Financials - March 2026

Written By Kevin Stockslager, Managing Partner

The ONE Group Reports Fourth Quarter and Full Year 2025 Financial Results

Mar 13, 2026 7:15 AM Eastern Daylight Time

Strategic Portfolio Optimization Creating Long-Term Value

Cost Management Drives Restaurant Margin Improvement in Fourth Quarter

Full Year 2026 Financial Targets Introduced

DENVER--(BUSINESS WIRE)--The ONE Group Hospitality, Inc. (“The ONE Group” or the “Company”) (Nasdaq: STKS) today reported its financial results for the fourth quarter and full year ended December 28, 2025.

Effective January 1, 2025, the Company adopted a new fiscal calendar structure using four 13-week quarters, with a 53rd week added when necessary. The 2025 fiscal year ran from January 1, 2025, to December 28, 2025.

This fiscal calendar change created timing differences that impacted quarterly comparisons: the fourth quarter of 2025 had 91 days versus 92 days in the fourth quarter of 2024. Additionally, the New Year’s Eve holiday shifted from fiscal 2025 to fiscal 2026. The exclusion of New Year’s Eve in the current year impacted total GAAP revenues by approximately 2.5%, representing 37% of the total GAAP revenue decline for the quarter.

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

  • Total GAAP revenues decreased 6.7% to $207 million from $222 million;

  • Consolidated comparable sales* decreased 1.8%;

  • GAAP net loss attributable to The ONE Group Hospitality, Inc. increased to $6 million from a net income of $2 million primarily related to a non-cash loss on impairment of $7 million related to the Grill optimization strategy;

  • Restaurant Operating Profit** increased by 10 basis points to 19.5% of owned restaurant net revenue, excluding Grill Concepts restaurants closed or to be closed, from 19.4%; and,

  • Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. decreased to $28 million from $31 million, with approximately $3 million of the decrease attributable to the New Year’s Eve holiday shift from fiscal 2025 to fiscal 2026.

Highlights for the full year 2025 compared to the full year 2024 are as follows:

  • Total GAAP revenues increased 19.7% to $806 million from $673 million;

  • Consolidated comparable sales* decreased 3.7%;

  • GAAP net loss attributable to The ONE Group Hospitality, Inc. increased to $92 million from a net loss of $17 million due primarily to an increase in the income tax expenses of $69 million, primarily related to the establishment of a non-cash tax valuation allowance, and non-cash lease termination and exits costs of $7 million coupled with a non-cash impairment of $11 million related to the Grill optimization strategy;

  • Adjusted Operating Income**** increased 15.2% to $38 million from $33 million; and,

  • Adjusted EBITDA*** attributable to The ONE Group Hospitality, Inc. increased 16.3% to $89 million, excluding approximately $4 million attributable to two days in fiscal year 2025 versus fiscal year 2024, from $76 million.

“Guests continue to choose our differentiated Vibe Dining concepts when they want memorable experiences. In the fourth quarter, consolidated comparable sales improved by four percentage points sequentially from the third quarter, with every brand contributing. So far in the first quarter, we are delivering positive consolidated comparable sales. These results confirm that our strategy is working, even in a challenging consumer environment,” said Emanuel “Manny” Hilario, President and CEO of The ONE Group.

“Our disciplined cost management initiatives continue to drive results. In the fourth quarter, we expanded our restaurant operating margins, even while facing sales deleveraging. Looking ahead, our operational foundation remains strong, supported by beef supply and pricing secured through September 2026 and significant cost synergies from the Benihana acquisition that we believe we have yet to fully capture,” Hilario continued.

“In 2025, we took decisive action to optimize our portfolio and position the company for sustained long-term growth. We closed six underperforming Grill locations and identified up to five additional units for conversion to our higher-performing Benihana or STK formats through 2026. Our first RA Sushi to STK conversion in Scottsdale, Arizona has exceeded expectations, operating at a run rate of approximately $7 million in annualized sales on an approximate $1 million capital investment. This validates the strength of this repositioning strategy. Additionally, we advanced our asset-light growth strategy by securing development rights for ten Benihana and Benihana Express locations in the San Francisco Bay Area, representing the largest franchise agreement in our Company's history. We have also secured a commitment for an additional franchised Benihana location and a licensed Benihana Express location in the Florida Keys,” Hilario concluded.

View full version at The ONE Group

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

March 12, 2026 16:05 ET

COSTA MESA, Calif., March 12, 2026 (GLOBE NEWSWIRE) -- El Pollo Loco Holdings, Inc. (Nasdaq: LOCO) today announced financial results for the 14- and 53-week periods ended December 31, 2025.

Highlights for the fourth quarter ended December 31, 2025 compared to the fourth quarter ended December 25, 2024 were as follows:

--------------------(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.

“During the quarter, we not only delivered positive same store sales growth but also achieved growth in restaurant-level margins. As we look ahead, our priority for 2026 is clear: to drive sustainable traffic growth across our system and thoughtfully accelerate new restaurant growth in new markets,” said Liz Williams, Chief Executive Officer of El Pollo Loco Holdings, Inc. “We will achieve this goal while maintaining margin discipline and unit economics. With the momentum we’ve built across our strategic drivers and a strengthened leadership team and board, we have tremendous confidence in our ability to accelerate growth over the next several years and we believe we are well-positioned to become the nation’s favorite fire-grilled chicken restaurant.”

Fourth Quarter 2025 Financial Results

Company-operated restaurant revenue in the fourth quarter of 2025 increased to $102.4 million, compared to $95.6 million in the fourth quarter of 2024. The Company’s fourth quarter of 2025 included 14 weeks compared to 13 weeks in the fourth quarter of 2024. Revenue attributed to the additional operating week was $5.3 million. In addition, the increase in comparable company-operated restaurant revenue was 0.4%. The company-operated comparable sales increase consisted of a 2.7% increase in average check size, partially offset by a 2.3% decline in transactions.

Franchise revenue in the fourth quarter of 2025 increased 15.5% to $13.0 million. The increase was primarily due to $0.5 million in additional franchise revenue related to the additional week recognized in a 14-week quarter compared to the 13-week comparable quarter in 2024, $0.4 million in revenue recognized related to terminated franchise development agreements. In addition, the increase was also due to a 3.3% increase in franchise comparable store sales and franchise revenue associated with nine franchise-operated restaurant openings during or subsequent to the fourth quarter of 2024. The 3.3% increase in comparable franchise store sales consisted of a 2.5% increase in average check size and a 0.8% increase in transactions.

Income from operations in the fourth quarter of 2025 was $10.3 million, compared to $9.0 million in the fourth quarter of 2024. Restaurant contribution was $17.9 million, or 17.5% of company-operated restaurant revenue, compared to $16.0 million, or 16.7% of company-operated restaurant revenue in the fourth quarter of 2024. The increase in restaurant contribution as a percentage of company-operated restaurant revenue was largely due to better operating efficiencies combined with higher menu prices.

General and administrative expenses in the fourth quarter of 2025 were $13.1 million, compared to $11.1 million in the fourth quarter of 2024. The increase for the quarter was primarily due to $1.2 million in incremental labor and related costs, $0.7 million in restructuring and executive transitions costs and $0.8 million in other general and administrative costs, partially offset by $0.7 million in lower management bonus expense.

Net income for the fourth quarter of 2025 was $6.5 million, or $0.22 per diluted share, compared to net income of $6.0 million, or $0.20 per diluted share, in the fourth quarter of 2024. Adjusted net income was $7.3 million, or $0.25 per diluted share, during the fourth quarter of2025, compared to $5.9 million, or $0.20 per diluted share, during the fourth quarter of 2024.

As of December 31, 2025, after net pay down of $20.0 million on its five-year senior-secured revolving credit facility (the “2022 Revolver”) during the fifty-three weeks, the Company’s outstanding debt balance was $51.0 million with $6.2 million in cash and cash equivalents.

View full version at El Pollo Loco

Cracker Barrel Reports Second Quarter Fiscal 2026 Results and Updates Fiscal 2026 Outlook

Mar 04, 2026, 16:05 ET

LEBANON, Tenn., March 4, 2026 /PRNewswire/ -- Cracker Barrel Old Country Store, Inc. ("Cracker Barrel" or the "Company") (Nasdaq: CBRL) today reported its financial results for the second quarter of fiscal 2026 ended January 30, 2026.

Cracker Barrel President and Chief Executive Officer Julie Masino said, "Our disciplined focus on operational excellence is driving significant improvements in several key guest metrics, many of which serve as important leading traffic indicators. We have also taken additional actions to improve financial performance and remain confident that we are well-positioned to regain prior momentum."

Second Quarter Fiscal 2026 Highlights

  • Total revenue was $874.8 million. Compared to the prior year quarter, total revenue decreased 7.9%.

    • Compared to the prior year quarter, comparable store restaurant sales decreased 7.1% and comparable store retail sales decreased 9.2%.

