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GlobeNewswire·

Portillo’s Inc. Announces Third Quarter 2026 Financial Results

PTLO
  • Portillo's Inc. reported third-quarter 2026 total revenue of $194.1 million, a 7.0% increase compared to the same period in 2025.
  • Same-restaurant sales increased 1.4%, driven by a 2.1% rise in average check prices, partially offset by a 0.7% decline in transactions.
  • Net income for the quarter was $4.8 million, a 508.2% increase from $0.8 million in the prior year period.
  • Adjusted EBITDA rose 23.7% to $26.5 million, while Restaurant-Level Adjusted EBITDA increased 9.3% to $40.1 million.
  • The company raised its full-year 2026 Adjusted EBITDA guidance to $98-$101 million, up from the previous target of $92-$96 million.
  • Portillo's plans to close a mid-to-high single digit number of underperforming locations outside of Chicagoland, with most closures expected in Q4 2026.
  • Seven new restaurants opened during the first three quarters of 2026, bringing the total system count to 109 locations.
  • A new strategic plan was introduced focusing on Operational Excellence, Integrated Marketing, Disciplined Development, & Financial Rigor.
  • The company is implementing a new 2028 restaurant prototype that is approximately 40% smaller than previous designs to reduce capital investment.
  • General & administrative expenses decreased 1.4% to $19.8 million, primarily due to lower dead site costs from the 2025 strategic reset.
  • Operating income increased 116.8% to $11.8 million, aided by lower pre-opening expenses & the absence of a prior-year Barnelli's impairment charge.
  • Fiscal 2026 revenue guidance is set between $768 million & $773 million, with labor inflation expected to be in the low single digits.
  • The company expects to open one additional restaurant in Q4 2026, which will be its second in-line location in Chicago, Illinois.
  • Future new restaurants starting in 2028 are targeted to achieve cash-on-cash returns greater than 20%.