$PTLO

Portillo's Inc.

CIK:0001871509|SEC Filings

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Income Statement [Abstract]
REVENUES, NET	$ 198,954	$ 188,456	$ 381,577	$ 364,893
Restaurant operating expenses:
Food, beverage and packaging costs	69,580	63,750	132,865	124,852
Labor	51,094	48,340	100,289	95,208
Occupancy	11,692	9,966	22,876	19,987
Other operating expenses	23,341	21,919	47,456	43,709
Total restaurant operating expenses	155,707	143,975	303,486	283,756
General and administrative expenses	19,563	18,798	39,922	37,701
Pre-opening expenses	938	1,697	3,488	2,205
Depreciation and amortization	8,254	7,137	16,190	14,177
Net income attributable to equity method investment	(404)	(382)	(610)	(546)
Other loss (income), net	1,120	(300)	833	(312)
OPERATING INCOME	13,776	17,531	18,268	27,912
Interest expense	5,672	5,726	11,299	11,475
Interest income	(60)	(79)	(110)	(150)
Tax Receivable Agreement liability adjustment	(760)	(1,838)	(1,172)	(2,485)
INCOME BEFORE INCOME TAXES	8,924	13,722	8,251	19,072
Income tax expense	1,769	3,679	1,605	5,039
NET INCOME	7,155	10,043	6,646	14,033
Net income attributable to non-controlling interests	211	1,339	104	2,016
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$ 6,944	$ 8,704	$ 6,542	$ 12,017
Net income per common share attributable to Portillo's Inc.:
Basic (in usd per share)	$ 0.10	$ 0.13	$ 0.09	$ 0.18
Diluted (in usd per share)	$ 0.09	$ 0.12	$ 0.09	$ 0.18
Weighted-average common shares outstanding:
Basic (in shares)	72,380,068	67,595,224	72,228,233	65,716,582
Diluted (in shares)	73,171,001	69,867,802	73,154,368	68,174,864

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2026	Jun. 29, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,646	$ 14,033
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,190	14,177
Amortization of debt issuance costs and discount	341	349
Loss on sales of assets	209	142
Equity-based compensation	5,834	4,608
Deferred income tax expense	1,605	5,039
Tax Receivable Agreement liability adjustment	(1,172)	(2,485)
Gift card breakage	(551)	(502)
Changes in operating assets and liabilities:
Accounts receivable	1,157	180
Receivables from related parties	(103)	(16)
Inventories	(2,926)	(2,183)
Other current assets	738	1,161
Operating lease assets	4,751	4,557
Accounts payable	150	(7,439)
Accrued expenses and other liabilities	(1,292)	(3,984)
Operating lease liabilities	(1,750)	(1,607)
Deferred lease incentives	5,045	1,586
Other assets and liabilities	256	1,077
NET CASH PROVIDED BY OPERATING ACTIVITIES	35,128	28,693
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(30,153)	(33,081)
Other	172	5
NET CASH USED IN INVESTING ACTIVITIES	(29,981)	(33,076)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt, net	7,000	45,000
Payments of long-term debt	(3,125)	(38,750)
Distributions paid to non-controlling interest holders	(376)	(1,291)
Proceeds from stock option exercises	361	2,727
Employee withholding taxes related to net settled equity awards	(689)	(887)
Proceeds from Employee Stock Purchase Plan purchases	203	278
Payments of Tax Receivable Agreement liability	(7,913)	(7,686)
Payment of deferred financing costs	0	(1,263)
Contributions from non-controlling interests	682	0
NET CASH USED IN FINANCING ACTIVITIES	(3,857)	(1,872)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	1,290	(6,255)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	19,963	22,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	21,253	16,621
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	11,090	11,800
Income tax paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	6,173	19,264
Establishment of liabilities under Tax Receivable Agreement	$ 47	$ 38,485

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 28, 2026	Dec. 28, 2025
CURRENT ASSETS:
Cash and cash equivalents and restricted cash	$ 21,253	$ 19,963
Accounts and tenant improvement receivables	11,274	16,502
Inventories	11,133	8,207
Prepaid expenses and other	6,108	6,844
Total current assets	49,768	51,516
Property and equipment, net	430,247	420,263
Operating lease assets	274,010	261,086
Goodwill	394,298	394,298
Trade names	221,725	221,725
Other intangible assets, net	22,037	23,391
Equity method investment	15,646	15,696
Deferred tax assets	209,704	211,267
Other assets	7,081	7,292
Total other assets	870,491	873,669
TOTAL ASSETS	1,624,516	1,606,534
CURRENT LIABILITIES:
Accounts payable	38,326	43,210
Current portion of long-term debt	6,250	6,250
Current portion of Tax Receivable Agreement liability	1,336	7,910
Short-term debt	97,000	90,000
Deferred revenue	5,196	7,472
Short-term operating lease liabilities	8,027	6,878
Accrued expenses	32,681	32,236
Total current liabilities	188,816	193,956
LONG-TERM LIABILITIES:
Long-term debt, net of current portion	235,192	237,977
Tax Receivable Agreement liability	342,060	344,524
Long-term operating lease liabilities	344,919	329,190
Other long-term liabilities	3,577	3,614
Total long-term liabilities	925,748	915,305
Total liabilities	1,114,564	1,109,261
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued or outstanding	0	0
Additional paid-in-capital	410,394	404,603
Retained earnings	69,016	62,474
Total stockholders' equity attributable to Portillo's Inc.	480,135	467,797
Non-controlling interest	29,817	29,476
Total stockholders' equity	509,952	497,273
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,624,516	1,606,534
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	725	720
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 0	$ 0