0001871509-26-000033 | 10-Q | XBRL Viewer

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NON-CONTROLLING INTERESTS - Schedule of LLC Interest Ownership by Portillo's Inc. and Pre-IPO LLC Members (Details) - shares	Mar. 29, 2026	Dec. 28, 2025
Portillo's Opco
Noncontrolling Interest [Line Items]
Total	100.00%	100.00%
LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	75,584,288	75,414,071
Portillo's Inc. \| Portillo's Opco
Noncontrolling Interest [Line Items]
Ownership %	95.50%	95.40%
Portillo's Inc. \| LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	72,159,742	71,971,736
pre-IPO LLC Members \| Portillo's Opco
Noncontrolling Interest [Line Items]
Ownership %	4.50%	4.60%
pre-IPO LLC Members \| LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	3,424,546	3,442,335

REVENUE RECOGNITION

3 Months Ended

Mar. 29, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Revenues from retail restaurants are presented net of discounts and recognized when food and beverage products are sold to the end customer. Sales taxes collected from customers are excluded from revenues and the obligation is included in accrued liabilities until the taxes are remitted to the appropriate taxing authorities. The Company also offers delivery services to customers which are generally classified as either Dispatch Sales or Marketplace Sales.

The Company sells gift cards which do not have expiration dates. The Company recognized gift card breakage of $0.3 million for both the quarters ended March 29, 2026 and March 30, 2025.

The gift card liability included in deferred revenue on the condensed consolidated balance sheets is as follows (in thousands):


	March 29, 2026		December 28, 2025
Gift card liability	$	5,021	$	6,965

Revenue recognized in the condensed consolidated statement of operations for the redemption of gift cards that were included in their respective gift card liability balances at the beginning of the year is as follows (in thousands):


	Quarter Ended
		March 29, 2026		March 30, 2025
Revenue recognized from gift card liability balance at the beginning of the year		$	2,022	$	2,021

During fiscal 2025, the Company launched Portillo’s Perks™ ("Perks"), an app-less loyalty program that lives in guests’ digital wallets. Perks is a visit-based program, and guests earn rewards based on qualified visits. The Perks liability was $0.2 million as of both March 29, 2026 and December 28, 2025, which is included in deferred revenue on the condensed consolidated balance sheets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 29, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. All intercompany balances and transactions have been eliminated in consolidation. The Company does not have any components of other comprehensive income (loss) recorded within its condensed consolidated financial statements, and therefore, does not separately present a statement of comprehensive income (loss). Fiscal Year The Company uses a 52- or 53-week fiscal year ending on the Sunday prior to or on December 31. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. An additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal 2026 and 2025 consist of 52 weeks. The fiscal periods presented in this report are the quarters ended March 29, 2026 and March 30, 2025. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the period. Actual results could differ from those estimates. Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. In January 2025, the FASB issued ASU 2025-01 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures-Clarifying the Effective Date", which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which clarifies existing interim reporting guidance under U.S. GAAP. The ASU clarifies the scope and application of interim reporting requirements, the form and content of interim financial statements and disclosures, and consolidates required interim disclosures within Topic 270. The ASU also introduces a principle requiring disclosure of material events occurring after the annual reporting period but before the issuance of interim financial statements. The amendments do not change underlying interim reporting requirements but improve clarity and consistency. ASU 2025-11 is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections and clarifications for a broad range of topics within the FASB Accounting Standards Codification to improve clarity and consistency in the application of existing guidance. The improvements are not expected to have a significant effect on current accounting practice or result in significant costs to most entities. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard during the fiscal year ended December 28, 2025. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to its condensed consolidated financial statements.

NON-CONTROLLING INTERESTS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Noncontrolling Interest [Line Items]
Contributions from non-controlling interest holders	$ 350,000	$ 0
Corporate Joint Venture
Noncontrolling Interest [Line Items]
Contributions from non-controlling interest holders	$ 400,000	$ 0
AP Dogs, LLC \| Corporate Joint Venture
Noncontrolling Interest [Line Items]
Ownership percentage	65.00%
Portillo's Opco
Noncontrolling Interest [Line Items]
Weighted average ownership percentage	4.60%	14.40%

DEBT

3 Months Ended

Mar. 29, 2026

Debt Disclosure [Abstract]

DEBT

Debt consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Term Loan	$	245,313	$	246,875

Revolver Facility	104,000		90,000
Unamortized discount and debt issuance costs	(2,478)		(2,648)
Total debt, net	346,835		334,227
Less: Short-term debt	(104,000)		(90,000)
Less: Current portion of long-term debt	(6,250)		(6,250)
Long-term debt, net	$	236,585	$	237,977

2025 Credit Agreement

On January 27, 2025 (the “2025 Credit Agreement Closing Date”), PHD Intermediate LLC ("Holdings"), Portillo’s Holdings LLC (the "Borrower"), the other Guarantors party thereto, the Lenders from time to time party thereto and Fifth Third Bank, National Association, as Administrative Agent (in such capacities, the "Administrative Agent"), the L/C Issuer and the Swing Line Lender entered into an amendment (the “Amendment”) to the credit agreement, dated as of February 2, 2023 (the "Existing Credit Agreement" and the Existing Credit Agreement as amended by the Amendment and as may be amended, restated, supplemented or otherwise modified from time to time thereafter, the "2025 Credit Agreement"), by and among Holdings, the Borrower, the other Guarantors from time to time party thereto, the Lenders from time to time party thereto and the Administrative Agent. The arrangement was accounted for as a debt modification.

The Existing Credit Agreement provided for a term A loan (the "2023 Term Loan Facility") in an initial aggregate principal amount of $300.0 million and revolving credit commitments in an initial aggregate principal amount of $100.0 million (the "2023 Revolver Facility"). The Amendment provides for, among other things, (i) a $250 million term loan A facility (the "2025 Term Loan Facility") and (ii) revolving credit commitments in an initial aggregate principal amount of $150 million (the "2025 Revolver Facility" and, together with the Term Loan Facility, the "2025 Facilities"). The loans under each of the 2025 Facilities mature on January 27, 2030. The proceeds of the 2025 Term Loan Facility were used to pay off in full amounts outstanding under the 2023 Term Loan Facility outstanding on the 2025 Credit Agreement Closing Date.

The 2023 Term Loan Facility and 2023 Revolver Facility accrued, and the 2025 Term Loan and 2025 Revolver Facility accrue interest at the forward-looking secured overnight financing rate ("SOFR") plus an applicable rate determined upon the consolidated total net rent adjusted leverage ratio, in each case subject to a 0.00% floor.

As of March 29, 2026, the interest rate on both the 2025 Term Loan Facility and 2025 Revolver Facility was 6.17%. Pursuant to the 2025 Credit Agreement, as of March 29, 2026, the commitment fees to maintain the 2025 Revolver Facility were 0.20%, and letter of credit fees were 2.50%. Commitment fees and letter of credit fees are recorded as interest expense in the condensed consolidated statements of operations. As of March 29, 2026, the effective interest rate was 6.52%.

