El Pollo Loco第二季淨收入大增80% 每股盈利0.43美元勝去年同期

EL POLLO LOCO HOLDINGS, INC._July 1, 2026
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 10-Q

(Mark one)
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☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the quarterly period ended July 1, 2026
or
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☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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For the transition period from                      to                     
Commission File Number: 001-36556

EL POLLO LOCO HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

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Delaware
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20-3563182

(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)

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575 Anton Blvd., Suite 1100, Costa Mesa, California
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92626

(Address of principal executive offices)
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(Zip Code)

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(714) 599-5000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
Trading Symbol(s)
Name of each exchange on which registered

Common Stock, par value $0.01 per share
LOCO
The Nasdaq Stock Market LLC

Rights to Purchase Series A Preferred Stock, par value $0.01 per share
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The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer
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Accelerated Filer
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Non-accelerated Filer
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Smaller Reporting Company
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Emerging Growth Company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   ☐  Yes    ☒  No
As of August 3, 2026, there were 30,432,937 shares of the issuer’s common stock outstanding.
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Table of Contents

TABLE OF CONTENTS
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Page Number

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PART I. FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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3

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Condensed Consolidated Balance Sheets (Unaudited)
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3

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Condensed Consolidated Statements of Income (Unaudited)
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4

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Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)
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5

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Condensed Consolidated Statements of Cash Flows (Unaudited)
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7

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Notes to Condensed Consolidated Financial Statements (Unaudited)
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8

Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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23

Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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40

Item 4.
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Controls and Procedures
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41

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PART II. OTHER INFORMATION
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Item 1.
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Legal Proceedings
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42

Item 1A.
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Risk Factors
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42

Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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42

Item 3.
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Defaults Upon Senior Securities
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42

Item 4.
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Mine Safety Disclosures
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42

Item 5.
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Other Information
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43

Item 6.
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Exhibits
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44

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Signatures
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45

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2

Table of Contents

PART I. FINANCIAL INFORMATION
Item 1.Financial Statements.
EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Amounts in thousands, except share and per share data)
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July 1,
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December 31,

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2026
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2025

ASSETS

Current assets:
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Cash and cash equivalents
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$
 13,282
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$
 6,228

Accounts and other receivables, net
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 13,357
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 11,210

Inventories
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 1,733
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 1,810

Prepaid expenses and other current assets
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 5,901
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 6,369

Total current assets
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 34,273
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 25,617

Property and equipment, net
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 99,650
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 97,043

Property and equipment held under finance lease, net
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 1,180
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 1,303

Operating lease right-of-use assets
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 166,963
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 167,972

Goodwill
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 248,674
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 248,674

Trademarks
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 61,888
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 61,888

Deferred tax assets
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 471
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 187

Other assets
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 5,688
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 3,964

Total assets
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$
 618,787
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$
 606,648

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
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Current portion of obligations under finance leases
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$
 109
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$
 142

Current portion of obligations under operating leases
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 18,334
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 17,616

Accounts payable
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 18,823
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 15,668

Other accrued expenses and current liabilities
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 47,272
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 45,653

Total current liabilities
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 84,538
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 79,079

Revolver loan
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 30,000
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 51,000

Obligations under finance leases, net of current portion
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 1,335
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 1,436

Obligations under operating leases, net of current portion
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 169,624
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 170,812

Deferred tax liabilities, net
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 10,617
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 7,611

Other noncurrent liabilities
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 5,630
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 5,633

Total liabilities
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 301,744
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 315,571

Commitments and contingencies (Note 8)
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Stockholders' equity:
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Preferred stock, $0.01 par value, 100,000,000 shares authorized; 100,000 shares designated as Series A Preferred Stock; none issued or outstanding
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 —
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—

Common stock, $0.01 par value, 200,000,000 shares authorized; 30,440,266 and 29,957,385 shares issued and outstanding as of July 1, 2026 and December 31, 2025, respectively
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 304
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 299

Additional paid-in-capital
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 252,221
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 247,224

