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Portillo's cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$16.8M in Q3 2026 · $12.6M over twelve months

Operating cash flow$26.7M
Capital spending−$9.9M
Free cash flow+$16.8M
Cash / net income5.6×

Analysis

In Q3 2026, Portillo's generated $26.7M of operating cash flow and spent $9.9M on capital projects, leaving free cash flow of $16.8M.

Over the twelve months to Sep 27, 2026, operating cash flow was $85.0M; the largest uses were capital spending ($72.4M), net borrowing (+) / repaid (−) ($6.2M), taxes on employees’ shares ($822K); besides operations, cash came from partners ($831K), other financing ($443K); the cash balance rose by $7.6M.

Operating cash flow was $26.7M against net income of $4.8M — 5.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$8.3M, accrued liabilities +$6.3M, stock-based pay +$2.3M.

Free cash flow

Portillo's: free cash flow by quarterPortillo's: free cash flow by quarter−$5.6MQ4 2024−$9.6MQ1 2025$5.2MQ2 2025−$5.0MQ3 2025−$9.2MQ4 2025−$907KQ1 2026$5.9MQ2 2026$16.8MQ3 2026
Operating cash flow less capital spending.
Portillo's: operating cash flow against capital spendingPortillo's: operating cash flow against capital spendingOperating cash flowCapital spending$26.1M$31.7MQ4 2024$9.4M$19.0MQ1 2025$19.2M$14.0MQ2 2025$20.0M$25.0MQ3 2025$23.2M$32.3MQ4 2025$17.6M$18.5MQ1 2026$17.6M$11.7MQ2 2026$26.7M$9.9MQ3 2026
Latest (Q3 2026): Operating cash flow $26.7M, Capital spending $9.9M.

Capital allocation, year by year

Portillo's: where the cash came from (up) and went (down), by fiscal yearPortillo's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow $42.9MFY2021: Net borrowing −$158MFY2021: Shares issued $100KFY2021: Asset sales $123KFY2021: Capital spending −$36.2M$43.1MFY2021FY2022: Operating cash flow $56.9MFY2022: Net borrowing −$3.3MFY2022: Shares issued $1.9MFY2022: Asset sales $44KFY2022: Capital spending −$47.1M$58.8MFY2022FY2023: Operating cash flow $70.8MFY2023: Net borrowing $1.9MFY2023: Shares issued $1.9MFY2023: Asset sales $81KFY2023: Capital spending −$87.9M$74.7MFY2023FY2024: Operating cash flow $98.0MFY2024: Net borrowing $4.4MFY2024: Shares issued $119MFY2024: Asset sales $77KFY2024: Capital spending −$88.2M$222MFY2024FY2025: Operating cash flow $71.9MFY2025: Net borrowing $23.1MFY2025: Shares issued $2.7MFY2025: Capital spending −$90.4M$97.8MFY2025
Over these 5 years operating cash flow totalled $340M; the largest uses were capital spending ($350M) and net borrowing ($162M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$24.8M
Debt$410M
Net debt$385M
Due within a year$6.2M

Portillo's funds itself: free cash flow was $12.6M over the last twelve months, and $24.8M of cash and investments stands against $410M of debt ($6.2M due within a year, 4.0× covered by cash).

Portillo's: debt maturities by year (FY2025)Portillo's: debt maturities by year (FY2025)$6.2MYear 1$9.4MYear 2$15.6MYear 3$15.6MYear 4$200MYear 5
Principal due in each year as disclosed in the annual report, against $24.8M of cash and investments now.

Where the cash came from and went

Portillo's: sources (+) and uses (−) of cash, Q3 2026Portillo's: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$26.7MNet borrowing (+) / repaid (−)−$13.6MCapital spending−$9.9MCash drawn (+) / kept (−)−$3.6MPartners$315KShares issued$73KTaxes on employees’ shares−$71KOther financing$65KOther investing$2K
Portillo's: sources (+) and uses (−) of cash, TTM to Q3 2026Portillo's: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$85.0MCapital spending−$72.4MCash drawn (+) / kept (−)−$7.6MNet borrowing (+) / repaid (−)−$6.2MPartners$831KTaxes on employees’ shares−$822KOther financing$443KShares issued$434KOther investing$398K

From profit to cash

Portillo's: net income to operating cash flow, Q3 2026Portillo's: net income to operating cash flow, Q3 2026Net income$4.8MDepreciation & amortization$8.3MStock-based pay$2.3MDeferred taxes$1.8MGains on disposals$216KReceivables$50KInventory$278KPayables−$1.7MAccrued liabilities$6.3MPrepaid and other assets$441KOther operating capital$144KOperating cash flow$26.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$26.7M−$9.9M−$13.6M$73K−$3.6M$16.8M
Q2 2026$17.6M−$11.7M−$8.6M$130K$2.7M$5.9M
Q1 2026$17.6M−$18.5M$12.4M$231K−$4.0M−$907K
Q4 2025$23.2M−$32.3M$11.4M—−$2.7M−$9.2M
Q3 2025$20.0M−$25.0M$5.4M—−$613K−$5.0M
Q2 2025$19.2M−$14.0M−$3.0M$2.1M−$3.7M$5.2M
Q1 2025$9.4M−$19.0M—$587K$9.9M−$9.6M
Q4 2024$26.1M−$31.7M$9.1M$1.8M−$4.4M−$5.6M

Portillo's: income statement and cash flow

Portillo's, Q3 2026: revenue $194M (+7% year over year), operating margin 6.1%. The chart follows the revenue to costs, profit and cash.

Portillo's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.