FLANIGANS ENTERPRISES INC
For the period ended Dec 27, 2025. Filed Feb 10, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 27, 2025 · Filed Feb 10, 2026
BDL$58.56-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-28; filed 2025-08-12.
0002077096-25-000008
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-12-27; filed 2026-02-10.
0001174947-26-000150
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 86 previous paragraphs and 68 current paragraphs.
35 unchanged; 27 reworded; 5 added; 17 removed; 7 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
*Rental Income / Rental Expense.*Rental income was $277,000 and rental expense was $134,000 for the thirteen weeks ended December 27, 2025, while rental income was $267,000 and rental expense was $161,000 for the thirteen weeks ended December 28, 2024. Previously, rental income was presented in Revenues and rental expense was presented in Occupancy costs, Operating expenses and Selling, general and administrative expenses, however, both rental income and rental expense are now presented in Other Income.
Current report
During the first quarter of our fiscal year 2026, we refinanced with our institutional lender, our mortgage loan encumbering the real property and improvements located at 12750 – 12790 S.W. 88th Street, Miami, Florida where our Flanigan’s Calusa Center and our limited partnership owned Flanigan’s Seafood Bar and Grill restaurant operate (Store #70), without increasing the principal amount borrowed at this time ($5,676,856). The refinanced mortgage loan earns interest at a fluctuating rate per year equal to the sum of (i) the greater of the Term SOFR Daily Floating Rate or the Index Floor (which for purposes hereof is 0.00%) and (ii) 2.25%, with the first payment of principal and interest due January 31, 2026 and monthly thereafter on the last day of each month until November 30, 2030 when the entire principal payment and all accrued interest is due in full. We received no excess funds from the refinancing of this mortgage loan.
Current report
Master Service Agreement
Current report
Estimated Useful Lives of Property and Equipment
Current report
The estimates of useful lives for property and equipment are significant estimates. Expenditures for the leasehold improvements and equipment when a restaurant is first constructed are material. In addition, periodic refurbishing takes place and those expenditures can be material. We estimate the useful life of those assets by considering, among other things, expected use, life of the lease on the building, and warranty period, if applicable. The assets are then depreciated using a straight-line method over those estimated lives. These estimated lives are reviewed periodically and adjusted if necessary. Any necessary adjustment to depreciation expense is made in the income statement of the period in which the adjustment is determined to be necessary.
Removed paragraphs (17)
Previous report
Comparison of Thirty-Nine Weeks Ended June 28, 2025 and June 29, 2024.
Previous report
Revenues. Total revenue for the thirty-nine weeks ended June 28, 2025 increased $13,747,000 or 9.66% to $156,058,000 from $142,311,000 for the thirty-nine weeks ended June 29, 2024 due primarily to increased package liquor store and restaurant sales, the Recent Price Increases and revenue generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) in March 2024.
Previous report
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $93,645,000 for the thirty-nine weeks ended June 28, 2025 as compared to $86,182,000 for the thirty-nine weeks ended June 29, 2024. The increase in restaurant food sales during the thirty-nine weeks ended June 28, 2025 as compared to restaurant food sales during the thirty-nine weeks ended June 29, 2024 is attributable to the Recent Price Increases and restaurant food sales generated from the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant food sales for restaurants open for all of the thirty-nine weeks ended June 28, 2025 and June 29, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $2,253,000 and $2,141,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 5.23%. Comparable weekly restaurant food sales for Company-owned restaurants (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $1,003,000 and $948,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 5.80%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,250,000 and $1,193,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 4.78%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Previous report
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $24,087,000 for the thirty-nine weeks ended June 28, 2025 as compared to $22,780,000 for the thirty-nine weeks ended June 29, 2024. The increase in restaurant bar sales during the thirty-nine weeks ended June 28, 2025 is primarily due to the Recent Price Increases and the opening of our corporate owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. Comparable weekly restaurant bar sales for restaurants open for all of the thirty-nine weeks ended June 28, 2025 and June 29, 2024 respectively, which consists of ten restaurants owned by us (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) and ten restaurants owned by affiliated limited partnerships was $590,000 and $573,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 2.97%. Comparable weekly restaurant bar sales for Company-owned restaurants only (excluding our Hollywood, Florida location Store #19R which opened for business during the second quarter of our fiscal year 2024) was $248,000 and $238,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 4.20%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $342,000 and $335,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, an increase of 2.09%. We expect that restaurant bar sales for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Previous report
Package Store Sales. Gross profit for package store sales for the thirty-nine weeks ended June 28, 2025 increased to $9,079,000 from $7,959,000 for the thirty-nine weeks ended June 29, 2024. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 25.21% for the thirty-nine weeks ended June 28, 2025 and 25.65% for the thirty-nine weeks ended June 29, 2024. We anticipate that the gross profit margin for package liquor store merchandise will decrease for the balance of our fiscal year 2025 due to higher costs and a reduction in pricing of certain package store merchandise to remain competitive.
