SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13D
                                (Amendment No. 1)

                   Under the Securities Exchange Act of 1934*

                                   IHOP Corp.
     ---------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, par value $0.01 per share
     ---------------------------------------------------------------------
                         (Title of Class of Securities)

                                    449623107
     ---------------------------------------------------------------------
                      (CUSIP Number of Class of Securities)

                                 Daniel S. Loeb
                                 Third Point LLC
                                 390 Park Avenue
                               New York, NY 10022
                                 (212) 224-7400
     ---------------------------------------------------------------------
                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                   Copies to:
                            Michael A. Schwartz, Esq.
                          Willkie Farr & Gallagher LLP
                               787 Seventh Avenue
                             New York, NY 10019-6099
                                 (212) 728-8000

                                 August 8, 2007
     ---------------------------------------------------------------------
                          (Date of Event which Requires
                            Filing of this Schedule)

If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box: [ ]

NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 240.13d-7 for other
parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).





                                  SCHEDULE 13D



---------------------------------                              -----------------
CUSIP No. 449623107                                            Page 2 of 7 Pages
---------------------------------                              -----------------


----------- --------------------------------------------------------------------
    1       NAME OF REPORTING PERSON
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            Third Point LLC                              I.D. #13-3922602
----------- --------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP          (a) [ ]
                                                                      (b) [X]

----------- --------------------------------------------------------------------
    3       SEC USE ONLY

----------- --------------------------------------------------------------------
    4       SOURCE OF FUNDS*

            AF
----------- --------------------------------------------------------------------
    5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
            PURSUANT TO ITEMS 2(d) or 2(e)                                [ ]

----------- --------------------------------------------------------------------
    6       CITIZENSHIP OR PLACE OF ORGANIZATION

            Delaware
--------------------- --------- ------------------------------------------------
                         7      SOLE VOTING POWER

                                0
                      --------- ------------------------------------------------
NUMBER OF                8      SHARED VOTING POWER
SHARES
BENEFICIALLY                    713,400
OWNED BY              --------- ------------------------------------------------
EACH                     9      SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH                     0
                      --------- ------------------------------------------------
                         10     SHARED DISPOSITIVE POWER

                                713,400
----------- --------------------------------------------------------------------
    11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

            713,400
----------- --------------------------------------------------------------------
    12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
            CERTAIN SHARES*                                               [ ]

----------- --------------------------------------------------------------------
    13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

            4.2%
----------- --------------------------------------------------------------------
    14      TYPE OF REPORTING PERSON*

            OO
----------- --------------------------------------------------------------------





                                  SCHEDULE 13D



---------------------------------                              -----------------
CUSIP No. 449623107                                            Page 3 of 7 Pages
---------------------------------                              -----------------


----------- --------------------------------------------------------------------
    1       NAME OF REPORTING PERSON
            I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

            David S. Loeb
----------- --------------------------------------------------------------------
    2       CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP          (a) [ ]
                                                                      (b) [X]

----------- --------------------------------------------------------------------
    3       SEC USE ONLY

----------- --------------------------------------------------------------------
    4       SOURCE OF FUNDS*

            AF
----------- --------------------------------------------------------------------
    5       CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
            PURSUANT TO ITEMS 2(d) or 2(e)                                [ ]

----------- --------------------------------------------------------------------
    6       CITIZENSHIP OR PLACE OF ORGANIZATION

            United States
--------------------- --------- ------------------------------------------------
                         7      SOLE VOTING POWER

                                0
                      --------- ------------------------------------------------
NUMBER OF                8      SHARED VOTING POWER
SHARES
BENEFICIALLY                    713,400
OWNED BY              --------- ------------------------------------------------
EACH                     9      SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH                     0
                      --------- ------------------------------------------------
                         10     SHARED DISPOSITIVE POWER

                                713,400
----------- --------------------------------------------------------------------
    11      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON

            713,400
----------- --------------------------------------------------------------------
    12      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
            CERTAIN SHARES*                                               [ ]

----------- --------------------------------------------------------------------
    13      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

            4.2%
----------- --------------------------------------------------------------------
    14      TYPE OF REPORTING PERSON*

            IN
----------- --------------------------------------------------------------------





     This Amendment No. 1 to Schedule 13D ("Amendment No. 1") amends the
Schedule 13D filed on February 23, 2007 (as amended by this Amendment No. 1, the
"Schedule 13D") and is being filed on behalf of Third Point LLC, a Delaware
limited liability company (the "Management Company") and Daniel S. Loeb, an
individual ("Mr. Loeb", and together with the Management Company, the "Reporting
Persons"). This Amendment No. 1 relates to the common stock, par value $0.01 per
share (the "Common Stock"), of IHOP Corp., a Delaware corporation (the
"Company"). The Management Company is the investment manager or adviser to a
variety of hedge funds and managed accounts (such funds and accounts, the
"Funds"). The Funds directly own the Common Stock to which this Schedule 13D
relates, and Mr. Loeb and the Management Company may be deemed to have
beneficial ownership over such Common Stock by virtue of the authority granted
to them by the Funds to vote and to dispose of the securities held by the Funds,
including the Common Stock.