Retained earnings
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 64,518
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 43,554

Total stockholders' equity
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 317,043
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 291,077

Total liabilities and stockholders' equity
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$
 618,787
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$
 606,648

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See notes to condensed consolidated financial statements (unaudited).
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3

Table of Contents

EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Amounts in thousands, except share and per share data)
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Thirteen Weeks Ended
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Twenty-Six Weeks Ended

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July 1, 2026
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June 25, 2025
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July 1, 2026
​
June 25, 2025

Revenue
 
​
  ​
 
​
  ​
 
​
  ​
 
​
  ​

Company-operated restaurant revenue
​
$
 108,136
​
$
 104,318
​
$
 214,051
​
$
 202,683

Franchise revenue
​
 
 12,862
​
 
 13,372
​
 
 24,890
​
 
 26,555

Franchise advertising fee revenue
​
 
 8,574
​
 
 8,144
​
 
 16,813
​
 
 15,773

Total revenue
​
 
 129,572
​
 
 125,834
​
 
 255,754
​
 
 245,011

Cost of operations
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Food and paper cost
​
 
 27,466
​
 
 25,496
​
 
 53,855
​
 
 50,235

Labor and related expenses
​
 
 32,293
​
 
 32,155
​
 
 64,132
​
 
 64,334

Occupancy and other operating expenses
​
 
 27,315
​
 
 26,741
​
 
 54,645
​
 
 52,414

Company restaurant expenses
​
 
 87,074
​
 
 84,392
​
 
 172,632
​
 
 166,983

General and administrative expenses
​
 
 7,054
​
 
 13,532
​
 
 19,848
​
 
 24,795

Franchise expenses
​
 
 11,870
​
 
 12,627
​
 
 23,059
​
 
 25,069

Depreciation and amortization
​
 
 4,166
​
 
 3,929
​
 
 8,480
​
 
 7,816

Loss on disposal of assets
​
 
 516
​
 
 43
​
 
 612
​
 
 54

Impairment and closed-store reserves
​
 
 209
​
 
 6
​
 
 223
​
 
 17

Total expenses
​
 
 110,889
​
 
 114,529
​
 
 224,854
​
 
 224,734

Income from operations
​
 
 18,683
​
 
 11,305
​
 
 30,900
​
 
 20,277

Interest expense, net
​
 
 706
​
 
 1,207
​
 
 1,437
​
 
 2,383

Income before provision for income taxes
​
 
 17,977
​
 
 10,098
​
 
 29,463
​
 
 17,894

Provision for income taxes
​
 
 5,170
​
 
 2,991
​
 
 8,499
​
 
 5,306

Net income 
​
$
 12,807
​
$
 7,107
​
$
 20,964
​
$
 12,588

Net income per share
​
 
  ​
​
 
​
​
 
​
​
​
​

Basic
​
$
 0.43
​
$
 0.24
​
$
 0.71
​
$
 0.43

Diluted
​
$
 0.43
​
$
 0.24
​
$
 0.70
​
$
 0.43

Weighted-average shares used in computing net income per share
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

Basic
​
 
 29,727,656
​
 
 29,097,871
​
 
 29,574,499
​
 
 29,092,409

Diluted
​
 
 30,093,260
​
 
 29,272,394
​
 
 29,882,457
​
 
 29,314,443

​
See notes to condensed consolidated financial statements (unaudited).
​

4

Table of Contents

EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
(Amounts in thousands, except share data)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Thirteen Weeks Ended July 1, 2026

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
  ​ ​ ​
  ​
​

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
Additional
  ​ ​ ​
​
  ​ ​ ​
Total

​
​
Common Stock
​
Paid-in
​
Retained
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Earnings
  ​ ​ ​
Equity

Balance, April 1, 2026
​
 30,455,298
​
​
 304
​
​
 250,483
​
​
 51,711
​
$
 302,498

Stock-based compensation expense
​
 —
​
​
 —
​
​
 1,578
​
​
 —
​
 
 1,578

Issuance of common stock upon exercise of stock options, net
​
 43,713
​
​
 —
​
​
 444
​
​
 —
​
​
 444

