Portillo’s Inc. filings document the public-company disclosures of a fast-casual restaurant operator known for Chicago-style menu items and a company-owned restaurant model. Recent Forms 8-K furnish quarterly earnings releases and supplemental presentations, including revenue, same-restaurant sales, operating income, net income or loss, Restaurant-Level Adjusted EBITDA and adjusted EBITDA.
The filings also report Item 5.02 governance and officer matters, including chief executive officer, chief financial officer, chief development officer and board chair changes, together with related compensation arrangements and severance plan disclosures when applicable. The definitive proxy statement covers director elections, board governance, executive compensation, equity awards and annual-meeting voting matters.
Portillo’s Inc. (PTLO) and Chief People Officer Jill Waite agreed that she will depart effective November 1, 2026; the company will treat the departure as a qualifying termination under its Senior Executive Severance Plan. Portillo’s expects to enter a Separation Agreement later, with specified compensation and RSU vesting subject to Waite’s timely execution and non-revocation of a release.
The expected terms include cash equal to her annual base salary paid in installments, any earned 2026 bonus prorated and paid as a lump sum, and reimbursement of certain COBRA costs if she timely elects coverage. Outplacement services would be available for up to 12 months, capped at $25,000. Her stock options granted August 7, 2019 remain exercisable until the grant’s 10th anniversary. Subject to the release, 19,795 and 6,282 RSUs scheduled to vest in 2027 would vest November 2, 2026; other equity awards outstanding at termination are to be forfeited the following day.
Portillo's Inc. Chief Marketing Officer Denise Peggy Lauer had 6,545 Class A common shares deducted on September 22, 2026, to satisfy tax-withholding obligations on the vesting of a previously disclosed award. The transaction lists a price of $3.75 per share. Her direct holdings after the transaction were 101,240 shares.
Portillo's Inc. (PTLO) reported the initial equity holdings of its CFO & Treasurer, Kevin Kalicak, in a Form 3 filing. The filing shows 186,651 shares of Class A common stock, which a footnote explains represent restricted stock units subject to time-based vesting. These RSUs were granted on September 7, 2026, with one-third scheduled to vest on each of the first three anniversaries of the grant date, contingent on his continued service and the terms of the applicable award agreement.
Portillo's Inc. (PTLO) reported that its General Counsel and Secretary, Kelly M. Kaiser, had 437 shares of Class A common stock withheld on September 5, 2026 to satisfy tax withholding obligations upon vesting of a previously disclosed equity award. After this tax-withholding disposition, Kaiser directly holds 144,920 shares of Portillo's Class A common stock.
AllianceBernstein L.P. filed an amended ownership report regarding its position in Portillo's Inc63,390 shares of Portillo's common stock, held solely for investment purposes in client discretionary investment advisory accounts.
AllianceBernstein states it has sole voting power and sole dispositive power over all 63,390 shares, with no shared voting or dispositive power. This position represents approximately 0.1% of the outstanding common stock, and the filer confirms ownership of 5 percent or less of this class of securities.
Orbis Investment Management Ltd and Allan Gray Australia Pty Ltd report beneficial ownership of Portillo's Inc. Class A common stock. Together they report 4,171,276 shares, representing 5.8% of the class, held in discretionary accounts for their clients.
Orbis holds sole voting and dispositive power over 4,115,801 shares, while Allan Gray Australia holds sole voting and dispositive power over 55,475 shares. Each entity states it is a Non‑U.S. Institution equivalent to an Investment Adviser and disclaims beneficial ownership of shares beneficially owned by the other. Other persons have rights to receive dividends and sale proceeds for the securities held in these managed accounts.
Portillo's Inc. director Eugene I. Lee Jr. reported an indirect open-market purchase of Class A common stock through a Family Trust. The trust acquired 65,355 shares on 2026-08-12 at a weighted average price of $4.59 per share, with execution prices ranging from $4.51 to $4.63. Following this transaction, the Family Trust held 551,770 shares indirectly, and a separate line shows 73,479 shares held directly. The transaction was not reported as made pursuant to a Rule 10b5-1 trading plan.
Portillo’s Inc. reported modest top-line growth but weaker profitability for the quarter ended June 28, 2026. Revenue rose 5.6% to $199.0 million, driven by new restaurant openings, while same-restaurant sales declined 1.2% as transactions fell 3.4% and higher menu prices only partly offset traffic softness.
Operating income decreased to $13.8 million from $17.5 million and net income to $7.2 million from $10.0 million, pressured by 7.0% commodity inflation, higher occupancy and operating costs, increased depreciation from recent openings, and a $1.7 million legal reserve. Restaurant-Level Adjusted EBITDA slipped to $43.2 million with margin contracting to 21.7%.
The company continues an aggressive development strategy, operating 109 restaurants across 11 states, including its first airport location at Dallas–Fort Worth International Airport, with one additional 2026 opening planned. It ended the quarter with $21.3 million in cash, $340.8 million outstanding under its credit facilities, and remained in compliance with covenants. Subsequent events include a headquarters workforce reduction, expected to incur about $1.1 million of restructuring charges, and the appointment of a new Chief Financial Officer effective September 7, 2026.
Portillo’s Inc. reported second quarter 2026 revenue of $199.0 million, up 5.6% from $188.5 million a year earlier, driven mainly by new restaurant openings. Same-restaurant sales declined 1.2% as transactions fell 3.4%, partly offset by a 2.2% increase in average check. Net income decreased to $7.2 million from $10.0 million, and operating income fell to $13.8 million as higher commodity costs, labor, occupancy and other operating expenses outpaced revenue growth. Adjusted EBITDA was broadly stable at $29.8 million versus $30.1 million, while Restaurant-Level Adjusted EBITDA slipped to $43.2 million from $44.5 million.
The company ended the quarter with 109 restaurants, including its first airport location at Dallas–Fort Worth International and several new Texas units, and plans one additional in-line Chicago restaurant in the fourth quarter. For fiscal 2026, management targets 8 new units, Restaurant-level Adjusted EBITDA margin of 19.5%–20.5%, Adjusted EBITDA of $92–$96 million, and capital expenditures of $55–$60 million. On July 31, 2026 Portillo’s implemented a reduction in force that cut its corporate headquarters active workforce by approximately 18%, with no restaurant-level team members impacted.
Portillo’s Inc. appointed Kevin Kalicak, 53, as Chief Financial Officer and Treasurer, serving as principal financial and accounting officer, effective September 7, 2026. He succeeds interim CFO Pamela Smith and brings more than 25 years of financial leadership at Darden Restaurants, including senior finance and investor relations roles.
Under his employment terms, Kalicak will receive a $500,000 base salary, an annual bonus target of 75% of base salary, and a Long-Term Incentive Plan target of $750,000 split between RSUs with three-year vesting and Performance Stock Units with time/performance conditions. He will also receive a $100,000 sign-on cash award, a $187,500 guaranteed 2026 incentive, relocation reimbursement up to $100,000, and a one-time RSU sign-on grant with a grant-date value of $825,000 vesting ratably over three years as an employment inducement award under Nasdaq Listing Rule 5635(c)(4). The company states there are no family relationships or related-party interests requiring disclosure.