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Potbelly Corpora Financials

PBPB
Source SEC Filings (10-K/10-Q) Updated Jun 29, 2025 Currency USD FYE December

This page shows Potbelly Corpora (PBPB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 47 / 100
Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
28

Potbelly Corpora has an operating margin of 2.4%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 28/100, suggesting thin profitability after operating expenses. This is up from 2.0% the prior year.

Growth
24

Potbelly Corpora's revenue declined 5.9% year-over-year, from $491.4M to $462.6M. This contraction results in a growth score of 24/100.

Leverage
100

Potbelly Corpora carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
4

Potbelly Corpora's current ratio of 0.51 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 4/100, which could limit financial flexibility.

Cash Flow
25

While Potbelly Corpora generated $19.7M in operating cash flow, capex of $19.3M consumed most of it, leaving $379K in free cash flow. This results in a low score of 25/100, reflecting heavy capital investment rather than weak cash generation.

Returns
100

Potbelly Corpora earns a strong 69.0% return on equity (ROE), meaning it generates $69 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 34.8% the prior year.

Altman Z-Score Distress
1.70

Potbelly Corpora scores 1.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($518.0M) relative to total liabilities ($205.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
4/9

Potbelly Corpora passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
0.49x

For every $1 of reported earnings, Potbelly Corpora generates $0.49 in operating cash flow ($19.7M OCF vs $40.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe
13.3x

Potbelly Corpora earns $13.3 in operating income for every $1 of interest expense ($11.0M vs $829K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$462.6M
YoY-5.9%
5Y CAGR+2.5%
10Y CAGR+3.5%

Potbelly Corpora generated $462.6M in revenue in fiscal year 2024. This represents a decrease of 5.9% from the prior year.

EBITDA
$23.7M
YoY+6.9%
5Y CAGR+12.9%
10Y CAGR-1.3%

Potbelly Corpora's EBITDA was $23.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.9% from the prior year.

Net Income
$40.3M
YoY+687.1%
10Y CAGR+24.9%

Potbelly Corpora reported $40.3M in net income in fiscal year 2024. This represents an increase of 687.1% from the prior year.

EPS (Diluted)
$1.31
YoY+670.6%
10Y CAGR+25.1%

Potbelly Corpora earned $1.31 per diluted share (EPS) in fiscal year 2024. This represents an increase of 670.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$379K
YoY-84.4%
5Y CAGR-36.9%

Potbelly Corpora generated $379K in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 84.4% from the prior year.

Cash & Debt
$11.7M
YoY-65.5%
5Y CAGR-9.1%
10Y CAGR-15.5%

Potbelly Corpora held $11.7M in cash against $4.0M in long-term debt as of fiscal year 2024.

Dividends Per Share
N/A
Shares Outstanding
30M
YoY+1.8%
5Y CAGR+4.8%
10Y CAGR+0.3%

Potbelly Corpora had 30M shares outstanding in fiscal year 2024. This represents an increase of 1.8% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
2.4%
YoY+0.3pp
5Y CAGR+4.6pp
10Y CAGR+0.2pp

Potbelly Corpora's operating margin was 2.4% in fiscal year 2024, reflecting core business profitability. This is up 0.3 percentage points from the prior year.

Net Margin
8.7%
YoY+7.7pp
5Y CAGR+14.6pp
10Y CAGR+7.4pp

Potbelly Corpora's net profit margin was 8.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 7.7 percentage points from the prior year.

Return on Equity
69.0%
YoY+34.2pp
5Y CAGR+103.9pp
10Y CAGR+66.2pp

Potbelly Corpora's ROE was 69.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 34.2 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$1.4M
5Y CAGR-19.9%
10Y CAGR-18.1%

Potbelly Corpora spent $1.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$19.3M
YoY+13.1%
5Y CAGR+6.1%
10Y CAGR-4.1%

Potbelly Corpora invested $19.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 13.1% from the prior year.

