Financials - October 2026
Domino's Pizza® Announces Third Quarter 2026 Financial Results
Oct 13, 2026, 06:05 ET
Global retail sales growth (excluding foreign currency impact) of 3.2%
U.S. same store sales growth of 0.3%
International same store sales growth (excluding foreign currency impact) of 0.2%
Global net store growth of 175 stores, including 26 net store openings in the U.S. and 149 net store openings internationally
Income from operations increased 8.3%; excluding the $0.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 8.4%
ANN ARBOR, Mich., Oct. 13, 2026 /PRNewswire/ -- Domino's Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2026.
"As I step into the CEO role, I am honored to lead Domino's and build on the competitive advantages that have long set us apart: our iconic brand, best-in-class franchise system, global scale and proven operating capabilities," said Joe Jordan, Domino's Chief Executive Officer. "Our opportunity now is to capitalize on those strengths by getting even closer to our customers, helping our franchisees grow their profitability and turning our best performance into our everyday performance. By advancing winning ideas faster and executing them with greater clarity, speed and consistency, we can earn more occasions, continue gaining market share and create meaningful long-term value for shareholders. Domino's has always been at its best when we are a step ahead. That mindset has helped us set the pace for the industry before, and it's how we'll push ourselves to do it again. I believe our next chapter will be our strongest yet."
Third Quarter of 2026 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.
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Savory Closes Oversubscribed $200 Million Fund III -- Eyes America's Next Great Restaurant Brands
Oct 13, 2026, 09:00 ET
With returning LPs and major financial institutions on board, the $201.5-million fund is already 35 percent deployed across four restaurant brands.
SALT LAKE CITY, Oct. 13, 2026 /PRNewswire/ -- Savory Fund, the private equity firm behind the breakout growth of restaurant category leaders Swig and Mo' Bettahs, today announced the final close of Savory Fund III at $201.5 million, surpassing its $200 million target. The fund drew a mix of returning and new limited partners, including the country's leading financial institutions, and has already deployed 35 percent of its capital.
"Raising a fund is a vote of confidence, and our investors voted loudly," said Andrew K. Smith, co-founder and Managing Director of Savory Fund. "The majority of our third fund's LPs invested with us in Fund I or II. They've been here as we've helped scale 13 restaurant brands across the country, from Detroit-style pizza to Nashville-style hot chicken to dirty soda, and I don't take it for granted that they came back. Seeing major banks join them was a proud moment for us. It tells me people are starting to see restaurants the way we always have: these are real businesses that create jobs, anchor neighborhoods, and give people a place to gather. And when they're run well, they are also strong, profitable investments. We've got four standout brands in Fund III already, and we're just getting started."
Fund III continues Savory's strategy of partnering with profitable, emerging, founder-led restaurant concepts and pairing capital with a full operating platform led by CEO Clay Dover. The fund will ultimately include eight to nine portfolio companies across the quick-service, fast-casual, and casual dining segments.
Four investments are already in place:
South Block, a better-for-you acai and smoothie brand expanding beyond its home market in the Washington, D.C. area
Bonrue Bakery, a European-style patisserie with a devoted Utah following
Hawkers Asian Street Food, a Michelin Guide-recommended concept outperforming its category in AUVs and guest frequency
Zao Asian Grill, a fast-casual leader posting nearly 20% percent same-store sales growth
"Capital is the part of our business that's easiest to explain, but it isn't what sets Savory apart," said Shauna K. Smith, co-founder and Managing Director of Savory Fund. "What our investors are really backing is the team behind the checks: operators who have opened restaurants, built playbooks, and know what it takes to scale without losing what made a brand special. Fund III gives us the runway to bring that expertise to more founders who are ready for their next chapter."
Since its founding in 2018, Savory has grown to a portfolio of 13 restaurant brands spanning 400+ restaurants across 27 states. Its track record includes two of the most talked-about restaurant brands in the West. Under Savory's partnership, Swig grew from 17 to 46 locations before Savory sold a majority stake to The Larry H. Miller Company in 2022. Mo' Bettahs grew from six to 56 locations, more than nine times its original footprint, before Savory sold a majority stake to Blue Marlin Partners and Trive Capital in 2024. Savory remains a minority owner of both brands, and Andrew K. Smith continues to serve on both boards.
