Capital allocation appears aggressive relative to performance, with $22.0 million directed toward share repurchases in 2026Q1 despite the company reporting negative free cash flow for the same period.
| Metric | TTM | Dec'25 | 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 |
|---|
| Cash from Operations | 80.37M | 89M | 108.16M | 131.14M | 89.34M | 195.84M | 96.5M | 155.18M | 140.35M | 65.73M | 118.11M | 135.51M | 118.52M | 127.81M | 52.88M | 121.69M | 179.28M | 157.85M | 110.84M | 106.32M | 64.86M | 55.35M | 66.98M | 71.31M | 78.11M | 55.7M | 67.52M | 50.2M | 53.9M | 41.6M | 31.6M |
| Operating CF Margin % | - | 10.12% | 13.32% | 15.78% | 9.82% | 21.85% | 14% | 17.05% | 17.97% | 8.98% | 15% | 19.9% | 18.1% | 19.96% | 6.22% | 11.32% | 13.44% | 11.16% | 6.87% | 21.94% | 18.55% | 15.9% | 18.66% | 17.62% | 21.35% | 17.17% | 22.27% | 18.37% | 21.04% | 19.39% | 16.65% |
| Operating CF Growth % | -45.5% | -17.71% | -17.52% | 46.79% | -54.38% | 102.93% | -37.81% | 10.57% | 113.51% | -44.35% | -12.84% | 14.33% | -7.27% | 141.71% | -56.54% | -32.13% | 13.58% | 42.41% | 4.25% | 63.93% | 17.17% | -17.36% | -6.07% | -8.71% | 40.23% | -17.5% | 34.5% | -6.86% | 29.57% | 31.65% | 0.96% |
| Net Income | 16.3M | 17.1M | 64.89M | 97.18M | 81.11M | 97.86M | -103.99M | 104.35M | 80.35M | -342.75M | 101M | 104.92M | 36.45M | 72.04M | 127.67M | 75.19M | -2.79M | 31.41M | -154.46M | -480K | 44.55M | 43.94M | 33.42M | 36.78M | 40.85M | 40.29M | 35.34M | 32.1M | 26.1M | 20.9M | 18.6M |
| Depreciation & Amortization | 44.44M | 42.9M | 39.15M | 35.63M | 37.95M | 39.88M | 42.83M | 42.49M | 32.17M | 30.65M | 30.61M | 32.84M | 34.74M | 35.35M | 39.54M | 50.22M | 61.43M | 65.38M | 72.93M | 31.83M | 20.05M | 20.15M | 18.74M | 18.63M | 15.97M | 14.82M | 13.56M | 12.3M | 11.3M | 10M | 8.3M |
| Stock-Based Compensation | 9.84M | 13.2M | 15.98M | 11.99M | 16.13M | 11.58M | 12.51M | 10.81M | 10.55M | 10.75M | 10.93M | 8.89M | 9.32M | 9.36M | 11.44M | 9.49M | 13.09M | 10.71M | 12.09M | 6.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.04M | -3.5M | -6.52M | -13.82M | -1.07M | -2.06M | -20.05M | -5.49M | -11.85M | -136.13M | -11.58M | -9.13M | -20.07M | -18.98M | -16.02M | 18.33M | -12.79M | -19.88M | -65.23M | -31.32M | 6.3M | -3.69M | -6M | 3.01M | 10.76M | 9.67M | 6.94M | 6.3M | 4.9M | 3M | 4.4M |
| Other Non-Cash Items | 56.07M | 44.8M | -1.1M | 1.69M | -6.23M | 2.05M | 128.91M | 1.53M | -1.32M | 521.57M | -1.04M | -6.37M | 66.27M | 4.93M | -101.79M | -24.69M | 131.95M | 86.56M | 267.45M | 69.42M | 2.23M | -1.2M | 14M | 12.41M | 4.71M | 3.55M | 5.99M | 4.2M | 1.3M | 1.4M | 1.3M |
| Working Capital Changes | -45.04M | -25.5M | -4.24M | -1.53M | -38.56M | 46.52M | 36.3M | 1.49M | 30.44M | -18.36M | -11.8M | 4.35M | -8.2M | 25.12M | -7.97M | -6.85M | -11.6M | -16.33M | -21.95M | 29.92M | -8.28M | -3.85M | 6.82M | 485K | 5.82M | -12.63M | 5.69M | -4.7M | 10.3M | 6.3M | -1M |