Shares repurchased for employee tax withholdings
​
 (19,878)
​
​
 —
​
​
 (284)
​
​
 —
​
​
 (284)

Forfeiture of common stock related to restricted shares
​
 (38,867)
​
​
 —
​
​
 —
​
​
 —
​
 
 —

Net income
​
 —
​
​
 —
​
​
 —
​
​
 12,807
​
 
 12,807

Balance, July 1, 2026
​
 30,440,266
​
$
 304
​
$
 252,221
​
$
 64,518
​
$
 317,043

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
Thirteen Weeks Ended June 25, 2025

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
  ​ ​ ​
  ​
​

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
Additional
  ​ ​ ​
​
​
  ​ ​ ​
Total

​
​
Common Stock
​
Paid-in
​
Retained
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Earnings
  ​ ​ ​
Equity

Balance, March 26, 2025
​
 30,059,485
​
$
 300
​
$
 242,830
​
$
 22,571
​
$
 265,701

Stock-based compensation
​
 —
​
​
 —
​
​
 1,700
​
​
 —
​
​
 1,700

Issuance of common stock related to restricted shares
​
 28,847
​
​
 —
​
​
 —
​
​
 —
​
​
 —

Issuance of common stock upon exercise of stock options, net
​
 2,880
​
​
 —
​
​
 26
​
​
 —
​
​
 26

Shares repurchased for employee tax withholdings
​
 (34,621)
​
​
 —
​
​
 (334)
​
​
 —
​
​
 (334)

Repurchase of common stock
​
 (3,479)
​
​
 —
​
​
 —
​
​
 (36)
​
​
 (36)

Repurchase of common stock - excise tax
​
 —
​
​
 —
​
​
 —
​
​
 14
​
​
 14

Forfeiture of common stock related to restricted shares
​
 (44,420)
​
​
 (1)
​
​
 1
​
​
 —
​
​
 —

Net income
​
 —
​
​
 —
​
​
 —
​
​
 7,107
​
​
 7,107

Balance, June 25, 2025
​
 30,008,692
​
$
 299
​
$
 244,223
​
$
 29,656
​
$
 274,178

​
​

5

Table of Contents

EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
(Amounts in thousands, except share data)
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Twenty-Six Weeks Ended July 1, 2026

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
  ​ ​ ​
  ​
​

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
Additional
  ​ ​ ​
​
  ​ ​ ​
Total

​
​
Common Stock
​
Paid-in
​
Retained
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Earnings
  ​ ​ ​
Equity

Balance, December 31, 2025
​
 29,957,385
​
$
 299
​
$
 247,224
​
$
 43,554
​
$
 291,077

Stock-based compensation expense
​
 —
​
 
 —
​
 
 2,866
​
 
 —
​
 
 2,866

Issuance of common stock related to restricted shares
​
 320,644
​
​
 3
​
​
 (3)
​
​
 —
​
​
 —

Issuance of common stock upon exercise of stock options, net
​
 244,819
​
​
 2
​
​
 2,627
​
​
 —
​
​
 2,629

Shares repurchased for employee tax withholdings
​
 (39,402)
​
​
 —
​
​
 (493)
​
​
 —
​
​
 (493)

Forfeiture of common stock related to restricted shares
​
 (43,180)
​
 
 —
​
 
 —
​
 
—
​
​
 —

Net income
​
 —
​
 
 —
​
 
 —
​
 
 20,964
​
 
 20,964

Balance, July 1, 2026
​
 30,440,266
​
$
 304
​
$
 252,221
​
$
 64,518
​
$
 317,043

​
​
​
​
​
​
​
​
​
​
​
​
​
​
​

​
​
Twenty-Six Weeks Ended June 25, 2025

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
  ​ ​ ​
  ​
​

​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
Additional
  ​ ​ ​
​
  ​ ​ ​
Total

