PTLO earnings analysis
What we found in PTLO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Portillo's reported Q1 2026 results with total revenue of $182.6 million, a 3.5% increase year-over-year but falling short of the $183.4 million consensus estimate. The company posted a net loss of $0.5 million (EPS of $(0.01)), a significant decline compared to a net income of $4.0 million the previous year, reflecting ongoing challenges in same-restaurant sales and increased operational costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Total revenue increased by 3.5%, up $6.2 million from $176.4 million in Q1 2025.
- Same-Restaurant Sales
- Same-restaurant sales decreased by 0.1%, contrasting with a 1.8% growth in the prior year.
- Operating Income Decline
- Operating income dropped to $4.5 million from $10.4 million, down $5.9 million year-over-year.
- Increased Commodity Inflation
- Commodity inflation was reported at 1.8%, down from 3.4% in the prior year.
- Cash Flow Improvement
- Net cash provided by operating activities increased by 85.8%, reaching $17.6 million compared to $9.5 million in Q1 2025.
- Development Expansion
- Opened four new restaurants in Q1 2026, contributing to future growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Labor, occupancy, and other operating expenses increased significantly, impacting margins.
- CEO Transition Risks
- Leadership changes could introduce instability as the company adapts to new management styles.
- Negative Sales Trends
- Same-restaurant sales declined by 0.1%, indicating potential ongoing sales performance challenges.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.01
- Operating margin
- 2.5%
What they said about what is next.
Fiscal 2026 guidance remains flat for Adjusted EBITDA compared to 2025.
The filing reads worse than the one before it.
What came before.
- 10-K · February 24, 2026
- Portillo’s 2025 10-K emphasizes a measured growth strategy built on a strong, nostalgic brand and multichannel operations: the company ended fiscal 2025 operating 102 restaurants across 11 states, launched its…
- 10-Q · November 4, 2025
- Portillo's reported Q3 revenue of $181,428,000, up $3,176,000 versus the year-ago quarter, but operating income collapsed to $5,434,000 and diluted EPS fell to $0.02. Management recorded a $2.2 million non-cash…
- 10-Q · May 6, 2025
- Portillo’s reported Q1 revenues of $176,437,000, up $10,606,000 (+6.4%) versus Q1 2024 ($165,831,000), while operating income was essentially flat at $10,381,000. Diluted EPS fell to $0.05 from $0.08 a year ago, driven…
- 10-Q · November 5, 2024
- Portillo’s reported quarter ended September 29, 2024 revenues of $178,252 (in thousands) and diluted EPS of $0.11, both up versus the prior-year quarter. Gross margin (food-based) remained stable at ~66.3% while…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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