Portillo's (PTLO) 10-Q5 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 29, 2024	Oct. 29, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Document Transition Report	false
Entity File Number	001-40951
Entity Registrant Name	PORTILLO'S INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1104304
Entity Address, Address Line One	2001 Spring Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Oak Brook
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60523
City Area Code	630
Local Phone Number	954-3773
Title of 12(b) Security	Class A common stock, $0.01 par value per share
Trading Symbol	PTLO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001871509
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Class A Common Stock
Entity Common Stock, Shares Outstanding (in shares)		62,648,420
Class B Common Stock
Entity Common Stock, Shares Outstanding (in shares)		11,573,792

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents and restricted cash	$ 18,520	$ 10,438
Accounts and tenant improvement receivables	14,913	14,183
Inventory	8,298	8,733
Prepaid expenses	5,201	8,565
Total current assets	46,932	41,919
Property and equipment, net	343,160	295,793
Operating lease assets	214,338	193,825
Goodwill	394,298	394,298
Trade names	223,925	223,925
Other intangible assets, net	26,745	28,911
Equity method investment	16,032	16,684
Deferred tax assets	197,580	184,701
Other assets	8,409	5,485
Total other assets	866,989	854,004
TOTAL ASSETS	1,471,419	1,385,541
CURRENT LIABILITIES:
Accounts payable	47,165	33,189
Current portion of long-term debt	9,375	7,500
Current portion of Tax Receivable Agreement liability	7,723	4,428
Short-term debt	14,000	15,000
Deferred revenue	4,112	7,180
Short-term operating lease liability	5,667	5,577
Accrued expenses	36,246	32,039
Total current liabilities	124,288	104,913
LONG-TERM LIABILITIES:
Long-term debt, net of current portion	278,867	283,923
Tax Receivable Agreement liability	318,967	295,390
Long-term operating lease liability	267,760	238,414
Other long-term liabilities	3,945	2,791
Total long-term liabilities	869,539	820,518
Total liabilities	993,827	925,431
COMMITMENTS AND CONTINGENCIES (NOTE 13)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized, none issued or outstanding	0	0
Additional paid-in-capital	349,955	308,212
Retained earnings	31,864	13,612
Total stockholders' equity attributable to Portillo's Inc.	382,441	322,379
Non-controlling interest	95,151	137,731
Total stockholders' equity	477,592	460,110
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,471,419	1,385,541
Class A Common Stock
STOCKHOLDERS' EQUITY:
Common stock	622	555
Class B Common Stock
STOCKHOLDERS' EQUITY:
Common stock	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares	Sep. 29, 2024	Dec. 31, 2023
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Class A Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	380,000,000	380,000,000
Common stock, issued (in shares)	62,223,289	55,502,375
Common stock, outstanding (in shares)	62,223,289	55,502,375
Class B Common Stock
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	11,573,792	17,472,926
Common stock, outstanding (in shares)	11,573,792	17,472,926

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Income Statement [Abstract]
REVENUES, NET	$ 178,252	$ 166,805	$ 525,945	$ 492,047
Restaurant operating expenses:
Food, beverage and packaging costs	60,136	55,551	178,809	165,407
Labor	45,945	42,588	135,659	126,200
Occupancy	9,172	8,210	27,723	24,898
Other operating expenses	21,053	18,571	60,868	56,107
Total restaurant operating expenses	136,306	124,920	403,059	372,612
General and administrative expenses	18,305	18,898	54,786	57,285
Pre-opening expenses	1,747	2,410	5,270	5,029
Depreciation and amortization	6,679	6,178	20,729	17,788
Net income attributable to equity method investment	(383)	(422)	(923)	(1,010)
Other income, net	(390)	(276)	(1,176)	(630)
OPERATING INCOME	15,988	15,097	44,200	40,973
Interest expense	6,450	6,573	19,583	20,539
Interest income	(50)	(116)	(204)	(116)
Tax Receivable Agreement liability adjustment	(1,724)	(528)	(2,724)	(1,691)
Loss on debt extinguishment	0	0	0	3,465
INCOME BEFORE INCOME TAXES	11,312	9,168	27,545	18,776
Income tax expense	2,539	2,622	4,898	3,605
NET INCOME	8,773	6,546	22,647	15,171
Net income attributable to non-controlling interests	1,553	2,185	4,395	4,536
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$ 7,220	$ 4,361	$ 18,252	$ 10,635
Net income per common share attributable to Portillo's Inc.:
Basic (in usd per share)	$ 0.12	$ 0.08	$ 0.30	$ 0.20
Diluted (in usd per share)	$ 0.11	$ 0.07	$ 0.29	$ 0.19
Weighted-average common shares outstanding:
Basic (in shares)	61,921,564	55,127,133	60,336,488	53,231,086
Diluted (in shares)	64,894,558	58,767,812	63,347,715	56,813,653

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-in Capital	(Accumulated Deficit) Retained Earnings	Non-Controlling Interest
Beginning balance (in shares) at Dec. 25, 2022				48,420,723	23,837,162
Beginning balance at Dec. 25, 2022	$ 432,901			$ 484	$ 0	$ 260,664	$ (4,812)	$ 176,565
Total Stockholders' Equity
Net income	15,171						10,635	4,536
Equity-based compensation	12,044					8,846		3,198
Activity under equity-based compensation plans (in shares)				397,182
Activity under equity-based compensation plans	1,692			$ 4		1,688
Redemption of LLC Interests (in shares)				6,364,236	(6,364,236)
Redemption of LLC Units	0			$ 64		(64)
Non-controlling interest adjustment	0					48,063		(48,063)
Distributions paid to non-controlling interest holders	(399)							(399)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(13,682)					(13,682)
Ending balance (in shares) at Sep. 24, 2023				55,182,141	17,472,926
Ending balance at Sep. 24, 2023	447,727			$ 552	$ 0	305,515	5,823	135,837
Beginning balance (in shares) at Jun. 25, 2023				55,073,993	17,472,926
Beginning balance at Jun. 25, 2023	436,456			$ 551	$ 0	301,622	1,462	132,821
Total Stockholders' Equity
Net income	6,546						4,361	2,185
Equity-based compensation	4,324					3,275		1,049
Activity under equity-based compensation plans (in shares)				108,148
Activity under equity-based compensation plans	401			$ 1		400
Non-controlling interest adjustment	0					218		(218)
Ending balance (in shares) at Sep. 24, 2023				55,182,141	17,472,926
Ending balance at Sep. 24, 2023	447,727			$ 552	$ 0	305,515	5,823	135,837
Beginning balance (in shares) at Dec. 31, 2023		55,502,375	17,472,926	55,502,375	17,472,926
Beginning balance at Dec. 31, 2023	460,110			$ 555	$ 0	308,212	13,612	137,731
Total Stockholders' Equity
Net income	22,647						18,252	4,395
Equity-based compensation	9,223					7,590		1,633
Activity under equity-based compensation plans (in shares)				821,780
Activity under equity-based compensation plans	2,698			$ 8		2,690
Redemption of LLC Interests (in shares)				5,899,134	(5,899,134)
Redemption of LLC Units	0			$ 59		(59)
Non-controlling interest adjustment	0					47,770		(47,770)
Distributions paid to non-controlling interest holders	(838)							(838)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(16,248)					(16,248)
Ending balance (in shares) at Sep. 29, 2024		62,223,289	11,573,792	62,223,289	11,573,792
Ending balance at Sep. 29, 2024	477,592			$ 622	$ 0	349,955	31,864	95,151
Beginning balance (in shares) at Jun. 30, 2024				61,739,874	11,640,555
Beginning balance at Jun. 30, 2024	464,122			$ 617	$ 0	344,937	24,644	93,924
Total Stockholders' Equity
Net income	8,773						7,220	1,553
Equity-based compensation	3,506					2,940		566
Activity under equity-based compensation plans (in shares)				416,652
Activity under equity-based compensation plans	1,526			$ 4		1,522
Redemption of LLC Interests (in shares)				66,763	(66,763)
Redemption of LLC Units	0			$ 1		(1)
Non-controlling interest adjustment	0					892		(892)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(335)					(335)
Ending balance (in shares) at Sep. 29, 2024		62,223,289	11,573,792	62,223,289	11,573,792
Ending balance at Sep. 29, 2024	$ 477,592			$ 622	$ 0	$ 349,955	$ 31,864	$ 95,151

