Financials - November 2025
THE WENDY'S COMPANY REPORTS THIRD QUARTER 2025 RESULTS
Nov 07, 2025, 07:00 ET
Global systemwide sales were $3.5 billion, a decrease of 2.6%
International systemwide sales grew 8.6% with growth across all regions
Opened 54 new restaurants, bringing total additions to 172 through the end of the third quarter
Net income was $44.3 million and adjusted EBITDA increased 2.1% to $138.0 million
Reported diluted earnings per share was $0.23 and adjusted earnings per share decreased 4.0% to $0.24
Returned $40.7 million to shareholders through dividends and share repurchases
Increased free cash flow outlook by $35 million at the midpoint of the expected range
DUBLIN, Ohio, Nov. 7, 2025 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the third quarter ended September 28, 2025.
"Third quarter results were in line with our expectations, reflecting continued strength in our international business with 8.6% systemwide sales growth, the addition of 54 new restaurants globally and adjusted EBITDA growth," said Ken Cook, Interim CEO.
"In the U.S. our actions to drive operational excellence at Company-operated restaurants are delivering meaningful results. Comparable sales at Company-operated restaurants outperformed the system by 4% during the third quarter and a renewed focus on execution resulted in the successful launch of our new chicken tenders. We also launched Project Fresh, a comprehensive turnaround plan structured around brand revitalization, operational excellence, system optimization and capital allocation. We are acting with urgency to execute the operational and brand initiatives to drive AUV growth in the U.S., creating value for our franchisees and shareholders."
View full version at Wendy’s
Sweetgreen Announces Strategic Sale of Spyce to Wonder
Nov 6, 2025 4:06 PM Eastern Standard Time
Sweetgreen will continue to deploy the Infinite Kitchen technology under agreement as both companies share a commitment to scaling innovative food technology
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG), the mission-driven restaurant brand connecting more people to real food, today announces that it has entered into an agreement with Wonder, the fast-growing mealtime platform, to sell the company’s Spyce business responsible for developing and launching Infinite Kitchen technology.
The $186.4 million sale represents a strategic milestone for Sweetgreen, which will enable the company to reinvest in key priorities and sharpen its focus on growth and profitability.
Sweetgreen will receive $100 million in cash plus shares of Series C Preferred Stock of Wonder with an implied value of $86.4 million based on the price per share at which shares were issued by Wonder to cash investors in its most recent equity financing.
In connection with the sale, Sweetgreen has put in place a supply agreement and license agreement that will allow Sweetgreen, after the sale, to continue to deploy Infinite Kitchens across its restaurants, ensuring the technology’s benefits remain central to scaling, with even greater flexibility.
Sweetgreen acquired Spyce and its groundbreaking Infinite Kitchen technology in 2021 for approximately $70 million when including post-acquisition true-up and milestone amounts. Since that time, the team designed, developed and commercialized the Infinite Kitchen, which is now in use in over 20 Sweetgreen locations across the U.S. As Sweetgreen has expanded its Infinite Kitchen footprint, it has proven the ability to deliver significantly faster throughput and enhanced food quality, accuracy, and consistency, all while elevating the guest and team member experience. The technology simplifies operations so that front-of-house team members can focus more on hospitality and fresh food prep.
As part of the agreement, 38 exceptional Spyce engineers and support staff, including Spyce co-founders Michael Farid, Kale Rogers, Brady Knight, and Luke Schlueter, will transition to Wonder.
“We’re incredibly proud of the work our team and the Spyce team have done to develop, scale, and monetize one of the world’s most advanced robotic food technologies,” said Jonathan Neman, Co-Founder and CEO of Sweetgreen. “We remain deeply confident in both the Infinite Kitchen’s future impact and the brilliant team behind it. As we focus on driving long-term, profitable growth, our collaboration with Wonder will enable us to continue expanding and enhancing the Sweetgreen experience for our guests, while unlocking new opportunities for innovation and scale in the years ahead.”
The Infinite Kitchen will further Wonder’s evolution from a vertically-integrated, multi-restaurant operator, to a tech-driven food platform owning both robotics and infrastructure. By increasing throughput in their restaurant footprints, the technology will further expand Wonder’s mission to make great food more accessible and become a go-to solution for mealtime.
“At Wonder, everything begins and ends with the customer,” said Marc Lore, Founder and CEO of Wonder. “As we evolve from a first-of-its-kind, multi-restaurant operator into a truly scalable, technology-powered food platform, the acquisition of Spyce’s Infinite Kitchen gives us leading robotics capabilities that will transform how food is prepared and served. This technology enables us to eventually operate more than 100 restaurants across any cuisine type and price point, all out of a small kitchen, while serving food faster, hotter and with flawless accuracy and consistency. It furthers our mission to make great food more accessible, bringing more restaurants to more people, in more places, at more times of day and at more affordable prices.”
About Sweetgreen:
Sweetgreen (NYSE: SG) is on a mission to build healthier communities by connecting people to real food. Sweetgreen sources the best quality ingredients from farmers and suppliers they trust to cook food from scratch that is both delicious and nourishing. Sweetgreen plants roots in each community by building a transparent supply chain, investing in local farmers and growers, and enhancing the total experience with innovative technology. Since opening its first 560-square-foot location in 2007, Sweetgreen has scaled to over 270 locations across the United States, and its vision is to lead the next generation of restaurants and lifestyle brands built on quality, community and innovation.
About Wonder:
Wonder is a mealtime platform built to satisfy every craving, without compromise. With delivery, pick-up, and dine-in options at over 80 locations, Wonder features some of the world’s most celebrated chefs, including Bobby Flay, José Andrés, and Marcus Samuelsson, alongside award-winning restaurants such as Tejas Barbecue and Di Fara Pizza. With Wonder’s first-of-its-kind Multi-Restaurant Ordering, customers can mix and match dishes from multiple chefs and restaurants in a single order. A seamless solution for every mealtime moment, Wonder also offers Blue Apron meal kits, heat-and-eat options, and local restaurant ordering powered by Grubhub, conveniently located in the Wonder app.
Recognized by Fast Company as one of the “Most Innovative Companies,” Wonder’s portfolio of brands includes meal kit pioneer Blue Apron, online food delivery marketplace Grubhub, delivery courier platform Relay, and award-winning media company Tastemade – together making great food more accessible, wherever and however people want to eat.
View source version at Sweetgreen
Sweetgreen, Inc. Announces Third Quarter 2025 Financial Results
Nov 6, 2025 4:05 PM Eastern Standard Time
LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next-generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its third fiscal quarter ended September 28, 2025.
Third quarter 2025 financial highlights
For the third quarter of fiscal year 2025, compared to the third quarter of fiscal year 2024:
Total revenue was $172.4 million, versus $173.4 million in the prior year period, a decrease of 0.6%.
Same-Store Sales Change of (9.5)%, versus Same-Store Sales Change of 5.6% in the prior year period.
AUV of $2.8 million, versus $2.9 million in the prior year period.
Total Digital Revenue Percentage of 61.8% and Owned Digital Revenue Percentage(1) of 35.3%, versus Total Digital Revenue Percentage of 55.1% and Owned Digital Revenue Percentage of 29.2% in the prior year period.
Loss from operations was $(36.3) million and loss from operations margin was (21.0)%, versus loss from operations of $(21.2) million and loss from operations margin of (12.2)% in the prior year period.
Restaurant-Level Profit(2) was $22.5 million and Restaurant-Level Profit Margin(2) was 13.1%, versus Restaurant-Level Profit of $34.9 million and Restaurant-Level Profit Margin of 20.1% in the prior year period.
Net loss was $(36.1) million and net loss margin was (21.0)%, versus net loss of $(20.8) million and net loss margin of (12.0)% in the prior year period.
Adjusted EBITDA(2) was $(4.4) million, versus Adjusted EBITDA of $6.8 million in the prior year period; and Adjusted EBITDA Margin(2) was (2.5)%, versus 3.9% in the prior year period.
6 Net New Restaurant Openings, versus 5 Net New Restaurant Openings in the prior year period.
(1) Purchases made in-store where a customer uses scan-to-redeem or scan-to-earn, as part of the SG Rewards loyalty program introduced during the second quarter of fiscal year 2025, are included as part of our Owned Digital Channels sales.
(2) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin are financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Reconciliations of Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release. See “Reconciliation of GAAP to Non-GAAP Measures.”
“Amid a challenging macro backdrop, our priorities remain clear: delivering operational excellence, accelerating menu innovation, and driving disciplined growth. We are focused on the process of building a strong foundation, and I am extremely confident that our leadership team and focused strategy will lead Sweetgreen back to sustained, profitable growth,” said Jonathan Neman, Co-Founder and Chief Executive Officer of Sweetgreen.
“Our strategic decision to sell Spyce and partner with Wonder marks the next evolution of our Infinite Kitchen strategy. The Infinite Kitchen is one of the world’s most advanced food automation technologies, elevating both the guest and team member experience. As part of our partnership, we will maintain access to the Infinite Kitchen platform, allowing us to scale more efficiently, lower operating costs, and strengthen our balance sheet.”
