Executive Summary

Q4 2025 revenue was $868.0M, up 4.4% YoY when adjusting for last year’s 53rd week; GAAP diluted EPS was $0.30 and adjusted EPS was $0.74. The company delivered adjusted EBITDA of $55.7M (6.4% margin) while comparable restaurant sales rose 5.4% and retail comps fell 0.8% .
Versus S&P Global consensus, revenue beat ($868.0M vs $854.7M*) while EPS slightly missed ($0.74 vs $0.77*); EBITDA was modestly below consensus ($52.0M vs $53.4M*) as reported GAAP EBITDA, while adjusted EBITDA was stronger. Values retrieved from S&P Global.
Management pivoted rapidly after guest feedback on brand refresh: returned to the “Old Timer” logo, paused remodels, emphasized food quality and hospitality, and outlined FY2026 guidance that reduces spending, focuses on adjusted EBITDA ($150–$190M), and plans 2 new stores and 14 Maple Street closures .
Capital allocation actions include a new $100M share repurchase authorization and a $0.25 quarterly dividend; balance sheet was fortified via $345M 1.75% 2030 converts and revolver refinancing .
Near-term traffic headwinds (down ~7–8% expected in Q1) tied to the logo episode are expected to moderate sequentially through FY2026 as investments in marketing, menu quality, and operations aim to rebuild momentum .

What Went Well and What Went Wrong

What Went Well

Five consecutive quarters of positive comparable restaurant sales; Q4 pricing of 5.4% flowed well, with mix +1% and off‑premise at 18.1% of restaurant sales .
Adjusted EBITDA increased 8.0% YoY when adjusting for the prior year’s 53rd week, driven by pricing, favorable mix, and labor productivity gains; adjusted EBITDA margin held at 6.4% .
Strategic and cultural pivot resonated with guests: “We’ve listened, switching back to our ‘Old Timer’ logo, hitting pause on remodels, and placing an even bigger emphasis in the kitchen” — Julie Masino .

What Went Wrong

Retail underperformed: comparable store retail sales fell 0.8%; retail COGS rose 90bps YoY, largely from $2.4M incremental tariff expense in Q4 .
Traffic deterioration post-logo change: traffic for early Q1 declined ~7–8%, with declines larger in the Southeast (ex‑Florida) and broad-based across cohorts .
GAAP margin compression: operating income margin fell to 0.5% (from 2.5% LY), and GAAP net income declined to $6.8M due to impairment charges and higher advertising/G&A .

Financial Results

Core Performance (reported, consolidated)

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$949.4	$821.1	$868.0
GAAP Net Income ($USD Millions)	$22.2	$12.6	$6.8
Diluted EPS ($USD)	$0.99	$0.56	$0.30
EBITDA ($USD Millions)	$59.4	$45.8	$39.0
EBITDA Margin (%)	6.3%	5.6%	4.5%
Adjusted EBITDA ($USD Millions)	$74.6	$48.1	$55.7
Adjusted EBITDA Margin (%)	7.9%	5.9%	6.4%
Operating Income ($USD Millions)	$29.1	$14.9	$4.0
Operating Margin (%)	3.1%	1.8%	0.5%

Q4 2025 vs Estimates (S&P Global)

Metric	Actual	Consensus	Surprise
Revenue ($USD Millions)	$868.0	$854.7*	+$13.3M / +1.6%*
EPS (Adjusted, $USD)	$0.74	$0.77*	-$0.03 / -3.9%*
EBITDA (GAAP, $USD Millions)	$39.0	$53.4*	-$14.4M / -27.0%*

Values retrieved from S&P Global.

Segment Breakdown (Cracker Barrel stores only; excludes Maple Street Biscuit Company)

Segment	Q4 2024	Q4 2025	YoY Change
Restaurant Revenue ($USD Millions)	$713.0	$699.99	-1.8%
Retail Revenue ($USD Millions)	$162.73	$149.74	-8.0%
Total Revenue ($USD Millions)	$875.75	$849.73	-3.0%
Mix (% of Total) Restaurant	81.8%	82.7%	+90 bps
Mix (% of Total) Retail	18.2%	17.3%	-90 bps

Note: Fourth quarter 2024 included a 14th week; amounts above exclude Maple Street Biscuit Company .

KPIs

KPI	Q2 2025	Q3 2025	Q4 2025
Comparable Restaurant Sales (%)	+4.7%	+1.0%	+5.4%
Comparable Retail Sales (%)	+0.2%	-3.8%	-0.8%
Pricing (Restaurant)	+6.0%	+4.9%	+5.4%
Menu Mix (Restaurant)	n/a	+1.7%	+1.0%
Off‑Premise % of Restaurant Sales	n/a	19.1%	18.1%
Commodity Inflation	2–3% FY guide	~2.9% (beef/eggs/pork ↑; poultry/produce ↓)	~2.3% (beef/pork/eggs ↑; poultry/produce ↓)
Labor Wage Inflation	~3% FY guide	~1.9%	~1.1%
Retail Tariff Impact	n/a	~$5M Q4 headwind expected (EBITDA)	$2.4M incremental Q4 retail COGS
Dinner Traffic	n/a	n/a	+1% for first time since FY2019 (ex‑COVID)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue ($USD Billions)	FY2026	n/a	$3.35–$3.45	New
Adjusted EBITDA ($USD Millions)	FY2026	n/a	$150–$190	New
Commodity Inflation (%)	FY2026	n/a	2.5–3.5	New
Hourly Wage Inflation (%)	FY2026	n/a	3.0–4.0	New
Capital Expenditures ($USD Millions)	FY2026	prior 3‑yr program $600–$700M (FY25–27) referenced	$135–$150; majority maintenance, no new remodels	Lower vs prior multi‑year plan
New Cracker Barrel Stores (count)	FY2026	n/a	2	New
Maple Street Closures (count)	FY2026	n/a	14	New
Q1 Adjusted EBITDA	Q1 FY2026	n/a	“Significantly below prior year” due to lower traffic and ~$16M marketing/conference/training costs	New
Pricing (%)	FY2026	~5% FY2025	4–5	Maintained within range
Dividend	Ongoing	$0.25 per quarter (continued)	$0.25 per quarter (payable Nov 12, 2025)	Maintained
Share Repurchase Authorization	Ongoing	n/a	New $100M authorization	New