  • GAAP earnings per diluted share were $0.06, and adjusted1 earnings per diluted share were $0.25.

  • GAAP net income was $1.3 million compared to the prior year quarter GAAP net income of $22.2 million.

  • Adjusted EBITDA1 was $38.2 million, compared to the prior year quarter adjusted EBITDA1 of $74.6 million.

Balance Sheet & Capital Allocation

  • The Company ended the second quarter with total debt of $531.5 million and a consolidated senior leverage ratio3 of 0.3x.

  • During the Company's third quarter the Company expects to record a net cash benefit of approximately $46 million following the Company's settlement of certain litigation matters.

  • 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 May 13, 2026 to shareholders of record as of April 10, 2026.

Fiscal 2026 Outlook

The Company provided the following updated outlook for fiscal 2026: 

  • Total revenue of $3.24 billion to $3.27 billion (vs. previous outlook of $3.2 billion to $3.3 billion)

  • Adjusted EBITDA1 of $85 million to $100 million2 (vs. previous outlook of $70 million to $110 million2)

  • Commodity inflation of 2.0% to 2.5% (vs. previous outlook of 2.5% to 3.5%)

  • Hourly wage inflation of 2.5% to 3.0% (vs. previous outlook of 3% to 4%)

  • Capital expenditures of $105 million to $115 million (vs. previous outlook of $110 million to $125 million)

  • 2 new Cracker Barrel stores (no change vs. previous outlook)

1 EBITDA, adjusted net income, adjusted EBITDA, and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.

2 The Company has determined to provide guidance focused on adjusted EBITDA1 because the Company believes it will be more useful to investors to evaluate the Company's performance prior to the impact of depreciation, taxes, impairment charges, and other items that management believes are not reflective of the Company's current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA1 set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.

3 Consolidated senior leverage is defined as total debt (other than subordinated debt and unsecured debt) divided by adjusted EBITDA1 (as defined under our revolving credit facility).

Fiscal 2026 Second Quarter Conference Call As previously announced, the live broadcast of Cracker Barrel's quarterly conference call will be available to the public online at investor.crackerbarrel.com today beginning at 5:00 p.m. (ET). The online replay will be available tomorrow and through March 18, 2026.

About Cracker Barrel Old Country Store® Cracker Barrel Old Country Store, Inc. – rooted in a rich legacy of warmth, generosity, and tradition – is on a mission to bring the goodness of country hospitality to life. Since 1969, when the first store opened in Lebanon, Tenn., Cracker Barrel has been serving up abundant portions of craveable homestyle food and offering one-of-a-kind retail finds. With approximately 660 company-owned Cracker Barrel Old Country Store® locations in 43 states, and ownership of the fast-casual Maple Street Biscuit Company, the brand continues to honor its heritage while welcoming everyone with more than a meal. For more information, visit CrackerBarrel.com.

View full version at Cracker Barrel

Krispy Kreme Reports Fourth Quarter and Full Year 2025 Financial Results Demonstrating Meaningful Progress on Turnaround

Feb 26, 2026 6:45 AM Eastern Standard Time

Strengthens balance sheet while increasing adjusted EBITDA and margin in the fourth quarter of 2025

CHARLOTTE, N.C.--(BUSINESS WIRE)--Krispy Kreme, Inc. (NASDAQ: DNUT) (“Krispy Kreme”, “KKI”, or the “Company”) today reported financial results for the fourth quarter and full year ended December 28, 2025.

Fourth Quarter Highlights (vs Q4 2024)

  • Net revenue of $392.4 million

  • Organic revenue decreased 3.9%, reflecting the strategic closure of underperforming doors

  • GAAP net loss of $29.1 million

  • Adjusted EBITDA of $55.6 million

  • Cash provided by operating activities of $45.0 million, free cash flow of $27.9 million

Full Year Highlights (vs FY 2024)

  • Net revenue of $1,522.6 million

  • Systemwide Sales of $1.96 billion, up 0.7% in constant currency

  • Organic revenue decreased 1.3%

  • GAAP net loss of $523.8 million

  • Adjusted EBITDA of $140.3 million

  • Cash provided by operating activities of $33.9 million, free cash flow of $(64.0) million

  • Global Points of Access decreased 2,363, or 13.5% to 15,194 reflecting the strategic closure of underperforming doors

“During the fourth quarter, we demonstrated meaningful progress on our turnaround, unlocking strong consumer demand for Krispy Kreme’s iconic, fresh doughnuts through our two biggest opportunities: profitable U.S. expansion and capital-light international franchise growth. Although our decision to exit underperforming U.S. doors resulted in a modest decline in net revenue, we expanded adjusted EBITDA margin 280 basis points year-over-year. In addition, we reduced our financial leverage quarter-over-quarter, delivered positive free cash flow, and secured a strategic refranchising agreement for our operations in Japan.”

“We are pleased to have ended 2025 with positive momentum, driven by quality growth in the U.S. with key strategic partners, higher digital sales, and international expansion. In 2026, we look forward to building on this momentum through systemwide sales growth, additional refranchising activity, disciplined capital expenditures, lower net leverage, and positive free cash flow generation,” said Krispy Kreme CEO Josh Charlesworth.

Turnaround Plan

The Company’s comprehensive turnaround plan is designed to deleverage the balance sheet and deliver sustainable, profitable growth through a focus on the following four components:

  1. Refranchising: Improve financial flexibility through refranchising international markets and restructuring the joint venture in the Western U.S.

  2. Improving Return on Invested Capital: Reduce capital intensity by using existing assets and focusing on franchise development.

  3. Expanding Margins: Expand margins through greater operational efficiency, including outsourcing U.S. logistics.

  4. Driving Sustainable, Profitable Growth: Pursue U.S. growth based upon sustainable and profitable revenue streams.

View full version at Krispy Kreme

Papa Johns Announces Fourth Quarter and Full Year 2025 Financial Results

Feb 26, 2026 7:00 AM Eastern Standard Time

Met or Exceeded Revised 2025 Financial Guidance Targets

2025 Global System-wide Restaurant Sales Increased 1%(a)

Fourth Quarter Global System-wide Restaurant Sales Decreased 1%(a)

Fourth Quarter Diluted EPS of $0.21 and Adjusted Diluted EPS of $0.34(b)

Introduces Fiscal Year 2026 Outlook

LOUISVILLE, Ky.--(BUSINESS WIRE)--Papa John’s International, Inc. (Nasdaq: PZZA) (“Papa Johns®”) (the “Company”) today announced financial results for the fourth quarter and year ended December 28, 2025.

Full Year 2025 Highlights

  • Global system-wide restaurant sales were $4.92 billion, a 1%(a) increase compared with the prior year.

  • North America comparable sales decreased 2% as Domestic Company-owned restaurants were down 3% and North America franchised restaurants were down 2%; International comparable sales increased 5%; all compared with 2024.

  • Opened 279 new restaurants in fiscal year 2025, comprised of 96 restaurant openings in North America and 183 restaurant openings in International markets.

  • Total revenues of $2.1 billion were flat compared with the prior year.

  • Net income was $32 million compared with $84 million in 2024.

  • Adjusted EBITDA(b) was $201 million compared with $227 million in the prior year, including approximately $21 million in incremental marketing investment to support franchisees and brand positioning work.

  • Diluted earnings per common share of $0.90 compared with $2.54 in 2024.

  • Adjusted diluted earnings per common share(b) was $1.43 compared with $2.34 in the prior year.

Fourth Quarter 2025 Highlights

  • Global system-wide restaurant sales were $1.23 billion, a 1%(a) decrease compared with the prior year fourth quarter.

  • North America comparable sales decreased 5% as Domestic Company-owned restaurants were down 6% and North America franchised restaurants were down 5%; International comparable sales were up 6%, all compared with the prior year fourth quarter.

  • Opened 142 new restaurants system-wide, comprised of 41 restaurant openings in North America and 101 restaurant openings in International markets.

  • Total revenues of $498 million decreased 6% compared with the prior year fourth quarter.

  • Net income was $9 million compared with $15 million in the prior year fourth quarter.

  • Adjusted EBITDA(b) was $51 million compared with $58 million in the prior year quarter.

  • Diluted earnings per common share was $0.21 compared with $0.44 in the prior year fourth quarter.

  • Adjusted diluted earnings per common share(b) was $0.34 compared with $0.63 in the prior year quarter.

  • Operational efficiency initiatives, including recently implemented programs, are expected to deliver at least $25 million in corporate cost savings outside of marketing through 2027, with approximately $13 million expected to be realized in 2026.

  • At least $60 million of previously identified supply chain cost savings are expected to deliver approximately 160-basis points of incremental restaurant-level profitability improvement across both franchise and Company-owned restaurants in North America by fiscal year 2028.

  • Following a strategic review of its North American restaurant portfolio, the Company is implementing measures to optimize restaurant profitability and fleet health.

___________________________

a Growth rate excludes the impact of foreign currency.

b Represents a Non-GAAP financial measure. See “Non-GAAP Financial Measures” for a reconciliation to the most comparable U.S. GAAP measures.