​
​
Common Stock
​
Paid-in
​
Retained
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Amount
  ​ ​ ​
Capital
  ​ ​ ​
Earnings
  ​ ​ ​
Equity

Balance, December 25, 2024
​
 29,839,721
​
$
 298
​
$
 241,462
​
$
 18,909
​
$
 260,669

Stock-based compensation expense
​
 —
​
​
 —
​
​
 2,747
​
​
 —
​
​
 2,747

Issuance of common stock related to restricted shares
​
 398,726
​
​
 4
​
​
 (4)
​
​
 —
​
​
 —

Issuance of common stock upon exercise of stock options, net
​
 45,616
​
​
 —
​
​
 452
​
​
 —
​
​
 452

Shares repurchased for employee tax withholdings
​
 (44,230)
​
​
 —
​
​
 (435)
​
​
 —
​
​
 (435)

Repurchase of common stock
​
 (163,229)
​
​
 (2)
​
​
 —
​
​
 (1,841)
​
​
 (1,843)

Forfeiture of common stock related to restricted shares
​
 (67,912)
​
​
 (1)
​
​
 1
​
​
 —
​
​
 —

Net income
​
 —
​
​
 —
​
​
 —
​
​
 12,588
​
​
 12,588

Balance, June 25, 2025
​
 30,008,692
​
$
 299
​
$
 244,223
​
$
 29,656
​
$
 274,178

​
See notes to condensed consolidated financial statements (unaudited).
​

6

Table of Contents

EL POLLO LOCO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(Amounts in thousands)
​
​

​

​

​

​

​

​

​
​
​
​
​
​
​

​
  ​ ​ ​
Twenty-Six Weeks Ended

​
  ​ ​ ​
July 1, 2026
​
June 25, 2025

Cash flows from operating activities:
​
​
  ​
​
​
  ​

Net income
​
$
 20,964
​
$
 12,588

Adjustments to reconcile net income to net cash flows provided by operating activities:
​
 
  ​
​
 
​

Depreciation and amortization
​
 
 8,480
​
 
 7,816

Stock-based compensation expense
​
 
 2,866
​
 
 2,747

Loss on disposal of assets
​
 
 612
​
 
 54

Impairment of property and equipment and ROU assets
​
 
 200
​
 
 —

Closed store reserves
​
​
 23
​
​
 —

Amortization of deferred financing costs
​
 
 96
​
 
 96

Deferred income taxes, net
​
 
 2,723
​
 
 (2,072)

Changes in operating assets and liabilities:
​
 
​
​
 
​

Accounts and other receivables
​
 
 (2,147)
​
 
 (2,523)

Inventories
​
 
 77
​
 
 210

Prepaid expenses and other current assets
​
 
 468
​
 
 1,840

Income taxes receivable/payable
​
 
 (1,009)
​
 
 (2,051)

Operating lease assets
​
​
 10,041
​
​
 9,651

Other assets
​
 
 726
​
 
 (257)

Accounts payable
​
 
 3,262
​
 
 3,895

Operating lease liabilities
​
​
 (9,605)
​
​
 (9,703)

Other accrued expenses and current liabilities
​
 
 6,961
​
 
 (3,419)

Net cash flows provided by operating activities
​
 
 44,738
​
 
 18,872

Cash flows from investing activities:
​
 
​
​
​
​

Purchase of property and equipment
​
 
 (18,727)
​
 
 (8,427)

Net cash flows used in investing activities
​
 
 (18,727)
​
 
 (8,427)

Cash flows from financing activities:
​
 
  ​
​
 
  ​

Proceeds from borrowings on revolver and swingline loans
​
 
 5,000
​
 
 8,000

Payments on revolver and swingline loan
​
 
 (26,000)
​
 
 (10,000)

Minimum tax withholdings related to net share settlements
​
 
 (493)
​
 
 (435)

Proceeds from issuance of common stock upon exercise of stock options, net of expenses
​
​
 2,629
​
​
 452

Payment of obligations under finance leases
​
 
 (93)
​
 
 (114)