With four to five investments still ahead, Savory is actively evaluating new partnerships with founder-led brands ready to scale. To learn more, visit SavoryFund.com.
ABOUT SAVORY FUND
Savory is an innovative private equity firm that combines over $750M in assets under management with a growth playbook and expertise developed over 18 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands to deliver financial capital, industry expertise, growth and revenue opportunities, profitability enhancements, and new location development. Founder involvement in the expansion of a brand is a central theme of the Savory approach. Savory is currently invested in the following brands: Swig, R&R BBQ, Pincho, Via 313 Pizzeria, Mo' Bettahs, Saigon Hustle, Hash Kitchen, The Sicilian Butcher, Houston TX Hot Chicken, South Block, Bonrue Bakery, Hawkers Asian Street Food, and Zao Asian Grill. For more information, visit SavoryFund.com.
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MTY Reports Third Quarter Results For Fiscal 2026, Announces End of Strategic Review and Increases Dividend by 35%
October 09, 2026 06:00 ET
GAAP Measures:
Segment profits were $59.9 million during the 13-week period ended August 30, 2026 (the "third quarter").
Net income attributable to owners of $24.8 million, or $1.08 per diluted share compared to $27.9 million, or $1.22 per diluted share in Q3-25.
Cash flows provided by operating activities decreased 4% or $1.4 million to $37.6 million compared the same period in 2025.
Long-term debt repayments of $14.0 million for the quarter with net repayments of $61.2 million since Q3-25.
Management Key Performance Indicators:
Free cash flows net of lease payments(2) were $28.5 million or $1.25 per diluted share compared to $25.8 million or $1.13 per diluted share in the same period in 2025.
74 net store closures during the 13-week period of which 50 were related to the corporate store closures announced in the second quarter. Corporate store locations now represent 2.6% of the network compared to 3.6% last year.
Normalized adjusted EBITDA(1) of $60.8 million during the 13-week period.
Normalized adjusted EBITDA and EBITDA margins for the franchising and processing, distribution and retail segments remained inline with prior year. Of note, franchising EBITDA increased by 1% with margins stable at 54%. Corporate store profitability was impacted by a decline in sales for some concepts as well as by the strategic closure project announced last quarter.
Adjusted earnings per share(1) of $1.26 per diluted share compared to $1.19 in the same period in 2025.
System sales(3) remained steady at $1.5 billion during the third quarter compared to last year.
Same-stores sales(3) decreased by 1.9% during the third quarter with Canada remaining relatively flat to prior year, the US segment decreasing by 2.7% and International segment decreasing by 9.1%.
(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. 09, 2026 (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 13-week period of 2026 ended August 30, 2026, announces end of strategic review and declares a quarterly dividend of 50.0¢ per share, payable on November 13, 2026 to shareholders registered in the Company’s records at the end of the business day on November 3, 2026.
“During the third quarter, our franchising segment showed impressive resilience despite facing continued pressure on consumer spending and a challenging operating environment,” said Eric Lefebvre, Chief Executive Officer of MTY. “Despite these headwinds, our asset-light and diversified model continued to generate strong free cash flows, and we remained focused on executing our strategic plan.”
“Following the announcement last quarter that we would be closing corporate locations representing roughly 1% of our network, we closed 50 locations during the third quarter, with the remainder of the planned closures anticipated to happen during Q4. This is a decisive step to address underperforming assets and improve the overall quality of our corporate store portfolio. While this action will reduce our store count in the near term, we believe it will strengthen the business over the long term by reducing losses and allowing us to focus resources on our strongest opportunities. We remain committed to disciplined execution, strong cash generation and creating long-term value for shareholders.”
