UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of November, 2025 Commission File Number: 001-35129 Arcos Dorados Holdings Inc. (Exact name of registrant as specified in its charter) Río Negro 1338, First Floor Montevideo, Uruguay, 11100 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual report ...

Group 1 - Arcos Dorados Holdings Inc. (NYSE:ARCO) is the exclusive franchisee of McDonald's in 20 Latin American and Caribbean countries and territories [1] - Over the last 12 months, ARCO's stock has decreased by approximately 17%, while McDonald's (MCD) stock has increased by more than 2% during the same period [1] Group 2 - There is potential for ARCO as an investment, but certain AI stocks are considered to offer greater upside potential and less downside risk [2]

Core Viewpoint - Three stocks have been added to the Zacks Rank 5 (Strong Sell) List, indicating a negative outlook for these companies based on recent earnings estimate revisions. Group 1: Company-Specific Summaries - Arcos Dorados Holdings Inc. (ARCO), a franchisee of McDonald's restaurants, has seen its current year earnings estimate revised downward by 1.7% over the last 60 days [1] - Canadian National Railway Company (CNI), a rail and related transportation company, has experienced a 2.7% downward revision in its current year earnings estimate over the last 60 days [1] - Kolibri Global Energy Inc. (KGEI), an explorer and developer of oil, gas, and clean and sustainable energy reserves, has had its current year earnings estimate revised downward by 7% over the last 60 days [2]

Core Insights - Arcos Dorados Holdings Inc. has secured a new $200 million syndicated revolving credit facility, replacing previous facilities totaling $75 million [1][2] - The new credit line has a four-year maturity with an optional one-year extension and an interest rate ranging from SOFR plus 210 to SOFR plus 240 basis points [1] - The facility was arranged by a syndicate of seven institutions, with JPMorgan Chase Bank as the sole lead arranger [4] Financial Strategy - The transaction reflects Arcos Dorados' commitment to a solid financial strategy and the trust of its banking partners [2] - The company aims to manage its capital structure proactively to ensure sustainable growth while leveraging its investment-grade credit rating [3] Operational Details - The credit facility remains undrawn as of the announcement date [1] - Legal counsel for the transaction included Davis Polk & Wardwell LLP for Arcos Dorados and Milbank LLP for JPMorgan Chase [4]

Core Insights - Restaurant Brands International Inc (QSR), Arcos Dorados Holdings Inc (ARCO), and Bruker Corp (BRKR) will trade ex-dividend on 9/23/25, with respective dividends of $0.62, $0.06, and $0.05 [1] - The expected price adjustments for the stocks on the ex-dividend date are approximately 0.99% for QSR, 0.89% for ARCO, and 0.15% for BRKR [1] - The estimated annualized yields based on recent dividends are 3.94% for QSR, 3.56% for ARCO, and 0.60% for BRKR [9] Company Summaries - **Restaurant Brands International Inc (QSR)**: Will pay a quarterly dividend of $0.62 on 10/7/25, with an expected yield of 3.94% [1][9] - **Arcos Dorados Holdings Inc (ARCO)**: Will pay a quarterly dividend of $0.06 on 9/26/25, with an expected yield of 3.56% [1][9] - **Bruker Corp (BRKR)**: Will pay a quarterly dividend of $0.05 on 10/3/25, with an expected yield of 0.60% [1][9] Market Performance - On the trading day prior to the ex-dividend date, QSR shares are down about 1.5%, ARCO shares are down about 0.4%, while BRKR shares are up about 3.6% [10]

Group 1 - The results were presented positively based on 'comparable sales' growth, leading to a favorable stock reaction [1] - Despite the positive presentation, underlying trends indicate more challenging conditions for the companies involved [1] - The focus of Quipus Capital is on operational aspects and long-term earnings power rather than market-driven dynamics [1] Group 2 - The investment strategy emphasizes holding companies independently of future price movements, with most recommendations being holds [1] - A small fraction of companies are considered suitable for buying at any given time, highlighting a cautious investment approach [1] - Hold articles are intended to provide valuable information for future investors and introduce skepticism in a bullish market [1]

Core Insights - The company reported total revenue of $1.1 billion for Q2 2025, with system-wide comparable sales increasing by 12.1% in constant currency, surpassing blended inflation [3][9] - Adjusted EBITDA reached $110.1 million, growing over 7% with a margin expansion of approximately 40 basis points when excluding last year's labor contingency reduction in Brazil [3][10] - The company appointed Luis Raganato as CEO and outlined three strategic priorities focusing on organic operations, development, and long-term positioning [4][26] Financial Performance - NOLAD division revenue grew by 6.9% in constant currency, with comparable sales rising 1.8 times blended inflation; Mexico achieved 12.4% comparable sales growth [3][17] - SLAD division revenue rose by 37.8% in constant currency, with comparable sales up 1.4 times blended inflation and margin expanding by about 260 basis points [3][18] - Brazil's revenue increased by 2% in constant currency, maintaining market share despite a negative industry volume environment [3][16] Digital and Loyalty Programs - Digital sales penetration reached approximately 60% system-wide, with loyalty programs accounting for nearly 23% of total sales in six markets and 26% in Brazil [3][12] - The loyalty program now covers two-thirds of restaurants, with expectations to reach 90% by the end of 2025 [7][13] Expansion and Capital Expenditures - The company opened 20 new Experience of the Future (EOTF) restaurants in Q2 2025, totaling 32 in the first half of the year, with a full-year guidance of 90-100 openings [3][11] - Capital expenditures for Q2 2025 were $55.3 million, including $26.8 million for growth CapEx related to new restaurant construction [7][22] Market Position and Strategy - Brand preference increased to nearly twice that of the nearest competitor across the region, supported by marketing and digital initiatives [8][12] - The company maintains a disciplined approach to pricing and capital allocation, with a focus on maximizing returns on investments [4][66] Debt and Ratings - The net debt to adjusted EBITDA ratio stands at 1.4x, with S&P assigning an initial BBB- investment-grade rating, aligning the company's debt profile with full investment-grade status [3][21]