View full version at Sweetgreen
The ONE Group Reports Third Quarter 2025 Financial Results
Nov 6, 2025 4:05 PM Eastern Standard Time
Grill portfolio optimization underway with six closures completed and up to nine additional conversions identified to enhance overall profitability
Fourth-quarter sales have improved and early holiday bookings point to continued momentum
DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the third quarter ended September 28, 2025.
Highlights for the third quarter 2025 compared to the same quarter in 2024 are as follows:
Total GAAP revenues decreased 7.1% to $180.2 million from $194.0 million;
Consolidated comparable sales* decreased 5.9%;
GAAP net loss attributable to The ONE Group Hospitality, Inc. increased $67.4 million to $76.7 million from GAAP net loss of $9.3 million due to an increase in income tax expense of $64.0 million, primarily related to the establishment of a non-cash tax valuation allowance, and a non-cash loss on impairment of $3.4 million related to the Grill optimization strategy; and
Adjusted EBITDA** attributable to The ONE Group Hospitality, Inc. decreased to $10.6 million from $14.9 million.
“Our third-quarter performance was impacted by external factors that temporarily reduced traffic in certain markets among our target demographics. These challenges created revenue headwinds. Additionally, rising commodity costs outpaced our pricing adjustments, putting further pressure on profitability,” said Emanuel "Manny" Hilario, President and CEO of The ONE Group.
"We completed a comprehensive review of our Grill portfolio and made the strategic decision to close six underperforming locations—five in the second quarter and one in the third quarter. We plan to convert up to an additional nine Grill units to either Benihana or STK formats by the end of 2026. Our first RA Sushi to STK conversion opened in October in Scottsdale, Arizona. These conversions take approximately eight to twelve weeks with a payback period of approximately one year. Once all conversions are complete, we expect that our Grill portfolio will consist of all profitable units, enhancing overall portfolio quality and driving improved margin performance. We also expect to reduce capital expenditures across all brands in the coming year, which will strengthen our balance sheet and enhance financial flexibility,” continued Hilario.
“The Benihana integration continues to exceed our expectations and the new Benihana prototype is delivering strong results. During the second quarter, we opened our second franchised Benihana Express location, validating our asset-light growth strategy,” continued Hilario.
“Since the onset of the fourth quarter, sales trends have improved, and we are optimistic about the upcoming holiday season. We have enhanced operational strategies and improved execution capabilities to capitalize on what is traditionally our strongest time of year. Our teams are well-prepared to deliver exceptional guest experiences during this critical period, with robust advance bookings already secured. The strategic actions we have taken to optimize our portfolio, combined with the ongoing benefits from our Benihana integration, position us to navigate current market challenges while building long-term value for our shareholders from current levels," stated Emanuel "Manny" Hilario, President and CEO of The ONE Group.
Restaurant Development
The Company plans to open five to seven new venues in 2025.
We have opened the following restaurants to date in 2025:
Owned Benihana restaurant in San Mateo, California (March 2025)
Owned STK restaurant in Topanga, California (April 2025)
Owned STK restaurant in Los Angeles, California (May 2025 - relocation of our existing STK Westwood restaurant)
Franchised Benihana Express restaurant in Miami, Florida (June 2025)
Owned STK restaurant in Scottsdale, Arizona (October 2025 – conversion of a former RA Sushi restaurant)
There are currently two STK restaurants, one Benihana restaurant, and one Kona Grill restaurant under construction in the following cities:
Owned STK restaurant in Oak Brook, Illinois
Owned STK restaurant in Phoenix, Arizona
Owned Benihana restaurant in Seattle, Washington
Owned Kona Grill restaurant in San Antonio, Texas (relocation of an existing Kona Grill restaurant)
During the third quarter of 2025, we closed one RA Sushi restaurant upon its lease expiration and terminated a license agreement for one STK restaurant. During the fourth quarter of 2025, we closed one RA Sushi restaurant and converted it to an STK restaurant.
View full version at The ONE Group
Papa Johns Announces Third Quarter 2025 Financial Results
Nov 6, 2025 7:00 AM Eastern Standard Time
Flat Total Global Comparable Sales
North America Comparable Sales Decreased 3%; International Comparable Sales Increased 7%
Diluted EPS of $0.13; Adjusted Diluted EPS of $0.32(a)
Updates Fiscal 2025 Outlook
LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the third quarter ended September 28, 2025.
Highlights
Global system-wide restaurant sales were $1.21 billion, a 2%(b) increase compared with the prior year period driven by higher International comparable sales and trailing twelve-month net restaurant growth.
North America comparable sales decreased 3% from a year ago as comparable sales from both Domestic Company-owned restaurants and North America franchised restaurants were down 3%; International comparable sales increased 7% compared with the prior year third quarter.
Opened 45 new restaurants system-wide, comprised of 18 restaurant openings in North America and 27 restaurant openings in International markets, including two new restaurants in India.
Total revenues of $508 million were flat compared with the prior year third quarter.
Net income was $4 million compared with $42 million in the prior year third quarter and adjusted EBITDA(a) was $48 million compared with $50 million in the prior year quarter.
Diluted earnings per common share was $0.13 compared with $1.27 in the prior year third quarter; adjusted diluted earnings per common share(a) was $0.32 compared with $0.43 last year.
At least $25 million of G&A savings identified through ongoing review of cost structure, in addition to at least $50 million of supply chain savings previously identified. Expects to fully realize these savings by fiscal year 2028. Supply chain savings expected to produce approximately 100-basis points of restaurant-level profitability improvement across both franchise and Company-owned restaurants.
Company accelerating refranchising program over the next two years.
CEO Commentary
“Our third quarter results reflect strong performance and building momentum of our transformation work in International markets, offset by softer North American sales given current consumer sentiment and a promotional QSR marketplace. We are sharpening our value proposition and rebuilding our innovation pipeline to add new sales layers to our business. This relentless flow of innovation will allow us to better respond to consumer needs, leveraging our competitive advantages of quality, craftsmanship, and freshness at an accessible price,” said Todd Penegor, President and CEO.
“As we execute our transformation strategy, we are also strengthening our competitiveness in strategic markets and developing a world-class technology platform to differentiate the customer experience. Concurrently, we are taking action to remove non-customer facing costs from the business and build a more nimble, efficient organization. We have identified substantial savings, and we expect to identify additional efficiency opportunities as our review progresses. Papa Johns is a strong brand with a healthy balance sheet, and I’m confident that the work underway will position us to drive sustainable, profitable growth and create value for our customers, franchisees, and shareholders,” Penegor added.
View full version at Papa Johns
Krispy Kreme Reports Third Quarter 2025 Financial Results Demonstrating Progress on Turnaround
Nov 6, 2025 6:45 AM Eastern Standard Time
Advancing initiatives to deleverage the balance sheet and drive sustainable, profitable growth
CHARLOTTE, N.C.--(BUSINESS WIRE)--Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today reported financial results for the quarter ended September 28, 2025.
Third Quarter Highlights (vs Q3 2024)
Net revenue of $375.3 million
Organic revenue increased 0.6%
GAAP net loss of $20.1 million
Adjusted EBITDA of $40.6 million
Cash provided by operating activities of $42.3 million, free cash flow of $15.5 million
Global Points of Access (“POA”) decreased 960, or 6.1%, to 14,851 reflecting the strategic closure of unprofitable POA
“The third quarter marked a significant pivot as we implemented our comprehensive turnaround plan focused on Krispy Kreme’s two biggest opportunities: profitable U.S. expansion and capital-light international franchise growth. Early results showed progress over the second quarter with reduced leverage, positive free cash flow, and substantially higher adjusted EBITDA. I am particularly pleased by the ongoing optimization and profitable expansion of our U.S. fresh delivery model, productivity improvements, and the removal of costs related to our now-ended McDonald's USA partnership.”
“Looking ahead to the remainder of 2025 and beyond, we expect further improvement in adjusted EBITDA and positive free cash flow. We also anticipate progress on our refranchising agenda and continued profitable expansion with key customers in the U.S., all while reducing capital spending and paying down debt,” said Krispy Kreme CEO Josh Charlesworth.
Turnaround Plan
The Company’s comprehensive turnaround plan is designed to deleverage the balance sheet and deliver sustainable, profitable growth through a focus on the following four components:
Refranchising: Improve financial flexibility through refranchising international markets and restructuring the joint venture in the Western U.S.
Improving Return on Invested Capital: Reduce capital intensity by using existing assets and focusing on franchise development
Expanding Margins: Expand margins through greater operational efficiency, including outsourcing U.S. logistics
Driving Sustainable, Profitable Growth: Pursue U.S. growth based upon sustainable and profitable revenue streams
View full version at Krispy Kreme
Bloomin’ Brands Announces Turnaround Strategy, Releases 2025 Q3 Financial Results
Nov 6, 2025 6:30 AM Eastern Standard Time
TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2025 (“Q3 2025”) compared to the third quarter 2024 (“Q3 2024”).