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 22,647	$ 15,171
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,729	17,788
Amortization of debt issuance costs and discount	568	814
Loss on sales of assets	130	512
Equity-based compensation	9,223	12,044
Deferred income tax expense	4,898	3,605
Tax Receivable Agreement liability adjustment	(2,724)	(1,691)
Gift card breakage	(666)	(688)
Loss on debt extinguishment	0	3,465
Changes in operating assets and liabilities:
Accounts receivable	497	(1,293)
Receivables from related parties	152	(100)
Inventory	435	969
Other current assets	2,222	124
Operating lease assets	6,511	5,685
Accounts payable	4,538	(2,777)
Accrued expenses and other liabilities	1,880	1,023
Operating lease liabilities	(2,591)	(1,775)
Deferred lease incentives	3,476	1,013
Other assets and liabilities	29	(319)
NET CASH PROVIDED BY OPERATING ACTIVITIES	71,954	53,570
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(56,514)	(57,660)
Proceeds from the sale of property and equipment	77	81
NET CASH USED IN INVESTING ACTIVITIES	(56,437)	(57,579)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of short-term debt, net	(1,000)	0
Proceeds from long-term debt	0	300,000
Payments of long-term debt	(3,750)	(324,303)
Proceeds from equity offering, net of underwriting discounts	114,960	179,306
Repurchase of outstanding equity / Portillo's OpCo units	(114,960)	(179,306)
Distributions paid to non-controlling interest holders	(838)	(399)
Proceeds from stock option exercises	2,576	1,321
Employee withholding taxes related to net settled equity awards	(395)	(112)
Proceeds from Employee Stock Purchase Plan purchases	401	404
Payments of Tax Receivable Agreement liability	(4,429)	(813)
Payment of deferred financing costs	0	(3,569)
NET CASH USED IN FINANCING ACTIVITIES	(7,435)	(27,471)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	8,082	(31,480)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	10,438	44,427
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	18,520	12,947
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid	13,010	15,738
Income tax paid	0	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accrued capital expenditures	22,352	15,915
Establishment of liabilities under Tax Receivable Agreement	$ 34,025	$ 51,165

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Portillo’s Inc. ("Inc.") was formed and incorporated as a Delaware corporation on June 8, 2021. Inc. was formed for the purpose of completing an initial public offering ("IPO") and related reorganization transactions in order to carry on the business of PHD Group Holdings LLC and its subsidiaries ("Portillo's OpCo"). Portillo's Inc. is the sole managing member of Portillo’s OpCo, and a s sole managing member, Inc. operates and controls all of the business and affairs of Portillo's OpCo and reports a non-controlling interest representing the economic interest in Portillo's OpCo held by the other members of Portillo's OpCo (the "pre-IPO LLC Members"). Unless the context otherwise requires, references to "we," "us," "our," "Portillo's," and the "Company" refer to Portillo's Inc. and its subsidiaries, including Portillo's OpCo. The Company operates restaurants in 10 states that serve Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut fries, homemade chocolate cake and more, along with two food production commissaries in Illinois. As of September 29, 2024 and December 31, 2023, the Company had 87 and 83 restaurants in operation, respectively. The Company also had two non-traditional locations in operation as of September 29, 2024 and December 31, 2023. These non-traditional locations include a food truck and a ghost kitchen (small kitchen with no store-front presence, used to fill online orders). Portillo's additionally has a 50% interest in a single restaurant owned by C&O Chicago, L.L.C. ("C&O"), which is excluded from the Company's restaurant count noted above. The Company’s principal corporate offices are located in Oak Brook, Illinois.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 29, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the "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 presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated f inancial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 . All intercompany balances and transactions have been eliminated in consolidation. The Company does not have any components of other comprehensive income (loss) recorded within its condensed consolidated financial statements, and therefore, does not separately present a statement of comprehensive income (loss). Segment Reporting The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer ("CEO"). The CODM reviews financial performance and allocates resources at a consolidated level on a recurring basis. The Company has one operating segment and one reportable segment. All of the Company’s operations are located within the United States. Fiscal Year The Company uses a 52- or 53-week fiscal year ending on the Sunday prior to or on December 31. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal 2024 and 2023 consist of 52 and 53 weeks, respectively. The fiscal periods presented in this report are the quarter and three quarters ended September 29, 2024 and September 24, 2023, respectively. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of sales and expenses during the period. Actual results could differ from those estimates. Recently Issued Accounting Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is currently evaluating the effect of adopting this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
REVENUE RECOGNITION	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Revenues from retail restaurants are presented net of discounts and recognized when food and beverage products are sold to the end customer. Sales taxes collected from customers are excluded from revenues and the obligation is included in accrued liabilities on the condensed consolidated balance sheets until the taxes are remitted to the appropriate taxing authorities. Delivery sales are generally fulfilled by third-party delivery partners whether ordered through the Portillo's app and website ("Dispatch Sales") or through third-party delivery partners ("Marketplace Sales"). Dispatch Sales include delivery and service fees as the Company controls the delivery. Revenue from Dispatch Sales is recognized when food is delivered to the customer. For these sales, the Company receives payment directly from the customer at the time of sale. Revenue for Marketplace Sales is recognized in the amount paid to the delivery partner by the customer for food and excludes delivery and service fees charged by the third-party delivery partner as the Company does not control the delivery. Revenue from Marketplace Sales is recognized when food is delivered to the customer. For these sales, the Company receives payment from the delivery partner subsequent to the transfer of order, which is generally paid one week in arrears. For all delivery sales of food, the Company is considered the principal and recognizes revenue on a gross basis. The Company sells gift cards which do not have expiration dates. The Company records the sale of the gift card as a contract liability and recognizes revenue from gift cards when: (i) the gift card is redeemed by the customer; or (ii) in the event a gift card is not expected to be redeemed, in proportion to the pattern of rights exercised by the customer (gift card breakage). The Company has determined that 11% of gift card sales will not be redeemed and will be retained by us based on a portfolio assessment of historical data on gift card redemption patterns. Gift card breakage is recorded within revenues, net in the condensed consolidated statements of operations. The Company recognized gift card breakage of $0.2 million and $0.7 million for the quarter and three quarters ended September 29, 2024 and September 24, 2023 , respectively. The Company’s revenue related to performance obligations not yet satisfied is revenue from gift cards sold but not yet redeemed. The gift card liability included in deferred revenue on the condensed consolidated balance sheets is as follows (in thousands): September 29, 2024 December 31, 2023 Gift card liability $ 4,073 $ 6,981 Revenue recognized in the condensed consolidated statement of operations for the redemption of gift cards that were included in their respective gift card liability balances at the beginning of the year is as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Revenue recognized from gift card liability balance at the beginning of the year $ 568 $ 599 $ 3,550 $ 3,436

INVENTORIES

INVENTORIES	9 Months Ended
INVENTORIES	Sep. 29, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): September 29, 2024 December 31, 2023 Raw materials $ 5,723 $ 6,737 Work in progress 126 157 Finished goods 1,878 912 Consigned inventory 571 927 $ 8,298 $ 8,733

PROPERTY & EQUIPMENT, NET

PROPERTY & EQUIPMENT, NET	9 Months Ended
PROPERTY & EQUIPMENT, NET	Sep. 29, 2024
Property, Plant and Equipment [Abstract]
PROPERTY & EQUIPMENT, NET	PROPERTY & EQUIPMENT, NET Property and equipment, net consisted of the following (in thousands): September 29, 2024 December 31, 2023 Land and land improvements $ 22,311 $ 19,000 Furniture, fixtures, and equipment 166,419 155,871 Leasehold improvements 255,085 227,080 Transportation equipment 2,880 2,881 Construction-in-progress 40,312 16,808 487,007 421,640 Less accumulated depreciation (143,847) (125,847) $ 343,160 $ 295,793 Depreciation expense was $6.0 million and $18.6 million for the quarter and three quarters ended September 29, 2024, respectively, and $5.5 million and $15.6 million for the quarter and three quarters ended September 24, 2023 , respectively, and is included in depreciation and amortization in the condensed consolidated statements of operations.