As of March 30, 2025, the interest rate on the 2025 Term Loan and 2025 Revolver Facility was 6.58% and 6.57%, respectively. Pursuant to the Existing Credit Agreement as of March 30, 2025, the commitment fees to maintain the 2023 Revolver Facility were 0.20% and letter of credit fees were 2.25%. As of March 30, 2025, the effective interest rate was 7.02%.

The 2025 Term Loan Facility will amortize in quarterly installments, commencing on the last day of the first full fiscal quarter ended after the 2025 Credit Agreement Closing Date, equaling an aggregate amount of $6.3 million for the first 2 years following the 2025 Credit Agreement Closing Date, (ii) $12.5 million for the third and fourth years following the 2025 Credit Agreement Closing Date and (iii) $25.0 million for the fifth year following the 2025 Credit Agreement Closing Date, with the balance payable on the final maturity date.

As of March 29, 2026, outstanding borrowings under the 2025 Credit Agreement totaled $349.3 million, comprised of $245.3 million under the 2025 Term Loan Facility, and $104.0 million under the 2025 Revolver Facility. Letters of credit issued under the 2025 Revolver Facility totaled $4.4 million. As a result, as of March 29, 2026, the Company had $41.6 million available under the 2025 Revolver Facility.

As of December 28, 2025, outstanding borrowings under the 2025 Credit Agreement totaled $336.9 million, comprised of $246.9 million under the 2025 Term Loan Facility, and $90.0 million under the 2025 Revolver Facility. Letters of credit issued under the 2025 Revolver Facility totaled

$4.4 million. As a result, as of December 28, 2025, the Company had $55.6 million available under the 2025 Revolver Facility.

Discount, Debt Issuance Costs and Interest Expense

Pursuant to the 2025 Credit Agreement, the Company capitalized deferred financing costs and issuance discounts of $1.3 million. The remaining unamortized costs under the 2023 Credit Agreement were $2.0 million. The total deferred financing costs and issuance discounts of $3.3 million will be amortized over the term of the 2025 Credit Agreement.

The Company amortized an immaterial amount of deferred financing costs during both the quarters ended March 29, 2026 and March 30, 2025, which is included in interest expense in the condensed consolidated statements of operations. In addition, the Company also amortized $0.2 million and $0.1 million in original issue discount related to the long-term debt during the quarters ended March 29, 2026 and March 30, 2025, respectively, which is included in interest expense in the condensed consolidated statements of operations.

Total interest expense was $5.6 million and $5.7 million for the quarters ended March 29, 2026 and March 30, 2025, respectively.

Fair Value of Debt

As of March 29, 2026 and December 28, 2025, the fair value of long-term debt approximates the carrying value as it is variable rate debt. The fair value measurement of this debt is considered Level 2 of the fair value hierarchy as inputs to interest are observable, unadjusted quoted prices in active markets for similar assets or liabilities.

Guarantees and Covenants

The 2025 Credit Agreement contains customary representations and warranties, events of default, reporting and other affirmative covenants and negative covenants, including limitations on indebtedness, liens, investments, negative pledges, dividends, junior financings and other fundamental changes. The 2025 Facilities are guaranteed, subject to customary exceptions, by all of the Borrower’s wholly-owned domestic restricted subsidiaries and Holdings, and are secured by a lien on substantially all of the Borrower’s assets, including fixed assets and intangibles, and the assets of the Guarantors, in each case, subject to customary exceptions. Failure to comply with these covenants and restrictions could result in an event of default under the 2025 Credit Agreement. In such an event, all amounts outstanding under the 2025 Credit Agreement, together with any accrued interest, could then be declared immediately due and payable.

As of March 29, 2026, the Company was in compliance with the financial covenants in the 2025 Credit Agreement.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 29, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Gift Card Liability

The gift card liability included in deferred revenue on the condensed consolidated balance sheets is as follows (in thousands):


	March 29, 2026		December 28, 2025
Gift card liability	$	5,021	$	6,965


	Quarter Ended
		March 29, 2026		March 30, 2025
Revenue recognized from gift card liability balance at the beginning of the year		$	2,022	$	2,021

DEBT (Tables)

3 Months Ended

Mar. 29, 2026

Debt Disclosure [Abstract]

Schedule of Debt

Debt consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Term Loan	$	245,313	$	246,875

Revolver Facility	104,000		90,000
Unamortized discount and debt issuance costs	(2,478)		(2,648)
Total debt, net	346,835		334,227
Less: Short-term debt	(104,000)		(90,000)
Less: Current portion of long-term debt	(6,250)		(6,250)
Long-term debt, net	$	236,585	$	237,977

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

GOODWILL & INTANGIBLE ASSETS - Schedule of Aggregate Amortization Expense (Details) $ in Thousands	Mar. 29, 2026 USD ($)
Estimated Amortization
2026 (excluding the quarter ended March 29, 2026)	$ 2,030
2027	2,707
2028	2,707
2029	2,150
2030	1,369
2031	1,369
2032 and thereafter	10,382
Intangible subject to amortization, net	$ 22,714

DESCRIPTION OF BUSINESS (Details)	Mar. 29, 2026 state commissary restaurant property
Schedule of Equity Method Investments [Line Items]
Number of states \| state	11
Number of food production commissaries \| commissary	2
Number of restaurants \| restaurant	105
Number of non-traditional locations \| property	1
C&O
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
AP Dogs, LLC \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

PROPERTY & EQUIPMENT, NET- Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7.2	$ 6.3

REVENUE RECOGNITION - Schedule of Gift Card Liability (Details) - Gift Card - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025	Dec. 28, 2025
Revenue from External Customer [Line Items]
Gift card liability	$ 5,021		$ 6,965
Revenue recognized from gift card liability balance at the beginning of the year	$ 2,022	$ 2,021

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025	Dec. 28, 2025
Revenue Recognition, Milestone Method [Line Items]
Gift card breakage	$ 336	$ 301
Portillo’s Perks
Revenue Recognition, Milestone Method [Line Items]
Gift card liability	$ 200		$ 200

INVENTORIES

3 Months Ended

Mar. 29, 2026

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Raw materials	$	4,923	$	5,408
Work in progress	126		156
Finished goods	1,772		1,827
Consigned inventory	847		816
	$	7,668	$	8,207

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 29, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Equity-Based Compensation Expense

Equity-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands):


	Quarter Ended
		March 29, 2026		March 30, 2025
Labor		$	403	$	353
General and administrative		2,827		1,597
Total equity-based compensation expense		$	3,230	$	1,950

GOODWILL & INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 29, 2026 USD ($) reporting_unit	Mar. 30, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit	1
Amortization expense \| $	$ 0.7	$ 0.7

