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Portillo's Restaurants

Logo: Portillo's Restaurants, Public domain, via Wikimedia Commons4

Chicago-based fast casual restaurant chain

Portillo's Restaurant Group, Inc. is an American fast casual restaurant chain based in the Chicago area that specializes in serving Chicago-style food such as hot dogs, Maxwell Street Polish, and Italian beef.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

$732.1MRevenue, fiscal 20255
$19.3MNet income, fiscal 20255
1963Founded1

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  • TickerPTLO on Nasdaq1
  • Industryrestaurant1
  • HeadquartersOak Brook1
  • Websitewww.portillos.com
  • Incorporated inDE6
  • Business addressC/O The Portillo Restaurant Group, 2001 Spring Road, Suite 400, Oak Brook, Il 60523-19036
  • Filer categoryLarge accelerated filer6

Portillo's Restaurant Group, Inc. is an American fast casual restaurant chain based in the Chicago area that specializes in serving Chicago-style food such as hot dogs, Maxwell Street Polish, and Italian beef. The company was founded by Dick Portillo on April 9, 1963, in Villa Park, Illinois, under the name "The Dog House".3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

6.0%Operating margin5
2.6%Net margin5
3.0%Revenue growth, 20255
4.1%Return on equity5
0.51×Debt to equity5
-$18.5MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs97¢$709.7M
  • Income tax0¢$3.0M
  • Profit3¢$19.3M

Out of $732.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$90.4M

Out of $71.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5

Financial statements

Revenue8910115$732.1M in 2025+53% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $479.4M$479.4M20192020: $455.5M$455.5M2020−5%2021: $535.0M$535.0M2021+17%2022: $587.1M$587.1M2022+10%2023: $679.9M$679.9M2023+16%2024: $710.6M$710.6M2024+5%2025: $732.1M$732.1M2025+3%
Operating income8910115$43.7M in 2025−11% since 2019
0$20.0M$40.0M$60.0M2019: $48.9M$48.9M20192020: $57.3M$57.3M2020+17%2021: $30.0M$30.0M2021−48%2022: $41.3M$41.3M2022+38%2023: $55.4M$55.4M2023+34%2024: $58.0M$58.0M2024+5%2025: $43.7M$43.7M2025−25%
Net income8910115$19.3M in 2025
-$20.0M0$20.0M$40.0M2019: -$12.9M-$12.9M20192020: -$8.3M-$8.3M2020−36%2021: -$15.2M-$15.2M2021+84%2022: $10.9M$10.9M20222023: $18.4M$18.4M2023+70%2024: $29.5M$29.5M2024+60%2025: $19.3M$19.3M2025−34%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
REVENUES, NET$732.1M$710.6M$679.9M
Food, beverage and packaging costs$251.7M$241.7M$230.9M
Labor$191.7M$181.1M$173.9M
Occupancy$40.6M$36.6M$33.4M
Other operating expenses$89.6M$83.0M$76.6M
Total restaurant operating expenses$573.7M$542.4M$514.7M
General and administrative expenses$77.1M$75.1M$78.8M
Pre-opening expenses$8.8M$9.2M$9.0M
Depreciation and amortization$29.1M$27.3M$24.3M
Net income attributable to equity method investment-$1.3M-$1.2M-$1.4M
Other loss (income), net$946.0K-$312.0K-$1.0M
OPERATING INCOME$43.7M$58.0M$55.4M
Interest expense$22.8M$25.6M$27.5M
Interest income-$275.0K-$309.0K-$212.0K
Tax Receivable Agreement liability adjustment-$2.9M-$9.1M-$3.3M
Loss on debt extinguishment$0$0$3.5M
INCOME BEFORE INCOME TAXES$24.1M$41.9M$28.1M
Income tax expense$3.0M$6.8M$3.2M
NET INCOME$21.1M$35.1M$24.8M
Net income attributable to non-controlling interests$1.7M$5.6M$6.4M
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.$19.3M$29.5M$18.4M
Basic (in dollars per share)$0.28$0.48$0.34
Diluted (in dollars per share)$0.27$0.46$0.32
Basic (in shares)68.8M shares61.1M shares53.8M shares
Diluted (in shares)71.1M shares64.0M shares57.3M shares

