Potbelly Corporation (PBPB) Financials
Newest figures come from the 10-Q for Q2 FY2025, filed Aug 6, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the PBPB SEC filings page.
Potbelly Corporation (PBPB) reported $469.1M in revenue over the twelve months to Jun 29, 2025, down 1.7% from the prior twelve months. This page shows its 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).
Potbelly’s operating recovery is real but thin: a tax benefit lifts profit while reinvestment absorbs nearly all operating cash.
FY2024 net income was$40.3M versus operating cash flow of$19.7M , so earnings were not a clean measure of cash generation. The divergence reflects a reported tax benefit layered on top of only$11.0M of operating income, making bottom-line profit unusually sensitive to non-operating items.
Revenue declined in FY2024, yet operating margin edged up to
Capital spending of
Financial Health Signals
Scored against operating companies for FY2024. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Potbelly Corporation's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Potbelly Corporation has an operating margin of 2.4%, meaning the company retains $2 of operating profit per $100 of revenue. This results in a moderate score of 30/100, indicating healthy but not exceptional operating efficiency. This is up from 2.0% the prior year.
Potbelly Corporation's revenue declined 5.9% year-over-year, from $491.4M to $462.6M. This contraction results in a growth score of 34/100.
Potbelly Corporation 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 92/100, indicating a strong balance sheet with room for future borrowing.
Potbelly Corporation's current ratio of 0.51 is below the typical benchmark, resulting in a score of 4/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Potbelly Corporation 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 26/100, reflecting heavy capital investment rather than weak cash generation.
Potbelly Corporation's ROE of 69.0% shows moderate profitability relative to equity, earning a score of 33/100. This is up from 34.8% the prior year.
Potbelly Corporation scores 1.70, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($518.1M) relative to total liabilities ($205.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Potbelly Corporation passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Potbelly Corporation 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.
Potbelly Corporation earns $13.26 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
Earnings & Revenue
Potbelly Corporation generated $123.7M in revenue in Q2 2025. This represents an increase of 3.4% from the same quarter a year earlier. Against the prior quarter it is up 8.8%.
Potbelly Corporation's EBITDA was $7.6M in Q2 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.9% from the same quarter a year earlier. Against the prior quarter it is up 92.1%.
Potbelly Corporation reported $2.5M in net income in Q2 2025. This represents a decrease of 92.8% from the same quarter a year earlier. Against the prior quarter it is up 4112.9%.
Potbelly Corporation earned $0.08 per diluted share (EPS) in Q2 2025. This represents a decrease of 92.9% from the same quarter a year earlier.
Cash & Balance Sheet
Potbelly Corporation generated $7.9M in free cash flow in Q2 2025, representing cash available after capex. This represents an increase of 604.6% from the same quarter a year earlier. Against the prior quarter it is up 117.5%.
Potbelly Corporation held $16.2M in cash against $0 in long-term debt as of Q2 2025, with $73.4M of liabilities due within a year.
Not reported for Q2 2025.
Margins & Returns
Potbelly Corporation's operating margin was 3.0% in Q2 2025, reflecting core business profitability. This is down 0.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.
Potbelly Corporation's net profit margin was 2.0% in Q2 2025, showing the share of revenue converted to profit. This is down 27.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.1 percentage points.
Potbelly Corporation's ROE was 4.1% in Q2 2025, measuring profit generated per dollar of shareholder equity. This is down 67.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.2 percentage points.
Not reported for Q2 2025.
Capital Allocation
Potbelly Corporation spent $989K on share buybacks in Q2 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 40.7% from the same quarter a year earlier. Against the prior quarter it is down 12.3%.
Potbelly Corporation invested $5.8M in capex in Q2 2025, funding long-term assets and infrastructure. This represents an increase of 23.4% from the same quarter a year earlier. Against the prior quarter it is up 16.8%.
Not reported for Q2 2025.
