Portillo's Inc. (PTLO) SEC Filings & Earnings Calls
EquiReason read 17 Portillo's Inc. SEC filings in the last 12 months. Latest: 8-K on 2026-10-06 — Portillo's Chief People Officer Jill Waite to depart effective November 1, 2026; severance includes base salary, prorated bonus, COBRA, outplacement, and accelerated vesting of RSU.
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
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- 23.4
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- 5 Nov, in 12 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
6 Oct 20268-K · 5.02Portillo's Chief People Officer Jill Waite to depart effective November 1, 2026; severance includes base salary, prorated bonus, COBRA, outplacement, and accelerated vesting of RSUs.open
Risks flagged
Loss of Chief People Officer; potential disruption to HR and talent management functions.
“Departure of Jill Waite as Chief People Officer effective November 1, 2026.”
5 Aug 20268-K · 2.02, 7.01Q2 2026 revenue up 5.6% to $199.0M, but same-restaurant sales down 1.2%, net income down 28.8% to $7.2M, adjusted EBITDA down 0.8% to $29.8M. Guidance: FY26 adjusted EBITDA $92-96M, capex $55-60M, 8 new units.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $199M | +6% y/y |
| Same-restaurant sales growth · Q2-2026 | -1.2% | |
| Net income · Q2-2026 | $7M | -29% y/y |
| Adjusted EBITDA · Q2-2026 | $30M | -1% y/y |
| Restaurant-Level Adjusted EBITDA · Q2-2026 | $43M | -3% y/y |
| Operating income · Q2-2026 | $14M | -21% y/y |
| Restaurant count · Q2-2026 | 109 | |
| Commodity inflation · Q2-2026 | 7.0% |
Guidance
FY26: 8 new units; commodity inflation mid single digit; labor inflation 3-3.5%; restaurant-level adjusted EBITDA margin 19.5-20.5%; G&A $78-82M; adjusted EBITDA $92-96M; capex $55-60M
FY26 guidance reaffirmed with cautious tone; same-restaurant sales decline and cost inflation pressure margins.
Risks flagged
Same-restaurant sales decline and transaction weakness signal softening consumer demand.
“Same-restaurant sales decreased 1.2%, transactions decreased 3.4%.”
Commodity cost inflation of 7.0% and labor inflation 3-3.5% pressure margins.
“Commodity prices increased 7.0% year over year; labor inflation 3% to 3.5%.”
Legal contingency of $1.4 million and dead site costs of $0.9 million add to expense pressure.
“Increase in other loss of $1.4 million due to a legal contingency; $0.9 million of dead site costs.”
5 Aug 202610-QPortillo's reported Q2 2026 results with revenue up 5.6% but operating income down 21.4% and net income down 28.8%, indicating margin pressure.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q2-2026 | $199M | +6% y/y |
| Net income · Q2-2026 | $7M | -29% y/y |
| Operating income · Q2-2026 | $14M | -21% y/y |
| Restaurant count · Q2-2026 | 108 | |
| Operating cash flow · H1-2026 | $35M | +22% y/y |
Risks flagged
Operating income decline
“OPERATING INCOME 13,776 vs 17,531 in prior year quarter”
Food cost inflation
“Food, beverage and packaging costs 69,580 vs 63,750 in prior year quarter” · word for word
Labor cost pressure
“Labor 51,094 vs 48,340 in prior year quarter”
Litigation
“Maverick asserts claims for breach of contract... the Company has recorded a litigation reserve of $1.7 million” · word for word
4 Aug 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
No material risks identified beyond normal executive transition.
“No risk factors discussed in the filing.”
21 May 20268-K · 5.02, 7.01Portillo's Inc. appointed Pamela Smith as Interim CFO effective May 20, 2026, replacing Michelle Hook. Smith will serve until a permanent CFO is found. Compensation: $14,000/week plus expenses. No equity or benefits.open
Risks flagged
CFO transition risk; interim arrangement may create temporary uncertainty in financial leadership.
“Interim CFO appointed; permanent CFO search ongoing. No equity or benefits for interim CFO.”
