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Portillo's Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue increased 1.8% year-over-year to $181.4 million, driven by new restaurant openings, but same-restaurant sales declined 0.8% due to lower transactions partially offset by higher average check sizes.
Net income for Q3 was $0.8 million, down sharply from the prior year, and operating income fell to $5.4 million, reflecting higher costs and a $2.2 million trade name impairment charge.
A strategic reset was announced, slowing new unit growth, prioritizing operational execution, and focusing on core markets, alongside a CEO transition with Mike Miles as interim CEO.
Four new restaurants opened in Q3, including the first in-line, walk-up format; eight new units are planned for 2025, with entry into Georgia and continued expansion in the Sunbelt.
100th restaurant opening in Kennesaw, Georgia, marks a significant milestone.
Financial highlights
Q3 same-restaurant sales declined 0.8% year-over-year; Q3 YTD same-restaurant sales up 0.5%.
Adjusted EBITDA for Q3 was $21.4 million (11.8% margin), down 23.4% year-over-year; Restaurant-Level Adjusted EBITDA was $36.7 million (20.2% margin), down from $41.9 million (23.5%).
Net income for the three quarters was $14.8 million, a decrease of $7.8 million year-over-year.
Total restaurant operating expenses rose 6.2% to $144.7 million, mainly due to commodity inflation, labor investments, and new unit openings.
Net debt at quarter-end was $323 million, with $17.2 million in cash and $69 million available on the revolver.
Outlook and guidance
Fiscal 2025 revenue is expected at $730–$733 million, with Adjusted EBITDA guidance of $90–$94 million and Restaurant-Level Adjusted EBITDA margin targeted at 21.0%–21.5%.
Eight new units are planned for 2025, with three more to open in Q4, mostly in the Sunbelt and one in Illinois.
G&A expense target for 2025 revised to $76 million–$79 million.
Full-year tax rate expected at 21%–23%.
No further menu price increases planned for 2025; effective Q4 price increase estimated at 2.5%–3%.
Why are transactions and product mix declining?
How do ROTF 1.0 unit economics compare?
What is the plan for dead site costs?
How will new market entry strategy evolve?
What drives non-comp restaurant margin pressure?
How to build brand awareness in new markets?
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Next Portillo's earnings date
Q4 202524 Feb, 2026
Portillo's
Next Portillo's earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Portillo's Inc operates a chain of fast-casual restaurants offering Chicago-style food such as hot dogs, Italian beef sandwiches, burgers, and salads. The company serves customers through dine-in, drive-thru, catering, and digital ordering platforms. It operates company-owned restaurants across the United States. The company is headquartered in Oak Brook, Illinois, and its shares are listed on the NASDAQ.
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