Portillo's Inc.

Listed Company

PTLOCIK 0001871509NasdaqLarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 27

Period

FY 2025

Revenue

$732.07M

Net Income

$19.34M

Total Assets

$1.61B

Equity

$467.80M

Shares Out

61.79M

Op. Cash Flow

$71.91M

Business

Portillo's Inc. operates and manages a multichannel restaurant business serving iconic Chicago-style street food across company-operated restaurants and related operations. Its menu features Chicago-style hot dogs and sausages, Italian beef sandwiches, char-broiled burgers, fresh chopped salads, crinkle-cut fries, specialty cakes and signature shakes, together with catering and digital ordering options. The company’s operating structure includes its consolidated operating company, company-operated restaurants, commissaries and distribution partnerships. It serves U.S. markets with a focus on Sunbelt expansion and multichannel access including dine-in, double-lane drive-thrus, carryout, delivery, kiosks and digital channels.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
REVENUES, NET	732	711	680	587	535
Food, beverage and packaging costs	252	242	231	204	167
Labor	192	181	174	154	139
Occupancy	41	37	33	31	28
Other operating expenses	90	83	77	65	59
Total restaurant operating expenses	574	542	515	455	393
General and administrative expenses	77	75	79	67	87
Pre-opening expenses	9	9	9	5	4
Depreciation and amortization	29	27	24	21	23
Net income attributable to equity method investment	−1	−1	−1	−1	−797,000
Other loss (income), net	946,000	−312,000	−1	−204,000	−1
OPERATING INCOME	44	58	55	41	30
Interest expense	23	26	28	28	40
Interest income	−275,000	−309,000	−212,000	0	0
Tax Receivable Agreement liability adjustment	−3	−9	−3	−5	0
Loss on debt extinguishment	0	0	3	0	7
INCOME BEFORE INCOME TAXES	24	42	28	19	−17
Income tax expense	3	7	3	2	−4
NET INCOME	21	35	25	17	−13
Net income attributable to non-controlling interests	2	6	6	6	−19
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.	19	30	18	11	−15
Basic (in dollars per share)	0.28	0.48	0.34	0.28	−0.42
Diluted (in dollars per share)	0.27	0.46	0.32	0.25	−0.42
Basic (in shares)	69	61	54	39	36
Diluted (in shares)	71	64	57	43	36

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents and restricted cash	20	23	10	44	39
Accounts and tenant improvement receivables	17	15	14	9	—
Inventories	8	8	9	7	6
Prepaid expenses and other	7	7	—	—	—
Total current assets	52	53	42	65	59
Property and equipment, net	420	359	296	227	191
Operating lease assets	261	222	194	167	0
Goodwill	394	394	394	394	394
Trade names	222	224	224	224	224
Other intangible assets, net	23	26	29	32	36
Equity method investment	16	16	17	16	16
Deferred tax assets	211	197	185	150	74
Other assets	7	8	5	4	5
Total other assets	874	866	854	821	750
Total assets	1,607	1,500	1,386	1,280	1,000
Accounts payable	43	46	33	30	27
Current portion of long-term debt	6	11	8	4	3
Short-term debt	90	25	15	0	—
Current portion of Tax Receivable Agreement liability	8	8	4	813,000	0
Deferred revenue	7	7	7	7	7
Short-term operating lease liabilities	7	6	6	5	0
Accrued expenses	32	33	32	30	29
Total current liabilities	194	136	105	77	67
Long-term debt, net of current portion	238	275	284	314	316
Tax Receivable Agreement liability	345	317	295	252	157
Long-term operating lease liabilities	329	279	238	200	0
Other long-term liabilities	4	4	3	3	5
Total long-term liabilities	915	874	821	770	509
Total liabilities	1,109	1,010	925	847	576
COMMITMENTS AND CONTINGENCIES (NOTE 16)	—	—	—	—	—
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued and outstanding	0	0	0	0	0
Additional paid-in-capital	405	357	308	261	187
Retained earnings	62	43	14	−5	−16
Total stockholders' equity attributable to Portillo's Inc.	468	401	322	256	171
Non-controlling interest	29	89	138	177	252
Total stockholders' equity	497	490	460	433	423
Total liabilities and members' equity	1,607	1,500	1,386	1,280	1,000

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt issuance costs and discount	692,000	873,000	1	3	4
Loss on sales of assets	434,000	528,000	592,000	398,000	256,000
Equity-based compensation	6	11	16	16	29
Deferred income tax expense	3	7	3	—	—
Gift card breakage	−900,000	−900,000	−900,000	−800,000	−700,000
Asset impairment	2	657,000	0	0	—
Accounts receivables	−2	862,000	−679,000	191,000	−777,000
Receivables from related parties	25,000	−46,000	−82,000	96,000	−152,000
Inventories	−292,000	818,000	−1	−1	−1
Other current assets	221,000	357,000	−4	914,000	−3
Operating lease assets	10	8	7	7	0
Accounts payable	316,000	11	209,000	−4	2
Accrued expenses and other liabilities	310,000	2	3	2	−5
Operating lease liabilities	−3	−3	−2	−2	0
Deferred lease incentives	5	6	2	2	690,000
Other assets and liabilities	2	−258,000	−2	−14,000	−128,000
NET CASH PROVIDED BY OPERATING ACTIVITIES	72	98	71	57	43
Purchase of property and equipment	−90	−88	−88	−47	−36
Other	242,000	77,000	81,000	—	—
NET CASH USED IN INVESTING ACTIVITIES	−90	−88	−88	−47	−36
Proceeds from short-term debt, net	65	10	15	0	—
Proceeds from long-term debt	0	0	300	0	0
Payments of long-term debt	−42	−6	−328	−3	−158
Proceeds from equity offering, net of underwriting discounts	0	115	179	365	437
Repurchase of outstanding equity / Portillo's OpCo units	0	−115	−179	−365	−57
Distributions paid to non-controlling interest holders	−1	−838,000	−399,000	0	0
Proceeds from stock option exercises	3	4	2	2	0
Employee withholding taxes related to net settled equity awards	−1	−1	−2	−3	0
Proceeds from Employee Stock Purchase Plan purchases	453,000	508,000	527,000	129,000	0
Payments of Tax Receivable Agreement liability	−8	−4	−813,000	0	0
Payment of deferred financing costs	−1	0	−4	0	0
Contributions from non-controlling interests	350,000	0	0	—	—
NET CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES	15	3	−17	−5	−9
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	−3	12	−34	5	−2
Interest paid	23	19	28	24	44
Income tax paid	0	0	0	0	0
Accrued capital expenditures	11	13	13	10	2
Establishment of liabilities under Tax Receivable Agreement	38	38	51	102	157

Filings

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