Repurchases of common stock
​
 
 —
​
 
 (1,843)

Net cash flows used in financing activities
​
 
 (18,957)
​
 
 (3,940)

Increase in cash and cash equivalents
​
 
 7,054
​
 
 6,505

Cash and cash equivalents, beginning of period
​
 
 6,228
​
 
 2,484

Cash and cash equivalents, end of period
​
$
 13,282
​
$
 8,989

​
​

​

​

​

​

​

​

​
​
​
​
​
​
​

​
  ​ ​ ​
Twenty-Six Weeks Ended

​
​
July 1, 2026
​
June 25, 2025

Supplemental cash flow information
 
​
  ​
 
​
  ​

Cash paid during the period for interest
​
$
 1,287
​
$
 2,316

Cash paid during the period for income taxes
​
$
 6,785
​
$
 9,921

Unpaid purchases of property and equipment
​
$
 3,898
​
$
 3,998

​
See notes to condensed consolidated financial statements (unaudited).
​

7

Table of Contents

EL POLLO LOCO HOLDINGS, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Overview
El Pollo Loco Holdings, Inc. (“Holdings” or the Company) is a Delaware corporation headquartered in Costa Mesa, California. Holdings and its direct and indirect subsidiaries are collectively referred to herein as the “Company.” The Company’s activities are conducted principally through Holdings’ indirect wholly-owned subsidiary, El Pollo Loco, Inc. (“EPL”), which develops, franchises, licenses, and operates quick-service restaurants under the name El Pollo Loco®. The Company’s restaurants, which are located principally in California but also in Arizona, Colorado, Idaho, Louisiana, Nevada, New Mexico, Texas, Utah, and Washington, specialize in fire-grilling citrus-marinated chicken served in individual and family meals and also in a wide variety of contemporary entrees, including specialty chicken burritos, chicken quesadillas, chicken tostada salads, chicken tortilla soup, and variations of the Company’s Pollo Bowl® and Pollo Salads. As of July 1, 2026, the Company operated 175 and franchised 336 El Pollo Loco restaurants in the United States. In addition, as of July 1, 2026, the Company licensed eight restaurants in the Philippines.
Holdings has no material assets or operations. Holdings and Holdings’ direct subsidiary, EPL Intermediate, Inc. (“Intermediate”), guarantee EPL’s 2022 Revolver (as defined below, see Note 5, “Long-Term Debt,” below) on a full and unconditional basis and Intermediate has no subsidiaries other than EPL. EPL is a separate and distinct legal entity and has no obligation to make funds available to Intermediate. EPL and Intermediate may pay dividends to Intermediate and to Holdings, respectively.
The Company operates as one operating segment. All significant revenues relate to retail sales of food and beverages through either company-operated or franchised-operated restaurants.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position and results of operations and cash flows for the periods presented. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The condensed consolidated financial statements and related notes do not include all information and footnotes required by U.S. GAAP for annual reports. This quarterly report should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The Company uses a 52- or 53-week fiscal year ending on the last Wednesday of each calendar year. In a 52-week fiscal year, each quarter includes 13 weeks of operations. In a 53-week fiscal year, the first, second and third quarters each include 13 weeks of operations, and the fourth quarter includes 14 weeks of operations. Approximately every five or six years, a 53-week fiscal year occurs. Fiscal 2026 is a 52-week year ending on December 30, 2026. Fiscal 2025 was a 53-week year that ended on December 31, 2025. 53-week years may cause revenues, expenses, and other results of operations to be higher due to the additional week of operations.
Principles of Consolidation
The accompanying condensed consolidated financial statements include the accounts of Holdings and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
​
​
​

