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- **Q1 Sales Decline**: 6.7% same-store sales drop driven by transactions and mix, with Chicago labor costs adding 200 bps margin pressure.
- **Debt Reduction Progress**: $105M debt prepayment post-Del Taco sale, targeting $200M reduction over JACK on Track period.
- **Marketing Success**: 75th anniversary promotions boosted Munchie Meals sales, with Jibbi collectibles driving engagement.
- **Future Initiatives**: Mini-refresh remodels showing 1-2% sales lift; full reimage program expected late 2026 with corporate incentives.
- **Commodity Risk**: 7% Q1 commodity inflation expected to moderate but remain elevated in 2026.

**【CEO Summary Section】**
- **Q1 Performance**: Same-store sales decreased 6.7% due to transaction decline and mix shift, partially offset by menu price increases. Franchisee sales mix was 7% lower, while company-owned sales fell 4.7%.
- **75th Anniversary Impact**: January sales showed improvement, with Munchie Meals driving higher average checks. Collectible Jibbi charms boosted engagement, and the return of the Hot Mess Burger in February aimed to reignite customer interest.
- **Chicago Challenges**: Labor costs in Chicago restaurants increased 200 basis points, attributed to market dynamics and operational ramp-up. Management is prioritizing support to address inefficiencies.
- **JACK on Track Progress**: Del Taco sale completed, with $105M debt prepayment. Franchisees closed 12 underperforming restaurants, benefiting nearby locations by 30% on average. Real estate sales generated $10.9M in Q1, with $50-60M expected by year-end.

**【CFO Financial Commentary】**
- **Financial Results**: GAAP net income was $14.4M ($0.75 EPS), down from $31M ($1.61 EPS) prior year. Non-GAAP operating EPS was $1.00 vs. $1.86 prior year. Restaurant-level margin dropped to 16.1% from 23.2% due to 7% commodity inflation and labor pressures.
- **Cost Drivers**: Food/packaging costs rose 380 bps to 29.7%, labor costs increased 200 bps to 35.3%, and occupancy/other expenses rose 120 bps. Chicago operations contributed 200 bps to labor margin pressure.
- **Debt Reduction**: Total debt $1.6B, with 6.5x leverage ratio. Plan to reduce debt by $200M over JACK on Track period. Refinancing efforts underway amid market conditions.

**【Q&A Highlights】**
- **Weather Impact**: Winter Storm Fern in Texas/Midwest reduced Q1 same-store sales by ~60-70 bps. Excluding weather, sales trended ~200 bps better than prior quarter.
- **Franchisee Support**: No blanket rent relief, but rolling out cost-saving initiatives like new soft drink dispensers. Digital programs and loyalty improvements aim to enhance profitability.
- **Remodel Program**: Mini-refreshes (<$20K per unit) improving curb appeal, with 20 restaurants showing low single-digit sales lift. Full reimage program expected late 2026 with corporate incentives (~35% support).
- **Breakfast Performance**: All-day breakfast remains core, with consistent performance despite industry trends. No plans to make breakfast optional.
- **Regional Challenges**: California accounts for 40% of restaurants, facing labor and economic headwinds. Texas/Midwest weather recovery expected in Q2.

Jack in the Box Inc. (JACK) Q1 2026 Earnings Call Transcript

- **2026 Rebuilding Year**: Same-store sales guidance of -1% to +1%, with sequential improvement driven by 75th anniversary promotions and operational fixes.
- **Financial Targets**: 2026 EBITDA of $225-240 million, franchise margin of $225-290 million, and G&A of $125-135 million.
- **Key Risks**: 130 basis point margin drag from Chicago expansion, $8-10 million annual franchise margin decline from closures.
- **Strategic Moves**: Mini-remodel testing, full reimage delayed to 2027, and $263 million debt paydown with Del Taco proceeds.
- **Consumer Trends**: Value-focused promotions drove 300 bps Q4 improvement, with franchisees largely aligned on price adjustments.