PBPB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $123.7M+3.4% | $113.7M+2.3% | $116.6M-7.3% | $115.1M-4.7% | $119.7M-5.5% | $111.2M-6.0% | $125.7M+4.7% | $120.8M+2.7% |
| SG&A Expenses | $13.4M+12.6% | $12.4M+7.1% | $13.0M-13.3% | $10.6M-10.9% | $11.9M+1.5% | $11.5M+15.8% | $14.9M+37.8% | $11.9M+24.5% |
| Operating Income | $3.7M-10.1% | $250K+111.9% | $2.5M-40.7% | $4.3M+61.6% | $4.1M+23.2% | $118K+161.1% | $4.2M+30.2% | $2.6M+473.2% |
| EBITDA | $7.6M+6.9% | $4.0M+26.9% | $5.9M-20.8% | $7.5M+31.9% | $7.1M+14.5% | $3.1M+12.6% | $7.5M+23.4% | $5.7M+156.0% |
| Interest Expense | $123K-32.0% | $167K-54.1% | $122K-83.7% | $162K-81.0% | $181K-82.1% | $364K-45.4% | $750K+141.2% | $853K+141.0% |
| Income Tax | $665K+102.1% | -$2K-103.9% | -$2.6M-463.1% | $11K-91.5% | -$31.0M-64445.8% | $51K-51.4% | $723K+306.2% | $129K+3325.0% |
| Net Income | $2.5M-92.8% | -$62K+97.8% | $4.6M+68.7% | $3.7M+149.8% | $34.7M+1466.4% | -$2.8M-108.5% | $2.7M+3.0% | $1.5M-83.4% |
| EPS (Basic) | $0.08-93.1% | $0.00+100.0% | $0.15+50.0% | $0.12+140.0% | $1.16+1350.0% | -$0.09-80.0% | $0.10+11.1% | $0.05-83.9% |
| EPS (Diluted) | $0.08-92.9% | $0.00+100.0% | $0.15+66.7% | $0.12+140.0% | $1.13+1514.3% | -$0.09-80.0% | $0.090.0% | $0.05-83.9% |
| Diluted Shares (Avg) | 31M+0.3% | 30M+1.2% | N/A | 30M+1.2% | 31M+2.1% | 30M+2.2% | N/A | 30M+4.0% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
PBPB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $265.2M+4.2% | $265.8M+16.8% | $263.1M+4.2% | $258.6M+2.9% | $254.6M-0.9% | $227.5M-9.3% | $252.5M+3.0% | $251.3M+4.0% |
| Current Assets | $37.0M+31.7% | $36.5M+13.0% | $33.2M-37.5% | $31.8M-33.8% | $28.1M-46.4% | $32.3M-23.0% | $53.1M+73.9% | $48.1M+86.9% |
| Cash & Equivalents | $16.2M+94.5% | $14.8M+16.0% | $11.7M-65.5% | $11.2M-63.8% | $8.3M-75.7% | $12.7M-50.3% | $33.8M+116.3% | $30.9M+225.5% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $10.1M+12.9% | $10.5M+25.3% | $9.8M+22.7% | $10.0M+27.2% | $9.0M+8.4% | $8.4M+15.4% | $8.0M+24.0% | $7.9M-5.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $2.0M-0.2% | $2.0M-0.2% | $2.0M-0.3% | $2.1M-3.3% | $2.1M-3.3% | $2.1M-3.3% | $2.1M-7.5% | $2.1M-4.5% |
| Total Liabilities | $204.1M-1.3% | $207.4M-3.0% | $205.2M-13.9% | $206.1M-14.7% | $206.9M-17.1% | $213.8M-13.3% | $238.4M-1.1% | $241.6M+0.4% |
| Current Liabilities | $73.4M+16.7% | $68.4M+1.4% | $65.2M-8.2% | $65.4M-6.4% | $62.9M-15.2% | $67.4M+2.4% | $71.1M+3.1% | $69.9M+4.9% |
| Non-Current Liabilities | $130.8M-9.2% | $139.0M-5.0% | $140.0M-16.3% | $140.7M-18.1% | $144.0M-17.9% | $146.4M-19.0% | $167.3M-2.7% | $171.8M-1.3% |
| Long-Term Debt | $0-100.0% | $4.5M-10.0% | $4.0M-79.1% | $3.0M-85.7% | $4.0M-81.0% | $5.0M-76.5% | $19.2M+124.2% | $20.9M+107.1% |
| Total Equity | $61.4M+27.0% | $58.9M+310.5% | $58.4M+297.4% | $52.9M+429.7% | $48.3M+549.7% | $14.3M+212.5% | $14.7M+228.2% | $10.0M+841.6% |
| Retained Earnings | -$291.1M+3.6% | -$293.6M+12.8% | -$293.5M+12.1% | -$298.1M+11.4% | -$301.9M+10.7% | -$336.6M+1.1% | -$333.8M+1.5% | -$336.5M+1.5% |
Not reported in any period shown, so not listed: Inventory.