Financial Data and Key Metrics Changes - Total revenue for the second quarter reached $1.1 billion, with constant currency revenue supported by a 12.1% increase in system-wide comparable sales, exceeding blended inflation for the period [5][6] - Adjusted EBITDA for the quarter was $110.1 million, with a growth of over 7% excluding last year's labor contingency reduction in Brazil, and a margin expansion of approximately 40 basis points [7][16] - The net debt to adjusted EBITDA ratio was 1.4 times, indicating a strong balance sheet [20] Business Line Data and Key Metrics Changes - Brazil's total revenue in constant currency grew by 2%, with positive comparable sales despite negative industry volumes [13] - NOLAD's total revenue rose by 6.9% in constant currency, with comparable sales growth of 1.8 times blended inflation [14] - SLAD's revenue increased by 37.8% in constant currency, with comparable sales up 1.4 times blended inflation [15] Market Data and Key Metrics Changes - Digital sales accounted for over 70% of system-wide sales in Brazil, with the loyalty program surpassing 18 million members, contributing to 26% of total sales [13] - In Mexico, comparable sales grew by 12.4%, significantly outperforming main competitors [14] - Argentina's market share continued to expand, with strong performance driven by local marketing initiatives [15][66] Company Strategy and Development Direction - The company plans to open 90 to 100 new Experience of the Future restaurants in 2025, with 32 openings in the first half of the year [8][21] - The strategic focus includes enhancing customer experience, modernizing development processes, and preparing for future market demands [24][25] - The company emphasizes collaboration with stakeholders to maintain leadership and drive growth [26] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging macroeconomic environment in Brazil but expressed confidence in maintaining market share and improving margins through targeted pricing and marketing initiatives [32][36] - The outlook for the second half of the year remains cautious, with expectations of continued pressure on consumer confidence [36][82] - Management is optimistic about the recovery of margins as consumer trends improve [60] Other Important Information - The company has received an investment-grade rating from S&P, which is expected to support future capital market transactions [20] - The acquisition of three existing restaurants and exclusive franchise rights in Saint Martin is part of the growth strategy, with no material change expected in consolidated results from this acquisition [21][78] Q&A Session Summary Question: How does the company assess the balance between foot traffic, pricing, product mix, and profitability in Brazil? - The company managed to deliver positive comparable sales by offsetting a drop in traffic with targeted price increases and product mix, focusing on average check rather than volume [32] Question: What are the preliminary insights on demand trends in July for Brazil and Mexico? - Brazil continues to face a challenging environment, while Mexico had a strong quarter with sales growth driven by various channels [36][37] Question: Can you elaborate on which regions contributed most significantly to top line and margin performance in NOLAD? - NOLAD showed strong performance, particularly in Mexico, with sales growing at 1.8 times inflation and margin improvements despite currency challenges [41][42] Question: How does management see beef prices evolving in the second half of the year in Brazil? - Management does not expect significant cost pressures from beef prices in the second half, with recent appreciation of the Brazilian real potentially benefiting gross margins [51][52] Question: What is the nature of Francisco Statement's new role as Chief Strategy Officer? - Francisco will focus on developing long-term strategies across the business, leveraging his extensive experience in various leadership roles [86]

Financial Performance - Total revenue reached $1.1 billion[12] - Systemwide comparable sales grew by 12.1%[12] - Adjusted EBITDA was $110.1 million with a 9.6% margin[12] - Net income was $22.6 million, or $0.11 per share[12] Digital Sales & Loyalty Program - Digital sales contributed approximately 60% of total sales[12] - Loyalty program registered members increased to 21.5 million[23] - Loyalty program generated about 17% of total sales in Argentina, Colombia, Ecuador and Uruguay[29] Divisional Performance - Brazil's sales were $415.4 million, with systemwide comparable sales growth of 0.3%[27] - NOLAD (North Latin America Division) sales were $317.8 million, with systemwide comparable sales growth of 4.4%[28] - SLAD (South Latin America Division) sales were $409.1 million, with systemwide comparable sales growth of 38.2%[28] Development & Capital Allocation - Opened 20 new restaurants, including 18 freestanding locations[12] - Capital expenditures totaled $55.3 million[59] - Dividend payment was $12.6 million[59]

Company Performance - Arcos Dorados reported quarterly earnings of $0.11 per share, exceeding the Zacks Consensus Estimate of $0.05 per share, but down from $0.13 per share a year ago, representing an earnings surprise of +120.00% [1] - The company posted revenues of $1.14 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.67% and up from $1.11 billion year-over-year [2] - Over the last four quarters, Arcos Dorados has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Outlook - The stock has underperformed the market, losing about 4.5% since the beginning of the year compared to the S&P 500's gain of 9.6% [3] - The current consensus EPS estimate for the coming quarter is $0.17 on revenues of $1.2 billion, and for the current fiscal year, it is $0.62 on revenues of $4.64 billion [7] - The estimate revisions trend for Arcos Dorados was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Retail - Restaurants industry, to which Arcos Dorados belongs, is currently in the bottom 25% of over 250 Zacks industries, suggesting a challenging environment [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact investor sentiment and stock performance [5]