Arcos Dorados Holdings Inc
(NYSE:ARCO)

Arcos Dorados Holdings Inc. operates as a franchisee of McDonald's restaurants. It has the exclusive right to own, operate, and grant franchises of McDonald's restaurants in 20 countries and territories in Latin America and the Caribbean, including Argentina, Aruba, Brazil, Chile, Colombia, Costa Ri...

Website: http://www.arcosdorados.com

Founded: 2007

Full Time Employees: 100,000

CEO: Marcelo Rabach

Sector: Consumer Cyclical

Industry: Restaurants

Restaurants

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Quarterly

Annual

Unit: USD	2025-11-12	2025-08-13	2025-05-14	2025-03-31	2025-03-12	2024-12-31	2024-11-13	2024-08-14	2024-05-15	2024-03-31	2024-03-13	2023-12-31	2023-11-16	2023-08-17	2023-05-17	2023-03-31	2023-03-15	2022-12-31	2022-11-16	2022-08-10	2022-05-18	2022-03-31	2021-12-31	2021-11-10	2021-08-11	2021-05-12	2021-03-17	2020-12-31	2020-11-12	2020-09-08	2020-08-12	2020-05-13	2020-03-18	2019-12-31	2019-11-13	2019-08-07	2019-05-15	2019-03-27	2018-12-31	2018-11-14	2018-08-08	2018-05-09	2018-03-21	2017-12-31	2017-11-08	2017-08-09	2017-05-03	2017-03-23	2017-03-15	2016-12-31	2016-11-02	2016-08-03	2016-05-04	2016-03-16	2015-12-31	2015-11-04	2015-08-11	2015-05-12	2015-03-31	2015-03-17	2014-12-31	2014-11-04	2014-09-30	2014-08-05	2014-06-30	2014-05-06	2014-03-31	2014-03-11	2013-12-31	2013-11-05	2013-09-30	2013-09-10	2013-08-06	2013-06-30	2013-04-30	2013-03-31	2013-03-08	2012-12-31	2012-11-02	2012-09-30	2012-08-07	2012-06-30	2012-05-04	2012-04-02	2012-03-31	2012-03-05	2011-12-31	2011-10-28	2011-09-30	2011-08-02	2011-06-30	2011-06-29	2011-05-06	2011-03-31

