Aug 08, 2025, 07:00 ET

Global systemwide sales were $3.7 billion, a decrease of 1.8%
International systemwide sales grew 8.7% with growth across all regions
Added 26 net new restaurants and remain on track to deliver full-year net unit growth between 2-3%
Reported diluted earnings per share and adjusted earnings per share were $0.29, an increase of 7.4%
Returned $88.7 million to shareholders through dividends and share repurchases
Updates full-year 2025 outlook

DUBLIN, Ohio, Aug. 8, 2025 /PRNewswire/ -- The Wendy's Company (Nasdaq: WEN) today reported unaudited results for the second quarter ended June 29, 2025.

"In the second quarter we continued to expand our global footprint, adding 44 new restaurants, bringing our total additions to 118 in the first half of the year," said Ken Cook, Interim CEO. "We're also encouraged by the strong momentum in our International business, which delivered 8.7% systemwide sales growth in the quarter and continues to offer excellent opportunities for expansion."

"In the U.S., we have work to do to improve the overall performance of the business. We will continue to strengthen relationships with franchisees, improve the effectiveness of our marketing programs, and elevate the customer experience across the system. I'm confident that increasing our focus in these areas positions the Company for stronger long-term performance."

Second Quarter Financial Highlights

Systemwide Sales Growth

Global systemwide sales declined due to lower same-restaurant sales in the U.S. segment, partially offset by contributions from net new restaurant openings and same-restaurant sales growth in the International segment.

Total Revenues

The decrease in total revenues resulted primarily from lower U.S. Company-operated restaurant sales, lower franchise royalty revenue, and lower advertising funds revenue.

U.S. Company-Operated Restaurant Margin

The decrease in U.S. Company-operated restaurant margin was primarily due to commodity inflation, labor rate inflation, and a decline in traffic, partially offset by labor efficiencies and an increase in average check.

General and Administrative Expense

The decrease in general and administrative expense was primarily due to a lower incentive compensation accrual, partially offset by an increase in employee compensation and benefits, including investments in resources to support technology and operations initiatives.

Operating Profit

The increase in operating profit was primarily due to a decrease in the Company's investment in advertising spend, lower reorganization and realignment costs, and lower general and administrative expense. These were partially offset by a decrease in franchise royalty revenue and a decrease in U.S. Company-operated restaurant margin.

Net Income

Net income increased primarily due to an increase in operating profit, partially offset by a decrease in other income.

Adjusted EBITDA

The increase in adjusted EBITDA was primarily driven by a decrease in the Company's investment in advertising spend, lower general and administrative expense and higher net franchise fees. These were partially offset by a decrease in franchise royalty revenue and a decrease in U.S. Company-operated restaurant margin.

Adjusted Earnings Per Share

The increase in adjusted earnings per share was primarily driven by fewer shares outstanding as result of the Company's share repurchase program and the increase in adjusted EBITDA, partially offset by a decrease in other income.

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Restaurant Brands International Inc. Reports Second Quarter 2025 Results

Aug 07, 2025, 06:30 ET

Consolidated system-wide sales grow 5.3% year-over-year, including 9.8% in International

Comparable sales accelerated to 2.4%, including 4.1% at Burger King International and 3.6% at Tim Hortons Canada

RBI remains on track for 8%+ organic Adjusted Operating Income growth in 2025

MIAMI, Aug. 7, 2025 /PRNewswire/ - Restaurant Brands International Inc. ("RBI") (NYSE: QSR) (TSX: QSR) (TSX: QSP) today reported financial results for the second quarter ended June 30, 2025. Josh Kobza, Chief Executive Officer of RBI commented, "We made great progress in the second quarter advancing our strategic priorities, with improved sales trends and strong execution led by our two largest businesses, Tim Hortons and International. Across the system, we're seeing strong franchisee alignment, impactful marketing, and focused operational initiatives drive meaningful improvements in the guest experience. With positive momentum heading into the back half of the year, we remain confident in our ability to deliver 8%+ organic Adjusted Operating Income growth in 2025."

Adjusted Operating Income, Organic AOI Growth, Adjusted EBITDA, Adjusted Diluted Earnings per Share, Nominal Adj. EPS Growth, Organic Adj. EPS Growth, and Net Leverage are non-GAAP financial measures. Please refer to "Non-GAAP Financial Measures" for further detail.

Items Affecting Comparability and Restaurant Holdings Segment Reminder
Restaurant Holdings Segment
RBI reports results under six operating and reportable segments consisting of four franchisor segments for the Tim Hortons, Burger King, Popeyes and Firehouse Subs brands in the U.S. and Canada ("TH," "BK," "PLK," and "FHS"), and a fifth franchisor segment for all of our brands in the rest of the world ("INTL"). Additionally, we completed the acquisitions of Carrols Restaurant Group Inc. ("Carrols") ("the Carrols Acquisition") and Popeyes China ("PLK China") ("the PLK China Acquisition") on May 16, 2024 and June 28, 2024, respectively. Following these acquisitions, we established a new operating and reportable segment, Restaurant Holdings ("RH"), which includes results from the Carrols Burger King restaurants and the PLK China restaurants from their acquisition dates and includes results from Firehouse Subs Brazil ("FHS Brazil") beginning in 2025.

RBI plans to maintain the franchisor dynamics in its TH, BK, PLK, FHS and INTL segments ("Five Franchisor Segments") to report results consistent with how the business will be managed long-term, given RBI's plans to refranchise the vast majority of the Carrols Burger King restaurants and to find a new partner for PLK China and new investors for FHS Brazil in the future. RH results include Company Restaurant Sales and Expenses, including expenses associated with royalties, rent, and advertising. These expenses are recognized, as applicable, as revenues in the respective franchisor segments (BK and INTL) and eliminated upon consolidation. For more information, please review the "Restaurant Holdings Intersegment Dynamics" presentation dated August 8, 2024 posted on our IR website under "Events & Presentations."

Update to Presentation of AOI
Beginning with our year-end 2024 results, RBI updated its presentation of AOI by defining Segment Franchise and Property Expenses ("Segment F&P Expenses") which exclude Franchise Agreement Amortization and Reacquired Franchise Rights Amortization. These items were previously included in each segment's franchise and property expenses and added back as an adjustment to AOI. This presentation change does not impact AOI or Consolidated results.

Acquisition of Burger King China and Treatment as Held for Sale
On February 14, 2025, we acquired substantially all of the remaining equity interests in Burger King China ("BK China") from our former joint venture partners. BK China has been classified as held for sale and reported as discontinued operations, as we are actively working to identify a new controlling shareholder. This aligns with our long-term strategy of partnering with experienced local operators while maintaining a primarily franchised business.

Held for sale is defined as those assets and liabilities, or groups of assets and liabilities, for which management has committed to a plan for sale and that are available for immediate disposition in their current condition. These are expected to be sold within one year and are accounted for and reported separately from our continuing operations. As such, for 2025, results for BK China have been reported as discontinued operations in our financial statements and have not been recognized in the INTL segment. That said, BK China KPIs continue to be included in our INTL segment KPIs.

Convention Timing Impact on Franchise and Property Results
PLK hosted conventions in both Q2 2025 and Q2 2024, while TH held convention in Q2 2024 only and INTL held convention in Q2 2025 only. Convention-related revenues and expenses are recognized in each segment's Franchise and Property Revenues and Segment F&P Expenses, respectively, and have an immaterial impact on AOI.

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Sweetgreen, Inc. Announces Second Quarter 2025 Financial Results

Aug 7, 2025 4:05 PM Eastern Daylight 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 second fiscal quarter ended June 29, 2025.

Second quarter 2025 financial highlights

For the second quarter of fiscal year 2025, compared to the second quarter of fiscal year 2024:

Total revenue was $185.6 million, versus $184.6 million in the prior year period, an increase of 0.5%.
Same-Store Sales change of (7.6)%, versus Same-Store Sales change of 9.3% in the prior year period.
AUV of $2.8 million, versus $2.9 million in the prior year period.
Total Digital Revenue Percentage of 60.8% and Owned Digital Revenue Percentage(1) of 33.4%, versus Total Digital Revenue Percentage of 55.7% and Owned Digital Revenue Percentage of 30.5% in the prior year period.
Loss from operations was $(26.4) million and loss from operations margin was (14.2)%, versus loss from operations of $(16.2) million and loss from operations margin of (8.8)% in the prior year period.
Restaurant-Level Profit(2) was $35.1 million and Restaurant-Level Profit Margin(2) was 18.9%, versus Restaurant-Level Profit of $41.5 million and Restaurant-Level Profit Margin of 22.5% in the prior year period.
Net loss was $(23.2) million and net loss margin was (12.5)%, versus net loss of $(14.5) million and net loss margin of (7.8)% in the prior year period.
Adjusted EBITDA(2) was $6.4 million, versus Adjusted EBITDA of $12.4 million in the prior year period; and Adjusted EBITDA Margin(2) was 3.5%, versus 6.7% in the prior year period.
9 Net New Restaurant Openings, versus 4 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 new SG Rewards loyalty program introduced during the thirteen and twenty-six weeks ended June 29, 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.”

“Sweetgreen’s second quarter results reflected a convergence of several headwinds, including macroeconomic pressures, a challenging comparison to last year’s strong Q2, and the transition of our loyalty program,” said Jonathan Neman, Co-Founder and Chief Executive Officer. “While we’re not satisfied with today’s results, we’re confident in our ability to improve in the back half of 2025. Early signs from our new loyalty program are encouraging, our summer menu is bringing customers back more often, and we remain fully committed to raising the bar on execution across every restaurant.”

“While headwinds weighed on results, our financial model is strong. Our priorities are clear: deliver great guest experiences with the best sourced and prepared food, and improve execution and consistency across the fleet. We believe this will position Sweetgreen to emerge stronger, more efficient, and better aligned for scalable, sustainable growth,” said Mitch Reback, Chief Financial Officer.

