What is Portillo's' operating income?

Portillo's' total operating income in 2025 was $43.68 million, based on the following breakdown: Total Gross Profit: $480.36 million Total Operating Expenses: $437.96 million

Portillo's (PTLO) Financials

$4.75 +0.16 (+3.49%)

Closing price 04:00 PM Eastern

Extended Trading

$4.68 -0.08 (-1.58%)

As of 07:47 PM Eastern

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Annual Income Statements for Portillo's

This table shows Portillo's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-8.26	-15	11	18	30	19
Consolidated Net Income / (Loss)	5.56	13	-35	17	25	35	21
Net Income / (Loss) Continuing Operations	5.56	12	-13	17	25	35	21
Total Pre-Tax Income	5.56	12	-17	19	28	42	24
Total Operating Income	49	57	30	41	55	58	44
Total Gross Profit	196	197	368	383	449	469	480
Total Revenue	479	455	535	587	680	711	732
Operating Revenue	479	455	535	587	680	711	732
Total Cost of Revenue	283	258	167	204	231	242	252
Operating Cost of Revenue	283	258	167	204	231	242	252
Total Operating Expenses	148	140	339	343	395	412	438
Selling, General & Admin Expense	98	90	146	132	155	158	167
Depreciation Expense	24	25	23	21	24	27	29
Other Operating Expenses / (Income)	23	23	166	185	206	217	233
Other Special Charges / (Income)	2.83	2.21	3.57	4.72	9.02	9.24	8.80
Total Other Income / (Expense), net	-43	-45	-46	-21	-26	-15	-18
Interest Expense	43	45	47	28	31	26	23
Interest & Investment Income	0.77	0.46	0.80	1.08	1.61	1.54	1.55
Other Income / (Expense), net	-	0.00	0.00	5.35	3.35	9.15	2.95
Income Tax Expense	0.00	0.00	-3.53	1.82	3.25	6.80	3.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-19	6.31	6.39	5.56	1.75
Basic Earnings per Share	($0.25)	($0.16)	($0.42)	$0.28	$0.34	$0.48	$0.28
Weighted Average Basic Shares Outstanding	51.18M	51.19M	35.81M	38.90M	53.81M	61.05M	68.82M
Diluted Earnings per Share	($0.25)	($0.16)	($0.42)	$0.25	$0.32	$0.46	$0.27
Weighted Average Diluted Shares Outstanding	51.18M	51.19M	35.81M	42.72M	57.31M	63.98M	71.09M
Weighted Average Basic & Diluted Shares Outstanding	-	-	35.81M	48.54M	55.65M	74.60M	75.51M

This table shows Portillo's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Income / (Loss) Attributable to Common Shareholders	4.36	7.79	4.56	6.47	7.22	11	2.64	8.70	1.21	6.11	-0.40
Consolidated Net Income / (Loss)	6.55	9.65	5.34	8.53	8.77	12	3.31	10	0.78	6.28	-0.51
Net Income / (Loss) Continuing Operations	6.55	9.65	5.34	8.53	8.77	12	3.99	10	0.78	6.28	-0.51
Total Pre-Tax Income	9.17	9.29	4.21	12	11	14	5.35	14	-0.47	5.48	-0.67
Total Operating Income	15	14	10	18	16	14	10	18	5.43	10	4.49
Total Gross Profit	111	122	109	120	118	122	115	125	119	122	119
Total Revenue	167	188	166	182	178	185	176	188	181	186	183
Operating Revenue	167	188	166	182	178	185	176	188	181	186	183
Total Cost of Revenue	56	65	57	62	60	63	61	64	63	64	63
Operating Cost of Revenue	56	65	57	62	60	63	61	64	63	64	63
Total Operating Expenses	97	108	99	102	103	108	105	108	114	111	115
Selling, General & Admin Expense	37	42	38	38	39	42	88	41	43	42	44
Depreciation Expense	6.18	6.52	6.94	7.11	6.68	6.57	7.04	7.14	7.31	7.62	7.94
Other Operating Expenses / (Income)	51	56	52	55	55	55	10	58	60	58	60
Other Special Charges / (Income)	2.41	3.99	1.42	2.10	1.75	3.97	0.51	1.70	3.26	3.34	2.55
Total Other Income / (Expense), net	-5.51	-4.79	-5.69	-5.75	-4.29	0.80	-5.51	-3.43	-5.45	-4.57	-4.96
Interest Expense	6.57	6.93	6.53	6.60	6.45	6.03	5.75	5.73	5.66	5.67	5.63
Interest & Investment Income	0.54	0.49	0.28	0.41	0.43	0.41	0.24	0.46	0.57	0.28	0.26
Other Income / (Expense), net	0.53	1.66	0.56	0.44	1.72	6.43	-	1.84	-0.35	0.81	0.41
Income Tax Expense	2.62	-0.36	-1.14	3.50	2.54	1.90	1.36	3.68	-1.25	-0.80	-0.16
Net Income / (Loss) Attributable to Noncontrolling Interest	2.19	1.86	0.78	2.06	1.55	1.16	0.68	1.34	-0.43	0.16	-0.11
Basic Earnings per Share	$0.08	$0.15	$0.08	$0.10	$0.12	$0.18	$0.05	$0.13	$0.02	$0.08	($0.01)
Weighted Average Basic Shares Outstanding	55.13M	53.81M	57.44M	61.65M	61.92M	61.05M	63.84M	67.60M	71.91M	68.82M	72.08M
Diluted Earnings per Share	$0.07	$0.14	$0.08	$0.10	$0.11	$0.17	$0.05	$0.12	$0.02	$0.08	($0.01)
Weighted Average Diluted Shares Outstanding	58.77M	57.31M	60.49M	64.61M	64.89M	63.98M	66.47M	69.87M	73.97M	71.09M	72.08M
Weighted Average Basic & Diluted Shares Outstanding	55.44M	55.65M	61.61M	61.79M	74.22M	74.60M	74.82M	75.35M	75.37M	75.51M	75.81M