Previous report
Payroll and Related Costs. Payroll and related costs for the thirty-nine weeks ended June 28, 2025 increased $3,378,000 or 7.56% to $48,036,000 from $44,658,000 for the thirty-nine weeks ended June 29, 2024. Payroll and related costs for the thirty-nine weeks ended June 28, 2025 were higher due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024 and the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 30.78% for the thirty-nine weeks ended June 28, 2025 and 31.38% of total revenue for the thirty-nine weeks ended June 29, 2024.
Previous report
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the thirty-nine weeks ended June 28, 2025 increased $169,000 or 4.37% to $4,036,000 from $3,867,000 for the thirty-nine weeks ended June 29, 2024 due primarily to increased television and radio advertising costs. Selling, general and administrative expenses decreased as a percentage of total revenue for the thirty-nine weeks ended June 28, 2025 to 2.59% as compared to 2.72% for the thirty-nine weeks ended June 29, 2024.
Previous report
***Depreciation and Amortization.***Depreciation and amortization expense for the thirty-nine weeks ended June 28, 2025 increased $355,000 or 11.38% to $3,474,000 from $3,119,000 for the thirty-nine weeks ended June 29, 2024. This increase is driven by the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024. As a percentage of total revenue, depreciation and amortization expense was 2.23% of revenue for the thirty-nine weeks ended June 28, 2025 and 2.19% of revenue for the thirty-nine weeks ended June 29, 2024.
Previous report
Interest Expense, Net. Interest expense, net, for the thirty-nine weeks ended June 28, 2025 decreased $46,000 to $722,000 from $768,000 for the thirty-nine weeks ended June 29, 2024.
Previous report
Net Income. Net income for the thirty-nine weeks ended June 28, 2025 increased $1,547,000 or 31.44% to $6,467,000 from $4,920,000 for the thirty-nine weeks ended June 29, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the thirty-nine weeks ended June 28, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income for the thirty-nine weeks ended June 28, 2025 is 4.14%, as compared to 3.46% for the thirty-nine weeks ended June 29, 2024.
Previous report
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the thirty-nine weeks ended June 28, 2025 increased $965,000 or 30.42 % to $4,137,000 from $3,172,000 for the thirty-nine weeks ended June 29, 2024 due primarily to the Recent Price Increases and the operation of our Company-owned restaurant of Hollywood, Florida (Store #19R) during the thirty-nine weeks ended June 28, 2025, offset by higher food costs and overall increased expenses. As a percentage of revenue, net income attributable to stockholders for the thirty-nine weeks ended June 28, 2025 is 2.65%, as compared to 2.23% for the thirty-nine weeks ended June 29, 2024.
Previous report
Loyalty Programs
Previous report
We offer loyalty programs to customers of our restaurants and package liquor stores. The gift cards distributed as a part of our loyalty programs have expiration dates and we estimate breakage for such gift cards. We estimate the value of breakage based on historical redemption patterns. If actual redemptions vary from assumptions used to estimate breakage, gift card breakage income may differ from the amount recorded.
Previous report
Gift Cards
Previous report
We offer gift cards to customers of our restaurants and package liquor stores. The gift cards distributed do not have expiration dates and we estimate breakage for the restaurant gift cards. We estimate the value of breakage based on historical redemption patterns. If actual redemptions vary from assumptions used to estimate breakage, gift card breakage income may differ from the amount recorded.
Previous report
Consolidation of Limited Partnerships
Previous report
As of June 28, 2025 we operate ten (10) restaurants as general partner of the limited partnerships that own the operations of these restaurants. We expect that any expansion which takes place in opening new restaurants will also result in us operating the restaurants as general partner. In addition to the general partnership interest we also purchased limited partnership units ranging from 0% to 49% of the total units outstanding. As a result of these controlling interests, we consolidate the operations of these limited partnerships with ours despite the fact that we do not own in excess of 50% of the equity interests. All intercompany transactions are eliminated in consolidation. The non-controlling interests in the earnings of these limited partnerships are removed from net income and are not included in the calculation of earnings per share.
Reworded paragraphs (27)
Previous wording
Revenues. Total revenue for the thirteen weeks ended June 28, 2025 increased $3,062,000 or 6.24% to $52,164,000 from $49,102,000 for the thirteen weeks ended June 29, 2024 due primarily to increased package liquor store and restaurant sales and increased menu prices. Effective February 23, 2025 we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 0.84% annually. Effective December 4, 2024 we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 4.90% annually and effective November 17, 2024 we increased our menu prices for our food offerings to target an increase to our food revenues of approximately 4.14% annually. Effective August 25, 2024, we increased menu prices for our bar offerings to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses (collectively the “Recent Price Increases”).
