Achieved strongest Q2 traffic and restaurant-level operating profit margins in several years, reflecting disciplined execution of the First Choice plan.
Announced three refranchising agreements for 116 restaurants, expected to generate $96 million in gross proceeds and enhance financial flexibility.
Operational discipline, guest satisfaction, and labor efficiency initiatives drove improvements, with team engagement and low turnover supporting consistent guest experience.
Comparable restaurant revenue increased 1.3% in Q2, offsetting declines from restaurant closures.
Adjusted EBITDA for Q2 2026 was $18.9 million, a 16% decrease year-over-year.
Q2 2026 total revenues were $277.6 million, down $6.1 million year-over-year due to restaurant closures, with net income at $0.4 million.
Restaurant-level operating margin rose 20 basis points to 14.7%, the highest Q2 margin in four years.
Adjusted EBITDA was $18.9 million, down from $22.4 million in Q2 2025, mainly due to increased marketing spend.
Selling expense increased to $10.4 million, reflecting investment in value platforms and marketing.
Ended Q2 with $47.8 million in liquidity, including $32.5 million in cash and $25 million in available credit.
2026 guidance reaffirmed: comparable restaurant revenue growth of 0.5%–1.5%, restaurant-level operating margin of ~13%, adjusted EBITDA of $70–$73 million, and capital expenditures of $25–$30 million.
Guidance excludes impact from pending refranchising transactions; updates expected upon transaction completion.
Expect Q4 to outperform Q3 due to easier comparisons and new marketing initiatives.
Menu pricing expected to remain steady at 3.2%–3.3% for the year.
Commodity inflation expected to ease in the back half, with beef and poultry prices moderating.
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Search for any keyword across all transcripts simultaneously.
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
The easiest way to stay updated during earnings season.
All events from public companies. Live and recorded.
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
I can't remember the last time an app had such a positive impact on my investment process.
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
Explore our global coverage