CEO Commentary

“We are encouraged by the progress we are making in our transformation as we further reinforce our brand health, sharpen our value proposition, build our innovation pipeline and enhance the customer experience. These actions, alongside recent changes to our organizational structure to drive efficiencies, provide a strong foundation for our future,” said Todd Penegor, President and CEO.

“In the fourth quarter, solid execution drove the Company’s fifth consecutive quarter of positive comparable sales in our International markets, while North America results reflected a weak consumer backdrop and elevated promotional environment,” continued Penegor.

“In 2026, we are focused on continuing our transformation work to best position Papa Johns to win in a dynamic QSR category. Our strong balance sheet is supporting investment in these initiatives, which we believe will deliver high returns. We look forward with confidence in our ability to generate sustainable, profitable growth, and value creation,” Penegor concluded.

View full version at Papa Johns

Shake Shack Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Feb 26, 2026 7:00 AM Eastern Standard Time

Financial Highlights for the Fourth Quarter 2025:

  • Total revenue of $400.5 million, up 21.9% versus 2024, including $385.3 million of Shack sales and $15.2 million of Licensing revenue.

  • System-wide sales of $618.0 million, up 23.4% versus 2024.

  • Same-Shack sales up 2.1% versus 2024.

  • Operating income of $18.7 million.

    • Restaurant-level profit(1) of $87.4 million, or 22.7% of Shack sales.

  • Net income of $13.0 million.

    • Adjusted EBITDA(1) of $56.1 million.

  • Net income attributable to Shake Shack Inc. of $11.8 million, or earnings of $0.28 per diluted share.

    • Adjusted pro forma net income(1) of $16.6 million, or earnings of $0.37 per fully exchanged and diluted share.

  • Opened 15 new Company-operated Shacks and 17 new licensed Shacks.

Financial Highlights for the Fiscal Year 2025:

  • Total revenue of $1,445.3 million, up 15.4% versus 2024, including $1,391.2 million of Shack sales and $54.1 million of Licensing revenue.

  • System-wide sales of $2,228.8 million, up 15.9% versus 2024.

  • Same-Shack sales up 2.3% versus 2024.

  • Operating income of $62.5 million.

    • Restaurant-level profit(1) of $314.5 million, or 22.6% of Shack sales.

  • Net income of $49.7 million.

    • Adjusted EBITDA(1) of $209.9 million.

  • Net income attributable to Shake Shack Inc. of $45.7 million, or earnings of $1.09 per diluted share.

    • Adjusted pro forma net income(1) of $58.3 million, or earnings of $1.32 per fully exchanged and diluted share.

  • Opened 45 new Company-operated Shacks and 40 new licensed Shacks.

NEW YORK--(BUSINESS WIRE)--Shake Shack Inc. (“Shake Shack” or the “Company”) (NYSE: SHAK) has posted its results for the fourth quarter and the fiscal year ended December 31, 2025 in a Shareholder Letter in the Quarterly Results section of the Company's Investor Relations website, which can be found here: Q4 2025 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. 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 March 5, 2026 by dialing (844) 512-2921 or for international callers by dialing (412) 317-6671; the passcode is 13757509.

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 670 locations system-wide, including close to 430 in 35 U.S. States and the District of Columbia, and over 240 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

Sweetgreen, Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

Feb 26, 2026 4:05 PM Eastern Standard Time

LOS ANGELES--(BUSINESS WIRE)--Sweetgreen, Inc. (NYSE: SG) (the “Company”), the mission-driven, next-generation restaurant and lifestyle brand that serves healthy food at scale, today announced financial results for its fourth fiscal quarter and fiscal year ended December 28, 2025.

Fourth Quarter 2025 Financial Highlights

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

  • Total revenue decreased 3.5% to $155.2 million.

  • Same-Store Sales Change of (11.5)%, versus 4.4%.

  • Total Digital Revenue Percentage of 65.1%, up from 56.0% and Owned Digital Revenue Percentage(1) of 38.0%, up from 29.2%.

  • Loss from operations was $(48.1) million and loss from operations margin was (31.0)%, versus $(31.4) million and (19.5)%.

  • Restaurant-Level Profit(2) was $16.2 million and Restaurant-Level Profit Margin(2) was 10.4%, versus $28.0 million and 17.4%.

  • Net loss was $(49.7) million and net loss margin was (32.0)%, versus $(29.0) million and (18.0)%.

  • Adjusted EBITDA(2) was $(13.3) million and Adjusted EBITDA Margin(2) was (8.6)%, versus $(0.6) million and (0.4)%.

  • 15 Net New Restaurant Openings versus 10.

Full Year Fiscal 2025 Financial Highlights

For fiscal year 2025 compared to fiscal year 2024:

  • Total revenue increased 0.4% to $679.5 million.

  • Same-Store Sales Change of (7.9)%, versus 6.2%.

  • Total Digital Revenue Percentage of 61.8%, up from 56.4% and Owned Digital Revenue Percentage(1) of 34.6%, up from 30.4%.

  • Loss from operations was $(139.3) million and loss from operations margin was (20.5)%, versus $(95.7) million and (14.1)%.

  • Restaurant-Level Profit(2) was $103.5 million and Restaurant-Level Profit Margin(2) was 15.2%, versus $132.9 million and 19.6%.

  • Net loss was $(134.1) million and net loss margin was (19.7)%, versus $(90.4) million and (13.4)%.

  • Adjusted EBITDA(2) was $(11.0) million and Adjusted EBITDA Margin(2) was (1.6)%, versus $18.7 million and 2.8%.

  • 35 Net New Restaurant Openings versus 25.

(1) Purchases made in-store where a customer uses scan-to-pay or scan-to-redeem or scan-to-earn, as part of the SG Rewards loyalty program introduced during the second quarter of fiscal year 2025, are included as part of our Owned Digital Channels sales.

(2) Restaurant-Level Profit, Restaurant-Level Profit Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP, are set forth in the schedules accompanying this release.”

"Our 2025 results fell short of our expectations. In response, we are moving with urgency through the ‘Sweet Growth Transformation Plan’ to strengthen the core of the business. We are tightening our operations, raising our culinary standards, and setting the business up to grow in the right way. As we continue to reinforce the foundations across all areas of the business we know that menu innovation is a key part of that story,” said Jonathan Neman, Co-Founder and Chief Executive Officer of Sweetgreen. “We are currently testing wraps across select New York, Midwest, and California restaurants. Prices start at $10.95 at certain New York City locations, with the full lineup priced below $15 across all markets when ordering in-store and for pickup. If performance meets our stage-gate criteria, we expect to expand the platform in mid-2026.”

Results for the Fourth Quarter Ended December 28, 2025:

Total revenue in the fourth quarter of 2025 was $155.2 million, a decrease of 3.5% versus the prior year period. This decrease was primarily due to a decrease in Comparable Restaurant Base revenue of $18.1 million, resulting in a negative Same-Store Sales Change of 11.5%, reflecting a 13.3% decrease in traffic and mix, partially offset by a 1.8% benefit from menu price increases that were implemented subsequent to the thirteen weeks ended December 29, 2024. Traffic softness reflected a more selective consumer environment and the transition from our former Sweetpass+ program to SG Rewards. While the loyalty transition created near-term headwinds, it positions us to drive more sustainable engagement over time. This decrease in revenue was partially offset by an increase of $14.1 million of incremental revenue associated with 45 Net New Restaurant Openings during or subsequent to the fourth quarter of fiscal year 2024. These results reinforce the urgency of the “Sweet Growth Transformation Plan”, which is focused on strengthening operational execution, sharpening value perception, and improving restaurant-level economics.

Our loss from operations margin was (31.0)% for the fourth quarter of 2025 versus (19.5)% in the prior year period. Restaurant-Level Profit Margin was 10.4%, a decrease of nearly 700 basis points versus the prior year period, due to a negative Same-Store Sales Change of 11.5%, higher ingredient usage and waste, including increased protein portions, increased restaurant-level advertising spend, as well as higher packaging costs related to recently imposed tariffs and duties.

General and administrative expense was $39.7 million, or 25.6% of revenue for the fourth quarter of 2025, as compared to $37.1 million, or 23.1% of revenue in the prior year period. The increase in general and administrative expense was primarily due to an increase in stock-based compensation expense as a result of stock modifications recognized during the current period.

Net loss for the fourth quarter of 2025 was $(49.7) million, as compared to $(29.0) million in the prior year period. The increase in net loss was primarily due to an $11.7 million decrease in our Restaurant-Level Profit, an increase in other expense due to transaction costs related to the Spyce sale that closed subsequent to 2025 year end, an increase in pre-opening costs due to the 15 Net New Restaurant Openings in the current year period versus 10 in the prior year period, as well as the increase in general and administrative expense, as described above.