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Uber to Acquire ezCater as it Brings Catering to Uber Eats
Oct 6, 2026 8:00 AM Eastern Daylight Time
Acquisition will make ordering food for groups even easier and create more high-value catering orders for restaurants
SAN FRANCISCO & BOSTON--(BUSINESS WIRE)--Uber Technologies, Inc. (NYSE: UBER) and ezCater, Inc. today announced that they have entered into an agreement for Uber to acquire ezCater, a leading U.S. platform for catering and workplace meals, in an all-cash transaction valued at $2.3 billion.
ezCater makes it easy for any business to manage its food needs and order from over 140,000 restaurants nationwide. Its platform supports everything from meetings, events, and recurring enterprise catering needs, with tools to manage ordering and food spend and 24/7 customer support.
The acquisition will bring together ezCater’s proven catering and B2B expertise, Uber Eats’ global reach among consumers and restaurants, and Uber for Business’s deep relationships with organizations of all sizes. Restaurants will be able to grow through larger orders and new diners. Customers will be able to find and order food for a group more simply and reliably, from workplace meals, to events, and social gatherings. And couriers on Uber Eats will have attractive new opportunities to earn.
ezCater generated over $2.5 billion in Gross Bookings over the trailing twelve months, growing high teens year-over-year. The business is profitable on a Non-GAAP Operating Income basis, and is expected to be margin accretive. ezCater’s average order values are over $400.
“Catering is a big business, and can be a huge revenue stream for restaurants,” said Dara Khosrowshahi, CEO of Uber. “Nihad and his incredible team have built an amazing platform. With Uber’s reach, we can bring that experience to millions more customers and help restaurants win more of these valuable orders.”
“We're thrilled to be joining forces with Uber. Our team is proud of what we've built — the leading platform for workplace catering, and a major growth channel for our restaurant partners,” said Nihad Rahman, CEO of ezCater. “We're energized to bring our catering and B2B expertise to Uber's global ecosystem of customers, merchants, and couriers.”
The transaction is expected to close in the coming months, subject to regulatory approvals and other customary closing conditions.
About Uber
Uber’s mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 79 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
About ezCater
ezCater is the #1 food tech platform for workplaces in the US. The company makes it easy for any organization to manage its food needs and order from over 140,000 restaurants nationwide. For workplaces, ezCater provides flexible and scalable solutions for everything from employee meal programs to one-off meetings, all backed by beyond helpful 24/7 service and business-grade reliability. For restaurant partners, ezCater helps grow their business by bringing them new high-value customers and large orders. To learn more, visit www.ezcater.com.
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True Food Kitchen Initiates Voluntary Chapter 11 Proceedings to Position Business for Long-Term Success
Oct 05, 2026, 00:24 ET
34 Restaurants Across the Country Remain Open and Serving Guests
SCOTTSDALE, Ariz., Oct. 5, 2026 /PRNewswire/ -- True Food Kitchen (the "Company") today announced that it and certain affiliates have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the "Court").
The Company intends to use the Chapter 11 process to strengthen its financial foundation, optimize its restaurant footprint and cost structure, and accelerate ongoing operational improvements.
"True Food Kitchen is a pioneering brand with a distinctive position in wellness-driven dining, a loyal community of guests, and a mission that is more relevant than ever," said Jeff Chandler, Chief Executive Officer of True Food Kitchen. "This process is the best path forward to simplify the business and focus on what we do best: delivering craveable, health-forward food and genuine hospitality. We are confident this step will help us build a stronger True Food Kitchen for the future."
In connection with the restructuring, True Food Kitchen has closed 12 restaurants, with their final day of service on Sunday, October 4. The Company's remaining 34 restaurants across 14 states are open and serving guests as usual.
Chandler continued, "We know these decisions are especially hard on the team members affected, and we are deeply grateful for their contributions to True Food Kitchen and their communities. We are committed to approaching this difficult moment with care and respect, and we will share information on resources and next steps with affected team members."
As part of the Chapter 11 process, True Food Kitchen will pursue a Court-supervised sale process with the goal of identifying a long-term partner with the resources and mission alignment to support the brand's future. Any proposed transaction will be subject to Court approval and other customary conditions.
The Company has secured a commitment for approximately $20 million in debtor-in-possession financing from HumanCo TFK IV, subject to Court approval. Together with cash generated from operations, the financing is expected to provide liquidity to support the business through the Chapter 11 and sale processes.