This FY2026 outlook replaces all previous guidance or projections, including with respect to FY2027 .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q3 2025)	Current Period (Q4 2025)	Trend
AI/Technology Initiatives	n/a in release	Loyalty personalization AI; ML traffic forecasting; AI in guest relations and cybersecurity	Focus shifted to food/process execution; AI not a focal point in Q4 call	De‑emphasized near‑term
Supply Chain/Tariffs	FY2025 guide assumed 2–3% commodity inflation	~$5M Q4 EBITDA headwind; SKU rationalization, vendor negotiations, alternative sourcing	$2.4M incremental tariff expense in Q4 retail COGS; retail remediation largely offsets FY2026 tariffs	Active mitigation continues
Brand/Remodel Strategy	FY25 an “investment year”; remodel testing noted	Ongoing test-and-learn remodels; more detail promised in September	Paused remodels; reverting modern stores; returned “Old Timer” logo; organizational changes (Prophet engagement ended)	Pivot to heritage; reduce risk
Product Performance	Holiday execution strong (off‑premise profitability)	Campfire meals reintroduced; strong start to Q4	Dinner traffic +1%; biscuits/process improvements; fall menu items	Menu driving mix/traffic
Regional Trends	n/a	Macro/weather volatility in Feb	Declines larger in Southeast (ex‑Florida) since Aug 19	Watch regional sensitivity
Labor/Operations	Wage inflation ~3% guide	Back‑of‑house phase 1 rollout; improved productivity and turnover	Continued productivity gains; Herschel Way service principles	Operational execution improving

Management Commentary

“We’ve listened, switching back to our ‘Old Timer’ logo, hitting pause on remodels, and placing an even bigger emphasis in the kitchen and other areas that enhance the guest experience.” — Julie Masino .
“Assuming similar trends continue… we anticipate a Q1 traffic decline of approximately 7% to 8%... We anticipate full‑year adjusted EBITDA of approximately $150M to $190M.” — Craig Pommells .
“We’ve instituted process changes to ensure our signature biscuits are living up to our guests’ memories and expectations… making changes to our meatloaf and green bean preparation… Phase two was piloted in 15 stores.” — Julie Masino .
“Marketing as a % of sales will be a little bit higher in 2026 than it was in 2025, with Q1 in particular up a bit.” — Julie Masino .
Leadership updates reinforce focus on food and hospitality; engagement with Prophet ended as brand refresh shifts to heritage .

Q&A Highlights

Marketing spend/tone: Management plans elevated Q1 marketing and targeted campaigns (e.g., college football) to rebuild traffic; loyalty program sign‑ups accelerated despite near‑term traffic decline .
Margin drivers/outlook: Flow‑through on pricing (4–5% in FY2026) remains strong; back‑of‑house optimization contributes to labor/productivity; Q1 below prior year on ~$16M costs .
Tariff mitigation: Vendor negotiations, assortment/pricing changes, alternative sourcing, SKU count down ~10% by end of FY2026; incremental tariffs ~$25M in FY2026 largely offset through remediation .
Capital allocation: Board authorized $100M buyback and maintained $0.25 dividend; balanced approach with conservative leverage and flexibility post convert/refi .
Regional/cohort color: Declines broad-based; more pronounced in Southeast (ex‑Florida); over‑65 cohort held up relatively better .

Estimates Context

Q4 2025 revenue beat consensus ($868.0M vs $854.7M*). EPS modestly missed ($0.74 vs $0.77*). GAAP EBITDA came in below consensus ($39.0M vs $53.4M*), while adjusted EBITDA was $55.7M (above GAAP baseline). Values retrieved from S&P Global.
Potential estimate revisions: Near‑term EPS/EBITDA estimates likely trend lower given Q1 traffic/EBITDA commentary, elevated marketing spend, and tariff dynamics, partially offset by pricing, mix, and productivity actions .

Key Takeaways for Investors

The narrative pivot to heritage (logo, remodel pause) plus food/process improvements is designed to restore traffic; expect a sequential recovery path through FY2026 with early Q1 softness .
Revenue resilience and strong pricing/mix offset some retail/tariff pressure; adjusted EBITDA performance and margin discipline suggest underlying earnings power once traffic normalizes .
Capital framework adds support: $100M authorization and sustained dividend, with liquidity enhanced via 2030 converts and revolver, providing flexibility to invest and opportunistically return capital .
Watch regional dynamics (Southeast sensitivity) and brand sentiment as marketing messaging pivots; loyalty program engagement remains a lever to drive frequency/value .
Near‑term trading: Headlines around brand pivot, Q1 traffic comps, and tariff mitigation may drive volatility; beats/misses vs consensus were mixed — revenue beat, EPS slight miss — making updated FY2026 guidance the key anchor .
Medium‑term thesis: Back‑of‑house phases, menu quality, pricing barbell, and SKU rationalization can structurally improve margins; successful execution should re‑rate earnings power even with a more conservative capex plan .
Risk factors: Tariff trajectory, macro consumer softness, competitive value promotions, and lingering brand perception issues remain key variables to monitor .

CRACKER BARREL OLD COUNTRY STORE, INC (CBRL)·Q4 2025 Earnings Summary