PBPB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $13.7M+335.1% | $8.6M+1145.2% | $6.6M+32.4% | $9.2M+271.5% | $3.2M-75.1% | $693K+205.5% | $5.0M-56.5% | $2.5M+358.2% |
| Depreciation & Amortization | $3.9M+30.2% | $3.7M+23.6% | $3.4M+5.3% | $3.2M+6.3% | $3.0M+4.5% | $3.0M+1.3% | $3.2M+15.5% | $3.0M+4.2% |
| Stock-Based Compensation | N/A | $1.5M-12.6% | N/A | N/A | N/A | $1.8M+94.4% | N/A | N/A |
| Capital Expenditures | $5.8M+23.4% | $5.0M+26.0% | $6.3M+30.5% | $4.3M-12.9% | $4.7M+19.0% | $4.0M+19.7% | $4.8M+36.7% | $5.0M+176.3% |
| Free Cash Flow | $7.9M+604.6% | $3.6M+211.2% | $336K+80.6% | $4.9M+295.8% | -$1.6M-118.0% | -$3.3M+17.6% | $186K-97.7% | -$2.5M+9.7% |
| Investing Cash Flow | -$5.8M-23.4% | -$4.9M-31.8% | -$6.1M-5210.9% | -$4.5M+8.7% | -$4.7M-74.8% | -$3.7M-16.2% | $119K+103.4% | -$5.0M-176.3% |
| Financing Cash Flow | -$6.5M-128.5% | -$611K+96.6% | $8K+100.4% | -$1.8M-115.9% | -$2.8M-116.2% | -$18.0M-223.4% | -$2.3M-23.1% | -$830K+65.3% |
| Share Buybacks | $989K+40.7% | $1.1M | $456K | $234K | $703K | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
PBPB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2510-Q | Q1'2510-Q | Q4'2410-Q | Q3'2410-Q | Q2'2410-Q | Q1'2410-Q | Q4'2310-K | Q3'2310-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 3.0%-0.5pp | 0.2%+0.1pp | 2.1%-1.2pp | 3.7%+1.5pp | 3.4%+0.8pp | 0.1%+0.3pp | 3.4%+0.7pp | 2.2%+2.8pp |
| Net Margin | 2.0%-27.0pp | -0.1%+2.4pp | 4.0%+1.8pp | 3.2%+2.0pp | 29.0%+27.2pp | -2.5%-1.4pp | 2.2%0.0pp | 1.2%-6.4pp |
| Return on Equity | 4.1%-67.8pp | -0.1%+19.2pp | 7.9%-10.7pp | 7.1%-7.9pp | 71.9%+42.1pp | -19.3%+9.6pp | 18.6%-40.7pp | 15.0%-836.8pp |
| Return on Assets | 0.9%-12.7pp | 0.0%+1.2pp | 1.8%+0.7pp | 1.4%+0.9pp | 13.6%+12.8pp | -1.2%-0.7pp | 1.1%0.0pp | 0.6%-3.1pp |
| Current Ratio | 0.50+0.1x | 0.53+0.1x | 0.51-0.2x | 0.49-0.2x | 0.45-0.3x | 0.48-0.2x | 0.75+0.3x | 0.69+0.3x |
| Debt-to-Equity | 0.00-0.1x | 0.08-0.3x | 0.07-1.2x | 0.06-2.0x | 0.08-2.8x | 0.35-4.3x | 1.30-0.6x | 2.10-7.4x |
| Asset Turnover | 0.470.0x | 0.43-0.1x | 0.44-0.1x | 0.450.0x | 0.470.0x | 0.490.0x | 0.500.0x | 0.480.0x |
| FCF Margin | 6.4%+7.7pp | 3.2%+6.1pp | 0.3%+0.1pp | 4.2%+6.3pp | -1.3%-8.2pp | -2.9%+0.4pp | 0.1%-6.5pp | -2.1%+0.3pp |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.51), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Potbelly Corporation PBPB | FY2024 | $462.6M | $40.3M | 8.7% | $518.1M | 37/100 |
| Bloomin' Brands, Inc. BLMN | FY2025 | $4.0B | $8.2M | 0.2% | $699.5M | 29/100 |
| Portillo's Inc. PTLO | FY2025 | $732.1M | $21.1M | 2.9% | $274.8M | 36/100 |
| Nathan's Famous Inc NATH | FY2026 | $162.1M | $20.0M | 12.3% | $416.8M | 74/100 |
| Venu Holding Corporation VENU | FY2025 | $17.9M | -$44.1M | N/A | $80.3M | 48/100 |
| Dine Brands Global, Inc. DIN | FY2025 | $879.3M | $17.1M | 1.9% | $366.6M | 20/100 |
Where Potbelly Corporation Ranks