True Food Kitchen has also filed customary "First Day" motions seeking Court approval to enable continued operations during the Chapter 11 process, including paying employee wages and benefits, maintaining certain guest programs and continuing to work with vendors and other business partners.
Additional Information
Court filings and other information related to the Chapter 11 process are available at https://cases.stretto.com/FRCBalance or by calling (855) 794-4256 (Toll Free for U.S. and Canada) or +1 (626) 283-5285 (International).
Reed Smith is serving as legal counsel to True Food Kitchen. Teneo is serving as financial advisor and strategic communications advisor, with Nathan Cook of Teneo serving as Chief Restructuring Officer. SOLIC Capital is serving as investment banker. Gordon Brothers is serving as real estate advisor.
About True Food Kitchen
Founded in Phoenix in 2008, True Food Kitchen pioneered wellness-driven dining around a simple belief: food that's good for you and food you crave shouldn't be two different orders. Today, True Food serves thoughtfully sourced, nutrient-dense food made with real ingredients, culinary technique and big flavor. The brand continues to evolve what modern health and wellness can look like in dining, with food designed to nourish without compromising on craveability. True Food Kitchen operates 34 restaurants across 14 states.
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Arrowfly Acquires Prosper Company, Including Prosper Forum and Prosper Accelerate Conference, Expanding Its Foodservice and Hospitality Portfolio
Oct 02, 2026, 09:08 ET
Deal brings two of the restaurant industry's premier executive and next-generation leadership conferences to Arrowfly, formerly WTWH Media
CLEVELAND, Oct. 2, 2026 /PRNewswire/ -- Arrowfly, an award-winning B2B media and marketing company, today announced it has acquired Prosper Company, including Prosper Forum and Prosper Accelerate, two leadership conferences that connect senior executives and emerging leaders across the restaurant, foodservice and hospitality industry.
The acquisition adds two established, executive-level events to Arrowfly's food, retail and hospitality portfolio. It also gives Arrowfly's partners access to a highly engaged community of restaurant and foodservice decision-makers, from today's C-suite to the leaders who will run the industry's largest brands in the years ahead.
Founded in 2023 around the mission of building "A Better Table," the Prosper Forum is an invitation-only annual gathering. It brings together C-suite executives, operators and franchise owners from leading foodservice and hospitality organizations with the next generation of industry talent. The Forum is home to the Prosper Accelerator, its signature 24-month leadership program. Through the program, senior leaders are paired with emerging leaders nominated by their CEOs.
Prosper Accelerate extends that mission through a three-day leadership conference. It combines keynotes with functional think-tank breakouts in leadership development, finance, operations, supply chain, technology, marketing and human resources.
"Prosper Forum and Prosper Accelerate have built something rare in this industry: a room where the people running today's biggest foodservice and hospitality brands sit down with the people who will run them next," said Matt Logan, CEO of Arrowfly. "The people in that room are exactly who our partners in food, retail and hospitality want to build relationships with, and there is no shortcut to earning that kind of access. Our job is to invest in the foundation Prosper has built and expand its community to more of the industry."
Since its inaugural event in 2023, the Prosper Forum has drawn support from more than 300 founding partner organizations and has become a fixture on the foodservice leadership calendar. The 2026 Forum convened in August at The Ritz-Carlton, Orlando. Its programming spanned talent development, organizational culture, AI adoption, M&A and capital strategy, and workforce policy. Prosper Accelerate will convene October 28–30, 2026, at the Omni Dallas Hotel.
"From day one, Prosper has been about elevating the foodservice and hospitality industry by building a better table to drive better business and create better lives," said David Jobe, co-founder and CEO of the Prosper Company. "We brought together people who thought differently and wanted to win differently. Pairing CEOs and C-suite leaders with the next generation of talent makes the whole industry stronger. Arrowfly understands this industry and shares our commitment to the Connected Community we've built. Joining Arrowfly allows Prosper to focus on purposeful growth, widening our impact and growing the talent pipeline while staying true to the mission of inclusion that brought us together."
Restaurant and foodservice operators are navigating persistent labor constraints, rising structural costs, rapid technology adoption, and a generational shift in leadership. Those pressures are increasing the value of forums where executives can share what is working and invest in the leaders who will carry their organizations forward.