revenues
sales by company-operated restaurants	1,139,343,000	1,091,113,000	1,027,531,000	1,027,531,000	1,091,170,000	1,091,170,000	1,083,447,000	1,060,709,000	1,031,422,000	1,031,422,000	1,121,463,000	1,121,463,000	1,075,328,000	994,530,000	946,354,000	946,354,000	972,261,000	972,261,000	881,586,000	848,350,000	755,294,000	755,294,000		1,798,060,000	566,092,000	537,889,000	1,894,618,000	580,397,000	446,977,000	2,812,287,000	867,244,000	587,537,000	2,812,287,000		2,096,987,000	1,383,781,000	695,384,000	2,932,609,000		2,216,785,000	1,525,515,000	807,061,000	3,162,256,000		2,310,980,000	1,507,630,000	745,408,000	2,803,334,000	2,803,334,000		2,032,856,000	1,290,089,000	631,013,000	2,930,379,000		2,196,499,000	1,472,173,000	743,471,000	743,471,000	3,504,302,000		2,628,220,000	868,775,000	1,759,445,000	881,387,000	878,058,000	878,058,000	3,859,883,000		2,858,917,000	977,156,000	1,881,761,000	1,881,761,000	947,698,000	934,063,000	934,063	3,634,371,000		2,669,229,000	920,513,000	1,748,716,000	865,877,000	882,839,000	3,504,128,000	882,839,000	917,568,000		2,586,560,000	943,166,000	1,643,394,000	852,042,000	791,352,000	791,352,000	791,352,000
revenues from franchised restaurants	53,485,000	51,183,000	49,061,000	49,061,000	53,050,000	53,050,000	50,238,000	50,192,000	49,934,000	49,934,000	53,992,000	53,992,000	49,782,000	45,991,000	44,438,000	44,438,000	46,362,000	46,362,000	40,117,000	39,545,000	35,387,000	35,387,000		81,588,000	26,604,000	23,227,000	89,601,000	26,995,000	19,821,000	146,790,000	42,784,000	29,967,000	146,790,000		107,725,000	70,962,000	35,615,000	148,962,000		111,444,000	78,342,000	42,826,000	157,269,000		111,664,000	72,548,000	36,072,000	125,296,000	125,296,000		88,615,000	55,726,000	27,501,000	122,361,000		91,255,000	61,886,000	31,587,000	31,587,000	146,763,000		109,216,000	35,245,000	73,971,000	36,535,000	37,436,000	37,436,000	173,427,000		128,390,000	44,056,000	84,334,000	84,334,000	41,487,000	42,847,000	42,847	163,023,000		118,488,000	41,394,000	77,094,000	38,335,000	38,759,000	153,521,000	38,759,000	40,932,000		112,589,000	40,837,000	71,752,000	36,447,000	35,305,000	35,305,000	35,305,000
total revenues	1,192,828,000	1,142,296,000	1,076,592,000	1,076,592,000	1,144,220,000	1,144,220,000	1,133,685,000	1,110,901,000	1,081,356,000	1,081,356,000	1,175,455,000	1,175,455,000	1,125,110,000	1,040,521,000	990,792,000	990,792,000	1,018,623,000	1,018,623,000	921,703,000	887,895,000	790,681,000	790,681,000		1,879,648,000	592,696,000	561,116,000	1,984,219,000	607,392,000	466,799,000	2,959,077,000	910,028,000	617,504,000	2,959,077,000		2,204,712,000	1,454,743,000	730,999,000	3,081,571,000		2,328,229,000	1,603,857,000	849,887,000	3,319,525,000		2,422,644,000	1,580,178,000	781,480,000	2,928,630,000	2,928,630,000		2,121,471,000	1,345,815,000	658,514,000	3,052,740,000		2,287,754,000	1,534,059,000	775,058,000	775,058,000	3,651,065,000		2,737,436,000	904,020,000	1,833,416,000	917,922,000	915,494,000	915,494,000			2,987,307,000	1,021,212,000	1,966,095,000	1,966,095,000	989,185,000	976,910,000	976,910			2,787,717,000	961,907,000	1,825,810,000	904,212,000	921,598,000		921,598,000	958,500,000		2,699,149,000	984,003,000	1,715,146,000	888,489,000	826,657,000	826,657,000	826,657,000
yoy	4.25%	-0.17%	-5.04%	-3.09%	5.81%	5.81%	-3.55%	-5.49%	-3.89%	3.92%	18.64%	18.64%	10.45%	2.15%	7.50%	11.59%	28.83%	28.83%		-52.76%	33.40%	40.91%		209.46%	26.97%	-81.04%	118.04%	-1.64%	-84.22%		-58.72%	-57.55%	304.80%			-37.52%	-54.42%	262.59%			-33.80%	-46.22%	324.77%		-17.28%		-63.16%	117.61%	344.73%			-41.17%	-57.07%	293.87%		-37.34%		-71.69%	-14.27%	99.14%		199.01%	-1.25%			-69.35%	-10.35%			202.00%	4.53%	201156.51%			-64.96%	-99.90%			202.49%		98.11%	-5.66%			-6.34%	-44.12%		226.51%	19.03%	107.48%
qoq	4.42%	6.10%	0.00%	-5.91%	0.00%	0.93%	2.05%	2.73%	0.00%	-8.01%	0.00%	4.47%	8.13%	5.02%	0.00%	-2.73%	0.00%	10.52%	3.81%	12.29%	0.00%			217.14%	5.63%	-71.72%	226.68%	30.12%	-84.22%	225.16%	47.37%	-79.13%			51.55%	99.01%	-76.28%			45.16%	88.71%	-74.40%			53.31%	102.20%	-73.32%	0.00%			57.63%	104.37%	-78.43%			49.13%	97.93%	0.00%	-78.77%			202.81%	-50.69%	99.74%	0.27%	0.00%				192.53%	-48.06%	0.00%	98.76%	1.26%	99900.00%				189.81%	-47.32%	101.92%	-1.89%			-3.85%			174.30%	-42.63%	93.04%	7.48%	0.00%	0.00%
operating costs and expenses
company-operated restaurant expenses:
food and paper	-414,779,000	-396,564,000	-366,612,000	-366,612,000	-383,765,000	-383,765,000	-381,175,000	-372,926,000	-360,987,000	-360,987,000	-396,086,000	-396,086,000	-376,023,000	-351,745,000	-333,866,000	-333,866,000	-346,489,000	-346,489,000	-316,368,000	-301,028,000	-263,408,000	-263,408,000		-640,541,000	-203,355,000	-192,659,000	-677,087,000	-205,296,000	-158,289,000	-1,007,584,000	-313,501,000	-211,857,000	-1,007,584,000		-751,807,000	-495,618,000	-247,035,000	-1,030,499,000		-779,977,000	-534,836,000	-285,267,000	-1,110,240,000		-820,097,000	-536,205,000	-263,464,000	-1,012,976,000	-1,012,976,000		-740,453,000	-470,716,000	-228,018,000	-1,037,487,000		-776,799,000	-520,018,000	-259,461,000	-259,461,000	-1,243,907,000		-933,194,000	-298,825,000	-634,369,000	-318,647,000	-315,722,000	-315,722,000	-1,350,515,000		-1,007,556,000	-341,898,000	-665,658,000	-665,658,000	-334,411,000	-331,247,000	-331,247	-1,269,146,000		-935,808,000	-323,061,000	-612,747,000	-308,087,000	-304,660,000	-1,216,141,000	-304,660,000	-307,798,000		-908,343,000	-328,173,000	-580,170,000	-302,336,000		-277,834,000
payroll and employee benefits	-211,152,000	-206,461,000	-197,749,000	-197,749,000	-194,228,000	-194,228,000	-207,894,000	-193,538,000	-201,960,000	-201,960,000	-209,756,000	-209,756,000	-200,904,000	-194,065,000	-185,317,000	-185,317,000	-181,733,000	-181,733,000	-165,362,000	-169,441,000	-152,228,000	-152,228,000		-349,493,000	-109,845,000	-114,421,000	-413,074,000	-111,547,000	-95,543,000	-567,653,000	-205,984,000	-134,199,000	-567,653,000		-427,289,000	-284,815,000	-142,056,000	-607,793,000		-470,703,000	-329,264,000	-173,114,000	-683,954,000		-508,914,000	-334,893,000	-166,276,000	-607,082,000	-607,082,000		-444,682,000	-284,011,000	-139,152,000	-616,358,000		-466,256,000	-314,068,000	-160,743,000	-160,743,000	-734,093,000		-565,727,000	-183,926,000	-381,801,000	-192,232,000	-189,569,000	-189,569,000	-814,112,000		-615,118,000	-205,901,000	-409,217,000	-409,217,000	-208,809,000	-200,408,000	-200,408	-753,120,000		-555,026,000	-186,320,000	-368,706,000	-181,403,000	-187,303,000	-701,278,000	-187,303,000	-184,201,000		-517,077,000	-189,371,000	-327,706,000	-167,791,000		-159,915,000
occupancy and other operating expenses	-333,317,000	-319,746,000	-308,065,000	-308,065,000	-308,038,000	-308,038,000	-315,571,000	-315,558,000	-299,053,000	-299,053,000	-311,158,000	-311,158,000	-300,456,000	-278,997,000	-263,723,000	-263,723,000	-259,608,000	-259,608,000	-243,208,000	-244,747,000	-220,127,000	-220,127,000		-565,226,000	-182,740,000	-178,193,000	-624,154,000	-166,094,000	-144,338,000	-799,633,000	-313,722,000	-188,104,000	-799,633,000		-598,552,000	-397,146,000	-199,904,000	-803,539,000		-607,509,000	-416,545,000	-216,622,000	-842,519,000		-623,215,000	-409,747,000	-202,803,000		-752,428,000		-557,546,000	-359,097,000	-175,709,000	-838,037,000		-632,388,000	-426,555,000	-216,551,000	-216,551,000	-997,065,000		-756,761,000	-252,516,000	-504,245,000	-252,126,000	-252,119,000	-252,119,000	-1,055,188,000		-786,542,000	-263,387,000	-523,155,000	-523,155,000	-260,693,000	-262,462,000	-262,462	-984,004,000		-725,371,000	-250,436,000	-474,935,000	-237,936,000	-236,999,000	-918,102,000	-236,999,000	-233,103,000		-684,999,000	-242,345,000	-442,654,000	-231,302,000		-211,352,000
royalty fees	-69,069,000	-66,455,000	-63,411,000	-63,411,000	-66,855,000	-66,855,000	-67,163,000	-66,361,000	-65,003,000	-65,003,000	-68,961,000	-68,961,000	-65,058,000	-58,520,000	-56,739,000	-56,739,000	-60,769,000	-60,769,000	-51,076,000	-44,061,000	-38,616,000	-38,616,000		-92,521,000	-29,236,000	-27,661,000	-110,957,000	-33,886,000	-26,402,000	-155,388,000	-50,669,000	-34,124,000	-155,388,000		-116,419,000	-77,763,000	-39,329,000	-157,886,000		-118,625,000	-80,774,000	-42,171,000	-163,954,000		-117,450,000	-77,357,000	-38,512,000	-142,777,000	-142,777,000		-103,388,000	-65,699,000	-32,096,000	-149,089,000		-111,901,000	-75,300,000	-38,002,000	-38,002,000	-173,663,000		-128,665,000	-46,152,000	-82,513,000	-41,127,000	-41,386,000	-41,386,000	-188,885,000		-139,731,000	-47,539,000	-92,192,000	-92,192,000	-45,750,000	-46,442,000	-46,442	-180,547,000		-132,599,000	-45,662,000	-86,937,000	-42,944,000	-43,993,000	-170,400,000	-43,993,000	-44,713,000		-125,687,000	-45,732,000	-79,955,000	-41,484,000		-38,471,000
franchised restaurants - occupancy expenses	-22,619,000	-21,028,000	-21,044,000		-20,670,000	-15,748,750	-20,720,000	-20,285,000	-21,990,000		-23,306,000	-15,013,250	-21,424,000	-20,420,000	-18,209,000		-17,984,000	-12,511,000	-17,181,000	-16,855,000	-16,008,000				-12,152,000			-7,694,000	-10,825,000																														-15,226,000				-15,337,000		-15,380,000	-15,717,000	-15,717,000				-16,034,000			-15,911,000		-15,708				-13,348,000		-13,745,000			-14,104,000	-13,751,000			-13,252,000		-11,973,000
general and administrative expenses	-76,824,000	-77,530,000	-73,325,000	-73,325,000	-70,177,000	-70,177,000	-68,070,000	-72,954,000	-68,658,000	-68,658,000	-82,076,000	-82,076,000	-67,806,000	-69,526,000	-65,592,000	-65,592,000	-70,091,000	-70,091,000	-58,638,000	-54,996,000	-55,538,000	-55,538,000		-147,840,000	-49,352,000	-44,966,000	-171,382,000	-46,774,000	-38,561,000	-212,515,000	-86,047,000	-48,798,000	-212,515,000		-157,214,000	-105,859,000	-52,359,000	-229,324,000		-167,073,000	-116,918,000	-57,650,000	-244,664,000		-175,950,000	-115,747,000	-54,903,000	-221,075,000	-221,075,000		-157,817,000	-101,999,000	-48,787,000	-270,680,000		-195,488,000	-133,146,000	-65,471,000	-65,471,000	-272,065,000		-208,407,000	-63,832,000	-144,575,000	-77,399,000	-67,176,000	-67,176,000	-317,745,000		-240,272,000	-76,820,000	-163,452,000	-163,452,000	-83,119,000	-80,333,000	-80,333	-314,619,000		-229,205,000	-76,614,000	-152,591,000	-74,962,000	-77,629,000	-334,914,000	-77,629,000	-81,066,000		-253,848,000	-89,403,000	-164,445,000	-95,698,000		-68,747,000
other operating income	82,115,000	7,948,000						4,940,000	3,846,000					7,644,000	-1,061,000					3,879,000	3,591,000	3,591,000																					68,577,000		45,314,000	51,336,000	49,919,000
total operating costs and expenses	-1,045,645,000	-1,079,836,000	-1,031,445,000	-1,031,445,000	-1,041,300,000	-1,041,300,000	-1,053,860,000	-1,036,682,000	-1,013,805,000	-1,013,805,000	-1,093,668,000	-1,093,668,000	-1,034,035,000	-965,629,000	-924,507,000	-924,507,000	-937,108,000	-937,108,000	-847,789,000	-827,249,000	-742,334,000	-742,334,000		-1,817,896,000	-574,879,000	-567,924,000	-2,050,973,000	-585,674,000	-470,858,000	-2,799,141,000	-994,441,000	-624,639,000	-2,799,141,000		-2,105,401,000	-1,397,677,000	-699,675,000	-2,958,113,000		-2,243,626,000	-1,572,653,000	-837,816,000	-3,046,590,000		-2,249,963,000	-1,455,264,000	-692,150,000	-2,750,050,000	-2,750,050,000		-1,996,988,000	-1,259,889,000	-636,339,000	-2,959,333,000		-2,247,625,000	-1,514,768,000	-769,673,000	-769,673,000	-3,580,208,000		-2,720,263,000	-869,342,000	-1,850,921,000	-956,201,000	-894,720,000	-894,720,000	-3,804,788,000		-2,849,468,000	-958,939,000	-1,890,529,000	-1,890,529,000	-950,836,000	-939,693,000	-939,693	-3,560,754,000		-2,631,172,000	-901,851,000	-1,729,321,000	-862,939,000	-866,382,000	-3,406,896,000	-866,382,000	-878,693,000		-2,528,203,000	-909,742,000	-1,618,461,000	-852,385,000		-766,076,000
operating income	147,183,000	62,460,000	45,147,000	45,147,000	102,920,000	102,920,000	79,825,000	74,219,000	67,551,000	67,551,000	81,787,000	81,787,000	91,075,000	74,892,000	66,285,000	66,285,000	81,515,000	81,515,000	73,914,000	60,646,000		48,347,000		61,752,000		-6,808,000	-66,754,000	21,718,000	-4,059,000	159,936,000	-84,413,000	-7,135,000	159,936,000		99,311,000	57,066,000	31,324,000	123,458,000		84,603,000	31,204,000	12,071,000	272,935,000		172,681,000	124,914,000	89,330,000	178,580,000	178,580,000		124,483,000	85,926,000	22,175,000	93,407,000		40,129,000	19,291,000	5,385,000	5,385,000	70,857,000		17,173,000	34,678,000	-17,505,000	-38,279,000	20,774,000	20,774,000	228,522,000		137,839,000	62,273,000	75,566,000	75,566,000	38,349,000	37,217,000	37,217	236,640,000		156,545,000	60,056,000	96,489,000	41,273,000	55,216,000	250,753,000	55,216,000	79,807,000		170,946,000	74,261,000	96,685,000	36,104,000	60,581,000	60,581,000	60,581,000
