| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q1'26 | May 19, 2026 | 11/12 | 6 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 24, 2026 | 10/12 | 3 high, 2 medium, 1 low flags | 4 | 1 | Call sheet → |
| Q3'25 | November 4, 2025 | 9/12 | 3 medium, 3 low flags | 3 | 2 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Pending | Stock-based comp $22-24M including GM equity grants Reaffirmed range, noted 55% front-loaded in first half due to vesting timing. |
| Q1'26 | Pending | KDS rollout completion in 2026 370 of 439 locations complete, 69 retrofits remaining. Should finish in 2026. |
| Q1'26 | Pending | AGM program 60% filled with completion by mid-year At 60% as of Q1, reaffirmed mid-year completion target. On track. |
| Q1'26 | Exceeded | Restaurant-level margins of 23.7-24.2% Q1 delivered 25.1%, raised top end of guidance to 24.3%. Performing ahead. |
| Q1'26 | Delivered | Salmon launch by end of Q1 Launched nationally in Q2 as promised, now running through Q4 minimum. |
| Q1'26 | Exceeded | Same-restaurant sales of 3-5% for 2026 Raised guidance to 4.5-6.5% after Q1 delivered 9.7%. Strong outperformance. |
| Q1'26 | Pending | 74-76 net new restaurant openings in 2026 Raised to 75-77, slight upward revision. Q1 delivered 20 units in 16-week quarter, on track. |
| Q4'25 | Pending | Catering expansion to second market test in 2026 Reaffirmed for later in 2026 following Houston test learnings |
| Q4'25 | Missed | Restaurant-level profit margin between 24.4-24.8% for 2025 Q4 margin of 21.4% likely pulled full year below guidance range, though full year not disclosed |
| Q4'25 | Delivered | Same-restaurant sales guidance of 3-4% for 2025 Achieved 4% same-restaurant sales for full year, at high end of range |
| Q4'25 | Exceeded | 68-70 net new restaurant openings for full year 2025 Delivered 72 net new restaurants, 6% above high end of guidance |
| Q4'25 | Delivered | Salmon market test results would inform broader launch decision Salmon performing 'a little bit better than Chicken Shawarma' leading to late spring 2026 launch |
| Q4'25 | Exceeded | KDS rollout to at least 350 locations by Q3 2025 year-end Delivered 370 locations live with remaining 69 retrofits scheduled for 2026 |
| Q3'25 | Missed | Q2: 'Restaurant level margins 24.8-25.2%' Lowered to 24.4-24.8% due to margin pressures |
| Q3'25 | Missed | Q2: 'Same-restaurant sales guidance 4-6%' Lowered to 3-4% range due to macro pressures |
| Q3'25 | Pending | Q2: 'AGM role rollout starting November through 6 months' On track for November start as planned |
| Q3'25 | Delivered | Q2: 'TurboChef ovens in all restaurants by year-end' Completed rollout to all locations as committed |
| Q3'25 | Exceeded | Q2: 'KDS rollout to 270 locations by end of year' Upgraded target to 350 locations, currently at 200+ vs 95 in Q2 |
| Q3'25 | Delivered | Q2: 'Chicken shawarma company-wide in early fall' Launched in Q3 as promised, performed to market test expectations |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.