8

Table of Contents

Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and revenue and expenses during the periods reported. Actual results could materially differ from those estimates. The Company’s significant estimates include estimates for impairment of goodwill, intangible assets and property and equipment, insurance reserves, lease accounting matters, contingent liabilities, and income tax valuation allowances.
Liquidity
The Company’s principal liquidity and capital requirements are new restaurants, existing restaurant capital investments (remodels and maintenance), interest payments on its debt, lease obligations and working capital and general corporate needs. As of July 1, 2026, the Company’s total outstanding balance on its Revolver was $30.0 million. The Company’s ability to make payments on its indebtedness and to fund planned capital expenditures depends on available cash and its ability to generate adequate cash flows in the future, which, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond the Company’s control. Based on current operations, the Company believes that its cash flow from operations, available cash of $13.3 million at July 1, 2026, and the outstanding borrowing availability under the 2022 Revolver (as defined below) will be adequate to meet the Company’s liquidity needs for at least the next twelve months and beyond from the issuance of the condensed consolidated financial statements.
Concentration of Risk
Cash and cash equivalents are maintained at financial institutions and, at times, these balances may exceed federally-insured limits. The Company has never experienced any losses related to these balances.
The Company had one supplier for which amounts due totaled more than 10.0% of the Company’s accounts payable as of July 1, 2026. The Company had one supplier to whom amounts due totaled 10.9% of the Company’s accounts payable as of December 31, 2025. Purchases from the Company’s largest supplier totaled 38.7% and 40.5% of total expenses for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and 23.8% and 16.0% of total expenses for the thirteen and twenty-six weeks ended June 25, 2025, respectively.
Company-operated and franchise-operated restaurants in the greater Los Angeles area generated, in the aggregate, approximately 71.4% and 71.6% of total revenue for the thirteen and twenty-six weeks ended July 1, 2026, respectively, and 71.7% of total revenue for both the thirteen and twenty-six weeks ended June 25, 2025.
Non-financial instruments
The Company’s non-financial instruments, which primarily consist of property and equipment, operating lease right-of-use assets, goodwill and intangible assets, are reported at carrying value and are not required to be measured at fair value on a recurring basis. However, on an annual basis, or whenever events or changes in circumstances indicate that their carrying value may not be recoverable, non-financial instruments are assessed for impairment. If applicable, the carrying values are written down to fair value. During the thirteen and twenty-six weeks ended July 1, 2026, the Company recorded a non-cash impairment charge of $0.2 million related to the non-financial assets of one restaurant in Nevada. The Company determined that there were no indicators of potential impairment for its non-financial assets during the thirteen and twenty-six weeks ended June 25, 2025.
​
​
​
​

9

Table of Contents

Income Taxes
For the thirteen weeks ended July 1, 2026, the Company recorded an income tax provision of $5.2 million, reflecting an estimated effective tax rate of 28.8%. For the thirteen weeks ended June 25, 2025, the Company recorded an income tax provision of $3.0 million, reflecting an estimated effective tax rate of 29.6%. For the twenty-six weeks ended July 1, 2026, the Company recorded an income tax provision of $8.5 million, reflecting an estimated effective tax rate of 28.8%. For the twenty-six weeks ended June 25, 2025, the Company recorded an income tax provision of $5.3 million, reflecting an estimated effective tax rate of 29.7%. The difference between the 21.0% statutory rate and the effective tax rate of 28.8% for the twenty-six weeks ended July 1, 2026 is primarily a result of state tax rates based on apportioned income, the impact of non-tax deductible executive compensation, and tax deficiencies related to stock option exercises, for which the associated tax deductions were lower than the cumulative stock-based compensation expense,  partially offset by the impact of higher stock compensation expense deductible for tax related to the vesting of restricted stock awards as compared to the cumulative amount recorded as stock-based compensation expense, and federal targeted job credits.
Summary of Significant Accounting Policies
There have been no changes to our significant accounting policies described in the Annual Report on Form 10-K for the year ended December 31, 2025 that have had a material impact on our consolidated financial statements and related notes.
Recently Adopted Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). This ASU amends income tax disclosures primarily related to the rate reconciliation and income taxes paid information, as well as certain other amendments to improve the effectiveness of income tax disclosures. These changes help investors better: (1) understand on an entity’s exposure to potential changes in jurisdictional tax legislation and the ensuing risks and opportunities, (2) assess income tax information that affects cash flow forecasts and capital allocation decisions, and (3) identify potential opportunities to increase future cash flows. The amendments in this ASU are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 during the fiscal year ended December 31, 2025 on a retrospective basis. The adoption of this guidance did not have a material impact on  the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires new disclosures, in the notes to the financial statements, related to the disaggregation of certain expenses within the income statement. Additionally, a qualitative description is required of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. Annually, an entity is also required to define and quantify its selling expenses. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the potential impact of this guidance on its condensed consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures from other topics and clarifying when existing guidance is applicable. The purpose of this ASU is not to expand or change previous interim reporting guidance; however, an added principle requires entities to disclose events since the end of the last annual reporting period that have material impact on the entity. The amendments are effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the potential impact of this guidance on its consolidated financial statements.