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Good Times Restaurants Reports Results for the Fiscal 2025 Third Quarter Ended July 1, 2025

Aug 7, 2025 4:05 PM Eastern Daylight Time

DENVER--(BUSINESS WIRE)--Good Times Restaurants Inc. (Nasdaq: GTIM), operator of the Bad Daddy’s Burger Bar and Good Times Burgers & Frozen Custard restaurant brands, today reported financial results for the fiscal 2025 third quarter.

Key highlights of the Company’s financial results include:

Total Revenues for the quarter decreased 2.4% to $37.0 million compared to the fiscal 2024 third quarter
Same store sales1 for company-owned Bad Daddy’s restaurants decreased 1.4% and Good Times restaurants decreased 9.0% for the quarter compared to the fiscal 2024 third quarter. Same store sales decreased 1.2% and 4.4% year-to-date for our Bad Daddy’s and Good Times brands, respectively
Net Income Attributable to Common Shareholders was $1.5 million for the quarter
Adjusted EBITDA2 (a non-GAAP measure) was $2.2 million for the quarter
The Company ended the quarter with $3.1 million in cash and $2.3 million of long-term debt

Ryan M. Zink, the Company’s Chief Executive Officer, said, “Our sales results this quarter were disappointing at both brands, with our Good Times brand missing last year’s comparable quarter sales by a wide margin. After a soft April, Bad Daddy’s sales improved in May and June, and bottom line results were strengthened by good controls at the Bad Daddy’s brand and reductions in general and administrative costs.”

Mr. Zink continued, “We are revisiting our strategy to address sales declines and as a part of that endeavor we have hired Jason Murphy, previously with Buffalo Wild Wings, as our new Senior Director of Marketing. Jason will oversee all aspects of marketing, including brand, advertising, and promotion at both concepts. Later this month, we will launch our new brand campaign at Good Times entitled ‘Colorado Native Burgers’ which will focus heavily on our Colorado roots. The new campaign will include various advertising elements, including outdoor, social, and streaming video advertising components, along with a fresh website and matching mobile app redesign. The outdoor public transit advertising, will launch in late August, with the other campaign elements following in September. In addition to advertising, Jason will be reviewing all of our in-restaurant merchandising and promotions, including menu, point of purchase materials, and our online ordering experience.”

“Addressing traffic trends at both brands is our priority; additionally, we are focused on improving unit level economics and ensuring reasonable overhead costs as evidenced by this quarter’s profitability in spite of the reduced sales. We remain committed to delivering a great guest experience while taking swift action to reduce restaurant-level costs, however we will continue to make those choices with balance, evaluating any impacts felt by our guests,” Zink concluded.

Conference Call: Management will host a conference call to discuss its fiscal 2025 third quarter financial results on Thursday, August 7, 2025 at 3:00 p.m. MT/5:00 p.m. ET. Hosting the call will be Ryan M. Zink, its Chief Executive Officer and Keri A. August, its Senior Vice President of Finance and Accounting.

The conference call can be accessed live over the phone by dialing (888) 210-2831, participant code 3024033. The conference call will also be webcast live from the Company's corporate website www.goodtimesburgers.com. An archive of the webcast will be available at the same location on the corporate website shortly after the call has concluded.

About Good Times Restaurants Inc.: Good Times Restaurants Inc. owns, operates, and licenses 40 Bad Daddy’s Burger Bar restaurants through its wholly owned subsidiaries. Bad Daddy’s Burger Bar is a full-service “small box” restaurant concept featuring a chef-driven menu of gourmet signature burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft beers in a high-energy atmosphere that appeals to a broad consumer base. Additionally, through its wholly owned subsidiaries, Good Times Restaurants Inc. owns, operates and franchises 30 Good Times Burgers & Frozen Custard restaurants primarily in Colorado. Good Times is a regional quick-service concept featuring 100% all-natural burgers and chicken sandwiches, signature wild fries, green chili breakfast burritos and fresh frozen custard desserts.

View full version at Good Times Restaurants

Papa Johns Announces Second Quarter 2025 Financial Results

Aug 7, 2025 7:00 AM Eastern Daylight Time

North America Comparable Sales Increased 1%; International Comparable Sales Increased 4%
Diluted EPS of $0.28; Adjusted Diluted EPS of $0.41(a)
Updates Fiscal 2025 Outlook to Raise International Comparable Sales Range

LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the second quarter ended June 29, 2025.

Highlights

North America comparable sales increased 1% from a year ago as Domestic Company-owned restaurants were flat and North America franchised restaurants were up 1%; International comparable sales increased 4% compared with the prior year second quarter.
Opened 45 new restaurants system-wide, comprised of 19 restaurant openings in North America and 26 restaurant openings in International markets.
Global system-wide restaurant sales were $1.26 billion, a 4%(b) increase compared with the prior year second quarter, driven by higher comparable sales and trailing twelve-month net restaurant growth.
Total revenues of $529 million increased 4% compared with the prior year second quarter, primarily due to higher Commissary revenues.
Net income was $10 million compared with $13 million in the prior year second quarter and adjusted EBITDA(a) was $53 million compared with $59 million in the prior year quarter.
Diluted earnings per common share was $0.28 compared with $0.37 in the prior year second quarter; adjusted diluted earnings per common share(a) was $0.41 compared with $0.61 last year.

CEO Commentary

“Papa Johns second quarter results exceeded our expectations and are evidence that our strategy is working. We returned to comparable sales growth in North America and achieved strong sales growth internationally, driven by transaction gains as we win more customer visits with a focus on our core pizza business,” said Todd Penegor, President and CEO.

“Our progress in the second quarter reinforces my confidence that we are on the right track to deliver significant, sustainable profitable growth and increased value for all Papa Johns stakeholders,” Penegor added.

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Krispy Kreme Reports Second Quarter 2025 Financial Results and Announces Turnaround Plan

Aug 7, 2025 6:45 AM Eastern Daylight Time

Turnaround plan 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 June 29, 2025, and outlined a turnaround plan designed to deleverage the balance sheet and drive sustainable, profitable growth.

Second Quarter Highlights (vs Q2 2024)

Net revenue of $379.8 million
Organic revenue declined 0.8%
GAAP net loss of $441.1 million, including non-cash goodwill and other asset impairment charges totaling $406.9 million
Adjusted EBITDA of $20.1 million
Cash used for operating activities of $32.5 million
Global Points of Access (“POA”) increased 2,260, or 14.3%, to 18,113 which includes approximately 2,400 McDonald’s doors that were closed subsequent to Q2

“Our results for the second quarter primarily reflect the impact of unsustainable operating costs relative to unit demand in the McDonald’s USA partnership, which ended July 2, 2025. We are quickly removing our costs related to the McDonald’s partnership and growing fresh delivery through profitable, high-volume doors with major customers. We expect to begin recouping profitability in the third quarter.”

“Looking ahead, we have implemented a comprehensive turnaround plan aimed at unlocking our two biggest opportunities: profitable U.S. expansion and capital-light international franchise growth. This plan is designed to reduce leverage and deliver sustainable, profitable growth through refranchising, improving returns on capital, expanding margins, and driving sustainable, profitable U.S. growth,” said Krispy Kreme CEO Josh Charlesworth.

Turnaround Plan

The Company has implemented a comprehensive turnaround plan 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.
Driving Return on Invested Capital: Reduce capital intensity by using existing assets and focusing on franchisee 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

Aug 6, 2025 4:05 PM Eastern Daylight Time

Jack in the Box same-store sales of (7.1%); Del Taco same-store sales of (2.6%)

Diluted earnings per share of $1.15 and Operating EPS of $1.02

SAN DIEGO--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the Jack in the Box and Del Taco brands in the third quarter ended July 6, 2025.

“While the macro environment remains challenging, Jack in the Box is poised to improve performance in the fourth quarter and into the next fiscal year by prioritizing area of immediate impact. By leveraging innovation, offering craveable value and re-focusing on improving the overall guest experience, I'm confident in our ability to quickly regain momentum in the business,” said Lance Tucker, Jack in the Box Chief Executive Officer.

“I am pleased with our progress against the “JACK on Track” plan thus far and remain committed to simplifying our business model to drive shareholder value and support sustainable long-term growth.”

Jack in the Box Performance

Same-store sales decreased 7.1% in the third quarter, comprised of franchise same-store sales decline of 7.2% and company-owned same-store sales decline of 6.4%. Sales performance resulted from a decline in transactions and mix, partially offset by an increase in price. Systemwide sales for the third quarter decreased 7.2%.

Restaurant-Level Margin(1), a non-GAAP measure, was $16.9 million, or 17.9%, down from $21.1 million, or 21.0%, a year ago driven primarily by lower sales, higher labor, commodity inflation and higher utility and other operating costs, partially offset by decreases due to favorable beverage funding contract, as well as increased price.

Franchise-Level Margin(1), a non-GAAP measure, was $66.2 million, or 39.3%, a decrease from $74.6 million, or 41.1%, a year ago. The decrease was primarily due to lower sales driving lower rent revenue and royalties, partially offset by franchise lease buyouts.

Jack in the Box net restaurant count decreased in the third quarter, with six restaurant openings and 21 restaurant closures. Of the 21 restaurant closures, 13 are related to the “JACK on Track” block closure program.

View full version at Jack in the Box

Bloomin’ Brands Announces 2025 Q2 Financial Results

Aug 6, 2025 6:30 AM Eastern Daylight Time

Q2 Diluted EPS of $0.29 and Q2 Adjusted Diluted EPS of $0.32

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the second quarter 2025 (“Q2 2025”) compared to the second quarter 2024 (“Q2 2024”).

CEO Comments
“We are making progress to build a high capability team that is guest centric with an operational mindset,” said Mike Spanos, CEO. “Our restaurant teams are focused on consistency of execution, and we remain committed to turning around Outback to deliver sustainable and profitable growth.”

Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings per share from continuing operations to Adjusted diluted earnings per share from continuing operations for the periods indicated (unaudited):

_______________
(1) Adjustments for Q2 2025 primarily include costs incurred as a result of transformational and restructuring activities and costs associated with the foreign currency forward contracts. Adjustments for Q2 2024 primarily include asset impairment, closure costs and severance in connection with certain restaurant closures. See non-GAAP Measures later in this release. Also see Tables Four, Five and Six for details regarding the nature of diluted earnings per share adjustments for the periods presented.

_______________
(1) See non-GAAP Measures later in this release. Also see Tables Four and Five for details regarding the nature of restaurant-level operating margin and operating income margin adjustments, respectively.

The increase in Total revenues was primarily due to the net impact of restaurant openings and closures partially offset by lower franchise revenues.

GAAP operating income margin decreased from Q2 2024 primarily due to: (i) a decrease in restaurant-level operating margin, as detailed below, (ii) costs incurred as a result of transformational and restructuring activities and (iii) costs associated with the foreign currency forward contracts. These decreases were partially offset by the lapping of Q2 2024 impairment and closure costs in connection with certain restaurant closures.

Restaurant-level operating margin decreased from Q2 2024 primarily due to: (i) higher labor, commodity and operating costs, mainly due to inflation, (ii) higher insurance expense and (iii) unfavorable product cost mix. These decreases were partially offset by: (i) an increase in revenues as discussed above, (ii) higher average check per person, primarily due to pricing, and (iii) lower advertising expense.

Adjusted income from operations primarily excludes: (i) the Q2 2024 impairment and closure costs in connection with certain restaurant closures, (ii) costs incurred as a result of transformational and restructuring activities and (iii) costs associated with the foreign currency forward contracts.
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Dine Brands Global, Inc. Reports Second Quarter 2025 Results

Aug 6, 2025 7:00 AM Eastern Daylight 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 second quarter of fiscal year 2025.

“In the second quarter, we continued to build positive momentum across both Applebee’s and IHOP, with notable improvements in sales and traffic. Applebee’s benefited from strong consumer response to our value-driven promotions and continued innovation in menu and marketing, while IHOP saw growth fueled by its refreshed brand positioning and value strategy. At the same time, our Dual Brands initiative is building traction with our franchisees as our second domestic unit also opened with strong economics. We remain confident that our ongoing investments will generate sustainable value for our shareholders and franchisees based on these results,” said John Peyton, Chief Executive Officer of Dine Brands.

Vance Chang, Chief Financial Officer, Dine Brands added, “In this quarter, we successfully completed a refinancing transaction that strengthens our capital structure and enhances financial flexibility, positioning us well for future growth. We remain committed to delivering shareholder value through sustained financial performance and strategic investment.”

Domestic Restaurant Sales for the Second Quarter of 2025

Applebee’s year-over-year domestic comparable same-restaurant sales increased 4.9% for the second quarter of 2025. Off-premise sales accounted for 22.0% of sales mix in the second quarter of 2025 representing per restaurant average weekly sales of approximately $12,800.

IHOP’s year-over-year domestic comparable same-restaurant sales declined 2.3% for the second quarter of 2025. Off-premise sales accounted for 20.0% of sales mix in the second quarter of 2025, representing per restaurant average weekly sales of approximately $7,600.

Second Quarter of 2025 Summary

Total revenues for the second quarter of 2025 were $230.8 million compared to $206.3 million for the second quarter of 2024. The increase was primarily due to an increase in company restaurant sales attributable mainly to the acquisition of Applebee’s and IHOP restaurants prior to the second quarter of 2025 offset by a decrease in franchise revenues and a decrease in rental income.

General and Administrative (“G&A”) expenses for the second quarter of 2025 were $50.8 million compared to $46.9 million for the second quarter of 2024. The variance was primarily attributable to an increase in compensation-related expenses and an increase in professional service fees, both due in part to the G&A expenses related to company restaurant operations as well as dual brand and remodel initiatives.

GAAP net income available to common stockholders was $13.2 million, or earnings per diluted share of $0.89, for the second quarter of 2025 compared to net income available to common stockholders of $22.5 million, or earnings per diluted share of $1.50 for the second quarter of 2024. The decrease was primarily due to a decrease in segment profit and an increase in G&A expenses.

Adjusted net income available to common stockholders was $17.4 million, or adjusted earnings per diluted share of $1.17, for the second quarter of 2025, compared to adjusted net income available to common stockholders of $25.6 million, or adjusted earnings per diluted share of $1.71, for the second quarter of 2024. The decline was primarily due to a decrease in 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 second quarter of 2025 was $56.2 million compared to $67.0 million for the second quarter of 2024. (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 second quarter of 2025 resulted in seven new restaurant openings and 46 restaurant closures.
View full version at Dine Brands

McDonald’s Reports Second Quarter 2025 Results

Aug 06, 2025, 07:00 ET

Global comparable sales increased 3.8%, with broad-based growth across all segments
Systemwide sales* to loyalty members across 60 loyalty markets were approximately $33 billion for the trailing twelve-month period and approximately $9 billion for the quarter

CHICAGO, Aug. 6, 2025 /PRNewswire/ -- McDonald's Corporation today announced results for the second quarter ended June 30, 2025.

"Our 6% global Systemwide sales growth this quarter is a testament to the power of compelling value, standout marketing, and menu innovation—proving again that when we stay focused on executing what matters most to our customers, we grow," said Chairman and CEO Chris Kempczinski. "Our technology investments and ability to scale digital solutions at speed will continue to elevate the McDonald's experience for customers, crew, and our global System."

Second quarter financial performance:

Global comparable sales increased 3.8%:
- U.S. increased 2.5%
- International Operated Markets increased 4.0%
- International Developmental Licensed Markets increased 5.6%
Consolidated revenues increased 5% (4% in constant currencies).
Systemwide sales increased 8% (6% in constant currencies).
Consolidated operating income increased 11% (8% in constant currencies). Results included pre-tax charges of $43 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 $154 million, consolidated operating income increased 7% (4% in constant currencies).**
Diluted earnings per share was $3.14, an increase of 12% (10% in constant currencies). Excluding the current year charges described above of $0.05 per share, diluted earnings per share was $3.19, an increase of 7% (5% in constant currencies) when also excluding prior year charges.**

View full version at McDonald’s

Portillo’s Inc. Announces Second Quarter 2025 Financial Results

August 05, 2025 08:00 ET

OAK BROOK, Il., Aug. 05, 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 second quarter ended June 29, 2025.

Second Quarter 2025 Performance Highlights (vs. Second Quarter 2024):

Total revenue of $188.5 million, an increase of 3.6% or $6.6 million
Same-restaurant sales increase of +0.7%
Operating income of $17.5 million, a decrease of $0.6 million
Net income of $10.0 million, an increase of $1.5 million
Restaurant-Level Adjusted EBITDA(1) of $44.5 million, a decrease of $0.1 million
Adjusted EBITDA(1) of $30.1 million, an increase of $0.2 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.

“Our team operated well through a tough traffic environment in the second quarter, managing restaurant-level margins effectively and driving solid earnings,” said Michael Osanloo, President and Chief Executive Officer of Portillo’s. “We’re testing and learning, refining our new market playbook, and focused on continuous improvement to drive consistent sales, expand our restaurant footprint and deliver top-tier shareholder returns.”

Second Quarter 2025 Financial and Operating Results

Revenues for the quarter ended June 29, 2025 were $188.5 million compared to $181.9 million for the quarter ended June 30, 2024, an increase of $6.6 million or 3.6%. The increase in revenues was primarily attributed to the opening of nine restaurants during the second through fourth quarters of 2024 and an increase in same-restaurant sales. Restaurants not in the Comparable Restaurant Base (as defined below) contributed $6.1 million of the total year-over-year increase. Same-restaurant sales increased 0.7%, or $1.1 million in the quarter. The same-restaurant sales increase was attributable to an increase in average check of 2.1%, partially offset by a 1.4% decrease in transactions. The higher average check was driven by an approximate 3.4% increase in certain menu prices, partially offset by a 1.3% decrease in product mix. To address inflationary cost pressures, the Company increased select menu prices by approximately 1.0% in April 2025 and 0.7% in June 2025. For the purpose of calculating same-restaurant sales for the quarter ended June 29, 2025, sales for 75 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.

Total restaurant operating expenses for the second quarter ended June 29, 2025 were $144.0 million compared to $137.3 million for the second quarter ended June 30, 2024, an increase of $6.7 million or 4.9%. The increase was primarily driven by the opening of nine restaurants during the second through fourth quarters of 2024. Additionally, food, beverage and packaging costs were negatively impacted by a 1.9% 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 aforementioned restaurant openings and increase in repairs and maintenance, utilities, and insurance expense, partially offset by lower cleaning expenses due to vendor renegotiation.

General and administrative expenses for the quarter ended June 29, 2025 were $18.8 million compared to $17.9 million for the quarter ended June 30, 2024, an increase of $0.9 million or 4.8%. This increase was primarily driven by higher professional fees and advertising expenses, partially offset by lower equity-based compensation.

Operating income for the second quarter ended June 29, 2025 was $17.5 million compared to $18.1 million for the first quarter ended June 30, 2024, a decrease of $0.6 million or 3.2% primarily due to the aforementioned change in revenue and expenses, partially offset by a decrease in pre-opening expenses of $0.4 million. The decrease in pre-opening expenses was due to the number and timing of activities related to our planned restaurant openings.

Net income for the second quarter ended June 29, 2025 was $10.0 million compared to a net income of $8.5 million for the second quarter ended June 30, 2024, an increase of $1.5 million or 17.7%. The increase in net income was primarily due to an increase in the tax receivable agreement liability adjustment of $1.4 million and a decrease in interest expense of $0.9 million, partially offset by a decrease in operating income of $0.6 million due to the aforementioned factors and an increase in income tax expense of $0.2 million.