View full version at Sweetgreen

Red Robin Gourmet Burgers, Inc. Reports Results for the Fiscal Fourth Quarter and Fiscal Year Ended December 28, 2025

Feb 25, 2026, 16:05 ET

ENGLEWOOD, Colo., Feb. 25, 2026 /PRNewswire/ -- Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) ("Red Robin" or the "Company"), a full-service restaurant chain serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the fiscal fourth quarter and year ended December 28, 2025.

Chief Executive Officer Comments

Dave Pace, Red Robin's President and Chief Executive Officer said, "In mid-2025, we launched our First Choice strategic plan and saw steady improvement in our business performance throughout the balance of the year. The actions we took to improve our price-value equation, drive labor efficiency, and empower our Managing Partners helped drive a significant increase in Adjusted EBITDA year-over-year.

Importantly, we leaned into our micro-targeted marketing and our Big Yummm value platform, driving a clear inflection in traffic performance. After steadily closing our traffic gap to the casual dining industry throughout the back half of 2025, in December we outperformed the industry for the first time since the third quarter of 2024. This reinforces our belief that when we align compelling value, operational excellence, and precision marketing, we can win market share in a competitive environment."

Pace concluded, "The strategic decisions we made in 2025 under our First Choice plan positioned us to enter 2026 with greater focus and financial flexibility. We are building a more disciplined, guest-driven company with improving profitability, a strengthening balance sheet, and a clear roadmap for sustainable performance. While there is much more work ahead, we are encouraged by the trajectory of the business and expect to make further meaningful progress in 2026."

Full Year 2025 Commentary

  • Comparable restaurant revenue, excluding the impact of deferred loyalty revenue, decreased (0.3)%. This included a (3.8)% decrease in guest traffic, a (0.7)% decrease in menu mix and a 4.2% benefit from net menu pricing. The benefit from net menu pricing decreased steadily throughout fiscal 2025, as we intentionally took limited pricing actions during the year to improve value for our guests.

  • Restaurant level operating profit margin of 12.7%, a 190 basis point improvement from fiscal year 2024. This improvement was primarily driven by higher average guest check and the benefits of efficiency initiatives offsetting the impact of inflation and lower guest traffic.

  • Adjusted EBITDA of $69.7 million, a 53% increase from fiscal year 2024. This improvement was driven by increases in restaurant level operating profit, effective cost control of corporate expenses and reduced selling expense.

Balance Sheet and Liquidity

As of December 28, 2025, the Company had outstanding borrowings under its credit facility of $170.2 million and liquidity of approximately $56.9 million, including cash and cash equivalents and available borrowing capacity under its credit facility.

Outlook for Fiscal 2026 and Guidance Policy

The Company provides guidance on select information related to the Company's financial and operating performance, and such measures may differ from year to year. The projections are as of this date and the Company assumes no obligation to update or supplement this information.

The Company's fiscal 2026 guidance metrics are as follows:

  • Comparable Restaurant Revenue growth, excluding deferred loyalty revenue, of 0.5% to 1.5%;

  • Restaurant level operating profit of approximately 13.0%;

  • Adjusted EBITDA of $70 million to $73 million;

  • Capital expenditures of $25 million to $30 million.

Providing Income (loss) from operations and Net income (loss) guidance is potentially misleading and not practical given the difficulty of projecting event-driven transactional and other non-core operating items. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.

View full version at Red Robin

BJ’s Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2025 Results

Issues 2026 Financial Outlook

February 25, 2026 16:05 ET

HUNTINGTON BEACH, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2025 fourth quarter and year ended December 30, 2025.
        
Fiscal Fourth Quarter 2025 Compared to Fourth Quarter 2024

(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.

Fiscal 2025 Compared to Fiscal 2024

(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.

“During the fourth quarter, we continued to deliver on our mission to create a stronger and more consistent BJ’s with our 6th consecutive quarter of comparable restaurant sales and traffic growth along with our 5th consecutive quarter of restaurant level operating profit margin expansion,” commented Lyle Tick, Chief Executive Officer and President. “We continue to focus on putting the guest and team member experience at the center of everything we do. This, combined with strong and improving operational fundamentals, compelling value and product news, allowed us to increase traffic by over 4% during the quarter.

“Looking at the full year, I am proud of the progress we have made, thankful for the commitment and passion our teams bring every day and pleased with the results we delivered as we executed across all pillars of our strategic plan,” Tick continued. “As we look ahead to 2026, we will build on the progress we have made, guided by our four strategic priorities - Investing in Our People and Our Handcrafted Food and Beverage, Delivering WOW Hospitality, and Keeping Our Atmosphere Fresh. We believe these strategic priorities will continue to position BJ’s for sustainable growth and deliver long-term value to our shareholders,” concluded Tick.

View full version at BJ’s Restaurants

Bloomin’ Brands Announces 2025 Q4 Financial Results

Feb 25, 2026 6:30 AM Eastern Standard Time

Provides Full Year 2026 Financial Outlook

TAMPA, Fla.--(BUSINESS WIRE)--Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the fourth quarter 2025 (“Q4 2025”) and the fiscal year ended December 28, 2025 (“Fiscal Year 2025”) compared to the fourth quarter 2024 (“Q4 2024”) and the fiscal year ended December 29, 2024 (“Fiscal Year 2024”).

CEO Comments
“Our fourth quarter results reflect our continued focus on disciplined execution and food quality to deliver a consistently great guest experience. Through these efforts, Outback achieved its first quarter of positive traffic since Q4 2021,” said Mike Spanos, CEO. “We launched our turnaround strategy in November with targeted investments in steak quality at Outback. Over the course of this year, we expect to make additional strategic investments as we look to drive long-term, sustainable, and profitable growth.”

  • 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 Q4 2024 primarily due to: (i) Bonefish Grill goodwill impairment, (ii) lapping 2024 gains and incurring 2025 costs associated with our foreign currency forward contracts and (iii) a decrease in restaurant-level operating margin, as detailed below. These decreases were partially offset by lower asset impairment and closing costs.

  • Restaurant-level operating margin decreased from Q4 2024 primarily due to: (i) higher commodity and labor costs, mainly due to inflation, and (ii) unfavorable product cost mix. These decreases were partially offset by: (i) higher average check per person, primarily due to pricing, (ii) lower advertising expense and (iii) lower insurance expense.

  • Adjusted operating income margin primarily excludes the Bonefish Grill goodwill impairment, certain asset impairment and closing costs and costs associated with the foreign currency forward contracts.

View full version at Bloomin’ Brands

Dine Brands Global, Inc. Reports Fourth Quarter and Fiscal Year 2025 Results

Feb 25, 2026 7:00 AM Eastern Standard Time

PASADENA, Calif.--(BUSINESS WIRE)--Dine Brands Global, Inc. (NYSE: DIN) (the “Company” or “Dine Brands”), the parent company of Applebee’s Neighborhood Grill + Bar®, IHOP® and Fuzzy’s Taco Shop® restaurants, today announced financial results for the fourth quarter and fiscal year 2025.

“In 2025 our brands’ performance improved as we made meaningful progress against our strategic priorities by strengthening the fundamentals of the business and positioning our brands for long-term growth,” said John Peyton, Chief Executive Officer of Dine Brands. “Our focus is on the guest experience, everyday value and continued menu innovation to drive improvements in sales and traffic. Development initiatives anchored by our dual brands strategy continue to build momentum, and strong franchisee engagement positions us well to enter 2026 with an ongoing commitment to create long-term shareholder value.”

Vance Chang, Chief Financial Officer of Dine Brands, added, “In 2025, we completed our debt refinancing and continued to return capital to shareholders, all while maintaining a strong balance sheet. Our 2026 guidance reflects continued targeted investments in growth initiatives that are supported by improving trends across both our franchise business and our company-owned portfolio, and we will continue to focus on efficiently deploying capital towards projects with high return on investment."

Domestic Restaurant Sales for the Fourth Quarter of 2025

  • Applebee’s year-over-year comparable domestic same-restaurant sales decreased 0.4% for the fourth quarter of 2025. Off-premise sales accounted for 23.0% of sales mix in the fourth quarter of 2025 representing per restaurant average weekly sales of approximately $11,900.

  • IHOP’s year-over-year domestic comparable same-restaurant sales increased 0.3% for the fourth quarter of 2025. Off-premise sales accounted for 21.2% of sales mix in the fourth quarter of 2025, representing per restaurant average weekly sales of approximately $8,500.

Fourth Quarter of 2025 Summary

  • Total revenues for the fourth quarter of 2025 were $217.6 million compared to $204.8 million for the fourth quarter of 2024. The increase was primarily driven by higher company-owned restaurant sales, mainly attributable to the increase in the number and timing of when we acquired Applebee’s and IHOP restaurants from franchisees, offset by a decrease in franchise revenues due to a decrease in the number of franchise restaurants after our acquisition of franchised Applebee’s and IHOP restaurants.

  • General and Administrative (“G&A”) expenses for the fourth quarter of 2025 were $51.5 million, which includes the Q4 recovery of fees from a franchisee, as compared to $52.3 million for the fourth quarter of 2024.