DEBT - Narrative (Details) - USD ($)		3 Months Ended
DEBT - Narrative (Details) - USD ($)	Jan. 27, 2025	Mar. 29, 2026	Mar. 30, 2025	Dec. 28, 2025
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs		$ 2,478,000		$ 2,648,000
Amortization of debt discount		200,000	$ 100,000
Interest cost		5,627,000	$ 5,749,000
Line of Credit
Debt Instrument [Line Items]
Adjusted leverage ratio	0.00%
Effective interest rate			7.02%
2023 revolver facility		349,300,000		336,900,000
Issuance discount		1,300,000
Remaining unamortized costs		2,000,000.0
Unamortized discount and debt issuance costs		$ 3,300,000
Line of Credit \| 2025 Revolver Facility
Debt Instrument [Line Items]
Effective interest rate		6.52%
Line of Credit \| Term Loan \| 2023 Term Loan
Debt Instrument [Line Items]
Aggregate principal amount	$ 300,000,000.0
Line of Credit \| Term Loan \| Term Loan
Debt Instrument [Line Items]
Aggregate principal amount	250,000,000
Interest rate at period end		6.17%	6.58%
Annual amount for first year	6,300,000
Annual amount for second year	6,300,000
Annual amount for third year	12,500,000
Annual amount for fourth year	12,500,000
Annual amount for fifth year	25,000,000.0
2023 revolver facility		$ 245,300,000		246,900,000
Line of Credit \| Revolving Credit Facility \| Revolver Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	100,000,000.0
Commitment fee percentage			0.20%
Line of Credit \| Revolving Credit Facility \| 2025 Revolver Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 150,000,000
Interest rate at period end		6.17%	6.57%
Commitment fee percentage		0.20%
2023 revolver facility		$ 104,000,000.0		90,000,000.0
Remaining borrowing capacity		$ 41,600,000		55,600,000
Line of Credit \| Letter of Credit \| Revolver Facility
Debt Instrument [Line Items]
Letter of credit fee percentage			2.25%
Line of Credit \| Letter of Credit \| 2025 Revolver Facility
Debt Instrument [Line Items]
Commitment fee percentage		2.50%
Letters of credit		$ 4,400,000
Line of Credit \| Letter of Credit \| New Revolver Facility
Debt Instrument [Line Items]
Letters of credit				$ 4,400,000

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 29, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Mutual Fund Investments and Deferred Compensation Obligations

As of March 29, 2026 and December 28, 2025, the fair value of the mutual fund investments and deferred compensation obligations were as follows (in thousands):


	March 29, 2026		December 28, 2025
	Level 1			Level 1
Assets - Investments designated for deferred compensation plan
Cash accounts	$	842		$	881
Mutual funds	2,026			2,219
Total assets	$	2,868		$	3,100

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 29, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025.
Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Fiscal Year	Fiscal Year The Company uses a 52- or 53-week fiscal year ending on the Sunday prior to or on December 31. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. An additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal 2026 and 2025 consist of 52 weeks. The fiscal periods presented in this report are the quarters ended March 29, 2026 and March 30, 2025.
Use of Estimates	Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the period. Actual results could differ from those estimates.
Recently Issued and Adopted Accounting Standards	Recently Issued Accounting Standards In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. In January 2025, the FASB issued ASU 2025-01 "Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures-Clarifying the Effective Date", which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the effect of adopting this ASU. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which updates the cost capitalization threshold for internal-use software development costs by removing all references to software project development stages and providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which clarifies existing interim reporting guidance under U.S. GAAP. The ASU clarifies the scope and application of interim reporting requirements, the form and content of interim financial statements and disclosures, and consolidates required interim disclosures within Topic 270. The ASU also introduces a principle requiring disclosure of material events occurring after the annual reporting period but before the issuance of interim financial statements. The amendments do not change underlying interim reporting requirements but improve clarity and consistency. ASU 2025-11 is effective for fiscal years beginning after December 15, 2028, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which makes technical corrections and clarifications for a broad range of topics within the FASB Accounting Standards Codification to improve clarity and consistency in the application of existing guidance. The improvements are not expected to have a significant effect on current accounting practice or result in significant costs to most entities. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. Recently Adopted Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted this standard during the fiscal year ended December 28, 2025. The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to its condensed consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

PROPERTY & EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 606,610	$ 591,553
Less accumulated depreciation	(178,064)	(171,290)
Total property and equipment	428,546	420,263
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27,681	26,944
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,813	5,790
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	202,984	195,341
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	351,228	327,138
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,782	1,956
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 17,122	$ 34,384

EQUITY-BASED COMPENSATION - Schedule of Equity-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 3,230	$ 1,950
Labor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	403	353
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,827	$ 1,597

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 29, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We are the sole managing member of Portillo's OpCo, and as a result, consolidate the financial results of Portillo's OpCo. Portillo's OpCo is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Portillo's OpCo is generally not subject to U.S. federal and state and local income taxes. Any taxable income or loss generated by Portillo's OpCo is passed through to and included in the taxable income or loss of its members, including us, based upon the respective member's ownership percentage in Portillo's OpCo. We are subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income or loss of Portillo's OpCo, as well as any stand-alone income or loss generated by Portillo's Inc. Income Tax Expense The effective income tax rate for the quarters ended March 29, 2026 and March 30, 2025 was 24.4% and 25.4%, respectively. The decrease in our effective income tax rate for the quarter ended March 29, 2026 compared to the quarter ended March 30, 2025 was primarily driven by an increase in the valuation allowance related to equity-based compensation expense for certain executive officers. This decreases the effective income tax rate because the Company recorded a pre-tax loss for the quarter ended March 29, 2026. This decrease is partially offset by an increase in the Company's ownership interest in Portillo's OpCo, which increases its share of taxable income (loss) of Portillo's OpCo. The Company’s annual effective tax rate differs from the statutory rate of 21% primarily because of state and local taxes, deferred tax adjustments and impacts from equity-based award activity partially offset by the portion of Portillo's OpCo earnings that are attributable to non-controlling interest that the Company is not liable for federal or state income taxes. We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of March 29, 2026, the Company concluded, based on the weight of all available positive and negative evidence, that all of its deferred tax assets (except for those deferred tax assets relating to the basis difference in its investment in Portillo's OpCo that will never be realizable or only reverse upon the eventual sale of its interest in Portillo's OpCo, which we expect would result in a capital loss which we do not expect to be able to utilize) are more likely than not to be realized. Tax Receivable Agreement As of March 29, 2026, we estimated that our obligation for future payments under the TRA liability totaled $344.2 million. During the quarter ended March 29, 2026 and March 30, 2025, the Company made TRA payments of $7.9 million relating to tax year 2024 and $7.7 million relating to tax year 2023, respectively. We expect a payment of $1.3 million relating to tax year 2025 to be paid within the next 12 months.

