ARCO on NYSE

Arcos Dorados Holdings

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons5

Public company operating McDonald chains

Arcos Dorados Holdings (English: Golden Arches Holdings) is the master franchise of the fast food restaurant chain McDonald's in 20 countries and territories across Latin America and the Caribbean. As of October 2024, it operates nearly 2,400 restaurants, making it the largest independent McDonald's franchisee in the world and the largest quick-service restaurant (QSR) chain in Latin America and the Caribbean, serving over 4.3 million customers daily.3 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$4.7BRevenue, fiscal 20256
$212.1MNet income, fiscal 20256
Aug 3, 2007Founded1

Compare with Bloomin' Brands, Brinker International or The Cheesecake Factory, or pick any stock.

  • TickerARCO on NYSE1
  • Industrybeverage industry, food industry1
  • HeadquartersMontevideo1
  • Websitewww.arcosdorados.com
  • Business addressRio Negro 1338, First Floor, Montevideo, X3 113007
  • Filer categoryLarge accelerated filer7
  • Legal formcompany limited by shares4
  • LEI54930023P2MIZN13DQ854
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressKingston Chambers, PO Box 173, VG1110 Road Town, Tortola, British Virgin Islands4
  • Registered withRegistry of Corporate Affairs (British Virgin Islands Financial Services Commission), 16195534

Arcos Dorados Holdings (English: Golden Arches Holdings) is the master franchise of the fast food restaurant chain McDonald's in 20 countries and territories across Latin America and the Caribbean. As of October 2024, it operates nearly 2,400 restaurants, making it the largest independent McDonald's franchisee in the world and the largest quick-service restaurant (QSR) chain in Latin America and the Caribbean, serving over 4.3 million customers daily.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

7.8%Operating margin6
4.5%Net margin6
4.7%Revenue growth, 20256
27.5%Return on equity6
1.46×Debt to equity6
$15.0MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product brought in 95% of the revenue Arcos Dorados Holdings broke down this way in fiscal 2025.

  1. Product$4.5B695%up 5% from 2024
  2. Franchise, Rental Income$212.4M65%up 5% from 2024
  3. Franchise, Initial Fees$469.0K60%up 23% from 2024
  4. Franchise, Royalty Fees$188.0K60%down 26% from 2024
Products and services by year
Products and services202320242025
Product$4.1B$4.3B$4.5B
Franchise, Rental Income$193.5M$202.8M$212.4M
Franchise, Initial Fees$417.0K$380.0K$469.0K
Franchise, Royalty Fees$268.0K$255.0K$188.0K

Business segments

Brazil brought in 38% of the revenue Arcos Dorados Holdings broke down this way in fiscal 2025.

  1. Brazil$1.8B638%up 0% from 2024
  2. South Latin America Division$1.6B635%up 11% from 2024
  3. North Latin America Division$1.3B627%up 3% from 2024
Business segments by year
Business segments202320242025
Brazil$1.7B$1.8B$1.8B
South Latin America Division$1.5B$1.5B$1.6B
North Latin America Division$1.1B$1.2B$1.3B

Regions

B R brought in 38% of the revenue Arcos Dorados Holdings broke down this way in fiscal 2025.

  1. B R$1.8B638%up 0% from 2024
  2. Other Countries$1.7B637%up 5% from 2024
  3. AR$697.8M615%up 16% from 2024
  4. M X$481.2M610%up 8% from 2024
Regions by year
Regions202320242025
B R$1.7B$1.8B$1.8B
Other Countries$1.6B$1.7B$1.7B
AR$683.2M$600.3M$697.8M
M X$394.5M$447.4M$481.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue2¢$89.5M
  • Other costs91¢$4.2B
  • Interest0¢$13.7M
  • Income tax3¢$128.7M
  • Profit5¢$212.1M

Out of $4.7B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending85¢$281.4M
  • Dividends paid15¢$50.6M

