Portillo's (PTLO) Earnings: Q3 Fiscal 2026 Results

The quarter ended September 27, 2026 and Portillo's published the results on November 5, 2026. Revenue and diluted EPS are shown against Q3 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Portillo's uses a 52- or 53-week fiscal year ending on the Sunday on or before December 31; Q3 fiscal 2026 ended September 27, 2026.
• EPS and net income are attributable to Portillo's Inc. Consolidated net income, before non-controlling interests, was $4.8 million against $0.8 million.

Source: Portillo's Q3 fiscal 2026 results, November 5, 2026. Also in the Form 10-Q for the quarter ended September 27, 2026. Figures as reported; checked against the release on November 10, 2026.

How Portillo's splits revenue in its own release, under its own labels, for Q3 fiscal 2026 against Q3 fiscal 2025. Indented lines are parts of the line above them.

• Portillo's's Same-restaurant sales (87 restaurants) revenue was $174 million in Q3 fiscal 2026, up 1% from $171 million in Q3 fiscal 2025, 89% of total revenue.
• Portillo's's Opened in fiscal 2026 (7 restaurants) revenue was $6.3 million in Q3 fiscal 2026, 3% of total revenue.
• Portillo's's Opened in fiscal 2025 (8 restaurants) revenue was $7.7 million in Q3 fiscal 2026, up 213% from $2.4 million in Q3 fiscal 2025, 4% of total revenue.
• Portillo's's Opened in fiscal 2024 (6 restaurants) revenue was $5.2 million in Q3 fiscal 2026, down 18% from $6.4 million in Q3 fiscal 2025, 3% of total revenue.
• Portillo's's Other (direct shipping and non-traditional locations) revenue was $1.3 million in Q3 fiscal 2026, down 6% from $1.4 million in Q3 fiscal 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Portillo's also gave a fiscal 2026 targets table in the release: revenue of $768 million to $773 million, restaurant-level adjusted EBITDA margin of 20.0% to 20.5%, Adjusted EBITDA of $98 million to $101 million (raised from $92 million to $96 million) and capital expenditures of approximately $55 million.

In its Q3 fiscal 2026 release, Portillo's said:

“Portillo's expects to close a mid-to-high single digit number of underperforming restaurants outside of Chicagoland, with the majority occurring in the fiscal fourth quarter of 2026.”

“The Company expects the analysis to result in material cash and non-cash charges mostly in the fiscal fourth quarter of 2026.”

“Based on the collective actions of its strategy, Portillo's expects to deliver annual same-restaurant sales of 2% to 3%, and in the next three years, will ramp new restaurant growth to a high-single-digit percentage and expand margins, leveraging sales growth and efficiencies.”

“All new restaurants beginning in 2028 will be targeted to achieve cash-on-cash returns greater than 20%.”

Source: Portillo's Q3 fiscal 2026 release, Nov 5, 2026.

This is the company's own guidance as of Nov 5, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the PTLO forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Revenues, net and diluted EPS attributable to Portillo's Inc., each as first reported in that quarter's release.

We do not hold a confirmed date for Portillo's's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 fiscal 2026 (this page), reported Nov 5, 2026

Portillo's reported Q3 fiscal 2026 revenue of $194.1 million, up 7.0% or $12.6 million from $181.4 million. Most of the gain came from new restaurants: Portillo's opened eight in fiscal 2025 and seven in the first three quarters of fiscal 2026, and restaurants outside the comparable base added $10.3 million of the increase. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Same-restaurant sales rose 1.4%, or $2.4 million, across 87 restaurants in the comparable base. Average check rose 2.1%, driven by an approximate 2.1% increase in certain menu prices, while transactions fell 0.7%. A year earlier same-restaurant sales had fallen 0.8%. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Portillo's owns its restaurants, which sell Chicago-style food such as Italian beef sandwiches and Chicago-style hot dogs through dine-in, drive-thru, takeout and delivery. The 10-Q splits Q3 revenue into $173.6 million from the comparable base, $6.3 million from 2026 openings, $7.7 million from 2025 openings, $5.2 million from 2024 openings and $1.3 million of other revenue, mostly direct shipping and non-traditional locations. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026; Portillo's Form 10-Q, Q3 fiscal 2026, Nov 5, 2026)

The business is geographically concentrated. At December 28, 2025, Chicagoland restaurants were approximately 42% of Portillo's restaurants and 50% of its comparable base, and Midwestern restaurants approximately 66%. Recent openings have been in Texas: all seven 2026 openings so far were in Texas, including one at Dallas-Fort Worth International Airport. (Portillo's Form 10-K, fiscal 2025, Feb 24, 2026; Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Restaurant-level adjusted EBITDA was $40.1 million, a margin of 20.7% against 20.2% a year earlier. Food, beverage and packaging costs were 34.4% of revenue and labor 26.0%, against 34.5% and 26.6%. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Portillo's earned diluted EPS of $0.06 in Q3 fiscal 2026, against $0.02, on net income attributable to Portillo's Inc. of $4.5 million. Portillo's reports no adjusted EPS; its non-GAAP measures are Adjusted EBITDA, $26.5 million against $21.4 million, and restaurant-level adjusted EBITDA. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Operating income more than doubled to $11.8 million from $5.4 million. Pre-opening expenses fell by $2.6 million, dead site costs fell $3.3 million after the 2025 strategic reset, and the year-ago quarter carried a legacy Barnelli's trade name impairment. Against that, G&A included $1.4 million of restructuring charges for a workforce reduction at the Restaurant Support Center. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Income tax expense rose by $3.0 million, as the year-ago quarter had a tax benefit. Interest expense was $5.5 million, against $5.7 million. Diluted weighted-average shares were 73,433,125, against 73,973,710. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Portillo's gives annual targets in its release. With Q3 fiscal 2026 it set fiscal 2026 revenue at $768-$773 million, raised Adjusted EBITDA to $98-$101 million from $92-$96 million, narrowed restaurant-level adjusted EBITDA margin to 20.0% to 20.5%, and kept 8 new units. Those targets include the planned closure of a mid-to-high single digit number of underperforming restaurants outside Chicagoland, mostly in the fourth quarter, which Portillo's expects to bring material cash and non-cash charges. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

Over the longer term Portillo's said it expects annual same-restaurant sales growth of 2% to 3% and a high-single-digit rate of new restaurant growth within three years, with new restaurants from 2028 targeted at cash-on-cash returns above 20%. Its 2028 prototype is approximately 4,600 square feet on about 1.5 acres, against 3.0 acres historically. (Portillo's Q3 fiscal 2026 release, Nov 5, 2026)

A consensus figure is the average of the models published by the analysts who cover Portillo's, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Portillo's's own release and filings put weight on for Q3 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning PTLO is on is PTLO a buy or a sell?, what analysts expect next is on the PTLO forecast, and what the company does is on the Portillo's (PTLO) stock page.

Every number on this page can be traced to a document Portillo's published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.