Financials - October 2025

Oct 3

Written By Wray Search

Oct 14, 2025, 06:05 ET

Global retail sales growth (excluding foreign currency impact) of 6.3%

U.S. same store sales growth of 5.2%

International same store sales growth (excluding foreign currency impact) of 1.7%

Global net store growth of 214, including 29 net store openings in the U.S. and 185 net store openings internationally

Income from operations increased 12.2%; excluding the $0.8 million positive impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 11.8%

ANN ARBOR, Mich., Oct. 14, 2025 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2025.

"I am incredibly proud of how our team and franchise system is bringing our Hungry for MORE strategy to life and delivering best in class results," said Russell Weiner, Domino's Chief Executive Officer. "In the U.S., we drove positive order counts behind our Best Deal Ever promotion and stuffed crust pizza product innovation for the third quarter. This resulted in another quarter of strong growth in both our delivery and carryout businesses. Seeing our strategy being executed at such a high level gives me the confidence that we will continue to win and take QSR pizza market share around the world in 2025 and beyond. We have never had more tools to drive long-term value creation for our franchisees and shareholders."

Third Quarter 2025 Operational and Financial Highlights (Unaudited):

The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.

Revenues increased $66.9 million, or 6.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to higher supply chain revenues and higher U.S. franchise royalties and fees and advertising revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company's food basket pricing to stores, which increased 3.3% during the third quarter of 2025 as compared to the third quarter of 2024. 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 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 0.5 percentage points in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to the increase in the Company's food basket pricing to stores, as well as higher wage rates, and was partially offset by higher sales leverage.
Supply chain gross margin increased 0.7 percentage points in the third quarter of 2025 as compared to the third 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 $24.3 million, or 12.2%, in the third quarter of 2025 as compared to the third quarter of 2024. Excluding the positive impact of foreign currency exchange rates on international franchise royalty revenues of $0.8 million, income from operations increased $23.5 million, or 11.8%, in the third quarter of 2025 as compared to the third quarter of 2024. The increase in income from operations was primarily due to higher U.S. franchise royalties and fees and gross margin dollar growth within supply chain.
Net income decreased $7.6 million, or 5.2%, in the third quarter of 2025 as compared to the third quarter of 2024, primarily due to an unfavorable change of $29.2 million in the pre-tax unrealized losses and gains associated with the Company's investment in DPC Dash Ltd. To a lesser extent, an increase in the provision for income taxes also contributed to the decrease in net income. The effective tax rate increased to 22.3% in the third quarter of 2025 as compared to 20.4% in the third quarter of 2024 resulting in an increase in the provision for income taxes of $2.2 million. These decreases were partially offset by higher income from operations as discussed above.
Diluted EPS was $4.08 in the third quarter of 2025 as compared to $4.19 in the third quarter of 2024, representing an $0.11, or 2.6%, decrease. The decrease in diluted EPS in the third quarter of 2025 as compared to the third 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 $552.3 million in the three fiscal quarters of 2025 as compared to $446.9 million in the three fiscal quarters of 2024. The Company spent $56.7 million on capital expenditures in the three fiscal quarters of 2025 as compared to $70.8 million in the three fiscal quarters of 2024, resulting in free cash flow of $495.6 million in the three fiscal quarters of 2025 as compared to $376.1 million in the three fiscal quarters of 2024. The increase in free cash flow was a result of the positive impact of changes in operating assets and liabilities, higher net income excluding non-cash operating activities, the timing and amount of advertising activities, as well as lower investments in capital expenditures.

View full version at Domino’s

MTY Reports Third Quarter Results for Fiscal 2025

October 10, 2025 06:00 ET

GAAP Measures:

Segment profits increased by 2% to reach $73.2 million during the quarter.
Net income attributable to owners decreased to $27.9 million, or $1.22 per diluted share compared to $34.9 million, or $1.46 per diluted share in Q3-24.
Cash flows provided by operating activities were $39.0 million compared to $66.4 million in Q3-24, a decrease of $27.4 million mainly attributable to timing of collection on accounts receivable related to our retail segment and higher income taxes paid. Excluding non-cash working capital items, income taxes, interest paid and other, cash flows were $73.6 million compared to $71.4 million in Q3-24.