This table details how cash moves in and out of Portillo's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	9.59	19	-2.17	5.16	-34	12	-2.91
Net Cash From Operating Activities	43	58	43	57	71	98	72
Net Cash From Continuing Operating Activities	43	58	43	57	71	98	72
Net Income / (Loss) Continuing Operations	5.56	12	-13	17	25	35	21
Consolidated Net Income / (Loss)	5.56	12	-13	17	25	35	21
Depreciation Expense	24	25	23	21	24	27	29
Amortization Expense	2.58	3.53	3.22	2.75	1.00	0.87	0.69
Non-Cash Adjustments To Reconcile Net Income	3.94	4.25	40	20	24	17	15
Changes in Operating Assets and Liabilities, net	6.89	14	-11	-4.03	-3.40	18	5.97
Net Cash From Investing Activities	-22	-21	-36	-47	-88	-88	-90
Net Cash From Continuing Investing Activities	-22	-21	-36	-47	-88	-88	-90
Purchase of Property, Plant & Equipment	-22	-21	-36	-47	-88	-88	-90
Other Investing Activities, net	-	-	-	-	0.08	0.08	0.24
Net Cash From Financing Activities	-12	-18	-8.78	-4.71	-17	2.51	15
Net Cash From Continuing Financing Activities	-12	-18	-8.78	-4.71	-17	2.51	15
Repayment of Debt	-476	-28	-161	-3.32	-332	4.38	-43
Repurchase of Common Equity	0.00	0.00	-63	-366	-179	-115	0.00
Payment of Dividends	-	-	0.00	0.00	-0.40	-0.84	-1.29
Issuance of Debt	464	-	0.00	0.00	315	0.00	65
Issuance of Common Equity	0.10	0.03	437	365	180	115	0.80
Other Financing Activities, net	0.25	10	0.50	-0.74	-0.44	-1.53	-6.01
Cash Interest Paid	37	34	44	24	28	19	23
Cash Income Taxes Paid	0.00	0.00	0.00	0.00	0.00	0.00	0.00

This table details how cash moves in and out of Portillo's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
Net Change in Cash & Equivalents	-9.51	-2.51	2.75	-0.83	6.16	4.36	-9.94	3.69	0.61	2.73	4.03
Net Cash From Operating Activities	22	17	9.08	33	30	26	9.45	19	20	23	18
Net Cash From Continuing Operating Activities	22	17	9.08	33	30	26	9.45	19	20	23	18
Net Income / (Loss) Continuing Operations	6.55	9.65	5.34	8.53	8.77	12	3.99	10	0.78	6.28	-0.51
Consolidated Net Income / (Loss)	6.55	9.65	5.34	8.53	8.77	12	3.99	10	0.78	6.28	-0.51
Depreciation Expense	6.18	6.53	6.94	7.11	6.68	6.57	7.04	7.14	7.31	7.62	7.94
Amortization Expense	0.19	0.19	0.19	0.19	0.19	0.31	0.18	0.17	0.17	0.17	0.17
Non-Cash Adjustments To Reconcile Net Income	5.57	4.81	4.73	4.04	4.77	4.17	3.12	4.08	5.85	2.00	6.75
Changes in Operating Assets and Liabilities, net	3.77	-3.96	-8.13	13	9.91	2.62	-4.87	-2.19	5.93	7.10	3.21
Net Cash From Investing Activities	-20	-30	-17	-17	-23	-32	-19	-14	-25	-32	-18
Net Cash From Continuing Investing Activities	-20	-30	-17	-17	-23	-32	-19	-14	-25	-32	-18
Purchase of Property, Plant & Equipment	-20	-30	-17	-17	-23	-32	-19	-14	-25	-32	-18
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	-	-	0.16
Net Cash From Financing Activities	-12	11	11	-16	-1.55	9.95	-0.35	-1.52	5.57	12	4.78
Net Cash From Continuing Financing Activities	-12	11	11	-16	-1.55	9.95	-0.35	-1.52	5.57	12	4.78
Repayment of Debt	-1.88	11	-1.88	-1.88	-1.00	9.13	-40	-	-1.56	-1.56	-1.56
Payment of Dividends	-	-	-0.84	-	-	-	-1.29	-	-	-	-0.38
Issuance of Debt	-10	-	17	-15	-2.00	-	48	-3.00	7.00	13	14
Issuance of Common Equity	0.11	0.12	115	0.18	0.10	0.11	0.11	0.16	0.23	0.30	0.43
Other Financing Activities, net	0.25	-0.84	-3.81	0.21	1.35	0.72	-7.16	1.31	-0.10	-0.06	-7.71
Cash Interest Paid	2.29	13	6.28	6.51	0.22	6.44	6.16	5.64	5.53	5.60	5.64
Cash Income Taxes Paid	-	-	0.00	-	-	-	0.00	-	-	-	0.00

This table presents Portillo's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	910	1,000	1,280	1,386	1,500	1,607
Total Current Assets	55	59	65	42	53	52
Cash & Equivalents	-	39	44	10	23	20
Note & Lease Receivable	-	-	8.59	14	15	17
Inventories, net	5.08	6.08	7.39	8.73	7.92	8.21
Prepaid Expenses	2.92	5.84	4.92	8.57	7.07	6.84
Plant, Property, & Equipment, net	175	191	227	296	359	420
Total Noncurrent Assets	681	750	988	1,048	1,088	1,135
Long-Term Investments	16	16	16	17	16	16
Goodwill	394	394	394	394	394	394
Intangible Assets	266	260	256	253	250	245
Noncurrent Deferred & Refundable Income Taxes	0.00	74	150	185	197	211
Other Noncurrent Operating Assets	4.33	5.04	171	199	231	268
Total Liabilities & Shareholders' Equity	910	1,000	1,280	1,386	1,500	1,607
Total Liabilities	569	576	847	925	1,010	1,109
Total Current Liabilities	66	67	77	105	136	194
Short-Term Debt	3.32	3.32	4.16	23	36	96
Accounts Payable	21	27	30	33	46	43
Accrued Expenses	35	29	30	32	33	32
Current Deferred Revenue	6.77	6.89	7.29	7.18	7.03	7.47
Current Deferred & Payable Income Tax Liabilities	-	0.00	0.81	4.43	7.69	7.91
Other Current Liabilities	-	0.00	4.85	5.58	6.01	6.88
Total Noncurrent Liabilities	503	509	770	821	874	915
Long-Term Debt	466	316	314	284	275	238
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	157	252	295	317	345
Other Noncurrent Operating Liabilities	9.52	4.59	203	241	282	333
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	141	423	433	460	490	497
Total Preferred & Common Equity	141	171	256	322	401	468
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	141	171	256	322	401	468
Common Stock	0.00	187	261	309	358	405
Retained Earnings	0.00	-16	-4.81	14	43	62
Noncontrolling Interest	0.00	252	177	138	89	29