| Change in Receivables | -7.04M | -9.6M | -671K | 1.91M | -2.57M | 7.3M | -9.75M | -396K | 3.15M | -8.43M | 3.82M | -5.24M | -7.33M | 8.42M | -11.63M | -16.72M | 3.74M | 11.61M | -2.44M | -22.48M | -2.52M | -148K | 1.59M | 3.23M | -2.46M | -7.85M | -2.2M | -4.8M | 2.7M | 600K | -6.3M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.72M | -263K | -1.47M | 182K | 512K | 141K | -389K | 408K | 333K | -52K | -146K | 532K | 0 | 200K | -200K | -400K |
| Change in Payables | 14.41M | 14M | 1.03M | -16.03M | -3.67M | 13.13M | 6.46M | 583K | -9.94M | 7.21M | 89K | 4.55M | 2.78M | -9.35M | 1.78M | -3.53M | 27K | -14.87M | -23.75M | 37.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -37.42M | -31.6M | -8.45M | -30.1M | -80.9M | 3.86M | 18.73M | -153K | -14.8M | 7.67M | 12.55M | 25.2M | 10.57M | 7M | 165.42M | 101.68M | 53.5M | 18.84M | 35.2M | -1.94B | 9.3M | 24.35M | 37.26M | -125.43M | -141.57M | -122.44M | -103.27M | -77.1M | -50M | -45.3M | -54.3M |
| Capital Expenditures | -44.67M | -35.6M | -14.07M | -37.17M | -35.32M | -16.85M | -10.93M | -19.42M | -14.28M | -13.37M | -5.64M | -6.64M | -5.94M | -7.04M | -16.95M | -26.33M | -18.68M | -15.37M | -31.77M | -11.87M | -9.43M | -7.37M | -16.63M | -80.55M | -141.74M | -119.8M | -99.38M | -72.3M | -71.8M | -59.7M | -57.2M |
| CapEx % of Revenue | 5.02% | 4.05% | 1.73% | 4.47% | 3.88% | 1.88% | 1.59% | 2.13% | 1.83% | 1.83% | 0.72% | 0.98% | 0.91% | 1.1% | 1.99% | 2.45% | 1.4% | 1.09% | 1.97% | 2.45% | 2.7% | 2.12% | 4.63% | 19.9% | 38.74% | 36.92% | 32.77% | 26.46% | 28.02% | 27.83% | 30.14% |
| Acquisitions | 3.35M | 1.6M | -8.45M | -101K | -78.26M | 0 | 0 | 0 | -20.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10.26M | -1.94B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.9M | 2.4M | 14.07M | 7.18M | 32.68M | 20.71M | 29.65M | 19.27M | 19.63M | 21.05M | 18.19M | 31.84M | 16.5M | 14.04M | 182.37M | 128.01M | 72.18M | 31.68M | 81.96M | 16.51M | 18.72M | 17.87M | 23.35M | 14.36M | 16.7M | -2.65M | -3.89M | -4.8M | 21.8M | 14.4M | 2.9M |
| Cash from Financing | -120.49M | -104.3M | -51.7M | -225.44M | -108.8M | -230.4M | 168.35M | -182.93M | -88.31M | -95.75M | -137.18M | -139.66M | -131.1M | -93.34M | -214.45M | -264.98M | -212.79M | -208.81M | -58.43M | 1.84B | -77.75M | -100.62M | -88.21M | -16.63M | 155.94M | 65.78M | 38.78M | 28.8M | -1.3M | 1M | 27.5M |
| Debt Issued (Net) | -10.44M | -10.6M | -5.64M | -166.19M | 52.29M | -239.99M | 204.3M | -22.39M | -1.91M | -16.2M | -13.98M | -14.23M | 24.09M | -14.77M | -226.89M | -239.07M | -69.06M | -179.94M | -25.68M | 2.02B | -23.66M | 0 | -9.23M | -8.88M | 89.84M | 13.03M | -5.99M | -6.3M | -5.1M | -3.7M | 26.6M |
| Equity Issued (Net) | -81.19M | -60.7M | -14.73M | -30.48M | -123.32M | -5.96M | -32.33M | -112.43M | -33.6M | -10M | -55.34M | -70.01M | -32.01M | -29.7M | 0 | -21.17M | -190M | -605K | -905K | 146.75M | -36.75M | -77.47M | -58.28M | -8.37M | 7.56M | 7.11M | -3.5M | 5M | 3.8M | 4.7M | 900K |