Management Key Performance Indicators:

Normalized adjusted EBITDA(1) increased 3% to reach $74.0 million in the quarter, compared to $71.9 million in Q3-24.
Net store openings of 15 locations in Q3-25 compared to net closure of 41 location in Q3-24. Ended the quarter with 7,061 locations
System sales(2) for the quarter remained steady at $1.5 billion for the quarter.
Same stores sales improved sequentially with a decline of 1.6% during the quarter compared to decline of 1.9% in Q2-25.
Adjusted earnings per share(1) of $1.19 per diluted share compared to $1.19 in Q3-24.
Long-term debt repayments of $30.4 million for the quarter with net repayments of $65.6 million since Q3-24.

(1)  This is a non-GAAP measure. Please refer to the “Non-GAAP Measures” section at the end of this press release.
(2)  See section “Definition of supplementary financial measures” found at the end of this press release.
(3)  See section “Definition of non-GAAP ratios” found in the Supplemental Information section for definition.

MONTREAL, Oct. 10, 2025 (GLOBE NEWSWIRE) -- MTY Food Group Inc. (“MTY”, “MTY Group” or the “Company”) (TSX: MTY), one of the largest franchisors and operators of multiple restaurant concepts worldwide, reported today financial results for its third quarter of fiscal 2025 ended August 31, 2025 and declared a quarterly dividend of 33.0¢ per share, payable on November 14, 2025 to shareholders registered in the Company’s records at the end of the business day on November 4, 2025.

“While Q3 reflected ongoing macroeconomic volatility, we are encouraged by the sequential improvement at some of our larger banners, including Cold Stone Creamery and Wetzel’s Pretzels,” said Eric Lefebvre, CEO of MTY. “These results support our confidence in the resilience of our brands, and we remain focused on executing initiatives that will strengthen our position as conditions improve.”

“Positive net store openings this quarter demonstrate the demand for our leading concepts and the outstanding execution of our teams. These new locations reinforce our brand strength and position us for continued financial growth,” Lefebvre continued. “I also want to acknowledge our teams’ dedication in successfully implementing the ERP system across Canada, with the U.S. rollout underway and well on track.”

View full version at MTY Food Group

Barfresh Completes Strategic Acquisition of Arps Dairy

October 07, 2025 08:30 ET

Transaction Positions Company for Accelerated Growth with Enhanced Manufacturing Capabilities and Operational Synergies

Company on Track to Deliver Fiscal Year 2025 Revenue of $14.5 Million to $15.5 Million

Acquisition Expected to More Than Double Revenue to $30 Million to $35 Million and Enhance Profitability in Fiscal Year 2026

LOS ANGELES, Oct. 07, 2025 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced that it has completed the previously announced acquisition of all outstanding capital stock of Arps Dairy, Inc., an Ohio-based dairy processing company. The transaction was completed primarily for approximately $1.3 million in debt repayment, funded through an expansion of the Company’s existing line of credit.

The completed acquisition immediately expands Barfresh’s manufacturing footprint with Arps Dairy’s operational 15,000-square-foot processing facility, along with a 44,000-square-foot state-of-the-art manufacturing facility that is nearing completion. Both facilities are located in Defiance, Ohio. The Company has already commenced production of certain products at the existing Arps Dairy facility and plans to complete construction at the larger facility during 2026. Arps Dairy has been preliminarily approved for a $2.3 million government grant to support the finalization of construction and equipment installation at the expanded facility. The acquisition delivers immediate operational advantages by eliminating third-party manufacturing fees, enabling more efficient ingredient procurement, reducing freight and cold storage costs through integrated operations, and providing enhanced oversight of production processes.

Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, "We are pleased to complete this transformational acquisition and welcome the Arps Dairy team to the Barfresh family. This milestone marks the beginning of a new chapter in our operational evolution as we transition to an integrated manufacturing model. With production already underway at the Arps Dairy facility, we are immediately realizing the benefits of enhanced supply chain control and improved operational efficiency. The completion of this acquisition provides us with the manufacturing foundation necessary to execute against our growth plans and deliver on our fiscal 2026 revenue guidance of $30 million to $35 million. The closing of this transaction reinforces our commitment to building a scalable, profitable business model that can support long-term growth while delivering superior value to customers and shareholders alike."

As previously announced, Barfresh has increased its fiscal year 2025 revenue guidance to a range of $14.5 million to $15.5 million and has issued preliminary fiscal year 2026 revenue guidance of $30 million to $35 million, representing a 126% increase compared to the high range of fiscal year 2025 guidance. The acquisition is expected to be accretive to earnings in fiscal 2026 as the Company realizes the full benefit of its expanded manufacturing capabilities and operational cost reductions.

About Barfresh Food Group

Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. For more information, please visit www.barfresh.com.

View source version at Barfresh Food Group

Buyers Edge Platform Announces Agreement to Acquire Dinova, a Leader in Business Dining Rewards

Oct 01, 2025, 08:00 ET

Adds over 24,000 restaurants, ~600 enterprise/government partners, and $18B in spend visibility – expands Buyers Edge Platform's offering into business‑dining rewards

WALTHAM, Mass., Oct. 1, 2025 /PRNewswire/ -- Buyers Edge Platform ("Buyers Edge"), a leading digital procurement network and solutions provider for the foodservice industry, today announced that it has entered into a definitive agreement to acquire Dinova, Inc. a portfolio company of Frontier Growth. Dinova is a market leader in preferred business dining programs that deliver spend visibility and savings for corporations while driving customer acquisition and sales growth for restaurants.

This strategic acquisition, once completed, will combine Dinova's network of over 24,000 restaurants, nearly 600 blue‑chip corporate and government partners and $18 billion in spend visibility, with Buyers Edge's vast network, technology, and rewards offering.

Benefits for Dinova's Partners

With the reach and resources of Buyers Edge's ecosystem, the acquisition is expected to benefit all Dinova stakeholders.

Restaurant partners will gain expanded access to Buyers Edge Platform's procurement solutions and foodservice technology and data offerings, including its Digital Procurement Network, Fresh Services, Software Solutions, and Supply Chain Management expertise.
Corporate partners are expected to benefit from an expanded restaurant selection and potential access to new international markets.
Business diners are expected to enjoy an enhanced dining and rewards experience through improved technology and a more seamless experience.

Strategic Rationale for Buyers Edge Platform

Dinova's leading business dining program complements Buyers Edge's existing products and services, creating a comprehensive offering for the foodservice industry. The acquisition will enable Buyers Edge's restaurant customers to win business-dining occasions, elevate guest experience, and grow sales.

Buyers Edge's success comes from creating value across the foodservice ecosystem by pairing a network of more than 250,000 locations and $74 billion in spend visibility with sustained investment in technology. Dinova's three‑sided network aligns with this mission to create value across the foodservice ecosystem. Buyers Edge has operated in rewards since 2020, and Dinova is expected to be a powerful addition to Buyers Edge's rewards portfolio.

"Dinova has built something truly unique in the restaurant industry—a program that helps restaurants capture highly profitable business dining spend while rewarding corporations and diners in the process," said John Davie, Buyers Edge CEO. "By bringing Dinova into the Buyers Edge family, we look forward to accelerating their growth by leveraging our foodservice network, injecting our AI and technology, and advancing our vision of connecting the foodservice ecosystem in innovative ways. We see a strong entrepreneurial cultural fit—both teams share a builder's mindset, bias for speed, and obsession with customer outcomes."