GOODWILL & INTANGIBLE ASSETS

GOODWILL & INTANGIBLE ASSETS	9 Months Ended
GOODWILL & INTANGIBLE ASSETS	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL & INTANGIBLE ASSETS	GOODWILL & INTANGIBLE ASSETS The Company has one reporting unit for goodwill which is evaluated for impairment annually in the fourth quarter of each fiscal year. Intangible assets, net consisted of the following (in thousands): September 29, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (29,372) 26,745 $ 280,042 $ (29,372) $ 250,670 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (27,206) 28,911 $ 280,042 $ (27,206) $ 252,836 Amortization expense was $0.7 million and $2.2 million for the quarter and three quarters ended September 29, 2024, respectively, and $0.7 million and $2.2 million for the quarter and three quarters ended September 24, 2023 , respectively, and is included in depreciation and amortization in the condensed consolidated statements of operations. The estimated aggregate amortization expense related to intangible assets held at September 29, 2024 for the remainder of this year and the succeeding five years and thereafter is as follows (in thousands): Estimated Amortization 2024 (excluding the three quarters ended September 29, 2024) $ 647 2025 2,707 2026 2,707 2027 2,707 2028 2,707 2029 2,150 2030 and thereafter 13,120 $ 26,745

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Sep. 29, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS Assets and Liabilities Measured at Fair Value on a Recurring Basis The carrying value of the Company's cash and cash equivalents, restricted cash, accounts and tenant improvement receivables, accounts payable and all other current assets and liabilities approximate fair values due to the short-term nature of these financial instruments. Other assets consist of a deferred compensation plan with related assets held in a rabbi trust. Deferred Compensation Plan - The Company maintains a rabbi trust to fund obligations under a deferred compensation plan. Amounts in the rabbi trust are invested in mutual funds, which are designated as trading securities carried at fair value. The fair value measurement of these trading securities is considered Level 1 of the fair value hierarchy as they are measured using quoted market prices. As of September 29, 2024 and December 31, 2023, the fair value of the mutual fund investments and deferred compensation obligations were as follows (in thousands): September 29, 2024 December 31, 2023 Level 1 Level 1 Assets - Investments designated for deferred compensation plan Cash accounts $ 1,011 $ 1,083 Mutual funds 2,678 2,181 Total assets $ 3,689 $ 3,264 As of September 29, 2024 and December 31, 2023, we had no Level 2 or Level 3 assets. The deferred compensation investments and obligations are included in other assets, accrued expenses and other long-term liabilities in the consolidated balance sheets. Changes in the fair value of securities held in the rabbi trust are recognized as trading gains and losses and included in other income in the consolidated statements of operations and offsetting increases or decreases in the deferred compensation obligation are recorded in other long-term liabilities in the consolidated balance sheets. Refer to Note 8. Debt for additional information relating to the fair value of the Company's outstanding debt instruments. Assets Measured at Fair Value on a Non-Recurring Basis

DEBT

DEBT	9 Months Ended
DEBT	Sep. 29, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following (in thousands): September 29, 2024 December 31, 2023 2023 Term Loan $ 290,625 $ 294,375 2023 Revolver Facility 14,000 15,000 Unamortized discount and debt issuance costs (2,383) (2,952) Total debt, net 302,242 306,423 Less: Short-term debt (14,000) (15,000) Less: Current portion of long-term debt (9,375) (7,500) Long-term debt, net $ 278,867 $ 283,923 2023 Credit Agreement On February 2, 2023 (the "Closing Date"), PHD Intermediate LLC (“Holdings”), Portillo’s Holdings LLC (the “Borrower”), the other Guarantors party thereto from time to time, each lender party thereto from time to time and Fifth Third Bank, National Association, as Administrative Agent, L/C Issuer and Swing Line Lender entered into a credit agreement (“2023 Credit Agreement”) which provides for a term A loan (the "2023 Term Loan") in an initial aggregate principal amount of $300.0 million and revolving credit commitments in an initial aggregate principal amount of $100.0 million (the “2023 Revolver Facility”). The 2023 Term Loan and 2023 Revolver Facility are scheduled to mature on February 2, 2028. The 2023 Term Loan and the 2023 Revolver Facility will accrue interest at the forward-looking secured overnight financing rate (“SOFR”) plus an applicable rate determined upon the consolidated total net rent adjusted leverage ratio, subject to a floor of 0.00% (plus a credit spread adjustment of 0.10% per annum for 1-month interest periods and 0.15% for 3-month interest periods). As of September 29, 2024, the interest rates on the 2023 Term Loan and 2023 Revolver Facility were 7.98% and 7.85%, respectively. Pursuant to the 2023 Credit Agreement, as of September 29, 2024, the commitment fees to maintain the 2023 Revolver Facility were 0.20% and letter of credit fees were 2.50%. Commitment fees and letter of credit fees are recorded as interest expense in the condensed consolidated statements of operations. As of September 29, 2024, the effective interest rate was 8.32%. As of September 24, 2023, the interest rate on the 2023 Term Loan was 8.14%. There were no outstanding borrowings on the 2023 Revolver Facility as of September 24, 2023. Pursuant to the 2023 Credit Agreement, as of September 24, 2023, the commitment fees to maintain the 2023 Revolver Facility were 0.25%, letter of credit fees were 2.75%, and letter of credit fronting fees were 0.125%. As of September 24, 2023, the effective interest rate was 8.50%. The 2023 Term Loan will amortize in quarterly installments equaling an aggregate annual amount of $7.5 million for the first two (2) years following the Closing Date, (b) $15.0 million for the third (3rd) and fourth (4th) years following the Closing Date, and (c) $30.0 million for the fifth (5th) year following the Closing Date, commencing on the last day of the first full fiscal quarter ended after the Closing Date, with the balance payable on the final maturity date. As of September 29, 2024, outstanding borrowings under the 2023 Credit Agreement totaled $304.6 million, comprised of $290.6 million under the 2023 Term Loan, and $14.0 million under the 2023 Revolver Facility. Letters of credit issued under the 2023 Revolver Facility totaled $5.3 million. As a result, as of September 29, 2024, the Company had $80.7 million available under the 2023 Revolver Facility. As of December 31, 2023, outstanding borrowings under the 2023 Credit Agreement totaled $309.4 million, comprised of $294.4 million under the 2023 Term Loan, and $15.0 million under the 2023 Revolver Facility. Letters of credit issued under the 2023 Revolver Facility totaled $4.3 million. As a result, as of December 31, 2023, the Company had $80.7 million available under the 2023 Revolver Facility. 2014 Credit Agreement Holdings, the Borrower and certain of its subsidiaries entered into a credit agreement ("2014 Credit Agreement"), dated as of August 1, 2014 and as amended October 25, 2016, May 18, 2018 and December 6, 2019, with UBS AG, Stamford Branch, as the administrative agent and collateral agent, and other lenders from time to time party thereto (the “2014 Lenders”). The 2014 Lenders extended credit in the form of (i) first lien initial term loans in an initial aggregate principal amount of $335.0 million and (ii) a revolving credit facility in an original principal amount equal to $30.0 million, including a letter of credit sub-facility with a $7.5 million sublimit (the “2014 Revolving Facility” and the loans thereunder, the “2014 Revolving Loans”). On December 6, 2019, the Borrower entered into a third amendment to the 2014 Credit Agreement (the “Third Amendment to 2014 Credit Agreement”) whereby the aggregate principal amount of the term loans as of the effective date of the Third Amendment to 2014 Credit Agreement was $332.4 million (the “2014 Term B-3 Loans”), and the 2014 Revolving Facility was increased to $50.0 million. The maturity date with respect to the 2014 Term B-3 Loans was extended to September 6, 2024, and the maturity date with respect to the 2014 Revolving Loans was extended to June 6, 2024. On February 2, 2023, the Company used proceeds from the 2023 Term Loan and 2023 Revolver Facility, along with cash on hand, to pay off the 2014 Credit Agreement in full in the amount of $321.8 million. The 2023 Revolver Facility under the 2023 Credit Agreement replaces the $50.0 million 2014 Revolving Facility under the 2014 Credit Agreement. Discount, Debt Issuance Costs and Interest Expense Pursuant to the 2023 Credit Agreement, the Company capitalized deferred financing costs and issuance discounts of $3.6 million which will be amortized over the term of the 2023 Credit Agreement. The Company amortized an immaterial amount and $0.1 million of deferred financing costs during the quarter and three quarters ended September 29, 2024, respectively, and an immaterial amount and $0.3 million for the quarter and three quarters ended September 24, 2023, respectively, which is included in interest expense in the condensed consolidated statements of operations. In addition, the Company amortized $0.2 million and $0.5 million in original issue discount related to the long-term debt during the quarter and three quarters ended September 29, 2024, respectively, and $0.2 million and $0.5 million in the quarter and three quarters ended September 24, 2023, respectively, which is included in interest expense in the condensed consolidated statements of operations. Total interest expense was $6.5 million and $19.6 million for the quarter and three quarters ended September 29, 2024, respectively, and $6.6 million and $20.5 million for the quarter and three quarters ended September 24, 2023, respectively. Fair Value of Debt As of September 29, 2024 and December 31, 2023, the fair value of long-term debt approximates the carrying value as it is variable rate debt. The fair value measurement of this debt is considered Level 2 of the fair value hierarchy as inputs to interest are observable, unadjusted quoted prices in active markets for similar assets or liabilities. Guarantees and Covenants The 2023 Credit Agreement is guaranteed by all domestic subsidiaries of the Borrower (subject to customary exceptions) and secured by liens on substantially all of the assets of Holdings, the Borrower and the subsidiary guarantors (subject to customary exceptions).