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In April 2026, the FASB issued ASU No. 2026-01, Equity (Topic 505): Initial measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock. This amendment improves generally accepted accounting principles by providing authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified preferred stock. The amendments are effective for interim reporting periods beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the potential impact of this guidance on its condensed consolidated financial statements.
In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818). The amendments in this update improve generally accepted accounting principles by providing specific authoritative guidance for environmental credits and environmental credit obligations. The amendments are effective for interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the potential impact of this guidance on its condensed consolidated financial statements.
The Company reviewed all other recently issued accounting pronouncements and concluded that they were either not applicable or not expected to have a significant impact to the condensed consolidated financial statements.
2. PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid expenses and other current assets consist of the following (in thousands):
​

​

​

​

​

​

​

​
  ​ ​ ​
July 1, 2026
  ​ ​ ​
December 31, 2025

Prepaid insurance
​
$
 1,198
​
$
 2,634

Prepaid service fees
​
 
 3,911
​
 
 2,953

Other current assets
​
​
 792
​
​
 782

Total prepaid expenses and other current assets
​
$
 5,901
​
$
 6,369

​
3. PROPERTY AND EQUIPMENT
The costs and related accumulated depreciation and amortization of major classes of property and equipment are as follows (in thousands):
​

​

​

​

​

​

​

​
  ​ ​ ​
July 1, 2026
  ​ ​ ​
December 31, 2025

Land
​
$
 12,323
​
$
 12,323

Buildings and improvements
 
​
 167,038
 
​
 153,049

Other property and equipment
 
​
 88,343
 
​
 77,802

Construction in progress
 
​
 7,227
 
​
 22,799

​
 
​
 274,931
 
​
 265,973

Less: accumulated depreciation and amortization
 
​
 (175,281)
 
​
 (168,930)

Total property and equipment, net
​
$
 99,650
​
$
 97,043

​
Depreciation and amortization expense was $4.2 million and $3.9 million for the thirteen weeks ended July 1, 2026 and June 25, 2025, respectively, and $8.5 million and $7.8 million for the twenty-six weeks ended July 1, 2026 and June 25, 2025, respectively.
Based on the Company’s review of its property and equipment assets for impairment, the Company recorded an immaterial non-cash impairment charge for the thirteen and twenty-six weeks ended July 1, 2026 related to one restaurant in Nevada. Based on the Company’s review of its property and equipment assets for impairment, the Company did not record any non-cash impairment charges for the thirteen and twenty-six weeks ended June 25, 2025.
4. STOCK-BASED COMPENSATION
Pursuant to the Company’s 2018 Omnibus Equity Incentive Plan (as amended, the “Incentive Plan”), the Company grants stock options, restricted stock units, performance-based restricted stock units (“PSUs”) and restricted stock to the Company’s employees, officers, directors, and other eligible participants. As of July 1, 2026, 2,213,185 shares of common stock remained available for issuance under the Incentive Plan.