"We are excited to join Buyers Edge Platform," said Alison Quinn, Dinova CEO. "This acquisition empowers us to deliver the ultimate solution for corporations and the restaurants that serve their employees. Together, we expect to scale faster, reach new markets, and create unprecedented value in the business dining segment."

Completion of the transaction is subject to customary closing conditions, including expiration or termination of the waiting period under the Hart–Scott–Rodino Antitrust Improvements Act, and is expected to close in Q4 2025. Until closing, Buyers Edge Platform and Dinova will continue to operate as independent companies.

Ruberto, Israel & Weiner is serving as acquisition counsel to Buyers Edge Platform. William Blair is serving as exclusive financial advisor and Womble Bond Dickinson (US) LLP is serving as acquisition counsel to Dinova.

About Buyers Edge Platform

Buyers Edge Platform is the leading digital procurement network and solutions provider for the foodservice industry, delivering savings, insights, and technology that help operators, distributors, and manufacturers succeed. Through its portfolio of solutions—including Digital Procurement Network, Fresh Services, Software Solutions, and Supply Chain Management—Buyers Edge is reshaping how the foodservice industry connects and thrives.

About Dinova

Dinova operates a business dining program with a network of over 24,000 restaurants in the U.S. and Canada and nearly 600 corporate and government partners. The program delivers spend visibility and savings for companies while driving growth for restaurants.

About Frontier Growth

Founded in 1999, Frontier Growth is a growth equity investment firm based in Charlotte, North Carolina that provides tailored support and resources to help drive sustainable growth and scalability. Frontier's people‑first philosophy to investing is founded upon putting people before numbers—a belief that it's the people around the table, collaborating together, that make the difference in driving innovation and growth.

View source version at Buyers Edge Platform

RAVE Restaurant Group, Inc. Reports Fourth Quarter and Fiscal Year End 2025 Financial Results

September 25, 2025 09:01 ET

DALLAS, Sept. 25, 2025 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the fourth quarter and fiscal year ended June 29, 2025.

Fourth Quarter Highlights:

The current year fourth quarter had 13 weeks but the same quarter in the prior year had 14 weeks.
The Company recorded net income of $0.8 million for the fourth quarter of fiscal 2025, a 3.6% decrease from the same period of the prior year.
Income before taxes increased by 3.8% to $1.2 million for the fourth quarter of fiscal 2025 compared to the same period of the prior year.
Total revenue decreased by $0.2 million to $3.2 million for the fourth quarter of fiscal 2025 compared to the same period of the prior year, a 6.0% decrease.
Adjusted EBITDA decreased by $0.1 million to $1.1 million for the fourth quarter of fiscal 2025 compared to the same period of the prior year, a 7.3% decrease.
On a fully diluted basis, net income per share was $0.06 for the fourth quarter of fiscal 2025, the same as it was in the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 6.3% in the fourth quarter of fiscal 2025 compared to the same period of the prior year on a 13-week vs 13-week comparable basis.
Pie Five domestic comparable store retail sales decreased 7.2% in the fourth quarter of fiscal 2025 compared to the same period of the prior year on a 13-week vs 13-week comparable basis.
Cash and cash equivalents were $2.9 million on June 29, 2025.
Short-term investments were $7.0 million on June 29, 2025.
Pizza Inn domestic unit count finished the quarter at 96.
Pizza Inn international unit count finished the quarter at 22.
Pie Five domestic unit count finished the quarter at 17.