  • Net loss available to common stockholders was $12.3 million, or loss per diluted share of $(0.93), for the fourth quarter of 2025 compared to net income available to common stockholders of $5.0 million, or earnings per diluted share of $0.34 for the fourth quarter of 2024. The decrease includes a non-cash $29 million impairment charge of an intangible asset.

  • Non-GAAP adjusted net income1 available to common stockholders was $19.4 million, or adjusted earnings per diluted share of $1.46, for the fourth quarter of 2025, compared to adjusted net income available to common stockholders of $12.9 million, or adjusted earnings per diluted share of $0.87, for the fourth quarter of 2024.

  • Loss before income taxes for the fourth quarter of 2025 was $16.6 million compared to income before income taxes of $7.8 million for the fourth quarter of 2024.

  • Consolidated adjusted EBITDA2 for the fourth quarter of 2025 was $59.8 million compared to $50.1 million for the fourth quarter of 2024.

  • Development activity by Applebee’s and IHOP franchisees for the fourth quarter of 2025 resulted in 40 new restaurant openings and 13 restaurant closures.

2025 Summary

  • Total 2025 revenues were $879.3 million compared to $812.3 million for the prior year. The increase was primarily attributable to the acquisition of restaurants in late 2024 and 2025 partially offset by a decrease in franchise revenues as a result of those acquisitions and a decrease in rental revenues.

  • G&A expenses for 2025 were $203.8 million compared to $196.7 million for 2024. The increase includes compensation and professional service expenses partially offset by the recovery of fees from a franchisee.

  • Net income available to common stockholders was $16.0 million, or earnings per diluted share of $1.11, for 2025 compared to net income available to common stockholders of $63.0 million, or earnings per diluted share of $4.22 for 2024. The decrease includes a $29 million non-cash impairment charge of an intangible asset.

  • Non-GAAP adjusted net income1 available to common stockholders was $63.5 million, or adjusted earnings per diluted share of $4.45, for 2025 compared to adjusted net income available to common stockholders of $79.8 million, or adjusted earnings per diluted share of $5.34, for 2024.

  • Income before income taxes for 2025 was $25.2 million compared to $89.5 million for 2024.

  • Consolidated adjusted EBITDA2 for 2025 was $219.8 million compared to $239.8 million for 2024.

  • Cash flows provided by operating activities for 2025 were $89.0 million. This compares to cash flows provided by operating activities of $108.2 million for 2024. The decrease was primarily due to a decrease in segment profit and an increase in working capital.

  • Adjusted free cash flow3 was $61.5 million for 2025. This compares to adjusted free cash flow of $106.4 million for 2024.

  • Development activity by Applebee’s and IHOP franchisees for 2025 resulted in 73 new restaurant openings and 110 restaurant closures. This includes 28 domestic dual-branded openings and 18 international dual-branded openings.

View full version at Dine Brands

CAVA Group Reports Fourth Quarter and Full Year Fiscal 2025 Results

Feb 24, 2026 4:10 PM Eastern Standard Time

Full Year CAVA Revenue Growth of 22.5% Including Same Restaurant Sales of 4.0%

72 Net New CAVA Restaurant Openings During Fiscal 2025

Full Year CAVA Restaurant-Level Profit Margin of 24.4%

WASHINGTON--(BUSINESS WIRE)--CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal fourth quarter and fiscal year ended December 28, 2025.

“2025 marked a milestone year for CAVA as we continued to deliver on our mission of bringing heart, health, and humanity to food while scaling the business with a long-term, intentional focus. Our momentum and market share gains underscore the strength of our value proposition and reflect how deeply our brand is resonating with today’s increasingly discerning consumer,” said Brett Schulman, Co-Founder and CEO. “For the first time in our history, revenue surpassed $1 billion for a full fiscal year in 2025, growing 22.5% for the year. We opened 72 net new restaurants and delivered same-restaurant sales growth of 4.0%. Despite strong prior-year comparisons and a dynamic macroeconomic environment, the power of our model and the momentum of our brand remain clear."

Fiscal Fourth Quarter 2025 Highlights:

  • CAVA Revenue grew 21.2% to $272.8 million as compared to $225.1 million in the prior year quarter.

  • Net New CAVA Restaurant Openings of 24.

  • Same Restaurant Sales increased by 0.5%.

  • CAVA Restaurant-Level Profit of $58.3 million or growth of 15.7% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 21.4%.

  • Digital Revenue Mix was 38.9%.

  • Net Income of $4.9 million.

  • Adjusted EBITDA1 of $25.8 million compared to $25.1 million in the prior year quarter.

Fiscal Year 2025 Highlights:

  • CAVA Revenue grew 22.5% to $1,169.3 million as compared to $954.3 million in the prior year.

  • Net New CAVA Restaurant Openings of 72, bringing total CAVA Restaurants to 439, a 19.6% increase in total CAVA Restaurants year over year.

  • Same Restaurant Sales increased by 4.0%.

  • AUV of $2.9 million.

  • CAVA Restaurant-Level Profit of $285.0 million or growth of 19.7% over the prior year, with CAVA Restaurant-Level Profit Margin of 24.4%.

  • Digital Revenue Mix was 37.9%.

  • Net Income of $63.7 million compared to $130.3 million in the prior year. Adjusted Net Income1 was $63.7 million compared to $50.2 million in the prior year, an increase of 26.9%. Adjusted net income in the prior year excludes the net benefit from the release of the valuation allowance against deferred tax assets (the “VA Release”).

  • Adjusted EBITDA1 of $152.8 million compared to $126.2 million in the prior year.

  • Net cash provided by operating activities of $184.8 million with Free Cash Flow1 of $26.1 million.

Fiscal Fourth Quarter 2025 Review:

CAVA Revenue was $272.8 million, an increase of 21.2% compared to the fiscal fourth quarter of 2024. The increase was driven by 87 Net New CAVA Restaurant Openings during or subsequent to the fiscal fourth quarter of 2024, which are exceeding our performance expectations, and Same Restaurant Sales of 0.5%. Same Restaurant Sales increased 1.9% from menu price and product mix, partially offset by a 1.4% decrease in Guest Traffic.

CAVA Restaurant-Level Profit Margin was 21.4%, a decrease of 100 basis points compared to the fiscal fourth quarter of 2024. The decrease was due to a higher mix of third-party delivery, technology costs associated with our kitchen display system investments, and other individually insignificant items within other operating expenses; higher food, beverage, and packaging costs primarily associated with the impact of tariffs and the limited time chicken shawarma offering; and incremental wage investments. The decrease was partially offset by leverage from higher sales.

General and administrative expenses were $32.5 million, or 11.8% of revenue, as compared to $28.5 million, or 12.6% of revenue, in the fiscal fourth quarter of 2024. General and administrative expenses, excluding equity-based compensation1, were $29.0 million, or 10.5% of revenue, as compared to $23.6 million, or 10.4% of revenue, in the fiscal fourth quarter of 2024. The increase of 10 basis points was primarily due to investments to support future growth, partially offset by leverage from higher sales.

Net income was $4.9 million, or 1.8% of revenue, as compared to $78.6 million in the fiscal fourth quarter of 2024. Assuming a consistent effective tax rate allocated to each fiscal quarter in the prior year, excluding the net benefit from the VA Release, Adjusted Net Income1 in the prior year quarter was $6.5 million. The decrease in Adjusted Net Income1 was due to higher depreciation and amortization, partially offset by lower equity-based compensation expense, including the impact of payroll taxes, and improved operating performance.

Adjusted EBITDA1 was $25.8 million, or 9.4% of revenue, an increase of $0.7 million, or 2.6%, compared to the fiscal fourth quarter of 2024. The increase was primarily driven by the number and strength of performance of Net New CAVA Restaurant Openings during or subsequent to the fourth quarter of fiscal 2024, partially offset by investments to support future growth, including higher pre-opening costs.

View full version at CAVA

UPDATE – First Watch Restaurant Group, Inc. Reports 2025 Financial Results and Provides Outlook for 2026

February 24, 2026 09:50 ET

BRADENTON, Fla., Feb. 24, 2026 (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 December 28, 2025 (“Q4 2025”) and the 52-week fiscal year ended December 28, 2025 (“2025”) compared to the thirteen weeks ended December 29, 2024 (“Q4 2024”) and the 52-week fiscal year ended December 29, 2024 (“2024”) and provided an outlook for the 52-week fiscal year ending December 27, 2026 (“2026”).

“2025 was a year of significant progress on a number of fronts for First Watch. In addition to continuing our industry-leading new restaurant growth of nearly 11%, we increased total revenues by more than 20%, which included same-restaurant sales growth of 3.6% and positive same-restaurant traffic,” said Chris Tomasso, CEO and President of First Watch. “As we look to 2026 and beyond, we are energized by the growth opportunities across all facets of our business, particularly the expansion of our evolving digital marketing platform.”