CEO Comments
“We have great momentum in our business as demonstrated by our third quarter results,” said Mike Spanos, CEO. “All four brands drove positive comparable store sales growth for the first time since Q1 2023. Our teams continue to focus on consistency of execution in food quality and the guest experience, the foundation for our turnaround.”
“I am excited to announce our turnaround strategy, with a focus on the Outback Steakhouse brand. In support of our strategy, we will reallocate available free cash flow into strategic investments in our base business and pay down debt. As a result, we have suspended the dividend. We believe our strategic plan will drive long-term, sustainable and profitable growth.”
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted loss per share from continuing operations to Adjusted diluted (loss) earnings per share from continuing operations for the periods indicated (unaudited):
The increase in Total revenues was primarily due to the net impact of restaurant openings and closures and higher U.S. comparable restaurant sales. These increases were partially offset by lower franchise revenues.
GAAP operating income margin decreased from Q3 2024 primarily due to higher impairment and closure costs and a decrease in restaurant-level operating margin, as detailed below.
Restaurant-level operating margin decreased from Q3 2024 primarily due to: (i) higher commodity, labor and operating costs, mainly due to inflation, (ii) higher insurance expense and (iii) unfavorable product cost mix. These decreases were partially offset by: (i) higher average check per person, primarily due to pricing, (ii) lower advertising expense and (iii) cost-saving and productivity initiatives.
Adjusted operating income margin primarily excludes impairment and closure costs in connection with the 2025 Restaurant Closures and the impairment of five underperforming U.S. Restaurants.
View full version at Bloomin’ Brands
McDONALD'S REPORTS THIRD QUARTER 2025 RESULTS
Nov 05, 2025, 07:00 ET
Global comparable sales increased 3.6%, with broad-based growth across all segments
Global Systemwide sales* were over $36 billion for the quarter, an increase over prior year of 8% (6% in constant currency)
Systemwide sales to loyalty members across 60 loyalty markets were approximately $34 billion for the trailing twelve-month period and over $9 billion for the quarter
CHICAGO, Nov. 5, 2025 /PRNewswire/ -- McDonald's Corporation today announced results for the third quarter ended September 30, 2025.
"We increased global Systemwide sales by 6% and grew comp sales across all segments, a testament to our ability to deliver sustainable growth even in a challenging environment," said Chairman and CEO Chris Kempczinski. "We're fueling momentum by delivering everyday value and affordability, menu innovation, and compelling marketing that continue to bring customers through our doors."
Third quarter financial performance:
Global comparable sales increased 3.6%:
U.S. increased 2.4%
International Operated Markets increased 4.3%
International Developmental Licensed Markets increased 4.7%
Consolidated revenues increased 3% (1% in constant currencies).
Systemwide sales increased 8% (6% in constant currencies).
Consolidated operating income increased 5% (3% in constant currencies). Results included pre-tax charges of $39 million primarily related to restructuring charges associated with Accelerating the Organization. Excluding these current year charges, as well as prior year pre-tax charges of $98 million, consolidated operating income increased 3% (1% in constant currencies).**
Diluted earnings per share was $3.18, an increase of 2% (flat in constant currencies). Excluding the current year charges described above of $0.04 per share, diluted earnings per share was flat at $3.22 (a decrease of 1% in constant currencies) when also excluding prior year charges.**
View full version at McDonald’s
Dine Brands Global, Inc. Reports Third Quarter 2025 Results
Nov 5, 2025 6:30 AM Eastern Standard Time
PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN) (the “Company” or “Dine Brands”), the parent company of Applebee’s Neighborhood Grill + Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the third quarter of fiscal year 2025.
“In the third quarter, Dine Brands sustained positive sales and traffic trends, driven by our everyday value platforms, innovative new menu offerings, and high-impact marketing that continues to resonate with guests,” said John Peyton, Chief Executive Officer of Dine Brands. “Our strategy and the long-term growth opportunity for our brands, including our dual brand concept, continues to gain momentum and generate franchisee enthusiasm. We’re on pace to exceed our initial 2025 domestic target, with about 30 locations opened or under construction by year-end, and an additional 50 openings in 2026."
Vance Chang, Chief Financial Officer of Dine Brands, added, “Dine Brands continues to generate strong cash flow, underscoring the strength of our asset-light model and its ability to create long-term shareholder value. We believe our shares are undervalued, and as part of our ongoing commitment to invest in the business, we’ve made proactive adjustments to our shareholder return strategy including our capital allocation and dividend policy. To further demonstrate our confidence in the business and our strategic plan, we plan to repurchase at least $50 million of shares over the next two quarters."
Domestic Restaurant Sales for the Third Quarter of 2025
Applebee’s year-over-year domestic comparable same-restaurant sales increased 3.1% for the third quarter of 2025. Off-premise sales accounted for 22.9% of sales mix in the third quarter of 2025 representing per restaurant average weekly sales of approximately $12,000.
IHOP’s year-over-year domestic comparable same-restaurant sales decreased 1.5% for the third quarter of 2025. Off-premise sales accounted for 20.4% of sales mix in the third quarter of 2025, representing per restaurant average weekly sales of approximately $7,500.
Third Quarter of 2025 Summary
Total revenues for the third quarter of 2025 were $216.2 million compared to $195.0 million for the third quarter of 2024. The increase was primarily driven by higher company-owned restaurant sales, mainly attributable to the acquisition of Applebee’s and IHOP restaurants prior to the third quarter of 2025 offset by a decrease in franchise revenues.
General and Administrative (“G&A”) expenses for the third quarter of 2025 were $50.2 million compared to $45.4 million for the third quarter of 2024. The variance was primarily attributable to an increase in compensation-related expenses (predominantly incentive compensation), an increase in travel and conference expenses and an increase in professional services and legal fees. G&A expenses also includes costs related to company-owned restaurant operations and dual brand initiatives.
GAAP net income available to common stockholders was $7.0 million, or earnings per diluted share of $0.48, for the third quarter of 2025 compared to net income available to common stockholders of $18.5 million, or earnings per diluted share of $1.24 for the third quarter of 2024. The decrease was primarily due to lower segment profit and an increase in G&A expenses.
Adjusted net income available to common stockholders was $10.5 million, or adjusted earnings per diluted share of $0.73, for the third quarter of 2025, compared to adjusted net income available to common stockholders of $21.4 million, or adjusted earnings per diluted share of $1.44, for the third quarter of 2024. The decrease was primarily due to lower segment profit and an increase in G&A expenses. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income available to common stockholders to adjusted net income available to common stockholders.)
Consolidated adjusted EBITDA for the third quarter of 2025 was $49.0 million compared to $61.9 million for the third quarter of 2024. The results reflect higher G&A (as referenced above) and investments in the company-owned restaurants with temporary construction closures for remodels and dual brand conversions. (See “Non-GAAP Financial Measures” for reconciliation of GAAP net income to consolidated adjusted EBITDA.)
Development activity by Applebee’s and IHOP franchisees for the third quarter of 2025 resulted in 17 new restaurant openings and 12 restaurant closures.
View full version at Dine Brands
First Watch Restaurant Group, Inc. Reports Q3 2025 Financial Results
November 04, 2025 07:00 ET
Same-restaurant sales growth of 7.1%
Total revenues increased 25.6%
Net income of $3.0 million and Adjusted EBITDA of $34.1 million
21 new system-wide restaurants opened in 14 states
BRADENTON, Fla., Nov. 04, 2025 (GLOBE NEWSWIRE) -- First Watch Restaurant Group, Inc. (NASDAQ: FWRG) (“First Watch” or the “Company”), the leading Daytime Dining concept serving breakfast, brunch and lunch, today reported financial results for the thirteen weeks ended September 28, 2025 (“Q3 2025”).
“Our strong third quarter results and sequential year-to-date improvement in same restaurant traffic growth, same restaurant sales growth, and restaurant-level operating profit margin, are testament to the enduring strength of our business model and the efforts of our teams,” stated Chris Tomasso, CEO and President of First Watch. “In light of our performance and considering current trends, we are pleased to guide to the high end of our previous range for FY25 adjusted EBITDA at approximately $123 million and remain confident in a robust finish to the year with continued aggressive growth.”
Third Quarter 2025 Highlights:
Total revenues increased 25.6% to $316.0 million as compared to $251.6 million in the same period of 2024
System-wide sales increased 20.9% to $352.7 million as compared to $291.8 million in the same period of 2024
Same-restaurant sales growth of 7.1%
Same-restaurant traffic growth of 2.6%
Income from operations margin increased to 3.2% as compared to 2.5% in the same period of 2024
Restaurant level operating profit margin* increased to 19.7% as compared to 18.9% in the same period of 2024
Net income increased to $3.0 million, or $0.05 per diluted share as compared to $2.1 million, or $0.03 per diluted share, in the same period of 2024
Adjusted EBITDA* increased to $34.1 million as compared to $25.6 million in the same period of 2024
Opened 21 system-wide restaurants in 14 states, with 1 planned closure, resulting in a total of 620 system-wide restaurants (548 company-owned and 72 franchise-owned) across 32 states
___________________
* See Non-GAAP Financial Measures Reconciliations section below.
