Overview
- Q4 2025 revenue reached $1.3 billion, up 10.7% year over year, with systemwide comparable sales rising 16%.
- Adjusted EBITDA was $172.7 million, supported by a Brazil net tax benefit of $33.8 million in the quarter and about $106 million recognized for 2025, while GAAP net income declined on tax and restructuring charges.
- Digital channels accounted for a record 62% of systemwide sales, underpinned by a loyalty program now present in over 90% of restaurants.
- Guidance for 2026 targets 105–115 new restaurant openings and $275–$325 million in capital expenditures, funded by cash and operating cash flow, with cost savings expected from a completed headcount reduction and lower-cost refinancing.
- Brazil remained a margin pressure point due to roughly 30% beef-price inflation, though trends improved late in 2025, and the Board increased the 2026 cash dividend to $0.28 per share.