Operating margins remain highly volatile, ranging from a low of 4.7% to a high of 12.6%, while EPS suffered an 89.9% decline in 2025Q3.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Sales/Revenue | 457.21M | 452.33M | 463.92M | 456.43M | 398.17M | 288.61M | 541.39M | 630.18M | 529.17M | 506.95M | 491.29M | 472.3M | 462.59M | 488.36M | 538.53M | 548.47M | 608.1M | 760.27M | 939.37M | 994.04M | 978.73M | 960.01M | 940.95M | 948.58M | 1.04B | 1.16B | 1.59B | 1.72B | 2.61B | 2.54B | 2.57B |
| Revenue Growth % | 0.93% | -2.5% | 1.64% | 14.63% | 37.96% | -46.69% | -14.09% | 19.09% | 4.38% | 3.19% | 4.02% | 2.1% | -5.28% | -9.32% | -1.81% | -9.81% | -20.02% | -19.07% | -5.5% | 1.57% | 1.95% | 2.03% | -0.81% | -8.77% | -10% | -27.34% | -7.58% | -34.07% | 2.64% | -1.13% | -3.54% |
| Cost of Goods Sold | 256.98M | 120.23M | 310.05M | 314.79M | 256.07M | 208.92M | 378.72M | 463.08M | 364.01M | 342.9M | 337.7M | 333.57M | 329.67M | 348.88M | 402.13M | 412.99M | 460.53M | 605.01M | 773.95M | 809.69M | 808.14M | 371.23M | 364.88M | 766.78M | 419M | 481.35M | 636.46M | 748.04M | 1.23B | 744.07M | 864.5M |
| COGS % of Revenue | - | 26.58% | 66.83% | 68.97% | 64.31% | 72.39% | 69.95% | 73.48% | 68.79% | 67.64% | 68.74% | 70.63% | 71.26% | 71.44% | 74.67% | 75.3% | 75.73% | 79.58% | 82.39% | 81.45% | 82.57% | 38.67% | 38.78% | 80.83% | 40.3% | 41.67% | 40.03% | 43.48% | 47.26% | 29.27% | 33.62% |
| Gross Profit | 200.23M | 332.11M | 153.87M | 141.64M | 142.1M | 79.69M | 162.67M | 167.1M | 165.16M | 164.05M | 153.59M | 138.73M | 132.93M | 139.48M | 136.41M | 135.48M | 147.57M | 155.26M | 165.42M | 184.36M | 170.58M | 588.78M | 576.06M | 181.8M | 620.72M | 673.89M | 953.59M | 972.48M | 1.38B | 1.8B | 1.71B |
| Gross Margin % | 43.79% | 73.42% | 33.17% | 31.03% | 35.69% | 27.61% | 30.05% | 26.52% | 31.21% | 32.36% | 31.26% | 29.37% | 28.74% | 28.56% | 25.33% | 24.7% | 24.27% | 20.42% | 17.61% | 18.55% | 17.43% | 61.33% | 61.22% | 19.17% | 59.7% | 58.33% | 59.97% | 56.52% | 52.74% | 70.73% | 66.38% |
| Gross Profit Growth % | - | 115.84% | 8.63% | -0.32% | 78.32% | -51.01% | -2.65% | 1.17% | 0.68% | 6.81% | 10.72% | 4.36% | -4.7% | 2.25% | 0.68% | -8.19% | -4.95% | -6.14% | -10.27% | 8.08% | -71.03% | 2.21% | 216.87% | -70.71% | -7.89% | -29.33% | -1.94% | -29.34% | -23.47% | 5.35% | -2.28% |
| Operating Expenses | 161.6M | 286.79M | 101.05M | 81.03M | 38.03M | 73.01M | -2.32M | 90.87M | 90.14M | 90.14M | 88.07M | 80.13M | 78.34M | 82.61M | 83.33M | 85.26M | 75.14M | 85.33M | 75.02M | 73.83M | 116.93M | 534.46M | 527.08M | 128.68M | 623.61M | 661.6M | 1.24B | 1.04B | 1.22B | 1.64B | 1.61B |
| OpEx % of Revenue | - | 63.4% | 21.78% | 17.75% | 9.55% | 25.3% | -0.43% | 14.42% | 17.03% | 17.78% | 17.93% | 16.96% | 16.93% | 16.92% | 15.47% | 15.54% | 12.36% | 11.22% | 7.99% | 7.43% | 11.95% | 55.67% | 56.02% | 13.57% | 59.98% | 57.27% | 77.81% | 60.43% | 46.76% | 64.58% | 62.56% |