For additional financial information related to Q3 2025, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2025, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.
Updated Outlook Fiscal Year 2025
Based upon third quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025:
Same-restaurant sales growth of ~4% with same-restaurant traffic growth of ~1%
Total revenue growth of 20.0%-21.0%(1)
Adjusted EBITDA(2) of ~$123.0 million(1)
Blended tax rate of ~45.0%
Capital expenditures of ~$150.0 million invested primarily in new restaurant projects and planned remodels(3)
60 to 61 new system-wide restaurants, net of 3 company-owned restaurant closures (55 new company-owned restaurants and 8 to 9 new franchise-owned restaurants)
View full version at First Watch
Wingstop Inc. Reports Fiscal Third Quarter Financial Results
Nov 04, 2025, 07:30 ET
Record 114 Net New Openings in Third Quarter, 19.3% Net New Unit Growth
Adjusted EBITDA Growth of 18.6% to $63.7 million, Highest Quarter on Record
DALLAS, Nov. 4, 2025 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal third quarter ended September 27, 2025.
Highlights for the fiscal third quarter 2025 compared to the fiscal third quarter 2024:
System-wide sales increased 10.0% to $1.4 billion
114 net new openings in the fiscal third quarter 2025
Domestic restaurant AUV of $2.1 million
Domestic same store sales decreased 5.6%
Digital sales increased to 72.8% of system-wide sales
Total revenue increased 8.1% to $175.7 million
Net income increased 10.7% to $28.5 million, or $1.02 per diluted share
Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 15.6% to $30.4 million, or $1.09 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 18.6% to $63.7 million
Adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share are non-GAAP measures. A reconciliation of each of adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share to the most directly comparable financial measure presented in accordance with accounting principles generally accepted in the United States ("GAAP") is set forth in the schedule accompanying this release. See "Non-GAAP Financial Measures."
"Our third quarter results highlight the strength and resiliency of our business model delivering 18.6% Adjusted EBITDA growth — supported by best-in-class unit economics, strategic investments, disciplined execution, and enthusiasm from our brand partners to open more Wingstops," said Michael Skipworth, President & Chief Executive Officer. "We opened 114 net new restaurants in the quarter, which translated to more than 19% unit growth vs prior year. Our sustained development momentum in 2025, coupled with strong margin performance, reinforces our confidence in our long-term vision to scale Wingstop to a top 10 global restaurant brand."
Fiscal third quarter 2025 financial results
Total revenue for the fiscal third quarter 2025 increased to $175.7 million from $162.5 million in the prior fiscal third quarter. Royalty revenue, franchise fees and other increased $6.8 million, of which $10.6 million was due to net new franchise development, partially offset by a decrease of $3.6 million due to a 5.6% decline in domestic same store sales. Advertising fees increased $5.3 million due to a 10.0% increase in system-wide sales in the fiscal third quarter 2025, as well as an increase in the national advertising fund contribution rate to 5.5% from 5.3%, effective the first day of the fiscal first quarter 2025. Company-owned restaurant sales increased $1.2 million due to company-owned restaurant same store sales growth of 3.8%, driven primarily by an increase in transactions.
Cost of sales was $24.3 million compared to $24.4 million in the prior fiscal third quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 74.8% from 77.8% in the prior fiscal third quarter. The decrease as a percentage of company-owned restaurant sales was primarily driven by sales leverage on other operating expenses, as well as a decline in food, beverage and packaging costs primarily resulting from a decrease in the cost of bone-in chicken wings as compared to the prior fiscal third quarter.
Selling, general & administrative ("SG&A") expense decreased $1.6 million to $30.7 million from $32.3 million in the prior fiscal third quarter. The decrease in SG&A expense was driven by a decrease in headcount related expenses, inclusive of short-term incentive and stock-based compensation, of $3.2 million, partially offset by system implementation costs of $2.1 million during the fiscal third quarter 2025.
Depreciation and amortization increased $1.2 million to $6.2 million from $5.1 million in the prior fiscal third quarter. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.
Interest expense, net increased $4.1 million to $9.2 million from $5.1 million in the prior fiscal third quarter. The increase was primarily driven by $7.3 million in interest expense related to the securitized financing transaction completed on December 3, 2024 to support our return of capital strategy, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our investments, as compared to the prior year period.
View full version at Wingstop
Portillo’s Inc. Announces Third Quarter 2025 Financial Results
November 04, 2025 08:00 ET
OAK BROOK, Ill., Nov. 04, 2025 (GLOBE NEWSWIRE) -- Portillo’s Inc. (“Portillo’s” or the “Company”) (NASDAQ: PTLO), the one-of-a-kind restaurant concept known for its menu of Chicago-style favorites, today reported financial results for the third quarter ended September 28, 2025.
Third Quarter 2025 Performance Highlights (vs. Third Quarter 2024):
Total revenue of $181.4 million, an increase of 1.8% or $3.2 million
Same-restaurant sales decrease of -0.8%
Operating income of $5.4 million, a decrease of $10.6 million
Net income of $0.8 million, a decrease of $8.0 million
Restaurant-Level Adjusted EBITDA(1) of $36.7 million, a decrease of $5.3 million
Adjusted EBITDA(1) of $21.4 million, a decrease of $6.5 million
(1) Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release.
“Portillo’s took a number of steps to reset our growth model in the third quarter, as we proceed at a more measured pace in new markets while pursuing better unit economics,” said Mike Miles, Chairman of the Board and Interim President and Chief Executive Officer of Portillo’s. “In the meantime, our restaurant operators continue to deliver outstanding food and guest experiences, and they remain the foundation of this great brand.”
Third Quarter 2025 Financial and Operating Results
Revenues for the quarter ended September 28, 2025 were $181.4 million compared to $178.3 million for the quarter ended September 29, 2024, an increase of $3.2 million or 1.8%. The increase in revenues was primarily attributed to the opening of eight restaurants in the third and fourth quarters of 2024 and four restaurants in 2025, partially offset by a decrease in our same-restaurant sales. Restaurants not in our Comparable Restaurant Base (as defined below) contributed $5.6 million of the total year-over-year increase. Same-restaurant sales decreased 0.8%, or $1.2 million in the quarter. The same-restaurant sales decline was attributable to a 2.2% decrease in transactions, partially offset by an increase in average check of 1.4%. The higher average check was driven by an approximate 3.2% increase in certain menu prices, partially offset by a 1.8% decrease in product mix. For the purpose of calculating same-restaurant sales for the quarter ended September 28, 2025, sales for 76 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.
Total restaurant operating expenses for the quarter ended September 28, 2025 were $144.7 million compared to $136.3 million for the quarter ended September 29, 2024, an increase of $8.4 million or 6.2%. The increase was primarily driven by the opening of eight restaurants in the third and fourth quarters of 2024 and four restaurants in 2025. Additionally, food, beverage and packaging costs were negatively impacted by a 6.3% increase in commodity prices. The increase in labor expense was driven by incremental investments to support our team members. Lastly, the increase in other operating expenses was due to the increase in repairs and maintenance, utilities, and advertising expense, partially offset by lower cleaning expenses due to vendor renegotiation.
General and administrative expenses for the quarter ended September 28, 2025 were $20.0 million compared to $18.3 million for the quarter ended September 29, 2024, an increase of $1.7 million or 9.4%. This increase was primarily driven by $3.3 million in dead site costs. This increase was partially offset by a $1.1 million net benefit resulting from the CEO transition. This benefit was due to the forfeiture of equity awards, offset by other transition expense.
Operating income for the quarter ended September 28, 2025 was $5.4 million compared to $16.0 million for the quarter ended September 29, 2024, a decrease of $10.6 million or 66.0% primarily due to the aforementioned change in revenue and expenses and legacy Barnelli’s trade name impairment charges of $2.2 million.
Net income for the quarter ended September 28, 2025 was $0.8 million compared to a net income of $8.8 million for the quarter ended September 29, 2024, a decrease of $8.0 million or 91.1%. The decrease in net income was primarily due to a decrease in operating income of $10.6 million due to the aforementioned factors and a decrease in the tax receivable agreement liability adjustment of $2.1 million, partially offset by a decrease in income taxes of $3.8 million and interest expense of $0.8 million.
Restaurant-Level Adjusted EBITDA* for the quarter ended September 28, 2025 was $36.7 million compared to $41.9 million for the quarter ended September 29, 2024, a decrease of $5.3 million or 12.5%
Adjusted EBITDA* for the quarter ended September 28, 2025 was $21.4 million compared to $27.9 million for the quarter ended September 29, 2024, a decrease of $6.5 million or 23.4%.
View full version at Portillo’s
CAVA Group Reports Third Quarter 2025 Results
Nov 4, 2025 4:10 PM Eastern Standard Time
Year Over Year CAVA Revenue Growth of 20.0% Including CAVA Same Restaurant Sales Growth of 1.9%
17 Net New CAVA Restaurant Openings During Quarter
Third Quarter 2025 CAVA Restaurant-Level Profit Margin of 24.6%
WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal third quarter ended October 5, 2025.
