CRACKER BARREL OLD COUNTRY STORE (CBRL) Company Report

For Q1 2026, Cracker Barrel reported a 5.7% decrease in sales compared to the prior year and an Adjusted EBITDA of $7.2 million. GAAP earnings per diluted share were negative $1.10, and adjusted earnings per diluted share were negative $0.74.
The company faced operational challenges with its Back-of-House initiative, leading to a reinstatement of prior processes and extensive retraining of staff, alongside key operational leadership changes.
Cracker Barrel updated its fiscal year 2026 outlook, anticipating total revenue of $3.2-$3.3 billion and full-year Adjusted EBITDA of approximately $70 million-$110 million. The updated traffic guidance for FY2026 is a decline of about negative 8%-negative 10%.
To improve profitability, the company plans annualized G&A savings of approximately $20 million-$25 million from corporate restructuring and a reduction of approximately $12 million-$16 million in advertising spend for Q2 through Q4.
A quarterly dividend of $0.25 per share was declared, payable on February 11, 2026, to shareholders of record on January 16, 2026.

Dec 9, 2025, 10:00 PM

Transcript

Cracker Barrel Reports Q1 2026 Results and Updates Fiscal 2026 Outlook

CBRL

Earnings

Guidance Update

Demand Weakening

Cracker Barrel reported Q1 2026 total revenue of $797.2 million, a 5.7% decrease from the prior year, with Adjusted EBITDA at $7.2 million and adjusted diluted earnings per share of -$0.74.
The company updated its fiscal 2026 outlook, now projecting total revenue between $3.2 billion and $3.3 billion and full-year Adjusted EBITDA of $70 million to $110 million, citing a slower recovery and a challenging macro environment.
To address profitability, Cracker Barrel is undertaking a corporate restructuring, expected to result in $20 million to $25 million in annualized G&A savings, and is reducing planned advertising spend by approximately $12 million to $16 million for Q2-Q4 fiscal 2026.
The company experienced a 7.3% decline in comparable store restaurant traffic in Q1 2026, with quarter-to-date traffic in Q2 2026 declining approximately 11%, and faced operational challenges with its Back-of-House initiative that impacted food consistency.

Dec 9, 2025, 10:00 PM

Transcript

Cracker Barrel Reports Q1 2026 Results and Updates FY2026 Guidance

CBRL

Earnings

Guidance Update

Demand Weakening

Cracker Barrel reported a 5.7% decrease in total revenue to $797.2 million and a significant drop in Adjusted EBITDA to $7.2 million (0.9% of total revenue) for Q1 2026, with comparable store restaurant sales down 4.7% and adjusted diluted EPS at negative $0.74.
The company is implementing several initiatives to improve performance, including reinstating prior back-of-house processes, making operational leadership changes, bringing back popular menu items, and leveraging its loyalty program which now has over 10 million members.
Cost-saving measures include a corporate restructuring in Q1 and a planned further restructuring in Q2, expected to result in annualized G&A savings of $20 million-$25 million, and a reduction in planned advertising spend for Q2-Q4 by $12 million-$16 million.
For fiscal year 2026, Cracker Barrel anticipates total revenue between $3.2 billion and $3.3 billion and Adjusted EBITDA between $70 million and $110 million, with capital expenditures projected at $110 million-$125 million, and declared a quarterly dividend of $0.25 per share.

Dec 9, 2025, 10:00 PM

Transcript

Cracker Barrel Reports Q1 Fiscal 2026 Results and Updates Fiscal 2026 Outlook

CBRL

Earnings

Guidance Update

Demand Weakening

Cracker Barrel Old Country Store, Inc. reported first quarter fiscal 2026 total revenue of $797.2 million, a 5.7% decrease compared to the prior year, with GAAP earnings (loss) per diluted share of ($1.10) and adjusted earnings (loss) per diluted share of ($0.74).
The company experienced a 4.7% decrease in comparable store restaurant sales and an 8.5% decrease in comparable store retail sales over the prior year quarter.
Cracker Barrel updated its fiscal 2026 outlook, revising total revenue guidance to $3.2 billion to $3.3 billion (from a previous outlook of $3.35 billion to $3.45 billion) and adjusted EBITDA guidance to $70 million to $110 million (from a previous outlook of $150 million to $190 million).
The Board of Directors declared a quarterly dividend of $0.25 per share.

Dec 9, 2025, 9:20 PM

8-K

Cracker Barrel Reports Q1 FY2026 Results and Updates Fiscal 2026 Outlook

CBRL

Earnings

Guidance Update

Profit Warning

Cracker Barrel reported first-quarter fiscal 2026 total revenue of $797.2 million, a 5.7% decrease compared to the prior year, resulting in a GAAP diluted loss per share of ($1.10) and an adjusted diluted loss per share of ($0.74).
The company experienced declines in comparable store sales, with restaurant sales decreasing 4.7% and retail sales decreasing 8.5% over the prior year quarter.
Cracker Barrel significantly updated its fiscal 2026 outlook, lowering total revenue guidance to $3.2 billion to $3.3 billion (from a previous $3.35 billion to $3.45 billion) and adjusted EBITDA guidance to $70 million to $110 million (from a previous $150 million to $190 million).
The updated outlook includes planned cost savings initiatives, such as $20 million to $25 million in annualized general and administrative expenses savings and an aggregate advertising expense reduction of $12 million to $16 million for the remainder of the fiscal year.
The Board of Directors declared a quarterly dividend of $0.25 per share.