**【CEO Summary Section】**
- Reported 7.4% decline in Jack in the Box system-wide same-store sales for Q4, driven by transaction decline and negative mix, partially offset by a 2.4% price increase.
- Q4 sales showed sequential improvement, with a 300 basis point improvement in trends from early to late quarter, attributed to the $4.99 Bonus Jack combo and $5 Smashed Jack promotions.
- 2026 outlook includes same-store sales guidance of -1% to +1%, with expectations for sequential improvement and a focus on operational excellence, menu innovation, and reimagining restaurants.
- Chicago market expansion added 8 restaurants in 12 weeks, but resulted in a 130 basis point margin drag due to elevated labor costs.
- 2026 priorities: completing Del Taco divestiture, closing 60-100 underperforming restaurants, and reimagining 2,050-2,100 restaurants.

**【CFO Financial Commentary】**
- Q4 adjusted EBITDA of $45.6 million, down 29.9% YoY due to lower sales and higher costs.
- 2026 EBITDA guidance of $225-240 million, reflecting $50-70 million in real estate sales proceeds and $263 million debt paydown.
- Franchise level margin expected to decline by $4.8-8 million annually due to closures, offset by $225-290 million franchise margin target.
- G&A expenses expected to remain elevated at $125-135 million, with 2.5% of system-wide sales in first half, improving to 2.3-2.4% in second half.

**【Q&A Highlights】**
- Q1 2026 same-store sales expected to be soft due to government shutdown impact and tough compares, but improving sequentially with 75th anniversary promotions.
- Franchisees largely supportive of value initiatives, with minimal pushback on price adjustments and combo tweaks.
- Mini-remodel program to test low-cost upgrades (under $25,000) with expected low single-digit cash-on-cash returns, while full reimage program delayed until 2027.
- Value scores improving in Q4, with focus on maintaining barbell strategy of price-pointed value and premium offerings.
- AUVs remain strong at $2 million, but franchisees cautious on reinvestment due to macroeconomic pressures.

Jack in the Box Inc. (JACK) Q4 2025 Earnings Call Transcript

- **Sales Struggles**: Jack same-store sales down 7.1% Q3, driven by macro challenges and tough comps.
- **Value Play Push**: $5.5M Q4 marketing spend on 'Bonus Jack' combo to re-engage price-sensitive customers.
- **Operational Reset**: Jack's Way initiative focuses on service quality, menu value, and restaurant modernization with 1,000+ remodels.
- **Financial Discipline**: 5.7x leverage ratio, $100M+ real estate sales target, and $85-90M capex for 2025.
- **Long-Term Focus**: JACK on Track closures (80-120 by year-end) and Del Taco strategic review to reset brand foundations.

**【CEO Summary Section】**
- **Challenges and Sales Decline**: Q3 same-store sales for Jack declined 7.1% due to cautious consumer spending, especially among Hispanic and lower-income cohorts, compounded by tough year-over-year comparisons and wage increases. Del Taco saw a 2.6% decline.
- **Strategic Initiatives**: Introduced the 'Bonus Jack' combo and Spicy Chicken Strips to drive value and transactions. Reintroduced classic menu items and modernized 2,000 restaurants with new POS systems ahead of schedule.
- **Jack's Way Strategy**: Focused on operational excellence, menu value, and restaurant modernization. Launched a multiyear reimage program targeting 1,000 additional restaurants.
- **Technology Progress**: Digital sales mix reached 18.5%, ahead of 20% goal. POS rollout complete by end of Q3, with short-term implementation impacts.
- **JACK on Track Program**: Closed 13 underperforming restaurants in Q3, aiming to close 80-120 by year-end. Real estate sales targeting $100M+ over next fiscal year.