“Q3 of 2025 delivered another quarter of market share growth, while we continued to reinforce our value proposition, rooted in the quality, relevance, convenience, and experience that we are known for," said Brett Schulman, Co-Founder and CEO. “Same restaurant sales grew 1.9% in the quarter and accelerated 350 basis points to 20.0%, on a two-year basis. We opened 17 net new restaurants and grew revenue by 20.0%. Despite lapping strong prior-year results and navigating macroeconomic headwinds, the underlying strength of our model is evident. New restaurant productivity remains above 100%, with our 2025 cohort trending above $3 million in average unit volumes—clear proof of the brand’s portability and resonance across the country.”
Fiscal Third Quarter 2025 Highlights:
CAVA Revenue grew 20.0% to $289.8 million as compared to $241.5 million in the prior year quarter and 66.8% as compared to the third quarter of fiscal 2023.
Net New CAVA Restaurant Openings of 17, bringing total CAVA Restaurants to 415, a 17.9% increase in total CAVA Restaurants year over year.
CAVA Same Restaurant Sales Growth of 1.9%.
CAVA AUV of $2.9 million as compared to $2.8 million in the prior year quarter excluding the 53rd week of fiscal 2023.
CAVA Restaurant-Level Profit of $71.2 million or growth of 15.1% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 24.6%.
CAVA Digital Revenue Mix was 37.6%.
CAVA Group Net Income of $14.7 million.
CAVA Group Adjusted EBITDA1 of $40.0 million compared to $33.5 million in the prior year quarter.
Year to date net cash provided by operating activities of $144.5 million with Free Cash Flow1 of $23.3 million.
CAVA Fiscal Third Quarter 2025 Review:
CAVA Revenue was $289.8 million, an increase of 20.0% compared with the third quarter of fiscal 2024. The increase was primarily driven by 74 Net New CAVA Restaurant Openings during or subsequent to the third quarter of fiscal 2024, which are exceeding our performance expectations, and CAVA Same Restaurant Sales Growth of 1.9% primarily from menu price and product mix with guest traffic being approximately flat.
CAVA Restaurant-Level Profit Margin was 24.6% compared with 25.6% in the third quarter of fiscal 2024. The decrease was due to: a higher mix of third-party delivery, insurance costs, and other individually insignificant items within other operating expenses; higher food, beverage, and packaging costs primarily associated with the impact of tariffs and the launch of chicken shawarma; and incremental wage investments. The decrease was partially offset by leverage from higher sales.
View full version at CAVA
Yum! Brands Reports Third-Quarter Results
Nov 4, 2025 7:00 AM Eastern Standard Time
Taco Bell Same-Store Sales Growth 7% and KFC Unit Growth 6%;
Initiates Review of Strategic Options for Pizza Hut
LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the third quarter ended September 30, 2025. Third-quarter GAAP EPS was $1.41 and third-quarter EPS excluding Special Items was $1.58, a 15% increase year-over-year.
CHRIS TURNER COMMENTS
Chris Turner, CEO, said "I’m thrilled to step into the role as the CEO, and thankful to David for his contributions to Yum! and making the transition as seamless as possible. Over the past several months, I’ve engaged with Yum!’s leaders, franchise partners, team members, and shareholders to better understand how we can unlock even greater value together. Going forward, my three priorities for driving growth will be staying relevant with the next generation of consumers, leveraging our global scale to strengthen franchisees’ store-level economics, and expanding Byte across more restaurants worldwide. I’ve been proud to be a part of the unrivaled culture and talent that define the Yum! system, and it’s an honor to lead this global business. With a strong foundation in place, we are well positioned to build on our momentum and deliver sustained value for all our stakeholders."
STRATEGIC ANNOUNCEMENTS
We announced the initiation of a process to explore strategic options for the Pizza Hut brand to maximize long-term value creation for Yum!, Pizza Hut, and its franchise partners. With strong brand equity, significant scale, and an experienced global franchise base, Pizza Hut is well-positioned to reclaim leadership in the fragmented pizza category.
We expect to complete the acquisition of 128 Taco Bell restaurants across the Southeast U.S. in the fourth quarter. This acquisition will strengthen our equity-owned restaurant base with high-margin, mature assets, contribute to EBITDA and operating profit growth and unlock significant new development opportunities while reinforcing our role in leading the U.S. system through equity operations.
We announced new leadership appointments effective October 1. Ranjith Roy has been promoted to Yum! Brands Chief Financial Officer. Sean Tresvant will now serve as Taco Bell Chief Executive Officer and Yum! Brands Chief Consumer Officer. Jim Dausch has been promoted to Yum! Brands Chief Digital & Technology Officer and President of Byte by Yum!.
THIRD-QUARTER HIGHLIGHTS
Worldwide system sales grew 5%, excluding foreign currency translation, led by Taco Bell at 9% and KFC at 6%.
Unit count increased 3% including 1,131 gross new units in the quarter.
Record digital system sales reaching $10 billion, with record digital mix of approximately 60%.
Foreign currency translation favorably impacted divisional operating profit by $7 million.
View full version at Yum! Brands
Toast Announces Third Quarter 2025 Financial Results
Nov 4, 2025 4:05 PM Eastern Standard Time
Annualized recurring run-rate (ARR) grew 30%, crossing $2.0 billion as of September 30, 2025
Added approximately 7,500 net new Locations in third quarter 2025
Net income was $105 million and Adjusted EBITDA was $176 million in third quarter
BOSTON--(BUSINESS WIRE)--Toast (NYSE: TOST), the all-in-one digital technology platform built for restaurants, today reported financial results for the third quarter ended September 30, 2025.
“Toast delivered another strong quarter - ARR grew 30% to over $2.0 billion, Adjusted EBITDA was $176 million, and we added approximately 7,500 net locations and now power 156,000 locations globally,” said Toast CEO Aman Narang. “We have an incredible opportunity to drive sustained growth over the next decade as we expand our leadership across U.S. restaurants, scale in new markets, and further expand our TAM. Our most recent launches of Toast IQ and Toast Advertising are already helping customers both increase revenue and operate more efficiently. With the momentum we have and the investments we’re making in our platform, in AI, and in our partner ecosystem, I’ve never been more confident in the opportunity ahead.”
Financial Highlights for the Third Quarter of 2025
ARR increased 30% year over year to $2.0 billion as of September 30, 2025.
Total Locations increased 23% year over year to approximately 156,000.
Gross Payment Volume (GPV) increased 24% year over year to $51.5 billion.
GAAP subscription services and financial technology solutions gross profit grew 34% year over year to $490 million. Non-GAAP subscription services and financial technology solutions gross profit grew 34% year over year to $506 million.
GAAP income from operations was $84 million in Q3 2025 compared to GAAP income from operations of $34 million in Q3 2024.
GAAP net income was $105 million in Q3 2025 compared to GAAP net income of $56 million in Q3 2024. Adjusted EBITDA was $176 million in Q3 2025 compared to Adjusted EBITDA of $113 million in Q3 2024.
Net cash provided by operating activities of $165 million and Free Cash Flow of $153 million in Q3 2025, compared to net cash provided by operating activities of $109 million and Free Cash Flow of $97 million, in Q3 2024.
Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Key Business Metrics” and “Non-GAAP Financial Measures,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.
View full version at Toast
Denny’s Corporation to be Acquired by TriArtisan Capital Advisors, Treville Capital Group and Yadav Enterprises in $620 Million Transaction
November 3, 2025
Denny’s Stockholders to Receive $6.25 Per Share in Cash, Delivering Significant, Near-Term and Certain Cash Value
Purchase Price Represents Premium of 52.1% to Closing Price on Monday, November 3 and 36.8% Premium to 90-Day VWAP
Spartanburg, SC and New York (RestaurantNews.com) Denny’s Corporation (the “Company” or “Denny’s”) (NASDAQ: DENN), owner and operator of Denny’s Inc. and Keke’s Inc., today announced that it has entered into a definitive agreement to be acquired by a group consisting of TriArtisan Capital Advisors LLC (“TriArtisan”), an established New York-based private equity investment firm and experienced investor in global restaurant and hospitality assets, Treville Capital Group (“Treville”), a leading investment firm focused on alternative assets, and Yadav Enterprises, Inc. (“Yadav Enterprises”), owner-operator of approximately 550 restaurants nationwide and one of the largest Denny’s franchisees, in an all-cash transaction with an enterprise value of approximately $620 million.
Under the terms of the agreement, which was unanimously approved by the Denny’s Board of Directors, Denny’s stockholders will receive $6.25 per share in cash for each share of Denny’s common stock they own. The purchase price represents a 52.1% premium to Denny’s’ closing stock price on Monday, November 3, 2025, the last full trading day prior to the transaction announcement, and a 36.8% premium to the Company’s 90-day volume-weighted average share price for the period ended November 3, 2025.
