---
schema_version: "secwatch.filing_event.v1"
accession: "0001871509-22-000064"
form_type: "8-K"
ticker: "PTLO"
cik: "0001871509"
company_name: "Portillo's Inc."
filed_at: "2022-11-03T23:59:59+00:00"
generated_at: "2026-06-22T09:55:48.805323+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Portillo's Q3 revenue up 9.5% to $151.1M but net income down 51% to $3.2M

## Summary
- Total revenue $151.1M (+9.5% YoY); same-restaurant sales +5.8% on 6.3% avg check increase, transactions down 3.3%.
- Net income $3.2M vs $6.5M (-51%); operating income $10.6M vs $17.2M (-38.5%).
- Adjusted EBITDA $21.6M (-10.7%); Restaurant-Level Adj. EBITDA $34.1M (flat). Commodity inflation (beef, chicken) and labor costs pressured margins.
- Completed secondary offering of 8.07M shares at $23.75; company received no proceeds.
- Menu price increases: ~1.5% in Q1, ~3.5% in Q2, and additional ~3% in Q4 to combat inflation.

## SEC filing metadata
- accession: 0001871509-22-000064
- form_type: 8-K
- ticker: PTLO
- cik: 0001871509
- company_name: Portillo's Inc.
- filed_at: 2022-11-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1871509/000187150922000064/0001871509-22-000064-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1871509/000187150922000064/ptlo-20221103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001871509-22-000064
- JSON: https://secwatch.observer/filing/0001871509-22-000064.json
- Plain text: https://secwatch.observer/filing/0001871509-22-000064.txt

## Key facts
- Earnings Releases
  Portillo's Inc. reported financial results for the third quarter ended September 25, 2022.
  - Period: the third quarter ended September 25, 2022
  - Result: reported results
  source text: On November 3, 2022 , Portillo’s Inc. (NASDAQ: PTLO) issued a press release reporting results for the third quarter ended September 25, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150922000064/0001871509-22-000064-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.