Jack in the Box (JACK) Q4 2024 earnings summary

Executive summary

• Achieved the highest number of new restaurant openings in over a decade, with 44 new units in FY 2024 and a robust development pipeline for both brands.

• Advanced digital initiatives, including new POS rollout, app launches, and increased digital sales, now over 14% of total sales.

• Refranchised Del Taco to nearly 80% franchise ownership, making it an asset-light business.

• Managed through significant inflation and California minimum wage increases, while maintaining focus on value and innovation.

• Entered new markets such as Chicago, Detroit, and Florida, with strong early performance in Salt Lake City, Louisville, and Mexico.

Financial highlights

• Q4 2024 system same-store sales declined 2.1% at Jack in the Box and 3.9% at Del Taco; total revenues for Q4 2024 decreased 6.2% year-over-year to $349.3 million.

• Consolidated adjusted EBITDA was $65.5 million, down from $68.4 million prior year.

• GAAP-diluted EPS was $1.12 for the quarter, up from $1.08 prior year; operating EPS was $1.16, up from $1.10.

• Restaurant-level margin in Q4 2024: Jack in the Box 18.5% (down from 20.7%), Del Taco 9.3% (down from 14.8%).

• SG&A expense for Q4 2024 was $30.0 million, down $13.7 million year-over-year due to COLI gains and lower incentive compensation.

Outlook and guidance

• FY 2025 consolidated guidance: capital expenditures $105–115 million, SG&A $160–170 million, adjusted EBITDA $288–303 million, operating EPS $5.05–5.45.

• Jack in the Box 2025: same-store sales flat to up 1%, 35–45 gross openings, company-owned margin 20–22%, franchise margin 40–41%.

• Del Taco 2025: same-store sales flat to down 1%, 15–20 gross openings, company-owned margin 9–11%, franchise margin 25–26%.

• Price increases expected: Jack 3–4%, Del Taco 5–6%.