Cracker Barrel Old Country Store, Inc. (CBRL) SEC Filings & Earnings Calls

Labor Cost and Wage Inflation

“Labor and other related expenses 37.3 % in 2026 vs 36.0 % in 2025.”

Brand Perception Risk

“The decrease in guest traffic in 2026 as compared to 2025 is primarily the result of negative publicity and customer reactions to certain changes in brand initiatives.” · word for word

Commodity Inflation

“Commodity inflation was 2.3% in 2026. We presently expect the rate of commodity inflation to be approximately 3.0% in 2027.” · word for word

Revenue decline and commodity/wage inflation pressure; guidance implies continued margin compression.

“Commodity inflation of approximately 3.0%; Hourly wage inflation of 2.5% to 3.0%.” · word for word

CEO transition introduces execution risk during turnaround; new CEO has relevant industry experience but is 69 years old.

“CEO transition plan with Masino stepping down and Deno taking over; Deno is 69 and former CEO of Bloomin' Brands.”

Increased fixed lease obligations from 40-year triple-net leases with annual escalations

“Each Lease has a maximum term of up to 40 years ... Initial annual lease payments ... will be approximately $5.7 million ... subject to fixed annual increases.” · word for word

Execution risk in MSBC divestiture and store closures, with potential additional costs

“The estimated charges and costs that the Company expects to incur in connection with the MSBC divestiture and closure are preliminary and are subject to assumptions that may change. Actual charges and costs may differ from such estimates.” · word for word

Revenue still declining YoY; adjusted EBITDA down 16% YoY in Q3 despite guidance raise

“Total revenue decreased 2.9% ... Adjusted EBITDA 1 was $40.3 million compared to the prior year quarter adjusted EBITDA 1 of $48.1 million.”

High debt load with $149.9M convertible notes maturing June 2026, to be refinanced via revolver

“The Company intends to pay the $149.9 million of short-term debt related to its 0.625% Convertible Senior Notes by its maturity in June 2026 by drawing on its existing revolving credit facility.” · word for word

Revenue decline and margin pressure

“Total revenue decreased 2.9% and operating income fell 54.8% year-over-year.”

Cash burn and liquidity risk

“Cash decreased from $39.6M to $26.1M, with negative operating cash flow in the first half.”

Minimal risk due to planned transition and internal promotion.

“Advance notice and succession planning facilitated smooth transition.”

Significant revenue decline and margin compression driven by consumer demand slowdown

“Total revenue -7.9%, comparable store restaurant sales -7.1%, retail sales -9.2%, adjusted EBITDA -48.9% YoY”

Guidance implies continued pressure with adjusted EBITDA midpoint only slightly above Q2 run rate

“FY2026 adjusted EBITDA guidance $85-100M vs Q2 annualized ~$153M”

Revenue decline and margin pressure

“Total revenue decreased 7.9% and operating income fell 98.4% year-over-year.”

Cash burn and liquidity risk

“Cash decreased from $39.6M to $8.6M, with negative operating cash flow in the first half.”

No new material risks disclosed; presentation contains forward-looking statements with standard cautionary language

“Standard forward-looking statements caution; no new risk factors.”

Significant demand weakness and margin compression; guidance cut indicates prolonged recovery

“Revenue down 5.7%, adjusted EBITDA down 84%, guidance cut across all metrics.”

Negative brand publicity risk

“In the first quarter of 2026, we also experienced negative publicity to recent brand initiatives, including the launch of a new logo and modern test store remodels, to which we have responded by returning to our former logo and discontinuing the modern test store remodels.” · word for word

Liquidity risk

“Cash and cash equivalents decreased from $39,643k to $8,937k”

Operating loss risk

“Operating income (loss) $(32,797) vs $7,071”