5 May 202610-QRevenue $183M (+4% y/y); Same-restaurant sales -0.1; Operating income $4M (-57% y/y)open
Figures in the filing · each found in the filing text
| Revenue · Q1-2026 | $183M | +4% y/y |
| Same-restaurant sales · Q1-2026 | -0.1% | |
| Operating income · Q1-2026 | $4M | -57% y/y |
| Adjusted EBITDA · Q1-2026 | $19M | -13% y/y |
| Restaurant-Level Adjusted EBITDA · restaurant · Q1-2026 | $35M | -5% y/y |
| Restaurants · 2026-03-29 | 106 |
Risks flagged
CFO Departure
“Michelle Hook informed the Chief Executive Officer and General Counsel and Secretary of the Company that she will depart from her role as Chief Financial Officer of the Company, effective May 5, 2026.” · word for word
Margin Pressure
“Operating income of $4.5 million, a decrease of $5.9 million” · word for word
5 May 20268-K · 2.02, 5.02, 7.01Released earnings results and quarterly financials; reported the departure of a director or principal officer (CEO/CFO change)earningsopen
Risks flagged
CFO departure may overshadow earnings results.
“departure of Michelle Hook as Chief Financial Officer”
17 Apr 2026DEF 14AAnnual proxy statement disclosing executive compensation, governance changes, and 2025 performance results.open
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $732M | |
| Net Income · FY2025 | $21M | |
| Operating Income · FY2025 | $44M | |
| Adjusted EBITDA · FY2025 | $97M | |
| Restaurants · FY2025 | 102 | |
| Same Restaurant Sales Growth · FY2025 | -0.5% | |
| Restaurant-Level Adjusted EBITDA · FY2025 | $158M |
Risks flagged
CEO Transition Risk
“Brett Patterson joined Portillo’s as President and Chief Executive Officer in February 2026.” · word for word
Performance Miss Risk
“the Company missed key financial targets and new restaurant openings” · word for word
Compensation Misalignment Risk
“69% say-on-pay support in 2025 indicates some shareholder dissatisfaction.”
11 Mar 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Loss of long-tenured Chair and director; new Chair has extensive restaurant experience but limited tenure at Portillo's (joined June 2025).
“Miles served as Chair since 2014; Lee joined Board in June 2025.”
24 Feb 20268-K · 2.02Total revenue $186M (+1% y/y); Same-restaurant sales -3.3; Net income $6M (-50% y/y)earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q4-2025 | $186M | +1% y/y |
| Same-restaurant sales · Q4-2025 | -3.3% | |
| Net income · Q4-2025 | $6M | -50% y/y |
| Restaurant-Level Adjusted EBITDA · Q4-2025 | $41M | -10% y/y |
| Adjusted EBITDA · Q4-2025 | $25M | -2% y/y |
| Operating income · Q4-2025 | $10M | -25% y/y |
| Total revenue · FY2025 | $732M | +3% y/y |
| Same-restaurant sales · FY2025 | -0.5% | |
| Net income · FY2025 | $21M | -40% y/y |
| Restaurant-Level Adjusted EBITDA · FY2025 | $158M | -6% y/y |
Risks flagged
Declining same-restaurant sales and transactions indicate weakening consumer demand.
“Same-restaurant sales decrease of -3.3%... transactions -3.3%” · word for word
Commodity cost inflation pressuring margins.
“food, beverage and packaging costs were negatively impacted by a 4.0% increase in commodity prices” · word for word
24 Feb 202610-KRevenue $732M (+3% y/y); Same-restaurant sales change -0.5; Adjusted EBITDA $97M (-7% y/y); Guidance: 8 new restaurants planned for FY2026; same-restaurant sales trend not explicitly guidedopen
Figures in the filing · each found in the filing text
| Revenue · FY2025 | $732M | +3% y/y |
| Same-restaurant sales change · FY2025 | -0.5% | |
| Adjusted EBITDA · FY2025 | $97M | -7% y/y |
| Restaurant-Level Adjusted EBITDA Margin · FY2025 | 21.6% | |
| Total restaurants · FY2025 | 102 | +9% y/y |
| Average Unit Volume (AUV) · FY2025 | $9M | -2% y/y |
| Net income · FY2025 | $21M | -40% y/y |
| Operating cash flow · FY2025 | $72M | -27% y/y |
| Free cash flow · FY2025 | $-18M | |
| Operating income · FY2025 | $44M | -25% y/y |
Guidance
8 new restaurants planned for FY2026; same-restaurant sales trend not explicitly guided
Management plans 8 new restaurant openings in FY2026, a slower pace than prior years, with a focus on improving unit economics and transaction growth. No explicit revenue or margin guidance provided.
Risks flagged
New market expansion risk
“In September 2025, the Company announced a strategic reset to its development strategy, following disappointing results from new market expansion, particularly in Texas.” · word for word
Commodity and labor cost inflation
“Commodity inflation was 3.9% in fiscal 2025 compared to 4.2% in fiscal 2024. Labor expenses increased 0.7% as a percentage of revenue.” · word for word
Management turnover
“Represents $1.7 million in connection with the departure of our CEO, and $0.4 million in connection with the departure of our Chief Development Officer.”