TriArtisan brings deep experience investing in full-service, global dining and entertainment concepts, such as P.F. Chang’s, providing resources to invest in their brands, support franchisees and help them grow their businesses. Treville is an alternative asset manager that leverages its platform and deep sector expertise to provide customized solutions for companies. Yadav Enterprises, led by Anil Yadav, brings significant experience and a 30-plus-year record of success across a variety of restaurant concepts, including as a Denny’s franchisee. Upon completion of the transaction, Denny’s will become a privately held company.
“We are pleased to enter this transaction, which delivers significant, near-term and certain cash value to our stockholders,” said Kelli Valade, Chief Executive Officer of Denny’s Corporation. “After receiving indications of interest from TriArtisan, the Board conducted a thorough review of strategic alternatives to maximize value with the assistance of external advisors. As part of the review, the Company reached out to more than 40 potential buyers and ultimately received multiple offers. The Board evaluated any potential transaction against Denny’s standalone plan and all external strategic alternatives. After careful consideration of all options and in consultation with external financial and legal advisors, the Board is confident the transaction maximizes value and has determined it is fair to and in the best interests of stockholders and represents the best path forward for the Company.”
“Denny’s has a strong foundation as America’s Diner, and I am proud of the important progress we have made across our Denny’s and Keke’s platforms while navigating a dynamic consumer environment,” Valade continued. “This transaction delivers meaningful value to our stockholders and is a testament to the incredible work of our teams and franchisees, who have helped us innovate and meet our guests where they are. TriArtisan and Yadav Enterprises are experienced stewards of leading restaurant brands, and we are excited to work with them as we continue delighting our guests.”
“Denny’s is an iconic piece of the American dream, with a renowned brand, a strong franchise base and loyal customers,” said Rohit Manocha, Co-Founder and Managing Director at TriArtisan. “Our team has significant investment experience in the restaurant industry and our acquisition of Denny’s builds on our success with other full-service restaurant concepts. We look forward to working with Kelli and the rest of the Denny’s team and franchisees to provide resources and support the Company’s long-term strategic growth plans.”
Transaction Details
The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions, including approval by the Company’s stockholders and satisfaction of regulatory approvals.
Upon completion of the transaction, Denny’s common stock will no longer be listed on the Nasdaq.
Advisors
Truist Securities is serving as financial advisor to Denny’s Corporation, and Morgan, Lewis & Bockius LLP, Sidley Austin LLP and Caiola & Rose, LLC are serving as its legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Denny’s Corporation.
Global Leisure Partners LLP is serving as financial advisor to TriArtisan, and Ropes & Gray LLP is serving as its legal counsel.
Choate, Hall & Stewart LLP is serving as Treville’s legal counsel.
About Denny’s Corporation
Denny’s Corporation is one of America’s largest full-service restaurant brands based on number of restaurants. As of June 25, 2025, the Company consisted of 1,558 restaurants, 1,474 of which were franchised and licensed restaurants and 84 of which were company operated.
The Company consists of the Denny’s brand and the Keke’s brand. As of June 25, 2025, the Denny’s brand consisted of 1,484 global restaurants, 1,422 of which were franchised and licensed restaurants and 62 of which were company operated. As of June 25, 2025, the Keke’s brand consisted of 74 restaurants, 52 of which were franchised restaurants and 22 of which were company operated.
For further information on Denny’s Corporation, including news releases, links to SEC filings, and other financial information, please visit investor.Dennys.com.
About TriArtisan Capital Advisors
TriArtisan Capital Advisors is an established, New York-based private equity firm. Founded in 2002 as TriArtisan Capital Partners, TriArtisan provides flexible institutional capital to invest in companies requiring a broad range of investment needs. In each of its investments, TriArtisan partners with high-quality management teams and founders to support them in achieving returns for its institutional and management partners. For more information, please visit the firm’s website at www.triartisan.com.
For inquiries regarding this transaction, please contact clientservices@triartisan.com.
About Treville Capital Group LLC
Treville Capital Group LLC is an alternative asset manager that provides financing to high-growth, credit worthy companies with a focus on asset-based credit, capital solutions, and venture capital. Treville’s credit business, Treville Capital Management LLC, offers flexible and creative capital solutions for growing companies seeking alternatives to traditional forms of debt or equity. Treville was founded in 2014 and seeks to leverage its platform to provide customized solutions for companies across the capital structure. For more information, please visit www.treville.com
About Yadav Enterprises
Yadav Enterprises Inc. operates more than 310 franchise restaurants including Jack in the Box, Denny’s, and TGI Friday’s, and owns the Taco Cabana brand, a fast-casual, Tex-Mex restaurant brand consisting of 150 locations, and Nick the Greek, a fast-casual, Greek restaurant concept consisting of 90 locations.
View source version at Denny’s
Denny’s Corporation Reports Results for Third Quarter 2025
November 03, 2025 18:34 ET
SPARTANBURG, S.C., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Denny’s Corporation (the "Company") (NASDAQ: DENN), owner and operator of Denny's Inc. ("Denny's") and Keke's Inc. ("Keke's") today reported results for its third quarter ended September 24, 2025 and provided a business update on the Company’s operations.
Kelli Valade, Chief Executive Officer, stated, "Our third quarter progress on strategic initiatives demonstrates our ability to remain agile and focused on what is within our control amid a choppy industry backdrop. These achievements are the direct result of our incredible teams and franchisees maintaining their unwavering commitment to our brands and our guests."
"Denny’s is evolving its value offerings to meet the guest where they are, strengthening its brand relevance with an enhanced digital presence, a movie collaboration, and the launch of its highly-anticipated new loyalty program. Keke’s is capitalizing on continued portfolio growth and exceptional guest satisfaction while maintaining its position as a brand leader in the fastest growing segment. We will remain agile and continue working closely with our franchisees to navigate this dynamic consumer environment."
Third Quarter 2025 Highlights
Total operating revenue was $113.2 million and total operating income was $10.4 million.
Denny's domestic system-wide same-restaurant sales** were (2.9%) compared to the prior year quarter.
Keke's domestic system-wide same-restaurant sales** increased 1.1% compared to the prior year quarter.
Denny's opened one franchised restaurant.
Denny's completed 10 remodels, including two at company restaurants.
Keke's opened four new cafes, including three franchised locations.
Keke's completed three remodels, including two at company cafes.
Adjusted franchise operating margin* was $29.1 million, or 52.0% of franchise and license revenue, and adjusted company restaurant operating margin* was $7.8 million, or 13.5% of company restaurant sales.
Net income was $0.6 million, or $0.01 per diluted share.
Adjusted net income* and adjusted net income per share* were $4.2 million and $0.08, respectively.
Adjusted EBITDA* was $19.3 million.
Third Quarter 2025 Results
Total operating revenue was $113.2 million compared to $111.8 million for the prior year quarter. This increase was primarily driven by additional Keke's company equivalent units and partially offset by the Company's previously communicated strategy to intentionally close lower volume Denny's franchised restaurants to improve the overall health of the brand.
Franchise and license revenue was $55.9 million compared to $59.1 million for the prior year quarter. This change was primarily due to fewer Denny's franchise equivalent units and softer Denny's same-restaurant sales**.
Company restaurant sales were $57.4 million compared to $52.7 million for the prior year quarter. This increase was primarily driven by additional Keke's equivalent units.
Adjusted franchise operating margin* was $29.1 million, or 52.0% of franchise and license revenue, compared to $30.1 million, or 50.9% for the prior year quarter. This margin change was primarily due to fewer Denny's equivalent units and softer Denny's same-restaurant sales**.
Adjusted company restaurant operating margin* was $7.8 million, or 13.5% of company restaurant sales, compared to $6.1 million, or 11.5% for the prior year quarter. This increase was primarily due to a $1.5 million benefit related to excess credit card fees charged by Visa and Mastercard between 2004 and 2019, partially offset by higher occupancy costs and inherent inefficiencies associated with new cafe openings.
Total general and administrative expenses were $22.6 million compared to $19.8 million in the prior year quarter. This change was primarily due to additional incentive compensation and transaction costs, partially offset by lower corporate administrative expenses.
The provision for income taxes was $1.3 million, reflecting an effective tax rate of 67.4% for the current quarter, compared to $1.5 million and an effective tax rate of 18.5% in the prior year quarter. The higher effective income tax rate for the current quarter included discrete items related to share-based compensation which were not comparable to the prior year quarter.
Net income was $0.6 million, or $0.01 per diluted share. Adjusted net income* was $4.2 million, or $0.08 per diluted share.
The Company ended the quarter with $269.2 million of total debt outstanding, including $259.5 million of borrowings under its credit facility.
View full version at Denny’s
Shake Shack Announces Third Quarter 2025 Financial Results
Oct 30, 2025 7:00 AM Eastern Daylight Time
Total revenue of $367.4 million, up 15.9% versus 2024, including $352.8 million of Shack sales and $14.6 million of Licensing revenue.
System-wide sales of $571.5 million, up 15.4% versus 2024.
Same-Shack sales up 4.9% versus 2024.
Operating income of $18.5 million versus operating loss of $18.0 million in 2024.