This table presents Portillo's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/26/2022	3/26/2023	6/25/2023	9/24/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026
Total Assets	1,008	1,302	1,331	1,358	1,417	1,439	1,471	1,499	1,554	1,591	1,618
Total Current Assets	69	36	46	39	42	42	47	42	50	50	52
Cash & Equivalents	-	-	22	13	13	12	19	13	17	17	24
Note & Lease Receivable	-	-	-	-	14	15	15	14	18	19	13
Inventories, net	5.64	5.26	6.49	6.42	8.51	8.76	8.30	6.68	10	9.23	7.67
Prepaid Expenses	5.08	5.88	5.14	4.80	6.25	5.51	5.20	7.96	5.91	4.79	7.13
Plant, Property, & Equipment, net	194	237	250	275	306	315	343	366	385	407	429
Total Noncurrent Assets	745	1,029	1,035	1,044	1,068	1,082	1,081	1,091	1,119	1,133	1,137
Long-Term Investments	16	16	16	17	17	16	16	16	16	16	16
Goodwill	394	394	394	394	394	394	394	394	394	394	394
Intangible Assets	258	255	254	254	252	251	251	249	249	246	244
Noncurrent Deferred & Refundable Income Taxes	72	186	187	184	204	200	198	196	209	210	211
Other Noncurrent Operating Assets	4.28	177	184	195	202	221	223	236	251	267	272
Total Liabilities & Shareholders' Equity	1,008	1,302	1,331	1,358	1,417	1,439	1,471	1,499	1,554	1,591	1,618
Total Liabilities	564	879	895	910	965	975	994	1,004	1,066	1,102	1,118
Total Current Liabilities	53	84	89	90	117	109	124	166	171	187	200
Short-Term Debt	3.32	18	18	7.50	40	26	23	78	76	83	110
Accounts Payable	20	22	24	33	29	38	47	33	44	48	39
Accrued Expenses	25	28	31	33	30	28	36	34	31	37	37
Current Deferred Revenue	4.65	5.12	4.70	4.09	5.19	4.71	4.11	5.32	4.97	4.39	5.54
Current Deferred & Payable Income Tax Liabilities	-	6.31	6.31	6.53	7.19	7.23	7.72	9.01	9.18	7.77	1.32
Other Current Liabilities	-	5.09	5.05	5.05	5.77	5.79	5.67	6.54	6.46	6.30	6.92
Total Noncurrent Liabilities	511	795	806	820	848	866	870	838	895	915	918
Long-Term Debt	315	289	289	287	282	279	279	242	241	239	237
Noncurrent Deferred & Payable Income Tax Liabilities	155	292	296	295	321	321	319	307	344	345	343
Other Noncurrent Operating Liabilities	3.80	214	221	238	244	266	272	289	310	330	338
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	444	423	436	448	452	464	478	495	488	488	500
Total Preferred & Common Equity	183	290	304	312	361	370	382	407	459	459	471
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	182	290	304	312	361	370	382	407	459	459	471
Common Stock	193	295	302	306	342	346	351	360	404	403	409
Retained Earnings	-11	-5.33	1.46	5.82	18	25	32	46	55	56	62
Noncontrolling Interest	261	133	133	136	92	94	95	89	29	29	29