Tax Receivable Agreement liability
“As of December 28, 2025, we estimate that our obligation for future payments under the TRA totaled $352.4 million.” · word for word
11 Feb 20268-K · 5.02, 7.01Reported the departure of a director or principal officer (CEO/CFO change); issued a Regulation FD disclosure (forward guidance or material update)open
Risks flagged
Transition risk from CEO change
“New CEO may implement strategic changes”
12 Jan 20268-K · 7.01Average Unit Volumes (AUV) $4M; Net Promoter Score (NPS) 64open
Figures in the filing · each found in the filing text
| Average Unit Volumes (AUV) · Drive-Thru · FY2025 | $4M | |
| Net Promoter Score (NPS) · FY2025 | 64 |
4 Nov 202510-QPortillo's reported Q3 2025 revenue growth of 1.8% YoY but operating income fell 66% YoY, with CEO departure and strategic reset indicating significant operational challenges.earningsopen
Figures in the filing · each found in the filing text
| Revenue · Q3-2025 | $181M | +2% y/y |
| Net Income · Q3-2025 | $782000.00 | -91% y/y |
| Operating Income · Q3-2025 | $5M | -66% y/y |
| Restaurants · Q3-2025 | 97 | |
| Operating Cash Flow · 9M-2025 | $49M | -32% y/y |
Guidance
Revised financial targets for fiscal year 2025
The company announced a strategic reset resulting in revised financial targets for fiscal year 2025, indicating a guidance cut.
Risks flagged
CEO Departure and Strategic Reset
“the announced departure of the Company’s President and Chief Executive Officer, effective September 21, 2025.” · word for word
Goodwill Impairment Risk
“the Company determined that the fair value of the reporting unit exceeded its carrying value by approximately 19%” · word for word
Trade Name Impairment
“the Company recorded a non-cash impairment charge of $ 2.2 million related to its legacy Barnelli's trade name” · word for word
Margin Pressure
“OPERATING INCOME $ 5,434 $ 15,988 (Q3 2025 vs Q3 2024)”
4 Nov 20258-K · 2.02, 7.01Total revenue $181M (+2% y/y); same-restaurant sales growth -0.8; net income $800,000.00 (-91% y/y); Guidance: Same-restaurant sales guidance (1%) to (1.5%); revenue $730-$733M; adjusted EBITDA $90-$94Mearningsopen
Figures in the filing · each found in the filing text
| total revenue · Q3-2025 | $181M | +2% y/y |
| same-restaurant sales growth · Q3-2025 | -0.8% | |
| net income · Q3-2025 | $800000.00 | -91% y/y |
| Restaurant-Level Adjusted EBITDA · Q3-2025 | $37M | -13% y/y |
| Adjusted EBITDA · Q3-2025 | $21M | -23% y/y |
| operating income · Q3-2025 | $5M | -66% y/y |
| restaurant count · 2025-11-04 | 99 | |
| commodity inflation · Q3-2025 | 6.3% | |
| revenue guidance · FY2025 | $732M |
Guidance
Same-restaurant sales guidance (1%) to (1.5%); revenue $730-$733M; adjusted EBITDA $90-$94M
Lowered fiscal 2025 guidance due to declining same-restaurant sales, traffic, and margin pressure from commodity and labor inflation.
Risks flagged
Declining same-restaurant sales and traffic
“Same-restaurant sales decrease of -0.8%... attributable to a 2.2% decrease in transactions” · word for word
Commodity and labor cost inflation pressuring margins
“food, beverage and packaging costs were negatively impacted by a 6.3% increase in commodity prices... labor expense was driven by incremental investments” · word for word
Dead site costs and impairment charges
“$3.3 million in dead site costs... legacy Barnelli’s trade name impairment charges of $2.2 million” · word for word
29 Oct 20258-K · 5.02Reported a director or officer change (departure, election, appointment or pay arrangement)open
Risks flagged
Loss of Chief Development Officer could impact growth initiatives
“Departure of Chief Development Officer Mike Ellis”
Portillo's Inc. — questions
- What did Portillo's Inc. file recently?
- 17 SEC filings in the last 12 months. Latest: 8-K on 2026-10-06 — Portillo's Chief People Officer Jill Waite to depart effective November 1, 2026; severance includes base salary, prorated bonus, COBRA, outplacement, and accelerated vesting of RSUs.
Every figure on this page comes from Portillo's Inc.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.