Restaurant-Level Adjusted EBITDA* for the second quarter ended June 29, 2025 was $44.5 million compared to $44.6 million for the quarter ended June 30, 2024, a decrease of $0.1 million or 0.2%

Adjusted EBITDA* for the second quarter ended June 29, 2025 was $30.1 million compared to $29.9 million for the quarter ended June 30, 2024, an increase of $0.2 million or 0.7%.

*A reconciliation of Restaurant-Level Adjusted EBITDA and Adjusted EBITDA and the nearest GAAP financial measure is included under “Non-GAAP Measures” in the accompanying financial data below.

View full version at Portillo’s

Yum! Brands Reports Second-Quarter Results

Aug 5, 2025 7:00 AM Eastern Daylight Time

KFC International Unit Growth 7% and Taco Bell Same-Store Sales Growth 4%;
Over $9 Billion Digital System Sales with Record 57% Digital Sales Mix

LOUISVILLE, Ky.--(BUSINESS WIRE)--Yum! Brands, Inc. (NYSE: YUM) today reported results for the second quarter ending June 30, 2025. Second-quarter GAAP EPS was $1.33 and second-quarter EPS excluding Special Items was $1.44, a 7% increase year-over-year.

DAVID GIBBS COMMENTS

David Gibbs, CEO, said "Our second-quarter results are a testament to the power of our bold food innovation, digital transformation, and the strength of our iconic brands. Taco Bell U.S. meaningfully outpaced the category with 4% same-store sales growth, and KFC International opened 565 gross new units. I am confident that with our strong development across the system, improving value propositions, and exciting new uses of our proprietary, integrated tech stack, Yum! is well positioned to win in an ever-changing consumer landscape. As I reflect on my incredible 36-year journey with Yum!, it’s been a joy to bring our iconic brands to consumers around the world in collaboration with our world-class franchise partners and team members. Yum! is in an enviable position with the very best talent and leaders in this industry at the helm of our global brands. I couldn’t be more confident passing the torch to Chris Turner, whose deep understanding of our business and bold vision will continue to propel Yum! forward."

RECENT STRATEGIC ANNOUNCEMENTS

On June 17th, we announced that the Board of Directors unanimously elected Chris Turner to succeed David Gibbs as Chief Executive Officer, effective October 1, 2025. David will serve as an adviser to the Company until the end of 2026 to ensure a seamless transition. Chris has served as Chief Financial Officer since 2019 and expanded his role to include Chief Franchise Officer in 2024. During his time at Yum!, Chris has been instrumental in driving bold actions including transforming the digital and technology organization, launching Byte by Yum!, centralizing Yum!'s global supply chain, and driving ideation for new, bold concepts within our portfolio.
On June 26th, Taco Bell announced plans to scale its innovative beverage concept Live Más Café to 30 locations by the end of 2025. The concept offers over 30 signature beverages, from Churro Chillers and specialty coffees to Refrescas and Dirty Mountain Dew® Baja Blast® Dream Sodas. This launch is part of the brand’s long-term beverage strategy to reach $5 billion in beverage sales by 2030.

SECOND-QUARTER HIGHLIGHTS

Worldwide system sales grew 4%, excluding foreign currency translation, led by Taco Bell at 6% and KFC at 5%.
Unit count increased 3% including 871 gross new units in the quarter.
Robust digital system sales exceeding $9 billion, with record digital mix of approximately 57%.
Foreign currency translation favorably impacted divisional operating profit by $4 million.

View full version at Yum! Brands

The ONE Group Reports Second Quarter 2025 Financial Results

Aug 5, 2025 4:05 PM Eastern Daylight Time

Revenues Increased 20% to $207.4 Million

Benihana Same Store Sales Increased 0.4% and STK Transactions Increased 2.8%

DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the second quarter ended June 29, 2025.

Highlights for the second quarter 2025 compared to the same quarter in 2024 are as follows:

Total GAAP revenues increased 20.2% to $207.4 million from $172.5 million;
Consolidated comparable sales* decreased 4.1%;
Operating income decreased $0.4 million to $0.7 million; the current year quarter includes $5.6 million of lease termination and exit expenses related to the exit of five grill locations;
Restaurant EBITDA** increased 8.0% to $31.9 million from $29.6 million;
GAAP net loss increased $2.8 million to $10.1 million from GAAP net loss of $7.3 million; the current year quarter includes $5.6 million of lease termination and exit expenses related to the exit of five grill locations; and
Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. increased 7.3% to $23.4 million from $21.8 million.

“I'm pleased to report that we met our expectations for the quarter while delivering strong top-line growth of 20% driven by the successful integration of our Benihana acquisition and continued execution of our key strategic initiatives. Benihana delivered positive same store sales and STK achieved positive traffic for the second and third consecutive quarters, respectively, clear indicators of underlying consumer engagement and brand strength," said Emanuel "Manny" Hilario, President and CEO of The ONE Group.

“We are focused on accelerating same store sales growth and pursuing asset-light and low-cost expansion strategies that enhance capital efficiency and balance sheet strength. We recently opened our second franchised Benihana Express location in Miami, Florida, allowing us to expand our Benihana brand without deploying capital. Looking ahead, we remain confident in our growth trajectory and are on track to open five to seven new venues this year while optimizing operations across our expanded portfolio. These initiatives reflect our ongoing efforts to increase shareholder value through a balanced and resilient operating model driven by strong top line growth and asset-light expansion,” concluded Hilario.

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)

There is currently one Company-owned Benihana restaurant and one Company-owned Kona Grill restaurant under construction in the following cities:

Owned Benihana restaurant in Seattle, Washington
Owned Kona Grill restaurant in San Antonio, Texas (relocation of an existing Kona Grill restaurant)

Liquidity and Share Repurchase Program

As of June 29, 2025, we held $15.1 million in cash and short-term credit card receivables and had $33.6 million available under our revolving credit facility. Under the current conditions, our credit facility does not have any financial covenants.

In March 2024, our Board of Directors authorized a $5 million share repurchase program. During the second quarter ended June 29, 2025, the Company purchased 0.2 million shares for aggregate consideration of $0.6 million.

View full version at The ONE Group

First Watch Restaurant Group, Inc. Reports Q2 2025 Financial Results and Reaches 600th System-Wide Restaurant Milestone

August 05, 2025 07:00 ET

Total revenues increased 19.1%
Net income of $2.1 million and Adjusted EBITDA of $30.4 million
17 new system-wide restaurants opened in 8 states
Raising 2025 Adjusted EBITDA guidance

BRADENTON, Fla., Aug. 05, 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 June 29, 2025 (“Q2 2025”).

"We delivered both positive same restaurant traffic growth and same restaurant sales growth in the second quarter, representing three consecutive quarters of sequential improvement,” stated Chris Tomasso, CEO and President of First Watch. "Looking ahead, we anticipate stronger profitability in the second half of the year and have raised our annual outlook for adjusted EBITDA accordingly. With continued outperformance of our newest restaurant classes and a robust development pipeline, we remain confident in our momentum through the balance of 2025 and beyond."

Second Quarter 2025 Highlights:

Total revenues increased 19.1% to $307.9 million as compared to $258.6 million in the same period of 2024
System-wide sales increased 15.8% to $346.2 million as compared to $299.0 million in the same period of 2024
Same-restaurant sales growth of 3.5%
Same-restaurant traffic growth of 2.0%
Income from operations margin decreased to 2.4% as compared to 6.4% in the same period of 2024
Restaurant level operating profit margin* decreased to 18.6% as compared to 21.9% in the same period of 2024
Net income decreased to $2.1 million, or $0.03 per diluted share as compared to $8.9 million, or $0.14 per diluted share, in the same period of 2024
Adjusted EBITDA* decreased to $30.4 million as compared to $35.3 million in the same period of 2024
Opened 17 system-wide restaurants in 8 states, with 1 planned closure, resulting in a total of 600 system-wide restaurants (531 company-owned and 69 franchise-owned) across 31 states

___________________
* See Non-GAAP Financial Measures Reconciliations section below.

For additional financial information related to Q2 2025, refer to the Company’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 5, 2025, which can be accessed at https://investors.firstwatch.com in the Financials & Filings section.

Updated Outlook Fiscal Year 2025

Based upon second quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025:

Adjusted EBITDA(1) in the range of $119.0 million to $123.0 million(2)
Blended tax rate of 35.0%-40.0%
Capital expenditures in the range of $148.0 million to $152.0 million invested primarily in new restaurant projects and planned remodels(3)

The Company confirmed the following guidance metrics for the 52-week fiscal year ending December 28, 2025:

Same-restaurant sales growth percentage in the positive low-single digits with flat-to-slightly positive same-restaurant traffic growth percentage
Total revenue growth of ~20.0%(2)
59 to 64 new system-wide restaurants, net of 3 company-owned restaurant closures (55 to 58 new company-owned restaurants and 7 to 9 new franchise-owned restaurants)

______________________
(1) We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.
(2) Includes net impact of approximately 4% in total revenue growth and approximately $7 million in Adjusted EBITDA associated with completed acquisitions.
(3) Does not include the capital outlays associated with the acquisition of franchise-owned restaurants.

View full version at First Watch

Philz Coffee Partners with Freeman Spogli for Next Phase of Growth

Aug 04, 2025, 12:46 ET

Beloved coffee brand prepares to expand while staying true to its roots and mission

OAKLAND, Calif., Aug. 4, 2025 /PRNewswire/ -- Philz Coffee, a beloved specialty coffee brand known for its personalized, made-to-order drinks and welcoming cafe culture for more than 20 years, has entered into a definitive agreement to be acquired by Freeman Spogli, a strategic growth investor in the consumer services and multi-unit industries. The transaction is expected to close on Aug. 6, 2025.

Philz will continue to be led by CEO Mahesh Sadarangani, who first joined Philz in 2021, and the existing leadership team. Philz' management, team members, and customer-centered values remain at the heart of its vision. Specific terms of the transaction were not disclosed as part of the announcement.