yoy	43.01%	-39.31%	-43.44%	-39.17%	52.36%	52.36%	-2.40%	-9.25%	-25.83%	-9.80%	23.39%	23.39%	11.73%	-8.12%	-10.32%	9.30%		68.60%		-1.79%		-810.15%		184.34%		-104.26%	-20.92%	-404.39%	-102.54%		-185.00%	-112.50%	410.59%			-32.55%	0.38%	922.77%			-81.93%	-90.34%	205.54%		-3.30%		-28.24%	107.83%	705.32%			114.12%	14.95%	1634.58%		-43.37%		-68.64%	-84.47%	-504.78%		-17.33%	66.93%	-107.66%		-84.93%	-66.64%	202.41%		259.43%	67.32%	202941.62%	-68.07%		-76.23%	-99.94%	145.25%		183.51%	-76.05%	74.75%	-48.28%		46.69%	-25.65%	-17.46%		182.18%	22.58%	59.60%
qoq	135.64%	38.35%	0.00%	-56.13%	0.00%	28.93%	7.55%	9.87%	0.00%	-17.41%	0.00%	-10.20%	21.61%	12.98%	0.00%	-18.68%	0.00%	10.28%	21.88%							-89.80%	-407.37%	-635.06%	-102.54%	-289.47%	1083.08%	-104.46%			74.03%	82.18%	-74.63%			171.13%	158.50%	-95.58%			38.24%	39.83%	-49.98%	0.00%			44.87%	287.49%	-76.26%			108.02%	258.24%	0.00%	-92.40%			-50.48%	-298.10%	-54.27%	-284.26%	0.00%	-90.91%			121.35%	-17.59%	0.00%	97.05%	3.04%	99900.00%	-99.98%			160.67%	-37.76%	133.78%	-25.25%	-77.98%	354.13%	-30.81%			130.20%	-23.19%	167.80%	-40.40%	0.00%	0.00%
operating margin %	12.34%	5.47%	4.19%	4.19%	8.99%	8.99%	7.04%	6.68%	6.25%	6.25%	6.96%	6.96%	8.09%	7.20%	6.69%	6.69%	8.00%	8.00%	8.02%	6.83%	0%	6.11%	NaN%	3.29%	0%	-1.21%	-3.36%	3.58%	-0.87%	5.40%	-9.28%	-1.16%	5.40%	NaN%	4.50%	3.92%	4.29%	4.01%	NaN%	3.63%	1.95%	1.42%	8.22%	NaN%	7.13%	7.91%	11.43%	6.10%	6.10%	NaN%	5.87%	6.38%	3.37%	3.06%	NaN%	1.75%	1.26%	0.69%	0.69%	1.94%	NaN%	0.63%	3.84%	-0.95%	-4.17%	2.27%	2.27%	Infinity%	NaN%	4.61%	6.10%	3.84%	3.84%	3.88%	3.81%	3.81%	Infinity%	NaN%	5.62%	6.24%	5.28%	4.56%	5.99%	Infinity%	5.99%	8.33%	NaN%	6.33%	7.55%	5.64%	4.06%	7.33%	7.33%	7.33%
net interest income and other financing results	27,071,000
gain from derivative instruments	-593,000	1,344,000	110,000	110,000		208,000	-516,000																				-2,297,000	-1,914,000	79,000	439,000		-491,000	439,000		1,789,000		769,000										-642,000						7,000				-125,000	-73,000	-73,000					52,000	42,000	10,000	10,000				-303,000	261,000	261,000	30,000	231,000	231				289,000									4,675,000
foreign currency exchange results	3,037,000	-3,666,000	-1,961,000	-1,961,000	760,000	760,000	3,292,000	-18,117,000	-998,000	-998,000	-11,457,000	-11,457,000	1,286,000	13,662,000	7,283,000	7,283,000	-297,000	6,639,000	1,318,000	-7,283,000	15,827,000	15,827,000		-9,090,000	15,167,000	-9,348,000	-31,707,000	13,288,000	-8,555,000	12,754,000	-36,440,000	-28,387,000	12,754,000		10,115,000	5,648,000	1,538,000	14,874,000		15,651,000	5,128,000	8,177,000	-14,265,000		-18,476,000	-24,111,000	-8,560,000	32,354,000	32,354,000		28,900,000	32,206,000	16,719,000	-54,032,000		-47,951,000	-20,012,000	-23,698,000	-23,698,000	-74,117,000		-63,134,000	-7,236,000	-55,898,000	-35,451,000	-20,447,000	-20,447,000	-38,783,000		-35,255,000	448,000	-35,703,000	-35,703,000	-12,791,000	-22,912,000	-22,912	-18,420,000		-13,071,000	-1,960,000	-11,111,000	-7,224,000	-3,887,000	-23,926,000	-3,887,000	-4,881,000		-19,045,000	-20,909,000	1,864,000	2,105,000		-241,000
other non-operating (expenses) income	-424,000																													-2,097,000			-2,097,000				-85,000											-2,360,000	-2,360,000					-627,000														-848,000									-2,119,000
income before income taxes	176,274,000	41,174,000	26,582,000	26,582,000	91,730,000	91,730,000	74,879,000	44,920,000	47,753,000	47,753,000	63,914,000	63,914,000	88,182,000	67,351,000	58,670,000	58,670,000	74,738,000	74,738,000	79,647,000			41,798,000		8,956,000		-29,729,000	-131,854,000	28,310,000	-22,552,000	118,953,000	-137,611,000	-50,455,000	118,953,000		70,702,000	36,511,000	21,100,000	85,169,000		60,728,000	8,842,000	5,526,000	182,813,000		92,059,000	52,989,000	63,018,000	138,629,000	138,629,000		98,536,000	82,299,000	24,468,000	-28,553,000		-55,905,000	-34,207,000	-34,756,000	-34,756,000	-76,549,000		-101,574,000	8,077,000	-109,651,000	-92,713,000	-16,938,000	-16,938,000	96,594,000		43,113,000	34,466,000	8,647,000	8,647,000	9,392,000	-745,000	-745	160,963,000		100,963,000	44,110,000	56,853,000	19,219,000	37,634,000	160,403,000	37,634,000	66,155,000		94,248,000	29,306,000	64,942,000	19,151,000	45,791,000	45,791,000	45,791,000
income tax expense	-25,732,000	-18,486,000	-12,505,000	-12,505,000	-33,208,000	-33,208,000	-39,589,000	-18,145,000	-18,961,000	-18,961,000	-7,780,000	-7,780,000	-28,072,000	-38,824,000	-21,026,000	-21,026,000	-20,065,000	-20,065,000	-32,604,000	-15,638,000	-17,169,000			-8,749,000			-17,532,000	-6,188,000	-7,049,000	-38,837,000	-4,295,000	-1,869,000	-38,837,000		-23,650,000	-13,857,000	-8,876,000	-48,136,000		-32,978,000	-7,173,000	-4,963,000	-53,314,000		-31,888,000	-16,351,000	-22,339,000	-59,641,000	-59,641,000		-40,732,000			-22,816,000		-1,077,000			6,587,000	-32,479,000		-17,619,000	-7,656,000	-9,963,000	-6,264,000	-3,699,000	-3,699,000	-42,722,000		-21,424,000	-14,955,000	-6,469,000	-6,469,000	-617,000	-5,852,000	-5,852	-46,375,000		-30,672,000	-11,449,000	-19,223,000	-7,077,000	-12,146,000	-44,603,000	-12,146,000	-20,181,000		-24,422,000	-9,476,000	-14,946,000	-4,754,000		-10,192,000
net income	150,542,000	22,688,000	14,077,000	14,077,000	58,522,000	58,522,000	35,290,000	26,775,000	28,792,000	28,792,000	56,134,000	56,134,000	60,110,000	28,527,000	37,644,000	37,644,000	54,673,000	54,673,000	47,043,000			24,629,000		207,000		-29,659,000	-149,386,000	22,122,000	-29,601,000	80,116,000	-141,906,000	-52,324,000	80,116,000		47,052,000	22,654,000	12,224,000	37,033,000		27,750,000	1,669,000	563,000	129,499,000		60,171,000	36,638,000	40,679,000	78,988,000	78,988,000		57,804,000	59,570,000	16,126,000	-51,369,000		-56,982,000	-21,150,000	-28,169,000	-28,169,000	-109,028,000		-119,193,000	421,000	-119,614,000	-98,977,000	-20,637,000	-20,637,000	53,872,000		21,689,000	19,511,000	2,178,000	2,178,000	8,775,000	-6,597,000	-6,597	114,588,000		70,291,000	32,661,000	37,630,000	12,142,000	25,488,000	115,800,000	25,488,000	45,974,000		69,826,000	19,830,000	49,996,000	14,397,000	35,599,000	35,599,000	35,599,000
yoy	157.24%	-61.23%	-60.11%	-47.42%	103.26%	103.26%	-37.13%	-52.30%	-52.10%	0.93%	49.12%	49.12%	9.94%	-47.82%	-19.98%			121.99%				-183.04%		-99.06%		-137.02%	5.27%	-142.28%	-136.95%		-401.59%	-330.97%	555.40%			-18.36%	632.41%	6477.80%			-97.23%	-98.46%	218.34%		-23.82%		-29.63%	32.60%	389.82%			-204.54%	-176.25%	82.36%		-47.74%		-76.37%	-6790.97%	-8.85%		477.57%	-102.04%	-322.03%		-195.15%	-205.77%	2373.46%		147.17%	-395.76%	-33115.01%	-98.10%		-109.39%	-100.02%	204.51%		175.78%	-71.80%	47.64%	-73.59%		65.84%	28.53%	-8.04%		96.15%	-44.30%	40.44%
qoq	563.53%	61.17%	0.00%	-75.95%	0.00%	65.83%	31.80%	-7.01%	0.00%	-48.71%	0.00%	-6.61%	110.71%	-24.22%	0.00%	-31.15%	0.00%	16.22%								-80.15%	-775.28%	-174.73%	-136.95%	-156.46%	171.21%	-165.31%			107.70%	85.32%	-66.99%			1562.67%	196.45%	-99.57%			64.23%	-9.93%	-48.50%	0.00%			-2.96%	269.40%	-131.39%			169.42%	-24.92%	0.00%	-74.16%			-28411.88%	-100.35%	20.85%	379.61%	0.00%	-138.31%			11.16%	795.82%	0.00%	-75.18%	-233.02%	99900.00%	-100.01%			115.21%	-13.20%	209.92%	-52.36%	-77.99%	354.33%	-44.56%			252.12%	-60.34%	247.27%	-59.56%	0.00%	0.00%
net income margin %	12.62%	1.99%	1.31%	1.31%	5.11%	5.11%	3.11%	2.41%	2.66%	2.66%	4.78%	4.78%	5.34%	2.74%	3.80%	3.80%	5.37%	5.37%	5.10%	0%	0%	3.11%	NaN%	0.01%	0%	-5.29%	-7.53%	3.64%	-6.34%	2.71%	-15.59%	-8.47%	2.71%	NaN%	2.13%	1.56%	1.67%	1.20%	NaN%	1.19%	0.10%	0.07%	3.90%	NaN%	2.48%	2.32%	5.21%	2.70%	2.70%	NaN%	2.72%	4.43%	2.45%	-1.68%	NaN%	-2.49%	-1.38%	-3.63%	-3.63%	-2.99%	NaN%	-4.35%	0.05%	-6.52%	-10.78%	-2.25%	-2.25%	Infinity%	NaN%	0.73%	1.91%	0.11%	0.11%	0.89%	-0.68%	-0.68%	Infinity%	NaN%	2.52%	3.40%	2.06%	1.34%	2.77%	Infinity%	2.77%	4.80%	NaN%	2.59%	2.02%	2.91%	1.62%	4.31%	4.31%	4.31%
net income attributable to non-controlling interests	-113,000	-101,000	-147,000		-118,000	-125,500	-76,000	-143,000			-356,000	-196,250	-389,000	-159,000	-237,000		-181,000											5,000	-10,000																																																														-162,000
net income attributable to arcos dorados holdings inc.	150,429,000	22,587,000	13,930,000	13,930,000	58,404,000	58,404,000	35,214,000	26,632,000	28,509,000	28,509,000	55,778,000	55,778,000	59,721,000	28,368,000	37,407,000	37,407,000	54,492,000					24,503,000		-75,000		-29,713,000	-149,451,000	22,037,000	-29,611,000	79,896,000	-141,876,000	-52,332,000	79,896,000		46,937,000	22,585,000	12,165,000	36,847,000		27,610,000	1,584,000	518,000	129,166,000		59,894,000	36,490,000	40,602,000	78,810,000	78,810,000		57,659,000	59,493,000	16,064,000	-51,633,000					-28,233,000	-109,333,000		-119,376,000	240,000	-119,616,000	-98,986,000	-20,630,000	-20,630,000	53,854,000		21,764,000	19,581,000	2,183,000	2,183,000	8,785,000	-6,602,000	-6,602	114,332,000		70,111,000	32,608,000	37,503,000	12,108,000	25,395,000	115,529,000	25,395,000	46,222,000		69,307,000	19,582,000	49,725,000	14,235,000		35,490,000
net income attributable to arcos dorados holdings inc. margin as % of total revenues	12,600	2,000	1,300		5,100
earnings per share information
basic net income per common share	0.71	0.11	0.07		0.28	0.108	0.17	0.13	0.14		0.26	0.15	0.28	0.13	0.18		0.26											-0.21	-0.14																														-0.13						-0.47	-0.1	-0.1				0.09			0.04		0.03
weighted-average number of common shares outstanding-basic	210,663,057	210,663,057	210,663,057		210,663,057		210,663,057	210,660,444	210,655,747		210,654,969		210,654,969	210,625,859	210,594,545		210,594,545		210,594,545	210,539,537	210,478,322				210,359,930				205,990,486																														210,216,043				210,215,076		210,116,897	209,867,426	209,867,426				209,866,194			209,748,728		209,529,412				209,529,412		209,529,412			209,529,412	209,529,412			209,529,412
adjusted ebitda reconciliation
depreciation and amortization	50,717	47,913	46,295		43,650	33,426	45,411	45,202	43,091		43,462	26,451.5	37,286	35,000	33,520		30,843	22,233.5	28,294	30,504	30,136				29,796			24,115.75	30,841																														27,696				29,543		29,368	28,016	28,016				28,823			28,535		29,121				22,568		22,609			20,129	19,759			18,089		15,998
operating charges excluded from ebitda computation	3,226	-262	-163		814	-645.75	-237	-639	-1,707		7,375	405.5	759	164	699		1,697	167	441	212	15				-457			665	-1,746																														8,772				1,837		50,868	1,533	1,533
adjusted ebitda	201,126	110,111	91,279		147,384	88,179	124,999	118,782	108,935		132,624	84,920	129,120	110,056	100,504		114,055	68,127.25	102,649	91,362	78,498				47,156			2,662.75	25,036																														41,853				66,058		41,957	50,323	50,323				90,375			67,404		68,693				83,611		67,263			78,080	104,582			95,012		67,869
adjusted ebitda margin as % of total revenues	16.9	9.6	8.5		12.9	2.65	11	10.7	10.1		11.3	2.7	11.5	10.6	10.1		11.2	2.625	11.1	10.3	9.9				8			0.2	5.4																														5.4				7.3		4.6	5.5	5.5				8.8			6.8		7				8.7		7.4			8.5	10.9			9.7		7.6
net interest expense and other financing results		-18,483,000	-16,592,000	-16,592,000	-8,179,000	-8,179,000	-8,480,000	-14,141,000	-16,438,000	-16,438,000	-5,315,000	-5,315,000	-4,973,000	-12,128,000	-9,859,000	-9,859,000	-1,010,000
other non-operating expenses		-481,000	-122,000	-122,000	-3,979,000				-429,000	-429,000	-1,138,000				-110,000	-110,000						-25,000			-77,000	-142,000		-33,000	-111,000		-20,000	-46,000			-2,313,000	-97,000				-9,000	-62,000		-435,000		-607,000	-1,125,000	-695,000				-1,562,000	-766,000	-174,000			-182,000	-164,000	-46,000				-749,000	-258,000	-491,000	-173,000	-318,000	-318,000			-858,000	-168,000	-690,000	-690,000	-374,000	-316,000	-316			-1,723,000	-463,000	-1,260,000	-707,000	-553,000		-553,000	5,470,000		-1,908,000	-725,000	-1,183,000	-745,000		-438,000
other operating (expenses) income			-1,239,000	-1,239,000												-1,061,000											-10,807,000			4,910,000								-61,145,000		-49,415,000	-59,374,000	-43,837,000																																							-5,556,000		-1,694,000		-1,694,000
franchised restaurants – occupancy expenses				-21,044,000						-21,990,000						-18,209,000						-16,008,000		-37,321,000		-11,827,000	-43,512,000				-19,952,000	-9,780,000	-61,278,000		-53,501,000	-35,708,000	-17,874,000	-67,927,000		-50,324,000	-34,942,000	-19,155,000	-69,836,000		-49,651,000	-32,651,000	-16,111,000		-55,098,000		-40,023,000	-25,790,000	-12,596,000	-54,242,000		-42,051,000	-29,090,000	-15,226,000		-63,939,000		-46,434,000		-31,097,000				-63,273,000		-47,653,000		-31,619,000	-31,619,000		-15,708,000		-56,057,000		-41,197,000		-27,849,000		-14,104,000	-51,396,000				-37,645,000		-24,393,000			-12,420,000
