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Potbelly (PBPB) investor relations material
Potbelly Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
System-wide sales grew 6.7% year-over-year to $154.2M, with same-store sales up 3.2% and positive traffic growth.
Adjusted EBITDA increased 13% to $9.6M, at the high end of guidance, and shop-level margin improved to 16.7% from 15.7% year-over-year.
Eight new shops opened and 54 new franchise shop commitments signed, bringing total open and committed shops to 816.
Digital sales represented over 41% of total shop sales, supported by a new website and app launch.
Continued focus on menu innovation, digital investments, and prudent cost controls to drive future growth.
Financial highlights
Total revenues rose 3.4% year-over-year to $123.7M, with company-operated shop sales at $118.4M and franchise revenue up 27.7% to $5.3M.
Adjusted EBITDA for Q2 2025 was $9.6M (7.8% of revenue), up from $8.5M last year.
Net income was $2.5M; adjusted net income $2.9M, with prior year net income including a $31.3M one-time tax benefit.
Average weekly sales per shop were $27,040, up from $26,110 year-over-year.
Cash and cash equivalents at quarter-end were $17.0M, with total liquidity of $46.2M.
Outlook and guidance
Raised full-year 2025 guidance: same-store sales growth of 2–3%, at least 38 new shops, and adjusted EBITDA of $34–35M.
Q3 2025 guidance: same-store sales growth of 3.25–4.25%, at least 8 new units, and adjusted EBITDA of $9–10M.
Management expects sufficient liquidity for at least the next twelve months, supported by cash flow and a $30M revolving credit facility.
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