Current wording
Revenues. Total revenue for the thirteen weeks ended December 27, 2025 increased $2,573,000 or 5.15% to $52,568,000 from $49,995,000 for the thirteen weeks ended December 28, 2024 due primarily to increased package liquor store and restaurant sales and increased menu prices. Effective February 23, 2025, we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 0.84% annually. Effective December 4, 2024, we increased our menu prices for our bar offerings to target an increase to our bar revenues of approximately 4.90% annually and effective November 17, 2024 we increased our menu prices for our food offerings to target an increase to our food revenues of approximately 4.14% annually (collectively the “Recent Price Increases”).
Previous wording
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $31,933,000 for the thirteen weeks ended June 28, 2025 as compared to $30,471,000 for the thirteen weeks ended June 29, 2024. The increase in restaurant food sales during the thirteen weeks ended June 28, 2025 as compared to restaurant food sales during the thirteen weeks ended June 29, 2024 is attributable to the Recent Price Increases. Comparable weekly restaurant food sales for restaurants open for all of the thirteen weeks ended June 28, 2025 and June 29, 2024 respectively, which consists of eleven restaurants owned by us and ten restaurants owned by affiliated limited partnerships was $2,431,000 and $2,322,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 4.69%. Comparable weekly restaurant food sales for Company-owned restaurants was $1,153,000 and $1,110,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 3.87%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,278,000 and $1,212,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 5.45%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current wording
Restaurant Food Sales. Restaurant revenue generated from the sale of food, including non-alcoholic beverages, at restaurants totaled $30,932,000 for the thirteen weeks ended December 27, 2025 as compared to $29,126,000 for the thirteen weeks ended December 28, 2024. The increase in restaurant food sales during the thirteen weeks ended December 27, 2025 as compared to restaurant food sales during the thirteen weeks ended December 28, 2024 is attributable to the Recent Price Increases and increased restaurant traffic. Comparable weekly restaurant food sales for restaurants open for all of the thirteen weeks ended December 27, 2025 and December 28, 2024 respectively, which consists of eleven restaurants owned by us and ten restaurants owned by affiliated limited partnerships was $2,356,000 and $2,221,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, an increase of 6.08%. Comparable weekly restaurant food sales for Company-owned restaurants was $1,070,000 and $995,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, an increase of 7.54%. Comparable weekly restaurant food sales for affiliated limited partnership owned restaurants only was $1,286,000 and $1,226,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, an increase of 4.89%. We expect that restaurant food sales, including non-alcoholic beverages, for the balance of our fiscal year 2026 will increase due to the increased restaurant traffic.
Previous wording
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $7,931,000 for the thirteen weeks ended June 28, 2025 as compared to $7,577,000 for the thirteen weeks ended June 29, 2024. The increase in restaurant bar sales during the thirteen weeks ended June 28, 2025 is primarily due to the Recent Price Increases. Comparable weekly restaurant bar sales for restaurants open for all of the thirteen weeks ended June 28, 2025 and June 29, 2024 respectively, which consists of eleven restaurants owned by us and ten restaurants owned by affiliated limited partnerships was $610,000 and $583,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 4.63%. Comparable weekly restaurant bar sales for Company-owned restaurants only was $268,000 and $259,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 3.47%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $342,000 and $324,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, an increase of 5.56%. We expect that restaurant bar sales for the balance of our fiscal year 2025 will increase due to the Recent Price Increases.
Current wording
Restaurant Bar Sales. Restaurant revenue generated from the sale of alcoholic beverages at restaurants totaled $7,855,000 for the thirteen weeks ended December 27, 2025 as compared to $7,962,000 for the thirteen weeks ended December 28, 2024. The decrease in restaurant bar sales during the thirteen weeks ended December 27, 2025 is primarily due to the softening of alcohol consumption at our restaurants. Comparable weekly restaurant bar sales for restaurants open for all of the thirteen weeks ended December 27, 2025 and December 28, 2024 respectively, which consists of eleven restaurants owned by us and ten restaurants owned by affiliated limited partnerships was $604,000 and $612,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, a decrease of 1.31%. Comparable weekly restaurant bar sales for Company-owned restaurants only was $267,000 and $273,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, a decrease of 2.20%. Comparable weekly restaurant bar sales for affiliated limited partnership owned restaurants only was $337,000 and $340,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, a decrease of 0.88%.