- Definition

The entire disclosure for income tax.

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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Level 1 - Recurring - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	$ 2,868	$ 3,100
Cash accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	842	881
Mutual funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	$ 2,026	$ 2,219

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References + Details

RELATED PARTY TRANSACTIONS - Transactions with Non-Controlling Interest Holders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Related Party Transactions [Abstract]
Distributions paid to non-controlling interest holders	$ 376	$ 1,291
Contributions from non-controlling interest holders	$ 350	$ 0

EARNINGS PER SHARE - Schedule of Units Excluded from Calculation of Diluted Earnings per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net (loss) income per share (in shares)	6,021	1,982
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net (loss) income per share (in shares)	345	1,377
Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net (loss) income per share (in shares)	221	291
Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net (loss) income per share (in shares)	2,055	3
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net (loss) income per share (in shares)	3,400	311

RELATED PARTY TRANSACTIONS - Olo-related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Related Party Transaction [Line Items]
Food, beverage and packaging costs	$ 63,285	$ 61,102
Other operating expenses	24,115	21,790
Total restaurant operating expenses	147,779	139,781
Related party
Related Party Transaction [Line Items]
Food, beverage and packaging costs	549	487
Other operating expenses	152	151
Total restaurant operating expenses	$ 701	$ 638

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Mar. 30, 2025	Dec. 28, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate percent	24.40%	25.40%
Tax receivable agreement liability	$ 344,200
TRA amounts paid	7,900	$ 7,700
Current portion of Tax Receivable Agreement liability	$ 1,315		$ 7,910

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 29, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

Equity-based compensation expense is calculated based on equity awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment to equity-based compensation expense will be recognized at that time.

Equity-based compensation expense included in the Company’s condensed consolidated statements of operations is as follows (in thousands):


	Quarter Ended
		March 29, 2026		March 30, 2025
Labor		$	403	$	353
General and administrative		2,827		1,597
Total equity-based compensation expense		$	3,230	$	1,950

During the quarter ended March 29, 2026, the Company granted 248,045 RSUs, under the Portillo's Inc. 2021 Equity Incentive Plan (the "2021 Plan") to certain employees, including the Company's Chief Executive Officer, Brett Patterson, and the Company's former Interim Chief Executive Officer, Michael A. Miles Jr. During the quarter ended March 29, 2026, we also granted 291,007 RSUs to non-employee directors under the 2021 Plan. The weighted average fair value of these awards was determined using the Company's closing stock price on the applicable grant dates, which was $4.97. Outstanding time-based RSUs generally vest equally over periods ranging from one to three years on each of the anniversaries of the date of grant subject to continued service on such date.

During the quarter, the Company recognized accelerated and incremental equity‑based compensation expense related to the modification of outstanding equity awards in connection with the announced retirement of our former Interim Chief Executive Officer and Director.

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 29, 2026	Apr. 28, 2026
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2026
Document Transition Report	false
Entity File Number	001-40951
Entity Registrant Name	PORTILLO'S INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1104304
Entity Address, Address Line One	2001 Spring Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	954-3773
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	PTLO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001871509
Amendment Flag	false
Current Fiscal Year End Date	--12-27
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Common Stock, Shares Outstanding (in shares)		72,380,958
Class B Common Stock
Entity Common Stock, Shares Outstanding (in shares)		3,424,546

NON-CONTROLLING INTERESTS - Schedule of Effects Changes in Ownership in Portillo's OpCo on the Company’s Equity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Noncontrolling Interest [Abstract]
Net (loss) income attributable to Portillo's Inc.	$ (402)	$ 3,313
Activity under equity-based compensation plans	289	652
Non-controlling interest adjustment	190	182
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(4)	0
Total effect of changes in ownership interest on equity attributable to Portillo's Inc.	$ 73	$ 4,147

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONTINGENCIES	3 Months Ended
CONTINGENCIES	Mar. 29, 2026
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is party to legal proceedings and potential claims arising in the normal conduct of business, including claims related to employment matters, contractual disputes, customer injuries, and property damage. Although the ultimate outcome of these claims and lawsuits cannot be predicted with certainty, management believes that the resulting liability, including as a result of the matter described below, if any, will not have a material effect on the Company’s condensed consolidated financial statements. During 2024, a former team member from one of the Company's two California restaurants filed a class action lawsuit alleging wage and hour violations and unfair competition, as well as claims under the California Private Attorneys General Act (“PAGA”). The parties agreed to settlement terms in November 2025, subject to court approval. As of March 29, 2026, a $0.8 million litigation reserve has been recorded in accounts payable on our condensed consolidated balance sheet. During 2025, plaintiffs filed a wrongful death and survival action in Cook County, Illinois, arising out of a vehicle accident that occurred at a Portillo’s location in Oswego, Illinois. Discovery is expected to continue in the coming months. At this time a loss is reasonably possible but not estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of March 29, 2026. On January 19, 2024, Maverick BJK, LLC ("Maverick"), which owns a 50% interest in C&O, initiated arbitration against the Company. Maverick asserts claims for breach of contract, alleging that the sales of the Company's “Ghost Kitchen” location should have been included in C&O’s financials under the terms of the operating agreement. The matter remains pending after unsuccessful mediation efforts in January and March 2026. At this time, a loss is reasonably possible but not estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of March 29, 2026.

EQUITY-BASED COMPENSATION - Narrative (Details)	3 Months Ended
EQUITY-BASED COMPENSATION - Narrative (Details)	Mar. 29, 2026 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price (in usd per share) \| $ / shares	$ 4.97
Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year
Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Employee \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,045
Non-employee Directors \| Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	291,007

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

GOODWILL & INTANGIBLE ASSETS - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 221,725
Indefinite-lived intangible assets	221,725	$ 221,725
Accumulated Amortization	(33,403)	(32,726)
Intangible subject to amortization, net	22,714
Gross Carrying Amount	277,842	277,842
Net Carrying Amount	244,439	245,116
Recipes
Finite-Lived Intangible Assets [Line Items]
Intangible subject to amortization, gross	56,117	56,117
Accumulated Amortization	(33,403)	(32,726)
Intangible subject to amortization, net	$ 22,714	$ 23,391

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ (2,478)	$ (2,648)
Total debt, net	346,835	334,227
Less: Short-term debt	(104,000)	(90,000)
Less: Current portion of long-term debt	(6,250)	(6,250)
Long-term debt, net	236,585	237,977
Line of Credit
Debt Instrument [Line Items]
Revolver Facility	349,300	336,900
Unamortized discount and debt issuance costs	(3,300)
Line of Credit \| Term Loan \| Term Loan
Debt Instrument [Line Items]
Term Loan	245,313	246,875
Line of Credit \| Revolver Facility \| Revolver Facility
Debt Instrument [Line Items]
Revolver Facility	$ 104,000	$ 90,000