**【CFO Financial Commentary】**
- **Financial Performance**: Adjusted EBITDA of $61.6M (down 22% YoY). Jack's restaurant-level margin dropped to 17.9% due to sales deleverage. Del Taco margin fell to 9.7%.
- **Cost Drivers**: Labor costs rose 220bps for Jack (wage inflation 1.5% Q3, expected 2-3% forward). Food costs increased 4% YoY. Leverage ratio at 5.7x, with $1.7B debt.
- **Guidance Updates**: Full-year capital spend $85-90M. Operating EPS $4.55-4.73. Jack same-store sales expected -low to mid-single digits.

**【Q&A Highlights】**
- **Sales Sensitivity**: 1% comp decline reduces restaurant margin by 10bps. Q4 marketing spend ($5.5M) focused on 'Bonus Jack' to drive value.
- **Franchisee Engagement**: High interest in remodel program (1,000+ applications for 300-400 spots). JACK on Track closures will continue through 2026.
- **Consumer Trends**: Hispanic and low-income consumers remain cautious, but mid-income spending shows slight improvement.
- **Real Estate Sales**: $100M+ target independent of Del Taco strategic review progress.


Jack in the Box Inc. (JACK) Q3 2025 Earnings Call Transcript

- **Digital Growth Accelerating:** 18% of systemwide sales via digital channels, targeting 20% ahead of schedule.
- **Sales Challenges Persistent:** Q2 same-store sales down 4.4% (Jack) and 3.6% (Del Taco), driven by macroeconomic headwinds.
- **Cost Pressures Intense:** Wage inflation (+10.6% Jack, +11.7% Del Taco) and commodity costs weigh on margins.
- **Strategic Restructuring:** Closing underperforming units and simplifying operations to improve unit economics.
- **Del Taco Strategic Review:** Exploring alternatives, including potential divestiture, with early interest from buyers.
- **Expansion Continues:** 35-40 new Jack restaurants expected in 2025, including Chicago market expansion.


**【CEO Opening Remarks】**
- Reiterated the Jack on Track plan to simplify operations and focus on long-term growth, emphasizing digital transformation and franchisee support.
- Highlighted challenges from macroeconomic pressures (e.g., wage inflation, consumer caution) and ongoing integration of new POS systems, which temporarily impacted sales by 1-2%.
- Announced 1,500 restaurants with new flip kiosks, driving digital sales to 18% systemwide, with a target to reach 20% ahead of schedule.
- Noted Q3 sales trends consistent with Q2, with continued focus on Munchie Meals and innovative menu items like chili crisp curly fries.

**【CFO Financial Highlights】**
- **Jack Brand:**
  - Q2 same-store sales decline of 4.4% (franchise -4.5%, company -4.0%), driven by lower transactions and negative mix, partially offset by price increases.
  - Restaurant-level margin fell to 19.6% (vs. 23.6% YoY), due to inflation (wages +10.6%, food +3.4%) and higher operating costs.
  - Digital sales at 18% of systemwide, with kiosk adoption nearing 1,500 locations.
- **Del Taco Brand:**
  - Q2 same-store sales decline of 3.6% (franchise -4.2%, company -1.7%), with margin compression from re-franchising and wage inflation (+11.7%).
  - Digital sales at 18% of systemwide, with kiosks installed in all company-owned restaurants.
  - Recorded $203.2M non-cash goodwill impairment charge, leading to GAAP net loss of $7.47 per share.
- **Consolidated Results:**
  - Adjusted EBITDA of $66.5M (vs. $75.7M YoY), down due to sales deleverage and inflation.
  - Total debt of $1.7B, with leverage ratio at 5.5x.

**【Q&A Key Takeaways】**
- **Franchisee Feedback:** Positive reception to Jack on Track plan, with franchisees supporting long-term simplification efforts.
- **Strategic Priorities:**
  - Accelerate digital innovation (e.g., mobile ordering, personalized promotions) to drive loyalty.
  - Optimize menu pricing to balance value and profitability.
  - Evaluate Del Taco strategic alternatives, with interest from potential buyers.
- **2025 Outlook:** Maintain existing guidance, with focus on reducing legacy system costs and accelerating cash flow generation.
- **Closure Program:** Plans to close underperforming units across the system, with closures spread among franchisees to minimize concentration risk.
- **New Markets:** Continue expansion in Chicago, Louisville, Salt Lake City, and Florida, with 440 development agreements outstanding.