Highlights for Q4 2025 compared to Q4 2024

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

Highlights for 2025 compared to 2024:

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

Outlook Fiscal Year 2026

The Company provides the following outlook for the 52-week fiscal year ended December 27, 2026:

The Company reiterates its long-term annual financial targets as follows:

The Company continues to see a long-term opportunity for more than 2,200 restaurants across the United States.
______________________
(1) Includes net impact of approximately 1.0% in total revenue growth and approximately $2.0 million in Adjusted EBITDA associated with acquisitions completed in 2025.

*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, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort.

View full version at First Watch

KBP Brands Doubles Down On SONIC With 78-Restaurant Acquisition

Feb 24, 2026, 08:44 ET

LEAWOOD, Kan., Feb. 24, 2026 /PRNewswire/ -- Today KBP Brands announced it has expanded its SONIC footprint to 164 locations in eight states with the addition of 78 drive-in locations in Ohio, Kentucky, North Carolina, Tennessee and Virginia.

This is KBP's second SONIC purchase in less than two years and makes KBP the fourth largest franchisee in the SONIC system. The new locations were previously owned and operated by SONIC, part of the Inspire Brands portfolio, which KBP has partnered with since adding Arby's to its restaurant portfolio in 2021.

"We've had a successful five-year partnership with Inspire Brands and have seen strong results from our initial SONIC purchase," said Mike Kulp, CEO of KBP Brands. "We look forward to expanding that with a larger footprint and additional operational efficiencies."

KBP, one of the nation's largest franchise companies with ~$1.5 billion in annual sales, has grown consistently for two decades which Kulp credits largely to the company's ability to integrate new brands and locations quickly, strong relationships with franchisors, and data-driven operations. 

"Our relationship with KBP Brands continues to grow due to their operational excellence and our shared commitment to guest satisfaction and a culture that champions innovation," said John Kelly, Brand President, SONIC. "KBP's expansion with SONIC demonstrates their dedication to our vision and the brand's long-term growth."

With a focus on beverage creativity, the iconic Smasher burger, and indulgent desserts, SONIC delivers a differentiated experience that drives guest loyalty and franchise growth. SONIC and its standout menu of made-to-order classics and inventive beverages were first added to the KBP portfolio in August 2024.

Today's acquisition brings an additional 1,600 employees to KBP. Mark Everett, Executive Vice President of KBP, will continue to lead the company's Drive-In business in partnership with Chief Operating Officer, Matt Hansen.

About KBP Brands KBP Brands is one of the largest franchise groups in the U.S. owning and operating more than 1,100 KFC, Taco Bell, Arby's, and SONIC restaurants across 32 states. The company's expertise running multi-unit businesses has resulted in consistent growth for 25 years. For more information, visit kbpbrands.com. 

About SONIC SONIC, a leader in food and beverage innovation, was founded in 1953 and now has more than 3,400 restaurants in 47 states. SONIC is part of the Inspire Brands family of restaurants. For more information, visit SONICDriveIn.com and InspireBrands.com. 

View source version at KBP

Portillo’s Inc. Announces Fourth Quarter and Fiscal Year 2025 Financial Results

February 24, 2026 08:00 ET

OAK BROOK, Ill., Feb. 24, 2026 (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 fourth quarter and fiscal year ended December 28, 2025.

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

Fiscal 2025 Performance Highlights (vs. Fiscal 2024):

(1) Adjusted EBITDA and Restaurant-Level Adjusted EBITDA are non-GAAP measures. Please see definitions and the reconciliations of these non-GAAP measures accompanying this release.

"Portillo's took a number of steps in the fourth quarter to change the trajectory of the business by implementing a reset of our new restaurant growth strategy, refocusing on operational fundamentals and deploying more dynamic marketing tactics," said Mike Miles, Chairman of the Board and Interim CEO. "We are encouraged by the early results of these initiatives and look forward to further improvement in 2026 under the leadership of new CEO Brett Patterson."

Fourth Quarter 2025 Financial and Operating Results

Revenues for the quarter ended December 28, 2025 were $185.7 million compared to $184.6 million for the quarter ended December 29, 2024, an increase of $1.1 million or 0.6%. The increase in revenues was primarily attributed to the opening of eight restaurants in fiscal 2025 and six restaurants in the fourth quarter of 2024, partially offset by a decrease in our same-restaurant sales. Restaurants not in our Comparable Restaurant Base (as defined below) contributed $7.8 million of the total year-over-year increase. Same-restaurant sales decreased 3.3%, or $5.4 million in the quarter. The same-restaurant sales decline was attributable to a 3.3% decrease in transactions. Average check in the quarter was flat due to an approximate 2.3% increase in certain menu prices offset by a 2.3% decrease in product mix. For the purpose of calculating same-restaurant sales for the quarter ended December 28, 2025, sales for 80 restaurants that were open for at least 24 full fiscal periods were included in the Comparable Restaurant Base.

Total restaurant operating expenses for the quarter ended December 28, 2025 were $145.2 million compared to $139.4 million for the quarter ended December 29, 2024, an increase of $5.8 million or 4.2%. The increase was primarily driven by the opening of eight restaurants in fiscal 2025 and six restaurants in the fourth quarter of 2024. Additionally, food, beverage and packaging costs were negatively impacted by a 4.0% increase in commodity prices. The increase in labor expense was driven by incremental investments to support our team members and an increase in benefit expenses. Lastly, the increase in other operating expenses was primarily driven by the aforementioned opening of new restaurants, partially offset by lower cleaning expenses due to vendor renegotiation and travel expenses.

General and administrative expenses for the quarter ended December 28, 2025 were $19.4 million compared to $20.3 million for the quarter ended December 29, 2024, a decrease of $0.9 million or 4.4%. This decrease was primarily driven by lower variable-based compensation, partially offset by higher dead site costs.

Operating income for the quarter ended December 28, 2025 was $10.3 million compared to $13.8 million for the quarter ended December 29, 2024, a decrease of $3.5 million or 25.3% primarily due to the benefits of higher revenue being more than offset by the aforementioned expense factors.

Net income for the quarter ended December 28, 2025 was $6.3 million compared to a net income of $12.4 million for the quarter ended December 29, 2024, a decrease of $6.2 million or 49.5%. The decrease in net income was primarily due to a decrease in the tax receivable agreement liability adjustment of $5.6 million and a decrease in operating income of $3.5 million due to the aforementioned factors, partially offset by a decrease in income taxes of $2.7 million and interest expense of $0.4 million.

Restaurant-Level Adjusted EBITDA* for the quarter ended December 28, 2025 was $40.6 million compared to $45.2 million for the quarter ended December 29, 2024, a decrease of $4.7 million or 10.3%.

Adjusted EBITDA* for the quarter ended December 28, 2025 was $24.7 million compared to $25.2 million for the quarter ended December 29, 2024, a decrease of $0.5 million or 2.1%.

*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

Domino's Pizza® Announces Fourth Quarter and Fiscal 2025 Financial Results

Feb 23, 2026, 06:05 ET

Global retail sales growth (excluding foreign currency impact) of 4.9% for the fourth quarter; 5.4% growth for fiscal 2025

U.S. same store sales growth of 3.7% for the fourth quarter; 3.0% growth for fiscal 2025

International same store sales growth (excluding foreign currency impact) of 0.7% for the fourth quarter; 1.9% growth for fiscal 2025

Global net store growth of 392 for the fourth quarter; global net store growth of 776 for fiscal 2025

Income from operations increased 8.0% for the fourth quarter; 8.5% for fiscal 2025

(Income from operations increased 7.3% and 8.6% for the fourth quarter and fiscal 2025, respectively, excluding the $1.9 million positive impact for fourth quarter and the $0.6 million negative impact for fiscal 2025 of foreign currency exchange rates on international franchise royalty revenues)

Board of Directors approves 15% increase in quarterly dividend to $1.99 per share

ANN ARBOR, Mich., Feb. 23, 2026 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the fourth quarter and fiscal 2025.

"In 2025 we demonstrated that when we execute our Hungry for MORE strategy it delivers MORE sales, MORE stores, and MORE profits," said Russell Weiner, Domino's Chief Executive Officer. "In our international business, we delivered a remarkable 32nd consecutive year of same store sales growth. In our U.S. business, we gained another point of market share, pacing well ahead of the QSR Pizza category, which grew again in 2025. These strong results flowed through to increased franchisee profits, showcasing our ability to drive store level profitability while providing incredible value for our customers. As we look ahead to 2026, it is our expectation that we will meaningfully increase our market share within a U.S. QSR pizza category that continues to grow. Our value and scale advantages will remain a differentiator, while our new brand campaign and e-commerce site will drive deliciousness and improved experiences. Domino's has always been in the business of creating its own tailwinds and driving growth. That has been and will continue to be how we drive best in class results and long-term value creation for our franchisees and shareholders."