less: net income attributable to non-controlling interests				-147,000					-283,000	-283,000						-237,000		-181,000	-176,000	-94,000	-126,000	-126,000				-54,000	-65,000						-220,000		-115,000	-69,000	-59,000	-186,000		-140,000	-85,000	-45,000	-333,000		-277,000	-148,000	-77,000	-178,000	-178,000		-145,000	-77,000	-62,000	-264,000		-202,000	-110,000			-305,000								-18,000							-5,000		-256,000		-180,000	-53,000	-127,000	-34,000	-93,000	-271,000	-93,000			-519,000					-109,000
earnings per share information:
basic net income per common share attributable to arcos dorados holdings inc.				0.07						0.14						0.18										-0.14	-0.73				-0.69	-0.26	0.39		0.23	0.11	0.06	0.18		0.13			0.61		0.28	0.17	0.19		0.37		0.27	0.28	0.08	-0.25						-0.52		-0.57		-0.57				0.26		0.1			0.01		-0.03		0.55		0.33	0.16	0.18	0.06	0.12	0.54	0.12	0.22		0.32	0.09	0.22	0.07		0.15
diluted net income per common share attributable to arcos dorados holdings inc.				0.07						0.14						0.18										-0.14	-0.73				-0.69	-0.26	0.39		0.23	0.11	0.06	0.18		0.13			0.61		0.28	0.17	0.19		0.37		0.27	0.28	0.08	-0.25						-0.52		-0.57		-0.57				0.26		0.1			0.01		-0.03		0.55		0.33		0.18		0.12	0.54				0.32		0.22
other operating income / (expense)					2,433,000												-434,000	2,878,500	4,044,000						11,801,000
gain / (loss) from derivative instruments					208,000			3,182,000			37,000	-3,305,000	900,000					-1,314,500	7,578,000
other operating income (expenses)						3,879,750	6,733,000			3,846,000														15,046,000				-366,500	3,100,000			2,223,000	4,910,000															41,386,000	41,386,000		46,921,000	47,423,000	19,000	6,560,000																																				862,000		2,663,000	2,663,000	2,663,000
other non-operating income (expenses)						26,500	758,000																	2,219,000			2,296,000											270,000				16,000																		146,000																								3,562,000
net income attributable to arcos dorados holdings inc. margin as a % of total revenues						675	3,100
other non-operating income / (expenses)								-223,000						116,000
income from derivative instruments									-1,933,000	-1,933,000				-9,191,000	-4,929,000	-4,929,000				-1,144,000	-11,692,000	-11,692,000		-6,190,000		-1,149,000																						-3,065,000															-117,000																			-163,000			-1,163,000	-1,687,000					-7,898,000
other operating (expense) / income											-2,325,000
other operating (expenses) / income												1,054,750	-2,364,000
other non-operating (expenses) / income												-25,000	-106,000				-238,000	-12,250	59,000
(loss) / gain from derivative instruments																	-5,232,000
net interest expense																		-8,951,000	-3,222,000	-21,923,000	-10,659,000	-10,659,000		-39,735,000	-13,425,000	-12,282,000	-59,068,000	-14,816,000	-15,024,000	-52,079,000	-29,228,000	-14,396,000	-52,079,000		-38,200,000	-25,676,000	-12,446,000	-52,868,000		-39,326,000	-27,097,000	-14,640,000	-68,357,000		-54,503,000	-39,458,000	-16,415,000	-66,880,000	-66,880,000		-53,233,000	-35,037,000	-14,259,000	-64,407,000		-47,679,000	-33,197,000	-16,324,000	-16,324,000	-72,750,000		-54,799,000	-18,990,000	-35,809,000	-18,852,000	-16,957,000	-16,957,000	-88,156,000		-58,571,000	-27,784,000	-30,787,000	-30,787,000	-15,822,000	-14,965,000	-14,965	-54,247,000		-39,751,000	-13,812,000	-25,939,000	-13,960,000	-11,979,000	-60,749,000	-11,979,000	-12,554,000		-48,195,000	-27,996,000	-20,199,000	-10,415,000		-9,784,000
net income / (loss) attributable to arcos dorados holdings inc.																		21,462,750	46,867,000	14,481,000	24,503,000				4,933,000
basic net income / (loss) per common share																		0.103	0.22	0.07	0.12				0.02
other non-operating																				-83,000
income / (loss) before income taxes																				30,213,000	41,798,000				15,250,000
net income /																				14,575,000	24,629,000				4,991,000
operating income /																					48,347,000				17,817,000
other non-operating (expenses)																					-25,000
income tax benefit																						-17,169,000				70,000																										-22,729,000	-8,342,000				13,057,000	6,587,000
basic net earnings per common share attributable to arcos dorados holdings inc.																						0.12
diluted net earnings per common share attributable to arcos dorados holdings inc.																						0.12
gain from securities																											25,676,000	7,606,000	5,118,000		12,952,000
less: net (income) loss attributable to non-controlling interests																								-282,000
income / (loss) from derivative instruments																									-4,232,000
income tax benefit /																									-10,259,000
net income / (loss) attributable to non-controlling interests																									-58,000
other operating expenses income																										1,803,000
loss per share information:
income statement data:
franchised restaurants—occupancy expenses																														-61,278,000
less: net income (income) attributable to non-controlling interests																														-220,000
earnings per share:
basic net income per common share attributable to arcos dorados																														0.39																		0.37
diluted net income per common share attributable to arcos dorados																														0.39																		0.37
other operating expenses																															-4,566,000				-619,000	-768,000	-1,118,000																			-22,742,000	-16,591,000	-14,219,000	-14,219,000	-95,476,000		-81,075,000	-8,754,000	-72,321,000	-59,290,000	-13,031,000	-13,031,000	-15,070,000		-12,596,000	-7,360,000	-5,236,000	-5,236,000	-2,143,000	-3,093,000	-3,093	-3,261,000		-11,966,000	-6,410,000				-14,665,000				-604,000
loss from derivative instruments																															-462,000					-430,000		-565,000		-191,000	-331,000	-98,000	-7,065,000		-7,036,000	-7,231,000			-3,065,000		-52,000	-30,000		-2,894,000		-222,000				-685,000		-65,000						-4,141,000		-42,000							-891,000		-1,037,000		-1,326,000		-1,163,000	-9,237,000				-7,550,000		-12,225,000			-4,327,000
less: net loss attributable to non-controlling interests																															30,000
basic net income per common share attributable to arcos dorados holdings
inc.																																									0.01
diluted net income per common share attributable to arcos dorados holdings
occupancy and other operating																																																-752,428,000
franchised restaurants—occupancy																																																-55,098,000
net loss attributable to arcos dorados holdings inc.																																																								-57,184,000	-21,260,000	-28,233,000
basic net loss per common share attributable to arcos dorados holdings inc.																																																								-0.27	-0.1	-0.13
diluted net loss per common share attributable to arcos dorados holdings inc.																																																								-0.27	-0.1	-0.13
(less) plus: net loss attributable to non-controlling interests																																																										-64,000				-183,000		-2,000																										-271,000
other non-operating income																																																											-46,000
(less) plus: net (income) loss attributable to non-controlling interests																																																											-64,000				-181,000
plus(less): net (income) loss attributable to non-controlling interests
plus(less): net income (income) attributable to non-controlling interests																																																																		7,000	7,000				70,000			10,000
total revenues .																																																																				4,033,310,000									3,797,394,000							3,657,649,000
plus (less): net loss attributable to non-controlling interests																																																																						75,000			5,000
operating (income) charges excluded from ebitda computation																																																																							-721
plus (less): net income (income) attributable to non-controlling interests																																																																								5,000
other operating charges excluded from ebitda computation																																																																										520
other operating items excluded from ebitda computation																																																																												2,355				987					2,735	5,016
see notes to the condensed consolidated financial statements.
other operating expenses net																																																																																		-3,862,000
other operating and g&a items excluded from ebitda computation																																																																																		3,381
other comprehensive income:
foreign currency translation																																																																																				-50,826,000				-47,672,000		27,895,000			11,382,000
unrealized net gains on cash flow hedges																																																																																				131,000				232,000					202,000
unrealized net losses on cash flow hedges																																																																																										-68,000
realized net losses on cash flow hedges																																																																																				451,000				542,000		464,000			164,000
comprehensive income																																																																																				65,556,000				22,928,000		78,287,000			47,347,000
plus (less): comprehensive expense attributable to non-controlling interests																																																																																				248,000
comprehensive income attributable to arcos dorados holdings inc.																																																																																				65,804,000				22,801,000		78,254,000			47,264,000
other operating income/(expenses)																																																																																						-14,061,000			-1,466,000		-1,801,000
net (income) loss attributable to non-controlling interests																																																																																						248,000
less: comprehensive income attributable to non-controlling interests																																																																																								-127,000					-83,000
less: net (income) attributable to non-controlling interests																																																																																									-248,000
other net operating charges excluded																																																																																									2,662
(less) plus: comprehensive loss attributable to non-controlling interests																																																																																										-33,000
weighted-average number of shares outstanding																																																																																											208,063,349
other operating expenses classified as non-cash																																																																																											1,367
other operating incomes classified as non-recurring																																																																																											810
special charges																																																																																											13,590
net income attributable to arcos dorados holdings inc																																																																																												35,490,000		35,490,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-04-18	2022-03-31	2022-03-16	2021-12-31	2021-11-10	2021-09-30	2021-08-11	2021-06-30	2021-05-12	2021-03-31	2021-03-17	2021-03-16	2020-12-31	2020-09-30	2020-08-12	2020-06-30	2020-05-13	2020-03-31	2020-03-18	2020-03-17	2019-12-31	2019-11-13	2019-09-30	2019-08-07	2019-06-30	2019-05-15	2019-03-31	2019-03-27	2019-03-18	2018-12-31	2018-11-14	2018-09-30	2018-08-08	2018-06-30	2018-05-09	2018-03-31	2018-03-27	2018-03-21	2017-12-31	2017-11-08	2017-09-30	2017-08-09	2017-06-30	2017-05-03	2017-03-31	2017-03-23	2017-03-21	2017-03-15	2016-12-31	2016-09-30	2016-08-03	2016-06-30	2016-05-04	2016-03-31	2016-03-16	2016-03-15	2015-12-31	2015-11-04	2015-09-30	2015-08-11	2015-06-30	2015-05-12	2015-03-31	2015-03-17	2015-03-16	2014-12-31	2014-11-04	2014-09-30	2014-08-05	2014-06-30	2014-05-06	2014-03-31	2014-03-17	2014-03-11	2013-12-31	2013-11-05	2013-09-30	2013-08-06	2013-06-30	2013-04-30	2013-03-31	2013-03-11	2013-03-08	2012-12-31	2012-11-02	2012-09-30	2012-08-07	2012-06-30	2012-05-04	2012-04-02	2012-03-31	2012-03-05	2011-12-31	2011-10-28	2011-09-30	2011-08-02	2011-06-30	2011-05-06	2011-04-02	2011-03-31