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 29, 2026
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company's chief operating decision maker (the "CODM") is its Chief Executive Officer. As the CODM reviews financial performance and allocates resources at a consolidated level on a recurring basis, the Company has one operating segment and one reportable segment. The CODM allocates resources and assesses performance of the Company based on net income (loss), as reported on the condensed consolidated statement of operations, which as the segment measure of profit and loss that is closest to GAAP, is the required segment measure. Net loss was $0.5 million for the quarter ended March 29, 2026 and net income was $4.0 million for the quarter ended March 30, 2025. In addition to net income (loss), the CODM also reviews revenue, operating income (loss), restaurant-level adjusted EBITDA, and adjusted EBITDA. The CODM reviews these measures (i) to evaluate the Company's operating results and the effectiveness of business strategies, (ii) internally as benchmarks to compare the Company's performance to its competitors and (iii) as factors in evaluating management's performance when determining incentive compensation. Additionally, the Company believes these measures are important to evaluate the performance and profitability of our restaurants, individually and in the aggregate. The CODM does not review segment assets and segment expenses at a level different than what is reported in the Company's condensed consolidated balance sheet and condensed consolidated statement of operations. Additionally, the CODM regularly receives information about the Company's capital expenditures which are reported in the Company's condensed consolidated statement of cash flows as purchase of property and equipment under investing activities. No guest accounts for 10% or more of our revenues.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

NON-CONTROLLING INTERESTS (Tables)

3 Months Ended

Mar. 29, 2026

Noncontrolling Interest [Abstract]

Schedule of LLC Interest Ownership by Portillo's Inc. and Pre-IPO LLC Members

The following table summarizes the LLC interest ownership by Portillo's Inc. and pre-IPO LLC members:


	March 29, 2026			December 28, 2025
	LLC Units	Ownership %		LLC Units	Ownership %
Portillo's Inc.	72,159,742	95.5	%	71,971,736	95.4	%
pre-IPO LLC Members	3,424,546	4.5	%	3,442,335	4.6	%
Total	75,584,288	100.0	%	75,414,071	100.0	%

Schedule of Effects of Changes in Ownership in Portillo's OpCo on the Company’s Equity

The following table summarizes the effects of changes in ownership in Portillo's OpCo on the Company’s equity (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Net (loss) income attributable to Portillo's Inc.	$	(402)	$	3,313

Activity under equity-based compensation plans	289		652
Non-controlling interest adjustment	190		182

Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(4)		—
Total effect of changes in ownership interest on equity attributable to Portillo's Inc.	$	73	$	4,147

GOODWILL & INTANGIBLE ASSETS

3 Months Ended

Mar. 29, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL & INTANGIBLE ASSETS

The Company has one reporting unit for goodwill which is evaluated for impairment annually in the fourth quarter of each fiscal year, along with indefinite-lived intangibles, or more frequently when impairment indicators are present. There were no impairment indicators during the quarter ended March 29, 2026.

Intangible assets, net consisted of the following (in thousands):


	As of March 29, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(33,403)		22,714

	$	277,842	$	(33,403)	$	244,439


	As of December 28, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(32,726)		23,391


	$	277,842	$	(32,726)	$	245,116

Amortization expense was $0.7 million for both the quarters ended March 29, 2026 and March 30, 2025, and is included in depreciation and amortization in the condensed consolidated statements of operations.

The estimated aggregate amortization expense related to intangible assets held at March 29, 2026 for the remainder of this year and the succeeding five years and thereafter is as follows (in thousands):


	Estimated Amortization
2026 (excluding the quarter ended March 29, 2026)	$	2,030
2027	2,707
2028	2,707
2029	2,150
2030	1,369
2031	1,369
2032 and thereafter	10,382
	$	22,714

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Earnings Per Share [Abstract]
Net (loss) income	$ (509)	$ 3,990
Net (loss) income attributable to non-controlling interests	(107)	677
NET (LOSS) INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$ (402)	$ 3,313
Shares:
Weighted-average number of common shares outstanding-basic (in shares)	72,076,398	63,837,940
Dilutive share awards (in shares)	0	2,631,000
Weighted-average number of common shares outstanding-diluted (in shares)	72,076,398	66,468,491
Basic net (loss) income per share (in usd per share)	$ (0.01)	$ 0.05
Diluted net (loss) income per share (in usd per share)	$ (0.01)	$ 0.05

CONTINGENCIES (Details)	Mar. 29, 2026 USD ($) restaurant	Mar. 30, 2025 USD ($)	Dec. 29, 2024 restaurant	Jan. 19, 2024
Loss Contingencies [Line Items]
Number of restaurants \| restaurant	105
C&O Chicago, L.L.C. (C&O) \| Maverick's Stake in C&O
Loss Contingencies [Line Items]
Ownership %				50.00%
Class Action Lawsuit
Loss Contingencies [Line Items]
Litigation reserve \| $	$ 800,000
Wrongful Death And Survival Action
Loss Contingencies [Line Items]
Litigation reserve \| $	$ 0
Breach Of Contract
Loss Contingencies [Line Items]
Litigation reserve \| $		$ 0
CALIFORNIA
Loss Contingencies [Line Items]
Number of restaurants \| restaurant			2
CALIFORNIA \| Class Action Lawsuit
Loss Contingencies [Line Items]
Number of restaurants \| restaurant			1

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	Mar. 29, 2026 USD ($) segment	Mar. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	1
Number of reportable segments \| segment	1
Segment Reporting Information [Line Items]
Net (loss) income \| $	$ (509)	$ 3,990
Segment
Segment Reporting Information [Line Items]
Net (loss) income \| $	$ (500)	$ 4,000

- Definition

Amount after tax of income (loss) from continuing operations including portion attributable to the noncontrolling interest.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
CURRENT ASSETS:
Cash and cash equivalents and restricted cash	$ 23,993	$ 19,963
Accounts and tenant improvement receivables	13,137	16,502
Inventories	7,668	8,207
Prepaid expenses and other	7,127	6,844
Total current assets	51,925	51,516
Property and equipment, net	428,546	420,263
Operating lease assets	264,851	261,086
Goodwill	394,298	394,298
Trade names	221,725	221,725
Other intangible assets, net	22,714	23,391
Equity method investment	15,624	15,696
Deferred tax assets	211,473	211,267
Other assets	6,680	7,292
Total other assets	872,514	873,669
TOTAL ASSETS	1,617,836	1,606,534
CURRENT LIABILITIES:
Accounts payable	39,058	43,210
Current portion of long-term debt	6,250	6,250
Current portion of Tax Receivable Agreement liability	1,315	7,910
Short-term debt	104,000	90,000
Deferred revenue	5,541	7,472
Short-term operating lease liabilities	6,922	6,878
Accrued expenses	36,848	32,236
Total current liabilities	199,934	193,956
LONG-TERM LIABILITIES:
Long-term debt, net of current portion	236,585	237,977
Tax Receivable Agreement liability	342,841	344,524
Long-term operating lease liabilities	334,827	329,190
Other long-term liabilities	3,394	3,614
Total long-term liabilities	917,647	915,305
Total liabilities	1,117,581	1,109,261
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued or outstanding	0	0
Additional paid-in-capital	408,161	404,603
Retained earnings	62,072	62,474
Total stockholders' equity attributable to Portillo's Inc.	470,955	467,797
Non-controlling interest	29,300	29,476
Total stockholders' equity	500,255	497,273
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,617,836	1,606,534
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	722	720
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 0	$ 0