NON-CONTROLLING INTERESTS

NON-CONTROLLING INTERESTS	9 Months Ended
NON-CONTROLLING INTERESTS	Sep. 29, 2024
Noncontrolling Interest [Abstract]
NON-CONTROLLING INTERESTS	NON-CONTROLLING INTERESTS We are the sole managing member of Portillo's OpCo, and as a result, consolidate the financial results of Portillo's OpCo. We report a non-controlling interest to reflect the entitlement of the pre-IPO LLC Members who retained their equity ownership in Portillo's OpCo (the "pre-IPO LLC Members") . Changes in our ownership interest in Portillo's OpCo while we retain our controlling interest in Portillo's OpCo will be accounted for as equity transactions. As such, future redemptions or direct exchanges of LLC Units in Portillo's OpCo by the pre-IPO LLC members will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital. The following table summarizes the LLC interest ownership by Portillo's Inc. and pre-IPO LLC members: September 29, 2024 December 31, 2023 LLC Units Ownership % LLC Units Ownership % Portillo's Inc. 62,223,289 84.3 % 55,502,375 76.1 % pre-IPO LLC Members 11,573,792 15.7 % 17,472,926 23.9 % Total 73,797,081 100.0 % 72,975,301 100.0 % The weighted average ownership percentages for the applicable reporting periods are used to attribute net income to Portillo's Inc. and the pre-IPO LLC Members. The pre-IPO LLC Members' weighted average ownership percentage for the quarter and three quarters ended September 29, 2024 was 15.8% and 17.7%, respectively. The pre-IPO LLC Members' weighted average ownership percentage for the quarter and three quarters ended September 24, 2023 was 24.1% and 26.6%, respectively. The following table summarizes the effects of changes in ownership in Portillo's OpCo on the Company’s equity (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net income attributable to Portillo's Inc. $ 7,220 $ 4,361 $ 18,252 $ 10,635 Activity under equity-based compensation plans 1,522 400 2,690 1,688 Non-controlling interest adjustment 892 218 47,770 48,063 Redemption of LLC Units (1) — (59) (64) Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis (335) — (16,248) (13,682) Total effect of changes in ownership interest on equity attributable to Portillo's Inc. $ 9,298 $ 4,979 $ 52,405 $ 46,640