Out of $296.3M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue9101112136$4.7B in 2025+52% since 2018
0$2.0B$4.0B$6.0B2018: $3.1B$3.1B20182019: $3.0B$3.0B2019−4%2020: $2.0B$2.0B2020−33%2021: $2.7B$2.7B2021+34%2022: $3.6B$3.6B2022+36%2023: $4.3B$4.3B2023+20%2024: $4.5B$4.5B2024+3%2025: $4.7B$4.7B2025+5%
Operating income9101112136$364.4M in 2025+195% since 2018
-$200.0M0$200.0M$400.0M2018: $123.5M$123.5M20182019: $159.9M$159.9M2019+30%2020: -$66.8M-$66.8M20202021: $139.5M$139.5M20212022: $264.4M$264.4M2022+90%2023: $314.0M$314.0M2023+19%2024: $324.5M$324.5M2024+3%2025: $364.4M$364.4M2025+12%
Net income9101112136$212.1M in 2025+476% since 2018
-$200.0M-$100.0M0$100.0M$200.0M$300.0M2018: $36.8M$36.8M20182019: $79.9M$79.9M2019+117%2020: -$149.5M-$149.5M20202021: $45.5M$45.5M20212022: $140.3M$140.3M2022+209%2023: $181.3M$181.3M2023+29%2024: $148.8M$148.8M2024−18%2025: $212.1M$212.1M2025+43%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Total revenues$4.7B$4.5B$4.3B
Food and paper-$1.6B-$1.5B-$1.5B
Payroll and employee benefits-$835.1M-$797.6M-$790.0M
Occupancy and other operating expenses-$1.3B-$1.2B-$1.2B
Royalty fees-$273.0M-$265.4M-$249.3M
Franchised restaurants occupancy expenses-$89.5M-$83.7M-$83.4M
General and administrative expenses-$312.8M-$279.9M-$285.0M
Other operating income, net$103.0M$18.0M$1.9M
Total operating costs and expenses-$4.3B-$4.1B-$4.0B
Operating income$364.4M$324.5M$314.0M
Net interest expense and other financing results-$13.7M-$47.2M-$32.3M
(Loss) Gain from derivative instruments-$3.1M$941.0K-$13.2M
Foreign currency exchange results-$4.9M-$15.1M$10.8M
Other non-operating expenses, net-$1.5M-$3.9M-$1.2M
Income before income taxes$341.3M$259.3M$278.1M
Income tax expense, net-$128.7M-$109.9M-$95.7M
Net income$212.6M$149.4M$182.4M
Less: Net income attributable to non-controlling interests-$468.0K-$620.0K-$1.1M
Net income attributable to Arcos Dorados Holdings Inc.$212.1M$148.8M$181.3M
Basic net income attributable to Arcos Dorados Holdings Inc. per common share (in dollars per share)$1.01$0.71$0.86
Diluted net income attributable to Arcos Dorados Holdings Inc. per common share (in dollars per share)$1.01$0.71$0.86

Compare Arcos Dorados Holdings with another company

Corporate structure

Arcos Dorados Holdings is part of a group headed by McDonald's. 26 entities, 20 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Arcos Dorados Holdings

  • LAZARD ASSET MANAGEMENT LLC Filed SCHEDULE 13G on Arcos Dorados Holdings, latest Aug 14, 2026 (5 filings since Aug 14, 2025)
  • PZENA INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Oct 16, 2025 (2 filings since Jul 15, 2025)
  • COLLEGE RETIREMENT EQUITIES FUND Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Sep 4, 2025 (6 filings since Feb 11, 2022)
  • Nuveen Asset Management, LLC Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Sep 4, 2025 (6 filings since Feb 11, 2022)
  • TEACHERS ADVISORS, LLC Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Sep 4, 2025 (6 filings since Feb 11, 2022)
  • TIAA CREF INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Sep 4, 2025 (6 filings since Feb 11, 2022)
  • JPMorgan Chase Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Jun 5, 2025 (2 filings since Oct 9, 2024)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest May 7, 2025 (4 filings since Nov 14, 2024)
  • Calvo David Coppel Filed SCHEDULE 13G/A on Arcos Dorados Holdings, latest Feb 4, 2025 (4 filings since Dec 20, 2021)
  • TIAA-CREF FUNDS Filed SC 13G/A on Arcos Dorados Holdings, latest Feb 14, 2024 (3 filings since Feb 11, 2022)
  • FIL Ltd Filed SC 13G on Arcos Dorados Holdings, latest Feb 9, 2024
  • Invesco Filed SC 13G/A on Arcos Dorados Holdings, latest Feb 1, 2024 (4 filings since Feb 9, 2022)