This table displays calculated financial ratios and metrics derived from Portillo's' official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
DEI Shares Outstanding	-	-	-	-	-	-	75,374,649.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	75,374,649.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.26
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-4.99%	17.45%	9.75%	15.81%	4.51%	3.03%
EBITDA Growth	0.00%	12.58%	-33.80%	24.30%	19.67%	13.38%	-19.85%
EBIT Growth	0.00%	17.11%	-47.62%	55.35%	26.09%	14.28%	-30.60%
NOPAT Growth	0.00%	17.11%	-63.33%	77.62%	31.38%	-0.84%	-21.33%
Net Income Growth	0.00%	129.02%	-371.91%	149.60%	44.65%	41.33%	-39.87%
EPS Growth	0.00%	36.00%	-162.50%	159.52%	28.00%	43.75%	-41.30%
Operating Cash Flow Growth	0.00%	34.50%	-26.42%	32.69%	24.42%	38.51%	-26.65%
Free Cash Flow Firm Growth	0.00%	0.00%	112.56%	-61.50%	-98.83%	6,305.39%	-79.17%
Invested Capital Growth	0.00%	0.00%	-8.81%	0.53%	7.04%	3.17%	4.33%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	5.75%	-0.46%	0.16%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	0.00%	16.47%	4.72%	-9.68%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	23.99%	6.56%	-16.35%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	0.00%	14.52%	-5.49%	-2.00%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	0.00%	39.24%	8.61%	-22.58%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	23.08%	6.98%	-25.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-28.61%	0.00%	-0.99%	9.95%	-3.90%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	100.06%	29.96%	-15.72%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.00%	3.67%	2.36%	2.28%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	40.91%	43.26%	68.83%	65.21%	66.04%	65.99%	65.62%
EBITDA Margin	15.82%	18.75%	10.57%	11.97%	12.37%	13.42%	10.44%
Operating Margin	10.20%	12.58%	5.61%	7.03%	8.15%	8.17%	5.97%
EBIT Margin	10.20%	12.58%	5.61%	7.94%	8.65%	9.45%	6.37%
Profit (Net Income) Margin	1.16%	2.79%	-6.47%	2.92%	3.65%	4.94%	2.88%
Tax Burden Percent	100.00%	103.74%	204.12%	90.40%	88.43%	83.76%	87.56%
Interest Burden Percent	11.35%	21.40%	-56.47%	40.71%	47.74%	62.33%	51.67%
Effective Tax Rate	0.00%	0.00%	0.00%	9.60%	11.57%	16.24%	12.44%
Return on Invested Capital (ROIC)	0.00%	15.21%	2.92%	5.42%	6.86%	6.47%	4.91%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-6.42%	-13.53%	-2.31%	-2.16%	1.57%	-1.10%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-7.75%	-11.96%	-1.41%	-1.30%	0.91%	-0.63%
Return on Equity (ROE)	0.00%	7.46%	-9.05%	4.01%	5.56%	7.38%	4.27%
Cash Return on Invested Capital (CROIC)	0.00%	-184.79%	12.14%	4.89%	0.06%	3.35%	0.67%
Operating Return on Assets (OROA)	0.00%	6.29%	3.14%	4.09%	4.41%	4.66%	3.00%
Return on Assets (ROA)	0.00%	1.40%	-3.62%	1.51%	1.86%	2.43%	1.36%
Return on Common Equity (ROCE)	0.00%	3.07%	-3.69%	2.00%	3.60%	5.62%	3.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	9.04%	-20.20%	6.69%	7.70%	8.75%	0.00%
Net Operating Profit after Tax (NOPAT)	49	57	21	37	49	49	38
NOPAT Margin	10.20%	12.58%	3.93%	6.36%	7.21%	6.84%	5.22%
Net Nonoperating Expense Percent (NNEP)	0.00%	21.62%	16.45%	7.73%	9.01%	4.90%	6.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.97%	6.40%	6.06%	4.60%
Cost of Revenue to Revenue	59.09%	56.74%	31.17%	34.79%	33.96%	34.01%	34.38%
SG&A Expenses to Revenue	20.37%	19.76%	27.36%	22.52%	22.87%	22.25%	22.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	30.87%	30.78%	63.37%	58.37%	58.10%	57.99%	59.83%
Earnings before Interest and Taxes (EBIT)	49	57	30	47	59	67	47
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	76	85	57	70	84	95	76
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.88	8.02	2.43	2.74	1.66	0.76
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.85	0.89	2.57	1.06	1.30	0.94	0.48
Price to Earnings (P/E)	0.00	0.00	0.00	57.38	47.94	22.58	18.35
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	1.74%	2.09%	4.43%	5.45%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.35	2.75	1.53	1.76	1.35	0.86
Enterprise Value to Revenue (EV/Rev)	0.00	2.24	3.53	1.80	1.91	1.45	0.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	11.92	33.40	15.04	15.46	10.78	8.94
Enterprise Value to EBIT (EV/EBIT)	0.00	17.77	62.93	22.67	22.12	15.31	14.65
Enterprise Value to NOPAT (EV/NOPAT)	0.00	17.77	89.90	28.33	26.52	21.15	17.86
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	17.47	44.05	18.58	18.37	10.49	9.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	21.61	31.40	3,307.77	40.84	130.23
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	1.38	0.75	0.74	0.67	0.64	0.67
Long-Term Debt to Equity	0.00	1.37	0.75	0.73	0.62	0.56	0.48
Financial Leverage	0.00	1.21	0.88	0.61	0.60	0.58	0.58
Leverage Ratio	0.00	2.67	2.50	2.66	2.99	3.04	3.15
Compound Leverage Factor	0.00	0.57	-1.41	1.08	1.43	1.89	1.63
Debt to Total Capital	0.00%	57.92%	42.98%	42.39%	39.98%	38.87%	40.20%
Short-Term Debt to Total Capital	0.00%	0.41%	0.45%	0.55%	2.94%	4.52%	11.58%
Long-Term Debt to Total Capital	0.00%	57.51%	42.53%	41.84%	37.04%	34.35%	28.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	24.73%	33.96%	23.50%	17.97%	11.11%	3.54%
Common Equity to Total Capital	0.00%	17.35%	23.06%	34.11%	42.06%	50.02%	56.26%
Debt to EBITDA	0.00	5.50	5.64	4.53	3.64	3.27	4.37
Net Debt to EBITDA	0.00	4.83	4.66	3.67	3.32	2.86	3.91
Long-Term Debt to EBITDA	0.00	5.46	5.59	4.47	3.38	2.89	3.11
Debt to NOPAT	0.00	8.20	15.19	8.54	6.25	6.41	8.74
Net Debt to NOPAT	0.00	7.20	12.55	6.91	5.70	5.61	7.81
Long-Term Debt to NOPAT	0.00	8.14	15.03	8.43	5.79	5.67	6.22
Altman Z-Score	0.00	1.12	2.03	1.00	1.16	0.99	0.69
Noncontrolling Interest Sharing Ratio	0.00%	58.77%	59.20%	50.06%	35.20%	23.87%	12.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	0.82	0.88	0.85	0.40	0.39	0.27
Quick Ratio	0.00	0.08	0.70	0.69	0.23	0.28	0.19
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-696	87	34	0.39	25	5.24
Operating Cash Flow to CapEx	196.82%	272.04%	118.90%	121.00%	80.58%	111.27%	79.52%
Free Cash Flow to Firm to Interest Expense	0.00	-15.46	1.86	1.22	0.01	0.98	0.23
Operating Cash Flow to Interest Expense	1.00	1.29	0.91	2.06	2.29	3.83	3.15
Operating Cash Flow Less CapEx to Interest Expense	0.49	0.82	0.15	0.36	-0.55	0.39	-0.81
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.50	0.56	0.52	0.51	0.49	0.47
Accounts Receivable Turnover	0.00	87.52	82.02	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	50.92	29.90	30.34	28.64	29.03	31.23
Fixed Asset Turnover	0.00	2.61	2.93	2.81	2.60	2.17	1.88
Accounts Payable Turnover	0.00	12.06	6.85	7.10	7.28	6.14	5.67
Days Sales Outstanding (DSO)	0.00	4.17	4.45	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	7.17	12.21	12.03	12.74	12.57	11.69
Days Payable Outstanding (DPO)	0.00	30.26	53.27	51.40	50.17	59.43	64.33
Cash Conversion Cycle (CCC)	0.00	-18.92	-36.61	-39.37	-37.42	-46.86	-52.64
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	754	687	691	739	763	796
Invested Capital Turnover	0.00	1.21	0.74	0.85	0.95	0.95	0.94
Increase / (Decrease) in Invested Capital	0.00	754	-66	3.65	49	23	33
Enterprise Value (EV)	0.00	1,018	1,889	1,057	1,300	1,028	683
Market Capitalization	405	405	1,373	623	883	667	355
Book Value per Share	$0.00	$2.75	$4.78	$6.59	$5.81	$5.40	$6.21
Tangible Book Value per Share	$0.00	($10.15)	($13.48)	($10.12)	($5.86)	($3.28)	($2.28)
Total Capital	0.00	811	743	751	767	802	832
Total Debt	0.00	470	319	319	306	312	334
Total Long-Term Debt	0.00	466	316	314	284	275	238
Net Debt	0.00	412	264	258	279	273	299
Capital Expenditures (CapEx)	22	21	36	47	88	88	90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-50	-44	-52	-51	-70	-66
Debt-free Net Working Capital (DFNWC)	0.00	-8.40	-4.60	-7.82	-40	-47	-46
Net Working Capital (NWC)	0.00	-12	-7.92	-12	-63	-83	-142
Net Nonoperating Expense (NNE)	43	45	56	20	24	14	17
Net Nonoperating Obligations (NNO)	0.00	412	264	258	279	273	299
Total Depreciation and Amortization (D&A)	27	28	27	24	25	28	30
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-10.94%	-8.20%	-8.90%	-7.49%	-9.79%	-9.04%
Debt-free Net Working Capital to Revenue	0.00%	-1.84%	-0.86%	-1.33%	-5.96%	-6.57%	-6.31%
Net Working Capital to Revenue	0.00%	-2.57%	-1.48%	-2.04%	-9.27%	-11.67%	-19.46%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.42)	$0.28	$0.34	$0.48	$0.28
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	35.81M	38.90M	53.81M	61.05M	68.82M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.42)	$0.25	$0.32	$0.46	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	35.81M	42.72M	57.31M	63.98M	71.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	35.81M	48.54M	55.65M	74.60M	75.51M
Normalized Net Operating Profit after Tax (NOPAT)	36	42	24	42	57	56	46
Normalized NOPAT Margin	7.56%	9.14%	4.39%	7.08%	8.38%	7.93%	6.28%
Pre Tax Income Margin	1.16%	2.69%	-3.17%	3.23%	4.13%	5.89%	3.29%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	1.13	1.27	0.64	1.69	1.90	2.62	2.04
NOPAT to Interest Expense	1.13	1.27	0.45	1.35	1.58	1.90	1.68
EBIT Less CapEx to Interest Expense	0.62	0.80	-0.13	-0.01	-0.94	-0.82	-1.92
NOPAT Less CapEx to Interest Expense	0.62	0.80	-0.32	-0.35	-1.25	-1.54	-2.29
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	1.61%	2.39%	6.12%
Augmented Payout Ratio	0.00%	0.00%	-182.96%	2,131.65%	724.09%	330.13%	6.12%