| Selling, General & Admin | 84.74M | 80.2M | 77.77M | 67.17M | 68.69M | 55.04M | 69.02M | 63.83M | 66.42M | 67.96M | 66.6M | 58.91M | 56.84M | 60.31M | 55.35M | 55.62M | 57.28M | 60.97M | 67.37M | 66.43M | 62.91M | 478.95M | 468.94M | 50M | 498.99M | 552.82M | 771.83M | 766.52M | 1.09B | 0 | 0 |
| SG&A % of Revenue | - | 17.73% | 16.76% | 14.72% | 17.25% | 19.07% | 12.75% | 10.13% | 12.55% | 13.41% | 13.56% | 12.47% | 12.29% | 12.35% | 10.28% | 10.14% | 9.42% | 8.02% | 7.17% | 6.68% | 6.43% | 49.89% | 49.84% | 5.27% | 47.99% | 47.85% | 48.54% | 44.55% | 41.63% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 206.59M | 23.28M | 13.86M | -30.66M | 17.97M | -71.33M | -3.24M | -2.59M | -25.8M | -2.5M | -658K | -8.21M | -8.41M | 27.98M | 29.64M | 17.86M | 24.36M | 7.65M | 7.41M | 54.02M | 55.51M | 58.14M | 78.68M | 124.62M | 108.78M | 465.35M | 273.23M | 133.8M | 1.64B | 1.61B |
| Operating Income | 38.63M | 45.32M | 52.82M | 60.61M | 104.08M | 6.68M | 164.98M | 73.61M | 70.7M | 47M | 63.15M | 57.33M | 47.52M | 56.39M | 50.97M | 55.17M | 72.43M | 60.91M | 83.53M | 110.52M | 48.45M | 53.82M | 48.37M | 49.6M | -19.75M | -264K | -283.59M | -67.27M | 156.1M | 156.39M | 98.23M |
| Operating Margin % | 8.45% | 10.02% | 11.39% | 13.28% | 26.14% | 2.31% | 30.47% | 11.68% | 13.36% | 9.27% | 12.85% | 12.14% | 10.27% | 11.55% | 9.47% | 10.06% | 11.91% | 8.01% | 8.89% | 11.12% | 4.95% | 5.61% | 5.14% | 5.23% | -1.9% | -0.02% | -17.84% | -3.91% | 5.98% | 6.15% | 3.82% |
| Operating Income Growth % | - | -14.21% | -12.85% | -41.76% | 1458.24% | -95.95% | 124.12% | 4.12% | 50.42% | -25.58% | 10.15% | 20.64% | -15.73% | 10.62% | -7.6% | -23.83% | 18.91% | -27.08% | -24.42% | 128.1% | -9.97% | 11.27% | -2.48% | 351.19% | -7379.17% | 99.91% | -321.59% | -143.09% | -0.19% | 59.2% | -53.47% |
| EBITDA | 55.47M | 60.17M | 67.21M | 75.48M | 119.52M | 22.84M | 184.83M | 100.65M | 94.42M | 69.18M | 84.62M | 78.55M | 69.02M | 78.69M | 78.95M | 84.81M | 104.77M | 100.68M | 134.05M | 169.13M | 108.07M | 114.64M | 109.46M | 128.05M | 94.81M | 137.51M | -13.24M | 199.49M | 289.9M | 286.34M | 231.11M |
| EBITDA Margin % | 12.13% | 13.3% | 14.49% | 16.54% | 30.02% | 7.91% | 34.14% | 15.97% | 17.84% | 13.65% | 17.22% | 16.63% | 14.92% | 16.11% | 14.66% | 15.46% | 17.23% | 13.24% | 14.27% | 17.01% | 11.04% | 11.94% | 11.63% | 13.5% | 9.12% | 11.9% | -0.83% | 11.59% | 11.11% | 11.26% | 8.99% |
| EBITDA Growth % | 4.6% | -10.47% | -10.95% | -36.85% | 423.3% | -87.64% | 83.63% | 6.6% | 36.49% | -18.25% | 7.73% | 13.8% | -12.29% | -0.33% | -6.9% | -19.06% | 4.07% | -24.9% | -20.74% | 56.5% | -5.73% | 4.73% | -14.52% | 35.06% | -31.05% | 1138.89% | -106.63% | -31.19% | 1.24% | 23.9% | -32.18% |
