Portillo's reported Q3 2025 revenues of $181.4 million, a 1.8% increase year-over-year, but same restaurant sales declined 0.8% driven by a 2.2% decrease in transactions.
The company announced a strategic reset, slowing development in 2025 and 2026 after opening too many locations too quickly, particularly in Texas. They plan to open eight restaurants in 2026 and will focus on a more gradual growth pace and smaller format restaurants.
Restaurant level adjusted EBITDA margins decreased to 20.2% in Q3 2025 from 23.5% in the prior year, primarily due to a 6.3% increase in commodity prices and higher labor costs.
Portillo's updated its fiscal year 2025 Adjusted EBITDA guidance to $90 million to $94 million and G&A to $76 million to $79 million.
Mike Miles has assumed the role of Interim Chief Executive Officer, also serving as Chairman of the Board.

Nov 4, 2025, 3:00 PM

Transcript

Portillo's Announces Q3 2025 Results and Strategic Reset

PTLO

Earnings

Guidance Update

Management Change

Portillo's (PTLO) reported Q3 2025 revenues of $181.4 million, an increase of 1.8% year-over-year, primarily driven by non-comp restaurants, while same-restaurant sales declined 0.8% due to a 2.2% decrease in transactions.
Restaurant-level Adjusted EBITDA decreased to $36.7 million (20.2% margin) in Q3 2025, down from $41.9 million (23.5% margin) in the prior year, leading to an updated fiscal year 2025 Adjusted EBITDA guidance of $90-$94 million.
The company announced a strategic reset, slowing development in 2025 and 2026 to focus on the guest experience and addressing low-volume restaurants, with eight new restaurants planned for 2026.
Mike Miles was appointed Interim Chief Executive Officer, and the company recognized a $1.1 million net benefit from the CEO transition in Q3 2025, offset by other transition costs.

Nov 4, 2025, 3:00 PM

Transcript

Portillo's Inc. Announces Third Quarter 2025 Financial Results

PTLO

Earnings

Guidance Update

Demand Weakening

Portillo's Inc. reported Q3 2025 total revenue of $181.4 million, an increase of 1.8% year-over-year, alongside a 0.8% decrease in same-restaurant sales.
Profitability declined significantly in Q3 2025, with net income at $0.8 million (down $8.0 million) and operating income at $5.4 million (down $10.6 million) compared to Q3 2024.
The company is resetting its growth model, adopting a more measured pace in new markets and aiming for better unit economics.
Portillo's updated its fiscal 2025 financial targets, projecting revenue between $730-$733 million and Adjusted EBITDA between $90-$94 million, with expected same-restaurant sales between (1%) to (1.5%).

Nov 4, 2025, 1:02 PM

8-K

Portillo's Updates Guidance, Slows Unit Growth, and Targets Lower Build Costs

PTLO

Guidance Update

New Projects/Investments

Demand Weakening

Portillo's (PTLO) has lowered its full-year guidance and revised its same-store sales outlook, attributing the change to a tough restaurant environment and softness in top-line trends expected to continue into Q4.
The company is strategically reducing new restaurant openings from 12 to 8 units for 2025 and guiding to 8 units for 2026, with a focus on improving unit economics and significantly lowering build costs to under $5 million for the 2026 class.
Portillo's aims to be free cash flow positive in 2026 and beyond.
The company is simplifying operations, including discontinuing breakfast offerings (except for one airport location), to maniacally focus on driving traffic at lunch and dinner and achieving best-in-class unit-level economics.

Sep 10, 2025, 8:30 PM

Transcript

Portillo's Updates Guidance and Strategic Development Plans

PTLO

Guidance Update

Demand Weakening

New Projects/Investments

Portillo's revised its same-store sales outlook and lowered its full-year guidance due to a challenging restaurant environment and top-line softness.
The company reduced its new unit openings for 2025 from 12 to eight and plans to open eight new restaurants in 2026.
Portillo's is focused on improving unit economics, targeting new restaurant build costs of less than $5 million for the 2026 class, down from $6.8 million for the 2024 class.
To simplify operations and focus on core business, Portillo's is discontinuing its breakfast offering, except for the upcoming Dallas-Fort Worth Airport location.
A new Chief Marketing Officer has been hired to enhance marketing efforts and brand awareness, particularly in new markets like Texas and Atlanta.

Sep 10, 2025, 8:30 PM

Transcript

Portillo's Inc. Announces Q2 2025 Financial Results and Updates Fiscal 2025 Guidance

PTLO

Earnings

Guidance Update

Demand Weakening

Portillo's Inc. reported total revenue of $188.5 million for the second quarter ended June 29, 2025, marking a 3.6% increase compared to Q2 2024, with same-restaurant sales growing by 0.7%.
Net income for Q2 2025 was $10.0 million, an increase of $1.5 million from Q2 2024, resulting in diluted earnings per share of $0.12.
The company updated its fiscal 2025 financial targets, revising revenue growth to 5% to 7% (previously 10% to 12%) and Adjusted EBITDA growth to Flat to Low single-digits (previously 5% to 8%).
Portillo's plans to open 12 new restaurants in fiscal 2025, with one new restaurant opened subsequent to Q2 2025 in Tomball, Texas, bringing the total restaurant count to 95.

Aug 5, 2025, 12:00 AM

8-K

Portillo's Q1 2025 Earnings & Growth Initiatives

PTLO

Earnings

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Q1 revenues reached $176.4 million with a 6.4% YoY increase and 1.8% same-restaurant sales growth
Operating income was $10.4M; net income reached $4.0M with declines driven by higher income tax expense
Restaurant-level adjusted EBITDA was $36.7 million with a 20.8% margin, showing a modest decline versus the prior year
The company plans to open 12 new restaurants (including Restaurant of the Future 1.0) in fiscal 2025 to boost its expansion strategy
Operational enhancements include improved drive-thru performance, increased kiosk adoption (approaching 30%), and a pilot breakfast test in Chicagoland, along with the launch of the Portillo's Perks loyalty program
Updated guidance for 2025 projects comparable sales growth of 1%-3% and total revenue growth between 10%-12% as operational improvements continue

May 6, 2025, 2:01 PM

Transcript Presentation 8-K

Portillo's Enters Cooperation Agreement for Board Strengthening

PTLO

Board Change

Portillo's Inc. announced a cooperation agreement with Engaged Capital to jointly identify and appoint a new director with relevant restaurant operations experience to the Board, aiming to drive improved performance and enhanced unit economics.
The agreement includes customary standstill and voting restrictions, ensuring a structured process for board nominations and committee appointments ahead of the 2025 Annual Meeting.

Apr 28, 2025, 12:00 AM

8-K

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