This table displays calculated financial ratios and metrics derived from Portillo's' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	74,815,329.00	75,347,915.00	75,374,649.00	75,507,985.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	74,815,329.00	75,347,915.00	75,374,649.00	75,507,985.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	0.12	0.02	0.08	-0.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.38%	24.51%	6.26%	7.49%	6.86%	-1.73%	6.40%	3.63%	1.78%	0.62%	3.51%
EBITDA Growth	28.12%	80.78%	17.22%	7.30%	11.74%	18.81%	2.54%	3.21%	-48.88%	-30.20%	-26.07%
EBIT Growth	38.35%	150.37%	17.42%	3.29%	13.36%	25.64%	3.47%	4.39%	-71.31%	-44.99%	-52.76%
NOPAT Growth	33.86%	-15.15%	115.74%	-14.57%	15.03%	-20.13%	-39.64%	-0.14%	-69.32%	-1.41%	-59.39%
Net Income Growth	104.69%	263.63%	519.80%	-13.82%	34.02%	28.84%	-25.34%	17.74%	-91.09%	-49.50%	-115.36%
EPS Growth	75.00%	75.00%	900.00%	-16.67%	57.14%	21.43%	-37.50%	20.00%	-81.82%	-52.94%	-120.00%
Operating Cash Flow Growth	63.56%	-3.96%	39.95%	31.13%	36.23%	51.57%	4.11%	-40.88%	-33.89%	-11.18%	85.76%
Free Cash Flow Firm Growth	-190.63%	-339.19%	-675.33%	-417.34%	97.20%	65.98%	-4.71%	20.22%	-47.50%	-85.14%	47.72%
Invested Capital Growth	0.00%	7.04%	6.53%	5.19%	4.49%	3.17%	5.66%	4.29%	4.40%	4.33%	2.68%
Revenue Q/Q Growth	-1.41%	12.62%	-11.72%	9.67%	-1.99%	3.57%	-4.43%	6.81%	-3.73%	2.38%	-1.68%
EBITDA Q/Q Growth	-8.70%	3.81%	-22.09%	45.29%	-4.92%	10.38%	-32.76%	46.23%	-52.90%	50.72%	-31.30%
EBIT Q/Q Growth	-13.02%	3.19%	-33.90%	74.09%	-4.54%	14.37%	-45.56%	75.63%	-73.77%	119.33%	-55.99%
NOPAT Q/Q Growth	-28.33%	39.36%	-14.62%	0.18%	-3.50%	-3.24%	-35.47%	65.73%	-70.35%	210.98%	-73.42%
Net Income Q/Q Growth	-33.87%	47.37%	-44.60%	59.62%	2.85%	41.67%	-67.90%	151.70%	-92.21%	702.69%	-108.11%
EPS Q/Q Growth	-41.67%	100.00%	-42.86%	25.00%	10.00%	54.55%	-70.59%	140.00%	-83.33%	300.00%	-112.50%
Operating Cash Flow Q/Q Growth	-10.32%	-22.69%	-47.26%	258.61%	-6.84%	-13.98%	-63.77%	103.63%	4.18%	15.57%	-24.24%
Free Cash Flow Firm Q/Q Growth	-9,491.20%	95.22%	2.36%	27.67%	17.17%	41.84%	-200.52%	44.89%	-53.13%	27.00%	15.13%
Invested Capital Q/Q Growth	1.27%	3.67%	0.66%	-0.45%	0.59%	2.36%	3.08%	-1.74%	0.70%	2.28%	1.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.70%	65.15%	65.65%	66.07%	66.26%	65.94%	65.37%	66.17%	65.49%	65.42%	65.35%
EBITDA Margin	13.19%	12.16%	10.73%	14.21%	13.79%	14.70%	10.34%	14.16%	6.93%	10.20%	7.12%
Operating Margin	9.05%	7.70%	6.09%	9.96%	8.97%	7.49%	5.88%	9.30%	3.00%	5.56%	2.46%
EBIT Margin	9.37%	8.58%	6.43%	10.20%	9.94%	10.97%	6.25%	10.28%	2.80%	6.00%	2.69%
Profit (Net Income) Margin	3.92%	5.14%	3.22%	4.69%	4.92%	6.73%	2.26%	5.33%	0.43%	3.38%	-0.28%
Tax Burden Percent	71.40%	103.84%	127.03%	70.93%	77.55%	86.73%	74.58%	73.19%	-168.17%	114.50%	75.63%
Interest Burden Percent	58.68%	57.62%	39.47%	64.82%	63.87%	70.74%	48.51%	70.85%	-9.15%	49.19%	-13.72%
Effective Tax Rate	28.60%	-3.84%	-27.03%	29.07%	22.45%	13.27%	25.42%	26.81%	0.00%	-14.50%	0.00%
Return on Invested Capital (ROIC)	11.65%	7.60%	7.39%	6.87%	6.81%	6.15%	4.13%	6.55%	2.01%	5.98%	1.60%
ROIC Less NNEP Spread (ROIC-NNEP)	8.46%	5.60%	4.76%	5.28%	5.45%	6.30%	2.85%	5.55%	0.93%	4.04%	0.37%
Return on Net Nonoperating Assets (RNNOA)	5.02%	3.37%	3.08%	3.19%	3.14%	3.66%	1.75%	3.28%	0.54%	2.34%	0.22%
Return on Equity (ROE)	16.67%	10.97%	10.48%	10.06%	9.95%	9.81%	5.89%	9.82%	2.55%	8.32%	1.82%
Cash Return on Invested Capital (CROIC)	-188.00%	0.06%	0.96%	1.87%	2.66%	3.35%	0.47%	1.81%	0.82%	0.67%	1.71%
Operating Return on Assets (OROA)	8.87%	4.38%	3.26%	5.17%	5.01%	5.40%	3.09%	5.00%	1.34%	2.83%	1.27%
Return on Assets (ROA)	3.72%	2.62%	1.64%	2.38%	2.48%	3.32%	1.12%	2.59%	0.21%	1.59%	-0.13%
Return on Common Equity (ROCE)	11.61%	7.11%	7.78%	7.53%	7.46%	7.47%	4.77%	8.56%	2.22%	7.32%	1.60%
Return on Equity Simple (ROE_SIMPLE)	5.71%	0.00%	8.72%	8.12%	8.44%	0.00%	8.29%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	15	13	13	12	12	7.74	13	3.80	12	3.14
NOPAT Margin	6.46%	8.00%	7.73%	7.07%	6.96%	6.50%	4.39%	6.81%	2.10%	6.37%	1.72%