Previous wording
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $11,522,000 for the thirteen weeks ended June 28, 2025 as compared to $10,292,000 for the thirteen weeks ended June 29, 2024, an increase of $1,230,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $886,000 and $792,000 for the thirteen weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 11.87%. We expect that package liquor store sales for the balance of our fiscal year 2025 will increase due to increased package liquor store traffic.
Current wording
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $13,285,000 for the thirteen weeks ended December 27, 2025 as compared to $12,435,000 for the thirteen weeks ended December 28, 2024, an increase of $850,000. This increase was primarily due to increased package liquor store traffic, including e-commerce sales. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $1,022,000 and $957,000 for the thirteen weeks ended December 27, 2025 and December 28, 2024, respectively, an increase of 6.79%. We expect that package liquor store sales for the balance of our fiscal year 2026 will increase due to increased package liquor store traffic, including from e-commerce.
Previous wording
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the thirteen weeks ended June 28, 2025 increased $2,375,000 or 5.07% to $49,190,000 from $46,815,000 for the thirteen weeks ended June 29, 2024. The increase was primarily due to increased payroll and operating expenses partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2025. Costs and expenses decreased as a percentage of total revenue to approximately 94.30% for the thirteen weeks ended June 28, 2025 from 95.34% for the thirteen weeks ended June 29, 2024.
Current wording
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the thirteen weeks ended December 27, 2025 increased $1,656,000 or 3.36% to $50,899,000 from $49,243,000 for the thirteen weeks ended December 28, 2024. The increase was primarily due to increased payroll and operating expenses partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2026. Costs and expenses decreased as a percentage of total revenue to approximately 96.83% for the thirteen weeks ended December 27, 2025 from 98.50% for the thirteen weeks ended December 28, 2024.
Previous wording
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the thirteen weeks ended June 28, 2025 increased to $26,909,000 from $24,944,000 for the thirteen weeks ended June 29, 2024. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), increased to 67.50% for the thirteen weeks ended June 28, 2025 as compared to 65.56% for the thirteen weeks ended June 29, 2024 due primarily to the Recent Price Increases and lower food costs.
Current wording
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the thirteen weeks ended December 27, 2025 increased to $25,836,000 from $24,059,000 for the thirteen weeks ended December 28, 2024. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), increased to 66.61% for the thirteen weeks ended December 27, 2025 as compared to 64.87% for the thirteen weeks ended December 28, 2024 due primarily to the Recent Price Increases and certain lower food costs.
Previous wording
Package Store Sales. Gross profit for package store sales for the thirteen weeks ended June 28, 2025 increased to $2,743,000 from $2,589,000 for the thirteen weeks ended June 29, 2024. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 23.81% for the thirteen weeks ended June 28, 2025 and 25.16% for the thirteen weeks ended June 29, 2024. We anticipate that the gross profit margin for package liquor store merchandise will decrease for the balance of our fiscal year 2025 due to higher costs and a reduction in pricing of certain package store merchandise to remain competitive.
Current wording
Package Store Sales. Gross profit for package store sales for the thirteen weeks ended December 27, 2025 increased to $3,320,000 from $2,954,000 for the thirteen weeks ended December 28, 2024. Our gross profit margin (calculated as gross profit reflected as a percentage of package liquor store sales), for package store sales was 24.99% for the thirteen weeks ended December 27, 2025 and 23.76% for the thirteen weeks ended December 28, 2024. We anticipate that the gross profit margin for package liquor store merchandise will increase slightly for the balance of our fiscal 2026.
Previous wording
Payroll and Related Costs. Payroll and related costs for the thirteen weeks ended June 28, 2025 increased $805,000 or 5.26% to $16,106,000 from $15,301,000 for the thirteen weeks ended June 29, 2024. Payroll and related costs for the thirteen weeks ended June 28, 2025 were higher due primarily to the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 30.88 % for the thirteen weeks ended June 28, 2025 and 31.16% of total revenue for the thirteen weeks ended June 29, 2024.
Current wording
Payroll and Related Costs. Payroll and related costs for the thirteen weeks ended December 27, 2025 increased $625,000 or 3.97% to $16,371,000 from $15,746,000 for the thirteen weeks ended December 28, 2024. Payroll and related costs for the thirteen weeks ended December 27, 2025 were higher due primarily to the increase to the Florida minimum wage. Payroll and related costs as a percentage of total revenue was 31.14 % for the thirteen weeks ended December 27, 2025 and 31.50% of total revenue for the thirteen weeks ended December 28, 2024.
Previous wording
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the thirteen weeks ended June 28, 2025 increased $761,000 or 12.14% to $7,029,000 from $6,268,000 for the thirteen weeks ended June 29, 2024 due primarily to inflation and increases in expenses across all categories.