Philz Coffee was founded in 2003 in San Francisco by Phil Jaber and his son Jacob, who transformed a corner store into a welcoming neighborhood cafe. Over two decades, the Jabers built a business centered on quality products and personal connection.

What began as a single cafe in the Mission District has grown to 77 cafes across California and Chicago, with an integrated customer experience via its wholesale and online business segments. Philz' reputation for exceptional coffee quality is upheld through its local roasting facility located in Oakland, California, which supplies all its stores and products, and is key to producing its signature blends.

"This is an exciting new chapter for Philz as we expand and continue our mission to deliver a high-quality, personalized coffee experience to our loyal customers," said Sadarangani. "Freeman Spogli's deep experience in the consumer and restaurant sectors, along with their collaborative approach, makes them an ideal partner as we look to expand our footprint and continuously improve our offerings. We're proud of the strong foundation we've built and look forward to accelerating our growth together."

Freeman Spogli has been partnering with leading consumer brands since 1983. With over four decades of successful investment experience, the firm has helped support and scale businesses such as Boot Barn (NYSE: BOOT), El Pollo Loco (NASDAQ: LOCO), First Watch (NASDAQ: FWRG), Floor & Decor (NYSE: FND), and Popeyes Chicken. Freeman Spogli has been recognized on Inc.'s annual Founder-Friendly Investors list, honoring firms with a proven track record of supporting entrepreneurs and founders to accelerate growth in their businesses.

"Philz is a beloved brand with a passionate customer base, distinctive, handcrafted coffee offerings, and significant room for expansion," said Brad Brutocao, partner at Freeman Spogli. "We are committed to preserving and building upon Philz' rich heritage and will continue delivering the unique, authentic coffee experience that makes the brand so special. We believe the company is well-positioned for meaningful growth in the attractive and growing specialty coffee category, especially with Mahesh and the talented Philz team to help drive this new chapter of success."

"From day one, Philz has been known for its distinct approach to coffee and the community it has cultivated around the brand. It was personally important to us to find a partner that fully appreciates and is firmly committed to our mission. With continued leadership from Mahesh and the customer-focused approach of Freeman Spogli, Philz is well positioned to continue scaling while staying true to what makes it special," said Jacob Jaber.

Piper Sandler & Co. acted as exclusive financial advisor to Philz Coffee, and Kirkland & Ellis LLP served as its legal counsel. Morgan, Lewis & Bockius LLP acted as legal counsel to Freeman Spogli.

Additional information about the transaction is available here.

About Philz Coffee
Founded in 2003 in San Francisco, Philz Coffee specializes in customized blends made from sustainably sourced green coffee beans from around the world and skillfully roasted at its Oakland facility. Today, Philz Coffee is the largest independent third-wave coffee brand in the United States and has over 75 stores across California and Chicago. Philz Coffee has remained committed to its mission to Better Days for everyone, every day, through community and high-quality coffee handcrafted one cup at a time. Philz Coffee can be purchased at Philz locations, in select grocery stores and online and is also available in Philz K-Cup® pods.

To learn more about Philz Coffee and find the nearest location, visit philzcoffee.com.

About Freeman Spogli
Freeman Spogli is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the United States. Since its founding in 1983, Freeman Spogli has invested over $6 billion in 72 portfolio companies. Freeman Spogli has offices in Los Angeles and New York.

For additional information on Freeman Spogli, visit freemanspogli.com.

View source version at Philz Coffee

Denny’s Corporation Reports Results for Second Quarter 2025

August 04, 2025 16:05 ET

SPARTANBURG, S.C., Aug. 04, 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 second quarter ended June 25, 2025 and provided a business update on the Company’s operations.

Kelli Valade, Chief Executive Officer, stated, "I am incredibly proud of our teams and franchisees for their unwavering commitment to delivering on our strategic initiatives amid shifting consumer trends. We have continued to stay nimble, innovate, and meet the guests where they are. For Denny’s, this meant innovating its value platform, leaning into its off-premises strength, and optimizing the franchise system, while Keke’s expanded its portfolio 7% year-to-date, launched its first ever system-wide promotion, and continued to steal share from its competitive set. Despite near-term choppiness, we are focused on what is within our control which also resulted in corporate administrative expense savings of approximately 3.5% compared to the prior year quarter, and refranchising three Keke’s company cafes with more on the horizon. We will continue to be agile and are committed to delivering shareholder value through balanced investments and returning to share repurchases in a meaningful way."

Second Quarter 2025 Highlights

Total operating revenue was $117.7 million and total operating income was $8.6 million.
Denny's domestic system-wide same-restaurant sales** were (1.3%) compared to the prior year quarter.
Keke's domestic system-wide same-restaurant sales** increased 4.0% compared to the prior year quarter.
Denny's opened three franchised restaurants.
Denny's completed 14 remodels, including five at company restaurants.
Keke's opened eight new cafes, including four franchised locations.
Keke's refranchised three company cafes in Florida.
Adjusted franchise operating margin* was $30.0 million, or 50.7% of franchise and license revenue, and adjusted company restaurant operating margin* was $6.7 million, or 11.5% of company restaurant sales.
Net income was $2.5 million, or $0.05 per diluted share.
Adjusted net income* and adjusted net income per share* were $4.8 million and $0.09, respectively.
Adjusted EBITDA* was $18.8 million.

Second Quarter 2025 Results

Total operating revenue was $117.7 million compared to $115.9 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 $59.3 million compared to $61.6 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 $58.4 million compared to $54.3 million for the prior year quarter. This increase was primarily driven by additional Keke's equivalent units.

Adjusted franchise operating margin* was $30.0 million, or 50.7% of franchise and license revenue, compared to $30.8 million, or 50.0% 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 $6.7 million, or 11.5% of company restaurant sales, compared to $6.9 million, or 12.7% for the prior year quarter. This margin change was primarily due to increased product costs due to higher egg prices, investments in marketing and inefficiencies associated with new cafe openings.

Total general and administrative expenses were $21.4 million compared to $20.5 million in the prior year quarter. This change was primarily due to additional incentive compensation, along with additional share-based compensation and deferred compensation valuation adjustments, neither of which affect Adjusted EBITDA*. These impacts were partially offset by corporate administrative expenses savings of approximately $0.6 million, or a reduction of approximately 3.5% compared to the prior year quarter.

The provision for income taxes was $1.3 million, reflecting an effective tax rate of 34.3% for the current quarter, compared to $1.2 million and an effective tax rate of 25.1% 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 $2.5 million, or $0.05 per diluted share. Adjusted net income* was $4.8 million, or $0.09 per diluted share.

The Company ended the quarter with $278.6 million of total debt outstanding, including $268.6 million of borrowings under its credit facility.

View full version at Denny’s

El Pollo Loco Holdings, Inc. Announces Second Quarter 2025 Financial Results

July 31, 2025 16:05 ET

COSTA MESA, Calif., July 31, 2025 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 13-week period ended June 25, 2025.

Highlights for the second quarter ended June 25, 2025 compared to the second quarter ended June 26, 2024 were as follows:

Total revenue was $125.8 million compared to $122.2 million.
System-wide comparable restaurant sales(1) decreased by 0.3%.
Income from operations was $11.3 million compared to $12.3 million.
Restaurant contribution(1) was $19.9 million, or 19.1% of company-operated restaurant revenue, compared to $19.1 million, or 18.6% of company-operated restaurant revenue.
Net income was $7.1 million, or $0.24 per diluted share, compared to net income of $7.6 million, or $0.25 per diluted share.
Adjusted net income(1) was $8.2 million, or $0.28 per diluted share, compared to $7.8 million, or $0.26 per diluted share.
Adjusted EBITDA(1) was $18.5 million, compared to $17.2 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, “During the quarter, we made meaningful progress against our strategy as the investments we’ve made in our brand re-launch and menu innovations are resonating with our customers. Despite ending the quarter with slightly negative sales performance, we saw modest sequential improvement in overall sales and achieved a return to positive system-wide traffic growth. Additionally, we had profitability growth across both the restaurant and corporate-level. With the successful introduction of Fresca Wraps and Salads, followed by premium Quesadillas, we are building a strong foundation for long-term sustainable growth. Our solid unit growth in 2025, combined with a growing development pipeline for further acceleration in 2026 position us well for national expansion as the fire-grilled chicken leader.”

Second Quarter 2025 Financial Results

Company-operated restaurant revenue in the second quarter of 2025 increased to $104.3 million, compared to $102.3 million in the second quarter of 2024, mainly due to an increase in company-operated comparable restaurant revenue of $1.2 million, or 1.2%, as well as $0.9 million of additional sales from the opening of two restaurants during or after the second quarter of 2024. The company-operated comparable restaurant sales increase consisted of a 1.5% increase in average check size due to increases in menu prices, partially offset by a 0.3% decrease in transactions.

Franchise revenue in the second quarter of 2025 increased 14.8% to $13.4 million. This increase was primarily due to the $1.6 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 second quarter of 2024. The increase in franchise revenue was partially offset by a franchise comparable restaurant sales decrease of 1.1%.

Income from operations in the second quarter of 2025 was $11.3 million, compared to $12.3 million in the second quarter of 2024. Restaurant contribution was $19.9 million, or 19.1% of company-operated restaurant revenue, compared to $19.1 million, or 18.6% of company-operated restaurant revenue in the second quarter of 2024. The increase in restaurant contribution as a percentage of company-operated restaurant revenue was largely due to higher menu prices combined with better operating efficiencies.

General and administrative expenses in the second quarter of 2025 were $13.5 million, compared to $11.8 million in the second quarter of 2024. The increase for the quarter was primarily due to $0.8 million increase in stock compensation expenses, $0.8 million in special legal and professional fee costs related to shareholder activism and related matters and $0.7 million increase in restructuring and executive transition cost. The general and administrative expenses increase was partially offset by $0.6 million decrease in other general and administrative expenses.

