Last year wasn’t easy for many restaurants, and that includes Portillo’s. Early into 2025, the fast casual faced public calls for change from activist investor Engaged Capital, which described the chain’s strategy as outdated and ineffective. Portillo’s later struck a cooperation agreement with the firm, allowing it to gain more representation on the board of directors. The company then revealed later in the year that it was struggling in the Texas market—after a blazing start—because it placed too many restaurants in the state too quickly. In response, the brand revised its growth outlook and lowered revenue, EBITDA margin, and same-store sales expectations. There was also a call for simplifying operations, meaning the discontinuation of Portillo’s publicized breakfast pilot. New leadership is on the way as well. Last year saw the resignation of Michael Osanloo, who had been with the company for seven years. Chairman Michael A. Miles Jr. is currently serving as interim CEO. Same-store sales fell 0.5 percent in 2025, fueled by 3.2 percent pricing, offset by a 2.5 percent drop in transactions and 1.2 percent decrease in mix. In Q4, comps lowered 3.3 percent, driven by 2.3 percent price, mitigated by a 3.3 percent decrease in transactions and a 2.3 percent dip in mix. Still, Portillo’s is one of the highest-volume restaurants in the country. The brand boasts an $8.6 million AUV ($3.7 million from dine-in/carryout, $3.4 million from drive-thru, and $1.5 million from delivery/catering). The company remains a true growth story. Portillo’s was founded in 1963 in…