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The story

Portillo's was founded in 1963 by Dick Portillo. After returning from serving in the Marines, Portillo gathered money from his savings and an investment from his brother Frank to open a hot dog stand. They bought a 12-foot trailer that had no restroom and no running water. They named it "The Dog House". The Dog House operated on North Avenue in Villa Park. At first the stand lost money and a solution was needed. Portillo snuck into one of the back rooms of a competitor and wrote down where they were purchasing their product. He continued the process of learning by visiting different competitors. By 1967, The Dog House, now in good financial standing, was upgraded to a larger trailer and was renamed "Portillo's". In 1970, he partnered with Harold Reskin and opened up his second location in a shopping mall that Reskin owned. Between 1972 and 1989, he opened up a second restaurant under the name "Barney's" that specialized in BBQ meals. In 1983 Portillo's opened up its first drive thru in Downers Grove. In the 90's Portillo's had profited by more than $50 million with 25 stores around the Chicago area. In 1993, he experimented with a few ideas by combining his concept stores Barney's and Barnelli's with a Portillo's restaurant. In 1994, the first Portillo's within Chicago city limits opened at the intersection of Clark and Ontario St. In 1995, Portillo opened Key Wester Fish & Pasta House in Naples, Florida. In 1996, Portillo brought the Key Wester Fish & Pasta to Naperville. In 2000, Portillo opened another concept restaurant called Luigi's House. The Portillo's chain grew again in 2010 with Honey-Jam Café.

In 2014, Portillo sold Portillo's to Berkshire Partners. The new owners are planning to open five to seven restaurants each year. Portillo has been buying the land for new sites, which he then leases back to the company.

The company filed to go public in 2021. Its initial public offering sold 28% of the company as stocks traded on the Nasdaq as of October 21, 2021, with private equity firm Berkshire Partners retaining the remainder of the ownership.

In April 2025, the chain began serving a limited-trial breakfast menu at six of its Chicago-area restaurants. Items included a Polish sausage, egg and cheese sandwich and a chocolate cake doughnut, topped with its signature chocolate cake frosting. In May of that year during Italian Beef Month, the chain announced "The Leo" available that month. Named for Cardinal Robert Francis Prevost, a native Chicagoan, after he was elected the first-ever American pope and took the name Pope Leo XIV, it featured the beef "baptized" (dipped extra) in its juices. Br. Joe Ruiz, a student of Pope Leo's who lived with him for a year, said in a WGN-TV interview that the Pope's favorite cake is the restaurant's chocolate cake.

In September 2025, shortly after Portillo's announced a "strategic reset" of the company's financial targets, Michael Osanloo stepped down as CEO. Michael Miles Jr., Portillo's board chairman, stepped in as the Interim CEO.

In February 2026, Brett Patterson, former chief executive of Miller's Ale House, was announced as the new permanent CEO.

From Wikipedia’s article on Portillo's Restaurants, shared under CC BY-SA 4.0.7

Leadership

Who has led Portillo's Restaurants, and when. Pick a name to see everywhere that person has worked.

Board members and other officers (20)

Timeline

  1. Feb 24, 2026New chief executive Brett Patterson becomes CEO16
  2. Oct 21, 2021New chief executive Michael Osanloo becomes CEO17
  3. 1963Founded Founded1

Filings

434 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 60 major events, 245 insider forms, 39 large holders, 69 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 23, 20264 EDGAR
  3. Sep 8, 20263 EDGAR
  4. Sep 8, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 12, 20264 EDGAR
  8. Aug 5, 202610-Q EDGAR
  9. Aug 5, 20268-K EDGAR
  10. Aug 4, 20268-K EDGAR
  11. Jun 30, 20268-K EDGAR
  12. Jun 12, 20268-K EDGAR
  13. Jun 2, 20264 EDGAR
  14. Jun 2, 20264 EDGAR
  15. Jun 2, 20264 EDGAR
  16. May 27, 20263 EDGAR
  17. May 21, 20268-K EDGAR
  18. May 15, 2026SCHEDULE 13G/A EDGAR
  19. May 12, 20264 EDGAR
  20. May 5, 202610-Q EDGAR