assets
current assets
cash and cash equivalents	182,797,000	147,052,000	404,606,000	135,064,000	115,908,000	104,216,000	127,496,000	196,661,000	166,307,000	201,492,000	231,395,000	266,937,000	290,181,000	276,078,000		267,326,000	278,830,000	278,830,000	206,904,000	206,904,000	161,867,000	161,867,000	148,292,000	148,292,000	165,989,000	278,830,000		136,506,000	122,103,000	122,103,000	142,043,000	142,043,000	121,880,000	165,989,000		126,677,000	126,677,000	137,238,000	137,238,000	172,624,000	172,624,000	197,282,000	121,880,000		207,553,000	207,553,000	208,932,000	208,932,000	237,041,000	237,041,000	197,282,000	308,491,000	308,491,000	269,764,000	269,764,000	237,797,000	237,797,000	187,729,000	187,729,000		308,491,000	194,803,000		112,207,000	136,790,000	136,790,000	266,135,000	266,135,000	112,519,000	194,803,000		90,477,000	90,477,000	83,181,000	83,181,000	71,888,000	71,888,000	139,030,000	112,519,000	139,030,000	94,787,000	94,787,000	101,028,000	101,028,000	126,440,000	126,440,000	139,030,000	175,648,000	175,648,000	338,006,000	338,006,000	128,841,000	128,841,000	145,000,000	145,000,000	175,648,000	184,851,000	184,851,000	244,137,000	244,137,000	245,350,000	245,350,000	144,252,000	176,301,000	144,252,000	176,301,000	176,301,000	251,129,000	251,129,000	254,404,000	254,404,000	141,228,000	176,301,000	141,228,000
short-term investments	74,075,000	86,810,000	90,185,000	3,529,000	4,899,000	35,140,000	34,977,000	50,106,000	84,842,000	22,461,000			28,909,000			12,423,000
accounts and notes receivable	149,627,000	156,314,000	148,628,000	119,441,000	135,059,000	141,156,000	148,745,000	147,980,000	136,519,000	127,856,000	116,916,000	124,273,000	92,147,000	86,668,000		89,387,000	82,180,000	82,180,000	75,542,000	75,542,000	86,822,000	86,822,000	72,996,000	72,996,000	94,249,000	82,180,000		74,347,000	63,135,000	63,135,000	53,955,000	53,955,000	99,862,000	94,249,000		67,033,000	67,033,000	80,214,000	80,214,000	61,079,000	61,079,000	84,287,000	99,862,000		72,565,000	72,565,000	73,637,000	73,637,000	90,554,000	90,554,000	84,287,000	111,302,000	111,302,000	82,675,000	82,675,000	69,719,000	69,719,000	74,718,000	74,718,000		111,302,000	83,239,000		66,643,000	64,434,000	64,434,000	60,721,000	60,721,000	63,348,000	83,239,000		50,822,000	50,822,000	67,297,000	67,297,000	56,706,000	56,706,000	83,003,000	63,348,000		75,115,000	75,115,000	88,727,000	88,727,000	91,125,000	91,125,000	83,003,000	110,696,000		86,493,000	86,493,000	101,812,000	101,812,000	99,576,000	99,576,000	110,696,000	112,100,000		84,616,000	84,616,000	80,769,000	80,769,000	83,665,000	93,862,000	83,665,000	93,862,000		72,762,000	72,762,000	82,917,000	82,917,000	74,648,000	93,862,000	74,648,000
other receivables	72,503,000	44,839,000	41,916,000				41,289,000	38,719,000	28,799,000	28,751,000		26,790,000	22,939,000			23,950,000	22,031,000		20,527,000	20,527,000	20,921,000		19,588,000	19,588,000	19,946,000	22,031,000			23,952,000		22,472,000	22,472,000	28,174,000	19,946,000		21,353,000		19,467,000		22,745,000	22,745,000	25,350,000	28,174,000		25,044,000		27,830,000	27,830,000	28,709,000	28,709,000	25,350,000	36,310,000	36,310,000	28,044,000	28,044,000	26,979,000	26,979,000	26,531,000			36,310,000	28,841,000			35,586,000	35,586,000	32,146,000	32,146,000	35,629,000	28,841,000			41,345,000		62,702,000				35,629,000								65,147,000					132,600,000	132,600,000	123,276,000	123,276,000	136,577,000								66,605,000									66,605,000
inventories	56,888,000	56,655,000	51,874,000				52,527,000	52,830,000	54,303,000	51,457,000		50,088,000	46,321,000			39,493,000	37,800,000		34,829,000	34,829,000	30,934,000		31,081,000	31,081,000	33,601,000	37,800,000			24,811,000		31,125,000	31,125,000	37,815,000	33,601,000		36,885,000		40,301,000		37,810,000	37,810,000	46,089,000	37,815,000		37,302,000		40,251,000	40,251,000	48,456,000	48,456,000	46,089,000	82,735,000	82,735,000	52,203,000	52,203,000	49,506,000	49,506,000	53,446,000			82,735,000	48,915,000			46,195,000	46,195,000	45,283,000	45,283,000	44,641,000	48,915,000			38,120,000		38,067,000				44,641,000								53,403,000					58,153,000	58,153,000	54,614,000	54,614,000	105,421,000								50,729,000									50,729,000
prepaid expenses and other current assets	112,383,000	130,509,000	123,468,000				143,513,000	118,982,000	137,373,000	133,459,000		119,995,000	120,475,000			101,911,000	119,275,000		88,929,000	88,929,000	88,713,000		86,759,000	86,759,000	100,469,000	119,275,000			84,987,000		101,554,000	101,554,000	117,612,000	100,469,000		108,090,000		105,032,000		104,751,000	104,751,000	109,230,000	117,612,000		102,515,000		76,837,000	76,837,000	93,655,000	93,655,000	109,230,000	94,204,000	94,204,000	74,601,000	74,601,000	74,104,000	74,104,000	94,737,000			94,204,000	87,643,000			123,990,000	123,990,000	120,317,000	120,317,000	110,808,000	87,643,000			86,221,000		94,460,000				110,808,000								84,593,000					101,110,000	101,110,000	109,804,000	109,804,000	109,144,000								140,654,000									140,654,000
derivative instruments	1,126,000	1,500,000	132,000	416,000	266,000	364,000	45,000			49,211,000	55,263,000	58,821,000	60,801,000	99,265,000		90,680,000		120,371,000				100,185,000	809,000	809,000	702,000			125,406,000	525,000	116,129,000	233,000	233,000	57,828,000	702,000		66,433,000	66,433,000	51,831,000	51,830,000	57,903,000	57,903,000	54,735,000	57,828,000		70,747,000		57,322,000	57,322,000	20,265,000	20,265,000	54,735,000	35,069,000	35,069,000	17,917,000	17,917,000	27,476,000	27,476,000	36,786,000			35,069,000						5,283,000	5,283,000	6,741,000				28,230,000		16,593,000				6,741,000								9,517,000					1,309,000	1,309,000	1,601,000	1,601,000	490,000								1,841,000									1,841,000
total current assets	649,399,000	623,679,000	860,809,000	468,403,000	506,255,000	513,133,000	548,592,000	605,278,000	608,143,000	614,687,000	644,122,000	684,363,000	661,773,000	541,823,000	540,116,000	534,490,000	540,116,000	540,116,000	426,731,000	426,731,000	389,257,000	389,257,000	359,525,000	359,525,000	415,531,000	540,116,000	415,531,000	361,151,000	319,513,000	319,513,000	351,406,000	351,406,000	405,368,000	415,531,000	405,368,000	360,038,000	360,038,000	382,252,000	382,252,000	401,333,000	401,333,000	464,562,000	405,368,000	464,562,000	444,979,000	444,979,000	440,079,000	440,079,000	520,785,000	520,785,000	464,562,000	653,037,000	653,037,000	507,287,000	507,287,000	458,105,000	458,105,000	439,615,000	439,615,000	445,190,000	653,037,000	445,190,000	445,190,000	384,150,000	420,916,000	420,916,000	537,413,000	537,413,000	378,996,000	445,190,000	378,996,000	319,249,000	319,249,000	368,478,000	368,478,000	333,565,000	333,565,000	447,196,000	378,996,000	447,196,000	447,258,000	447,258,000	472,501,000	472,501,000	557,990,000	557,990,000	447,196,000	666,451,000	666,451,000	754,461,000	754,461,000	550,522,000	550,522,000	552,984,000	552,984,000	666,451,000	608,579,000	601,498,000	635,663,000	635,663,000	624,989,000	624,989,000	549,095,000	588,614,000	549,095,000	588,614,000	588,614,000	527,583,000	527,583,000	526,644,000	526,644,000	401,326,000	588,614,000	401,326,000
non-current assets
miscellaneous	228,952,000	116,319,000	100,426,000				103,990,000	104,225,000	98,642,000	98,851,000		81,662,000	78,629,000			83,043,000	71,442,000		74,277,000	74,277,000	75,642,000		70,459,000	70,459,000	72,649,000	71,442,000			72,087,000		72,089,000	72,089,000	95,814,000	72,649,000		96,413,000		103,611,000		102,437,000	102,437,000	99,049,000	95,814,000		100,201,000		88,017,000	88,017,000	96,281,000	96,281,000	99,049,000	98,291,000	98,291,000	105,901,000	105,901,000	95,121,000	95,121,000	98,657,000			98,291,000	89,661,000			78,378,000	78,378,000	69,437,000	69,437,000	66,299,000	89,661,000			55,357,000		59,328,000				66,299,000								78,883,000					76,943,000	76,943,000	64,379,000	64,379,000	91,924,000								44,879,000									44,879,000
collateral deposits	2,500,000	2,500,000	2,500,000				2,500,000	2,500,000	2,500,000	2,500,000		2,500,000	2,500,000			2,500,000	2,500,000		2,500,000	2,500,000	2,500,000		2,500,000	2,500,000	2,500,000	2,500,000			2,500,000		2,500,000	2,500,000	2,500,000	2,500,000		2,500,000		2,500,000		2,500,000	2,500,000	2,500,000	2,500,000		2,500,000		2,500,000	2,500,000	2,500,000	2,500,000	2,500,000	2,500,000	2,500,000	5,325,000	5,325,000	5,325,000	5,325,000	5,325,000			2,500,000	5,325,000			5,325,000	5,325,000	5,325,000	5,325,000		5,325,000					8,005,000												4,832,000					5,325,000	5,325,000	5,325,000	5,325,000	5,325,000								5,325,000									5,325,000
property and equipment	1,274,677,000	1,238,288,000	1,175,979,000	1,127,042,000	1,161,066,000	1,104,280,000	1,124,925,000	1,119,885,000	1,022,274,000	981,051,000	901,069,000	856,085,000	778,525,000	767,445,000	743,533,000	801,172,000	743,533,000	743,533,000	747,913,000	747,913,000	794,678,000	794,678,000	751,894,000	751,894,000	796,532,000	743,533,000	796,532,000	762,795,000	787,524,000	787,524,000	813,284,000	813,284,000	960,986,000	796,532,000	960,986,000	884,458,000	884,458,000	894,167,000	894,167,000	852,275,000	852,275,000	856,192,000	960,986,000	856,192,000	806,061,000	806,061,000	813,389,000	813,389,000	897,261,000	897,261,000	856,192,000	890,736,000	890,736,000	897,169,000	897,169,000	872,675,000	872,675,000	880,820,000	880,820,000	847,966,000	890,736,000	847,966,000	847,966,000	848,637,000	865,782,000	865,782,000	846,542,000	846,542,000	833,357,000	847,966,000	833,357,000	875,553,000	875,553,000	990,769,000	990,769,000	993,163,000	993,163,000	1,116,281,000	833,357,000	1,116,281,000	1,153,497,000	1,153,497,000	1,216,940,000	1,216,940,000	1,232,815,000	1,232,815,000	1,116,281,000	1,244,311,000	1,244,311,000	1,163,777,000	1,163,777,000	1,144,619,000	1,144,619,000	1,192,180,000	1,192,180,000	1,244,311,000	1,176,350,000	1,176,350,000	1,098,845,000	1,098,845,000	1,048,931,000	1,048,931,000	1,069,903,000	1,023,180,000	1,069,903,000	1,023,180,000	1,023,180,000	954,253,000	954,253,000	1,015,671,000	1,015,671,000	934,982,000	1,023,180,000	934,982,000
net intangible assets and goodwill	145,822,000	144,143,000	133,823,000	66,644,000	67,942,000	66,930,000	71,073,000	70,026,000	59,106,000	65,706,000	60,979,000	54,569,000	44,686,000	42,935,000		42,087,000	38,808,000	38,808,000	36,456,000	36,456,000	37,016,000	37,016,000	34,903,000	34,903,000	37,046,000	38,808,000		34,176,000	34,639,000	34,639,000	37,230,000	37,230,000	43,044,000	37,046,000		38,728,000	38,728,000	41,595,000	41,595,000	41,231,000	41,231,000	41,021,000	43,044,000		38,208,000	38,208,000	38,898,000	38,898,000	45,697,000	45,697,000	41,021,000	47,729,000	47,729,000	42,553,000	42,553,000	42,032,000	42,032,000	43,732,000	43,732,000		47,729,000	43,044,000		47,064,000	48,296,000	48,296,000	47,976,000	47,976,000	49,486,000	43,044,000		49,694,000	49,694,000	51,036,000	51,036,000	51,760,000	51,760,000	57,864,000	49,486,000		55,957,000	55,957,000	64,994,000	64,994,000	66,412,000	66,412,000	57,864,000	70,375,000		71,204,000	71,204,000	64,075,000	64,075,000	65,921,000	65,921,000	70,375,000	67,271,000		60,268,000	60,268,000	57,524,000	57,524,000	58,733,000	58,419,000	58,733,000	58,419,000		52,629,000	52,629,000	56,436,000	56,436,000	52,707,000	58,419,000	52,707,000
deferred income taxes	104,980,000	111,215,000	106,010,000	90,287,000	103,964,000	102,709,000	101,184,000	98,163,000	83,876,000	92,234,000	91,662,000	87,972,000	67,479,000	77,892,000		81,341,000	67,802,000	67,802,000	60,672,000	60,672,000	53,449,000	53,449,000	45,722,000	45,722,000	55,567,000	67,802,000		44,475,000	52,823,000	52,823,000	50,269,000	50,269,000	68,368,000	55,567,000		57,824,000	57,824,000	59,981,000	59,981,000	58,555,000	58,555,000	58,334,000	68,368,000		61,566,000	61,566,000	70,765,000	70,765,000	84,054,000	84,054,000	58,334,000	74,299,000	74,299,000	66,360,000	66,360,000	62,381,000	62,381,000	60,142,000	60,142,000		74,299,000			75,164,000	13,921,000	13,921,000	12,811,000	12,811,000	12,051,000			72,949,000	12,264,000	90,867,000	14,766,000	77,170,000	77,170,000	75,319,000	12,051,000		96,414,000	96,414,000	104,468,000	104,468,000	104,083,000	104,083,000	17,188,000	97,687,000		124,161,000	124,161,000	26,697,000	26,697,000	19,113,000	19,113,000	27,974,000	133,708,000		118,004,000	118,004,000	122,288,000	122,288,000	146,232,000	36,713,000	146,232,000	142,848,000		171,149,000	171,149,000	206,361,000	206,361,000	183,757,000	36,713,000	183,757,000
equity method investments	16,104,000	15,816,000	14,362,000	14,346,000	16,457,000	17,483,000	19,031,000	18,111,000	17,709,000	17,566,000	16,269,000	14,708,000	14,242,000	13,887,000		13,583,000	13,105,000	13,105,000								13,105,000
lease right of use asset	1,080,411,000	1,053,998,000	997,942,000				953,139,000	954,564,000	903,816,000	907,323,000		820,683,000	770,514,000			832,948,000	763,580,000		780,388,000	780,388,000	824,945,000		764,777,000	764,777,000	790,969,000	763,580,000			759,972,000		774,957,000	774,957,000	922,165,000	790,969,000									922,165,000
total non-current assets	2,916,766,000	2,748,741,000	2,606,211,000	2,424,251,000	2,454,862,000	2,382,890,000	2,424,835,000	2,413,960,000	2,238,190,000	2,188,037,000	2,057,482,000	1,952,267,000	1,787,943,000	1,860,868,000	1,821,141,000	1,947,354,000	1,821,141,000	1,821,141,000	1,821,101,000	1,821,101,000	1,889,736,000	1,889,736,000	1,813,621,000	1,813,621,000	1,878,423,000	1,821,141,000	1,878,423,000	1,787,285,000	1,826,867,000	1,826,867,000	1,865,137,000	1,865,137,000	2,152,317,000	1,878,423,000	2,152,317,000	1,952,382,000	1,952,382,000	2,030,256,000	2,030,256,000	1,964,645,000	1,964,645,000	1,113,477,000	2,152,317,000	1,113,477,000	1,080,850,000	1,080,850,000	1,072,520,000	1,072,520,000	1,148,154,000	1,148,154,000	1,113,477,000	1,150,706,000	1,150,706,000	1,138,005,000	1,138,005,000	1,107,638,000	1,107,638,000	1,092,204,000	1,092,204,000	1,059,863,000	1,150,706,000	1,059,863,000	1,059,863,000	1,057,132,000	1,072,641,000	1,072,641,000	1,058,453,000	1,058,453,000	1,027,981,000	1,059,863,000	1,027,981,000	1,090,520,000	1,090,520,000	1,218,192,000	1,218,192,000	1,221,505,000	1,221,505,000	1,347,584,000	1,027,981,000	1,347,584,000	1,401,039,000	1,401,039,000	1,478,622,000	1,478,622,000	1,503,714,000	1,503,714,000	1,347,584,000	1,513,808,000	1,513,808,000	1,458,895,000	1,458,895,000	1,417,036,000	1,417,036,000	1,469,499,000	1,469,499,000	1,513,808,000	1,440,584,000	1,447,665,000	1,340,543,000	1,340,543,000	1,293,758,000	1,293,758,000	1,341,129,000	1,286,792,000	1,341,129,000	1,286,792,000	1,286,792,000	1,245,714,000	1,245,714,000	1,346,553,000	1,346,553,000	1,258,861,000	1,286,792,000	1,258,861,000
total assets	3,566,165,000	3,372,420,000	3,467,020,000	2,892,654,000	2,961,117,000	2,896,023,000	2,973,427,000	3,019,238,000	2,846,333,000	2,802,724,000	2,701,604,000	2,636,630,000	2,449,716,000	2,402,691,000	2,361,257,000	2,481,844,000	2,361,257,000	2,361,257,000	2,247,832,000	2,247,832,000	2,278,993,000	2,278,993,000	2,173,146,000	2,173,146,000	2,293,954,000	2,361,257,000	2,293,954,000	2,148,436,000	2,146,380,000	2,146,380,000	2,216,543,000	2,216,543,000	2,557,685,000	2,293,954,000	2,557,685,000	2,312,420,000	2,312,420,000	2,412,508,000	2,412,508,000	2,365,978,000	2,365,978,000	1,578,039,000	2,557,685,000	1,578,039,000	1,525,829,000	1,525,829,000	1,512,599,000	1,512,599,000	1,668,939,000	1,668,939,000	1,578,039,000	1,803,743,000	1,803,743,000	1,645,292,000	1,645,292,000	1,565,743,000	1,565,743,000	1,531,819,000	1,531,819,000	1,505,053,000	1,803,743,000	1,505,053,000	1,505,053,000	1,441,282,000	1,493,557,000	1,493,557,000	1,595,866,000	1,595,866,000	1,406,977,000	1,505,053,000	1,406,977,000	1,409,769,000	1,409,769,000	1,586,670,000	1,586,670,000	1,555,070,000	1,555,070,000	1,794,780,000	1,406,977,000	1,794,780,000	1,848,297,000	1,848,297,000	1,951,123,000	1,951,123,000	2,061,704,000	2,061,704,000	1,794,780,000	2,180,259,000	2,180,259,000	2,213,356,000	2,213,356,000	1,967,558,000	1,967,558,000	2,022,483,000	2,022,483,000	2,180,259,000	2,049,163,000	2,049,163,000	1,976,206,000	1,976,206,000	1,918,747,000	1,918,747,000	1,890,224,000	1,875,406,000	1,890,224,000	1,875,406,000	1,875,406,000	1,773,297,000	1,773,297,000	1,873,197,000	1,873,197,000	1,660,187,000	1,875,406,000	1,660,187,000
liabilities and equity
current liabilities
accounts payable	319,987,000	313,225,000	297,609,000	347,895,000	328,168,000	332,993,000	322,753,000	374,986,000	324,453,000	307,995,000	316,733,000	353,468,000	275,837,000	257,651,000	269,215,000	250,977,000	269,215,000	269,215,000	212,010,000	212,010,000	197,936,000	197,936,000	182,648,000	182,648,000	209,535,000	269,215,000	209,535,000	174,379,000	173,391,000	173,391,000	165,179,000	165,179,000	259,577,000	209,535,000	259,577,000	217,264,000	217,264,000	231,224,000	231,224,000	221,560,000	221,560,000	242,455,000	259,577,000	242,455,000	189,370,000	189,370,000	195,928,000	195,928,000	227,265,000	227,265,000	242,455,000	303,452,000	303,452,000	218,293,000	218,293,000	206,858,000	206,858,000	209,758,000	209,758,000	217,914,000	303,452,000	217,914,000	217,914,000	185,457,000	181,375,000	181,375,000	169,721,000	169,721,000	187,685,000	217,914,000	187,685,000	170,934,000	170,934,000	182,266,000	182,266,000	171,990,000	171,990,000	220,337,000	187,685,000	220,337,000	181,754,000	181,754,000	189,424,000	189,424,000	216,816,000	216,816,000	220,337,000	311,060,000	311,060,000	221,227,000	221,227,000	211,799,000	211,799,000	216,844,000	216,844,000	311,060,000	244,365,000	244,365,000	154,975,000	154,975,000	139,369,000	139,369,000	147,712,000	184,113,000	147,712,000	184,113,000	184,113,000	120,146,000	120,146,000	118,604,000	118,604,000	93,552,000	184,113,000	93,552,000
royalties payable to mcdonald’s corporation	26,094,000	27,208,000	27,813,000	20,860,000	16,886,000	19,843,000	22,007,000	21,292,000	14,453,000	15,981,000		21,280,000	15,887,000			14,318,000	15,933,000		11,273,000	11,273,000	10,980,000		22,026,000	22,026,000	44,779,000	15,933,000			27,557,000		12,124,000	12,124,000	17,132,000	44,779,000		12,714,000		13,436,000		15,212,000	15,212,000	14,576,000	17,132,000		9,050,000		11,823,000	11,823,000	14,383,000	14,383,000	14,576,000	13,729,000	13,729,000	11,770,000	11,770,000	14,287,000	14,287,000	16,224,000			13,729,000	17,585,000			12,988,000	12,988,000	11,797,000	11,797,000	14,834,000	17,585,000			10,091,000		13,087,000				14,834,000								16,953,000					21,359,000	21,359,000	27,305,000	27,305,000	30,663,000								19,002,000									19,002,000