Net income for the second quarter of 2025 was $7.1 million, or $0.24 per diluted share, compared to net income of $7.6 million, or $0.25 per diluted share, in the second quarter of 2024. Adjusted net income was $8.2 million, or $0.28 per diluted share, during the second quarter of 2025, compared to $7.8 million, or $0.26 per diluted share, during the second quarter of 2024.

As of June 25, 2025, after net pay down of $2.0 million on its five-year senior-secured revolving credit facility during the twenty-six weeks, the Company’s outstanding debt balance was $69.0 million with $9.0 million in cash and cash equivalents. Additionally, during the second quarter, the Company repurchased 3,479 shares of its common stock under its Share Repurchase Program, using open market purchases, for total consideration of approximately $0.1 million. The Share Repurchase Program was terminated on March 31, 2025.

View full version at El Pollo Loco

BJ’s Restaurants, Inc. Reports Fiscal Second Quarter 2025 Results

July 31, 2025 16:02 ET

HUNTINGTON BEACH, Calif., July 31, 2025 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2025 second quarter ended Tuesday, July 1, 2025.

Fiscal Second Quarter 2025 Compared to Second Quarter 2024

Total revenues increased 4.5% to $365.6 million
Comparable restaurant sales increased 2.9%
Diluted net income per share was $0.97, an increase of 34.8% from $0.72
Adjusted diluted net income per share(1) was $0.97, an increase of 25.1% from $0.78
Restaurant level operating profit(1) was $62.1 million, an increase of 14.6%, with restaurant level operating profit margin of 17.0%, an increase of 150 basis points
Adjusted EBITDA(1) was $42.1 million, an increase of 16.6% from $36.1 million
The Company repurchased and retired approximately 438,000 shares of its common stock at a cost of approximately $15.1 million

(1) Adjusted diluted net income 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 with the continued growth and improvement of our sales and profitability and the progress we are making against our short- and long-term strategic initiatives,” commented Lyle Tick, Chief Executive Officer and President. “The compelling value of the Pizookie Meal Deal, strong operational fundamentals and our focus on putting the guest and team member experience at the center of everything we do have led to our traffic-driven top-line growth and year-over-year improvement in profitability. Our comparable restaurant sales growth for the year continues to perform in line with our initial expectations, outside of some weather-related impacts earlier this year and a slow start to July. July sales trends have since normalized, reinforcing our confidence in the progress we have made and that we are focused on the right things.”

Tick continued, “As we look ahead, the energy, engagement and alignment behind our strategy is helping us lay stronger foundations to move forward with the execution of our strategic plan and remain focused on building sustainable and profitable growth. With our brand positioning project complete, we are prioritizing the key opportunities ahead for BJ’s, which will begin to come to life across our menu, operations and marketing later this year and into 2026.”

Share Repurchase Program

During the second quarter of 2025, the Company repurchased and retired approximately 438,000 shares of its common stock at a cost of approximately $15.1 million. As of July 1, 2025, the Company had approximately $56.7 million remaining under its authorized share repurchase program.

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 $45 million to $55 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

Shake Shack Announces Second Quarter 2025 Financial Results

Jul 31, 2025 7:00 AM Eastern Daylight Time

Total revenue of $356.5 million, up 12.6% versus 2024, including $343.2 million of Shack sales and $13.3 million of Licensing revenue.
System-wide sales of $549.9 million, up 13.7% versus 2024.
Same-Shack sales up 1.8% versus 2024.
Operating income of $22.4 million versus operating income of $10.8 million in 2024.
- Restaurant-level profit(1) of $82.2 million, or 23.9% of Shack sales.
Net income of $18.5 million versus net income of $10.4 million in 2024.
- Adjusted EBITDA(1) of $58.9 million, up 24.8% versus 2024.
Net income attributable to Shake Shack Inc. of $17.1 million, or earnings of $0.41 per diluted share.
- Adjusted pro forma net income(1) of $19.5 million, or earnings of $0.44 per fully exchanged and diluted share.
Opened 13 new Company-operated Shacks, including two drive-thrus. Opened nine new licensed Shacks.

NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the second quarter of 2025 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q2 2025 Shake Shack Shareholder Letter.

Shake Shack will host a conference call at 8:00 a.m. ET. Hosting the call will be Robert Lynch, Chief Executive Officer, and Katherine Fogertey, Chief Financial Officer. The conference call can be accessed live over the phone by dialing (877) 407-0792, or for international callers by dialing (201) 689-8263. A replay of the call will be available until August 7, 2025 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13753940.

The live audio webcast of the conference call will be accessible in the Events & Presentations section of the Company's Investor Relations website at investor.shakeshack.com. An archived replay of the webcast will also be available shortly after the live event has concluded.(1)

Restaurant-level profit, Adjusted EBITDA and Adjusted pro forma net income are non-GAAP measures. A reconciliation to the most directly comparable financial measures presented in accordance with GAAP is set forth in the schedules accompanying this release. See “Non-GAAP Financial Measures” below.

About Shake Shack

Shake Shack serves elevated versions of American classics using only the best ingredients. It’s known for its delicious made-to-order Angus beef burgers, crispy chicken, hand-spun milkshakes, house-made lemonades, beer, wine, and more. With its high-quality food at a great value, warm hospitality, and a commitment to crafting uplifting experiences, Shake Shack quickly became a cult-brand with widespread appeal. Shake Shack’s purpose is to Stand For Something Good®, from its premium ingredients and employee development, to its inspiring designs and deep community investment. Since the original Shack opened in 2004 in NYC’s Madison Square Park, the Company has expanded to over 600 locations system-wide, including over 390 in 34 U.S. States and the District of Columbia, and over 210 international locations across London, Hong Kong, Shanghai, Singapore, Mexico City, Istanbul, Dubai, Tokyo, Seoul and more.

Skip the line with the Shack App, a mobile ordering app that lets you save time by ordering ahead! Guests can select their location, pick their food, choose a pickup time and their meal will be cooked-to-order and timed to arrival. Available on iOS and Android.

View full version at Shake Shack

Twin Hospitality Group Inc. Reports Second Quarter 2025 Financial Results

July 30, 2025 16:10 ET

Hosting conference call and webcast today at 5:15 PM ET

DALLAS, July 30, 2025 (GLOBE NEWSWIRE) -- Twin Hospitality Group Inc. (NASDAQ: TWNP) (“Twin Peaks” or the “Company”) today reported financial results for the fiscal second quarter ended June 29, 2025.

“I am honored to join Twin Hospitality Group as Chief Executive Officer, bringing three decades of leadership experience in the restaurant industry. Since stepping into the role in May, I have spent time in the field listening to our teams, understanding the business firsthand and shaping a focused strategy for growth. While our second quarter results reflect some short-term pressure, we are acting with urgency around six clear priorities: focusing on the fundamentals of great operations, reducing complexity and eliminating redundant systems, sharpening cost discipline across the business, streamlining and strengthening our menu offerings, taking a measured, market-informed approach to pricing and positioning the company to continue its dynamic growth. These steps are the foundation for improving execution, rebuilding momentum and delivering long-term value,” said Kim Boerema, Chief Executive Officer and President of Twin Hospitality Group Inc.

“Our development pipeline remains a key asset as we execute our long-term growth strategy. We are on track to open a franchised Twin Peaks lodge in Fayetteville, North Carolina by year-end, our third conversion from Smokey Bones to Twin Peaks, with two additional company-owned conversions planned for early 2026. Notably, our converted locations deliver significantly higher volumes than they generated as Smokey Bones. With nearly 100 signed franchise agreements and continued strong demand from existing partners, we remain confident in our ability to expand efficiently and deliver attractive returns through both new builds and conversions,” said Ken Kuick, Chief Financial Officer of Twin Hospitality Group Inc.

Highlights for Fiscal Second Quarter 2025

Total revenue decreased 4.1% to $87.8 million compared to $91.6 million
- Twin Peaks system-wide sales increased 0.3%
- Twin Peaks same-store sales declined 4.4%
Loss from operations of $11.6 million compared to income from operations of $1.4 million
Net loss of $20.8 million compared to $10.7 million
Restaurant contribution margin(1) of 11.8% (Twin Peaks 17.7% and Smokey Bones 4.9%) compared to 13.4% (Twin Peaks 18.0% and Smokey Bones 9.0%)
Adjusted EBITDA(1) of $5.2 million compared to $7.0 million

(1) Restaurant contribution margin and Adjusted EBITDA are non-GAAP measures defined below, under “Non-GAAP Measures.” Reconciliations of operating income (loss) to restaurant contribution margin and net loss to adjusted EBITDA are included in the accompanying financial tables.

Summary of Second Quarter 2025 Financial Results

Total revenue decreased $3.7 million, or 4.1%, in the fiscal second quarter of 2025, to $87.8 million compared to $91.6 million in the same fiscal period of 2024, driven by the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks lodge and lower same-store sales, partially offset by revenues generated by our new Twin Peaks lodges.

View full version at Twin Hospitality

FAT Brands Inc. Reports Second Quarter 2025 Financial Results

July 30, 2025 16:05 ET

Conference call and webcast today at 4:30 p.m. ET

LOS ANGELES, July 30, 2025 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc. (NASDAQ: FAT) (“FAT Brands” or the “Company”) today reported financial results for the fiscal second quarter ended June 29, 2025.

Andy Wiederhorn, Chairman of FAT Brands, said: “Backed by a robust pipeline of roughly 1,000 signed deals, we opened 18 new locations during the second quarter, including three co-branded Marble Slab Creamery and Great American Cookies stores, and are well positioned to meet our goal of more than 100 restaurant openings this year. In Florida, we've signed a development deal to open 40 additional Fatburger locations over the next decade, growing our state presence to approximately 50 locations. Our diversified portfolio strategy is paying dividends, led by a strong performance in our snacks segment. We are also seeing meaningful impact from our digital initiatives. At Great American Cookies, digital sales now account for 25% of total revenue with loyalty-driven sales up 40% while Round Table Pizza is experiencing 21% loyalty-driven sales growth and 18% higher customer engagement.”