Jack in the Box, Inc. (JACK) Q2 2025 Earnings Call Transcript

- **Leadership Transition**: New Interim CEO Lance Tucker emphasizes debt reduction and capital allocation shift.
- **Q1 Performance**: Jack in the Box same-store sales +40bps despite challenges; Del Taco menu optimization shows promise.
- **Q2 Outlook**: Negative same-store sales expected, but confident in marketing strategy.
- **Financial Moves**: CapEx reduced to $100-105M; share buybacks halted in favor of debt reduction.
- **Strategic Focus**: Digital innovation and menu optimization to drive long-term growth.

**【Management Opening Remarks】**
- Introduction of Lance Tucker as Interim Principal Executive Officer and Don Hooper as Interim Principal Financial Officer.
- Limited Q&A due to recent leadership changes.
- Acknowledgment of Darin Harris's tenure, highlighting achievements like pandemic navigation, tech investments, and franchise growth.

**【CEO Commentary】**
- **Jack in the Box Q1 Performance**: 
  - Same-store sales growth of 40 basis points, despite 20 basis points negative impact from weather events.
  - Restaurant-level margin flat at 23.2%, with a one-time $3M benefit from a new beverage contract.
  - Q2 outlook: Negative same-store sales, but confidence in marketing and digital strategy.
- **Del Taco Q1 Performance**: 
  - Challenging same-store sales, but menu optimization driving higher check averages.
  - 13 restaurants refranchised, reaching 80% franchise ownership.
- **Financial Highlights**: 
  - GAAP EPS of $1.75 vs. $1.93 prior year.
  - Share repurchases halted; focus on debt reduction.
- **Guidance Updates**: 
  - CapEx reduced to $100-105M.
  - Share buyback reduced to $5M for the year.

**【CFO Commentary】**
- Capital allocation shift: Reduced CapEx and halted share buybacks.
- Emphasis on debt reduction for shareholder value.
- Ongoing evaluation of free cash flow opportunities, with updates expected in May.

**【Q&A Highlights】**
- **Capital Allocation**: Shift to debt reduction; more changes expected in May.
- **Company Store Strategy**: Complementary to franchise growth, not the main driver.
- **Consumer Environment**: Similar industry pressures, but strong fundamentals in menu and digital.
- **Menu Innovation**: Focus on value and digital improvements to drive sales.


Actual													1.37	1.61			1.7782	1.7479				1.33			1.45	1.09			1.65	1.16			1.02	0.3	1
Forecast													1.0345	1.1433			1.4899	1.7421				1.3573			1.3404	1.1437			1.5286	1.0925			1.1658	0.4397	1.0824
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+32.43%	+40.82%	0.00%	0.00%	+19.35%	+0.33%	0.00%	0.00%	0.00%	-2.01%	0.00%	0.00%	+8.18%	-4.70%	0.00%	0.00%	+7.94%	+6.18%	0.00%	0.00%	-12.51%	-31.77%	-7.61%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	242.28M	255.40M	--	--	269.46M	278.45M	--	--	--	402.77M	--	--	396.94M	372.52M	--	--	369.17M	349.29M	--	--	332.99M	326.19M	349.52M
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	240.20M	249.24M	--	--	258.89M	288.66M	--	--	--	392.00M	--	--	393.89M	372.41M	--	--	371.57M	356.69M	--	--	340.26M	318.73M	346.51M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+0.87%	+2.47%	0.00%	0.00%	+4.08%	-3.53%	0.00%	0.00%	0.00%	+2.75%	0.00%	0.00%	+0.77%	+0.03%	0.00%	0.00%	-0.64%	-2.08%	0.00%	0.00%	-2.14%	+2.34%	+0.87%

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JACK

JACK fundamentals

JACK Q1 2026 Earnings

Earnings Call

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You can ask Aime