Fourth quarter 2025 results reflect steady momentum from the First Choice plan, with comp sales down 3.3% and full-year comp sales down 0.3% excluding deferred loyalty revenue.
Launched the First Choice strategic plan in mid-2025, resulting in steady business improvement and a significant year-over-year increase in Adjusted EBITDA.
December traffic outpaced the Black Box Intelligence Casual Dining Index for the first time since Q3 2024, with momentum continuing into January before weather disruptions.
Labor efficiency initiatives and targeted marketing drove profitability and guest engagement, with hourly turnover at its lowest since 2017.
Focused on price-value, labor efficiency, and targeted marketing to drive operational excellence and market share gains.
FY2025 total revenues were $1,210.2M, down from $1,248.6M in FY2024; Q4 revenues were $269M, down $16.2M from 2024 due to lower comp sales and restaurant closures.
Comparable restaurant revenue (excluding deferred loyalty revenue) decreased 0.3% year-over-year, with a 3.8% decline in guest traffic and a 4.2% benefit from net menu pricing.
Restaurant-level operating profit margin improved to 12.7% for FY2025, up 190 basis points from FY2024.
Adjusted EBITDA rose 53% to $69.7M for FY2025, driven by higher operating profit and cost control.
Net loss for FY2025 was $23.3M, improved from a net loss of $77.5M in FY2024.
FY2026 guidance: comparable restaurant revenue growth (excluding deferred loyalty revenue) of 0.5% to 1.5%.
Restaurant-level operating profit margin expected at approximately 13%.
Adjusted EBITDA projected between $70M and $73M; capital expenditures planned at $25M to $30M.
Full-year pricing impact expected to be 3.2% due to new menu rollout.
Selling expense expected to increase in 2026 to support micro-targeted marketing.
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