Current wording
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the thirteen weeks ended December 27, 2025 increased $481,000 or 7.40% to $6,985,000 from $6,504,000 for the thirteen weeks ended December 28, 2024 due primarily to inflation and increases in expenses across all categories.
Previous wording
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the thirteen weeks ended June 28, 2025 increased $46,000 or 2.27% to $2,070,000 from $2,024,000 for the thirteen weeks ended June 29, 2024.
Current wording
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the thirteen weeks ended December 27, 2025 increased $156,000 or 8.39% to $2,015,000 from $1,859,000 for the thirteen weeks ended December 28, 2024.
Previous wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the thirteen weeks ended June 28, 2025 decreased $204,000 or 15.84% to $1,084,000 from $1,288,000 for the thirteen weeks ended June 29, 2024 due primarily to lower consulting fees. Selling, general and administrative expenses decreased as a percentage of total revenue for the thirteen weeks ended June 28, 2025 to 2.08% as compared to 2.62% for the thirteen weeks ended June 29, 2024.
Current wording
Selling, General and Administrative Expenses. Selling, general and administrative expenses (consisting of general corporate expenses, including but not limited to advertising, professional costs, clerical and administrative overhead) for the thirteen weeks ended December 27, 2025 decreased $62,000 or 4.19% to $1,416,000 from $1,478,000 for the thirteen weeks ended December 28, 2024 due primarily to lower consulting fees. Selling, general and administrative expenses decreased as a percentage of total revenue for the thirteen weeks ended December 27, 2025 to 2.69% as compared to 2.96% for the thirteen weeks ended December 28, 2024.
Previous wording
***Depreciation and Amortization.***Depreciation and amortization expense for the thirteen weeks ended June 28, 2025 increased $40,000 or 3.55% to $1,167,000 from $1,127,000 for the thirteen weeks ended June 29, 2024. As a percentage of total revenue, depreciation and amortization expense was 2.24% of revenue for the thirteen weeks ended June 28, 2025 and 2.30% of revenue for the thirteen weeks ended June 29, 2024.
Current wording
*Depreciation and Amortization.*Depreciation and amortization expense for the thirteen weeks ended December 27, 2025 increased $50,000 or 4.36% to $1,196,000 from $1,146,000 for the thirteen weeks ended December 28, 2024. Depreciation and amortization decreased as a percentage of total revenue for the thirteen weeks ended December 27, 2025 to 2.28% as compared to 2.29% for the thirteen weeks ended December 28, 2024.
Previous wording
Interest Expense, Net. Interest expense, net, for the thirteen weeks ended June 28, 2025 decreased $14,000 to $237,000 from $251,000 for the thirteen weeks ended June 29, 2024.
Current wording
Interest Expense, Net. Interest expense, net, for the thirteen weeks ended December 27, 2025 increased $3,000 to $253,000 from $250,000 for the thirteen weeks ended December 28, 2024.
Previous wording
***Income Taxes.***Income tax expense for the thirteen weeks ended June 28, 2025 was $242,000 compared to $282,000 for the thirteen weeks ended June 29, 2024. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.
Current wording
*Income Taxes.*Income tax expense for the thirteen weeks ended December 27, 2025 was $128,000 compared to $35,000 for the thirteen weeks ended December 28, 2024. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.
Previous wording
Net Income. Net income for the thirteen weeks ended June 28, 2025 increased $687,000 or 38.12% to $2,489,000 from $1,802,000 for the thirteen weeks ended June 29, 2024 due primarily to the Recent Price Increases and lower food costs, partially offset by overall increased expenses. As a percentage of revenue, net income for the thirteen weeks ended June 28, 2025 is 4.77%, as compared to 3.67% for the thirteen weeks ended June 29, 2024.
Current wording
Net Income. Net income for the thirteen weeks ended December 27, 2025 increased $867,000 or 137.18% to $1,499,000 from $632,000 for the thirteen weeks ended December 28, 2024 due primarily to the Recent Price Increases, partially offset by overall increased expenses. As a percentage of revenue, net income for the thirteen weeks ended December 27, 2025 is 2.85% as compared to 1.26% for the thirteen weeks ended December 28, 2024.
Previous wording
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the thirteen weeks ended June 28, 2025 increased $271,000 or 24.17% to $1,392,000 from $1,121,000 for the thirteen weeks ended June 29, 2024 due primarily to the Recent Price Increases and lower food costs, partially offset by overall increased expenses. As a percentage of revenue, net income attributable to stockholders for the thirteen weeks ended June 28, 2025 is 2.67% as compared to 2.28% for the thirteen weeks ended June 29, 2024.