About Arrowfly
Arrowfly is a live and digital B2B destination serving professionals across the engineering, healthcare, food, retail, and hospitality sectors. Across 40+ brands, the company delivers trusted journalism, original content, live and digital events, video, and demand generation programs to the decision-makers shaping their industries. Powered by Clara, Arrowfly's proprietary performance platform, partners get real-time visibility into audience engagement, lead quality, and campaign ROI. The company is backed by an established reputation for editorial independence and credibility across the markets it serves. For more information, visit arrowfly.com.
About Prosper Company
The Prosper Company is a purpose-driven organization committed to creating a Better Table for the foodservice and hospitality industry. Founded in 2023 by CEO David Jobe and President Luke Kircher, the organization works through the Prosper Forum and the Prosper Accelerate conference to elevate leadership across the industry, guided by its vision of a more prosperous and just world. Prosper gives businesses the tools, strategies and platforms to attract, develop and retain both experienced and emerging talent. Its Connected Community fosters inclusive, engaged workplaces that drive sustainable growth. For more information, visit prospercompany.com.
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Darden Restaurants Reports Fiscal 2027 First Quarter Results; Declares Quarterly Dividend; and Reaffirms Fiscal 2027 Outlook
Sep 24, 2026, 07:00 ET
ORLANDO, Fla., Sept. 24, 2026 /PRNewswire/ -- Darden Restaurants, Inc. (NYSE:DRI) today reported its financial results for the first quarter ended August 30, 2026.
First Quarter 2027 Financial Highlights
Total sales increased 5.1% to $3.2 billion.
Blended same-restaurant sales1 for the quarter increased 3.1% on a fiscal calendar basis and increased 3.2% on a comparable calendar basis.
Reported diluted net earnings per share from continuing operations were $2.05, an increase of 4.1% from last year's adjusted diluted net earnings per share from continuing operations2
The Company repurchased $222.3 million3 of its outstanding common stock
"The first quarter was a solid start to our fiscal year with each of our segments delivering positive same-restaurant sales," said Darden President & CEO Rick Cardenas. "The performance across our portfolio reinforces the importance of having distinctive brands, each with a clear strategy, supported by Darden's scale and other competitive advantages. Looking ahead, our focus remains the same: operate our restaurants at a high level, strengthen guest loyalty, invest in our people and brands, and deploy capital in ways that support long-term shareholder value."
Segment Performance
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.
Dividend Declared
Darden's Board of Directors declared a quarterly cash dividend of $1.62 per share on the Company's outstanding common stock. The dividend is payable on November 2, 2026 to shareholders of record at the close of business on October 9, 2026.
Share Repurchase Program
During the quarter, the Company repurchased approximately 1.1 million shares of its common stock for a total of $222.3 million3. As of the end of the fiscal first quarter, the Company had $1.3 billion remaining under the current $1.5 billion repurchase authorization.
Fiscal 2027 Financial Outlook
The Company reaffirmed all aspects of its full year financial outlook for fiscal 2027, culminating in diluted net earnings per share from continuing operations of $11.10 to $11.35.
Investor Conference Call
The Company will host a conference call today, Thursday, September 24, 2026 at 8:30 am ET to review its recent financial performance, which will be available via a live webcast through the Company's Investor Relations website at investor.darden.com. Please allow extra time prior to the call to visit the site and download any software required to listen to the webcast. Supplemental materials will be available on the Investor Relations website prior to the start of the conference call. For those who are unable to listen to the live broadcast, a replay will be available shortly after the call.
About Darden
Darden is a full-service 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, and Eddie V's. For more information, please visit www.darden.com.
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RAVE Restaurant Group, Inc. Reports Fourth Quarter and Fiscal Year End 2026 Financial Results
September 24, 2026 09:01 ET
DALLAS, Sept. 24, 2026 (GLOBE NEWSWIRE) -- RAVE Restaurant Group, Inc. (NASDAQ: RAVE) today reported financial results for the fourth quarter and fiscal year ended June 28, 2026.
Fourth Quarter Highlights:
The Company recorded net income of $0.8 million for the fourth quarter of fiscal 2026, a 6.2% decrease from the same period of the prior year.