Net Nonoperating Expense Percent (NNEP)	3.19%	2.00%	2.64%	1.59%	1.36%	-0.16%	1.29%	0.99%	1.08%	1.94%	1.22%
Return On Investment Capital (ROIC_SIMPLE)	-	1.96%	-	-	-	1.50%	0.95%	1.59%	0.47%	1.42%	0.37%
Cost of Revenue to Revenue	33.30%	34.85%	34.35%	33.93%	33.74%	34.06%	34.63%	33.83%	34.51%	34.58%	34.65%
SG&A Expenses to Revenue	22.46%	22.40%	23.15%	20.84%	22.08%	23.01%	23.06%	21.61%	23.90%	22.62%	24.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	57.90%	57.66%	59.69%	56.29%	57.51%	58.62%	59.58%	57.07%	62.74%	60.01%	63.00%
Earnings before Interest and Taxes (EBIT)	16	16	11	19	18	20	11	19	5.08	11	4.90
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	22	23	18	26	25	27	18	27	13	19	13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.75	2.74	2.18	1.62	2.13	1.66	2.18	1.88	1.04	0.76	0.83
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.33	1.30	1.14	0.85	1.14	0.94	1.23	1.19	0.65	0.48	0.53
Price to Earnings (P/E)	58.73	47.94	33.45	25.83	31.32	22.58	31.41	28.28	19.44	18.35	23.99
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.70%	2.09%	2.99%	3.87%	3.19%	4.43%	3.18%	3.54%	5.14%	5.45%	4.17%
Enterprise Value to Invested Capital (EV/IC)	1.76	1.76	1.57	1.31	1.58	1.35	1.61	1.52	1.02	0.86	0.90
Enterprise Value to Revenue (EV/Rev)	1.96	1.91	1.70	1.38	1.65	1.45	1.76	1.62	1.09	0.93	0.99
Enterprise Value to EBITDA (EV/EBITDA)	17.42	15.46	13.49	10.96	12.94	10.78	13.23	12.17	9.39	8.94	10.63
Enterprise Value to EBIT (EV/EBIT)	26.54	22.12	19.38	15.90	18.69	15.31	18.76	17.21	14.26	14.65	19.26
Enterprise Value to NOPAT (EV/NOPAT)	29.39	26.52	22.25	19.36	22.91	21.15	27.72	25.86	20.37	17.86	20.97
Enterprise Value to Operating Cash Flow (EV/OCF)	17.60	18.37	15.94	11.96	13.22	10.49	12.88	13.82	10.62	9.50	9.09
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3,307.77	168.69	71.88	60.83	40.84	350.95	85.69	127.72	130.23	53.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.67	0.71	0.66	0.63	0.64	0.65	0.65	0.66	0.67	0.69
Long-Term Debt to Equity	0.64	0.62	0.62	0.60	0.58	0.56	0.49	0.49	0.49	0.48	0.47
Financial Leverage	0.59	0.60	0.65	0.60	0.58	0.58	0.62	0.59	0.58	0.58	0.60
Leverage Ratio	3.03	2.99	3.11	3.08	3.06	3.04	3.08	3.14	3.17	3.15	3.13
Compound Leverage Factor	1.78	1.72	1.23	1.99	1.95	2.15	1.49	2.23	-0.29	1.55	-0.43
Debt to Total Capital	39.72%	39.98%	41.56%	39.66%	38.76%	38.87%	39.23%	39.39%	39.78%	40.20%	40.94%
Short-Term Debt to Total Capital	1.01%	2.94%	5.10%	3.43%	3.00%	4.52%	9.53%	9.47%	10.26%	11.58%	13.02%
Long-Term Debt to Total Capital	38.71%	37.04%	36.46%	36.23%	35.76%	34.35%	29.70%	29.92%	29.51%	28.62%	27.93%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	18.29%	17.97%	11.86%	12.21%	12.20%	11.11%	10.86%	3.59%	3.57%	3.54%	3.46%
Common Equity to Total Capital	41.99%	42.06%	46.58%	48.13%	49.04%	50.02%	49.91%	57.02%	56.65%	56.26%	55.60%
Debt to EBITDA	4.09	3.64	3.71	3.45	3.32	3.27	3.34	3.28	3.81	4.37	5.06
Net Debt to EBITDA	3.68	3.32	3.37	3.13	2.94	2.86	3.04	2.95	3.42	3.91	4.49
Long-Term Debt to EBITDA	3.98	3.38	3.25	3.15	3.06	2.89	2.53	2.49	2.83	3.11	3.45
Debt to NOPAT	6.89	6.25	6.12	6.09	5.88	6.41	7.00	6.97	8.27	8.74	9.99
Net Debt to NOPAT	6.20	5.70	5.55	5.53	5.20	5.61	6.36	6.26	7.42	7.81	8.85
Long-Term Debt to NOPAT	6.72	5.79	5.37	5.57	5.42	5.67	5.30	5.29	6.13	6.22	6.82
Altman Z-Score	1.04	1.06	0.96	0.87	0.98	0.89	0.98	0.95	0.68	0.62	0.62
Noncontrolling Interest Sharing Ratio	30.34%	35.20%	25.72%	25.18%	24.96%	23.87%	19.03%	12.90%	12.85%	12.00%	11.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.40	0.36	0.38	0.38	0.39	0.25	0.29	0.27	0.27	0.26
Quick Ratio	0.31	0.23	0.24	0.25	0.27	0.28	0.16	0.20	0.19	0.19	0.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-702	-34	-33	-24	-20	-11	-34	-19	-29	-21	-18
Operating Cash Flow to CapEx	109.91%	56.88%	53.59%	192.73%	134.13%	82.35%	49.63%	137.05%	80.18%	71.65%	95.09%
Free Cash Flow to Firm to Interest Expense	-106.87	-4.85	-5.03	-3.59	-3.05	-1.90	-5.98	-3.31	-5.12	-3.73	-3.19
Operating Cash Flow to Interest Expense	3.39	2.48	1.39	4.93	4.70	4.32	1.64	3.36	3.54	4.09	3.12