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Total stock-based compensation expense was $1.6 million and $1.7 million for the thirteen weeks ended July 1, 2026 and June 25, 2025, respectively, and $2.9 million and $2.7 million for the twenty-six weeks ended July 1, 2026 and June 25, 2025, respectively.
Stock Options
As of July 1, 2026, options to purchase 1,289,129 shares of common stock were outstanding, including 452,000 vested and 837,129 unvested options. Unvested options vest over time; however, pursuant to the Incentive Plan, upon a change in control, the Company’s Board of Directors (the “Board”) may accelerate vesting. A summary of stock option activity at July 1, 2026 and changes during the twenty-six weeks ended July 1, 2026 is as follows:
​
​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
​
​
Weighted-Average
 
Aggregate

​
  ​ ​ ​
​
  ​ ​ ​
Weighted-Average
 
 Contractual Life
 
 Intrinsic Value

​
​
Shares
​
Exercise Price
 
 Life (Years)
 
 (in thousands)

Outstanding – December 31, 2025
 
 1,233,984
​
$
 10.46
​
​
​
​
​
​

Grants
 
 378,603
​
 
 13.32
​
​
​
​
​
​

Exercised
 
 (244,819)
​
​
 10.74
​
​
​
​
​
​

Forfeited, cancelled or expired
 
 (78,639)
​
​
 11.31
​
​
​
​
​
​

Outstanding – July 1, 2026
 
 1,289,129
​
$
 11.20
​
​
 8.36
​
$
 7,429

Vested and expected to vest at July 1, 2026
 
 1,277,043
​
$
 10.46
​
​
 8.35
​
$
 7,367

Exercisable at July 1, 2026
 
 452,000
​
$
 10.46
​
​
 7.35
​
$
 2,939

​
The fair value of each stock option was estimated on the grant date using an exercise price of the closing stock price on the day prior to date of grant and the Black-Scholes option-pricing model with the following weighted average assumptions:
​
​

​

​

​

​

​

​

​

​
  ​ ​ ​
July 1, 2026
  ​ ​ ​
June 25, 2025
 

Expected volatility
​
​
41.4
%  
​
 42.8
%

Risk-free interest rate
 
​
 3.9
%  
​
 4.1
%

Expected term (years)
 
​
 6.00
 
​
 6.00
​

Expected dividends
 
$
 —
 
$
 —
​

​
At July 1, 2026, the Company had total unrecognized compensation expense of $4.0 million related to unvested stock options, which it expects to recognize over a weighted-average period of 2.23 years. 
Restricted Shares 
A summary of restricted share activity as of July 1, 2026 and changes during the twenty-six weeks ended July 1, 2026 is as follows:
​
​

​

​

​

​

​

​
  ​ ​ ​
​
  ​ ​ ​
Weighted-Average

​
​
Shares
​
Fair Value

Unvested shares at December 31, 2025
 
 617,037
​
$
 10.22

Granted
 
 320,644
​
$
 13.32

Released
 
 (246,576)
​
$
 10.25

Forfeited and cancelled
 
 (43,180)
​
$
 11.28

Unvested shares at July 1, 2026
 
 647,925
​
$
 11.67

​
At July 1, 2026, the Company had unrecognized compensation expense of $6.5 million related to unvested restricted shares, which it expects to recognize over a weighted-average period of 2.10 years.
​

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Table of Contents

Performance-Based Restricted Stock Units
A summary of performance share activity as of July 1, 2026 and changes during the twenty-six weeks ended July 1, 2026 is as follows:
​
​

​

​

​

​

​

​
  ​ ​ ​
​
  ​ ​ ​
Weighted-Average

​
​
Shares
​
Fair Value

Unvested shares at December 31, 2025
 
 137,805
​
$
 10.34

Granted
​
 132,007
​
$
 13.32

Released
​
 —
​
$
 —

Forfeited and cancelled
​
 (34,002)
​
$
 11.27

Unvested shares at July 1, 2026
​
 235,810
​
$
 11.87

​
​
5. LONG-TERM DEBT
On July 27, 2022, the Company entered into a credit agreement (the “2022 Credit Agreement”) among EPL, as borrower, the Company and Intermediate, as guarantors, Bank of America, N.A., as administrative agent, swingline lender, and lett