income taxes payable	16,019,000	46,611,000	35,078,000				83,073,000	77,722,000	101,553,000	90,378,000		65,311,000	83,828,000			62,024,000	70,276,000		40,543,000	40,543,000	33,817,000		24,725,000	24,725,000	34,447,000	70,276,000			26,948,000		31,333,000	31,333,000	61,982,000	34,447,000		41,546,000		35,089,000		35,180,000	35,180,000	53,843,000	61,982,000		39,571,000		24,081,000	24,081,000	33,864,000	33,864,000	53,843,000	54,592,000	54,592,000	35,526,000	35,526,000	22,786,000	22,786,000	30,495,000			54,592,000	38,912,000			30,783,000	30,783,000	42,478,000	42,478,000	28,581,000	38,912,000			30,105,000		23,972,000				28,581,000								29,473,000					16,350,000	16,350,000	20,841,000	20,841,000	29,906,000								50,379,000									50,379,000
other taxes payable	83,204,000	85,108,000	81,369,000				78,856,000	85,421,000	76,802,000	81,692,000		81,371,000	67,372,000			70,011,000	67,086,000		58,768,000	58,768,000	59,508,000		51,786,000	51,786,000	56,837,000	67,086,000			47,902,000		42,671,000	42,671,000	61,823,000	56,837,000		52,970,000		59,506,000		58,782,000	58,782,000	61,006,000	61,823,000		53,222,000		60,091,000	60,091,000	67,942,000	67,942,000	61,006,000	82,326,000	82,326,000	70,316,000	70,316,000	66,692,000	66,692,000	67,584,000			82,326,000	73,681,000			65,221,000	65,221,000	58,421,000	58,421,000	69,006,000	73,681,000			64,461,000		71,809,000				69,006,000								91,290,000					95,081,000	95,081,000	97,488,000	97,488,000	107,586,000								88,610,000									88,610,000
accrued payroll and other liabilities	160,763,000	149,555,000	155,076,000	113,259,000	142,591,000	144,292,000	167,246,000	142,487,000	146,775,000	147,928,000	139,206,000	115,327,000	112,490,000	114,431,000		121,061,000	89,923,000	89,923,000	93,233,000	93,233,000	87,832,000	87,832,000	85,138,000	85,138,000	79,218,000	89,923,000		84,073,000	84,954,000	84,954,000	98,279,000	98,279,000	86,379,000	79,218,000		92,151,000	92,151,000	94,900,000	94,900,000	105,281,000	105,281,000	94,166,000	86,379,000		105,285,000	105,285,000	100,294,000	100,294,000	117,565,000	117,565,000	94,166,000	119,088,000	119,088,000	147,579,000	147,579,000	127,500,000	127,500,000	117,354,000	117,354,000		119,088,000	144,442,000		131,486,000	112,305,000	112,305,000	107,141,000	107,141,000	93,112,000	144,442,000		88,566,000	88,566,000	86,745,000	86,745,000	86,702,000	86,702,000	112,072,000	93,112,000		138,595,000	138,595,000	154,619,000	154,619,000	182,714,000	182,714,000	112,072,000	141,970,000		184,464,000	184,464,000	181,951,000	181,951,000	190,120,000	190,120,000	141,970,000	150,690,000		242,809,000	242,809,000	234,558,000	234,558,000	191,747,000	183,549,000	191,747,000	183,549,000		225,281,000	225,281,000	217,162,000	217,162,000	216,795,000	183,549,000	216,795,000
provision for contingencies	1,329,000	1,306,000										2,272,000					2,140,000		2,053,000		1,752,000		1,888,000		2,024,000				1,920,000		1,908,000		2,035,000			2,118,000		2,413,000		2,337,000		2,436,000			2,028,000		2,197,000		2,549,000			2,529,000	2,529,000	756,000		720,000		707,000				764,000			496,000		530,000		512,000			517,000		648,000		673,000		777,000			665,000		206,000		504,000			1,748,000		198,000		108,000		103,000			507,000		135,000		121,000		43,011,000	41,959,000		41,959,000		40,198,000		52,337,000		54,206,000
interest payable	14,306,000	18,328,000	21,873,000	7,798,000	19,069,000	8,048,000	18,342,000	7,447,000	18,133,000	7,788,000	18,143,000	7,906,000	20,395,000			15,847,000	11,383,000		15,855,000	15,855,000	11,890,000		16,506,000	16,506,000	11,947,000	11,383,000			11,531,000		8,328,000	8,328,000	9,936,000	11,947,000		8,007,000		9,929,000		8,059,000	8,059,000	9,951,000	9,936,000		8,065,000		9,948,000	9,948,000	8,107,000	8,107,000	9,951,000	9,986,000	9,986,000	8,202,000	8,202,000	10,040,000	10,040,000	516,000			9,986,000	7,035,000			10,042,000	10,042,000	4,405,000	4,405,000	15,990,000	7,035,000			4,373,000		18,882,000				15,990,000								20,627,000					20,344,000	20,344,000	19,082,000	19,082,000	21,899,000								16,028,000									16,028,000
short-term debt		27,836,000	38,366,000				32,069,000	29,533,000		2,058,000		318,000	345,000										66,000	66,000					158,218,000		135,768,000	135,768,000	13,296,000			8,000						356,000	13,296,000		374,000						356,000			141,000	141,000	106,000	106,000	27,000							9,000	9,000			2,500,000				35,361,000		39,066,000				2,500,000								32,528,000					50,137,000	50,137,000	22,049,000	22,049,000	7,549,000								840,000									840,000
current portion of long-term debt	6,037,000	6,051,000	244,495,000				1,725,000	1,803,000	1,760,000	20,033,000		19,033,000	19,460,000			3,751,000	4,741,000		4,385,000	4,385,000	4,739,000		3,882,000	3,882,000	3,129,000	4,741,000			2,477,000		2,503,000	2,503,000	3,233,000	3,129,000		3,265,000		3,638,000		3,722,000	3,722,000	3,836,000	3,233,000		3,739,000		3,854,000	3,854,000	4,403,000	4,403,000	3,836,000	4,359,000	4,359,000	4,435,000	4,435,000	4,153,000	4,153,000	212,511,000			4,359,000	28,099,000			64,907,000	64,907,000	176,636,000	176,636,000	161,599,000	28,099,000			174,737,000		4,158,000				161,599,000								6,156,000					4,225,000	4,225,000	1,984,000	1,984,000	4,727,000								2,971,000									2,971,000
operating lease liabilities	100,679,000	99,784,000	95,278,000	92,280,000	96,031,000	93,122,000	93,146,000	93,507,000	89,737,000	89,626,000	87,003,000	82,911,000	77,968,000	79,197,000		83,846,000	79,120,000	79,120,000	55,139,000	55,139,000	57,248,000	57,248,000	55,221,000	55,221,000	56,828,000	79,120,000		54,679,000	54,388,000	54,388,000	55,663,000	55,663,000	70,147,000	56,828,000		56,354,000		60,691,000					70,147,000
total current liabilities	732,760,000	778,581,000	1,001,032,000	765,924,000	803,471,000	816,618,000	827,048,000	841,670,000	784,797,000	775,772,000	757,775,000	759,412,000	684,139,000	628,108,000	617,863,000	635,714,000	617,863,000	617,863,000	498,403,000	498,403,000	473,478,000	473,478,000	447,371,000	447,371,000	503,471,000	617,863,000	503,471,000	465,389,000	592,147,000	592,147,000	557,259,000	557,259,000	595,447,000	503,471,000	595,447,000	495,223,000	495,223,000	521,792,000	521,792,000	522,417,000	522,417,000	493,312,000	595,447,000	493,312,000	419,901,000	419,901,000	418,815,000	418,815,000	491,706,000	491,706,000	493,312,000	605,583,000	605,583,000	510,621,000	510,621,000	465,866,000	465,866,000	691,962,000	691,962,000	548,308,000	605,583,000	548,308,000	548,308,000	456,782,000	502,548,000	502,548,000	591,557,000	591,557,000	577,673,000	548,308,000	577,673,000	580,920,000	580,920,000	451,774,000	451,774,000	425,578,000	425,578,000	542,066,000	577,673,000	542,066,000	556,678,000	556,678,000	595,104,000	595,104,000	619,346,000	619,346,000	542,066,000	659,156,000	659,156,000	588,816,000	588,816,000	603,706,000	603,706,000	596,794,000	596,794,000	659,156,000	578,274,000	578,274,000	551,396,000	551,396,000	532,204,000	532,204,000	558,370,000	589,292,000	558,370,000	589,292,000	589,292,000	499,083,000	499,083,000	536,564,000	536,564,000	503,426,000	589,292,000	503,426,000
non-current liabilities
long-term debt, excluding current portion	985,211,000	944,456,000	930,913,000				713,126,000	713,038,000	712,590,000	712,732,000		711,671,000	723,551,000		739,217,000	739,979,000	739,217,000		741,441,000	741,441,000	767,109,000		771,485,000	771,485,000	773,445,000	739,217,000	773,445,000		620,480,000		619,959,000	619,959,000	623,575,000	773,445,000	623,575,000	623,574,000		625,403,000		625,756,000	625,756,000	626,424,000	623,575,000	626,424,000	623,418,000		624,763,000	624,763,000	628,443,000	628,443,000	626,424,000	629,142,000	629,142,000	630,896,000	630,896,000	630,340,000	630,340,000	370,438,000		551,580,000	629,142,000	551,580,000	551,580,000		580,556,000	580,556,000	657,411,000	657,411,000	494,743,000	551,580,000	494,743,000		493,662,000		718,121,000				494,743,000	761,080,000					779,639,000	779,639,000	761,080,000		771,171,000			625,311,000	625,311,000	653,835,000	653,835,000	771,171,000		649,968,000						525,951,000			525,951,000						525,951,000
total non-current liabilities	2,087,110,000	2,012,197,000	1,949,225,000	1,617,301,000	1,644,172,000	1,608,877,000	1,659,854,000	1,660,729,000	1,618,855,000	1,622,603,000	1,588,422,000	1,552,791,000	1,523,373,000	1,560,345,000	1,522,232,000	1,606,603,000	1,522,232,000	1,522,232,000	1,562,680,000	1,562,680,000	1,629,535,000	1,629,535,000	1,563,369,000	1,563,369,000	1,592,467,000	1,522,232,000	1,592,467,000	1,527,421,000	1,387,506,000	1,387,506,000	1,397,858,000	1,397,858,000	1,540,672,000	1,592,467,000	1,540,672,000	1,443,544,000	1,443,544,000	1,510,535,000	1,510,535,000	1,478,178,000	1,478,178,000	691,968,000	1,540,672,000	691,968,000	698,683,000	698,683,000	696,482,000	696,482,000	713,086,000	713,086,000	691,968,000	702,018,000	702,018,000	699,681,000	699,681,000	687,803,000	687,803,000	420,624,000	420,624,000	605,169,000	702,018,000	605,169,000	605,169,000	646,599,000	653,047,000	653,047,000	707,692,000	707,692,000	542,414,000	605,169,000	542,414,000	525,628,000	525,628,000	750,660,000	750,660,000	745,034,000	745,034,000	795,127,000	542,414,000	795,127,000	821,763,000	821,763,000	834,212,000	834,212,000	829,946,000	829,946,000	795,127,000	825,804,000	825,804,000	942,653,000	942,653,000	695,198,000	695,198,000	725,858,000	725,858,000	825,804,000	724,579,000	724,579,000	723,682,000	723,682,000	726,691,000	726,691,000	601,960,000	606,485,000	601,960,000	606,485,000	606,485,000	627,396,000	627,396,000	624,717,000	624,717,000	617,977,000	606,485,000	617,977,000
total liabilities	2,819,870,000	2,790,778,000	2,950,257,000	2,383,225,000	2,447,643,000	2,425,495,000	2,486,902,000	2,502,399,000	2,403,652,000	2,398,375,000	2,346,197,000	2,312,203,000	2,207,512,000	2,188,453,000	2,140,095,000	2,242,317,000	2,140,095,000	2,140,095,000	2,061,083,000	2,061,083,000	2,103,013,000	2,103,013,000	2,010,740,000	2,010,740,000	2,095,938,000	2,140,095,000	2,095,938,000	1,992,810,000	1,979,653,000	1,979,653,000	1,955,117,000	1,955,117,000	2,136,119,000	2,095,938,000	2,136,119,000	1,938,767,000	1,938,767,000	2,032,327,000	2,032,327,000	2,000,595,000	2,000,595,000	1,185,280,000	2,136,119,000	1,185,280,000	1,118,584,000	1,118,584,000	1,115,297,000	1,115,297,000	1,204,792,000	1,204,792,000	1,185,280,000	1,307,601,000	1,307,601,000	1,210,302,000	1,210,302,000	1,153,669,000	1,153,669,000	1,112,586,000	1,112,586,000	1,153,477,000	1,307,601,000	1,153,477,000	1,153,477,000	1,103,381,000	1,155,595,000	1,155,595,000	1,299,249,000	1,299,249,000	1,120,087,000	1,153,477,000	1,120,087,000	1,106,548,000	1,106,548,000	1,202,434,000	1,202,434,000	1,170,612,000	1,170,612,000	1,337,193,000	1,120,087,000	1,337,193,000	1,378,441,000	1,378,441,000	1,429,316,000	1,429,316,000	1,449,292,000	1,449,292,000	1,337,193,000	1,484,960,000	1,484,960,000	1,531,469,000	1,531,469,000	1,298,904,000	1,298,904,000	1,322,652,000	1,322,652,000	1,484,960,000	1,302,853,000	1,302,853,000	1,275,078,000	1,275,078,000	1,258,895,000	1,258,895,000	1,160,330,000	1,195,777,000	1,160,330,000	1,195,777,000	1,195,777,000	1,126,479,000	1,126,479,000	1,161,281,000	1,161,281,000	1,121,403,000	1,195,777,000	1,121,403,000
equity
class a shares of common stock	389,967,000	389,967,000	389,967,000	389,967,000	389,967,000	389,967,000	389,923,000	389,907,000	389,907,000	389,907,000	389,393,000	389,393,000	389,393,000	389,393,000		388,369,000	388,369,000	388,369,000	388,369,000	388,369,000	388,369,000	388,369,000	386,603,000	386,603,000	386,603,000	388,369,000		386,601,000	386,558,000	386,558,000	383,204,000	383,204,000	383,204,000	386,603,000		383,198,000	383,198,000	383,198,000	383,198,000	379,921,000	379,921,000	379,845,000	383,204,000		379,697,000	379,697,000	379,693,000	379,693,000			379,845,000								373,969,000					373,967,000								371,857,000		371,793,000		365,701,000	365,701,000	365,701,000			365,697,000	365,697,000	365,674,000	365,674,000	358,820,000	358,820,000		358,820,000		358,820,000	358,820,000						351,654,000		351,654,000	351,654,000	351,654,000	351,654,000	351,654,000		351,654,000	351,654,000		351,654,000	351,654,000	351,654,000	351,654,000	199,373,000		199,373,000
class b shares of common stock	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000	132,915,000	132,915,000	132,915,000			132,915,000								132,915,000					132,915,000								132,915,000		132,915,000		132,915,000	132,915,000	132,915,000			132,915,000	132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000		132,915,000	132,915,000						132,915,000		132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000	132,915,000		132,915,000	132,915,000	132,915,000	132,915,000	132,915,000		132,915,000
additional paid-in capital	8,659,000	8,659,000	8,659,000	8,659,000	8,659,000	8,659,000	8,703,000	8,719,000	8,719,000	8,719,000	9,226,000	9,206,000	9,180,000	9,174,000		10,147,000	10,101,000	10,101,000	10,019,000	10,019,000	30,331,000	30,331,000	11,760,000	11,760,000	11,540,000	10,101,000		11,337,000	11,157,000	11,157,000	13,965,000	13,965,000	13,375,000	11,540,000		12,793,000	12,793,000	12,300,000	12,300,000	15,682,000	15,682,000	14,850,000	13,375,000		14,190,000	14,190,000	13,165,000	13,165,000	15,215,000	15,215,000	14,850,000	14,216,000	14,216,000	13,293,000	13,293,000	12,395,000	12,395,000	14,284,000	14,284,000		14,216,000	13,788,000		13,000,000	12,098,000	12,098,000	13,481,000	13,481,000	12,606,000	13,788,000		11,090,000	11,090,000	10,584,000	10,550,000	16,981,000	16,981,000	15,974,000	12,606,000		14,603,000	14,603,000	13,413,000	13,413,000	18,578,000	18,578,000	15,974,000	17,250,000		15,256,000	15,256,000	16,256,000	16,256,000	21,998,000	21,998,000	17,250,000	18,634,000		15,196,000	15,196,000	11,757,000	11,757,000	8,594,000	5,734,000	8,594,000	5,734,000		2,843,000	2,843,000	-48,000	-48,000	-2,468,000	5,734,000	-2,468,000
retained earnings	800,776,000	650,347,000	627,760,000	664,390,000	605,986,000	570,772,000	544,140,000	566,188,000	510,410,000	450,689,000	422,321,000	424,936,000	370,444,000	323,577,000		309,096,000	316,180,000	316,180,000	270,619,000	270,619,000	245,935,000	245,935,000	261,182,000	261,182,000	290,895,000	316,180,000		269,144,000	306,539,000	306,539,000	396,083,000	396,083,000	471,149,000	290,895,000		437,438,000	437,438,000	413,086,000	413,086,000	402,666,000	402,666,000	413,074,000	471,149,000		403,837,000	403,837,000	377,774,000	377,774,000	376,575,000	376,575,000	413,074,000	401,134,000	401,134,000	331,862,000	331,862,000	308,458,000	308,458,000	312,570,000	312,570,000		401,134,000	271,968,000		250,817,000	252,651,000	252,651,000	209,222,000	209,222,000	193,158,000	271,968,000		187,607,000	187,607,000	223,531,000	223,531,000	216,558,000	216,558,000	244,791,000	193,158,000		234,748,000	234,748,000	234,508,000	234,508,000	333,494,000	333,494,000	244,791,000	404,287,000		372,197,000	372,197,000	352,616,000	352,616,000	343,831,000	343,831,000	404,287,000	400,761,000		356,540,000	356,540,000	323,932,000	323,932,000	362,102,000	336,707,000	362,102,000	336,707,000		303,055,000	303,055,000	296,103,000	296,103,000	294,377,000	336,707,000	294,377,000
accumulated other comprehensive loss	-568,151,000	-582,283,000	-624,687,000	-668,484,000	-605,957,000	-613,597,000	-571,554,000	-563,081,000	-580,821,000	-559,229,000		-613,460,000	-640,982,000			-582,375,000	-607,768,000		-596,486,000	-596,486,000	-582,579,000		-591,016,000	-591,016,000	-584,860,000	-607,768,000			-610,794,000		-605,132,000	-605,132,000	-519,505,000	-584,860,000		-533,026,000		-501,654,000		-506,226,000	-506,226,000		-519,505,000		-495,554,000		-486,644,000	-486,644,000	-437,819,000	-437,819,000																																								-198,068,000	-198,068,000			-151,711,000	-151,711,000		-158,821,000		-156,275,000	-156,275,000	-161,454,000	-161,454,000	-126,520,000	-148,389,000	-126,520,000	-148,389,000		-145,170,000	-145,170,000	-70,135,000	-70,135,000	-86,890,000	-148,389,000	-86,890,000
common stock in treasury	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000		-19,367,000	-19,367,000	-19,367,000	-19,367,000	-19,367,000	-39,547,000	-39,547,000	-39,547,000	-39,547,000	-39,547,000	-19,367,000		-39,547,000	-60,000,000	-60,000,000	-60,000,000	-60,000,000	-60,000,000	-39,547,000		-60,000,000	-60,000,000	-60,000,000	-60,000,000	-60,000,000	-60,000,000	-46,035,000	-60,000,000		-28,255,000	-28,255,000	-20,000,000	-20,000,000			-46,035,000
total arcos dorados holdings inc. shareholders’ equity	744,799,000	580,238,000	515,247,000				484,760,000	515,281,000	441,763,000	403,634,000		323,623,000	241,583,000			238,785,000	220,430,000		186,069,000	186,069,000	175,424,000		161,897,000	161,897,000	197,546,000	220,430,000			166,375,000		261,035,000	261,035,000	421,138,000	197,546,000		373,318,000		379,845,000		364,958,000	364,958,000	392,383,000	421,138,000		406,830,000		396,903,000	396,903,000	463,618,000	463,618,000	392,383,000	495,650,000	495,650,000	434,340,000	434,340,000	411,561,000	411,561,000	418,559,000			495,650,000	350,991,000			337,349,000	337,349,000	295,950,000	295,950,000	286,273,000	350,991,000			302,522,000		383,580,000				286,273,000								456,914,000					667,696,000	667,696,000	698,687,000	698,687,000	694,537,000								678,621,000									678,621,000
non-controlling interests in subsidiaries	1,496,000	1,404,000	1,516,000				1,765,000	1,558,000	918,000	715,000		804,000	621,000			742,000	732,000		680,000	680,000	556,000		509,000	509,000	470,000	732,000			352,000		391,000	391,000	428,000	470,000		335,000		336,000		425,000	425,000	376,000	428,000		415,000		399,000	399,000	529,000	529,000	376,000	492,000	492,000	650,000	650,000	513,000	513,000	674,000			492,000	585,000			613,000	613,000	667,000	667,000	617,000	585,000			699,000		656,000				617,000								673,000					958,000	958,000	1,144,000	1,144,000	762,000								1,008,000									1,008,000