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Arcos Dorados Holdings reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Land$128.1M6 Dec 31, 2025$123.1M6 Dec 31, 2024+4.1%
Leasehold improvements$1.3B6 Dec 31, 2025$997.3M6 Dec 31, 2024+28.8%
Property and equipment, before depreciation$2.7B6 Dec 31, 2025$2.2B6 Dec 31, 2024+18.8%
Accumulated depreciation$1.4B6 Dec 31, 2025$1.1B6 Dec 31, 2024+21.5%
Property and equipment, net$1.3B6 Dec 31, 2025$1.1B6 Dec 31, 2024+16.1%
Operating-lease assets (leased space)$1.1B6 Dec 31, 2025$950.0M6 Dec 31, 2024+19.3%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$373.4M6 Dec 31, 2025$135.1M6 Dec 31, 2024+176.5%
Marketable securities, current$48.9M6 Dec 31, 2025$3.5M6 Dec 31, 2024+1285.9%
Stakes in other companies (equity method)$16.0M6 Dec 31, 2025$14.3M6 Dec 31, 2024+11.8%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$16.6M6 Dec 31, 2025$13.3M6 Dec 31, 2024+24.5%
Finite-lived intangibles, gross$267.1M6 Dec 31, 2025$167.9M6 Dec 31, 2024+59.1%
Accumulated amortization$134.7M6 Dec 31, 2025$114.6M6 Dec 31, 2024+17.6%
Finite-lived intangibles, net$132.3M6 Dec 31, 2025$53.3M6 Dec 31, 2024+148.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$66.4M6 Dec 31, 2025$51.6M6 Dec 31, 2024+28.5%

The story

McDonald's first restaurant in this region was in Puerto Rico in 1967. Since then, McDonald's expanded its presence across the region, opening its first stores in Costa Rica in 1970, in Panama in 1971, in Brazil in 1979, in Mexico and Venezuela in 1985, and in Argentina in 1986. Arcos Dorados (Spanish for "golden arches") was formed on August 3, 2007, as a result of the acquisition of McDonald's Corporation's Latin American business by the region's operations managers. Prior to the acquisition, Woods Staton, Arcos Dorados' Chairman, CEO, and controlling shareholder, was the joint venture partner of McDonald's in Argentina for more than 20 years and also served as President of McDonald's South Latin America division from 2004 until the acquisition. Arcos Dorados announced its initial public offering and became a publicly traded company on April 14, 2011, after listing its shares on the New York Stock Exchange (NYSE).

From Wikipedia’s article on Arcos Dorados Holdings, shared under CC BY-SA 4.0.8

Leadership

Who has led Arcos Dorados Holdings, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Mariano Tannenbaum2026–now
2010201520202025
Board members and other officers (10)

Products and brands

Business areas

Arcos Dorados' territory includes Argentina, Aruba, Brazil, Chile, Colombia, Costa Rica, Curaçao, Ecuador, French Guiana, Guadeloupe, Martinique, Mexico, Panama, Peru, Puerto Rico, St. Croix, St. Thomas, Trinidad and Tobago, Uruguay and Venezuela. The company dedicated itself as the organizer of the 2014 FIFA World Cup to provide customer service training to more than 15,000 World Cup volunteers.

Operations

With nearly $3.8 billion in sales in 2012, Arcos Dorados represents 5.6 percent of McDonald's global sales. In Latin America and the Caribbean, it is the largest fast-food chain and is more than three times the size of its closest competitor. Compared to the US, Latin America has fewer McDonald's per person. There's one McDonald's for every 22,200 citizens in the United States. In Mexico, Costa Rica, and Panama there's one restaurant for every 254,000 citizens; in Brazil, there's one for every 310,700 citizens; and in the rest of South America, there's one for every 317,400 citizens.

Company-operated and franchised restaurants

Arcos Dorados operates its McDonald's-branded restaurants under two structures: company-operated restaurants and franchised restaurants. Arcos Dorados owns, manages and operates approximately 75 percent of its restaurants. Restaurants operated and managed by franchisees account roughly for the remaining 25% of affiliated locations. They receive technical and operational support from Arcos Dorados, including training programs, operations manuals, access to its supply and distribution network, and marketing assistance.

McCafé locations and Dessert Centers

Launched in 1999, the McCafé concept is meant to attract new customers, particularly during breakfast and after lunch, in separate areas within restaurants where customers can buy lattes, cappuccinos, mochas, hot and iced premium coffees and hot chocolate. As of 2021, there were 298 McCafé locations in Latin America. "Dessert Centers", operate separately from existing restaurants, offering traditional McDonald's desserts like the McFlurry and soft-serve ice cream. As of 2021, there were 3,265 Dessert Centers in Latin America. The first Dessert Center opened in Costa Rica in 1986.

Read the full text

Reimaging

Arcos Dorados has been updating its McDonald's restaurants throughout the region. Between 2010 and 2012, more than 260 restaurants were fully renovated with larger gathering areas, warmer colors, contemporary furniture, artwork, large windows and often have outdoor space with tables and umbrellas for outdoor dining.

