Cracker Barrel Old Country Store (CBRL) investor relations material

Executive summary

• Q3 revenue was $797.4 million, down 2.9% year-over-year, with comparable restaurant sales down 2.6% and retail sales down 1.8%.

• Net income for the quarter rose to $42.8 million from $12.6 million, driven by a $47.4 million litigation settlement; adjusted net income was $6.5 million.

• Adjusted EBITDA was $40.3 million (5.1% of revenue), down from $48.1 million (5.9%) last year.

• Guest metrics improved for the third consecutive quarter, including a 4% increase in Google star rating and higher food/service scores.

• Loyalty program reached nearly 12 million members, with member-tracked sales above 40% and increased year-over-year visits.

Financial highlights

• GAAP EPS was $1.90; adjusted EPS was $0.29.

• Operating income for the quarter was $6.7 million, down from $14.9 million year-over-year.

• Cost of goods sold was 30.2% of revenue; labor and related expenses were 37.9%.

• Cash provided by operations was $92.5 million for the nine months, down from $116.7 million prior year.

• Capital expenditures were $87.9 million for the nine months, down from $113.2 million prior year.

Outlook and guidance

• Fiscal 2026 revenue guidance raised to $3.27–$3.3 billion, with adjusted EBITDA guidance increased to $120–$125 million.

• Commodity and wage inflation expected in the low 2% range.

• Capital expenditures projected at $105–$115 million, mainly for maintenance.

• Liquidity is expected to be sufficient for ongoing operations, debt service, and capital needs.

• Q4 faces a tougher year-over-year comparison, but underlying traffic trends are gradually improving.