Current wording
Net Income Attributable to Flanigan’s Enterprises, Inc. Stockholders. Net income attributable to Flanigan’s Enterprises, Inc.’s stockholders for the thirteen weeks ended December 27, 2025 increased $750,000 or 1,363.64% to $805,000 from $55,000 for the thirteen weeks ended December 28, 2024 due primarily to the Recent Price Increases, partially offset by overall increased expenses. As a percentage of revenue, net income attributable to stockholders for the thirteen weeks ended December 27, 2025 is 1.53% as compared to 0.11% for the thirteen weeks ended December 28, 2024.
Previous wording
During the thirteen weeks ended March 29, 2025, we increased our menu prices for our bar offerings (effective February 23, 2025) to target an increase to our bar revenues of approximately 0.84% annually to offset higher food and liquor costs and higher overall expenses. During the thirteen weeks ended December 28, 2024, we increased our menu prices for our bar offerings (effective December 4, 2024) to target an increase to our bar revenues of approximately 4.90% annually and we increased our menu prices for our food offerings (effective November 17, 2024) to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. During our fiscal year 2024, we increased menu prices for our bar offerings (effective August 25, 2024) to target an increase to our bar revenues of approximately 5.63% annually to offset higher food and liquor costs and higher overall expenses. Prior to these increases we previously raised menu prices in the second quarter of our fiscal year 2023.
Current wording
During the second quarter of our fiscal year, 2025, we increased our menu prices for our bar offerings (effective February 23, 2025) to target an increase to our bar revenues of approximately 0.84% annually to offset higher food and liquor costs and higher overall expenses. During the first quarter of our fiscal year 2025, we increased our menu prices for our bar offerings (effective December 4, 2024) to target an increase to our bar revenues of approximately 4.90% annually and we increased our menu prices for our food offerings (effective November 17, 2024) to target an increase to our food revenues of approximately 4.14% annually to offset higher food and liquor costs and higher overall expenses. Prior to these increases we previously raised menu prices in the fourth quarter of our fiscal year 2024.
Previous wording
We fund our operations through cash from operations and borrowings from third parties. As of June 28, 2025, we had cash and cash equivalents of approximately $18,210,000, a decrease of $3,192,000 from our cash balance of $21,402,000 as of September 28, 2024. This decrease is primarily due to the expenditure of $2.2 million for the purchase of undeveloped land in Cutler Bay, Florida for a future restaurant site. This acquisition reflects our ongoing investment in strategic expansion. While no construction has commenced as of the reporting date, management anticipates capital expenditures related to site development and build-out in future fiscal quarters.
Current wording
In the fourth quarter of our fiscal year 2025, we paid $2.2 million for the purchase of undeveloped land in Cutler Bay, Florida for a future restaurant site. This acquisition reflects our ongoing investment in strategic expansion. While no construction has commenced as of the reporting date, site planning has begun and management anticipates capital expenditures related to site development and build-out in future fiscal quarters.
Previous wording
The following table is a summary of our cash flows for the thirty-nine weeks ended June 28, 2025 and June 29, 2024.
Current wording
The following table is a summary of our cash flows for the thirteen weeks ended December 27, 2025 and December 28, 2024.
Previous wording
During the thirty-nine weeks ended June 28, 2025 our Board of Directors declared a cash dividend of $0.55 per share to shareholders of record on June 12, 2025 and was made payable on June 27, 2025. During the thirty-nine weeks ended June 29, 2024 our Board of Directors declared a cash dividend of $0.50 per share to shareholders of record on June 14, 2024 and was made payable on June 28, 2024. Any future determination to pay cash dividends will be at our Board’s discretion and will depend upon our financial condition, operating results, capital requirements and such other factors as our Board deems relevant.
Current wording
We did not declare or pay a cash dividend on our capital stock in the first quarter of our fiscal year 2026 or the first quarter of our fiscal year 2025. Any future determination to pay cash dividends will be at our Board’s discretion and will depend upon our financial condition, operating results, capital requirements and such other factors as our Board deems relevant.
Previous wording
In addition to using cash for our operating expenses, we use cash generated from operations and borrowings to fund the development and construction of new restaurants and to fund capitalized property improvements for our existing restaurants. During the thirty-nine weeks ended June 28, 2025, we acquired property and equipment of $4,956,000, (of which $2.2 million was for the purchase of the Cutler Bay Property and $57,000 was purchase deposits transferred to property and equipment), including $285,000 for renovations to four (4) Company-owned location and $43,000 for renovations to one (1) limited partnership owned restaurant. During the thirty-nine weeks ended June 29, 2024, we acquired property and equipment and construction in progress of $5,282,000, (of which $255,000 was purchase deposits transferred to property and equipment, $715,000 was purchase deposits transferred to CIP, and $308,000 was property and equipment in accounts payable), including $437,000 for renovations to three (3) Company-owned restaurants.
