| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 5, 2026 | 9/12 | 1 high, 4 medium, 4 low flags | 2 | 0 | Call sheet → |
| Q1'26 | May 6, 2026 | 10/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q4'25 | February 12, 2026 | 11/12 | 2 medium, 4 low flags | 4 | 1 | Call sheet → |
| Q3'25 | November 5, 2025 | 9/12 | 1 high, 2 medium, 3 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Given the momentum we are building, We now expect to open at least 185 system shops in 2026. Full-year target reaffirmed unchanged this quarter: 'We remain very confident in opening at least 185 system shops in 2026.' |
| Q2'26 | Pending | There are no changes to our guidance for capital expenditures. It remains within the $270 million to $290 million range. Full-year period has not ended; capex guidance was subsequently revised upward to $350-370 million this quarter, driven by acquisitions. |
| Q2'26 | Exceeded | Our full year guidance assumes Q2 system same shop sales growth approaching 5%. Actual Q2 system same-shop sales came in at 5.8%, well above the 'approaching 5%' guide. |
| Q2'26 | Pending | We now expect full-year system Same Shop sales growth of 4% to 6%. Full-year period has not ended; guidance was revised and narrowed to 5%-6%, trending to the midpoint, this quarter. This is a revision, not a delivered/missed outcome. |
| Q2'26 | Pending | Based on current inspection and permitting timelines, we expect to have remaining clutch conversions completed by the end of Q3. Clutch went unmentioned in any performance or completion context this quarter; actual status not stated on the call. |
| Q2'26 | Exceeded | We now expect the new food program rollout to be largely complete across our company operated fleet by the end of Q3. Rollout actually completed one quarter early: 'By the end of Q2, we completed the rollout of our new food program across approximately 750 system shops ahead of schedule.' |
| Q1'26 | Delivered | Order ahead continuing to grow adoption Reached 15% of transaction mix, up from 14% in Q4. |
| Q1'26 | Delivered | Clutch conversions opening during Q2 and Q3 7 conversions opened in Q1, on track for remainder. |
| Q1'26 | Delivered | New shop productivity remains in line with system averages Confirmed new shops matching system-wide AUVs at record levels. |
| Q1'26 | Exceeded | System same-shop sales 3%-5% for 2026 Raised guidance to 4%-6% after Q1 outperformance. |
| Q1'26 | Exceeded | Food rollout complete by end of 2026 Accelerated timeline to end of Q3 for company-operated shops. |
| Q1'26 | Exceeded | System shop openings at least 181 in 2026 Raised to at least 185 shops due to development momentum. |
| Q4'25 | Missed | 160 system shop openings in 2025 Opened 154 shops, but said shortfall would be incremental to 2026 target |
| Q4'25 | Delivered | Continue shifting portfolio to build-to-suit leases Reached 45% in 2025, expect continued progress in 2026 |
| Q4'25 | Exceeded | System same-shop sales growth of approximately 5% for full year 2025 Delivered 5.6% for full year with 7.7% in Q4 |
| Q4'25 | Delivered | Coffee costs may remain elevated into 2026 Got specific: 200 bps Q1 pressure, stepping down through year |
| Q4'25 | Exceeded | Approximately 175 new system shops in 2026 Raised to 'at least 181 shops' including Clutch acquisition |
| Q4'25 | Pending | Complete food rollout by end of 2026 Reiterated same timeline from Q3, now expanded to 300+ shops from 160 |
| Q3'25 | Exceeded | 90 basis points of adjusted SG&A leverage for full year Now expecting ~110 bps of leverage |
| Q3'25 | Pending | Labor costs flat year-over-year as % of revenue Q3 was +10 bps favorable YoY but sequential pressure building |
| Q3'25 | Delivered | Continue food pilot expansion in 2025 Expanded from 64 to 160 shops by Q3 end |
| Q3'25 | Pending | Adjusted EBITDA $285-290M Maintained range despite Q3 flow-through concerns |
| Q3'25 | Exceeded | System same-shop sales growth approximately 4.5% for full year Raised to ~5% full year based on Q3 performance |
| Q3'25 | Pending | Open at least 160 system shops in 2025 131 shops opened through Q3, need 29 more in Q4 - seems achievable |
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