View full version at Domino’s

Jack in the Box Inc. Reports First Quarter 2026 Earnings

Feb 18, 2026 4:05 PM Eastern Standard Time

Jack in the Box same-store sales of (6.7%)

Diluted EPS from continuing operations of $0.75 and Operating EPS of $1.00

SAN DIEGO, Calif.--(BUSINESS WIRE)--Jack in the Box Inc. (NASDAQ: JACK) announced financial results for the first quarter ended January 18, 2026.

The Company completed the sale of Del Taco Holdings Inc. (“Del Taco”) on December 22, 2025. The Del Taco results are included in discontinued operations for all periods presented.

“Our results for the quarter were in line with our expectations. We remain focused on the fundamentals, simplifying the business, and delivering on our 'JACK on Track' commitments as we build a stronger foundation for sustainable growth,” said Lance Tucker, Jack in the Box Chief Executive Officer. “Initial guest response to our 75th anniversary celebrations has been encouraging, and while there is more work ahead, we believe the steps we are taking to drive a better and more consistent guest experience will lead to much improved performance as we move through the year.”

Jack in the Box Performance

Same-store sales decreased 6.7% in the first quarter, comprised of franchise same-store sales decline of 7.0% and company-owned same-store sales decline of 4.7%. Sales performance resulted from a decline in transactions and mix, partially offset by an increase in price. Systemwide sales for the first quarter decreased 7.1%.

Restaurant-Level Margin(1), a non-GAAP measure, was $21.3 million, or 16.1%, down from $31.0 million, or 23.2%, a year ago driven primarily by commodity cost inflation, the negative impact from rolling over prior year beverage benefit, and a change in the mix of restaurants, partially offset by increased price.

Franchise-Level Margin(1), a non-GAAP measure, was $84.1 million, or 38.6%, a decrease from $97.1 million, or 40.9%, a year ago. The decrease was primarily due to lower sales driving lower rent revenue and royalties and a decrease in the number of restaurants as part of the 'JACK on Track' closure program.

Jack in the Box net restaurant count decreased in the first quarter, with six restaurant openings and 14 restaurant closures.

Total revenues decreased 5.8% to $349.5 million, compared to $371.1 million in the prior year quarter. The lower revenue is primarily the result of same-store sales declines, as well as a lower number of restaurants.

The SG&A expense for the first quarter was $37.0 million, a decrease of $4.1 million compared to the prior year quarter. The decrease was due primarily to the fluctuation of $3.8 million in the cash surrender value of our COLI policies. When excluding net COLI gains, G&A was 2.5% of systemwide sales.

Other operating expenses, net, were $8.1 million, an increase of $5.5 million compared to the prior year quarter. The increase was primarily due to higher professional fees associated with the proxy contest and a tax refund settlement, as well as increased costs for closed restaurants and cancellation of related projects. These costs were partially offset by gains from real estate sales.

Net earnings from continuing operations was $14.4 million for the first quarter of fiscal 2026. This is compared with net earnings from continuing operations of $31.0 million for the first quarter of the prior year.

Adjusted EBITDA(3), a non-GAAP measure, was $68.2 million in the first quarter of fiscal 2026 compared with $88.8 million for the prior year quarter.

The income tax provision for continuing operations reflects an effective tax rate of 32.4% in the first quarter of 2026 as compared to 30.0% in the prior year. This was primarily due to the establishment of valuation allowance on cumulative interest deduction limitations from current and prior fiscal years and the nondeductible component of share-based compensation largely offset by a favorable state refund claim settlement. The non-GAAP operating EPS tax rate for the first quarter of 2026 was 31.2%, primarily due to the establishment of valuation allowance on current fiscal year’s interest deduction limitation.

First quarter diluted earnings per share from continuing operations was $0.75 in 2026, compared to $1.61 in the prior year quarter. Operating Earnings Per Share(2), a non-GAAP measure, was $1.00 in the first quarter of fiscal 2026 compared with $1.86 in the prior year quarter.

(1) Restaurant-Level Margin and Franchise-Level Margin are non-GAAP measures. These non-GAAP measures are reconciled to earnings (loss) from operations, the most comparable GAAP measure, in the attachment to this release. See "Reconciliation of Non-GAAP Measurements to GAAP Results."
(2) Operating Earnings Per Share represents the diluted earnings per share on a GAAP basis, excluding certain adjustments. See "Reconciliation of Non-GAAP Measurements to GAAP Results." Operating earnings per share may not add due to rounding.
(3) Adjusted EBITDA represents net earnings on a GAAP basis excluding certain adjustments. See "Reconciliation of Non-GAAP Measurements to GAAP Results."

View full version at Jack in the Box

Wingstop Inc. Reports Fourth Quarter and Fiscal Year 2025 Financial Results

Feb 18, 2026, 07:45 ET

Record 493 Net New Openings in 2025, 19.2% Unit Growth

Achieves 12.1% System-wide Sales Growth for Fiscal Year 2025

Introduces 2026 Guidance

DALLAS, Feb. 18, 2026 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced financial results for the fourth quarter and fiscal year ended December 27, 2025.

"Our team continues to demonstrate operational excellence as we opened 493 net new restaurants and expanded into six new international markets," said Michael Skipworth, President & Chief Executive Officer. "I am proud of our efforts as we implemented the Wingstop Smart Kitchen in all of our 2,586 domestic restaurants in just 10 months. In a year marked by uncertainty, the structural advantages of our operating model are reflected in our 15% Adjusted EBITDA growth in 2025. This year's performance reflects the compelling returns of our unit economics, but also the confidence in our strategy that will enable our vision of reaching more than 10,000 restaurants globally."

Fourth Quarter 2025 Highlights

  • System-wide sales of $1.3 billion increased 9.3% vs. 2024

  • 124 net new openings

  • Domestic restaurant AUV of $2.0 million

  • Domestic same store sales decreased 5.8% vs. 2024

  • Digital sales represented 73.2% of system-wide sales

  • Total revenue of $175.7 million, an increase of 8.6% vs. 2024

  • Net income of $26.8 million, or $0.96 per diluted share

  • Adjusted net income1 of $27.8 million and adjusted earnings per diluted share1 of $1.00

  • Adjusted EBITDA1, increased 9.8% vs. 2024 to $61.9 million

Fiscal Year 2025 Highlights

  • System-wide sales increased 12.1% vs. 2024 to $5.3 billion

  • 493 net new openings

  • Domestic same store sales decreased 3.3% vs. 2024

  • Total revenue of $696.9 million, an increase of 11.4% vs. 2024

  • Net income increased 60.3% vs. 2024 to $174.3 million, or $6.21 per diluted share

  • Adjusted net income1 increased 3.8% vs. 2024 to $114.5 million, while adjusted earnings per diluted share1 increased to $4.08 from $3.75 in 2024

  • Adjusted EBITDA1, increased 15.2% vs. 2024 to $244.2 million

1See "Non-GAAP Financial Measures" and the reconciliation tables accompanying this release for a discussion and reconciliation of certain non-GAAP financial measures included in this release.

Fourth Quarter 2025 Financial Results

Total revenue for the fourth quarter 2025 increased to $175.7 million from $161.8 million in the prior fourth quarter. Royalty revenue, franchise fees and other increased $6.2 million, of which $10.6 million was due to net new franchise development, partially offset by a decrease of $3.6 million due to a 5.8% decline in domestic same store sales. Advertising fees increased $5.3 million due to a 9.3% increase in system-wide sales in the fourth 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 $2.3 million due to company-owned restaurant same store sales growth of 1.6%, driven primarily by an increase in transactions.

Cost of sales was $24.5 million compared to $23.3 million in the prior fourth quarter. As a percentage of company-owned restaurant sales, cost of sales decreased to 75.6% from 77.6% in the prior fourth quarter. The decrease as a percentage of company-owned restaurant sales was primarily driven by sales leverage on other operating expenses, as well as a decline in food, beverage and packaging costs primarily resulting from a decrease in the cost of bone-in chicken wings as compared to the prior fourth quarter.

Selling, general & administrative ("SG&A") expense increased $2.1 million to $33.3 million from $31.2 million in the prior fourth quarter. The increase in SG&A expense was driven by an increase in headcount related expenses.

Interest expense, net increased $2.8 million to $9.2 million from $6.4 million in the prior fourth quarter. The increase was primarily driven by interest expense related to the securitized financing transaction completed in December 2024 to support our return of capital strategy, which increased our outstanding debt by $500 million, partially offset by additional interest income earned on our investments, as compared to the prior year period.

View full version at Wingstop

DoorDash Releases Fourth Quarter and Full Year 2025 Financial Results

Feb 18, 2026 4:05 PM Eastern Standard Time

SAN FRANCISCO--(BUSINESS WIRE)--DoorDash, Inc. (NASDAQ: DASH) today announced its financial results for the quarter and fiscal year ended December 31, 2025. In addition to our financial results below, our annual letter to shareholders is available on the DoorDash investor relations website at http://ir.doordash.com.