PBPB Income Statement

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Revenue $123.7M+8.8% $113.7M-2.5% $116.6M+1.3% $115.1M-3.8% $119.7M+7.7% $111.2M-11.6% $125.7M+4.1% $120.8M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $13.4M+8.0% $12.4M-4.5% $13.0M+22.3% $10.6M-10.7% $11.9M+2.8% $11.5M-22.7% $14.9M+25.6% $11.9M
Operating Income $3.7M+1380.8% $250K-90.0% $2.5M-41.1% $4.3M+3.2% $4.1M+3390.7% $118K-97.2% $4.2M+60.5% $2.6M
Interest Expense $123K-26.3% $167K+36.9% $122K-24.7% $162K-10.5% $181K-50.3% $364K-51.5% $750K-12.1% $853K
Income Tax $665K+33350.0% -$2K+99.9% -$2.6M-23963.6% $11K+100.0% -$31.0M-60849.0% $51K-92.9% $723K+460.5% $129K
Net Income $2.5M+4112.9% -$62K-101.3% $4.6M+23.5% $3.7M-89.2% $34.7M+1354.5% -$2.8M-201.2% $2.7M+82.9% $1.5M
EPS (Diluted) $0.08 $0.00 N/A $0.12-89.4% $1.13+1355.6% $-0.09 N/A $0.05

PBPB Balance Sheet

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Total Assets $265.2M-0.2% $265.8M+1.0% $263.1M+1.7% $258.6M+1.6% $254.6M+11.9% $227.5M-9.9% $252.5M+0.5% $251.3M
Current Assets $37.0M+1.4% $36.5M+9.9% $33.2M+4.3% $31.8M+13.3% $28.1M-13.0% $32.3M-39.2% $53.1M+10.5% $48.1M
Cash & Equivalents $16.2M+9.7% $14.8M+26.5% $11.7M+4.1% $11.2M+34.6% $8.3M-34.6% $12.7M-62.3% $33.8M+9.2% $30.9M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $10.1M-3.6% $10.5M+7.6% $9.8M-2.8% $10.0M+11.9% $9.0M+7.1% $8.4M+5.3% $8.0M+0.8% $7.9M
Goodwill $2.0M0.0% $2.0M0.0% $2.0M-0.2% $2.1M0.0% $2.1M0.0% $2.1M-0.1% $2.1M-3.1% $2.1M
Total Liabilities $204.1M-1.6% $207.4M+1.1% $205.2M-0.4% $206.1M-0.4% $206.9M-3.2% $213.8M-10.3% $238.4M-1.3% $241.6M
Current Liabilities $73.4M+7.3% $68.4M+4.8% $65.2M-0.3% $65.4M+4.0% $62.9M-6.7% $67.4M-5.2% $71.1M+1.8% $69.9M
Long-Term Debt $0-100.0% $4.5M+12.5% $4.0M+33.3% $3.0M-25.0% $4.0M-20.0% $5.0M-73.9% $19.2M-8.4% $20.9M
Total Equity $61.4M+4.2% $58.9M+0.8% $58.4M+10.4% $52.9M+9.5% $48.3M+236.8% $14.3M-2.4% $14.7M+47.2% $10.0M
Retained Earnings -$291.1M+0.8% -$293.6M0.0% -$293.5M+1.5% -$298.1M+1.2% -$301.9M+10.3% -$336.6M-0.8% -$333.8M+0.8% -$336.5M

PBPB Cash Flow Statement

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Operating Cash Flow $13.7M+59.2% $8.6M+30.7% $6.6M-28.3% $9.2M+191.7% $3.2M+355.6% $693K-86.1% $5.0M+101.2% $2.5M
Capital Expenditures $5.8M+16.8% $5.0M-20.3% $6.3M+44.7% $4.3M-8.3% $4.7M+19.2% $4.0M-17.5% $4.8M-3.4% $5.0M
Free Cash Flow $7.9M+117.5% $3.6M+982.1% $336K-93.1% $4.9M+411.4% -$1.6M+52.1% -$3.3M-1858.1% $186K+107.5% -$2.5M
Investing Cash Flow -$5.8M-18.4% -$4.9M+19.0% -$6.1M-34.0% -$4.5M+3.9% -$4.7M-26.4% -$3.7M-3239.5% $119K+102.4% -$5.0M
Financing Cash Flow -$6.5M-959.9% -$611K-7737.5% $8K+100.4% -$1.8M+36.8% -$2.8M+84.3% -$18.0M-698.8% -$2.3M-171.8% -$830K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $989K-12.3% $1.1M+147.4% $456K+94.9% $234K-66.7% $703K $0 $0 $0