RELATED PARTY TRANSACTIONS - Tax Receivable Agreement (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Related Party Transactions [Abstract]
Current portion of Tax Receivable Agreement liability	$ 1,315	$ 7,910
Tax receivable agreement liability	$ 342,841	$ 344,524

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
Income Statement [Abstract]
REVENUES, NET	$ 182,623	$ 176,437
Restaurant operating expenses:
Food, beverage and packaging costs	63,285	61,102
Labor	49,195	46,868
Occupancy	11,184	10,021
Other operating expenses	24,115	21,790
Total restaurant operating expenses	147,779	139,781
General and administrative expenses	20,359	18,903
Pre-opening expenses	2,550	508
Depreciation and amortization	7,936	7,040
Net income attributable to equity method investment	(206)	(164)
Other income, net	(287)	(12)
OPERATING INCOME	4,492	10,381
Interest expense	5,627	5,749
Interest income	(50)	(71)
Tax Receivable Agreement liability adjustment	(412)	(647)
(LOSS) INCOME BEFORE INCOME TAXES	(673)	5,350
Income tax (benefit) expense	(164)	1,360
NET (LOSS) INCOME	(509)	3,990
Net (loss) income attributable to non-controlling interests	(107)	677
NET (LOSS) INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$ (402)	$ 3,313
Net (loss) income per common share attributable to Portillo's Inc.:
Basic (in usd per share)	$ (0.01)	$ 0.05
Diluted (in usd per share)	$ (0.01)	$ 0.05
Weighted-average common shares outstanding:
Basic (in shares)	72,076,398	63,837,940
Diluted (in shares)	72,076,398	66,468,491

NON-CONTROLLING INTERESTS

3 Months Ended

Mar. 29, 2026

Noncontrolling Interest [Abstract]

NON-CONTROLLING INTERESTS

We are the sole managing member of Portillo's OpCo, and as a result, consolidate the financial results of Portillo's OpCo. We report a non-controlling interest to reflect the entitlement of the pre-IPO LLC Members who retained their equity ownership in Portillo's OpCo (the "pre-IPO LLC Members"). Changes in our ownership interest in Portillo's OpCo while we retain our controlling interest in Portillo's OpCo will be accounted for as equity transactions. As such, future redemptions or direct exchanges of LLC Units in Portillo's OpCo by the pre-IPO LLC members will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital.

The following table summarizes the LLC interest ownership by Portillo's Inc. and pre-IPO LLC members:


	March 29, 2026			December 28, 2025
	LLC Units	Ownership %		LLC Units	Ownership %
Portillo's Inc.	72,159,742	95.5	%	71,971,736	95.4	%
pre-IPO LLC Members	3,424,546	4.5	%	3,442,335	4.6	%
Total	75,584,288	100.0	%	75,414,071	100.0	%

The weighted average ownership percentages for the applicable reporting periods are used to attribute net income (loss) to Portillo's Inc. and the pre-IPO LLC Members. The pre-IPO LLC Members' weighted average ownership percentage for the quarters ended March 29, 2026 and March 30, 2025 was 4.6% and 14.4%, respectively.

The following table summarizes the effects of changes in ownership in Portillo's OpCo on the Company’s equity (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Net (loss) income attributable to Portillo's Inc.	$	(402)	$	3,313

Activity under equity-based compensation plans	289		652
Non-controlling interest adjustment	190		182

Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(4)		—
Total effect of changes in ownership interest on equity attributable to Portillo's Inc.	$	73	$	4,147

The Company entered into a joint venture agreement to develop and operate a restaurant at DFW airport, which is expected to commence operations in the second quarter of 2026. The Company holds a 65% ownership interest in AP Dogs. In the quarter ended March 29, 2026, $0.4 million of contributions from non-controlling interests were received. There were no contributions from non-controlling interests during the quarter ended March 30, 2025.

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 29, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The carrying value of the Company's cash and cash equivalents and restricted cash, accounts and tenant improvement receivables, accounts payable and all other current assets and liabilities, approximate fair values due to the short-term nature of these financial instruments.

Other assets consist of long-term prepaid expenses and a deferred compensation plan with related assets held in a rabbi trust. Other long-term liabilities consist of a deferred gain on a supplier arrangement. Long-term prepaid expenses and other long-term liabilities approximate fair values due to the nature of these financial instruments.

Deferred Compensation Plan - The Company maintains a rabbi trust to fund obligations under a deferred compensation plan. Amounts in the rabbi trust are invested in mutual funds, which are designated as trading securities carried at fair value. The fair value measurement of these trading securities is considered Level 1 of the fair value hierarchy as they are measured using quoted market prices.

As of March 29, 2026 and December 28, 2025, the fair value of the mutual fund investments and deferred compensation obligations were as follows (in thousands):


	March 29, 2026		December 28, 2025
	Level 1			Level 1
Assets - Investments designated for deferred compensation plan
Cash accounts	$	842		$	881
Mutual funds	2,026			2,219
Total assets	$	2,868		$	3,100

As of March 29, 2026 and December 28, 2025, we had no Level 2 or Level 3 assets.

The deferred compensation investments and obligations are included in other assets, accrued expenses and other long-term liabilities in the condensed consolidated balance sheets. Changes in the fair value of securities held in the rabbi trust are recognized as trading gains and losses and included in other income in the condensed consolidated statements of operations and offsetting increases or decreases in the deferred compensation obligation are recorded in accrued expenses and other long-term liabilities in the condensed consolidated balance sheets.

Refer to Note 8. Debt for additional information relating to the fair value of the Company's outstanding debt instruments.

Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis

Assets and liabilities that are measured at fair value on a non-recurring basis include property and equipment, net, operating lease assets, equity-method investment, goodwill and indefinite-lived intangible assets. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 29, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 30, 2026, Michelle Hook informed the Chief Executive Officer and General Counsel and Secretary of the Company that she will depart from her role as Chief Financial Officer of the Company, effective May 5, 2026. The Board has initiated a process to identify her successor and has engaged an executive search firm to assist in the search process.