Ken Kuick, Co-Chief Executive Officer and Chief Financial Officer of FAT Brands said: “We continue to take decisive steps to strengthen our financial position, including securing a bondholder agreement to convert amortizing bonds to interest-only, which will generate an additional $30 to $40 million in annual cash flow savings. Our indenture-related dividend pause remains in effect until we reach the $25 million principal reduction threshold, preserving $36 to $40 million annually. We have also implemented over $5 million in annual G&A reductions while actively working toward refinancing our three remaining securitization silos well ahead of their July 2026 maturity. These combined actions position us to achieve cash flow positive status in the coming quarters."

Taylor Wiederhorn, Co-Chief Executive Officer of FAT Brands, said: “A key strategic priority for us is expanding our manufacturing capacity. To support this, we are actively pursuing strategic partnerships that broaden our brand reach and strengthen our manufacturing capabilities, reinforcing our commitment to growing our market presence and delivering exceptional products to our customers.”

Fiscal Second Quarter 2025 Highlights

Total revenue declined 3.4% to $146.8 million compared to $152.0 million in the fiscal second quarter of 2024
- System-wide sales declined 3.7%
- System-wide same-store sales declined 3.9%
- 18 new store openings during the fiscal second quarter of 2025
Net loss of $54.2 million, or $3.17 per diluted share, compared to $39.4 million, or $2.43 per diluted share, in the fiscal second quarter of 2024
Negative EBITDA(1) of $6.0 million compared to EBITDA(1) of $6.8 million in the fiscal second quarter of 2024
Adjusted EBITDA(1) of $15.7 million in the fiscal second quarter of 2025 and 2024
Adjusted net loss(1) of $49.0 million, or $2.88 per diluted share, compared to adjusted net loss(1) of $30.9 million, or $1.93 per diluted share, in the fiscal second quarter of 2024

(1) EBITDA, adjusted EBITDA and adjusted net loss are non-GAAP measures defined below, under “Non-GAAP Measures”. Reconciliation of GAAP net loss to EBITDA, adjusted EBITDA and adjusted net loss are included in the accompanying financial tables.

Summary of Fiscal Second Quarter 2025 Financial Results

Total revenue decreased $5.2 million, or 3.4%, in the second quarter of 2025 to $146.8 million compared to $152.0 million in the year-ago quarter, primarily driven by a decrease in restaurant revenue resulting from the closure of five underperforming Smokey Bones locations, the temporary closure of one Smokey Bones location for conversion into a Twin Peaks lodge and lower same-store sales, partially offset by the opening of new Twin Peaks lodges.

General and administrative expense increased $14.8 million, or 50.3%, in the second quarter of 2025 to $44.4 million compared to $29.6 million in the same period in the prior year, primarily due to increased share-based compensation expense related to Twin Hospitality Group Inc. and the recognition of $2.1 million in Employee Retention Credits during the prior year quarter.

Cost of restaurant and factory revenues was related to the operations of the company-owned restaurant locations and dough factory and decreased $2.1 million, or 2.1%, in the second quarter of 2025 to $98.1 million compared to $100.1 million in the year-ago quarter, primarily due to the decreased costs at company-owned restaurants and factory revenue.

Advertising expenses decreased $3.1 million in the second quarter of 2025 to $11.5 million compared to $14.7 million in the same period in the prior year. These expenses vary in relation to advertising revenues.

Total other expense, net, for the second quarter of 2025 and 2024 was $39.4 million and $34.8 million, respectively, which is inclusive of interest expense of $39.4 million and $34.0 million, respectively.

Adjusted net loss(1) was $49.0 million, or $2.88 per diluted share, compared to adjusted net loss(1) of $30.9 million, or $1.93 per diluted share, in the fiscal second quarter of 2024.

View full version at FAT Brands

Wingstop Inc. Reports Fiscal Second Quarter Financial Results

Jul 30, 2025, 07:30 ET

Record 129 Net New Openings in Second Quarter, 19.8% Net New Unit Growth

DALLAS, July 30, 2025 /PRNewswire/ -- Wingstop Inc. ("Wingstop" or the "Company") (NASDAQ: WING) today announced financial results for the fiscal second quarter ended June 28, 2025.

Highlights for the fiscal second quarter 2025 compared to the fiscal second quarter 2024:

System-wide sales increased 13.9% to $1.3 billion
129 net new openings in the fiscal second quarter 2025
Domestic restaurant AUV increased to $2.1 million
Domestic same store sales decreased 1.9%
Digital sales increased to 72.2% of system-wide sales
Total revenue increased 12.0% to $174.3 million
Net income decreased 2.6% to $26.8 million, or $0.96 per diluted share
Adjusted net income and adjusted earnings per diluted share, both non-GAAP measures, increased 1.6% to $27.9 million, or $1.00 per diluted share
Adjusted EBITDA, a non-GAAP measure, increased 14.3% to $59.2 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 second quarter results showcase the strength of our unit economics and returns our brand partners are seeing for their businesses," said Michael Skipworth, President & Chief Executive Officer. "Our momentum in development continued in the second quarter, opening 129 net new units, delivering 19.8% unit growth, which marked our fourth consecutive quarter of opening more than 100 net new units. We continue to open new restaurants at a record pace, demonstrating our brand partners' commitment to growing the Wingstop brand, furthering us towards our vision of becoming a Top 10 Global Restaurant Brand."

Fiscal second quarter 2025 financial results

Total revenue for the fiscal second quarter 2025 increased to $174.3 million from $155.7 million in the prior fiscal second quarter. Royalty revenue, franchise fees and other increased $8.7 million, of which $9.8 million was due to net new franchise development, partially offset by a decrease of $1.4 million due to a 1.9% decline in domestic same store sales. Advertising fees increased $7.3 million due to a 13.9% increase in system-wide sales in the fiscal second 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 $2.6 million due to company-owned restaurant same store sales growth of 3.6%, driven primarily by an increase in transactions, as well as company-owned restaurants opened and acquired since the prior fiscal second quarter.

Cost of sales was $24.4 million compared to $22.7 million in the prior fiscal second quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 75.2% from 75.9% in the prior fiscal second quarter. The decrease was primarily driven by sales leverage on labor and other operating expenses.

Selling, general & administrative ("SG&A") expense increased $4.8 million to $32.9 million from $28.1 million in the prior fiscal second quarter. The increase in SG&A expense was driven by an increase in headcount related expenses, inclusive of stock-based compensation, of $3.8 million to support the growth in our business, and system implementation costs of $1.5 million during the fiscal second quarter 2025, partially offset by a decrease of $2.0 million in professional and other fees.

Depreciation and amortization increased $1.1 million to $6.2 million from $5.2 million in the prior fiscal second quarter. The increase in depreciation and amortization was primarily due to capital expenditures related to our technology investments.

Interest expense, net increased $3.3 million to $8.5 million from $5.2 million in the prior fiscal second quarter. The increase was primarily driven by $7.3 million in interest expense related to the securitized financing transaction completed on December 3, 2024, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our cash balances and interest earned on our investments, as compared to the prior year period.

View full version at Wingstop

Jul 23, 2025, 16:10 ET

HIGHLIGHTS RETURN TO POSITIVE COMPARABLE SALES AND TRANSACTIONS IN JUNE

NEWPORT BEACH, Calif., July 23, 2025 /PRNewswire/ -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its second quarter ended June 30, 2025.

Second quarter highlights, year over year:

Total revenue increased 3.0% to $3.1 billion
Comparable restaurant sales decreased 4.0%
Operating margin was 18.2%, a decrease from 19.7%
Restaurant level operating margin1 was 27.4%, a decrease from 28.9%
Diluted earnings per share was $0.32, a 3.0% decrease from $0.33
Adjusted diluted earnings per share1 was $0.33, a 2.9% decrease from $0.34
Opened 61 company-owned restaurants with 47 locations including a Chipotlane

"We are seeing momentum build as we rolled out our summer marketing initiatives and as our comparisons ease," said Scott Boatwright, Chief Executive Officer, Chipotle. "Our talented restaurant teams remain focused on delivering hand-crafted meals in abundance with the best ingredients, made fresh daily using classic culinary techniques at a value you cannot find anywhere else. I am optimistic that our positive momentum will continue as we further support our world-class people with new tools to improve execution, introduce new menu innovations, amplify our rewards program, and introduce this great brand to more communities around the globe."

Results for the three months ended June 30, 2025:
Total revenue in the second quarter of 2025 was $3.1 billion, an increase of 3.0% compared to the second quarter of 2024. The increase in total revenue was driven by new restaurant openings. Comparable restaurant sales decreased 4.0% due to lower transactions of 4.9%, partially offset by a 0.9% increase in average check. Digital sales represented 35.5% of total food and beverage revenue.

During the second quarter we opened 61 company-owned restaurants, of which 47 included a Chipotlane. Chipotlanes continue to perform well and are helping enhance guest access and convenience, as well as increase new restaurant sales, margins, and returns.

Food, beverage and packaging costs in the second quarter of 2025 were 28.9% of total revenue, a decrease from 29.4% in the second quarter of 2024. The decrease was primarily due to the benefit of menu price increases in 2024 and from cost of sales efficiencies. This decrease was partially offset by inflation across several ingredient costs, primarily steak and chicken.

Labor costs in the second quarter of 2025 were 24.7% of total revenue, an increase from 24.1% in the second quarter of 2024. The increase was primarily due to lower sales volumes. The benefit from menu price increases in 2024 and efficient management of labor more than offset wage inflation.

General and administrative expenses for the second quarter of 2025 were $172.2 million, compared to $175.0 million in the second quarter of 2024. The decrease was primarily due to lower performance bonuses and stock-based compensation. On a non-GAAP basis, general and administrative expenses1 for the second quarter of 2025 were $159.9 million, compared to $171.3 million in the second quarter of 2024.