The 434 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 11 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 12, 2026LEE EUGENE I JRDirectorBuy65,355$4.59$300.0KForm 4
May 11, 2026LEE EUGENE I JRDirectorBuy70,165$4.28$300.3KForm 4
Mar 13, 2026LEE EUGENE I JRDirectorBuy286,000$5.18$1.5MForm 4
Aug 11, 2025Osanloo MichaelPresident & CEOBuy2,000$8.00$16.0KForm 4
Aug 8, 2025Osanloo MichaelPresident & CEOBuy11,320$7.42$84.0KForm 4
Aug 7, 2025LEE EUGENE I JRDirectorBuy130,250$7.68$1.0MForm 4
Aug 7, 2025Hook Michelle GreigCFO & TreasurerBuy40,000$7.67$306.8KForm 4
Aug 7, 2025Kaiser Kelly MGeneral Counsel and SecretaryBuy27,000$7.68$207.4KForm 4
May 19, 2025BPSP, L.P.DirectorSale10,000,000$12.23$122.3MForm 4
Mar 13, 2025Hartung JackDirectorBuy72,500$12.82$929.5KForm 4
Aug 15, 2024Scarpino Nicholas AnthonyChief Marketing OfficerSale96,722$11.75$1.1MForm 4
Aug 9, 2024Osanloo MichaelPresident & CEOSale66,052$10.29$679.7KForm 4
Jan 4, 2024Pratt Derrick LeeChief Operating OfficerSale1,827$14.94$27.3KForm 4
Dec 7, 2023Osanloo MichaelPresident & CEOSale1,558$15.99$24.9KForm 4
Nov 13, 2023Pratt Derrick LeeChief Operating OfficerSale29,457$14.75$434.5KForm 4
Nov 7, 2023Osanloo MichaelPresident & CEOSale10,000$15.22$152.2KForm 4
Mar 10, 2023Cook George Richard IIISenior VP, TechnologySale18,662$18.95$353.7KForm 4
Nov 30, 2022Waite Jill FrancineChief People OfficerBuy80$18.17$1.5KForm 4
Nov 30, 2022Osanloo MichaelPresident & CEOBuy1,262$18.17$22.9KForm 4
Nov 11, 2022Scarpino Nicholas AnthonyChief Marketing OfficerSale21,500$25.38$545.7KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.4,907,534$23.3M0.0%−210,200
Orbis Allan Gray Ltd4,171,276$19.8M0.1%−2,896,948
Engaged Capital LLC3,442,990$16.3M5.1%No change
Citadel Advisors LLC3,150,113$14.9M0.0%+2,597,013
Vanguard Capital Management LLC3,065,726$14.5M0.0%+26,173
Marshall Wace, Llp2,341,610$11.1M0.0%+645,050
Zuckerman Investment Group, LLC2,049,697$9.7M0.8%−12,427
Geode Capital Management, LLC1,814,316$8.6M0.0%+144,298
State Street Corp1,454,163$6.9M0.0%+166,617
Goldman Sachs Group Inc1,421,040$6.7M0.0%+433,889
Blair William & Co/il1,242,512$5.9M0.0%+129,590
Millennium Management LLC1,229,588$5.8M0.0%+608,172
Aqr Capital Management LLC1,079,932$5.1M0.0%+772,499
Berkshire Partners LLC1,045,630$5.0M100.0%No change
Morgan Stanley736,160$3.5M0.0%+125,169
Hotchkis & Wiley Capital Management LLC734,340$3.5M0.0%+132,200
Vanguard Portfolio Management LLC705,095$3.3M0.0%+83,336
Susquehanna International Group, Llp636,666$3.0M0.0%−157,552
Charles Schwab Investment Management Inc635,068$3.0M0.0%+4,489
Northern Trust Corp552,977$2.6M0.0%+31,161
Southeast Asset Advisors, LLC486,415$2.3M0.2%+70,165
Vanguard Fiduciary Trust Co476,440$2.3M0.0%+5,117
Jump Financial, LLC471,130$2.2M0.0%New
Bridgeway Capital Management, LLC443,310$2.1M0.0%−30,117
Dimensional Fund Advisors LP397,885$1.9M0.0%−679,791

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

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