Frequently Asked Questions
What is Potbelly Corporation's annual revenue?
Potbelly Corporation (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.
How fast is Potbelly Corporation's revenue growing?
Potbelly Corporation (PBPB) revenue declined by 5.9% year-over-year, from $491.4M to $462.6M in fiscal year 2024.
Is Potbelly Corporation profitable?
Yes, Potbelly Corporation (PBPB) reported a net income of $40.3M in fiscal year 2024, with a net profit margin of 8.7%.
What is Potbelly Corporation's EBITDA?
Potbelly Corporation (PBPB) had EBITDA of $23.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Potbelly Corporation have?
As of fiscal year 2024, Potbelly Corporation (PBPB) had $11.7M in cash and equivalents against $4.0M in long-term debt.
What is Potbelly Corporation's operating margin?
Potbelly Corporation (PBPB) had an operating margin of 2.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Potbelly Corporation's net profit margin?
Potbelly Corporation (PBPB) had a net profit margin of 8.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Potbelly Corporation's return on equity (ROE)?
Potbelly Corporation (PBPB) has a return on equity of 69.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Potbelly Corporation's free cash flow?
Potbelly Corporation (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.
What is Potbelly Corporation's operating cash flow?
Potbelly Corporation (PBPB) generated $19.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Potbelly Corporation's total assets?
Potbelly Corporation (PBPB) had $263.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Potbelly Corporation's capital expenditures?
Potbelly Corporation (PBPB) invested $19.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Potbelly Corporation's current ratio?
Potbelly Corporation (PBPB) had a current ratio of 0.51 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Potbelly Corporation's debt-to-equity ratio?
Potbelly Corporation (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.
What is Potbelly Corporation's return on assets (ROA)?
Potbelly Corporation (PBPB) had a return on assets of 15.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Potbelly Corporation's Altman Z-Score?
Potbelly Corporation (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.
What is Potbelly Corporation's Piotroski F-Score?
Potbelly Corporation (PBPB) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Potbelly Corporation's earnings high quality?
Potbelly Corporation (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.
Can Potbelly Corporation cover its interest payments?
Potbelly Corporation (PBPB) has an interest coverage ratio of 13.26x, 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.
How financially healthy is Potbelly Corporation?
Potbelly Corporation (PBPB) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.