| D&A (Non-Cash Add-back) | 16.84M | 14.86M | 14.38M | 14.86M | 15.45M | 16.16M | 19.85M | 27.04M | 23.72M | 22.18M | 21.47M | 21.22M | 21.5M | 22.3M | 27.98M | 29.64M | 32.34M | 39.77M | 50.52M | 58.61M | 59.62M | 60.82M | 61.09M | 78.46M | 114.56M | 137.77M | 270.35M | 266.76M | 133.8M | 129.95M | 132.87M |
| EBIT | 36.69M | 47.22M | 48.01M | 111.57M | 116.57M | 8.03M | 166.1M | 71.25M | 70.73M | 46.45M | 61.39M | 56.16M | 44.58M | 46.79M | 46.33M | 49.89M | 73.83M | 51.72M | 86.65M | 110.52M | 53.65M | 54.31M | 46.64M | 51.94M | -2.88M | 12.29M | -195.85M | -69.12M | 110.25M | 156.39M | 98.23M |
| Net Interest Income | -17.87M | -17.21M | -15.87M | -13.74M | -12.44M | -14.02M | -18.26M | -20.75M | -15.64M | -12.23M | -9.28M | -9.18M | -10.28M | -13.37M | -20.04M | -25.79M | -29.16M | -35.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.28M | 6.16M | 5.2M | 87K | 25K | 96K | 170K | 0 | 0 | 0 | 0 | 0 | 0 | 640K | 1.29M | 1.48M | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 21.23M | 23.37M | 21.07M | 13.77M | 12.46M | 14.12M | 18.43M | 20.75M | 15.64M | 12.23M | 9.28M | 9.18M | 10.28M | 14.01M | 18.75M | 24.31M | 32.6M | 53.67M | 16.34M | 25.66M | 59.77M | 91.19M | 79.7M | 47.01M | 91.87M | 92.96M | 104.03M | 115.48M | 288.8M | 258.24M | 231.15M |
| Other Income/Expense | -22.04M | -16.07M | -25.89M | 38.82M | 28K | -13.79M | -15.78M | -21.36M | -13.9M | -11.12M | -9.42M | -8.57M | -11.42M | -21.3M | -22.65M | -31.07M | -29.48M | -44.65M | -43.63M | -65.75M | -54.57M | -90.69M | -81.43M | -44.67M | -75.01M | -80.41M | -79.13M | -104.29M | -193.32M | -258.24M | -231.15M |
| Pretax Income | 16.59M | 29.25M | 26.94M | 99.43M | 104.1M | -7.12M | 149.2M | 52.25M | 56.8M | 35.88M | 53.73M | 48.76M | 36.1M | 35.09M | 28.33M | 24.09M | 42.95M | 16.26M | 39.91M | 44.77M | -6.12M | -36.87M | -30.72M | 6.11M | -94.75M | -80.67M | -387.62M | -182.75M | -132.7M | -101.85M | -132.92M |
| Pretax Margin % | 3.63% | 6.47% | 5.81% | 21.78% | 26.15% | -2.47% | 27.56% | 8.29% | 10.73% | 7.08% | 10.94% | 10.32% | 7.8% | 7.19% | 5.26% | 4.39% | 7.06% | 2.14% | 4.25% | 4.5% | -0.63% | -3.84% | -3.27% | 0.64% | -9.11% | -6.98% | -24.38% | -10.62% | -5.09% | -4.01% | -5.17% |
| Income Tax | 6.36M | 7.68M | 6.99M | 24.72M | 26.03M | -2M | 31.79M | 8.56M | 17.21M | 16.47M | 17.75M | 16.04M | 11.53M | 12.79M | -83.96M | 1.38M | 1.4M | 1.6M | 5.19M | 14.67M | 1.21M | 802K | 759K | -1.42M | 1.57M | 1.8M | 1.22M | -1.79M | 1.8M | -16.39M | -14K |
| Effective Tax Rate % | 38.36% | 26.25% | 25.96% | 24.86% | 25% | 28.1% | 21.31% | 16.38% | 30.29% | 45.92% | 33.04% | 32.89% | 31.93% | 36.43% | -296.4% | 5.73% | 3.26% | 9.85% | 13.01% | 32.76% | -19.8% | -2.18% | -2.47% | -23.27% | -1.66% | -2.23% | -0.32% | 0.98% | -1.36% | 16.09% | 0.01% |
| Net Income | 10.22M | 21.57M | 19.95M | 74.71M | 78.07M | -5.12M | 117.41M | 43.69M | 39.59M | 19.4M | 35.98M | 32.73M | 24.57M | 22.31M | 112.29M | 22.71M | 41.55M | 14.66M | 34.71M | 30.34M | -7.33M | -37.67M | -31.48M | 68.14M | -88.54M | -98M | -381.9M | -183.51M | -134.5M | -85.46M | -55.2M |
