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Potbelly
Potbelly (PBPB) investor relations material
Potbelly has been acquired
Potbelly Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary6 Aug, 2025
Executive summary
System-wide sales grew 6.7% year-over-year to $154.2 million in Q2 2025, with same-store sales up 3.2% and positive traffic growth.
Adjusted EBITDA increased 13% to $9.6 million, and shop-level profit margin improved to 16.7% from 15.7% year-over-year.
Eight new shops opened and 54 new franchise shop commitments signed, bringing total open and committed shops to 816.
Digital sales exceeded 41% of total shop sales, supported by a new website and mobile app launch in late June.
Menu innovation, including the Prime Rib Steak Sandwich and new branded chips, drove customer engagement and top-line growth.
Financial highlights
Total revenues rose 3.4% year-over-year to $123.7 million, with company-operated shop sales at $118.4 million and franchise royalties and fees at $5.3 million.
Adjusted EBITDA was $9.6 million (7.8% of revenue), up from $8.5 million last year.
Net income was $2.5 million; adjusted net income $2.9 million, up from $2.5 million last year.
Shop-level profit rose to $19.7 million from $18.1 million year-over-year.
Average weekly sales for company-operated shops increased to $27,040 from $26,110 year-over-year.
Outlook and guidance
Full-year 2025 guidance raised: same-store sales growth 2.0%-3.0%, at least 38 new shop openings, adjusted EBITDA $34.0-$35.0 million.
Q3 2025 guidance: same-store sales growth 3.25%-4.25%, at least 8 new units, adjusted EBITDA $9.0-$10.0 million.
Long-term targets include low- to mid-single-digit same-store sales CAGR and low double-digit new unit growth.
Management expects sufficient liquidity for at least the next twelve months, supported by cash flow and a $30 million revolving credit facility.
Company shop development will remain limited, with focus on franchise growth and multi-unit agreements.
Franchise pipeline acceleration and incentives impact
Early impact of new digital platform features
Future menu innovation pipeline and timing
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Frequently asked questions
Potbelly Corporation is a restaurant company that operates and franchises a chain of sandwich shops. The company specializes in serving made-to-order sandwiches, salads, soups, and desserts, often featuring fresh and high-quality ingredients. Potbelly shops are known for their casual dining atmosphere and also offer catering services. The company is headquartered in Chicago, Illinois, and its shares are listed on the NASDAQ.
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