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
EQUITY-BASED COMPENSATION	Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	EQUITY-BASED COMPENSATION Equity-based compensation expense is calculated based on equity awards ultimately expected to vest and is reduced for estimated forfeitures. Forfeitures are revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates and an adjustment to equity-based compensation expense will be recognized at that time. Equity-based compensation expense included in the Company’s consolidated statements of operations is as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Labor $ 568 $ 379 $ 1,522 $ 1,164 General and administrative expenses 2,938 3,945 7,701 10,880 Total equity-based compensation expense $ 3,506 $ 4,324 $ 9,223 $ 12,044 The Company's Chief Operating Officer, Mr. Pratt, departed from his role, effective June 30, 2024. In accordance with the Company’s Senior Executive Severance Plan, Mr. Pratt’s pre-IPO nonqualified stock options and his Restricted Stock Units (“RSUs”), both of which were scheduled to vest later in 2024, vested on June 30, 2024. The pre-IPO Options will remain exercisable through the 10th anniversary of the original grant date of September 14, 2020, which reflects a modification to extend the exercisability from 90 days post-termination to the 10th anniversary of the original grant date. All other equity grants were forfeited. The Company recorded a $0.2 million charge to equity-based compensation expense during the second quarter of 2024, to reflect the incremental value related to the modifications described herein. Restricted Stock Units During the three quarters ended September 29, 2024, we granted 646,649 RSUs, under the Portillo's Inc. 2021 Equity Incentive Plan (the "2021 Plan") to certain employees. During the three quarters ended September 29, 2024, we also granted 54,856 RSUs to non-employee directors under the 2021 Plan. The weighted average fair value of these awards was determined using the Company's closing stock price on the applicable grant dates, which was $12.29. The RSUs granted to employees will generally vest one-third on each of the first three Stock Options During the three quarters ended September 29, 2024, the Company granted 311,042 stock options under the 2021 Plan, to its President and Chief Executive Officer. The stock options vest on the four Performance Stock Units During the three quarters ended September 29, 2024, the Company granted 322,443 performance stock units ("PSUs") to its executive officers under the 2021 Plan. These PSUs will vest after the fiscal year ending December 27, 2026 based on continued service and the achievement of performance metrics tied to the cumulative growth of revenue and Adjusted EBITDA over the fiscal years 2024 to 2026. The fair value of these awards was determined using the Company's closing stock price on the date of grant of $11.94. Equity-based compensation costs associated with these PSUs are reassessed each reporting period based on estimated performance achievement. The cumulative effect on current and prior periods of a change in attainment is recognized in general and administrative expenses in the consolidated statements of operations in the period of change. Performance Stock Options During the three quarters ended September 29, 2024, the Company granted 625,000 performance stock options ("PSOs") under the 2021 Plan to a certain executive officer. The grant date fair value of these awards of $0.12 was determined using a Monte Carlo simulation model. The awards are eligible to vest in three (3) tranches based on stock performance conditions: (i) one-third (1/3rd) of the PSOs will vest on the third anniversary of the IPO if the 20-day volume-weighted average price ("VWAP") for a share of common stock is $30.00 per share (1.5 times the IPO price) measured over any twenty (20) consecutive trading day period commencing on the second anniversary of the IPO and ending on the last trading day immediately preceding the third anniversary IPO; (ii) one-third (1/3) of the PSOs will vest on the fourth anniversary of the IPO if the 20-day VWAP for a share of common stock is $40.00 per share (2 times the IPO price) measured over any twenty (20) consecutive trading day period commencing on the third anniversary of the IPO and ending on the last trading day immediately preceding the fourth anniversary of the IPO; and (iii) one-third (1/3) of the PSOs will vest on the fifth anniversary of the IPO if the 20-day VWAP for a share of common stock is $50.00 per share (2.5 times the IPO price) measured over any twenty (20) consecutive trading day period commencing on the fourth anniversary of the IPO and ending on the last trading day immediately preceding the fifth anniversary of the IPO. All PSOs are subject to continued service on the vesting date of each tranche date and if any tranches fail to vest, the unvested portion of such PSOs will be forfeited and will not be eligible to vest in subsequent years. Once vested, the PSOs are exercisable within a 10-year period from the date of grant.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 29, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We are the sole managing member of Portillo's OpCo, and as a result, consolidate the financial results of Portillo's OpCo. Portillo's OpCo is treated as a partnership for U.S. federal and most applicable state and local income tax purposes. As a partnership, Portillo's OpCo is generally not subject to U.S. federal and state and local income taxes. Any taxable income or loss generated by Portillo's OpCo is passed through to and included in the taxable income or loss of its members, including us, based upon the respective member's ownership percentage in Portillo's OpCo. We are subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income or loss of Portillo's OpCo, as well as any stand-alone income or loss generated by Portillo's Inc. Income Tax Expense The effective income tax rate for the quarter and three quarters ended September 29, 2024 was 22.4% and 17.8%, respectively, and 28.6% and 19.2% for the quarter and three quarters ended September 24, 2023 , respectively . The decrease in our effective income tax rate for the quarter and three quarters ended September 29, 2024 compared to the quarter and three quarters ended September 24, 2023 was primarily driven by a decrease in the valuation allowance recorded against a portion of the Company's deferred tax assets as a result of the secondary offering in Q1 2024 and return to provision adjustments, partially offset by an increase in the Company's ownership interest in Portillo's OpCo, which increases its share of taxable income (loss) of Portillo's OpCo. The Company’s annual effective tax rate differs from the statutory rate of 21% primarily because the Company is not liable for federal or state income taxes on the portion of Portillo's OpCo’s earnings that are attributable to non-controlling interests, deferred tax adjustments and impacts from equity-based award activity. We evaluate the realizability of our deferred tax assets on a quarterly basis and establish valuation allowances when it is more likely than not that all or a portion of a deferred tax asset may not be realized. As of September 29, 2024, the Company concluded, based on the weight of all available positive and negative evidence, that all of its deferred tax assets (except for those deferred tax assets relating to the basis difference in its investment in Portillo's OpCo that will never be realizable or only reverse upon the eventual sale of its interest in Portillo's OpCo, which we expect would result in a capital loss which we do not expect to be able to utilize) are more likely than not to be realized. Tax Receivable Agreement

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 29, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic net earnings per share of Class A common stock is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of Class A common stock outstanding. Diluted net earnings per share is computed by dividing net income attributable to Portillo's Inc. by the weighted-average number of dilutive securities, using the treasury stock method. The computations of basic and diluted earnings per share for the quarter and three quarters ended September 29, 2024 and September 24, 2023 are as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net income $ 8,773 $ 6,546 $ 22,647 $ 15,171 Net income attributable to non-controlling interests 1,553 2,185 4,395 4,536 Net income attributable to Portillo's Inc. $ 7,220 $ 4,361 $ 18,252 $ 10,635 Shares: Weighted-average number of common shares outstanding-basic 61,922 55,127 60,336 53,231 Dilutive share awards 2,973 3,641 3,011 3,583 Weighted-average number of common shares outstanding-diluted 64,895 58,768 63,348 56,814 Basic net income per share $ 0.12 $ 0.08 $ 0.30 $ 0.20 Diluted net income per share $ 0.11 $ 0.07 $ 0.29 $ 0.19 Shares of the Company’s Class B Common Stock do not participate in the earnings or losses of Portillo's Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B Common Stock under the two-class method has not been presented. The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive (in thousands) : Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Shares subject to market performance conditions 2,109 1,860 2,109 1,860 Shares that were antidilutive 747 5 754 5 Total shares excluded from diluted net income per share 2,856 1,865 2,864 1,865

CONTINGENCIES

CONTINGENCIES	9 Months Ended
CONTINGENCIES	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES The Company is party to legal proceedings and potential claims arising in the normal conduct of business, including claims related to employment matters, contractual disputes, customer injuries, and property damage. Although the ultimate outcome of these claims and lawsuits cannot be predicted with certainty, management believes that the resulting liability, if any, will not have a material effect on the Company’s condensed consolidated financial statements.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 29, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As of September 29, 2024 and December 31, 2023 the related parties’ receivables balance consisted of $0.2 million and $0.3 million, respectively, due from C&O, which is included in accounts and tenant improvement receivables in the condensed consolidated balance sheets. Olo, Inc. Noah Glass, a member of the Company's Board, is the founder and CEO of Olo, Inc. ("Olo"), a platform the Company uses in connection with our mobile ordering application and delivery. The Company incurred the following Olo-related costs for th e quarter and three quarters ended September 29, 2024 and September 24, 2023 (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Food, beverage and packaging costs $ 481 $ 462 $ 1,495 $ 1,525 Other operating expenses 107 101 347 327 Net Olo-related costs $ 588 $ 563 $ 1,842 $ 1,852 As of September 29, 2024 and December 31, 2023, $0.3 million and $0.4 million, respectively, were payable to Olo and were included in accounts payable in the condensed consolidated balance sheets. Tax Receivable Agreement We are party to a TRA with certain members of Portillo's OpCo that provides for the payment by us of 85% of the amount of tax benefits, if any, that Portillo's Inc. actually realizes or in some cases is deemed to realize as a result of certain transactions. For the three quarters ended September 29, 2024 and September 24, 2023, the Company made TRA payments of $4.4 million relating to tax year 2022 and $0.8 million relating to tax year 2021, respectively. There were no amounts paid under the TRA during the quarters ended September 29, 2024 and September 24, 2023. We expect a payment of $7.7 million relating to tax year 2023 to be paid within the next 12 months. (in thousands) September 29, 2024 December 31, 2023 Current portion of Tax Receivable Agreement liability $ 7,723 $ 4,428 Tax receivable agreement liability 318,967 295,390

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 29, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company opened one new restaurant subsequent to September 29, 2024 in Richmond, Texas for a total of 88 restaurants, excluding a restaurant owned by C&O, of which Portillo's owns 50% of the equity, as of the date of this Quarterly Report on Form 10-Q. On October 31, 2024, certain pre-IPO LLC Members redeemed 840,992 LLC Units in the aggregate for newly-issued shares of Class A common stock on a one-for-one basis, in accordance with the terms of the Second Amended and Restated LLC Agreement of Portillo’s OpCo, dated as of October 20, 2021.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Pay vs Performance Disclosure
Net income attributable to Portillo's Inc.	$ 7,220	$ 4,361	$ 18,252	$ 10,635

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 29, 2024 shares	Sep. 29, 2024 shares
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Nicholas Scarpino [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the quarter ended September 29, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted, modified, or terminated a "Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408 of Regulation S-K, except as follows: Name/ Title Type of Plan Original Adoption Date Termination Date Aggregate Number of Securities to be Sold Plan Description Nicholas Scarpino, Chief Marketing Officer 10b5-1 Trading Plan September 7, 2022 August 15, 2024 (a) Up to 96,722 Exercise of Options and Sale of Shares (a) On August 15, 2024, Nicholas Scarpino, Chief Marketing Officer, terminated a Rule 10b5-1 trading arrangement, originally adopted on September 7, 2022 and modified on August 7, 2023 and on March 7, 2024.
Name	Nicholas Scarpino
Title	Chief Marketing Officer
Rule 10b5-1 Arrangement Terminated	true
Termination Date	August 15, 2024
Arrangement Duration	708 days
Aggregate Available	96,722	96,722

