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Portillo's
Portillo's (PTLO) investor relations material
Portillo's Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Fiscal 2025 revenue grew 3.0% year-over-year to $732.1 million, driven by new restaurant openings, but same-restaurant sales declined 0.5% due to lower transactions despite higher average check.
Fourth quarter 2025 revenue increased 0.6% to $185.7 million, with net income of $6.3 million and operating income of $10.3 million; net income dropped 49.5% year-over-year.
Adjusted EBITDA for Q4 2025 was $24.7 million (13.3% margin), and for the year was $97.3 million (13.3% margin).
Strategic reset of development pace, slower new store openings, and operational focus, with Brett Patterson appointed CEO in February 2026.
Over 2 million members enrolled in the Perks loyalty program, supporting targeted promotions and traffic.
Financial highlights
Same-restaurant sales declined 3.3% in Q4 2025 and 0.5% for the full year; new restaurants contributed $27.4 million to revenue growth in 2025.
Restaurant-Level Adjusted EBITDA for Q4 2025 was $40.6 million (21.8% margin); for the year, $158.4 million (21.6% margin).
Food, beverage, and packaging costs rose to 34.6% of revenues due to 3.9%-4% commodity inflation, especially in beef and pork.
Labor costs increased to 26% of revenues, up from 24.6% last year, due to lower transactions and wage increases.
Net income margin for Q4 2025 was 3.4%, down from 6.7% in Q4 2024.
Outlook and guidance
Fiscal 2026 targets: 8 new units, with 6 in the first half and 2 in the second half; capital expenditures projected at $55–$60 million.
Restaurant-level Adjusted EBITDA margin expected at 20.5%-21%; adjusted EBITDA projected at $80–$82 million, flat versus 2025.
Commodity inflation expected in the mid-single digits; labor inflation projected at 3%-3.5%.
Positive free cash flow expected in 2026, with excess cash to be used for debt repayment.
How will marketing tactics reverse transaction decline?
Impact of ROTF 1.0 on restaurant-level profitability?
Why is 2026 Adjusted EBITDA outlook flat with new units?
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Next Portillo's earnings date
Q1 20265 May, 2026
Portillo's
Next Portillo's earnings date
Q1 20265 May, 2026
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Frequently asked questions
Portillo's Inc operates a chain of fast-casual restaurants offering Chicago-style food such as hot dogs, Italian beef sandwiches, burgers, and salads. The company serves customers through dine-in, drive-thru, catering, and digital ordering platforms. It operates company-owned restaurants across the United States. The company is headquartered in Oak Brook, Illinois, and its shares are listed on the NASDAQ.
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