| Dividends Paid | -25.71M | -31M | -31.3M | -31.71M | -30.77M | 0 | -23.93M | -46.86M | -51.13M | -69.79M | -67.43M | -66.16M | -42.73M | -57.45M | 0 | 0 | -26.12M | -24.09M | -33.36M | -17.29M | -18.14M | -19.55M | -20.7M | -16.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -81.19M | -60.7M | -14.73M | -30.48M | -123.32M | -5.96M | -32.33M | -112.43M | -33.6M | -10M | -55.34M | -70.01M | -32.01M | -29.7M | 0 | -21.17M | -190M | -605K | -2.04M | -76.05M | -42.7M | -77.47M | -63.89M | -18.63M | 0 | -23K | -6.63M | 0 | 0 | 0 | 0 |
| Other Financing | -3.16M | -2M | -30K | 2.95M | -7M | 15.55M | 20.32M | -1.26M | -1.68M | 239K | -431K | 10.74M | -80.45M | 8.57M | 12.44M | -4.74M | 72.39M | -4.18M | 1.51M | -313.72M | 795K | -3.6M | 0 | 16.72M | 58.54M | 45.65M | 48.27M | 30.1M | 0 | 0 | 0 |
| Net Change in Cash | -77.54M | -46.9M | 48.01M | -124.39M | -100.37M | -30.7M | 283.58M | -27.9M | 37.23M | -22.34M | -6.52M | 21.05M | -2.01M | 41.47M | 3.85M | -41.62M | 20M | -32.13M | 87.61M | 7.32M | -3.6M | -20.92M | 16.04M | -70.74M | 92.49M | -956K | 3.03M | 1.9M | 2.6M | -2.7M | -3.9M |
| Free Cash Flow | 34.52M | 53.4M | 94.09M | 93.97M | 54.02M | 178.99M | 85.58M | 135.76M | 126.07M | 52.36M | 112.47M | 128.87M | 112.59M | 120.78M | 35.93M | 95.35M | 160.6M | 142.48M | 79.07M | 94.45M | 55.43M | 47.99M | 50.35M | -9.23M | -63.63M | -64.09M | -31.86M | -22.1M | -17.9M | -18.1M | -25.6M |
| FCF Margin % | 3.88% | 6.07% | 11.58% | 11.31% | 5.94% | 19.97% | 12.42% | 14.92% | 16.14% | 7.16% | 14.28% | 18.92% | 17.19% | 18.86% | 4.23% | 8.87% | 12.04% | 10.08% | 4.9% | 19.49% | 15.86% | 13.79% | 14.03% | -2.28% | -17.39% | -19.76% | -10.51% | -8.09% | -6.99% | -8.44% | -13.49% |
| FCF Growth % | -56.67% | -43.25% | 0.13% | 73.96% | -69.82% | 109.15% | -36.96% | 7.69% | 140.76% | -53.44% | -12.72% | 14.46% | -6.78% | 236.18% | -62.32% | -40.63% | 12.72% | 80.18% | -16.28% | 70.39% | 15.51% | -4.69% | 645.21% | 85.49% | 0.73% | -101.18% | -44.16% | -23.46% | 1.1% | 29.3% | -139.25% |
| FCF per Share | 2.74 | 3.73 | 6.30 | 6.17 | 3.40 | 10.60 | 5.27 | 7.87 | 7.09 | 2.95 | 6.21 | 6.87 | 5.94 | 6.31 | 1.90 | 5.24 | 9.32 | 8.42 | 4.72 | 5.48 | 3.03 | 2.45 | 2.42 | -0.43 | -2.99 | -3.09 | -1.57 | -1.09 | -0.91 | -0.93 | -1.35 |
| FCF Conversion (FCF/Net Income) | 2.12x | 5.20x | 1.67x | 1.35x | 1.10x | 2.00x | -0.93x | 1.49x | 1.75x | -0.19x | 1.17x | 1.29x | 3.25x | 1.77x | 0.41x | 1.62x | -64.30x | 5.03x | -0.72x | -221.51x | 1.46x | 1.26x | 2.00x | 1.94x | 1.91x | 1.38x | 1.91x | 1.56x | 2.07x | 1.99x | 1.70x |
| Interest Paid | 33.49M | 0 | 79.23M | 73.98M | 64.6M | 65.23M | 69.21M | 66.1M | 66.06M | 67.52M | 69.05M | 81.81M | 104.16M | 106.78M | 123.93M | 148.98M | 141.14M | 166.36M | 194.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 2.21M | 0 | 38.33M | 28.41M | 28.09M | 31.3M | 11.87M | 44.75M | 34.25M | 59.53M | 69.81M | 70.69M | 47.23M | 50.7M | 91.35M | 24.14M | 33.39M | 31.25M | 40.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High Debt Service Burden