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission (the "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 presentation of our financial position and results of operations. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year. The financial statements and related notes do not include all information and footnotes required by GAAP for annual reports. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated f inancial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 .
Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer ("CEO"). The CODM reviews financial performance and allocates resources at a consolidated level on a recurring basis. The Company has one operating segment and one reportable segment. All of the Company’s operations are located within the United States.
Fiscal Year	Fiscal Year The Company uses a 52- or 53-week fiscal year ending on the Sunday prior to or on December 31. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal 2024 and 2023 consist of 52 and 53 weeks, respectively. The fiscal periods presented in this report are the quarter and three quarters ended September 29, 2024 and September 24, 2023, respectively.
Use of Estimates	Use of Estimates
Recently Issued Accounting Standards	Recently Issued Accounting Standards In October 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (the “Codification”). The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company is currently evaluating the effect of adopting this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which requires public entities to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold on an annual basis. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the effect of adopting this ASU.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
REVENUE RECOGNITION (Tables)	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Gift Card Liability	The gift card liability included in deferred revenue on the condensed consolidated balance sheets is as follows (in thousands): September 29, 2024 December 31, 2023 Gift card liability $ 4,073 $ 6,981 Revenue recognized in the condensed consolidated statement of operations for the redemption of gift cards that were included in their respective gift card liability balances at the beginning of the year is as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Revenue recognized from gift card liability balance at the beginning of the year $ 568 $ 599 $ 3,550 $ 3,436

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
INVENTORIES (Tables)	Sep. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): September 29, 2024 December 31, 2023 Raw materials $ 5,723 $ 6,737 Work in progress 126 157 Finished goods 1,878 912 Consigned inventory 571 927 $ 8,298 $ 8,733

PROPERTY & EQUIPMENT, NET (Tabl

PROPERTY & EQUIPMENT, NET (Tables)	9 Months Ended
PROPERTY & EQUIPMENT, NET (Tables)	Sep. 29, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following (in thousands): September 29, 2024 December 31, 2023 Land and land improvements $ 22,311 $ 19,000 Furniture, fixtures, and equipment 166,419 155,871 Leasehold improvements 255,085 227,080 Transportation equipment 2,880 2,881 Construction-in-progress 40,312 16,808 487,007 421,640 Less accumulated depreciation (143,847) (125,847) $ 343,160 $ 295,793

GOODWILL & INTANGIBLE ASSETS (T

GOODWILL & INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL & INTANGIBLE ASSETS (Tables)	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangibles, Net	Intangible assets, net consisted of the following (in thousands): September 29, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (29,372) 26,745 $ 280,042 $ (29,372) $ 250,670 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (27,206) 28,911 $ 280,042 $ (27,206) $ 252,836
Schedule of Finite-Lived Intangibles, Net	Intangible assets, net consisted of the following (in thousands): September 29, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (29,372) 26,745 $ 280,042 $ (29,372) $ 250,670 December 31, 2023 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived intangible assets: Trade names $ 223,925 $ — $ 223,925 Intangible subject to amortization: Recipes 56,117 (27,206) 28,911 $ 280,042 $ (27,206) $ 252,836
Schedule of Aggregate Amortization Expense	The estimated aggregate amortization expense related to intangible assets held at September 29, 2024 for the remainder of this year and the succeeding five years and thereafter is as follows (in thousands): Estimated Amortization 2024 (excluding the three quarters ended September 29, 2024) $ 647 2025 2,707 2026 2,707 2027 2,707 2028 2,707 2029 2,150 2030 and thereafter 13,120 $ 26,745

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Mutual Fund Investments and Deferred Compensation Obligations	As of September 29, 2024 and December 31, 2023, the fair value of the mutual fund investments and deferred compensation obligations were as follows (in thousands): September 29, 2024 December 31, 2023 Level 1 Level 1 Assets - Investments designated for deferred compensation plan Cash accounts $ 1,011 $ 1,083 Mutual funds 2,678 2,181 Total assets $ 3,689 $ 3,264

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 29, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following (in thousands): September 29, 2024 December 31, 2023 2023 Term Loan $ 290,625 $ 294,375 2023 Revolver Facility 14,000 15,000 Unamortized discount and debt issuance costs (2,383) (2,952) Total debt, net 302,242 306,423 Less: Short-term debt (14,000) (15,000) Less: Current portion of long-term debt (9,375) (7,500) Long-term debt, net $ 278,867 $ 283,923

NON-CONTROLLING INTERESTS (Tabl

NON-CONTROLLING INTERESTS (Tables)	9 Months Ended
NON-CONTROLLING INTERESTS (Tables)	Sep. 29, 2024
Noncontrolling Interest [Abstract]
Schedule of LLC Interest Ownership by Portillo's Inc. and Pre-IPO LLC Members	The following table summarizes the LLC interest ownership by Portillo's Inc. and pre-IPO LLC members: September 29, 2024 December 31, 2023 LLC Units Ownership % LLC Units Ownership % Portillo's Inc. 62,223,289 84.3 % 55,502,375 76.1 % pre-IPO LLC Members 11,573,792 15.7 % 17,472,926 23.9 % Total 73,797,081 100.0 % 72,975,301 100.0 %
Schedule of Effects of Changes in Ownership in Portillo's OpCo on the Company’s Equity	The following table summarizes the effects of changes in ownership in Portillo's OpCo on the Company’s equity (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net income attributable to Portillo's Inc. $ 7,220 $ 4,361 $ 18,252 $ 10,635 Activity under equity-based compensation plans 1,522 400 2,690 1,688 Non-controlling interest adjustment 892 218 47,770 48,063 Redemption of LLC Units (1) — (59) (64) Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis (335) — (16,248) (13,682) Total effect of changes in ownership interest on equity attributable to Portillo's Inc. $ 9,298 $ 4,979 $ 52,405 $ 46,640

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
EQUITY-BASED COMPENSATION (Tables)	Sep. 29, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation Expense	Equity-based compensation expense included in the Company’s consolidated statements of operations is as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Labor $ 568 $ 379 $ 1,522 $ 1,164 General and administrative expenses 2,938 3,945 7,701 10,880 Total equity-based compensation expense $ 3,506 $ 4,324 $ 9,223 $ 12,044

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 29, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings per Share	The computations of basic and diluted earnings per share for the quarter and three quarters ended September 29, 2024 and September 24, 2023 are as follows (in thousands): Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net income $ 8,773 $ 6,546 $ 22,647 $ 15,171 Net income attributable to non-controlling interests 1,553 2,185 4,395 4,536 Net income attributable to Portillo's Inc. $ 7,220 $ 4,361 $ 18,252 $ 10,635 Shares: Weighted-average number of common shares outstanding-basic 61,922 55,127 60,336 53,231 Dilutive share awards 2,973 3,641 3,011 3,583 Weighted-average number of common shares outstanding-diluted 64,895 58,768 63,348 56,814 Basic net income per share $ 0.12 $ 0.08 $ 0.30 $ 0.20 Diluted net income per share $ 0.11 $ 0.07 $ 0.29 $ 0.19
Schedule of Units Excluded from Calculation of Diluted Earnings per Share	The following shares were excluded from the calculation of diluted earnings per share because they would be antidilutive (in thousands) : Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Shares subject to market performance conditions 2,109 1,860 2,109 1,860 Shares that were antidilutive 747 5 754 5 Total shares excluded from diluted net income per share 2,856 1,865 2,864 1,865

