Portillo's Inc. (PTLO) is a fast-casual restaurant chain specializing in iconic Chicago street food. The company operates 94 restaurants across 10 states, offering a diverse menu that includes Chicago-style hot dogs, Italian beef sandwiches, burgers, salads, and desserts. Portillo's combines fast-casual and quick-service elements to deliver high-quality food through dine-in, drive-thru, delivery, and catering services.
- Chicago-Style Hot Dogs and Sausages - Offers classic Chicago-style hot dogs and sausages, a signature item that reflects the company's roots in Chicago street food.
- Italian Beef Sandwiches - Serves Italian beef sandwiches, a staple of the menu and a key contributor to its popularity.
- Char-Broiled Burgers - Features a selection of char-broiled burgers made with fresh ingredients.
- Fresh Chopped Salads - Provides a variety of fresh chopped salads catering to health-conscious customers.
- Sides and Desserts - Includes crinkle-cut fries, homemade chocolate cake, and the signature chocolate cake shake, enhancing the dining experience with unique and indulgent options.
- Catering Services - Offers catering for events, leveraging its diverse menu to serve large groups.
- Non-Traditional Locations - Operates a food truck and a ghost kitchen to expand its reach and serve customers in non-traditional settings.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Michael Osanloo ExecutiveBoard | President, CEO, and Director | None | Michael Osanloo has been CEO since 2018, previously led P.F. Chang's, and held senior roles at Kraft Heinz and Caesar's Entertainment. Holds an MBA from the University of Chicago. | View Report → |
Jill Waite Executive | Chief People Officer | None | Jill Waite joined PTLO in 2019, focusing on culture, talent pipeline, and employee engagement. Holds a degree in Management from the University of Florida. | |
Michelle Hook Executive | Chief Financial Officer | None | Michelle Hook joined PTLO in 2020 after 17 years at Domino's, where she led global FP&A and investor relations. She is a CPA with an MBA from the University of Michigan. | |
Tony Darden Executive | Chief Operating Officer | None | Tony Darden joined PTLO in 2024, previously COO at Jack in the Box and held leadership roles at Panera Bread and Taco Bueno. Brings 30+ years of operational expertise. | |
Ann Bordelon Board | Director | Executive Vice Chancellor at University of Arkansas; Board Member at CRMT | Ann Bordelon joined PTLO's board in 2020, with 24 years of finance experience. She also serves on the board of America's Car-Mart and oversees finance at the University of Arkansas. | |
Jack R. Hartung Board | Director | Board Member at The Honest Company; Board Member at Zocdoc | Jack Hartung joined PTLO's board in 2025 after 22 years as CFO at Chipotle, where he oversaw its IPO and significant growth. Holds an MBA from Illinois State University. | |
Joshua A. Lutzker Board | Director | Managing Director at Berkshire Partners; Board Member at Boston Symphony | Joshua Lutzker has been on PTLO's board since 2014. He co-leads the Consumer and Retail practice at Berkshire Partners and has extensive experience in brand growth. | |
Mike Miles Board | Chairman of the Board | Board Member at Western Union; Advisory Director at Berkshire Partners | Mike Miles has been Chairman since 2014, previously President of Staples and COO of Pizza Hut. He also serves on Western Union's board and advises Berkshire Partners. | |
Noah Glass Board | Director | Founder & CEO of Olo Inc.; Board Member at Share Our Strength; Trustee at CIA | Noah Glass has been on PTLO's board since 2017. He is the founder and CEO of Olo, a restaurant technology company, and serves on nonprofit boards. | |
Paulette Dodson Board | Director | Board Member at Bark, Inc.; Board Member at Trupanion; Board Member at Mather | Paulette Dodson joined PTLO's board in 2021, bringing 30+ years of legal and governance expertise. Previously General Counsel at Alight and PetSmart. |
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With same-restaurant sales projected to be approximately negative 1% for the full year and facing macroeconomic headwinds along with aggressive discounting from competitors, how does management plan to drive traffic and reverse the negative comp sales trend without compromising margins or brand integrity?
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Given that you've reduced the size of your new restaurant prototypes to lower build costs, how confident are you that these smaller formats can sustain the same high AUVs without impacting customer experience or operational efficiency, especially considering the pivot towards off-premises dining?
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Considering pressures on commodity costs, particularly beef which constitutes over 30% of your food basket, and a competitive environment that may limit pricing power, how do you plan to manage food costs and protect margins next year? ,
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With the introduction of kiosks in all restaurants and plans for a loyalty program, what specific measurable impacts do you expect these initiatives to have on guest experience, transaction growth, and overall sales, and how will you assess their effectiveness in a challenging market? , ,
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As you expand into new markets like Houston and increase advertising spend in markets like Dallas-Fort Worth, how will you ensure that your marketing investments yield the desired traffic and sales growth, given that previous advertising campaigns didn't achieve the same incrementality as before due to market noise and discounting from competitors? , ,
Research analysts who have asked questions during Portillo's earnings calls.
Brian Harbour
Morgan Stanley
4 questions for PTLO
Brian Mullan
Piper Sandler
4 questions for PTLO
David Tarantino
Robert W. Baird & Co.
4 questions for PTLO
Sharon Zackfia
William Blair & Company
4 questions for PTLO
Gregory Francfort
Guggenheim Securities
3 questions for PTLO
James Salera
Stephens Inc.
3 questions for PTLO
Andrew Barish
Jefferies
2 questions for PTLO
Christopher O'Cull
Stifel, Nicolaus & Company
2 questions for PTLO
Dennis Geiger
UBS
2 questions for PTLO
Sara Senatore
Bank of America
2 questions for PTLO
Andy Barish
Jefferies
1 question for PTLO
Arian Razai
Guggenheim Securities
1 question for PTLO
Chris O'cull
Stifel Financial Corp
1 question for PTLO
Jim Salera
Stephens Inc.
1 question for PTLO
Patrick Johnson
Stifel
1 question for PTLO
Ray Piccione
Morgan Stanley
1 question for PTLO
Recent press releases and 8-K filings for PTLO.
- 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.
- 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.
- 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.
- 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
- 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.