ARCO

MKT CAP:$2B

Arcos Dorados Holdings Inc.

Market Cap

$2B

Consumer Cyclical·Restaurants· Uruguay·NYSE

Consumer Cyc.·Restaurants·NYSE

Stock Price

$9.29+$2.00 (+27.43%)

Apr 23, 2026

Company Details

Arcos Dorados Holdings Inc. operates as a franchisee of McDonald's restaurants. The company has the exclusive right to own, operate, and grant franchises of McDonald's restaurants in 20 countries and territories in Latin America and the Car...

CEO

Luis Raganato

IPO Date

Apr 14, 2011

Website

www.arcosdorados.com

Key Metrics TTM

Revenue

$4.7B

+4.7% YoY

Net Income

$212M

EPS (Diluted)

$1.01

Free Cash Flow

$11M

Revenue / Share

$22.21

Gross Margin

12.3%

Operating Margin

7.5%

Net Margin

4.5%

FCF Margin

0.2%

P/S

0.4x

P/E

9.1x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Mar 19, 2026

$4.7B+4.7%EPS $1.01

Q4 2025

Mar 19, 2026

$1.3B+10.7%EPS $0.12

Q3 2025

Nov 12, 2025

$1.2B+5.2%EPS $0.71

Q2 2025

Aug 13, 2025

$1.1B+2.8%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$791M	$100M	$48M
Q2 22	$888M	$112M	$61M
Q3 22	$922M	$129M	$74M
Q4 22	$1.0B	$152M	$82M
Q1 23	$991M	$133M	$66M
Q2 23	$1.0B	$137M	$75M
Q3 23	$1.1B	$161M	$91M
Q4 23	$1.2B	$166M	$82M
Q1 24	$1.1B	$132M	$68M
Q2 24	$1.1B	$143M	$75M
Q3 24	$1.1B	$141M	$80M
Q4 24	$1.1B	$171M	$103M
Q1 25	$1.1B	$120M	$45M
Q2 25	$1.1B	$132M	$62M
Q3 25	$1.2B	$142M	$147M
Q4 25	$1.3B	$180M	$95M

Valuation

Quarter	P/S	P/E
Q1 22	0.6x	17.2x
Q2 22	0.5x	13.3x
Q3 22	0.5x	12.3x
Q4 22	0.5x	12.2x
Q1 23	0.4x	10.4x
Q2 23	0.5x	12.9x
Q3 23	0.5x	10.9x
Q4 23	0.6x	14.3x
Q1 24	0.5x	13.7x
Q2 24	0.4x	11.1x
Q3 24	0.4x	12.6x
Q4 24	0.3x	10.2x
Q1 25	0.4x	12.7x
Q2 25	0.4x	12.8x
Q3 25	0.3x	5.9x
Q4 25	0.3x	7.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$35M	$10M
Q2 22	$87M	$43M
Q3 22	$113M	$58M
Q4 22	$73M	$6M
Q1 23	$29M	-$17M
Q2 23	$55M	-$21M
Q3 23	$148M	$43M
Q4 23	$79M	$11M
Q1 24	-$9M	-$71M
Q2 24	$73M	-$15M
Q3 24	$96M	$6M
Q4 24	$107M	$19M
Q1 25	-$13M	-$62M
Q2 25	$71M	$16M
Q3 25	$106M	$30M
Q4 25	$111M	$27M

Capital Expenditures

Quarter	CapEx
Q1 22	$25M
Q2 22	$44M
Q3 22	$55M
Q4 22	$67M
Q1 23	$47M
Q2 23	$76M
Q3 23	$105M
Q4 23	$68M
Q1 24	$61M
Q2 24	$88M
Q3 24	$90M
Q4 24	$88M
Q1 25	$49M
Q2 25	$55M
Q3 25	$76M
Q4 25	$84M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+40.9%	+30.7%
Q2 22	+49.8%	+43.9%
Q3 22	+27.0%	+25.6%
Q4 22	+30.5%	+33.4%
Q1 23	+25.3%	+24.5%
Q2 23	+17.2%	+16.7%
Q3 23	+22.1%	+22.0%
Q4 23	+15.4%	+16.7%
Q1 24	+9.1%	+9.7%
Q2 24	+6.8%	+7.3%
Q3 24	+0.8%	+1.9%
Q4 24	-2.7%	-4.8%
Q1 25	-0.4%	+1.7%
Q2 25	+2.8%	+4.2%
Q3 25	+5.2%	-0.8%
Q4 25	+10.7%	+12.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$3M	0.3%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$253.0K	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$56M	—
Q2 22	$55M	—
Q3 22	$59M	—
Q4 22	$70M	—
Q1 23	$66M	—
Q2 23	$70M	—
Q3 23	$68M	—
Q4 23	$74M	$8M
Q1 24	$69M	—
Q2 24	$73M	—
Q3 24	$68M	—
Q4 24	$70M	—
Q1 25	$73M	—
Q2 25	$78M	—
Q3 25	$77M	—
Q4 25	$85M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$267M	$12M	$280M
Q2 22	$276M	$13M	$289M
Q3 22	$290M	$29M	$319M
Q4 22	$267M	$37M	$304M
Q1 23	$231M	$32M	$264M
Q2 23	$201M	$22M	$224M
Q3 23	$166M	$85M	$251M
Q4 23	$197M	$50M	$247M
Q1 24	$127M	$35M	$162M
Q2 24	$104M	$35M	$139M
Q3 24	$116M	$5M	$121M
Q4 24	$135M	$4M	$139M
Q1 25	$405M	$90M	$495M
Q2 25	$147M	$87M	$234M
Q3 25	$183M	$74M	$257M
Q4 25	$373M	$49M	$422M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	211M	+0.1%	+0.0%
Q2 22	211M	-0.0%	+0.1%
Q3 22	211M	0.0%	+0.1%
Q4 22	211M	0.0%	+0.1%
Q1 23	211M	0.0%	-0.0%
Q2 23	211M	+0.0%	+0.0%
Q3 23	211M	-0.0%	+0.0%
Q4 23	211M	+0.0%	+0.0%
Q1 24	211M	+0.0%	+0.0%
Q2 24	211M	+0.0%	+0.0%
Q3 24	211M	0.0%	+0.0%
Q4 24	211M	+0.0%	+0.0%
Q1 25	211M	0.0%	+0.0%
Q2 25	211M	+0.0%	+0.0%
Q3 25	211M	0.0%	+0.0%
Q4 25	211M	-0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$9.7K	81K
Q2 22	$10.9K	81K
Q3 22	$11.3K	81K
Q4 22	$10.9K	94K
Q1 23	$10.6K	94K
Q2 23	$11.1K	94K
Q3 23	$12.0K	94K
Q4 23	$11.7K	101K
Q1 24	$10.7K	101K
Q2 24	$11.0K	101K
Q3 24	$11.2K	101K
Q4 24	$11.6K	99K
Q1 25	$10.9K	99K
Q2 25	$11.6K	99K
Q3 25	$12.1K	99K
Q4 25	$12.8K	99K

Revenue / Employee