---
schema_version: "secwatch.filing_event.v1"
accession: "0001871509-23-000138"
form_type: "8-K"
ticker: "PTLO"
cik: "0001871509"
company_name: "Portillo's Inc."
filed_at: "2023-11-02T23:59:59+00:00"
generated_at: "2026-06-09T01:03:28.776416+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Portillo's Q3 revenue up 10.4% to $166.8M; net income up 104.7%; board member retires

## Summary
- Total revenue $166.8M (+10.4% YoY); same-restaurant sales +3.9% driven by 7.4% avg check increase, partially offset by 3.5% transaction decline.
- Net income $6.5M (+104.7% YoY) on operating income $15.1M (+42.6%); Adjusted EBITDA $27.3M (+26.2%).
- Opened 2 new restaurants in Q3, total 78; plans 5 more in Q4.
- Commodity inflation moderated to 3.5% from 15.4% in prior year; menu prices increased net 5% in 2023.
- Director Richard K. Lubin retired from board and compensation committee effective Oct 30, 2023; search for replacement underway.

## SEC filing metadata
- accession: 0001871509-23-000138
- form_type: 8-K
- ticker: PTLO
- cik: 0001871509
- company_name: Portillo's Inc.
- filed_at: 2023-11-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000138/0001871509-23-000138-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000138/ptlo-20231102.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001871509-23-000138
- JSON: https://secwatch.observer/filing/0001871509-23-000138.json
- Plain text: https://secwatch.observer/filing/0001871509-23-000138.txt

## Key facts
- Earnings Releases
  Portillo's Inc. reported third quarter ended September 24, 2023 results: revenue $166.8 million, net income $6.5 million.
  - Period: third quarter ended September 24, 2023
  - Revenue: $166.8 million
  - Net income: $6.5 million
  - Result: reported results
  source text: sets Portillo’s apart and keeps guests coming back.” Financial Highlights for the Third Quarter 2023 vs. Third Quarter 2022: • Total revenue increased 10.4% or $15.7 million to $166.8 million; • Same restaurant sales increased 3.9%; • Operating income increased $4.5 million to $15.1 million; • Net income increased $3.3 million to $6.5 million; • Restaurant-Level
  evidence_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000138/0001871509-23-000138-index.htm
- Executive change
  Richard K. Lubin retired as Director at Portillo's Inc..
  - Action: retired
  - Role: Director
  source text: On October 30, 2023, Richard K. Lubin notified the Company’s Board of Directors (“Board”) of his intent to retire from the Board and Compensation Committee effective as of October 30, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1871509/000187150923000138/0001871509-23-000138-index.htm

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