Do the financial statements for Dq Treat include an independent auditor's report?

Yes, according to Dq Treat's 2025 Franchise Disclosure Document, the financial statements of IDQ (International Dairy Queen, Inc.) included in the document as Exhibit K include an independent auditor's report. Specifically, the exhibit contains consolidated balance sheets of IDQ at December 31, 2024, and 2023, and related consolidated statements of income and comprehensive income, stockholder's equity, and cash flows for each of the years ended December 31, 2024, 2023, and 2022, all accompanied by the independent auditor's report.

This is a standard practice in franchising, as audited financial statements provide an additional level of assurance to potential franchisees regarding the financial health and stability of the franchisor. The inclusion of an independent auditor's report signifies that a qualified accounting firm has reviewed the financial statements and provided an opinion on their fairness and accuracy.

Prospective Dq Treat franchisees should carefully review these audited financial statements and the auditor's report to assess the financial condition of IDQ, the parent company of ADQ, and understand the basis for the auditor's opinion. This review can help in evaluating the financial risks and potential rewards associated with investing in a Dq Treat franchise.