Portillos Inc

portillos.com

What Do They Do?

Sells Chicago-style hot dogs, Italian beef sandwiches and other American meals through dine-in, drive-thru and takeout restaurants to consumers.

How Do They Make Money?

Guests pay for food and drinks at the point of sale; for delivery orders placed through outside platforms, Portillo’s generally receives payment from the delivery partner one week later.

FY2025 revenue

Who Are Their Customers?

Guests can order for dine-in, drive-thru, carryout, delivery and catering, including through the app and website; third-party delivery partners also fulfill delivery orders.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$18.5M.

Operating income, FY2025

6% of revenue

▼ −25% vs FY2024 ($58M, 8%)

Net income, FY2025

3% of revenue

▼ −34% vs FY2024 ($29.5M, 4%)

Free cash flow, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($9.8M, 1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 28, 2026

Revenue: ▲ +6%; vs $188.5M in Q2 FY2025
Net income: ▼ −20%; vs $8.7M in Q2 FY2025

Aug 5, 2026 Issued fiscal 2026 financial targets The targets include adjusted EBITDA of $92-$96 million.
Aug 4, 2026 Named Kevin Kalicak chief financial officer He is due to succeed interim CFO Pamela Smith.
May 5, 2026 Michelle Hook departed as chief financial officer The board began a search for her successor.
Mar 11, 2026 Eugene Lee became chair as Michael Miles planned to retire Miles and Joshua Lutzker said they would not stand for reelection.

Growing. Revenue grew 37% in 4 years, from $535M in FY2021 to $732.1M in FY2025, about 8% a year.

Slower market entry The earlier report focused expansion on markets outside Chicagoland where Portillo’s already operated; the latest says new markets will be entered more gradually, with more time and distance between restaurant openings.

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