PBPB Financial Ratios

Metric Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 3.0%+2.8pp 0.2%-1.9pp 2.1%-1.5pp 3.7%+0.3pp 3.4%+3.3pp 0.1%-3.3pp 3.4%+1.2pp 2.2%
Net Margin 2.0%+2.1pp -0.1%-4.0pp 4.0%+0.7pp 3.2%-25.8pp 29.0%+31.5pp -2.5%-4.7pp 2.2%+0.9pp 1.2%
Return on Equity 4.1%+4.2pp -0.1%-8.0pp 7.9%+0.8pp 7.1%-64.8pp 71.9%+91.1pp -19.3%-37.9pp 18.6%+3.6pp 15.0%
Return on Assets 0.9%+1.0pp -0.0%-1.8pp 1.8%+0.3pp 1.4%-12.2pp 13.6%+14.8pp -1.2%-2.3pp 1.1%+0.5pp 0.6%
Current Ratio 0.50-0.0 0.53+0.0 0.51+0.0 0.49+0.0 0.45-0.0 0.48-0.3 0.75+0.1 0.69
Debt-to-Equity 0.00-0.1 0.080.0 0.07+0.0 0.06-0.0 0.08-0.3 0.35-1.0 1.30-0.8 2.10
FCF Margin 6.4%+3.2pp 3.2%+2.9pp 0.3%-4.0pp 4.2%+5.5pp -1.3%+1.6pp -2.9%-3.1pp 0.1%+2.2pp -2.1%

Note: The current ratio is below 1.0 (0.51), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Potbelly Corpora (PBPB) reported $462.6M in total revenue for fiscal year 2024. This represents a -5.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Potbelly Corpora (PBPB) revenue declined by 5.9% year-over-year, from $491.4M to $462.6M in fiscal year 2024.

Yes, Potbelly Corpora (PBPB) reported a net income of $40.3M in fiscal year 2024, with a net profit margin of 8.7%.

Potbelly Corpora (PBPB) reported diluted earnings per share of $1.31 for fiscal year 2024. This represents a 670.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Potbelly Corpora (PBPB) had EBITDA of $23.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2024, Potbelly Corpora (PBPB) had $11.7M in cash and equivalents against $4.0M in long-term debt.

Potbelly Corpora (PBPB) had an operating margin of 2.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

Potbelly Corpora (PBPB) had a net profit margin of 8.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Potbelly Corpora (PBPB) has a return on equity of 69.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

Potbelly Corpora (PBPB) generated $379K in free cash flow during fiscal year 2024. This represents a -84.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Potbelly Corpora (PBPB) generated $19.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

Potbelly Corpora (PBPB) had $263.1M in total assets as of fiscal year 2024, including both current and long-term assets.

Potbelly Corpora (PBPB) invested $19.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Yes, Potbelly Corpora (PBPB) spent $1.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Potbelly Corpora (PBPB) had 30M shares outstanding as of fiscal year 2024.

Potbelly Corpora (PBPB) had a current ratio of 0.51 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

Potbelly Corpora (PBPB) had a debt-to-equity ratio of 0.07 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

Potbelly Corpora (PBPB) had a return on assets of 15.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Potbelly Corpora (PBPB) has an Altman Z-Score of 1.70, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Potbelly Corpora (PBPB) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Potbelly Corpora (PBPB) has an earnings quality ratio of 0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Potbelly Corpora (PBPB) has an interest coverage ratio of 13.3x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Potbelly Corpora (PBPB) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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