Dine Brands is a franchisor that owns and licenses three restaurant brands: IHOP, Applebee's, and Fuzzy's Taco Shop. As of December 2025, the system includes roughly 3,500 restaurants, nearly all owned and operated by independent franchisees. IHOP is a family dining chain where breakfast items account for roughly 80% of food sales. Applebee's is a casual dining chain serving American bar food with a full bar. Fuzzy's Taco Shop is a small fast-casual Mexican chain, primarily in the southern U.S., that Dine Brands acquired in 2022 and is still stabilizing. IHOP and Applebee's together drive the vast majority of revenues. Dine Brands' core business model is collecting royalties and advertising fees from franchisees — IHOP franchisees pay 4.5% royalties and Applebee's franchisees pay 4%. Because Dine Brands owns very few restaurants directly, its cost structure is primarily corporate G&A, making the franchise segment capital-light with strong margins. Dine Brands finances itself through whole business securitization, using its royalty cash flows as collateral for debt. The company's primary growth initiative is the dual-brand restaurant, which combines IHOP and Applebee's under one roof with a shared kitchen and daypart-organized menu. Early results show dual-brand locations generating roughly 1.5x to 2.5x the revenue of single-brand locations. Management sees a U.S. opportunity of approximately 900 dual-brand locations over the next decade.