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 29, 2026	Dec. 28, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 4,923	$ 5,408
Work in progress	126	156
Finished goods	1,772	1,827
Consigned inventory	847	816
Total inventory	$ 7,668	$ 8,207

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 29, 2026

Schedule of Related Party Transactions

The Company incurred the following Olo-related costs for the quarters ended March 29, 2026 and March 30, 2025 (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Food, beverage and packaging costs	$	549	$	487
Other operating expenses	152		151
Total Olo-related costs	$	701	$	638


(in thousands)	March 29, 2026		December 28, 2025
Current portion of Tax Receivable Agreement liability	$	1,315	$	7,910
Tax receivable agreement liability	342,841		344,524

Transactions with Non-Controlling Interest Holders


	Quarter Ended
(in thousands)		March 29, 2026		March 30, 2025
Distributions paid to non-controlling interest holders		$	376	$	1,291
Contributions from non-controlling interest holders		$	350	$	—

PROPERTY & EQUIPMENT, NET

3 Months Ended

Mar. 29, 2026

Property, Plant and Equipment [Abstract]

PROPERTY & EQUIPMENT, NET

Property and equipment, net consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Land and land improvements	$	27,681	$	26,944
Buildings and improvements	5,813		5,790
Furniture, fixtures, and equipment	202,984		195,341
Leasehold improvements	351,228		327,138
Transportation equipment	1,782		1,956
Construction-in-progress	17,122		34,384
	606,610		591,553
Less accumulated depreciation	(178,064)		(171,290)
	$	428,546	$	420,263

Depreciation expense was $7.2 million and $6.3 million for the quarters ended March 29, 2026 and March 30, 2025, respectively, and is included in depreciation and amortization in the condensed consolidated statements of operations.

DESCRIPTION OF BUSINESS	3 Months Ended
DESCRIPTION OF BUSINESS	Mar. 29, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Portillo’s Inc. ("Inc.") was incorporated as a Delaware corporation on June 8, 2021, for the purpose of completing an initial public offering ("IPO") and related reorganization transactions in order to carry on the business of PHD Group Holdings LLC and its subsidiaries ("Portillo's OpCo"). Portillo's Inc. is the sole managing member of Portillo’s OpCo, and as sole managing member, Inc. operates and controls all of the business and affairs of Portillo's OpCo and reports a non-controlling interest representing the economic interest in Portillo's OpCo held by the other members of Portillo's OpCo (the "pre-IPO LLC Members"). Unless the context otherwise requires, references to "we," "us," "our," "Portillo's," and the "Company" refer to Portillo's Inc. and its subsidiaries, including Portillo's OpCo. The Company operates restaurants in 11 states that serve Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut fries, homemade chocolate cake and more, along with two food production commissaries in Illinois. As of March 29, 2026, the Company had 105 restaurants in operation. The Company also had one non-traditional location in operation, a food truck. Portillo's additionally has a 50% interest in a single restaurant owned by C&O Chicago, L.L.C. ("C&O"), which is excluded from the Company's restaurant count noted above. The Company’s principal corporate offices are located in Oak Brook, Illinois. The Company entered into a joint venture agreement to develop and operate a restaurant at the Dallas-Fort Worth International Airport ("DFW") which is expected to commence operations in the second quarter of 2026. The Company holds a 65% ownership interest in AP Dogs, LLC ("AP Dogs") and has day-to-day operational and managerial control over its business and affairs. Accordingly, the Company consolidates the joint venture and reports a noncontrolling interest representing the economic interest in AP Dogs held by the other partner.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (509)	$ 3,990
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	7,936	7,040
Amortization of debt issuance costs and discount	170	176
Loss on sales of assets	72	61
Equity-based compensation	3,230	1,950
Deferred income tax (benefit) expense	(164)	1,360
Tax Receivable Agreement liability adjustment	(412)	(647)
Gift card breakage	(336)	(301)
Changes in operating assets and liabilities:
Accounts receivable	1,434	527
Receivables from related parties	(16)	(8)
Inventories	539	1,240
Other current assets	(281)	(897)
Operating lease assets	2,475	2,383
Accounts payable	(1,378)	(6,876)
Accrued expenses and other liabilities	2,970	(227)
Operating lease liabilities	(785)	(975)
Deferred lease incentives	2,091	0
Other assets and liabilities	518	654
NET CASH PROVIDED BY OPERATING ACTIVITIES	17,554	9,450
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(18,461)	(19,040)
Other	156	0
NET CASH USED IN INVESTING ACTIVITIES	(18,305)	(19,040)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from short-term debt, net	14,000	48,000
Payments of long-term debt	(1,562)	(38,750)
Distributions paid to non-controlling interest holders	(376)	(1,291)
Proceeds from stock option exercises	231	587
Employee withholding taxes related to net settled equity awards	(29)	(61)
Proceeds from Employee Stock Purchase Plan purchases	80	114
Payments of Tax Receivable Agreement liability	(7,913)	(7,686)
Payment of deferred financing costs	0	(1,263)
Contributions from non-controlling interests	350	0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	4,781	(350)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	4,030	(9,940)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	19,963	22,876
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	23,993	12,936
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	5,643	6,158
Income tax paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	8,433	8,007
Establishment of liabilities under Tax Receivable Agreement	$ 47	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Mar. 29, 2026	Dec. 28, 2025
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	380,000,000	380,000,000
Common stock, issued (in shares)	72,159,742	71,971,736
Common stock, outstanding (in shares)	72,159,742	71,971,736
Class B Common Stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	3,424,546	3,442,335
Common stock, outstanding (in shares)	3,424,546	3,442,335

GOODWILL & INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 29, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Indefinite-Lived Intangibles, Net

Intangible assets, net consisted of the following (in thousands):


	As of March 29, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(33,403)		22,714

	$	277,842	$	(33,403)	$	244,439


	As of December 28, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(32,726)		23,391


	$	277,842	$	(32,726)	$	245,116

Schedule of Finite-Lived Intangibles, Net

Intangible assets, net consisted of the following (in thousands):


	As of March 29, 2026
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(33,403)		22,714

	$	277,842	$	(33,403)	$	244,439


	As of December 28, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Indefinite-lived intangible assets:
Trade names	$	221,725	$	—	$	221,725
Intangible subject to amortization:
Recipes	56,117		(32,726)		23,391


	$	277,842	$	(32,726)	$	245,116

Schedule of Aggregate Amortization Expense


	Estimated Amortization
2026 (excluding the quarter ended March 29, 2026)	$	2,030
2027	2,707
2028	2,707
2029	2,150
2030	1,369
2031	1,369
2032 and thereafter	10,382
	$	22,714

INVENTORIES (Tables)

3 Months Ended

Mar. 29, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Raw materials	$	4,923	$	5,408
Work in progress	126		156
Finished goods	1,772		1,827
Consigned inventory	847		816
	$	7,668	$	8,207

EARNINGS PER SHARE

3 Months Ended

Mar. 29, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic net (loss) earnings per share of Class A common stock is computed by dividing net (loss) income attributable to Portillo's Inc. by the weighted-average number of Class A common stock outstanding.