Current wording
In addition to using cash for our operating expenses, we use cash generated from operations and borrowings to fund the development and construction of new restaurants and to fund capitalized property improvements for our existing restaurants. During the thirteen weeks ended December 27, 2025, we acquired property and equipment of $595,000, (of which $32,000 was purchase deposits transferred to property and equipment), including $86,000 for renovations to three Company-owned locations. During the thirteen weeks ended December 28, 2024, we acquired property and equipment of $745,000, (of which $9,000 was purchase deposits transferred to property and equipment), including $87,000 for renovations to one (1) Company-owned package location.
Previous wording
We anticipate the cost of refurbishment in our fiscal year 2025 will be approximately $550,000, although capital expenditures for our refurbishing program for fiscal year 2025 may be significantly higher.
Current wording
We anticipate the cost of refurbishment in our fiscal year 2026 will be approximately $750,000, although capital expenditures for our refurbishing program for fiscal year 2026 may be significantly higher.
Previous wording
As of June 28, 2025, we had long-term debt (including the current portion) of $20,926,000, as compared to $21,912,000 as of September 28, 2024.
Current wording
As of December 27, 2025, we had long-term debt (including the current portion) of $20,260,000, as compared to $20,618,000 as of September 27, 2025.
Previous wording
In order to fix the cost and ensure adequate supply of baby back ribs for our restaurants for calendar year 2025, we entered into a purchase agreement with a new rib supplier, whereby we agreed to purchase approximately $7.8 million of “2.5 & Down Baby Back Ribs” (weight range in which baby back ribs are sold) during calendar year 2025, at a prescribed cost, which we believe is competitive.
Current wording
In order to fix the cost and ensure adequate supply of baby back ribs for our restaurants for calendar year 2026, we entered into a purchase agreement with our existing rib supplier, whereby we agreed to purchase approximately $9.2 million of “2.5 & Down Baby Back Ribs” (weight range in which baby back ribs are sold) during calendar year 2026, at a prescribed cost, which we believe is competitive. For calendar year 2025, we entered into a purchase agreement with a new rib supplier, whereby we agreed to purchase approximately $7.8 million of “2.5 & Down Baby Back Ribs” during calendar year 2025, at a prescribed cost, which we believed was competitive. The increase in our cost of baby back ribs for calendar year 2026 compared to calendar year 2025 is due to an increase in market price and quantity ordered.
Previous wording
While we anticipate purchasing all of our rib supply from the new rib vendor, we believe there are several other alternative vendors available, if needed.
Current wording
While we anticipate purchasing all of our rib supply from our current rib vendor, we believe there are several other alternative vendors available, if needed.
Previous wording
During the first quarter of our fiscal year 2025, we entered into a new Master Services Agreement with our current major vendor for a period of one (1) year effective January 1, 2025, with Company options for four (4) one (1) year renewal options to extend the term of the same. In this new Master Service Agreement, as in our prior Master Service Agreements, we commit to purchase specific products through our current major vendor but are free to purchase other products through other vendors, provided no less than 80% of our overall product needs are purchased through our current major vendor. During the third quarter of our fiscal year 2025 we exercised the first one (1) year renewal option and extended the term of the Master Services Agreement for a period of one (1) year effective January 1, 2026.
Current wording
During the first quarter of our fiscal year 2025, we entered into a new Master Services Agreement with our current major vendor for a period of one (1) year effective January 1, 2025, with Company options for four (4) one (1) year renewal options to extend the term of the same. In this new Master Service Agreement, as in our prior Master Service Agreements, we commit to purchase specific products through our current major vendor but are free to purchase other products through other vendors, provided no less than 80% of our overall product needs are purchased through our current major vendor. During the fourth quarter of our fiscal year 2025, we exercised the first one (1) year renewal option and extended the term of the Master Services Agreement for a period of one (1) year effective January 1, 2026.
Previous wording
We currently lease a portion of our restaurant and package locations under various lease agreements. Determining the probable term for each lease requires judgment by management and can impact the classification and accounting for a lease as financing or operating, as well as the period for straight-lined rent expense and the depreciation period for lease hold improvements. Generally, the lease term is a minimum of the noncancelable period of the lease or the lease term inclusive of reasonably certain renewal periods up to a term of 15 years. If the estimate of our reasonably certain lease term was changed, our depreciation and rent expense could differ materially. To determine the present value of lease payments not yet paid, we estimate incremental borrowing rates (IBR) corresponding to the reasonably certain lease term. The IBR is an estimate based on several factors, including financial market conditions, comparable company and credit analysis as well as management judgment. If the IBR was changed, our operating lease right-of-use assets and lease liabilities could differ materially.