Menu

Arcos Dorados' menus feature the same core items as McDonald's throughout the world, including hamburgers, fries, salads, and chicken sandwiches, but also include foods unique to the region. A few examples include a flan-like dessert in Peru, dulce de leche desserts in Argentina and Uruguay, and the McMolletes (English muffin with refried beans, cheese, and salsa) in Mexico. A typical menu includes three tiers of options: affordable entry-level options, such as the Big Pleasures, Small Prices, or "Combo del Día" ("Daily Extra Value Meal") offerings; core menu options, such as the Big Mac, Happy Meal and Quarter Pounder; and premium options, such as Big Tasty or Angus premium hamburgers and chicken sandwiches.

Nutrition and well-being

In 2011, Arcos Dorados launched a new Happy Meal, with reduced sodium, calorie and fat totals. All Happy Meal combinations in Latin America contain less than 600 calories – less than one-third of the daily calorie intake recommended for children by the World Health Organization. Also in 2011, sodium in buns, McNuggets, cheese and ketchup were reduced by an average of 10 percent. Arcos Dorados was the first restaurant chain in Latin America to publish all its calorie content in its restaurant boards in 2013. In-store, Arcos Dorados locations advertises its nutritional information in all restaurants on posters near the counter, and on paper mats that line the meal trays. Full nutritional information on every food item is available on its website.

From Wikipedia’s article on Arcos Dorados Holdings, shared under CC BY-SA 4.0.8

Subsidiaries and ownership

Parent company

From Wikidata.1

Timeline

  1. Mar 18, 2026New chief executive Luis Alberto Raganato becomes CEO15
  2. Aug 3, 2007Founded Founded1

Calendar

Coming up

  1. Nov 12, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.12 a share, on Nov 12, 2025.29

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

201 filings to the SEC since October 2021: 5 annual reports, 41 insider forms, 50 large holders, 105 other. The latest 20:

  1. Oct 1, 20266-K EDGAR
  2. Aug 25, 20264 EDGAR
  3. Aug 14, 2026SCHEDULE 13G EDGAR
  4. Aug 13, 20266-K EDGAR
  5. Aug 13, 20266-K EDGAR
  6. May 28, 20264 EDGAR
  7. May 20, 20266-K EDGAR
  8. May 20, 20266-K EDGAR
  9. May 15, 2026SCHEDULE 13G EDGAR
  10. May 12, 20264 EDGAR
  11. May 12, 20264 EDGAR
  12. May 12, 20264 EDGAR
  13. May 12, 20264 EDGAR
  14. May 12, 20264 EDGAR
  15. May 12, 20264 EDGAR
  16. May 12, 20264 EDGAR
  17. May 12, 20264 EDGAR
  18. May 12, 20264 EDGAR
  19. May 12, 20264 EDGAR
  20. May 12, 20264 EDGAR

The 201 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

3 open-market trades by officers, directors and large owners since October 2021: 0 buys and 3 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 25, 2026Hernandez Artigas CarlosDirectorSale14,500$8.06$116.9KForm 4
Aug 24, 2026Hernandez Artigas CarlosDirectorSale17,843$8.15$145.4KForm 4
May 28, 2026Hernandez Artigas CarlosDirectorSale20,000$9.01$180.2KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Arcos Dorados Holdings is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARArcos Dorados Holdings Inc.2
  • CIK0001508478
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company43
  • Incorporated inBritish Virgin Islands43
  • Fiscal year endsDecember 312
  • Industry code (SIC)5812 Retail-Eating Places2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business addressRio Negro 1338, First Floor, Montevideo, X3 113002
  • Phone598 2626-30002
  • Shares outstanding130,663,057 Common Class A shares; 80,000,000 Common Class B shares as of Dec 31, 202543
  • AuditorPISTRELLI, HENRY MARTIN Y ASOCIADOS S.A., Buenos Aires, Argentina PCAOB ID 1449; it also attests to the company’s internal control over financial reporting43
  • On EDGAR sinceMar 25, 20112
  • Filings514 in all: 6-K (260), SC 13G/A (85), 4 (25), SC 13G (24), SCHEDULE 13G/A (18), 3 (16), 20-F (15), SD (13)2
    All 31 form types

    UPLOAD (11), CORRESP (10), SCHEDULE 13G (6), 144 (5), 424B3 (2), 424B4 (2), EFFECT (2), F-1 (2), F-1/A (2), PX14A6G (2), SC 13D/A (2), 20-F/A (1), 6-K/A (1), 8-A12B (1), CERTNYS (1), F-1MEF (1), F-3 (1), F-3ASR (1), FWP (1), RW (1), S-8 (1), S-8 POS (1), SC 13D (1)

  • Latest filingsAnnual report (20-F) Apr 30, 2026

Securities registered for trading

ClassSymbolExchange
Class A shares, no par valueARCONew York Stock Exchange

From the cover page of the 20-F filed Apr 30, 2026 (Section 12(b) of the Exchange Act).43

Sources

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