Operating Cash Flow Less CapEx to Interest Expense	0.31	-1.88	-1.20	2.37	1.20	-0.93	-1.67	0.91	-0.87	-1.62	-0.16
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.95	0.51	0.51	0.51	0.50	0.49	0.49	0.49	0.48	0.47	0.47
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	28.64	34.02	31.44	33.20	29.03	32.38	26.29	28.57	31.23	35.40
Fixed Asset Turnover	0.00	2.60	2.54	2.49	2.31	2.17	2.15	2.08	1.95	1.88	1.86
Accounts Payable Turnover	0.00	7.28	9.10	7.77	6.06	6.14	7.87	6.10	5.24	5.67	7.04
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	12.74	10.73	11.61	10.99	12.57	11.27	13.88	12.77	11.69	10.31
Days Payable Outstanding (DPO)	0.00	50.17	40.09	47.00	60.25	59.43	46.35	59.84	69.72	64.33	51.88
Cash Conversion Cycle (CCC)	0.00	-37.42	-29.36	-35.39	-49.26	-46.86	-35.08	-45.96	-56.94	-52.64	-41.57
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	713	739	744	741	745	763	786	773	778	796	807
Invested Capital Turnover	1.80	0.95	0.96	0.97	0.98	0.95	0.94	0.96	0.96	0.94	0.93
Increase / (Decrease) in Invested Capital	713	49	46	37	32	23	42	32	33	33	21
Enterprise Value (EV)	1,258	1,300	1,170	970	1,179	1,028	1,267	1,176	795	683	728
Market Capitalization	857	883	786	599	816	667	888	863	476	355	391
Book Value per Share	$5.66	$5.81	$6.28	$6.01	$6.19	$5.40	$5.45	$6.13	$6.10	$6.21	$6.24
Tangible Book Value per Share	($6.10)	($5.86)	($4.98)	($4.47)	($4.25)	($3.28)	($3.17)	($2.46)	($2.40)	($2.28)	($2.22)
Total Capital	743	767	774	769	780	802	815	805	811	832	847
Total Debt	295	306	322	305	302	312	320	317	323	334	347
Total Long-Term Debt	287	284	282	279	279	275	242	241	239	238	237
Net Debt	265	279	292	277	268	273	291	285	290	299	307
Capital Expenditures (CapEx)	20	30	17	17	23	32	19	14	25	32	18
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-56	-51	-48	-53	-73	-70	-59	-61	-71	-66	-62
Debt-free Net Working Capital (DFNWC)	-43	-40	-35	-41	-54	-47	-46	-45	-54	-46	-38
Net Working Capital (NWC)	-51	-63	-74	-67	-77	-83	-124	-121	-137	-142	-148
Net Nonoperating Expense (NNE)	4.23	5.37	7.48	4.32	3.63	-0.43	3.75	2.79	3.02	5.55	3.65
Net Nonoperating Obligations (NNO)	265	279	292	277	268	273	291	285	290	299	307
Total Depreciation and Amortization (D&A)	6.37	6.71	7.13	7.30	6.87	6.87	7.22	7.31	7.48	7.79	8.11
Debt-free, Cash-free Net Working Capital to Revenue	-8.76%	-7.49%	-6.98%	-7.59%	-10.16%	-9.79%	-8.22%	-8.43%	-9.74%	-9.04%	-8.36%
Debt-free Net Working Capital to Revenue	-6.75%	-5.96%	-5.07%	-5.83%	-7.56%	-6.57%	-6.43%	-6.15%	-7.38%	-6.31%	-5.11%
Net Working Capital to Revenue	-7.91%	-9.27%	-10.80%	-9.58%	-10.84%	-11.67%	-17.20%	-16.62%	-18.77%	-19.46%	-20.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.15	$0.08	$0.10	$0.12	$0.18	$0.05	$0.13	$0.02	$0.08	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	55.13M	53.81M	57.44M	61.65M	61.92M	61.05M	63.84M	67.60M	71.91M	68.82M	72.08M
Adjusted Diluted Earnings per Share	$0.07	$0.14	$0.08	$0.10	$0.11	$0.17	$0.05	$0.12	$0.02	$0.08	($0.01)
Adjusted Weighted Average Diluted Shares Outstanding	58.77M	57.31M	60.49M	64.61M	64.89M	63.98M	66.47M	69.87M	73.97M	71.09M	72.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	55.44M	55.65M	61.61M	61.79M	74.22M	74.60M	74.82M	75.35M	75.37M	75.51M	75.81M
Normalized Net Operating Profit after Tax (NOPAT)	13	13	8.06	14	14	15	8.12	14	6.09	9.57	4.93
Normalized NOPAT Margin	7.49%	6.88%	4.86%	7.88%	7.72%	8.36%	4.60%	7.47%	3.35%	5.15%	2.70%
Pre Tax Income Margin	5.50%	4.95%	2.54%	6.61%	6.35%	7.76%	3.03%	7.28%	-0.26%	2.95%	-0.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.38	2.33	1.63	2.81	2.75	3.36	1.92	3.38	0.90	1.97	0.87
NOPAT to Interest Expense	1.64	2.17	1.96	1.95	1.92	1.99	1.35	2.24	0.67	2.09	0.56
EBIT Less CapEx to Interest Expense	-0.70	-2.04	-0.96	0.25	-0.76	-1.89	-1.39	0.93	-3.52	-3.74	-2.41
NOPAT Less CapEx to Interest Expense	-1.44	-2.20	-0.63	-0.61	-1.58	-3.26	-1.97	-0.21	-3.74	-3.62	-2.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	2.24%	1.61%	3.94%	2.79%	2.59%	2.39%	3.83%	3.66%	4.74%	6.12%	2.18%
Augmented Payout Ratio	2,026.62%	724.09%	410.70%	385.13%	358.57%	330.13%	3.83%	3.66%	4.74%	6.12%	2.18%