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 29, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Quarter Ended Three Quarters Ended September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Food, beverage and packaging costs $ 481 $ 462 $ 1,495 $ 1,525 Other operating expenses 107 101 347 327 Net Olo-related costs $ 588 $ 563 $ 1,842 $ 1,852 We are party to a TRA with certain members of Portillo's OpCo that provides for the payment by us of 85% of the amount of tax benefits, if any, that Portillo's Inc. actually realizes or in some cases is deemed to realize as a result of certain transactions. For the three quarters ended September 29, 2024 and September 24, 2023, the Company made TRA payments of $4.4 million relating to tax year 2022 and $0.8 million relating to tax year 2021, respectively. There were no amounts paid under the TRA during the quarters ended September 29, 2024 and September 24, 2023. We expect a payment of $7.7 million relating to tax year 2023 to be paid within the next 12 months. (in thousands) September 29, 2024 December 31, 2023 Current portion of Tax Receivable Agreement liability $ 7,723 $ 4,428 Tax receivable agreement liability 318,967 295,390

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	Sep. 29, 2024 restaurant state food_production_commissary	Dec. 31, 2023 restaurant
Schedule of Equity Method Investments [Line Items]
Number of states \| state	10
Number of food production commissaries \| food_production_commissary	2
Number of restaurants	87	83
Number of non-traditional locations	2	2
C&O
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Sep. 29, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1
Number of reportable segments	1

REVENUE RECOGNITION - Narrative

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Revenue from Contract with Customer [Abstract]
Gift card sales that will not be redeemed, percent	11%		11%
Gift card breakage	$ 200	$ 200	$ 666	$ 688

REVENUE RECOGNITION - Schedule

REVENUE RECOGNITION - Schedule of Gift Card Liability (Details) - Gift Card - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Revenue from External Customer [Line Items]
Gift card liability	$ 4,073		$ 4,073		$ 6,981
Revenue recognized from gift card liability balance at the beginning of the year	$ 568	$ 599	$ 3,550	$ 3,436

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 5,723	$ 6,737
Work in progress	126	157
Finished goods	1,878	912
Consigned inventory	571	927
Total inventory	$ 8,298	$ 8,733

PROPERTY & EQUIPMENT, NET (Deta

PROPERTY & EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 487,007		$ 487,007		$ 421,640
Less accumulated depreciation	(143,847)		(143,847)		(125,847)
Total property and equipment	343,160		343,160		295,793
Depreciation expense	6,000	$ 5,500	18,600	$ 15,600
Land and land improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	22,311		22,311		19,000
Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	166,419		166,419		155,871
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	255,085		255,085		227,080
Transportation equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,880		2,880		2,881
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 40,312		$ 40,312		$ 16,808

GOODWILL & INTANGIBLE ASSETS -

GOODWILL & INTANGIBLE ASSETS - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 29, 2024 USD ($) reporting_unit	Sep. 24, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units \| reporting_unit			1
Amortization expense \| $	$ 0.7	$ 0.7	$ 2.2	$ 2.2

GOODWILL & INTANGIBLE ASSETS _2

GOODWILL & INTANGIBLE ASSETS - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 223,925	$ 223,925
Accumulated Amortization	(29,372)	(27,206)
Intangible subject to amortization, net	26,745
Gross Carrying Amount	280,042	280,042
Net Carrying Amount	250,670	252,836
Recipes
Finite-Lived Intangible Assets [Line Items]
Intangible subject to amortization, gross	56,117	56,117
Accumulated Amortization	(29,372)	(27,206)
Intangible subject to amortization, net	$ 26,745	$ 28,911

GOODWILL & INTANGIBLE ASSETS _3

GOODWILL & INTANGIBLE ASSETS - Schedule of Aggregate Amortization Expense (Details) $ in Thousands	Sep. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the three quarters ended September 29, 2024)	$ 647
2025	2,707
2026	2,707
2027	2,707
2028	2,707
2029	2,150
2030 and thereafter	13,120
Intangible subject to amortization, net	$ 26,745

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	3 Months Ended		9 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Asset impairment charges	$ 0	$ 0	$ 0	$ 0
Level 1 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	3,689,000		3,689,000		$ 3,264,000
Level 1 \| Recurring \| Cash accounts
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	1,011,000		1,011,000		1,083,000
Level 1 \| Recurring \| Mutual funds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Total assets	$ 2,678,000		$ 2,678,000		$ 2,181,000

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Unamortized discount and debt issuance costs	$ (2,383)	$ (2,952)
Total debt, net	302,242	306,423
Less: Short-term debt	(14,000)	(15,000)
Less: Current portion of long-term debt	(9,375)	(7,500)
Long-term debt, net	278,867	283,923
Line of Credit
Debt Instrument [Line Items]
2023 Revolver Facility	304,600	309,400
Less: Short-term debt	(14,000)	(15,000)
Less: Current portion of long-term debt	(9,375)	(7,500)
Line of Credit \| 2023 Term Loan \| 2023 Term Loan
Debt Instrument [Line Items]
2023 Term Loan	290,625	294,375
2023 Revolver Facility	290,600	294,400
Line of Credit \| 2023 Term Loan \| 2023 Revolver Facility
Debt Instrument [Line Items]
2023 Revolver Facility	14,000	15,000
Revolving Credit Facility \| 2023 Revolver Facility
Debt Instrument [Line Items]
2023 Revolver Facility	$ 14,000	$ 15,000

DEBT - Narrative (Details)

DEBT - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
DEBT - Narrative (Details) - USD ($)	Feb. 02, 2023	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023	Dec. 06, 2019	Aug. 01, 2014
Debt Instrument [Line Items]
Amortization of debt issuance costs		$ 0	$ 0	$ 100,000	$ 300,000
Amortization of debt discount		200,000	200,000	500,000	500,000
Interest cost		$ 6,450,000	$ 6,573,000	$ 19,583,000	$ 20,539,000
Line of Credit
Debt Instrument [Line Items]
Commitment fee percentage				0.20%	0.25%
Letter of credit fee percentage		2.50%	2.75%	2.50%	2.75%
Fronting fee, percentage			0.125%		0.125%
Effective interest rate		8.32%	8.50%	8.32%	8.50%
2023 revolver facility		$ 304,600,000		$ 304,600,000		$ 309,400,000
Debt issuance costs	$ 3,600,000
Line of Credit \| SOFR
Debt Instrument [Line Items]
Adjusted leverage ratio	0%
Line of Credit \| One-month SOFR
Debt Instrument [Line Items]
Adjusted leverage ratio	0.10%
Line of Credit \| Three-month SOFR
Debt Instrument [Line Items]
Adjusted leverage ratio	0.15%
Line of Credit \| 2014 Term B-3 Loans
Debt Instrument [Line Items]
Aggregate principal amount							$ 332,400,000	$ 335,000,000
Payments of debt	$ 321,800,000
Line of Credit \| 2014 Revolving Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity							$ 50,000,000
Line of Credit \| 2023 Term Loan \| Term Loans
Debt Instrument [Line Items]
Aggregate principal amount	300,000,000
Interest rate at period end		7.98%	8.14%	7.98%	8.14%
Annual amount for first year		$ 7,500,000		$ 7,500,000
Annual amount for second year		7,500,000		7,500,000
Annual amount for third year		15,000,000		15,000,000
Annual amount for fourth year		15,000,000		15,000,000
Annual amount for fifth year		30,000,000		30,000,000
2023 revolver facility		290,600,000		290,600,000		294,400,000
Line of Credit \| 2023 Term Loan \| 2023 Revolver Facility
Debt Instrument [Line Items]
2023 revolver facility		$ 14,000,000		$ 14,000,000		15,000,000
Line of Credit \| Revolving Credit Facility \| 2023 Revolver Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	100,000,000
Line of Credit \| Revolving Credit Facility \| New Revolver Facility
Debt Instrument [Line Items]
Interest rate at period end		7.85%		7.85%
Remaining borrowing capacity		$ 80,700,000		$ 80,700,000		80,700,000
Line of Credit \| Revolving Credit Facility \| 2014 Revolving Facility
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 50,000,000							30,000,000
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity								$ 7,500,000
Line of Credit \| Letter of Credit \| New Revolver Facility
Debt Instrument [Line Items]
Letters of credit		$ 5,300,000		$ 5,300,000		$ 4,300,000