Restaurant-level profit(1) of $80.6 million, or 22.8% of Shack sales.
Net income of $13.7 million versus net loss of $11.1 million in 2024.
Adjusted EBITDA(1) of $54.1 million, up 18.2% versus 2024.
Net income attributable to Shake Shack Inc. of $12.5 million, or earnings of $0.30 per diluted share.
Adjusted pro forma net income(1) of $15.9 million, or earnings of $0.36 per fully exchanged and diluted share.
Opened 13 new Company-operated Shacks and seven new licensed Shacks.
View full version at Shake Shack
El Pollo Loco Holdings, Inc. Announces Third Quarter 2025 Financial Results
October 30, 2025 16:05 ET
COSTA MESA, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13‑week period ended September 24, 2025.
Highlights for the third quarter ended September 24, 2025 compared to the third quarter ended September 25, 2024 were as follows:
Total revenue was $121.5 million compared to $120.4 million.
System-wide comparable restaurant sales(1) decreased by 0.8%.
Income from operations was $11.5 million compared to $10.1 million.
Restaurant contribution(1) was $18.5 million, or 18.3% of company-operated restaurant revenue, compared to $16.9 million, or 16.7% of company-operated restaurant revenue.
Net income was $7.4 million, or $0.25 per diluted share, compared to net income of $6.2 million, or $0.21 per diluted share.
Adjusted net income(1) was $7.8 million, or $0.27 per diluted share, compared to $6.3 million, or $0.21 per diluted share.
Adjusted EBITDA(1) was $17.4 million, compared to $15.5 million.
--------------------
(1) System-wide comparable restaurant sales, restaurant contribution, adjusted net income and adjusted EBITDA are not presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and are defined under “Definitions of Non-GAAP and other Key Financial Measures” below. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is included in the accompanying financial data. See also “Non-GAAP Financial Measures” below.
Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc., stated, “Our third quarter results demonstrated the progress we are making across all aspects of our business. While our comparable store sales experienced a small decline, we are particularly pleased with our positive traffic growth during the quarter as we implemented targeted value and innovations that not only drove restaurant visits but also enhanced our brand equity. Our ongoing focus on operational excellence allowed us to deliver margin expansion at both the restaurant and corporate level. Our unit growth momentum continued with the opening of our 500th El Pollo Loco restaurant, and as we are building a pipeline that will almost double unit openings next year. As we look ahead, we remain laser-focused on executing against our five strategic pillars and continuing on our path of being the nation’s favorite fire-grilled chicken restaurant.”
Third Quarter 2025 Financial Results
Company-operated restaurant revenue in the third quarter of 2025 decreased to $100.7 million, compared to $101.2 million in the third quarter of 2024, mainly due to a decrease in company-operated comparable restaurant revenue of $1.2 million, or 1.1%, partially offset by $0.7 million of additional sales from the opening of two restaurants during or after the third quarter of 2024. The company-operated comparable restaurant sales decrease consisted of a 1.3% decrease in average check size, partially offset by a 0.1% increase in transactions.
Franchise revenue in the third quarter of 2025 increased 13.5% to $12.9 million. This increase was primarily due to the $0.9 million in franchisee IT pass through revenue related to the franchisee rollout of the new Point of Sale (“POS”) system which is offset by a corresponding increase in franchise expenses. In addition, the increase in franchise revenue was due to the five franchise-operated restaurant openings during or subsequent to the third quarter of 2024 and true up of royalty rates, partially offset by a franchise comparable restaurant sales decrease of 0.6%.
Income from operations in the third quarter of 2025 was $11.5 million, compared to $10.1 million in the third quarter of 2024. Restaurant contribution was $18.5 million, or 18.3% of company-operated restaurant revenue, compared to $16.9 million, or 16.7% of company-operated restaurant revenue in the third quarter of 2024. The increase in restaurant contribution as a percentage of company-operated restaurant revenue was largely due to better operating efficiencies combined with higher menu prices.
General and administrative expenses in the third quarter of 2025 were $12.3 million, compared to $11.4 million in the third quarter of 2024. The increase for the quarter was primarily due to $0.3 million increase in stock compensation expenses, $0.2 million increase in legal and professional fee costs related to shareholder activism and related matters, a $0.2 million increase in restructuring costs, a $0.1 million increase related to additional rent expense in connection with our corporate office relocation and a $0.1 million increase due to the implementation of enterprise resource planning (“ERP”) system.
Net income for the third quarter of 2025 was $7.4 million, or $0.25 per diluted share, compared to net income of $6.2 million, or $0.21 per diluted share, in the third quarter of 2024. Adjusted net income was $7.8 million, or $0.27 per diluted share, during the third quarter of 2025, compared to $6.3 million, or $0.21 per diluted share, during the third quarter of 2024.
As of September 24, 2025, after net pay down of $10.0 million on its five-year senior-secured revolving credit facility (the “2022 Revolver”) during the thirty-nine weeks, the Company’s outstanding debt balance was $61.0 million with $10.9 million in cash and cash equivalents.
View full version at El Pollo Loco
BJ’s Restaurants, Inc. Reports Fiscal Third Quarter 2025 Results
October 30, 2025 16:02 ET
HUNTINGTON BEACH, Calif., Oct. 30, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2025 third quarter ended Tuesday, September 30, 2025.
Fiscal Third Quarter 2025 Compared to Third Quarter 2024
Total revenues increased 1.4% to $330.2 million
Comparable restaurant sales increased 0.5%
Diluted net income per share was $0.02, from diluted net loss per share of $0.13
Adjusted diluted net income per share(1) was $0.04, from adjusted diluted net loss per share of $0.13
Restaurant level operating profit(1) was $41.3 million, an increase of 8.8%, with restaurant level operating profit margin of 12.5%, an increase of 80 basis points
Adjusted EBITDA(1) was $21.1 million, an increase of 14.1% from $18.5 million
The Company repurchased and retired approximately 996,000 shares of its common stock at a cost of approximately $33.2 million
(1) Adjusted diluted net income (loss) per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.
“We are pleased to report our 5th consecutive quarter of sales and traffic growth, along with our 4th consecutive quarter of profit expansion,” commented Lyle Tick, Chief Executive Officer and President. “In the third quarter, we continued to lay the foundations of a stronger and more consistent BJ’s by further embedding our Pizookie Meal Deal value platform, leveraging the social power of seasonal Pizookies and continuing our journey to improve ‘table stakes’ operations. These efforts have resulted in sustained improvement in both guest satisfaction scores and team member retention.
“Excluding the first two weeks of the quarter, we experienced strong and stable growth month to month. We have also now lapped the launch of the Pizookie Meal Deal and are pleased with the positive year-over-year momentum in the business through the end of the third quarter and into the fourth quarter. In the trailing six weeks, we are tracking up approximately 3.5% in traffic and outperforming Black Box Intelligence casual dining benchmarks. This momentum, combined with a strong product line up through the end of year anchored in our pizza refresh and two seasonal Pizookies, gives us confidence in re-iterating our approximately 2% comparable restaurant sales and prior earnings guidance on the year. Going forward, we remain focused on our strategic initiatives while preserving the agility needed to meet both our short- and long-term commitments,” concluded Tick.
Share Repurchase Program
During the third quarter of 2025, the Company repurchased and retired approximately 996,000 shares of its common stock at a cost of approximately $33.2 million. As of September 30, 2025, the Company had approximately $23.5 million remaining under its authorized share repurchase program. In October 2025, the Company’s Board of Directors approved an increase in the repurchase program by $75 million.
2025 Financial Outlook
For fiscal 2025, and subject to uncertainty, including related to the U.S. consumer environment and impacts from trade policies, management anticipates the following:
Comparable restaurant sales growth of approximately 2%
Restaurant level operating profit of $211 million to $219 million
Adjusted EBITDA of $132 million to $140 million
Capital expenditures of $65 million to $75 million
Share repurchases of $65 million to $80 million, depending on market conditions
Actual results may differ materially from the 2025 guidance set forth above as a result of, among other things, the factors described under “Forward-Looking Statements Disclaimer” below.
View full version at BJ’s Restaurants
The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2025
Oct 28, 2025 4:15 PM Eastern Daylight Time
CALABASAS HILLS, Calif.--(BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2025, which ended on September 30, 2025.
Total revenues were $907.2 million in the third quarter of fiscal 2025 compared to $865.5 million in the third quarter of fiscal 2024. Net income and diluted net income per share were $31.9 million and $0.66, respectively, in the third quarter of fiscal 2025.
The Company recorded a pre-tax net expense of $0.8 million primarily related to Fox Restaurant Concepts (“FRC”) acquisition-related expenses. Excluding the after-tax impact of these and certain other items, adjusted net income and adjusted diluted net income per share for the third quarter of fiscal 2025 were $33.2 million and $0.68, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.3% year-over-year in the third quarter of fiscal 2025.