In 2025, we accelerated growth in our U.S. restaurant category, expanded consumer affordability through record DashPass signups, increased consumer retention and order frequency in our grocery and retail categories by improving selection and quality, increased merchant value by launching new services such as reservations for restaurants and Smart Campaigns for ads, and drove strong organic growth internationally. In 2025, we also generated nearly $75 billion in sales for local merchants across over 40 countries and over $20 billion in earnings for Dashers.1 Our results are a reflection of our prior investments, hard work, and execution, and our effort to build products that provide value for our merchants, consumers, and Dashers.

Fourth Quarter 2025 Key Financial Metrics

  • Total Orders increased 32% year-over-year (Y/Y) to 903 million.

  • Marketplace GOV increased 39% Y/Y to $29.7 billion.

  • Revenue increased 38% Y/Y to $4.0 billion.

  • GAAP net income attributable to DoorDash, Inc. common stockholders increased 51% Y/Y to $213 million.

  • Adjusted EBITDA increased 38% Y/Y to $780 million.

Operational Highlights

In 2025, DoorDash grew Marketplace GOV by 27% Y/Y (23% Y/Y excluding the impact of Deliveroo) and exited the year with over 56 million monthly active users (MAUs2) and over 35 million DashPass, Wolt+, and Deliveroo Plus members.3 In addition to driving strong organic growth in 2025, we made progress across new areas that we expect will differentiate our services in the coming years, including our global technology platform, in-store services, and our autonomous delivery platform. We also completed a number of acquisitions in 2025 that expand our capabilities and reach, and we are excited by our progress so far: new venues signed at SevenRooms increased over 100% Y/Y in December, we nearly doubled the number of advertising partners through Symbiosis from June to December, and we accelerated Y/Y growth in Total Orders from Deliveroo in Q4 2025.

In our U.S. restaurant category in Q4 2025, we drove double-digit Y/Y growth in the number of new consumers,4 as well as continued strong growth in order rates5 among every mature cohort.6 This helped drive Y/Y growth in Marketplace GOV in the U.S. restaurant category in Q4 2025 to its second-highest level in the last fifteen quarters. In 2026, we expect unit economics in the U.S. restaurant category to increase from 2025, but at a slower place than the average pace over the last three years.

In our U.S. grocery and retail categories in Q4 2025, we drove Y/Y growth in Marketplace GOV that was consistent with Y/Y growth in Q3 2025 and was above our Y/Y growth in Q4 2024. We attracted more new consumers to our U.S. grocery and retail categories in Q4 2025 than in any previous quarter, drove initial engagement among our newer cohorts7 that increased Y/Y, and drove strong growth in order rates among our mature cohorts. In total, over 30% of our U.S. MAUs and nearly 30% of our global MAUs engaged with our grocery and retail categories in December. Unit economics in our U.S. grocery and retail categories increased on both a Y/Y and Q/Q basis in Q4 2025. We currently expect unit economics in our grocery and retail categories to turn positive in 2H 2026.

Excluding the impact of Deliveroo, Y/Y growth in Marketplace GOV in our international marketplaces accelerated in Q4 2025 compared to Q3 2025. Also excluding the impact of Deliveroo, unit economics in our international marketplaces increased on both a Y/Y and Q/Q basis in Q4 2025, despite significant ongoing investment. We were extremely pleased to welcome so many talented new coworkers from Deliveroo on October 2. We are already working closely together to solve problems for merchants, consumers, and Dashers and we're seeing promising initial outputs. In Q4 2025, Y/Y growth in Total Orders from Deliveroo accelerated with a contribution to Adjusted EBITDA that slightly exceeded our stated expectation of $45 million.

In 2026, we aim to increase selection and improve quality in our marketplaces, expand the value we provide through our membership programs, increase the value we generate for merchants through our Commerce Platform, and continue to invest in autonomous and artificial intelligence technologies in order to deliver long-term gains in efficiency, quality, and affordability.

We are on-track with our plan to rebuild and relaunch significant portions of our products using our new global technology platform. This platform will integrate the DoorDash, Wolt, and Deliveroo marketplaces onto a common technology stack, allowing engineers around the world to work on the same projects, enabling data analytics teams to operate using common sets of data, and empowering operators to draw on the best of our global product development to serve customers at the local level. Our expectation is that operating on a single platform will improve our operating efficiency and pace of innovation. At the same time, we have begun the process of organizing our team to drive consistent and efficient execution across our global operations. This will remain a priority to help ensure our technologies, structure, team, and controls align with our long-term ambition.

View full version at DoorDash

Toast Announces Fourth Quarter and Full Year 2025 Financial Results

Feb 12, 2026 4:05 PM Eastern Standard Time

Added a record 30,000 net locations in 2025, including approximately 8,000 in the fourth quarter
Annualized recurring run-rate (ARR) increased 26% to over $2.0 billion as of December 31, 2025
Fourth quarter net income was $101 million and Adjusted EBITDA was $163 million
Toast’s Board of Directors authorized a $500 million increase to share repurchase program

BOSTON--(BUSINESS WIRE)--Toast (NYSE: TOST), the all-in-one digital technology platform built for hospitality, today reported financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was a strong year for Toast, adding a record 30,000 net locations, growing recurring gross profit1 33%, and delivering Adjusted EBITDA margins of 34%,” said Toast CEO Aman Narang. “Our results demonstrate the power of our focused strategy and consistent execution. We have momentum across the business — we’re scaling our core restaurant business, accelerating growth in new markets, increasing platform adoption, and investing with focus. We’re confident we’re building a platform that can serve many multiples of our current locations and scale to $5 billion and $10 billion in ARR over the next decade.”

Financial Highlights for the Fourth Quarter of 2025

  • ARR as of December 31, 2025 was over $2.0 billion, up 26% year over year.

  • Total Locations increased 22% year over year to approximately 164,000.

  • Gross Payment Volume (GPV) increased 22% year over year to $51.4 billion.

  • GAAP subscription services and financial technology solutions gross profit was up 29% year over year to $487 million. Non-GAAP subscription services and financial technology solutions gross profit grew 28% year over year to $502 million.

  • GAAP income from operations was $85 million in Q4 2025 compared to $32 million in Q4 2024.

  • GAAP net income was $101 million in Q4 2025 compared to $33 million in Q4 2024. Adjusted EBITDA was $163 million in Q4 2025 compared to Adjusted EBITDA of $111 million in Q4 2024.

  • Net cash provided by operating activities of $194 million and Free Cash Flow of $178 million in Q4 2025, compared to net cash provided by operating activities of $147 million and Free Cash Flow of $134 million in Q4 2024.

Financial Highlights for the Full Year 2025

  • GPV for the full year 2025 increased 23% year over year to $195.1 billion.

  • GAAP subscription services and financial technology solutions gross profit was up 33% year over year to $1.8 billion. Non-GAAP subscription services and financial technology solutions gross profit grew 33% year over year to $1.9 billion.

  • GAAP income from operations was $292 million in full year 2025 compared to $16 million in full year 2024.

  • GAAP net income was $342 million in full year 2025 compared to $19 million in full year 2024. Adjusted EBITDA was $633 million in full year 2025 compared to Adjusted EBITDA of $373 million in full year 2024.

  • Net cash provided by operating activities of $661 million and Free Cash Flow of $608 million in full year 2025, compared to net cash provided by operating activities of $360 million and Free Cash Flow of $306 million in full year 2024.

Percentages may not tie due to rounding. For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the sections titled “Non-GAAP Financial Measures” and “Key Business Metrics,” as well as the reconciliations of non-GAAP financial measures to their nearest comparable GAAP financial measures at the end of this press release.

Outlook2

For the first quarter ending March 31, 2026, Toast expects to report:

  • Non-GAAP subscription services and financial technology solutions gross profit in the range of $505 million to $515 million (22-24% growth compared to Q1 2025)

  • Adjusted EBITDA in the range of $160 million to $170 million

For the full year ending December 31, 2026, Toast expects to report:

  • Non-GAAP subscription services and financial technology solutions gross profit in the range of $2,270 million to $2,300 million (20-22% growth compared to 2025)

  • Adjusted EBITDA in the range of $775 million to $795 million

The outlook provided above constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. See cautionary note regarding “Forward-looking Statements” in this press release.

View full version at Toast

Kevin Stockslager, Managing Partner

Kevin Stockslager, Ph.D., is Managing Partner at Wray Executive Search. He is deeply committed to helping top companies identify and secure the best possible leadership talent including C-level, Senior Vice Presidents, Vice Presidents, and Directors for both domestic and international locations. He brings extensive specialization within the restaurant industry and leverages a broad, well-established network of executive relationships to deliver highly targeted, high-impact search outcomes. Kevin regularly attends restaurant industry conferences including the Restaurant Leadership Conference (RLC), ICR, Prosper, Prosper Accelerate, and the Restaurant Finance and Development Conference (RFDC).

Email: kevin@wraysearch.com

Direct: 845-863-5562

https://www.wraysearch.com
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