Financials Breakdown Chart

Key Financial Trends

Portillo’s first-quarter 2026 results show a mixed picture: revenue was basically flat year over year, operating profit stayed positive, but the company slipped to a small net loss because interest expense remains heavy. At the same time, cash flow was solid, and the balance sheet still shows meaningful liquidity, even though leverage is elevated.

What stood out in Q1 2026

Operating cash flow was strong at $17.6 million, showing the business is still generating cash despite weak bottom-line earnings.
The company ended the quarter with $24.0 million in cash and equivalents, up from $17.2 million in Q3 2025 and $13.0 million in Q1 2025.
Gross profit reached $119.3 million, with gross margin of roughly 65.4% on revenue of $182.6 million.
Revenue increased 3.5% from Q1 2025’s $176.4 million, suggesting the top line is still growing modestly.
The company reported a positive change in net cash of $4.0 million for the quarter, aided by financing activity.
Capital spending remained significant at $18.5 million, indicating continued investment in property, plant and equipment.
Net debt financing included $14.0 million of new debt issuance, which helped offset repayments and support liquidity.
Portillo’s posted a net loss of $509,000 in Q1 2026, or $(0.01) per share, compared with a profit in late 2025.
Interest expense was still very high at $5.6 million for the quarter, which nearly wiped out operating income of $4.5 million.
Total liabilities were $1.12 billion versus $500.3 million of equity and noncontrolling interests, so the balance sheet remains heavily leveraged.

Trend analysis over the last four years

Portillo’s has grown revenue over time, but the pace has been uneven. Quarterly revenue moved from about $156.1 million in Q1 2023 to $182.6 million in Q1 2026, with several periods of steady mid-single-digit growth. That said, revenue has not translated into consistently stronger earnings.

Profitability has been volatile. The company generated solid net income in parts of 2024 and late 2025, but Q1 2026 returned to a small loss. Operating margins have also swung, with Q1 2026 operating income of $4.5 million versus $10.3 million in Q4 2025 and $10.4 million in Q1 2025. The main pressure point remains interest expense, which has stayed around $5.6 million to $6.5 million per quarter in recent periods.

Cash generation has been a relative strength. Portillo’s has generally produced positive operating cash flow, including $17.6 million in Q1 2026, $23.2 million in Q4 2025, and $9.5 million in Q1 2025. However, the company also continues to spend heavily on capex, which limits free cash flow and suggests ongoing restaurant growth or remodel activity.

The balance sheet has improved in some respects, especially cash, but leverage is still meaningful. Debt totals roughly $346.8 million when combining short-term and long-term debt in Q1 2026, and liabilities remain more than twice equity. Over the last few years, equity has grown, but so have assets and liabilities tied to the company’s expansion and tax-related balances.

Bottom line: Portillo’s appears to be a cash-generating growth story with decent top-line momentum, but investors should watch the combination of modest operating profitability, high interest expense, and elevated leverage. If management can keep revenue growing while improving margins and controlling debt costs, the stock’s fundamentals could strengthen materially.

07/13/26 10:47 PM ETAI Generated. May Contain Errors.

Portillo's Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Portillo's' fiscal year ends in December. Their fiscal year 2025 ended on December 28, 2025.

Portillo's' net income appears to be on an upward trend, with a most recent value of $21.09 million in 2025, rising from $5.56 million in 2019. The previous period was $35.08 million in 2024. See where experts think Portillo's is headed by visiting Portillo's' forecast page.

Portillo's' total operating income in 2025 was $43.68 million, based on the following breakdown:

Total Gross Profit: $480.36 million
Total Operating Expenses: $437.96 million

Over the last 6 years, Portillo's' total revenue changed from $479.42 million in 2019 to $732.07 million in 2025, a change of 52.7%.

Portillo's' total liabilities were at $1.11 billion at the end of 2025, a 9.8% increase from 2024, and a 95.0% increase since 2020.

In the past 5 years, Portillo's' cash and equivalents has ranged from $0.00 in 2020 to $44.43 million in 2022, and is currently $19.96 million as of their latest financial filing in 2025.

Over the last 6 years, Portillo's' book value per share changed from 0.00 in 2019 to 6.21 in 2025, a change of 620.6%.

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Financial statements for NASDAQ:PTLO last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Portillo's (PTLO) Financials

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Portillo's (PTLO) Financials

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Portillo's Financials - Frequently Asked Questions

When does Portillo's' financial year end?

How has Portillo's' net income changed over the last 6 years?

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How has Portillo's' revenue changed over the last 6 years?

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How has Portillo's' book value per share changed over the last 6 years?

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