.43 |
| Quick Ratio | 0.62 | 0.81 | 0.39 | 0.52 | 0.60 | 0.61 |
| Current Ratio | 0.88 | 1.03 | 0.61 | 0.72 | 0.90 | 0.87 |
| Return on Equity (ROE) | 36.36% | 33.18% | 29.11% | 43.37% | 51.66% | 21.88% |
| Return on Assets (ROA) | 6.91% | 6.89% | 6.88% | 6.97% | 6.61% | 3.55% |
| Return on Invested Capital (ROIC) | 9.38% | 9.93% | 9.21% | 11.50% | 10.60% | 4.97% |
| Return on Capital Employed (ROCE) | 13.20% | 12.20% | 15.30% | 14.50% | 14.10% | 7.60% |
| Earnings Yield | 18.00% | 13.72% | 9.70% | 6.78% | 7.97% | 3.71% |
| FCF Yield | 6.95% | 0.97% | -3.96% | 0.82% | 7.29% | 11.66% |
| Dividend Yield | 4.14% | 3.27% | 3.30% | 1.50% | 1.79% | |
| Payout Ratio | 22.97% | 23.84% | 33.99% | 22.08% | 22.51% | 0.05% |
| Buyback Yield / Dilution | -0.00% | -0.01% | -0.00% | -0.04% | -0.90% | |
| Total Shareholder Return | 4.14% | 3.27% | 3.28% | 1.49% | 1.75% | -0.90% |