Income before taxes decreased by 7.3% to $1.1 million for the fourth quarter of fiscal 2026 compared to the same period of the prior year.
Total revenue increased by $0.3 million to $3.4 million for the fourth quarter of fiscal 2026 compared to the same period of the prior year, a 8.8% increase.
Adjusted EBITDA increased by $0.1 million to $1.2 million for the fourth quarter of fiscal 2026 compared to the same period of the prior year, a 4.9% increase.
On a fully diluted basis, net income per share was $0.06 for the fourth quarter of fiscal 2026, the same as it was in the same period of the prior year.
Pizza Inn domestic comparable store retail sales decreased 2.8% in the fourth quarter of fiscal 2026 compared to the same period of the prior year. Fourth quarter prior year comparable sales increased 6.3%.
Pie Five domestic comparable store retail sales decreased 17.3% in the fourth quarter of fiscal 2026 compared to the same period of the prior year. Fourth quarter prior year comparable sales decreased 7.2%.
Cash and cash equivalents were $1.1 million on June 28, 2026.
Short-term investments were $12.5 million on June 28, 2026.
Pizza Inn domestic unit count finished the quarter at 91.
Pizza Inn international unit count finished the quarter at 18.
Pie Five domestic unit count finished the quarter at 13.
Annual Highlights:
Pizza Inn buffet restaurant count increased by net one restaurant marking the fifth consecutive year of buffet unit count growth.
Net income increased by $0.2 million to $2.9 million in fiscal 2026 compared to net income of $2.7 million for fiscal 2025.
Income before taxes increased by $0.3 million to $3.9 million in fiscal 2026 compared to $3.6 million in fiscal 2025.
Total revenue increased by $0.9 million from fiscal 2025 to a total of $12.9 million for fiscal 2026.
Adjusted EBITDA of $3.9 million for fiscal 2026 was a $0.3 million increase from the prior year.
On a fully diluted basis, the Company reported net income of $0.20 per share in fiscal 2026 compared to $0.19 per share in the prior year.
RAVE total domestic comparable store retail sales increased 1.3% for the year ended June 28, 2026 compared to the same period of the prior year.
Pizza Inn domestic comparable store retail sales increased 2.4% for the year ended June 28, 2026 compared to the same period of the prior year.
Pie Five domestic comparable store retail sales decreased 9.9% for the year ended June 28, 2026 compared to the same period of the prior year.
Cash provided by operating activities increased by $0.2 million to $3.6 million in fiscal 2026 compared to $3.4 million in fiscal 2025.
Cash and short-term investments increased by $3.7 million during fiscal 2026 to $13.6 million as of June 28, 2026.
“We are excited to report the fifth consecutive fiscal year of both buffet store count and same store sales growth at Pizza Inn” said Brandon Solano, Chief Executive Officer of RAVE Restaurant Group, Inc.
Solano added, “Fiscal 2027 is an important year for Pizza Inn. After five consecutive years of modest store growth, Pizza Inn is aiming for more significant growth this fiscal year. We opened one restaurant in August and have more on the way. Pizza Inn recently signed a 10-buffet development agreement with a multi-brand operator who has experience in the pizza industry but is new to Pizza Inn. The first five of those restaurants are anticipated to be opened in fiscal year 2027.”
“In addition, we are excited to once again partner this year with Dr. Pepper and the Southeastern Conference to promote our Pepp Rally pizza and give guests the chance to win tickets to the SEC championship game this fall. And we have awesome new products set to roll out with increased media support starting in December.”
Chief Financial Officer Jay Rooney added, “We are pleased with fiscal year 2026 top and bottom-line results. Pre-tax profit of $3.9 million is the highest level of pre-tax profitability Rave has seen in the past twenty-three years. Operating Income of $3.5 million represents a nearly 17% compound annual growth rate over the past five years. The team at Rave has done a fantastic job of flowing through revenue to net income.”