| Net Margin % | 2.24% | 4.77% | 4.3% | 16.37% | 19.61% | -1.77% | 21.69% | 6.93% | 7.48% | 3.83% | 7.32% | 6.93% | 5.31% | 4.57% | 20.85% | 4.14% | 6.83% | 1.93% | 3.7% | 3.05% | -0.75% | -3.92% | -3.35% | 7.18% | -8.52% | -8.48% | -24.02% | -10.67% | -5.15% | -3.36% | -2.15% |
| Net Income Growth % | -42.16% | 8.15% | -73.3% | -4.3% | 1626.06% | -104.36% | 168.72% | 10.35% | 104.07% | -46.07% | 9.93% | 33.18% | 10.14% | -80.13% | 394.37% | -45.34% | 183.41% | -57.76% | 14.42% | 514% | 80.55% | -19.67% | -146.21% | 176.95% | 9.65% | 74.34% | -108.11% | -36.44% | -57.38% | -54.82% | -115.16% |
| Net Income (Continuing) | 10.22M | 21.57M | 19.95M | 74.71M | 78.07M | -5.12M | 117.41M | 43.69M | 39.59M | 19.4M | 35.98M | 32.73M | 24.57M | 22.31M | 112.29M | 22.71M | 41.55M | 14.66M | 34.71M | 30.11M | -7.33M | -37.67M | -33.82M | 6.35M | -96.32M | -82.47M | -275.8M | -171.62M | -84.75M | -85.46M | -132.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.20 | 0.41 | 0.35 | 1.23 | 1.19 | -0.08 | 1.90 | 0.67 | 0.56 | 0.25 | 0.42 | 0.37 | 0.26 | 0.23 | 1.13 | 0.22 | 0.42 | 0.13 | 0.32 | 0.31 | -0.08 | -0.58 | -0.77 | 0.13 | -2.21 | -2.45 | -9.54 | -4.72 | -3.17 | -2.01 | -1.30 |
| EPS Growth % | -40.7% | 17.14% | -71.54% | 3.36% | 1587.5% | -104.21% | 183.58% | 19.64% | 124% | -40.48% | 13.51% | 42.31% | 13.04% | -79.65% | 413.64% | -47.62% | 223.08% | -59.38% | 3.23% | 485.09% | 86.12% | 24.68% | -692.31% | 105.88% | 9.8% | 74.32% | -102.12% | -48.9% | -57.71% | -54.62% | -121.21% |
| EPS (Basic) | - | 0.41 | 0.36 | 1.23 | 1.20 | -0.08 | 1.96 | 0.69 | 0.58 | 0.26 | 0.44 | 0.38 | 0.27 | 0.23 | 1.15 | 0.23 | 0.43 | 0.13 | 0.33 | 0.33 | -0.08 | -0.58 | -0.77 | 0.13 | -2.23 | -2.45 | -9.54 | -4.72 | -3.17 | -2.01 | -1.30 |
| Diluted Shares Outstanding | 52.17M | 52.61M | 56.2M | 60.88M | 65.57M | 60.81M | 61.83M | 65.56M | 70.4M | 77.21M | 84.73M | 88.36M | 92.9M | 96.75M | 99.59M | 101.39M | 98.5M | 98.84M | 98.84M | 97.36M | 91.02M | 64.96M | 40.75M | 40.48M | 40.12M | 40.07M | 40.02M | 38.91M | 42.43M | 42.43M | 42.43M |
| Basic Shares Outstanding | 63.2M | 52.5M | 55.98M | 60.77M | 65.17M | 60.81M | 59.94M | 63.36M | 68.08M | 75.33M | 82.63M | 86.32M | 90.83M | 94.95M | 97.65M | 98.9M | 96.32M | 95.23M | 93.86M | 92.25M | 91.02M | 64.96M | 40.75M | 40.26M | 39.71M | 40.07M | 40.02M | 38.91M | 42.43M | 42.43M | 42.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and staffing constraints
According to recent financial disclosures, Denny's revenue growth remains inconsistent, fluctuating between -6.4% and 1.5% over the last ten quarters, suggesting that the company's transition toward an asset-light model and the integration of Keke's Breakfast Cafe have yet to catalyze meaningful top-line expansion.