“We delivered another quarter of solid results, with revenue within our guidance range and earnings and profitability finishing above the high end of our expectations,” said David Overton, Chairman and Chief Executive Officer. “Performance was led by The Cheesecake Factory restaurants, delivering positive comparable sales results amid a more challenging and competitive environment, underscoring the strength and resilience of our namesake concept. Our operators once again executed exceptionally well, delivering year-over-year improvements in labor productivity, wage management, and hourly staff and manager retention, supporting healthy margin performance. New restaurant openings continue to perform well, and with two openings in the third quarter we remain on track to achieve our unit growth objective for the year.”
Overton continued, “While the restaurant industry is navigating a softer environment, we remain confident in our ability to manage through it while continuing to execute our long-term strategy. Our focus on delivering delicious, memorable dining experiences and ongoing menu innovation continues to resonate with guests, reflected in steady sales trends and positive early results from our latest menu updates. With our scale, operational discipline, and the enduring appeal of our high-quality, experiential concepts, we believe we are well-positioned to drive performance, long-term growth and shareholder value.”
Development
During the third quarter of fiscal 2025, the Company opened two new FRC restaurants, and two Cheesecake Factory restaurants opened internationally under a licensing agreement in Mexico. Subsequent to quarter-end, the Company opened one new FRC restaurant.
The Company continues to expect to open as many as 25 new restaurants in fiscal 2025, including as many as four The Cheesecake Factory restaurants, six North Italia locations, six Flower Child locations and nine FRC restaurants.
Liquidity and Capital Allocation
As of September 30, 2025, the Company had total available liquidity of $556.5 million, including a cash balance of $190.0 million and $366.5 million of availability on its revolving credit facility with no outstanding balance. Total principal amount of debt outstanding was $644.0 million, including $69.0 million in principal amount of 0.375% convertible senior notes due 2026 and $575.0 million in principal amount of 2.00% convertible senior notes due 2030.
The Company repurchased approximately 18,900 shares of its stock at a cost of $1.2 million in the third quarter of fiscal 2025. In addition, the Company’s Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on November 25, 2025, to shareholders of record at the close of business on November 11, 2025.
View full version at Cheesecake Factory
RaceTrac Completes Acquisition of Potbelly Corporation
October 23, 2025
Acquisition brings beloved neighborhood sandwich shop concept into RaceTrac family of brands
Atlanta, GA (RestaurantNews.com) RaceTrac, Inc., (“RaceTrac”) a family-owned, high-growth leader in the convenience store industry, confirms it has completed the acquisition of Potbelly Corporation (“Potbelly”) previously announced in September.
As part of the transaction, RaceTrac acquires Potbelly’s iconic neighborhood sandwich shop brand, which includes more than 445 company and franchise-owned shops across the United States, and Potbelly’s proven franchise development platform with a long-term goal of reaching 2,000 shops.
“Potbelly has spent more than 40 years creating the neighborhood sandwich shop experience customers love, and we are excited to welcome this beloved brand to the RaceTrac family,” said RaceTrac CEO and Chairman Natalie Morhous. “This acquisition represents a natural evolution of our growth strategy, adding fast-casual expertise to our portfolio while maintaining the unique identity that makes Potbelly special. We’re pleased to welcome more than 5,200 Potbelly team members and franchise partners to our organization.”
The acquisition strengthens RaceTrac’s position in the evolving retail landscape, combining both brands’ capabilities in real estate, franchising, operations, food innovation and marketing to drive growth and customer loyalty.
As part of the acquisition, Adam Noyes, who previously served as Potbelly Chief Operating Officer, has been appointed President of Potbelly, effective immediately. Bob Wright will remain with the company as CEO through the end of the year.
“Today marks an exciting new chapter for Potbelly as we join the RaceTrac family,” said Wright. “With RaceTrac’s resources and expertise, we’re positioned to accelerate growth toward 2,000 plus shops while staying true to our mission of delighting customers with great food and good vibes.”
Potbelly will continue to operate as usual, offering guests the same warm, toasty sandwiches, signature salads, and hand-dipped shakes they’ve come to love. The acquisition adds another consumer-facing brand to RaceTrac’s growing portfolio, which includes more than 800 RaceTrac® and RaceWay® convenience stores and approximately 1,200 Gulf® branded locations.
RaceTrac’s tender offer for all of the issued and outstanding shares of Potbelly’s common stock at a price of $17.12 per share, without interest, net to the seller in cash, less any applicable withholding taxes, expired as scheduled at 5:00 p.m., New York City time, on October 22, 2025, and was not extended. Equiniti Trust Company, LLC, the depositary for the tender offer, has advised RaceTrac that, as of the expiration of the tender offer, 28,280,576 shares were validly tendered and not validly withdrawn, which represented approximately 90.7% of the then-issued and outstanding shares of Potbelly’s common stock. All of the conditions to the tender offer were satisfied, and Hero Sub Inc., a wholly owned subsidiary of RaceTrac (“Merger Sub”), accepted for payment, and will promptly pay for, all shares validly tendered and not validly withdrawn in the tender offer.
The acquisition was completed on October 23, 2025 through a merger of Merger Sub with and into Potbelly under Section 251(h) of the Delaware General Corporation Law without a stockholder vote. In connection with the merger, each share not purchased in the tender offer (other than shares owned by stockholders who validly assert statutory appraisal rights, treasury shares and shares owned by RaceTrac or its subsidiaries) was cancelled and converted into the right to receive $17.12 in cash, without interest, less any applicable withholding taxes. Following the consummation of the merger, Potbelly became a wholly owned subsidiary of RaceTrac.
In connection with the completion of the merger, Potbelly’s common stock ceased trading on Nasdaq.
Advisors
BofA Securities acted as exclusive financial advisor and Kilpatrick Townsend & Stockton LLP acted as legal advisor to RaceTrac. Piper Sandler acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Potbelly.
About RaceTrac, Inc.
Headquartered in Atlanta, Georgia, family-owned RaceTrac, Inc. is one of the largest privately held companies in the United States, serving guests since 1934. The company’s retail brands include more than 800 RaceTrac® and RaceWay® retail locations, approximately 1,200 Gulf® branded locations, and more than 445 Potbelly® neighborhood sandwich shops throughout the United States. RaceTrac employs more than 15,000 team members across RaceTrac, RaceWay, Potbelly and affiliated companies Energy Dispatch and Gulf, Inc. For more information, please visit RaceTrac’s website at RaceTrac.com.
About Potbelly Corporation
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country – with more than 445 shops in the United States including more than 105 franchised shops in the United States. For more information, please visit Potbelly’s website at Potbelly.com.
View source version at RaceTrac
Jack in the Box Inc. Announces Definitive Agreement to Sell Del Taco Holdings Inc. to Yadav Enterprises Inc.
Oct 16, 2025 7:00 AM Eastern Daylight Time
SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) (the “Company”) today announced that it has entered into a definitive agreement to sell Del Taco Holdings Inc. (“Del Taco”), a wholly owned subsidiary of the Company which operates and franchises more than 550 Del Taco restaurants, to Yadav Enterprises Inc. (“Yadav”) for $115 million in cash, subject to certain adjustments.
The transaction is expected to close by January 2026. The Company expects to use the net cash proceeds after taxes and transaction costs to retire debt within its securitization structure, specifically to repay part of the Company’s existing Series 2019-1 4.476% Fixed Rate Senior Secured Notes, Class A-2-II.
In line with the Company’s “Jack on Track” plan announced in April, the divestiture of Del Taco allows for the strengthening of the Company’s balance sheet and initiates the return of Jack in the Box to a simpler, asset-light business model.
Lance Tucker, Chief Executive Officer of Jack in the Box Inc., said, “This divestiture is an important step in returning to simplicity, and we look forward to focusing on our core Jack in the Box brand. After a robust process, we are confident we have entered into a transaction with the right steward for Del Taco in its next chapter of evolution. We wish Del Taco success as they enter this next chapter.”
The transaction is subject to the satisfaction or waiver of customary closing conditions.
BofA Securities Inc. is serving as exclusive financial advisor to the Company, and Sullivan & Cromwell LLP is serving as its legal counsel in connection with this transaction. Yadav Enterprises Inc. is represented in this transaction by its General Counsel Steven M. Kries and advised by Baker Tilly.
The Company intends to provide guidance for fiscal year 2026 and updates to other components of the “Jack on Track” plan in connection with its earnings release on November 19, 2025.
About Jack in the Box Inc.
Jack in the Box Inc. (NASDAQ: JACK), founded and headquartered in San Diego, California, is a restaurant company that operates and franchises Jack in the Box®, one of the nation's largest hamburger chains with approximately 2,160 restaurants across 22 states, and Del Taco®, the second largest Mexican-American QSR chain by units in the U.S. with over 550 restaurants across 18 states.
About Yadav Enterprises Inc.
Yadav Enterprises Inc. operates more than 310 franchise restaurants including Jack in the Box, Denny’s, and TGI Friday’s, and owns the Taco Cabana brand, a fast-casual, Tex-Mex restaurant chain consisting of 150 locations, and Nick the Greek, a fast-casual, Greek restaurant chain consisting of 90 locations.
View source version at Jack in the Box