Recent Events. On August 31, 2026, the Company’s Chief Executive Officer, Mr. Brandon Solano, delivered email correspondence to the Chairman of the Company’s Audit Committee to formally complain about workplace harassment and discrimination by RAVE Restaurant Group’s Board of Directors related to assertions of harassment, intimidation, and threats, resulting from the Company’s failure to increase Mr. Solano’s annual base salary. The Board takes any claim of harassment or discrimination very seriously, and the Company engaged the Hagan Law Group on September 1, 2026, to conduct an investigation. Additional details are provided under Item 3. Legal Proceeding in the Company’s Annual Report on Form 10-K, filed September 24, 2026.
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Cracker Barrel Reports Fourth Quarter and Full Year Fiscal 2026 Results and Provides Fiscal 2027 Outlook
Sep 23, 2026, 07:15 ET
Performance Underscores Continued Improvement in Key Operating & Financial Metrics
LEBANON, Tenn., Sept. 23, 2026 /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 2026 ended July 31, 2026.
Cracker Barrel President and Chief Executive Officer David Deno said, "I'm honored to lead such a differentiated and iconic brand. The Company is focused on the right areas and has a strong plan, as demonstrated by the continued improvements in the underlying traffic trend, key guest metrics, and EBITDA results. I am excited about the opportunity ahead and confident that our strategic priorities around food, experience, and people will sustain this momentum and drive long-term value creation."
Fourth Quarter Fiscal 2026 Highlights
The financial results presented below reflect consolidated operations, including Maple Street Biscuit Company's ("MSBC") results up to the divestiture of MSBC that occurred on July 20, 2026.
Total revenue was $849.3 million. Compared to the prior year quarter, total revenue decreased 2.2%.
Compared to the prior year quarter, comparable store restaurant sales decreased 2.1%, and comparable store retail sales increased 0.7%.
As previously disclosed, during the fourth quarter, the Company completed a sale-leaseback transaction, divested MSBC, and announced that David Deno was appointed to serve as Chief Executive Officer, effective August 10, 2026.
GAAP earnings per diluted share were $0.54, and adjusted1 earnings per diluted share were $0.99. (See non-GAAP reconciliation table below.)
GAAP net income was $12.2 million compared to prior year quarter GAAP net income of $6.8 million.
Adjusted EBITDA1 was $62.1 million and includes a benefit of approximately $9.1 million related to tariff refunds, net of investments, compared to prior year quarter adjusted EBITDA1 of $55.7 million. (See non-GAAP reconciliation table below.)
Balance Sheet & Capital Allocation
The Company ended fiscal 2026 with total debt of $337.2 million, comprised of its 1.75% Convertible Senior Notes due 2030, with no outstanding borrowings on its credit facility, compared to total debt of $484.6 million at the end of fiscal 2025.
The Company ended the fourth quarter with a consolidated total leverage ratio3 of 1.7x and a consolidated senior leverage ratio3 of 0.0x. At the end of the fourth quarter, the Company had approximately $541.3 million in available capacity3 under its credit facility.
During the fourth quarter, the Company repaid $150 million of short-term debt related to its 0.625% Convertible Senior Notes when they matured in June 2026.
During the fourth quarter, the Company completed a sale-leaseback transaction for 26 Company-owned Cracker Barrel store locations, generating net proceeds of approximately $77 million that were deployed towards debt reduction. The tax-efficient transaction enabled the Company to utilize capital loss carryforwards that otherwise would have expired.
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, 2026 to shareholders of record as of October 16, 2026.
Fiscal 2027 Outlook
The Company provided the following outlook for fiscal 2027:
Total revenue of $3.325 billion to $3.4 billion including comparable store restaurant sales growth of 3% to 5% and no new store openings
Adjusted EBITDA1 of $180 million to $200 million2
Commodity inflation of approximately 3.0%
Hourly wage inflation of 2.5% to 3.0%
Capital expenditures of $110 million to $125 million
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. For purposes of calculating debt covenant leverage ratios presented in this release, adjusted EBITDA is calculated as defined under our revolving credit facility.
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 total leverage is defined as total debt divided by adjusted EBITDA1 (as defined under our revolving credit facility), and 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). Available capacity is defined as cash and cash equivalents on hand plus revolving credit facility capacity less amount drawn on revolving credit facility and standby letters of credit.