Annual Highlights:

Pizza Inn buffet restaurant count increased by net one restaurant marking the fourth consecutive year of buffet unit count growth.
The current fiscal year had 52 weeks whereas the prior fiscal year had 53 weeks.
Net income increased by $0.2 million to $2.7 million in fiscal 2025 compared to net income of $2.5 million for fiscal 2024.
Income before taxes increased by $0.5 million to $3.6 million in fiscal 2025 compared to $3.1 million in fiscal 2024.
Total revenue decreased by $0.1 million from fiscal 2024 to a total of $12.0 million for fiscal 2025.
Adjusted EBITDA of $3.6 million for fiscal 2025 was a $0.4 million increase from the prior year.
On a fully diluted basis, the Company reported net income of $0.19 per share in fiscal 2025 compared to $0.17 per share in the prior year.
RAVE total domestic comparable store retail sales increased 0.8% for the year ended June 29, 2025 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 1.9% for the year ended June 29, 2025 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales decreased 8.4% for the year ended June 29, 2025 compared to the same period of the prior year.
To reflect comparable 53-week periods, week 53 of fiscal 2024 has been included in both periods in the presentation of retail sales, average units open and comparable store retail sales.
Cash provided by operating activities increased by $0.6 million to $3.4 million in fiscal 2025 compared to $2.8 million in fiscal 2024.
Cash and short-term investments increased $2.1 million during fiscal 2025 to $9.9 million as of June 29, 2025.

“Quarter Four represented our 21st consecutive quarter of profitability as we continue to deliver profitable operating results,” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.

“Thirteen restaurants had implemented the ‘I ate at Pizza Inn’ eight-dollar value promotion by midway through the fourth quarter and continued the offer into the new fiscal year with great success,” continued Solano. “The ‘I ate at Pizza Inn’ restaurants experienced a 30.6% year over year sales lift and a 34.7% traffic lift for the final eight weeks of the fourth quarter. Twelve of the thirteen restaurants continued the promotion through Q1 of fiscal 2026 and more restaurants are slated to add the promotion later in fiscal year 2026. We are excited to have unlocked a powerful value promotion that resonates with our guests and drives considerable traffic into our Pizza Inn restaurants. The offer allows guests to dine at our buffets for $8.00 excluding drink purchase all day on weekdays and is supported by in-market advertising. I am very proud of our Marketing team who created and delivered the promotion and our franchise partners for their flawless execution. The Pizza Inn stores that did not participate in the I$8 promotion instead ran a summer salad bar promotion and also had amazing sales results with same store sales growth of over 5%.”

Solano added, “Coming off another solid fiscal year, one which saw Pizza Inn increase the net buffet store count for the fourth year in a row, the brand is poised for accelerated growth. We continue to build our Pizza Inn pipeline for both new and reimaged stores. We currently have completed eleven reimages and the reimage results continue to be very positive. We opened new Pizza Inn buffets in North Carolina and Oklahoma during the quarter. Our new domestic store pipeline has 31 total stores under contract with 12 under contract for our current fiscal year ending June 28, 2026. Internationally, we had a strong opening of our first Pizza Inn in Egypt and our eighth unit in Saudi Arabia opened in the fourth quarter.”

Chief Financial Officer Jay Rooney added, “We continued to efficiently manage expenses throughout fiscal year 2025 and finished the year with positive 6.3% comparable store sales in the fourth quarter at Pizza Inn leading to a total annual pre-tax income increase of over 17 percent from the prior 53-week fiscal year. I am impressed by the efforts and results of the entire Rave team.”

View full version at RAVE Restaurant Group

Darden Restaurants Reports Fiscal 2026 First Quarter Results; Declares Quarterly Dividend; And Updates Fiscal 2026 Financial Outlook

Sep 18, 2025, 07:00 ET

ORLANDO, Fla., Sept. 18, 2025 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the first quarter ended August 24, 2025.

First Quarter 2026 Financial Highlights, Comparisons Versus Same Fiscal Quarter Last Year

Total sales increased 10.4% to $3.0 billion, driven by a blended same-restaurant sales1 increase of 4.7% and sales from the acquisition of 103 Chuy's Tex Mex (Chuy's) restaurants and 22 net new restaurants
Same-restaurant sales:

Consolidated Darden1

4.7 %

Olive Garden

5.9 %

LongHorn Steakhouse

5.5 %

Fine Dining

(0.2) %

Other Business1

3.3 %

Reported diluted net earnings per share from continuing operations were $2.19
Excluding $0.02 of Chuy's transaction and integration related costs, $0.02 of closed restaurant costs2 and $(0.26) for the gain on the sale of Olive Garden Canada restaurants, adjusted diluted net earnings per share from continuing operations were $1.97, an increase of 12.6%3
The Company repurchased $183 million of its outstanding common stock

"We had a strong start to the fiscal year with same-restaurant sales and earnings growth that exceeded our expectations," said Darden President & CEO Rick Cardenas. "The strength of our results is a testament to the power of our strategy. Across our portfolio, our restaurant teams remained focused on being brilliant with the basics and, at the Darden level, we continued to leverage our four competitive advantages to position our brands for long-term success. Our winning strategy is enabling us to grow sales and market share, while making meaningful investments in our business and returning capital to our shareholders."

Segment Performance

During the fourth quarter of fiscal 2025, the Company changed its reporting of segment profit to exclude pre-opening costs. Fiscal 2025 figures were recast for comparability. Segment profit represents sales, less costs for food and beverage, restaurant labor, restaurant expenses and marketing expenses. Segment profit excludes non-cash real estate related expenses. Sales and profits from Chuy's restaurants are included within the Other Business segment from the date of acquisition forward.

Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.50 per share on the Company's outstanding common stock. The dividend is payable on November 3, 2025 to shareholders of record at the close of business on October 10, 2025.

Share Repurchase Program
During the quarter, the Company repurchased approximately 0.9 million shares of its common stock for a total of $183 million. As of the end of the fiscal first quarter, the Company had $865 million remaining under the current $1 billion repurchase authorization.

Fiscal 2026 Financial Outlook
The Company updated its full year financial outlook for fiscal 2026, which includes a 53rd week. This outlook includes the impact of the additional week. We will provide additional details during our investor conference call scheduled for this morning at 8:30 am ET.

Total sales growth of 7.5% to 8.5%, including approximately 2% growth related to the 53rd week
Same-restaurant sales4 growth of 2.5% to 3.5%
New restaurant openings of approximately 65
Total capital spending of $700 to $750 million
Total inflation of 3.0% to 3.5%
An effective tax rate of approximately 13%
Adjusted diluted net earnings per share from continuing operations of $10.50 to $10.703, including:
- Approximately $0.20 related to the addition of the 53rd week
Approximately 117 million weighted average diluted shares outstanding

Annual same-restaurant sales is a 52-week metric and excludes the impact of Chuy's, which will not have been owned and operated by Darden for a 16-month period prior to the beginning of Fiscal 2026, as well as Bahama Breeze as they are not expected to be operated by Darden for the entirety of the fiscal year.

About Darden
Darden is a restaurant company featuring a portfolio of differentiated brands that include Olive Garden, LongHorn Steakhouse, Yard House, Ruth's Chris Steak House, Cheddar's Scratch Kitchen, The Capital Grille, Chuy's, Seasons 52, Eddie V's and Bahama Breeze. For more information, please visit www.darden.com.

View full version at Darden

Cracker Barrel Reports Q4 and Full Year Discal 2025 Results and Provides Outlook

Sep 17, 2025, 16:05 ET

LEBANON, Tenn., Sept. 17, 2025 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2025 ended August 1, 2025.

Cracker Barrel President and Chief Executive Officer Julie Masino said, "We thank our guests for sharing their voices and their passion for Cracker Barrel in recent weeks, and we've listened, switching back to our 'Old Timer' logo, hitting pause on remodels, and placing an even bigger emphasis in the kitchen and other areas that enhance the guest experience. Many elements of our plan are working well and delivering results, as evidenced by five consecutive quarters of comparable store restaurant sales increases and 9% adjusted EBITDA growth in fiscal 2025. Looking ahead, there is much to be optimistic about, and our teams are focused on getting back to the momentum we created last fiscal year."