Item 3.  Source and Amount of Funds or Other Consideration.

     Item 3 of the Schedule 13D is hereby amended and restated as follows:

     The Funds expended an aggregate of approximately $35,143,700 of their own
investment capital to acquire the 713,400 shares of Common Stock held by them.
The Funds effect purchases of securities primarily through margin accounts
maintained for them with Goldman, Sachs & Co., Citigroup Global Markets, Inc.
and UBS Securities LLC, which may extend margin credit to the Funds as and when
required to open or carry positions in the margin accounts, subject to
applicable Federal margin regulations, stock exchange rules and the firm's
credit policies. In such instances, the positions held in the margin accounts
are pledged as collateral security for the repayment of debit balances in the
accounts.

Item 5.  Interest in Securities of the Issuer.

     Item 5 of the Schedule 13D is hereby amended and restated as follows:

     (a) As of August 9, 2007, the Management Company and Mr. Loeb beneficially
own 713,400 shares of Common Stock (the "Shares"). The Shares represent 4.2% of
the 16,910,163 shares of Common Stock outstanding as of July 27, 2007, as
reported in the Company's Quarterly Report on Form 10-Q for the quarterly period
ended June 30, 2007. The percentages used herein and in the rest of this
statement are calculated based upon this number of outstanding shares.

     (b) The Management Company and Mr. Loeb share voting and dispositive power
over the 713,400 shares of Common Stock held directly by the Funds.

     (c) Schedule A hereto sets forth certain information with respect to
transactions by the Funds (at the direction of the Management Company and Mr.
Loeb) in Common Stock during the past 60 days. All of the transactions set forth
on Schedule A were effected in open market transactions on the New York Stock
Exchange. Other than as set forth on Schedule A, during the past 60 days there
were no transactions in the Common Stock effected by the Reporting Persons nor,
to the best of their knowledge, any of their directors, executive officers,
general partners or members.


                                       4





     (d) Other than the Funds which directly hold the Shares, and except as set
forth in this Item 5, no person is known to have the right to receive or the
power to direct the receipt of dividends from, or the proceeds from the sale of,
the Shares.

     (e) Each of the Reporting Persons ceased to be the beneficial owner of more
than five percent of the outstanding Common Stock on August 9, 2007.



                         [Signatures on following page]


                                       5





                                   SIGNATURES

     After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.


Dated:  August 10, 2007



                                   THIRD POINT LLC

                                   By:  Daniel S. Loeb, Chief Executive Officer


                                   By: /s/ Justin Nadler
                                       -----------------------------------------
                                       Name:   Justin Nadler
                                       Title:  Attorney-in-Fact






                                   DANIEL S. LOEB


                                   By: /s/ Justin Nadler
                                       -----------------------------------------
                                       Name:   Justin Nadler
                                       Title:  Attorney-in-Fact
















               [SIGNATURE PAGE TO AMENDMENT NO. 1 TO SCHEDULE 13D
                           WITH RESPECT TO IHOP CORP.]





                                   Schedule A


                   (Transactions by the Funds in Common Stock
                            during the past 60 days)


      Date           Transaction          Shares          Price Per Share($)
      ----           -----------          ------          ------------------

---------------- ------------------- ----------------- -------------------------
    06/29/07              BUY              9,200                 54.43
---------------- ------------------- ----------------- -------------------------
    06/29/07             SELL             (9,200)                54.43
---------------- ------------------- ----------------- -------------------------
    07/20/07             SELL             (25,000)               64.21
---------------- ------------------- ----------------- -------------------------
    07/20/07             SELL             (25,000)               64.41
---------------- ------------------- ----------------- -------------------------
    07/25/07              BUY              33,800                66.12
---------------- ------------------- ----------------- -------------------------
    07/25/07             SELL             (33,800)               66.12
---------------- ------------------- ----------------- -------------------------
    07/26/07             SELL             (50,000)               65.15
---------------- ------------------- ----------------- -------------------------
    07/26/07             SELL             (50,000)               65.21
---------------- ------------------- ----------------- -------------------------
    08/06/07             SELL             (25,000)               63.82
---------------- ------------------- ----------------- -------------------------
    08/08/07             SELL            (125,000)               68.24
---------------- ------------------- ----------------- -------------------------
    08/09/07             SELL            (241,600)               67.80
---------------- ------------------- ----------------- -------------------------