Portillo's Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data Portillo's Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	479	455	535	587	680	711	732
Cost of revenue	149	142	167	204
Gross profit	330	313	368	383
Selling and marketing	4.5	2.6	3.1	4	5.9	8	9.4
General and administrative	43.1	39.9	87.1	66.9	78.8	75.1	77.1
Operating income	48.9	57.3	30	41.3	55.4	58	43.7
Interest expense	43.4	45	39.7	27.6	27.5	25.6	22.8
Interest income			0	0	0.21	0.31	0.28
Pre-tax income	5.56	12.3	-16.9	19	28.1	41.9	24.1
Income tax	0	0	-3.53	1.82	3.25	6.8	3
Net income to minority interests	0	0	-19.4	6.31	6.39	5.56	1.75
Net income	-12.9	-8.26	-15.2	10.9	18.4	29.5	19.3
EBITDA	73.3	81.9	53.3	62.2	79.8	85.3	72.8
EPS, basic	-0.25	-0.16	-0.42	0.28	0.34	0.48	0.28
EPS, diluted	-0.25	-0.16	-0.42	0.25	0.32	0.46	0.27
Shares, basic (weighted)	51.2	51.2	35.8	38.9	53.8	61.1	68.8
Shares, diluted (weighted)	51.2	51.2	35.8	42.7	57.3	64	71.1

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	22.6	41.2	39.3	44.4	10.4	22.9	20
Receivables		5.2	7.84	5.37	6.1	5.93	7.24
Inventory		5.08	6.08	7.39	8.73	7.92	8.21
Other current assets		2.92	5.84	4.92	8.57	7.07	6.84
Total current assets		54.6	59	65.3	41.9	52.7	51.5
Property, plant and equipment		175	191	227	296	359	420
Lease right-of-use assets			0	167	194	222	261
Goodwill		394	394	394	394	394	394
Intangible assets		266	260	256	253	250	245
Other non-current assets		681	750	821	854	866	874
Total assets		910	1,000	1,280	1,386	1,500	1,607
Accounts payable		21.4	27.2	30.3	33.2	45.5	43.2
Accrued liabilities		34.8	29.5	29.9	32	33.1	32.2
Deferred revenue		6.77	6.89	7.29	7.18	7.03	7.47
Short-term debt		3.32	3.32	4.16	7.5	11.3	6.25
Total current liabilities		66.4	66.9	77.3	105	136	194
Long-term debt		466	316	314	284	275	238
Lease liabilities			0	200	238	279	329
Other non-current liabilities		9.52	4.59	3.29	2.79	3.56	3.61
Total liabilities		569	576	847	925	1,010	1,109
Total debt		470	319	319	306	312	334
Paid-in capital		0	187	261	308	357	405
Retained earnings		0	-16	-4.81	13.6	43.1	62.5
Shareholders' equity	148	141	171	256	322	401	468
Minority interests		0	252	177	138	89	29.5
Total equity	148	141	423	433	460	490	497
Total liabilities and equity		910	1,000	1,280	1,386	1,500	1,607
Shares outstanding		51.2

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12.9	-8.26	-34.6	17.2	24.8	35.1	21.1
Depreciation and amortization	24.4	24.6	23.3	20.9	24.3	27.3	29.1
Stock-based compensation	1.29	0.96	29.4	16.1	15.5	11.2	6.49
Deferred income tax	0	0	-3.53	1.82	3.25	6.77	2.97
Change in receivables	0.03	-0.75	-0.78	0.19	-0.68	0.86	-1.54
Change in inventory	-0.14	-1.18	-1	-1.31	-1.35	0.82	-0.29
Change in payables	-1.79	1.35	1.79	-3.62	0.21	11.3	0.32
Cash from operations	43.3	58.3	42.9	56.9	70.8	98	71.9
Capital expenditures	-22	-21.5	-36.2	-47.1	-87.9	-88.2	-90.4
Cash from investing	-22	-21.4	-36.3	-47	-87.8	-88.1	-90.2
Debt issued	464	0	0	0	300	0	0
Debt repaid	-472	-13.3	-158	-3.32	-328	-5.63	-41.9
Stock issued	0.1	0.03	0.1	0	0	4.33	2.73
Cash from financing	-11.7	-18	-8.78	-4.71	-16.9	2.51	15.4
Net change in cash	9.59	18.8	-2.17	5.16	-34	12.4	-2.91
Free cash flow	21.3	36.8	6.69	9.83	-17.1	9.85	-18.5
Interest paid	36.5	34.3	43.5	24	28.3	19.4	22.9
Income taxes paid	0	0	0	0	0	0	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $3.50 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	4.5%	Operating income / revenue.
EBITDA margin	8.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.8%	Pre-tax income / revenue.
Net margin	1.9%	Net income / revenue.
FCF margin	-1.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	10.5%	Cash from operations / revenue.
Effective tax rate	-3.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.9%	Net income / average total assets.
Return on invested capital (ROIC)	3.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.7%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-5.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-14.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-34.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	21.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-41.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-26.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-288.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	16.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	27.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	11.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	18.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.26x	Current assets / current liabilities.
Quick ratio	0.17x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.11x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	20.8%	Total debt / total assets.
Liabilities / assets	68.6%	Total liabilities / total assets.
Net debt	$317.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.87x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.50x	Operating income / interest expense.
Working capital	-$139.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	39.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$157.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.46x	Revenue / average total assets.
Fixed asset turnover	1.74x	Revenue / average property, plant and equipment.
Receivables turnover	66.4x	Revenue / average receivables.
Days sales outstanding	5 days	365 x average receivables / revenue.
FCF conversion	-66.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	111.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$10.23	Revenue / diluted weighted shares.
FCF per share	-$0.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.07	Cash from operations / diluted weighted shares.
Book value per share	$6.56	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.16	Tangible book value / shares outstanding.
Cash per share	$0.29	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$265.4M	Share price x shares outstanding.
Enterprise value	$582.6M	Market cap + total debt - cash - short-term investments.
P/E	19.1x	Market cap / net income. Only when net income is positive.
P/S	0.35x	Market cap / revenue.
P/B	0.55x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	3.39x	Market cap / cash from operations, when positive.
EV/Sales	0.78x	Enterprise value / revenue.
EV/EBIT	17.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.94x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.5%	Free cash flow / market cap.
Earnings yield	5.2%	Net income / market cap (the inverse of P/E).
PEG	7.36x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Portillo's Inc.'s revenue in fiscal 2025?

Portillo's Inc. reported revenue of $732.1M for fiscal 2025, 3% higher than the year before.

Was Portillo's Inc. profitable in fiscal 2025?

Yes. Net income was $19.3M, a net margin of 2.6%.

How much free cash flow did Portillo's Inc. generate in fiscal 2025?

Cash from operations of $71.9M minus capital expenditures of $90.4M left free cash flow of -$18.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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