---
schema_version: "secwatch.filing_event.v1"
accession: "0001871509-25-000151"
form_type: "8-K"
ticker: "PTLO"
cik: "0001871509"
company_name: "Portillo's Inc."
filed_at: "2025-11-04T23:59:59+00:00"
generated_at: "2026-05-17T00:42:59.789713+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Portillo's Q3 net income falls 91% to $0.8M; cuts FY2025 outlook

## Summary
- Net income $0.8M vs $8.8M YoY; operating income down 66% to $5.4M.
- Same-restaurant sales -0.8% on 2.2% fewer transactions; menu prices up ~3.2%.
- Adjusted EBITDA $21.4M, down 23.4%; Restaurant-Level EBITDA $36.7M, down 12.5%.
- Updated FY2025 targets: rev $730-733M, adj EBITDA $90-94M, same-store sales -1 to -1.5%, 8 new units.
- CEO transition: Mike Miles interim; $3.3M dead site costs; $2.2M Barnelli's trade name impairment.

## SEC filing metadata
- accession: 0001871509-25-000151
- form_type: 8-K
- ticker: PTLO
- cik: 0001871509
- company_name: Portillo's Inc.
- filed_at: 2025-11-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1871509/000187150925000151/0001871509-25-000151-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1871509/000187150925000151/ptlo-20251104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001871509-25-000151
- JSON: https://secwatch.observer/filing/0001871509-25-000151.json
- Plain text: https://secwatch.observer/filing/0001871509-25-000151.txt

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