According to quarterly financial data, the relationship between net income and operating cash flow has become increasingly erratic, with the OCF/NI ratio swinging from a negative 0.47 in 2025Q4 to a high of 5.89 in 2024Q4, signaling significant volatility in the underlying quality of reported earnings.
The wide variance between net income and operating cash flow suggests that non-cash charges and working capital fluctuations are heavily distorting the company's reported profitability. Investors should monitor whether this disconnect reflects genuine operational friction or merely the timing of franchise-related cash receipts and corporate obligations.
Based on reported figures, free cash flow margins have deteriorated significantly, falling from a peak of 22.6% in 2023Q4 to a negative 2.0% in 2026Q1, indicating that the company's ability to generate surplus cash after capital expenditures is under severe pressure from rising costs.
The shift into negative free cash flow territory in recent periods highlights a concerning trend where capital intensity is outpacing the cash-generative capacity of the franchise model. This trajectory warrants further investigation into whether the current level of investment is necessary for brand maintenance or if it reflects inefficient capital allocation.
As reported in financial statements, the company's capital expenditure as a percentage of revenue has climbed from 1.6% in 2024Q1 to 5.5% in 2026Q1, suggesting that the asset-light model is requiring higher levels of reinvestment than previously observed to maintain the existing unit footprint.
This increase in capital intensity appears to contradict the traditional benefits of a franchised business model, which typically relies on franchisees to fund unit-level improvements. The trend may indicate that the parent company is forced to subsidize infrastructure or technology upgrades to prevent further brand degradation.
Based on recent SEC filings, Dine Brands has continued to prioritize share repurchases and dividends, with $22.0 million allocated to buybacks in 2026Q1 alone, despite the company reporting negative free cash flow and significant volatility in its core operating cash generation during the same period.
The decision to return capital to shareholders while free cash flow is negative suggests a reliance on debt or existing cash reserves to fund these distributions. This strategy appears unsustainable and may indicate that management is prioritizing short-term equity support over long-term balance sheet resilience.
Quick answers to the most common questions about buying DIN stock.
Dine Brands Global, Inc. (DIN) generated $89.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dine Brands Global, Inc. (DIN) generated $53.4M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Dine Brands Global, Inc. (DIN) spent $35.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Dine Brands Global, Inc. (DIN) returned $31.0M to shareholders via cash dividends and spent $60.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.