The effective income tax rate for the second quarter of 2025 was 24.5%, a decrease from 25.0% in the second quarter of 2024. The decrease was primarily driven by lower non-deductible expenses, partially offset by a reduction in tax benefits related to option exercises and equity vesting.

Net income for the second quarter of 2025 was $436.1 million, or $0.32 per diluted share, compared to $455.7 million, or $0.33 per diluted share in the second quarter of 2024. Adjusted net income1 for the second quarter of 2025 was $450.4 million, or $0.33 per adjusted diluted share, compared to $463.0 million, or $0.34 per adjusted diluted share in the second quarter of 2024.

During the second quarter of 2025 we repurchased $435.9 million of stock at an average price per share of $50.16. As of June 30, 2025, $838.8 million remained available under share repurchase authorizations from our Board of Directors, including an additional $400 million in authorizations approved by our Board of Directors on June 10, 2025. The repurchase authorization may be modified, suspended, or discontinued at any time.

More information will be available in our Quarterly Report on Form 10-Q, which will be filed with the SEC by the end of July 2025.

View full version at Chipotle

Friendly's Franchisee Acquires Parent Company BRIX Holdings

Jul 22, 2025, 10:04 ET

Multi-unit franchisee and private investment group acquires BRIX portfolio with over 250 locations, expands franchise development goals and seeks complementary acquisitions

DALLAS, July 22, 2025 /PRNewswire/ -- BRIX Holdings, LLC, ("BRIX"), a Dallas-based multi-brand franchising company specializing in food service chains, has been acquired by Legacy Brands International, an investment group managed by Amol Kohli, a multi-unit franchisee of Friendly's Restaurants. The acquisition includes the purchase of Friendly's®, Clean Juice®, Orange Leaf®, Red Mango®, Smoothie Factory + Kitchen™, Souper Salad®, and Humble Donut Co.®.

"Amol is the ideal candidate for ownership of BRIX Holdings. He has a long history of success and dedication to Friendly's. His broad experience in the restaurant industry and in-depth understanding of multi-brand franchising systems and development will contribute greatly to the continued growth of the BRIX brands and its franchisees," said John Antioco, Managing Member of JAMCO Interests LLC. Existing BRIX ownership, including its majority member, JAMCO, have elected to continue their involvement with BRIX and will be investors in Legacy Brands International.

BRIX Holdings acquired by Legacy Brands International, an investment group led by Amol Kohli, Friendly's franchisee.

BRIX will remain headquartered in Dallas and continue to be led by Sherif Mityas as Chief Executive Officer and the existing leadership team. Kohli will continue to manage his Friendly's franchises and will now also oversee BRIX's success as its Chairman of the Board with the support of the Legacy Brands International board members. In his new role, Kohli will lead BRIX on its continued mission to grow and support organic and inorganic growth for the platform company's portfolio of 'better for you' and scalable brands, in addition to searching for additional brands to acquire.

"Friendly's has been a part of my life since I was 15. I started as a breakfast table waiter, which evolved into owning, managing, developing, and overseeing several locations over the last 16 years. This was only made possible due to the everlasting support of my family, loyal team, partners, and faith. I have been able to create something special for all to enjoy," said Kohli. "I plan to take that to the next level in this new chapter of BRIX Holdings' ownership to grow the size, scale and infrastructure for all our franchise networks and systems."

The news follows the 90th anniversary of Friendly's, uniquely positioning the holding company with an incredible legacy as well as room to grow. Kohli began his franchise journey with Friendly's in 2009 and today owns and manages more than 30 Friendly's Restaurants across the East Coast. Operating some of the top-performing locations in the system, Kohli will use his experience and knowledge to target development for all Brix brands across the country. In addition, there will be a focus on the Friendly's brand's immediate expansion, into target markets like Georgia, the Carolinas and further South into Texas. Expansion across the BRIX portfolio of brands is steady, opening new locations in growing markets nationwide, increasing brand awareness and creating spaces for communities to thrive.

Sherif Mityas, CEO of BRIX added, "I'm confident in our partnership as we continue to grow the BRIX family of brands with a team who believes in the company, our strategy and our path forward to support existing and new franchisees across our portfolio."

The acquisition comes at a promising time for the parent company after completing a positive first six months of the year. BRIX brands opened several new locations so far in 2025, with multiple under construction and in development to open by the end of the year. The company had positive same-store systemwide sales comps in 2024 and is showing continued momentum across its portfolio of brands heading into the second half of this year. Eight new franchise agreements have already been awarded in 2025, with many more under consideration.

Legacy Brands International was represented by Dilworth Paxson LLP. The sellers were represented by Gibson, Dunn & Crutcher LLP.

For more information about BRIX Holdings, visit our website here.

About BRIX Holdings, LLC:

BRIX Holdings, LLC is a Dallas-based multi-brand franchising company specializing in chains with superior products and attractive growth prospects. BRIX Holdings focuses on brands that are both attractive to the rapidly expanding single-unit owner/operator franchise market segment and have the potential to grow into national and international award-winning chains. The current BRIX Holdings portfolio includes Friendly's®, Clean Juice®, Orange Leaf®, Red Mango®, Smoothie Factory + Kitchen™, Souper Salad®, and Humble Donut Co.®.

View source version at BRIX Holdings

Jul 21, 2025, 06:05 ET

Global retail sales growth (excluding foreign currency impact) of 5.6%

U.S. same store sales growth of 3.4%

International same store sales growth (excluding foreign currency impact) of 2.4%

Global net store growth of 178, including 30 net store openings in the U.S. and 148 net store openings internationally

Income from operations increased 14.8%; excluding the $0.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 14.9%

ANN ARBOR, Mich., July 21, 2025 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the second quarter of 2025.

"Our team delivered strong Q2 results," said Russell Weiner, Domino's Chief Executive Officer. "Internationally, we continued to grow despite macro challenges. In the U.S., both delivery and carryout grew, driving meaningful market share gains within the U.S. pizza QSR category. We are now fully rolled out on the two largest aggregators and offer all the major crust types, including stuffed crust. With what we believe are best-in-class unit economics, the largest advertising budget, a robust supply chain, and a rewards program that is bigger than ever, our business is well-positioned. We've never had more tools to drive long-term value creation for our franchisees and shareholders."

Revenues increased $47.4 million, or 4.3%, in the second quarter of 2025 as compared to the second quarter of 2024, primarily due to higher supply chain revenues, higher U.S. franchise royalties and fees and higher U.S. franchise advertising revenues. The increase in supply chain revenues was primarily attributable to an increase in the Company's food basket pricing to stores, which increased 4.8% during the second quarter of 2025 as compared to the second quarter of 2024, as well as higher order volumes. These increases were partially offset by a shift in the relative mix of products sold by the Company and the transition of the Company's equipment and supplies business to a third-party supplier. The increases in U.S. franchise royalties and fees and U.S. franchise advertising revenues were driven primarily by same store sales growth and net store growth during the trailing four quarters.

U.S. Company-owned store gross margin decreased 2.0 percentage points in the second quarter of 2025 as compared to the second quarter of 2024. This decrease was driven primarily by higher insurance costs and the increase in the Company's food basket pricing to stores. These decreases were partially offset by higher sales leverage.
Supply chain gross margin increased 0.5 percentage points in the second quarter of 2025 as compared to the second quarter of 2024, primarily due to procurement productivity, partially offset by the increase in the cost of the Company's food basket.
Income from operations increased $28.9 million, or 14.8%, in the second quarter of 2025 as compared to the second quarter of 2024. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $0.2 million, income from operations increased $29.1 million, or 14.9%, in the second quarter of 2025 as compared to the second quarter of 2024. The increase in income from operations was primarily due to higher U.S. franchise royalties and fees, as well as gross margin dollar growth within supply chain. Additionally, general and administrative expenses were lower in the second quarter of 2025 primarily due to expenses related to the Company's Worldwide Rally in the second quarter of 2024 that takes place every two years, which did not reoccur in 2025. The increase in income from operations was also driven by a $3.9 million pre-tax refranchising gain associated with the refranchising of 36 U.S. Company-owned stores in the Maryland market.
Net income decreased $10.9 million, or 7.7%, in the second quarter of 2025 as compared to the second quarter of 2024, primarily due to an unfavorable change of $27.4 million in the pre-tax net realized and unrealized losses and gains associated with the Company's investment in DPC Dash Ltd. Higher provision for income taxes also contributed to the decrease in net income. The Company's provision for income taxes increased $12.1 million in the second quarter of 2025 due to a higher effective tax rate. The effective tax rate increased to 22.1% in the second quarter of 2025 as compared to 15.0% in the second quarter of 2024, driven primarily by a 6.8 percentage point unfavorable change in the impact of excess tax benefits from equity-based compensation.
Diluted EPS was $3.81 in the second quarter of 2025 as compared to $4.03 in the second quarter of 2024, representing a $0.22, or 5.5%, decrease. The decrease in diluted EPS in the second quarter of 2025 as compared to the second quarter of 2024 was driven by lower net income, partially offset by a lower weighted average diluted share count, resulting from the Company's share repurchases during the trailing four quarters.
Net cash provided by operating activities was $366.9 million in the two fiscal quarters of 2025 as compared to $274.2 million in the two fiscal quarters of 2024. The Company spent $35.2 million on capital expenditures in the two fiscal quarters of 2025 as compared to $43.7 million in the two fiscal quarters of 2024, resulting in free cash flow of $331.7 million in the two fiscal quarters of 2025 as compared to $230.5 million in the two fiscal quarters of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, the timing and amount of receipts for advertising contributions and the timing and amount of payments for advertising activities, as well as lower investments in capital expenditures.

View full version at Domino’s

Financials - August 2025

THE WENDY'S COMPANY REPORTS SECOND QUARTER 2025 RESULTS

Restaurant Brands International Inc. Reports Second Quarter 2025 Results