Fourth Quarter Fiscal 2025 Highlights

Total revenue was $868.0 million. Compared to the prior year fourth quarter, which included a benefit of $62.8 million related to the 53rd week of the prior fiscal year, total revenue decreased 2.9%. Adjusting for the impact of the 53rd week in the prior year quarter, current year quarter revenue increased 4.4%.
- Comparable store restaurant sales increased 5.4% over the prior year quarter, and comparable store retail sales decreased 0.8%.
GAAP earnings per diluted share were $0.30, and adjusted1 earnings per diluted share were $0.74.
GAAP net income was $6.8 million compared to the prior year quarter GAAP net income of $18.1 million. GAAP net income in the prior year quarter includes a benefit of $5.5 million related to the 53rd week. Adjusting for the impact of the 53rd week in the prior year quarter, current year quarter net income decreased 46.6%.
Adjusted EBITDA1 was $55.7 million compared to the prior year quarter adjusted EBITDA1 of $57.4 million. Adjusted EBITDA1 in the prior year quarter includes a benefit of $5.8 million related to the 53rd week. Adjusting for the impact of the 53rd week in the prior year quarter, current year quarter adjusted EBITDA1 increased 8.0% primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved labor productivity, partially offset by higher advertising expense and general and administrative expenses.

Full Year Fiscal 2025 Highlights

Total revenue was $3.48 billion. Compared to the prior year which included a benefit of $62.8 million related to the 53rd week, total revenue increased 0.4%. Adjusting for the impact of the 53rd week in the prior year, current year revenue increased 2.2%.
GAAP earnings per diluted share were $2.06, and adjusted1 earnings per diluted share were $3.16.
GAAP net income was $46.4 million compared to the prior year GAAP net income of $40.9 million. GAAP net income in the prior year includes a benefit of $5.5 million related to the 53rd week. Adjusting for the impact of the 53rd week in the prior year, current year net income increased 30.9%.
Adjusted EBITDA1 was $224.3 million, compared to the prior year adjusted EBITDA1 of $211.6 million. Adjusted EBITDA1 in the prior year includes a benefit of $5.8 million related to the 53rd week. Adjusting for the impact of the 53rd week in the prior year, current year adjusted EBITDA1 increased 9.0%, primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved productivity, partially offset by a decrease in comparable store traffic and higher advertising expense and general and administrative expenses.

Balance Sheet & Capital Allocation

In fiscal 2025, the Company invested $158.6 million in capital expenditures, composed of approximately $105 million in store maintenance, $20 million related to remodels, $19 million associated with technology and other strategic initiatives, and $15 million for new stores.
As previously disclosed, during the fourth quarter of fiscal 2025 the Company completed the issuance and sale of $345 million aggregate principal amount of 1.75% Convertible Senior Notes due in 2030.
The Company ended fiscal 2025 with total debt of $484.6 million, comprised of $149.2 million of short-term debt related to its 0.625% Convertible Senior Notes due 2026 and $335.4 million of long-term debt related to its 1.75% Convertible Senior Notes due 2030.
The Company ended fiscal 2025 with a consolidated total leverage ratio3 of 2.0x and available liquidity3 of $555.6 million.
The Company announced that its Board of Directors declared a quarterly dividend of $0.25 per share of the Company's common stock. The quarterly dividend is payable on November 12, 2025 to shareholders of record as of October 17, 2025.
The Company also today announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100 million of its outstanding common stock.

Outlook
The Company provided the following outlook for fiscal 2026, which reflects current business trends as of the date of this release and replaces all previous guidance or projections, including with respect to fiscal 2027:

Total revenue of $3.35 billion to $3.45 billion, which assumes a comparable store traffic decline of 4% to 7%
Adjusted EBITDA1 of $150 million to $190 million2
Commodity inflation of 2.5% to 3.5%
Hourly wage inflation of 3.0% to 4.0%
Capital expenditures of $135 million to $150 million, the majority of which is related to maintenance and includes no spending on new remodels
2 new Cracker Barrel stores
The closure of 14 Maple Street units

View full version at Cracker Barrel

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