total equity	746,295,000	581,642,000	516,763,000	509,429,000	513,474,000	470,528,000	486,525,000	516,839,000	442,681,000	404,349,000	355,407,000	324,427,000	242,204,000	214,238,000	221,162,000	239,527,000	221,162,000	221,162,000	186,749,000	186,749,000	175,980,000	175,980,000	162,406,000	162,406,000	198,016,000	221,162,000	198,016,000	155,626,000	166,727,000	166,727,000	261,426,000	261,426,000	421,566,000	198,016,000	421,566,000	373,653,000	373,653,000	380,181,000	380,181,000	365,383,000	365,383,000	392,759,000	421,566,000	392,759,000	407,245,000	407,245,000	397,302,000	397,302,000	464,147,000	464,147,000	392,759,000	496,142,000	496,142,000	434,990,000	434,990,000	412,074,000	412,074,000	419,233,000	419,233,000	351,576,000	496,142,000	351,576,000	351,576,000	337,901,000	337,962,000	337,962,000	296,617,000	296,617,000	286,890,000	351,576,000	286,890,000	303,221,000	303,221,000	384,236,000	384,236,000	384,458,000	384,458,000	457,587,000	286,890,000	457,587,000	469,856,000	469,856,000	521,807,000	521,807,000	612,412,000	612,412,000	457,587,000	695,299,000	695,299,000	681,887,000	681,887,000	668,654,000	668,654,000	699,831,000	699,831,000	695,299,000	746,310,000	746,310,000	701,128,000	701,128,000	659,852,000	659,852,000	729,894,000	679,629,000	729,894,000		679,629,000	646,818,000	646,818,000				679,629,000
total liabilities and equity	3,566,165,000	3,372,420,000	3,467,020,000	2,892,654,000	2,961,117,000	2,896,023,000	2,973,427,000	3,019,238,000	2,846,333,000	2,802,724,000	2,701,604,000	2,636,630,000	2,449,716,000	2,402,691,000	2,361,257,000	2,481,844,000	2,361,257,000	2,361,257,000	2,247,832,000	2,247,832,000	2,278,993,000	2,278,993,000	2,173,146,000	2,173,146,000	2,293,954,000	2,361,257,000	2,293,954,000	2,148,436,000	2,146,380,000	2,146,380,000	2,216,543,000	2,216,543,000	2,557,685,000	2,293,954,000	2,557,685,000	2,312,420,000	2,312,420,000	2,412,508,000	2,412,508,000	2,365,978,000	2,365,978,000	1,578,039,000	2,557,685,000	1,578,039,000	1,525,829,000	1,525,829,000	1,512,599,000	1,512,599,000	1,668,939,000	1,668,939,000	1,578,039,000	1,803,743,000	1,803,743,000	1,645,292,000	1,645,292,000	1,565,743,000	1,565,743,000	1,531,819,000	1,531,819,000	1,505,053,000	1,803,743,000	1,505,053,000	1,505,053,000	1,441,282,000	1,493,557,000	1,493,557,000	1,595,866,000	1,595,866,000	1,406,977,000	1,505,053,000	1,406,977,000	1,409,769,000	1,409,769,000	1,586,670,000	1,586,670,000	1,555,070,000	1,555,070,000	1,794,780,000	1,406,977,000	1,794,780,000	1,848,297,000	1,848,297,000	1,951,123,000	1,951,123,000	2,061,704,000	2,061,704,000	1,794,780,000	2,180,259,000	2,180,259,000	2,213,356,000	2,213,356,000	1,967,558,000	1,967,558,000	2,022,483,000	2,022,483,000	2,180,259,000	2,049,163,000	2,049,163,000	1,976,206,000	1,976,206,000	1,918,747,000	1,918,747,000	1,890,224,000	1,875,406,000	1,890,224,000		1,875,406,000	1,773,297,000	1,773,297,000				1,875,406,000
benefit from contingencies			1,198,000	1,199,000	1,239,000	1,360,000	1,480,000	1,447,000	2,194,000	2,299,000	2,305,000		2,017,000	2,109,000		2,120,000		2,140,000		2,053,000		1,752,000		1,888,000		2,140,000		1,956,000		1,920,000		1,908,000		2,024,000			2,118,000		2,413,000		2,337,000		2,035,000			2,028,000		2,197,000		2,549,000	2,436,000				756,000		720,000		707,000		2,529,000			469,000		496,000		530,000		764,000			517,000		648,000		673,000		512,000			665,000		206,000		504,000	777,000				198,000		108,000		103,000	1,748,000				135,000		121,000			43,011,000				40,198,000		52,337,000		41,959,000	54,206,000
other current assets				209,953,000	250,123,000	232,257,000					208,114,000			165,737,000				179,106,000				140,568,000						150,298,000		134,275,000							166,328,000		164,800,000							164,861,000													177,168,000					205,300,000								177,950,000		218,000,000		204,971,000	204,971,000	225,163,000			277,356,000	277,356,000	282,746,000	282,746,000	340,425,000	340,425,000		380,107,000		329,962,000	329,962,000						311,628,000		306,910,000	306,910,000	298,870,000	298,870,000	321,178,000		321,178,000	318,451,000		203,692,000	203,692,000	189,323,000	189,323,000	185,450,000		185,450,000
leases right of use asset				949,977,000	963,296,000	927,721,000																														804,471,000		874,900,000		848,111,000	848,111,000
other non-current assets				96,081,000	74,223,000	99,458,000					90,141,000			81,328,000				73,942,000				79,463,000						73,619,000		75,780,000							100,468,000		107,783,000							175,015,000													107,510,000					86,267,000								92,324,000		85,520,000		99,412,000	99,412,000	98,120,000			95,171,000	95,171,000	92,220,000	92,220,000	100,404,000	100,404,000		101,435,000		99,753,000	99,753,000						63,255,000		63,426,000	63,426,000	65,015,000	65,015,000	66,261,000		66,261,000	62,345,000		67,683,000	67,683,000	68,085,000	68,085,000	87,415,000		87,415,000
taxes payable				118,466,000	152,866,000	168,498,000					144,854,000			138,853,000				137,362,000				93,325,000						76,138,000		74,850,000							94,516,000		94,595,000							92,793,000													98,079,000					103,487,000								94,566,000		95,781,000		89,439,000	89,439,000	120,763,000			98,240,000	98,240,000	106,971,000	106,971,000	125,337,000	125,337,000		137,492,000		126,246,000	126,246,000						125,713,000		122,043,000	122,043,000	113,348,000	113,348,000	137,009,000		137,009,000	138,989,000		113,629,000	113,629,000	110,835,000	110,835,000	113,070,000		113,070,000
financial debt				64,167,000	46,621,000	48,462,000					30,680,000			13,334,000				12,787,000				12,515,000						15,842,000		163,556,000							12,099,000		14,604,000							13,310,000													249,324,000					21,188,000								211,184,000		53,549,000		58,205,000	58,205,000	49,642,000			117,226,000	117,226,000	105,603,000	105,603,000	72,452,000	72,452,000		14,324,000		26,416,000	26,416,000						6,154,000		2,141,000	2,141,000	5,745,000	5,745,000	6,713,000		6,713,000	5,652,000		20,585,000	20,585,000	65,281,000	65,281,000	63,763,000		63,763,000
total arcos dorados holdings inc shareholders’ equity				508,080,000	512,203,000	469,349,000					354,382,000			213,735,000				220,430,000				175,424,000						155,261,000		166,375,000							373,318,000		379,845,000							406,830,000													418,559,000					337,335,000								302,522,000		383,580,000		383,743,000	383,743,000	456,914,000			469,305,000	469,305,000	521,364,000	521,364,000	611,917,000	611,917,000		694,537,000		681,120,000	681,120,000						745,143,000		700,030,000	700,030,000	658,804,000	658,804,000	728,745,000		728,745,000	678,621,000		645,297,000	645,297,000	710,489,000	710,489,000	537,307,000		537,307,000
non-controlling interest in subsidiaries				1,349,000	1,271,000	1,179,000					1,025,000			503,000				732,000				556,000						365,000		352,000							335,000		336,000							415,000													674,000					566,000								699,000		656,000		715,000	715,000	673,000			551,000	551,000	443,000	443,000	495,000	495,000		762,000		767,000	767,000						1,167,000		1,098,000	1,098,000	1,048,000	1,048,000	1,149,000		1,149,000	1,008,000		1,521,000	1,521,000	1,427,000	1,427,000	1,477,000		1,477,000
short-term investment											32,434,000	37,459,000		13,340,000																	24,000	24,000	25,000										25,000				10,005,000	10,005,000	19,783,000	19,783,000		19,588,000	19,588,000								19,588,000
leases right of use assets											864,376,000			778,116,000				763,580,000				824,945,000						746,814,000		759,972,000							804,471,000		874,900,000
other current liabilities											18,851,000			22,533,000				27,316,000				22,870,000						58,322,000		39,088,000							20,721,000		23,365,000							17,115,000													16,740,000					12,805,000								14,464,000		31,969,000		17,751,000	17,751,000	37,580,000			20,198,000	20,198,000	38,281,000	38,281,000	21,349,000	21,349,000		52,562,000		30,265,000	30,265,000						50,845,000		29,293,000	29,293,000	39,063,000	39,063,000	32,178,000		32,178,000			19,442,000	19,442,000			16,246,000		16,246,000
accumulated other comprehensive losses											-580,106,000			-621,957,000				-607,768,000				-582,579,000						-605,189,000		-610,794,000							-533,026,000		-501,654,000			-502,266,000				-495,554,000					-502,266,000	-429,347,000	-429,347,000	-420,462,000	-420,462,000	-418,935,000	-418,935,000	-415,179,000	-415,179,000		-429,347,000	-441,649,000		-433,364,000	-434,273,000	-434,273,000	-431,525,000	-431,525,000	-424,263,000	-441,649,000		-400,947,000	-400,947,000	-355,243,000	-355,209,000	-348,412,000	-348,412,000	-302,467,000	-424,263,000		-278,658,000	-278,658,000	-225,146,000	-225,146,000	-231,890,000	-231,890,000	-302,467,000	-218,735,000				-192,845,000	-192,845,000			-218,735,000
balance sheet data:
cash and cash equivalent															278,830,000												165,989,000								121,880,000									197,282,000																194,803,000			194,803,000								112,519,000
short-term debt and current portion of long-term debt															4,741,000												3,129,000								16,529,000									4,192,000																28,099,000			28,099,000								164,099,000									38,684,000									12,276,000									2,202,000									3,811,000
total common stock															521,284,000												519,518,000								516,119,000									512,760,000																506,884,000			506,884,000								504,772,000									498,616,000									491,735,000									484,569,000									484,569,000
shares outstanding															210,478,322,000												207,265,773,000								204,070,029,000									205,232,247,000																210,711,224,000			210,711,224,000								210,538,896,000									210,216,043,000									209,867,426,000									209,529,412,000									209,529,412,000
mcdonald’s corporation’s indemnification for contingencies																									575,000				1,193,000		1,274,000	1,274,000		575,000						2,324,000	2,324,000	2,324,000					2,587,000	2,587,000	2,587,000	2,587,000	2,324,000	407,000	407,000					2,454,000			407,000	1,749,000			4,380,000	4,380,000	3,861,000	3,861,000	3,452,000	1,749,000			3,412,000		4,274,000				3,452,000													5,246,000	5,246,000	5,791,000	5,791,000	991,000								23,750,000									23,750,000
leases operating liabilities																																					56,354,000		60,691,000	61,989,000	61,989,000
class a shares - no par value common stock; 420,000,000 shares authorized; 131,072,508 shares issued and outstanding at march 31,2018 and december 31,2017																																																	376,732,000	376,732,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at march 31,2018 and december 31,2017																																																	132,915,000	132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 131,072,508 shares issued and outstanding at december 31, 2017; 130,711,224 shares issued and outstanding at december 31, 2016																																																				376,732,000	376,732,000								376,732,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at december 31, 2017 and 2016																																																				132,915,000	132,915,000								132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 131,072,508 shares issued and outstanding at september 30, 2017; 131,711,224 shares issued and outstanding at december 31, 2016																																																						376,732,000	376,732,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at september 30, 2017 and december 31, 2016																																																						132,915,000	132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 131,072,041 shares issued and outstanding																																																								376,728,000	376,728,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding																																																								132,915,000	132,915,000								132,915,000	132,915,000	132,915,000	132,915,000					132,915,000		132,915,000																	132,915,000	132,915,000	132,915,000	132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,711,224 shares issued and outstanding at march 31, 2017 and december 31, 2016																																																										373,969,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at march 31, 2017 and december 31, 2016																																																										132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,711,224 shares issued and outstanding at december 31, 2016; 130,538,896 shares issued and outstanding at december 31, 2015																																																														373,969,000								373,969,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at december 31, 2016 and 2015																																																														132,915,000								132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,709,931 shares issued and outstanding																																																																	373,958,000	373,958,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,538,896 shares issued and outstanding																																																																			371,857,000	371,857,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,538,896 shares issued and outstanding at december 31, 2015; 130,216,043 shares issued and outstanding at december 31, 2014																																																																					371,857,000										371,857,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at december 31, 2015 and 2014																																																																					132,915,000										132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,538,896 shares issued and outstanding at september 30, 2015 and 130,216,043 shares issued and outstanding at december 31, 2014																																																																									371,857,000
class a shares - no par value common stock; 420,000,000 shares authorized; 130,535,835 shares issued and outstanding at june 30, 2015 and 130,216,043 shares issued and outstanding at december 31, 2014																																																																											371,793,000
includes "other receivables", "inventories", "prepaid expenses and other current assets", "deferred income taxes", and "collateral deposits".
includes "miscellaneous", "collateral deposits", "derivative instruments" and "mcdonald´s corporation indemnification for contingencies".
includes "income taxes payable" and "other taxes payable".
includes "royalties payable to mcdonald´s corporation" and "interest payable".
includes "short-term debt", "current portion of long-term debt" and "derivative instruments".
includes "long-term debt, excluding current portion".
includes "other receivables", "inventories", "prepaid expenses and other current assets", "mcdonald´s corporation´ indemnification for contingencies" and "deferred income taxes".
includes "miscellaneous", "collateral deposits", "derivative instruments" and "mcdonald´s corporation´ indemnification for contingencies".
includes "short-term debt", "current portion of long-term debt" and "derivative instruments"
includes "long-term debt, excluding current portion" and "derivative instruments"
class a shares - no par value common stock; 420,000,000 shares authorized; 130,216,043 shares issued and outstanding at december 31, 2014; 129,867,426 shares issued and outstanding at december 31, 2013																																																																																							365,701,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at december 31, 2014 and 2013																																																																																							132,915,000
includes "other receivables", "inventories", "prepaid expenses and other current assets", "derivative instruments", "mcdonald´s corporation´ indemnification for contingencies" and "deferred income taxes".
includes "short-term debt", "long-term debt" and "derivative instruments".
class a shares - no par value common stock; 420,000,000 shares authorized; 129,864,299 shares issued and outstanding at june 30, 2013; 129,529,412 shares issued and outstanding at december 31, 2012																																																																																												358,754,000	358,754,000
class a shares - no par value common stock; 420,000,000 shares authorized; 129,529,412 shares issued and outstanding																																																																																														351,654,000	351,654,000
class a shares - no par value common stock; 420,000,000 shares authorized; 129,867,426 shares issued and outstanding at december 31, 2013; 129,529,412 shares issued and outstanding at december 31, 2012																																																																																																358,820,000
class b shares - no par value common stock; 80,000,000 shares authorized, issued and outstanding at december 31, 2013 and 2012																																																																																																132,915,000
class a shares - no par value common stock; 420,000,000 shares authorized; 129,529,412 and 145,129,780 shares issued and outstanding at december 31, 2011 and 2010, respectively																																																																																																								351,654,000									351,654,000
class b shares - no par value common stock; 80,000,000 shares authorized; 80,000,000 and 96,753,186 shares issued and outstanding at december 31, 2011 and 2010, respectively																																																																																																								132,915,000									132,915,000
see notes to the consolidated financial statements.
other non-current liabilities																																																																																																										35,030,000				24,682,000	24,682,000
shareholders’ equity
total shareholders’ equity																																																																																																										679,629,000				711,916,000	711,916,000	538,784,000		538,784,000
total liabilities and shareholders’ equity																																																																																																										1,875,406,000				1,873,197,000	1,873,197,000	1,660,187,000		1,660,187,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-09-30	2025-06-30	2022-03-16	2021-11-10	2021-08-11	2021-05-12	2021-03-17	2020-08-12	2020-05-13	2020-03-18	2019-11-13	2019-08-07	2019-05-15	2019-03-27	2018-11-14	2018-08-08	2018-05-09	2018-03-21	2017-11-08	2017-08-09	2017-05-03	2017-03-15	2016-11-02	2016-08-03	2016-05-04	2016-03-16	2015-11-04	2015-08-11	2015-05-12	2015-03-17	2014-11-04	2014-08-05	2014-05-06	2014-03-11	2013-11-05	2013-08-06	2013-04-30	2013-03-08	2012-11-02	2012-05-04	2012-04-02	2011-10-28	2011-08-02	2011-05-06