Diluted net (loss) earnings per share is computed by dividing net (loss) income attributable to Portillo's Inc. by the weighted-average number of dilutive securities, using the treasury stock method.

The computations of basic and diluted net (loss) earnings per share for the quarters ended March 29, 2026 and March 30, 2025 are as follows (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Net (loss) income	$	(509)	$	3,990
Net (loss) income attributable to non-controlling interests	(107)		677
Net (loss) income attributable to Portillo's Inc.	$	(402)	$	3,313

Shares:
Weighted-average number of common shares outstanding-basic	72,076		63,838
Dilutive share awards	—		2,631
Weighted-average number of common shares outstanding-diluted	72,076		66,468

Basic net (loss) income per share	$	(0.01)	$	0.05
Diluted net (loss) income per share	$	(0.01)	$	0.05

Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of Portillo's Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented.

The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive or subject to performance conditions which have not been satisfied by the end of the reporting period (in thousands):


	Quarter Ended
	March 29, 2026	March 30, 2025
Performance Stock Options	345	1,377
Performance Stock Units	221	291
Restricted Stock Units	2,055	3
Stock Options	3,400	311
Total shares excluded from diluted net (loss) income per share	6,021	1,982

PROPERTY & EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 29, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	March 29, 2026		December 28, 2025
Land and land improvements	$	27,681	$	26,944
Buildings and improvements	5,813		5,790
Furniture, fixtures, and equipment	202,984		195,341
Leasehold improvements	351,228		327,138
Transportation equipment	1,782		1,956
Construction-in-progress	17,122		34,384
	606,610		591,553
Less accumulated depreciation	(178,064)		(171,290)
	$	428,546	$	420,263

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	Retained Earnings	Non-Controlling Interest
Beginning balance (in shares) at Dec. 29, 2024				63,674,579	10,732,800
Beginning balance at Dec. 29, 2024	$ 490,103			$ 637	$ 0	$ 357,295	$ 43,129	$ 89,042
Total Stockholders' Equity
Net income (loss)	3,990						3,313	677
Equity-based compensation	1,950					1,669		281
Activity under equity-based compensation plans (in shares)				230,551
Activity under equity-based compensation plans	654			$ 2		652
Non-controlling interest adjustment	0					182		(182)
Distributions paid to non-controlling interest holders	(1,291)							(1,291)
Contributions from non-controlling interest holders	0
Ending balance (in shares) at Mar. 30, 2025				63,905,130	10,732,800
Ending balance at Mar. 30, 2025	495,406			$ 639	$ 0	359,798	46,442	88,527
Beginning balance (in shares) at Dec. 28, 2025		71,971,736	3,442,335	71,971,736	3,442,335
Beginning balance at Dec. 28, 2025	497,273			$ 720	$ 0	404,603	62,474	29,476
Total Stockholders' Equity
Net income (loss)	(509)						(402)	(107)
Equity-based compensation	3,230					3,083		147
Activity under equity-based compensation plans (in shares)				170,217
Activity under equity-based compensation plans	291			$ 2		289
Redemption of LLC Units (in shares)				17,789	(17,789)
Non-controlling interest adjustment	0					190		(190)
Distributions paid to non-controlling interest holders	(376)							(376)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(4)					(4)
Contributions from non-controlling interest holders	350							350
Ending balance (in shares) at Mar. 29, 2026		72,159,742	3,424,546	72,159,742	3,424,546
Ending balance at Mar. 29, 2026	$ 500,255			$ 722	$ 0	$ 408,161	$ 62,072	$ 29,300

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 29, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings per Share

The computations of basic and diluted net (loss) earnings per share for the quarters ended March 29, 2026 and March 30, 2025 are as follows (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Net (loss) income	$	(509)	$	3,990
Net (loss) income attributable to non-controlling interests	(107)		677
Net (loss) income attributable to Portillo's Inc.	$	(402)	$	3,313

Shares:
Weighted-average number of common shares outstanding-basic	72,076		63,838
Dilutive share awards	—		2,631
Weighted-average number of common shares outstanding-diluted	72,076		66,468

Basic net (loss) income per share	$	(0.01)	$	0.05
Diluted net (loss) income per share	$	(0.01)	$	0.05

Schedule of Units Excluded from Calculation of Diluted Earnings per Share


	Quarter Ended
	March 29, 2026	March 30, 2025
Performance Stock Options	345	1,377
Performance Stock Units	221	291
Restricted Stock Units	2,055	3
Stock Options	3,400	311
Total shares excluded from diluted net (loss) income per share	6,021	1,982

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2026	Mar. 30, 2025	Dec. 28, 2025
Related Party Transaction [Line Items]
Accounts payable	$ 39,058		$ 43,210
TRA obligation percent	85.00%
TRA amounts paid	$ 7,900	$ 7,700
Current portion of Tax Receivable Agreement liability	1,315		7,910
Related party
Related Party Transaction [Line Items]
Accounts and tenant improvement receivables	300		300
Accounts payable	$ 400		$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 29, 2026

RELATED PARTY TRANSACTIONS

As of March 29, 2026 and December 28, 2025 the related parties’ receivables balance consisted of $0.3 million, due from C&O, which is included in accounts and tenant improvement receivables in the condensed consolidated balance sheets.

Olo, Inc.

Noah Glass, a member of the Company's Board, is the founder and CEO of Olo, Inc. ("Olo"), a platform the Company uses in connection with our mobile ordering application and delivery.

The Company incurred the following Olo-related costs for the quarters ended March 29, 2026 and March 30, 2025 (in thousands):


	Quarter Ended
	March 29, 2026		March 30, 2025
Food, beverage and packaging costs	$	549	$	487
Other operating expenses	152		151
Total Olo-related costs	$	701	$	638

As of March 29, 2026 and December 28, 2025, $0.4 million and $0.3 million, respectively, were payable to Olo and were included in accounts payable in the condensed consolidated balance sheets.

Tax Receivable Agreement

We are party to a TRA with certain members of Portillo's OpCo that provides for the payment by us of 85% of the amount of tax benefits, if any, that Portillo's Inc. actually realizes or in some cases is deemed to realize as a result of certain transactions. During the quarter ended March 29, 2026 and March 30, 2025, the Company made TRA payments of $7.9 million relating to tax year 2024 and $7.7 million relating to tax year 2023, respectively. We expect a payment of $1.3 million relating to tax year 2025 to be paid within the next 12 months.


(in thousands)	March 29, 2026		December 28, 2025
Current portion of Tax Receivable Agreement liability	$	1,315	$	7,910
Tax receivable agreement liability	342,841		344,524

Transactions with Non-Controlling Interest Holders


	Quarter Ended
(in thousands)		March 29, 2026		March 30, 2025
Distributions paid to non-controlling interest holders		$	376	$	1,291
Contributions from non-controlling interest holders		$	350	$	—

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details