Fiscal 2026 Fourth 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 later today beginning at 8:15 a.m. (ET). The online replay will be available later today.
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 over 650 company-owned Cracker Barrel Old Country Store® locations in 43 states, the brand continues to honor its heritage while welcoming everyone with more than a meal. For more information, visit CrackerBarrel.com.
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Meritage Initiates Voluntary Chapter 11 Process to Strengthen Its Balance Sheet and Position the Company for Long-Term Success
September 17, 2026 19:31 ET
GRAND RAPIDS, Mich., Sept. 17, 2026 (GLOBE NEWSWIRE) -- Meritage Hospitality Group Inc. (OTCQX: MHGU) ("Meritage" or the "Company"), one of the nation’s largest restaurant operators, today announced that it has voluntarily filed petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Michigan (the "Court"). The Company took this step to strengthen its balance sheet and establish a sustainable capital structure that positions Meritage for long-term success.
Meritage presently operates 314 Wendy’s, one Bojangles and five independently branded concepts across 15 states. The Company anticipates maintaining restaurant-level operations during the restructuring process and intends to continue paying its approximately 9,000 team members their wages and benefits without interruption, subject to Court approval of customary "first day" motions described below. The Company also intends to continue honoring its commitments to guests and to pay suppliers and vendors in the ordinary course for goods and services provided on or after the filing date.
The filing follows a candid assessment of the financial pressures facing the Company, including the sustained system-wide headwinds affecting the broader Wendy’s brand over the past few years. The Company has a high level of confidence in the opportunity for a brand turnaround. Because the substantial majority of Meritage’s restaurant portfolio operates under Wendy’s brand, those system-wide pressures have had a significant impact on the Company’s financial position. After more than a year of working constructively with its lenders and its franchisor toward a solution, the Company’s Board of Directors and management team determined that a voluntary, court-supervised restructuring is the most effective and proactive path to strengthen Meritage’s finances, address these headwinds directly, and protect the long-term interests of its stakeholders, team members, guests, and communities.
Financing and Liquidity
The Company is in the process of obtaining debtor-in-possession ("DIP") financing and expects this financing, together with cash generated from ongoing operations, to provide sufficient liquidity to support the business and meet its obligations throughout the Chapter 11 process. In connection with the filing, the Company will file a series of customary "first day" motions seeking Court authorization to continue paying employee wages and benefits, to honor certain customer programs, and to obtain other necessary relief so that it can maintain operations in the ordinary course.
Restructuring Plan and Path Forward
The Company believes that the Chapter 11 process will enable it to strengthen its balance sheet and create financial flexibility. The Company plans to use this process to connect with key stakeholders and determine the best way to maximize value for all stakeholders.
The Company’s restaurants will continue to serve guests every day, and its team members remain the heart of this business. This process will provide the Company with the tools to address its financial pressures and allow it to explore all strategic alternatives to maximize value on a timeline and with a plan to position the business for long-term success. The Company remains grateful for the continued loyalty and commitment of its team members, guests, vendors, and communities as it moves forward through this restructuring process.
Advisors
McDonald Hopkins LLC is serving as legal counsel and Fort Dearborn Partners is serving as restructuring advisor to the Company in connection with this process.
Additional Information and Court Filings
Court filings and information about the Chapter 11 process are available on a website maintained by the Company’s proposed claims and noticing agent, Kroll (https://restructuring.ra.kroll.com/Meritage/). Employees, vendors, and other stakeholders with questions may also contact mediarelations@mhgi.net.
About the Company
Meritage Hospitality Group currently operates 314 restaurants located in Arkansas, Connecticut, Florida, Georgia, Indiana, Massachusetts, Michigan, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, Tennessee, Texas, and Virginia. Meritage is headquartered in Grand Rapids, Michigan, operating with a workforce of approximately 9,000 employees. As of June 28, 2026, the Company had fully diluted weighted average common shares outstanding of 6,720,000.
The Company’s current and publicly available information pursuant to amended SEC Rule 15c2-11 and FINRA Rule 6432 can be found at www.otcmarkets.com, under the stock symbol MHGU/Disclosures or the Company’s website, www.meritagehospitality.com.
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