Portillo's Inc.

For the period ended Dec 28, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

PTLO$6.98+1.3%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Years Ended
	December 28, 2025	December 29, 2024	December 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$21,092	$35,076	$24,818
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	29,112	27,297	24,313
Amortization of debt issuance costs and discount	692	873	1,001
Loss on sales of assets	434	528	592
Equity-based compensation	6,493	11,151	15,542
Deferred income tax expense	2,997	6,771	3,249
Tax Receivable Agreement liability adjustment	(2,945)	(9,149)	(3,349)
Gift card breakage	(857)	(852)	(917)
Asset impairment	2,200	657	—
Loss on debt extinguishment	—	—	3,465
Changes in operating assets and liabilities:
Accounts receivables	(1,537)	862	(679)
Receivables from related parties	25	(46)	(82)
Inventories	(292)	818	(1,346)
Other current assets	221	357	(3,643)
Operating lease assets	9,699	8,469	7,402
Accounts payable	316	11,284	209
Accrued expenses and other liabilities	310	1,827	3,021
Operating lease liabilities	(2,920)	(3,178)	(2,033)
Deferred lease incentives	5,282	5,553	1,501
Other assets and liabilities	1,589	(258)	(2,283)
NET CASH PROVIDED BY OPERATING ACTIVITIES	71,911	98,040	70,781
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(90,435)	(88,191)	(87,918)
Other	242	77	81
NET CASH USED IN INVESTING ACTIVITIES	(90,193)	(88,114)	(87,837)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt, net	65,000	10,000	15,000
Proceeds from long-term debt	—	—	300,000
Payments of long-term debt	(41,875)	(5,625)	(328,053)
Proceeds from equity offering, net of underwriting discounts	—	114,960	179,306
Repurchase of outstanding equity / Portillo's OpCo units	—	(114,960)	(179,306)
Distributions paid to non-controlling interest holders	(1,291)	(838)	(399)
Proceeds from stock option exercises	2,727	4,332	1,879
Employee withholding taxes related to net settled equity awards	(1,046)	(1,433)	(1,505)
Proceeds from Employee Stock Purchase Plan purchases	453	508	527
Payments of Tax Receivable Agreement liability	(7,686)	(4,432)	(813)
Payment of deferred financing costs	(1,263)	—	(3,569)
Contributions from non-controlling interests	350	—	—
NET CASH PROVIDED BY (USED) IN FINANCING ACTIVITIES	15,369	2,512	(16,933)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(2,913)	12,438	(33,989)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	22,876	10,438	44,427
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	$19,963	$22,876	$10,438

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Fiscal Years Ended
	December 28, 2025	December 29, 2024	December 31, 2023
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	$22,922	$19,445	$28,282
Income tax paid	—	—	—
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	$11,207	$13,466	$12,729
Establishment of liabilities under Tax Receivable Agreement	38,485	38,342	51,165

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.