NON-CONTROLLING INTERESTS - Nar

NON-CONTROLLING INTERESTS - Narrative (Details)	3 Months Ended		9 Months Ended
NON-CONTROLLING INTERESTS - Narrative (Details)	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Portillo's Opco
Noncontrolling Interest [Line Items]
Weighted average ownership percentage	15.80%	24.10%	17.70%	26.60%

NON-CONTROLLING INTERESTS - Sch

NON-CONTROLLING INTERESTS - Schedule of LLC Interest Ownership by Portillo's Inc. and Pre-IPO LLC Members (Details) - shares	Sep. 29, 2024	Dec. 31, 2023
Portillo's Inc.
Noncontrolling Interest [Line Items]
Total	100%	100%
LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	73,797,081	72,975,301
Portillo's Inc. \| Portillo's Inc.
Noncontrolling Interest [Line Items]
Ownership %	84.30%	76.10%
Portillo's Inc. \| LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	62,223,289	55,502,375
pre-IPO LLC Members \| Portillo's Inc.
Noncontrolling Interest [Line Items]
Ownership %	15.70%	23.90%
pre-IPO LLC Members \| LLC Units
Noncontrolling Interest [Line Items]
LLC Interests (in shares)	11,573,792	17,472,926

NON-CONTROLLING INTERESTS - S_2

NON-CONTROLLING INTERESTS - Schedule of Effects Changes in Ownership in Portillo's OpCo on the Company’s Equity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Noncontrolling Interest [Abstract]
Net income attributable to Portillo's Inc.	$ 7,220	$ 4,361	$ 18,252	$ 10,635
Transfers from (to) non-controlling interests:
Activity under equity-based compensation plans	1,522	400	2,690	1,688
Non-controlling interest adjustment	892	218	47,770	48,063
Redemption of LLC Units	(1)	0	(59)	(64)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis	(335)	0	(16,248)	(13,682)
Total effect of changes in ownership interest on equity attributable to Portillo's Inc.	$ 9,298	$ 4,979	$ 52,405	$ 46,640

EQUITY-BASED COMPENSATION- Sche

EQUITY-BASED COMPENSATION- Schedule of Equity-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 3,506	$ 4,324	$ 9,223	$ 12,044
Labor
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	568	379	1,522	1,164
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation expense	$ 2,938	$ 3,945	$ 7,701	$ 10,880

EQUITY-BASED COMPENSATION - Nar

EQUITY-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 29, 2024	Sep. 14, 2020	Sep. 29, 2024 $ / shares	Jun. 30, 2024 USD ($)	Sep. 29, 2024 tranche $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)				$ 11.94		$ 11.94
Mr. Pratt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Charge to equity-based compensation expense \| $					$ 0.2
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value, granted (in dollars per share)				12.29		$ 12.29
Vesting period						3 years
RSUs \| Mr. Pratt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Termination period	10 years		10 years
Accelerated expiration period		90 days
RSUs \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage						33%
RSUs \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage						33%
RSUs \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage						33%
RSUs \| Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						646,649
RSUs \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						54,856
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Termination period						10 years
Vesting period						4 years
Granted options award (in shares) \| shares						311,042
Grant date fair value award (in dollars per share)						$ 6.43
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares						322,443
PSOs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Termination period						10 years
Granted options award (in shares) \| shares						625,000
Grant date fair value award (in dollars per share)						$ 0.12
Tranches based on stock performance conditions \| tranche						3
PSOs \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days used to calculate volume-weighted average price						20 days
Threshold volume-weighted average price for vesting of awards (in dollars per share)				30		$ 30
Threshold volume-weighted average price as a percent of IPO price						1.5
PSOs \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days used to calculate volume-weighted average price						20 days
Threshold volume-weighted average price for vesting of awards (in dollars per share)				40		$ 40
Threshold volume-weighted average price as a percent of IPO price						2
PSOs \| Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of trading days used to calculate volume-weighted average price						20 days
Threshold volume-weighted average price for vesting of awards (in dollars per share)				$ 50		$ 50
Threshold volume-weighted average price as a percent of IPO price						2.5

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate percent	22.40%	28.60%	17.80%	19.20%
Tax receivable agreement liability	$ 326,700,000		$ 326,700,000
TRA amounts paid	0	$ 0	4,400,000	$ 800,000
Expected payment	$ 7,723,000		$ 7,723,000		$ 4,428,000

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Earnings Per Share [Abstract]
Net income	$ 8,773	$ 6,546	$ 22,647	$ 15,171
Net income attributable to non-controlling interests	1,553	2,185	4,395	4,536
NET INCOME ATTRIBUTABLE TO PORTILLO'S INC.	$ 7,220	$ 4,361	$ 18,252	$ 10,635
Shares:
Weighted-average number of common shares outstanding-basic (in shares)	61,921,564	55,127,133	60,336,488	53,231,086
Dilutive share awards (in shares)	2,973,000	3,641,000	3,011,000	3,583,000
Weighted-average number of common shares outstanding-diluted (in shares)	64,894,558	58,767,812	63,347,715	56,813,653
Basic net income per share (in usd per share)	$ 0.12	$ 0.08	$ 0.30	$ 0.20
Diluted net income per share (in usd per share)	$ 0.11	$ 0.07	$ 0.29	$ 0.19

EARNINGS PER SHARE - Schedule_2

EARNINGS PER SHARE - Schedule of Units Excluded from Calculation of Diluted Earnings per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income per share (in shares)	2,856	1,865	2,864	1,865
Shares subject to market performance conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income per share (in shares)	2,109	1,860	2,109	1,860
Shares that were antidilutive
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income per share (in shares)	747	5	754	5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Food, beverage and packaging costs	$ 60,136,000	$ 55,551,000	$ 178,809,000	$ 165,407,000
Other operating expenses	21,053,000	18,571,000	60,868,000	56,107,000
Total restaurant operating expenses	136,306,000	124,920,000	403,059,000	372,612,000
Accounts payable	47,165,000		$ 47,165,000		$ 33,189,000
TRA obligation percent			85%
TRA amounts paid	0	0	$ 4,400,000	800,000
Current portion of Tax Receivable Agreement liability	7,723,000		7,723,000		4,428,000
Tax receivable agreement liability	318,967,000		318,967,000		295,390,000
Related party
Related Party Transaction [Line Items]
Accounts and tenant improvement receivables	200,000		200,000		300,000
Food, beverage and packaging costs	481,000	462,000	1,495,000	1,525,000
Other operating expenses	107,000	101,000	347,000	327,000
Total restaurant operating expenses	588,000	$ 563,000	1,842,000	$ 1,852,000
Accounts payable	$ 300,000		$ 300,000		$ 400,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)		1 Months Ended
SUBSEQUENT EVENTS (Details)	Oct. 31, 2024 shares	Nov. 05, 2024 restaurant	Sep. 29, 2024 restaurant	Dec. 31, 2023 restaurant
Subsequent Event [Line Items]
Number of restaurants			87	83
C&O
Subsequent Event [Line Items]
Ownership percentage			50%
Subsequent Events
Subsequent Event [Line Items]
Number of new restaurants		1
Number of restaurants		88
Subsequent Events \| pre-IPO LLC Members
Subsequent Event [Line Items]
Redemption of LLC Interests (in shares) \| shares	840,992
Redemption ratio	1
Subsequent Events \| C&O
Subsequent Event [Line Items]
Ownership percentage		50%