Dec 9, 2025, 9:05 PM

Press Release

Cracker Barrel Faces Shareholder Activism from Biglari Capital

CBRL

Proxy Vote Outcomes

CEO Change

Board Change

Biglari Capital states that Cracker Barrel's share price has declined 30% since October 7, 2025, attributing this to a failed transformation plan and the current CEO, Julie Masino, who has overseen over $1 billion in market value destruction since August 7, 2023.
The press release highlights high short interest in Cracker Barrel stock, reaching approximately 25% of the float as of November 7, 2025, suggesting expectations of further decline despite a 70% share price drop over the last five years.
Biglari Capital urges shareholders to vote AGAINST the election of CEO Julie Masino and other identified directors at the upcoming 2025 annual meeting to demand change and a new CEO with relevant turnaround experience.

Nov 13, 2025, 1:25 PM

Press Release

Cracker Barrel Nominees Face Opposition from Proxy Advisory Firms

CBRL

Board Change

Proxy Vote Outcomes

Demand Weakening

Proxy advisory firms ISS, Glass Lewis, and Egan-Jones recommend voting against the election of certain incumbent nominees for Cracker Barrel's annual meeting on November 20, 2025.
Glass Lewis specifically recommends against director Gilbert Dávila and Jody Bilney, citing "faulty" board-level marketing expertise and "arbitrary" bylaw amendments.
Egan-Jones recommends voting against CEO Julie Masino, Chairman Carl Berquist, and directors Gilbert Dávila, Gisel Ruiz, and Darryl Wade due to lagging Total Shareholder Return (TSR), financial underperformance, and operational challenges.
The firms highlighted the impact of failed rebranding initiatives, which contributed to a 46.6% stock loss for Cracker Barrel between August 18, 2025, and November 3, 2025, and the stock reaching 16-year lows.

Nov 10, 2025, 1:00 PM

Press Release

Egan-Jones Recommends Voting Against Cracker Barrel CEO and Directors

CBRL

Board Change

Management Change

Profit Warning

Independent proxy advisory firm Egan-Jones recommends that shareholders vote AGAINST the election of Cracker Barrel CEO Julie Masino, Chairman Carl Berquist, and three other incumbent directors at the upcoming annual meeting on November 20, 2025.
The recommendation is based on Cracker Barrel's 70% decline in Total Shareholder Return (TSR) since early 2020, significant financial underperformance, and operational challenges.
Cracker Barrel's net income fell nearly 80% in FY2025, and its market capitalization has declined approximately 50% since CEO Masino's appointment, representing a loss of about $1 billion in shareholder value.
The company has experienced declining guest traffic (down 3% in FY2025 and 5% in FY2024) and has lowered its FY2026 revenue guidance to $3.35-$3.45 billion with projected traffic declines of 4-7%.

Nov 7, 2025, 7:08 PM

Press Release

Cracker Barrel Reports Q4 2025 Results, Adjusts Brand Strategy, and Provides FY2026 Outlook

CBRL

Earnings

Guidance Update

Share Buyback

Cracker Barrel reported Q4 2025 total revenue of $868 million and adjusted EPS of $0.74, with comparable store restaurant sales growing 5.4%. For fiscal year 2025, adjusted revenue grew 2.2% and adjusted EBITDA increased 9%.
The company is reverting to its old-timer logo and traditional interiors for remodels, as traffic declined approximately 8% since August 19, 2025, following the initial logo change, compared to a 1% decline in early August.
For fiscal year 2026, Cracker Barrel anticipates total revenue between $3.35 billion and $3.45 billion, with annual traffic projected to decline 4% to 7%, and adjusted EBITDA expected to range from $150 million to $190 million.
The Board authorized a new $100 million share repurchase program and declared a quarterly dividend of $0.25 per share.

Sep 17, 2025, 9:00 PM

Transcript

Cracker Barrel Reports Q4 and Full Year Fiscal 2025 Results and Provides Fiscal 2026 Outlook

CBRL

Earnings

Guidance Update

Share Buyback

Cracker Barrel reported Q4 fiscal 2025 total revenue of $868.0 million and adjusted diluted EPS of $0.74. For the full fiscal year 2025, total revenue was $3.48 billion and adjusted diluted EPS was $3.16.
In Q4 fiscal 2025, comparable store restaurant sales increased 5.4%, while comparable store retail sales decreased 0.8%. Full-year fiscal 2025 adjusted EBITDA grew 9.0% to $224.3 million, adjusting for the 53rd week in the prior year.
For fiscal 2026, the company anticipates total revenue between $3.35 billion and $3.45 billion and adjusted EBITDA between $150 million and $190 million. This outlook includes plans to open 2 new Cracker Barrel stores and close 14 Maple Street units.
The Board of Directors declared a quarterly dividend of $0.25 per share and authorized a new share repurchase program for up to $100 million of common stock.