operating activities
net income attributable to arcos dorados holdings inc.	186,946,000	36,517,000	45,486,000				-149,451,000	-141,876,000	-52,332,000	79,896,000	46,937,000	22,585,000	12,165,000	36,847,000	27,610,000	1,584,000	518,000	129,166,000	59,894,000	36,490,000	40,602,000		57,659,000	59,493,000	16,064,000						-119,376,000	-119,616,000			21,764,000	2,183,000	-6,602,000	114,332,000	70,111,000	25,395,000		69,307,000	49,725,000	35,490,000
adjustments to reconcile net income attributable to arcos dorados holdings inc. to cash from operating activities:
non-cash charges and credits:
depreciation and amortization	144,925,000	94,208,000	120,394,000	91,194,000	60,162,000	30,366,000	126,853,000	65,623,000	35,348,000	123,218,000	89,670,000	59,268,000	28,948,000	105,800,000	77,285,000	52,090,000	26,517,000	99,382,000	73,190,000	47,892,000	23,452,000	92,969,000	74,326,000	49,590,000	25,187,000	110,715,000	83,259,000	55,860,000	27,696,000	116,811,000	86,927,000	57,384,000	28,016,000	114,860,000	86,479,000	57,656,000	29,121,000	92,328,000	65,306,000	20,129,000	68,971,000	49,212,000	31,123,000	15,125,000
gain on restaurant businesses transactions	-8,171,000
foreign currency exchange results	8,550,000	10,745,000	4,031,000	5,682,000	-6,585,000	9,115,000	35,928,000	29,618,000	26,651,000	-11,656,000	-11,919,000	-5,297,000	-2,270,000	-15,388,000	21,556,000	22,242,000	-11,292,000	20,366,000	20,130,000	34,750,000	9,085,000	-33,348,000	-28,525,000	-33,038,000	-16,337,000	23,239,000				55,894,000				23,350,000				13,788,000			16,209,000
gain from derivative instruments	-861,000	-1,454,000
others	2,350,000	-11,157,000	6,707,000	1,426,000	11,290,000	4,399,000	-10,234,000	-1,691,000	-2,833,000	-955,000	11,384,000	4,029,000	-257,000	8,896,000	-33,091,000	-25,873,000	277,000	6,305,000	25,879,000	12,044,000	4,321,000	6,459,000	-3,000,000	5,394,000	-13,519,000	3,502,000	20,906,000	1,365,000	14,440,000	5,449,000	62,650,000	44,387,000	4,529,000	641,000	34,382,000	34,243,000	25,682,000	4,860,000	36,083,000	5,311,000	10,289,000	64,449,000	26,615,000	10,653,000
changes in assets and liabilities	-169,821,000	-64,308,000		35,213,000	-9,992,000	-10,531,000		-34,061,000	-65,541,000		7,359,000	-19,085,000	-10,148,000		-21,253,000	-15,947,000	-36,807,000		23,457,000	1,046,000	-42,532,000		8,832,000	-23,036,000	-30,254,000		-11,192,000	-40,382,000	-52,115,000		-62,619,000	-43,279,000	-51,907,000		-71,826,000	-89,661,000	-62,373,000		-41,719,000	-43,301,000
net cash from operating activities	163,918,000	57,706,000	258,044,000	138,564,000	34,555,000	7,024,000	15,966,000	-78,809,000	-56,095,000	223,481,000	137,785,000	60,715,000	27,997,000	179,731,000	84,398,000	31,643,000	-25,853,000	255,170,000	147,506,000	80,459,000	-4,545,000	164,189,000	60,189,000	9,680,000	-18,859,000	112,689,000	43,593,000	3,387,000	-30,408,000	193,091,000	14,797,000	-15,938,000	-39,992,000	217,014,000	83,489,000	4,421,000	-14,172,000	230,113,000	129,781,000	7,534,000	261,624,000	151,546,000	60,885,000	10,754,000
capital expenditures	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	0	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	163,918,000	57,706,000	258,044,000	138,564,000	34,555,000	7,024,000	15,966,000	-78,809,000	-56,095,000	223,481,000	137,785,000	60,715,000	27,997,000	179,731,000	84,398,000	31,643,000	-25,853,000	255,170,000	147,506,000	80,459,000	-4,545,000	164,189,000	60,189,000	9,680,000	-18,859,000	112,689,000	43,593,000	3,387,000	-30,408,000	193,091,000	14,797,000	-15,938,000	-39,992,000	217,014,000	83,489,000	4,421,000	-14,172,000	230,113,000	129,781,000	7,534,000	261,624,000	151,546,000	60,885,000	10,754,000
investing activities
property and equipment expenditures	-179,921,000	-104,153,000	-114,999,000	-73,081,000	-47,499,000	-17,610,000	-86,311,000	-52,574,000	-41,190,000	-265,235,000	-167,111,000	-93,591,000	-35,995,000	-197,041,000	-118,998,000	-63,105,000	-23,751,000	-174,766,000	-108,558,000	-65,198,000	-28,612,000	-92,282,000	-52,070,000	-27,867,000	-9,223,000	-90,964,000	-60,490,000	-34,119,000	-11,958,000	-169,813,000	-109,032,000	-61,000,000	-20,729,000	-313,462,000	-149,155,000	-86,322,000	-36,967,000	-294,478,000	-171,133,000	-40,553,000	-319,859,000	-182,453,000	-104,341,000	-32,857,000
purchases of restaurant businesses paid at acquisition date	-7,057,000	-3,475,000	-185,000	-185,000			-3,833,000	-247,000	-247,000	-2,658,000								-870,000	-870,000	-551,000						-1,091,000				-825,000
proceeds from sales of property and equipment, restaurant businesses and related advances	2,106,000	290,000
proceeds from short-term investments	44,300,000	12,600,000													19,588,000	9,583,000
acquisition of short and long term investments	-124,393,000
other investing activity	-1,960,000	-1,127,000	4,918,000	3,286,000	1,832,000	1,328,000	638,000	1,000	-56,000	-1,256,000	-420,000	238,000	569,000	620,000	1,038,000	746,000	536,000	-1,646,000	-1,016,000	-93,000	-166,000	30,000				-1,361,000				-1,001,000				-9,072,000				-5,582,000			-4,961,000
net cash from investing activities	-266,925,000	-202,250,000	-108,279,000	-68,547,000	-44,548,000	-15,647,000	-88,706,000	-52,450,000	-41,200,000	-260,991,000	-163,711,000	-92,718,000	-36,596,000	-163,784,000	-91,544,000	-50,788,000	-21,489,000	-124,480,000	-59,856,000	-26,521,000	-2,293,000	23,018,000	40,497,000	46,700,000	9,302,000	-60,115,000	-49,031,000	-27,506,000	-11,956,000	-168,964,000	-109,942,000	-63,080,000	-21,788,000	-310,655,000	-149,801,000	-88,132,000	-39,165,000	-306,421,000	-173,450,000	-40,421,000	-320,132,000	-179,401,000	-102,215,000	-30,309,000
financing activities
issuance of 2032 senior notes	597,498,000	597,498,000
proceeds from sale of 2029 senior notes	16,156,000
cash tender of 2027 senior notes	-379,265,000	-379,265,000
payments for debt issue costs	-6,158,000	-6,158,000
short and long term borrowings	26,437,000
dividend payments to arcos dorados holdings inc.’s shareholders	-37,920,000	-25,280,000		-21,000				-10,204,000	28,000		-16,289,000	-10,180,000			-10,554,000	-10,554,000											-12,509,000	-12,509,000	-12,509,000		-37,527,000	-25,018,000	-12,509,000		-25,018,000	-12,509,000			-25,018,000			-31,609,000	-19,100,000	-6,600,000
payment of short-term debt	-53,456,000	-35,710,000
payments related to derivative instruments and derivative premiums	-258,000
other financing activities	-4,085,000	-3,460,000	-6,550,000	-5,190,000	-3,682,000	-1,965,000	-6,568,000	-2,090,000	-1,296,000	-6,401,000	-5,101,000	-3,682,000	-1,860,000	-6,470,000	-5,210,000	-3,816,000	-1,734,000	-9,135,000	-7,140,000	-5,444,000	-981,000	-9,545,000	-8,274,000	-6,810,000	-4,960,000	-8,818,000	-6,915,000	-5,025,000	-2,118,000	-8,343,000	-6,402,000	-4,574,000	-1,448,000	-8,825,000	-5,738,000	-2,493,000	-1,130,000	-4,497,000	-6,263,000	-1,622,000	-12,850,000	-9,704,000	-4,660,000	-2,613,000
net cash from financing activities	158,949,000	159,062,000	-17,926,000	-15,444,000	13,008,000	-1,899,000		142,396,000	127,043,000	-29,632,000	-35,355,000	-27,827,000	-15,825,000	-73,442,000	-43,633,000	-34,370,000	-1,734,000	-3,353,000	-1,222,000	442,000	-3,645,000	-112,995,000	-111,504,000	-46,036,000	159,514,000	-42,263,000	-15,615,000	-10,070,000	-4,068,000	1,184,000	71,046,000	57,296,000	39,030,000	102,302,000	233,085,000	39,376,000	20,516,000	90,646,000	114,055,000	-712,000	35,673,000	78,913,000	84,624,000	-48,737,000
effect of exchange rate changes on cash and cash equivalents	-8,209,000	-2,530,000	-18,998,000	-13,658,000	-7,137,000	-7,175,000	-9,160,000	-10,914,000	-9,585,000	-8,260,000	-9,324,000	-214,000	-234,000	-53,714,000	-50,159,000	-46,044,000	-22,374,000	-13,649,000	-11,467,000	-11,386,000	3,409,000	8,072,000	10,506,000	13,927,000	3,659,000	-36,822,000	-27,500,000	-21,660,000	-20,710,000	-61,929,000	-56,762,000	-52,898,000	-26,458,000	-17,864,000	-13,618,000	-11,675,000	-7,030,000	-5,788,000	-2,550,000	1,550,000	-8,963,000	-8,028,000	3,011,000	1,421,000
increase in cash and cash equivalents	47,733,000	11,988,000	112,841,000	40,915,000	-4,122,000	-17,697,000	44,109,000	223,000	20,163,000	-75,402,000				-111,209,000	-100,938,000	-99,559,000		113,688,000	74,961,000	42,994,000	-7,074,000	82,284,000		24,271,000	153,616,000					-36,618,000	-80,861,000			-9,203,000	153,155,000	-56,010,000		8,550,000	67,836,000		-31,798,000	43,030,000	46,305,000
cash and cash equivalents at the beginning of the year	135,064,000	135,064,000	165,989,000	165,989,000	165,989,000	165,989,000	121,880,000	121,880,000	121,880,000	197,282,000	197,282,000	197,282,000	197,282,000	308,491,000	308,491,000	308,491,000	308,491,000	194,803,000	194,803,000	194,803,000	194,803,000	112,519,000	112,519,000	112,519,000	112,519,000	139,030,000	139,030,000	139,030,000	139,030,000	175,648,000	175,648,000	175,648,000	175,648,000	184,851,000	184,851,000	184,851,000	184,851,000	176,301,000	176,301,000	176,301,000	208,099,000	208,099,000	208,099,000	208,099,000
cash and cash equivalents at the end of the period	182,797,000	147,052,000		206,904,000	161,867,000	148,292,000		122,103,000	142,043,000		126,677,000	137,238,000	172,624,000		207,553,000	208,932,000	237,041,000		269,764,000	237,797,000	187,729,000		112,207,000	136,790,000	266,135,000		90,477,000	83,181,000	71,888,000		94,787,000	101,028,000	126,440,000		338,006,000	128,841,000	145,000,000		244,137,000	144,252,000		251,129,000	254,404,000	141,228,000
supplemental cash flow information:
cash paid during the period for:
interest	45,712,000	25,768,000		35,993,000	26,419,000	9,288,000	57,066,000	26,317,000	15,520,000	52,458,000	43,630,000	27,922,000	17,888,000	55,400,000	46,522,000	30,771,000	20,646,000	53,206,000	46,252,000	30,187,000	23,731,000	76,605,000	68,226,000	39,864,000	25,866,000	64,229,000	62,176,000	33,419,000	31,178,000	71,369,000				61,771,000				55,347,000			46,022,000
income tax net of refunds	82,899,000
non-cash investing and financing activities:
dividend declared pending of payment	12,640,000	25,280,000						12,244,000	22,448,000		6,108,000	12,217,000	22,397,000		10,383,000	10,420,000	21,107,000													12,509,000				12,509,000
seller financing and others pending of payment	4,735,000
settlement of franchise receivables related to purchases of restaurant businesses
receivable related to sales of restaurant businesses	517,000																						2,095,000
gain on restaurant transactions		-6,845,000
acquisition of short-term investments		-106,385,000
short-term borrowings		11,437,000
income tax, net of refunds		50,143,000
seller financing pending of payment		4,125,000
gain on sales of restaurants businesses										-5,078,000	-3,986,000	-1,392,000	-504,000	-6,154,000	-3,228,000	-1,018,000	-851,000	-14,742,000	-5,415,000	-3,089,000	-647,000	-16,549,000
(gain) income from derivative instruments
issuance of 2032 notes
income tax				20,485,000	7,122,000	2,413,000	22,502,000	14,422,000	13,621,000	34,092,000	25,801,000	14,159,000	10,924,000	32,188,000	21,269,000	12,503,000	8,392,000	24,112,000	18,912,000	11,473,000	7,595,000	39,135,000	35,040,000	21,475,000	9,647,000	11,191,000	7,347,000	5,135,000	3,407,000	13,139,000				25,422,000				30,700,000			50,952,000
amortization and accrual of letter of credit fees and deferred financing costs			4,247,000				3,505,000			3,190,000				3,189,000				3,433,000				3,974,000				3,982,000				4,195,000
deferred income taxes			-16,066,000			3,932,000	471,000	-150,000	2,674,000	-7,974,000	-810,000	912,000	231,000	648,000	4,646,000	-1,848,000	-3,883,000	1,731,000	7,491,000	7,538,000	13,048,000	5,499,000				-9,057,000				7,419,000				9,113,000				14,228,000			-2,882,000
accrued net share-based compensation expense			758,000				1,360,000			4,060,000				2,638,000				4,216,000				3,558,000				4,082,000				9,252,000				7,027,000
impairment of long-lived assets								3,800,000																			7,804,000	7,804,000	7,804,000			45,186,000
write-off of long-lived assets
gain on sale and exchange of restaurants businesses
changes in assets and liabilities:
accounts payable			78,201,000				-23,993,000			39,434,000				16,563,000				102,660,000				35,815,000				25,020,000				-16,128,000				96,957,000				22,575,000			54,496,000		-18,450,000	-42,520,000
accounts and notes receivable and other receivables			-4,689,000				-13,210,000			-27,988,000				-35,770,000				-50,211,000				-32,604,000				2,369,000				-9,779,000				-43,835,000				-48,168,000			-14,609,000
prepaid expenses and other assets
inventories
income taxes payable			41,530,000				-5,825,000			10,931,000				12,529,000				18,946,000				9,480,000				15,786,000				15,884,000				10,773,000				-23,042,000			17,455,000
other taxes payable			14,211,000				13,014,000			20,891,000				8,675,000				12,672				8,180,000				-2,568,000				-27,000				13,727,000				8,414,000			6,627,000
accrued payroll, other liabilities and benefit from contingencies
royalties payable to mcdonald’s corporation			-27,167,000				28,981,000
acquisitions of short-term investments																		-19,588,000
collection of derivative instruments			23,240,000	23,240,000	23,240,000
issuance of 2029 notes
open market repurchases of 2029 senior notes
cash tender & open market repurchases of 2027 senior notes
settlement at maturity, cash tender, partial redemption & open market repurchases of 2023 senior notes
dividend payments to arcos dorados holdings inc. shareholders			-21,000
net short-term borrowings						66,000	-10,578,000	154,690,000	128,311,000	13,159,000					386,000				136,000	104,000	25,000	-2,488,000	-2,268,000	-2,486,000	-2,500,000	-29,043,000	3,809,000	7,464,000	10,559,000	26,296,000	93,682,000	86,888,000	52,987,000	8,743,000	9,811,000	50,626,000	21,646,000	-157,000		910,000	-10,871,000	2,823,000	2,421,000	2,407,000
payments of other long term debt
decrease in cash and cash equivalents											-70,605,000	-60,044,000	-24,658,000				-71,450,000						-312,000			-26,511,000	-48,553,000	-55,849,000	-67,142,000			-74,620,000	-49,208,000				-39,851,000			-32,049,000				-66,871,000
cash and cash equivalents at the end of the year			278,830,000				165,989,000			121,880,000				197,282,000				308,491,000				194,803,000				112,519,000				139,030,000				175,648,000				184,851,000			176,301,000
gain on sales and exchange of restaurants businesses
settlement at maturity of 2023 senior notes
open market repurchases of 2027 senior notes
net (payment) collection of derivative instruments																		-40,822,000				-6,268,000
net payments of derivative premiums
exchange of assets																		6,721,000	2,000,000	2,000,000	2,000,000	2,150,000	2,100,000	2,100,000
net collection (payment) of derivative instruments																										19,817,000
income from derivative instruments
net payment of derivative instruments																			-40,822,000	-40,822,000	-2,689,000		-6,268,000	-3,011,000										-9,975,000				-4,322,000			-118,932,000
gain on contribution of businesses in equity method investment			-8,501,000
inventories, prepaid expenses and other assets
net collection of derivative instruments
proceeds from short term investments
acquisition of short term investments
payments of other long-term debt
cash tender & partial redemption of 2023 senior notes
payment of derivative instruments
seller financing pending of payment and settlement of franchise receivables related to purchases of restaurant businesses							1,606,000			905,000	905,000	905,000	905,000	469,000				36,000								2,113,000				1,864,000
loss from derivative instruments			5,183,000	6,190,000	5,381,000		2,297,000			-439,000				565,000				7,065,000				3,065,000				2,894,000				685,000				4,141,000				891,000			9,237,000
impairment of long-lived assets and goodwill			1,573,000				7,721,000			9,063,000				19,117,000	12,089,000	1,000,000		17,764,000				12,742,000				13,022,000				52,915,000	47,215,000
write-off of property and equipment
inventories, prepaid and other assets			-38,655,000				-25,032,000			-21,802,000				-12,074,000				-53,466,000				26,763,000				-45,900,000				53,082,000				-102,362,000				14,628,000			-42,415,000
accrued payroll and other liabilities and provision for contingencies			29,992,000				16,755,000			1,320,000				27,134,000				35,075,000				15,412,000				24,195,000				-198,000				-9,883,000				-9,956,000			-28,741,000
issuance of 2027 notes							153,375,000											265,000,000	265,000,000	265,000,000
cash tender, partial redemption & open market repurchases of 2023 senior notes
gain of property and equipment sales			-1,428,000	-1,066,000	-921,000	-544,000	-201,000	-72,000	-62,000	-664,000	-850,000	-305,000	-168,000	-2,030,000	-1,216,000	-587,000	-332,000	-93,122,000	-57,120,000	-56,212,000	-51,874,000	-55,163,000	-49,103,000	-48,723,000		-10,942,000
proceeds from sales of restaurant business and related advances
proceeds from sales of property and equipment and related advances			1,987,000	1,433,000	1,119,000	635,000	800,000	370,000	293,000	3,340,000
purchase of 2027 senior notes
purchase of 2023 senior notes
repurchase of 2029 senior notes
repurchase of 2027 senior notes			-18,364,000	-18,364,000	-5,549,000
repurchase of 2023 senior notes			-16,231,000	-15,109,000	-1,001,000
partial redemption of 2023 notes
dividends declared pending of payment
write-offs of property and equipment			3,095,000				4,501,000			4,733,000				4,167,000																7,111,000
proceeds from sales of restaurant businesses and related advances										4,818,000				10,158,000				10,407,000				25,090,000
treasury stock purchases										-13,965,000	-13,965,000	-13,965,000	-13,965,000	-46,035,000	-28,255,000	-20,000,000
accrued payroll and other liabilities and benefit from contingencies
net loss attributable to arcos dorados holdings inc.				-75,000	-24,780,000	-29,713,000																					-57,184,000	-21,260,000	-28,233,000				-20,630,000
adjustments to reconcile net loss attributable to arcos dorados holdings inc. to cash from operating activities:
stock dividend distribution to arcos dorados holdings inc.’s shareholders, at cost				20,180,000
stock dividend distribution to arcos dorados holdings inc.’ shareholders, at cost					20,180,000
interest payable										-14,000				-35,000				2,942,000				-9,533,000				-3,746,000				-1,054,000				1,492,000				6,134,000			8,961,000
recovery of short-term investments
dividend payments to arcos dorados holdings inc.’ shareholders							-10,220,000			-22,425,000				-20,937,000												-12,509,000				-50,036,000				-37,527,000				-50,036,000			-56,627,000
net cash from used in financing activities							126,009,000
cash paid during the year for:
stock dividend payments to arcos dorados holdings inc.’s shareholders, at cost							20,453,000
stock dividend payments to arcos dorados holdings inc.’ shareholders, at cost
recovery (acquisitions) of short-term investments														19,588,000
repayment of secured loan agreement
purchase of 2023 notes																		-48,885,000	-48,885,000	-48,885,000		-80,800,000	-80,800,000	-80,800,000
purchases of restaurant businesses											-1,345,000	-1,345,000	-1,345,000																		-825,000			-324,000	-324,000	-324,000		-6,004,000	-4,000,000		-5,993,000	-4,276,000	-3,091,000	-1,988,000
proceeds from sale of property and equipment and related advances											1,697,000	734,000	175,000	2,891,000	1,683,000	710,000	448,000	61,983,000	44,725,000	35,010,000	22,430,000	88,380,000
proceeds from sale of restaurant businesses and related advances											3,468,000	1,246,000			5,145,000	1,278,000	1,278,000		5,863,000	4,311,000	4,055,000
non-cash investing activities:
adjustments to reconcile net income attributable to arcos dorados holdings inc. to cash from operations:
(repayment of) / proceeds from secured loan agreement																		-169,511,000	-169,511,000	-169,511,000
purchase and repayment of 2016 notes																						-181,156,000	-181,156,000
adjustments to reconcile net income attributable to arcos dorados holdings inc.
to cash from operating activities:
write-offs and related contingencies of property and equipment																		8,528,000				5,776,000				6,038,000
loans collected from related parties																							1,800,000	1,800,000
purchase of 2016 notes																								-120,191,000	-288,000	-11,710,000
proceeds from secured loan agreement																						167,262,000	167,262,000	167,262,000	167,262,000
net income attributable to arcos dorados holdings inc																						78,810,000				-51,633,000				-109,333,000				53,854,000							115,529,000
net income attributable to non-controlling interests																						178,000				264,000				305,000				18,000				256,000			271,000
loans collected from / (granted to) related parties																						1,800,000				9,702,000	9,702,000	5,500,000
issuance of other long-term debt																														33,267,000				8,483,000
proceeds from sale of property and equipment and related prepayments																							76,851,000	63,457,000	15,095,000	19,738,000
proceeds from sale of restaurant businesses and related prepayments																							14,410,000	9,710,000
other investment activities																							-494,000	-400,000	-585,000		-710,000	-524,000	2,000		-293,000	-853,000	-1,059,000		-3,189,000	-2,916,000	-1,198,000		-1,168,000	-1,176,000		1,603,000	-421,000	-838,000
proceeds from sale of restaurant businesses																									4,015,000						1,202,000
loss from purchase, exchange and call of 2019 notes																																		23,467,000
proceeds from sales of restaurant businesses																										3,861,000				1,938,000				6,452,000
issuance of 2023 notes																																		378,409,000	378,409,000
purchase and call of 2019 notes																																		-237,006,000
issuance of 2023 notes as consideration for the exchange of 2019 notes																																		98,767,000
net cash provided by operating activities
net cash (used in) provided by financing activities
adjustments to reconcile net loss attributable to arcos dorados holdings inc. to cash from operations:
proceeds from sale of property and equipment																											2,467,000	1,637,000		3,237,000	1,506,000	1,273,000		7,751,000	4,867,000	3,430,000		6,643,000	2,851,000	1,308,000	10,681,000	5,725,000	5,638,000	5,374,000
issuance of long-term debt																															21,293,000				3,752,000	3,752,000
non-cash financing activities:
issuance of 2023 notes in exchange for 2019 notes
loans to related parties																														-2,500,000	-2,500,000	-2,500,000		-2,000,000	-2,000,000	-2,000,000	-1,000,000	-7,000,000
issuance of 2016 notes																																						149,658,000	149,658,000		255,102,000
income from purchase, exchange and call of 2019 notes
loss from tender and exchange offer																																			12,690,000
purchase of 2019 notes																																			-128,131,000
amortization of deferred financing costs																																		1,341,000				1,314,000			3,316,000
amortization and accrual of letter of credit fees																																		3,022,000				3,028,000			2,847,000
issuance of class a shares in connection with the initial public offering																																									152,281,000	152,281,000	152,281,000
collateral deposits																																									15,000,000
cash and cash equivalents of split-off axis business																																									-35,425,000	-35,425,000	-35,425,000
non-cash transactions:
seller financing related to purchases of restaurant businesses																																		3,711,000
split-off axis business – non-cash portion																																									9,833,000
net payments of derivatives instruments
see notes to the consolidated financial statements.
accrued compensation expense																																						1,265,000			29,712,000
loss on amnesty program
partial redemption of 2019 notes																																									-152,005,000
seller financings
collection of collateral deposits																																										15,000,000	15,000,000
net payments of derivative instruments																																							-4,322,000			-117,550,000	-25,893,000	-6,506,000
issuance of 2019 notes
repayment of a&r credit agreement
payment of deferred financing costs
changes in working capital items																																										-31,422,000
partial redemption of senior notes																																										-152,005,000
issuance of brazilian notes																																										255,102,000
changes in working capital items:
split-off of axis business																																												-35,425,000

Arcos Dorados Holdings Inc(NYSE:ARCO)

Arcos Dorados Holdings Inc
(NYSE:ARCO)