Current wording
We currently lease a portion of our restaurant and package locations under various lease agreements. Determining the probable term for each lease requires judgment by management and can impact the classification and accounting for a lease as financing or operating, as well as the period for straight-lined rent expense and the depreciation period for leasehold improvements. Generally, the lease term is a minimum of the noncancelable period of the lease or the lease term inclusive of reasonably certain renewal periods up to a term of 15 years. If the estimate of our reasonably certain lease term was changed, our depreciation and rent expense could differ materially. To determine the present value of lease payments not yet paid, we estimate incremental borrowing rates (IBR) corresponding to the reasonably certain lease term. The IBR is an estimate based on several factors, including financial market conditions, comparable company and credit analysis as well as management judgment. If the IBR was changed, our operating lease right-of-use assets and lease liabilities could differ materially.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We fund our operations through cash from operations and borrowings from third parties. As of December 27, 2025, we had cash and cash equivalents of approximately $22,967,000, an increase of $2,873,000 from our cash balance of $20,094,000 as of September 27, 2025. This increase is primarily due to the timing of cash receipts related to our holiday promotion.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
Package Store Sales. Revenue generated from sales of liquor and related items at package liquor stores totaled $36,008,000 for the thirty-nine weeks ended June 28, 2025 as compared to $31,034,000 for the thirty-nine weeks ended June 29, 2024, an increase of $4,974,000. This increase was primarily due to increased package liquor store traffic. The weekly average of same store package liquor store sales, which includes eleven (11) Company-owned package liquor stores was $923,000 and $796,000 for the thirty-nine weeks ended June 28, 2025 and June 29, 2024, respectively, an increase of 15.95%. We expect that package liquor store sales for the balance of our fiscal year 2025 will increase due to increased package liquor store traffic.
Previous report — wording carried elsewhere
Costs and Expenses. Costs and expenses (consisting of cost of merchandise sold, payroll and related costs, operating expenses, occupancy costs, selling, general and administrative expenses and depreciation and amortization), for the thirty-nine weeks ended June 28, 2025 increased $12,044,000 or 8.82% to $148,591,000 from $136,547,000 for the thirty-nine weeks ended June 29, 2024. The increase was primarily due to increased payroll, an expected general increase in food costs and overall expenses as well as costs and expenses incurred from the opening of our Company-owned restaurant in Hollywood Florida (Store #19R) during the second quarter of our fiscal year 2024, partially offset by actions taken by management to reduce and/or control costs. We anticipate that our costs and expenses will continue to increase through the balance of our fiscal year 2025. Costs and expenses decreased as a percentage of total revenue to approximately 95.22% for the thirty-nine weeks ended June 28, 2025 from 95.95% for the thirty-nine weeks ended June 29, 2024.
Previous report — wording carried elsewhere
Gross Profit. Gross profit is calculated by subtracting the cost of merchandise sold from sales.
Previous report — wording carried elsewhere
Restaurant Food Sales and Bar Sales. Gross profit for food and bar sales for the thirty-nine weeks ended June 28, 2025 increased to $78,383,000 from $71,817,000 for the thirty-nine weeks ended June 29, 2024. Our gross profit margin for restaurant food and bar sales (calculated as gross profit reflected as a percentage of restaurant food and bar sales), increased to 66.58% for the thirty-nine weeks ended June 28, 2025 as compared to 65.91% for the thirty-nine weeks ended June 29, 2024.
Previous report — wording carried elsewhere
Operating Expenses. Operating expenses (including but not limited to utilities, insurance, cleaning, credit card fees, supplies, security, and other costs closely related to operating restaurant and package stores) for the thirty-nine weeks ended June 28, 2025 increased $2,075,000 or 11.18% to $20,640,000 from $18,565,000 for the thirty-nine weeks ended June 29, 2024 due primarily to the opening of our company owned restaurant in Hollywood, Florida (Store #19R) during the second quarter of our fiscal year 2024, inflation and otherwise to increases in expenses across all categories.
Previous report — wording carried elsewhere
Occupancy Costs. Occupancy costs (consisting of percentage rent, common area maintenance, repairs, real property taxes, amortization of leasehold interests and rent expense associated with operating lease liabilities under ASC 842) for the thirty-nine weeks ended June 28, 2025 increased $9,000 or 0.15% to $6,127,000 from $6,118,000 for the thirty-nine weeks ended June 29, 2024.
Previous report — wording carried elsewhere
***Income Taxes.***Income tax expense for the thirty-nine weeks ended June 28, 2025 was $588,000, as compared to $209,000 for the thirty-nine weeks ended June 29, 2024. This is primarily due to the tax expense that is anticipated based on the projected pre-tax income and permanent differences.