The erratic revenue performance indicates that the company is struggling to offset the loss of company-operated unit volume with franchise-led growth. Investors should monitor whether the current revenue trajectory reflects a permanent contraction in the core brand's footprint or merely a temporary transition period.
As reported in quarterly filings, operating margins have exhibited significant volatility, ranging from a low of 4.7% to a high of 12.6%, highlighting the sensitivity of the business model to fluctuating commodity costs and the inherent operational complexity of maintaining a 24/7 service infrastructure.
The wide variance in operating margins suggests that the company lacks the pricing power necessary to fully insulate its bottom line from inflationary pressures. This instability warrants further investigation into whether the current cost structure is fundamentally misaligned with the brand's competitive positioning in the family dining segment.
Based on the provided income statement data, net income has experienced sharp quarterly declines, with EPS falling by 89.9% in 2025Q3, a trend that appears exacerbated by consistent stock-based compensation expenses that continue to weigh on shareholder returns despite the company's ongoing asset-light strategic initiatives.
The disconnect between top-line stability and bottom-line erosion suggests that corporate overhead and non-operating expenses are disproportionately impacting profitability. Investors should be wary of the sustainability of current earnings given the significant impact of stock-based compensation on the net income available to common shareholders.
As indicated by the most recent quarterly data, the company's cash position has dwindled to a precarious $1.69 million, which may indicate that the firm's aggressive capital allocation strategy is leaving little room for error in the face of persistent traffic declines and rising labor costs.
The extremely low cash balance raises concerns regarding the company's ability to fund necessary store remodels or navigate potential macroeconomic shocks. This liquidity profile suggests that the firm may be forced to prioritize debt servicing or capital preservation over the growth initiatives required to revitalize the core brand.
Quick answers to the most common questions about buying DENN stock.
For fiscal year 2024, Denny's Corporation (DENN) reported total revenue of $452.3M. This represents a 82.4% decline compared to $2.57B in 1995.
Denny's Corporation (DENN) is profitable, generating $21.6M in net income for the fiscal year ending 2024 with a net profit margin of 4.8%.
Denny's Corporation (DENN) reported an operating income of $45.3M, resulting in an operating profit margin of 10.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Denny's Corporation (DENN) generated $332.1M in gross profit for the year, representing a gross profit margin of 73.4%. This demonstrates the company's core pricing power and production efficiency.