Cracker Barrel Reports Fourth Quarter and Full Year Fiscal 2025 Results

Cracker Barrel Old Country Store, Inc., a well-known American chain of combined restaurant and gift stores, has released its financial results for the fourth quarter and full year of fiscal 2025. The report provides insights into the company's performance, highlighting key financial metrics, business operations, and strategic initiatives.

Financial Highlights

For the fourth quarter of fiscal 2025, Cracker Barrel reported total revenue of $868.0 million, a 2.9% decrease compared to the prior year's fourth quarter, which included a benefit from an extra week. Adjusting for this extra week, the revenue actually increased by 4.4%. Comparable store restaurant sales saw a 5.4% increase, while retail sales slightly decreased by 0.8%.

GAAP earnings per diluted share were $0.30, and adjusted earnings per diluted share were $0.74. The company's GAAP net income for the quarter was $6.8 million, down from $18.1 million in the prior year quarter. Adjusted EBITDA for the quarter was $55.7 million, reflecting an 8.0% increase when adjusted for the extra week in the prior year.

For the full fiscal year 2025, total revenue was $3.48 billion, a 0.4% increase from the previous year. Adjusting for the extra week, the revenue increased by 2.2%. GAAP earnings per diluted share for the year were $2.06, and adjusted earnings per diluted share were $3.16. GAAP net income for the year was $46.4 million, a 30.9% increase when adjusted for the extra week. Adjusted EBITDA for the year was $224.3 million, up 9.0% from the previous year.

Business and Operational Highlights

Cracker Barrel's President and CEO, Julie Masino, emphasized the company's focus on enhancing the guest experience by reverting to the 'Old Timer' logo, pausing remodels, and improving kitchen operations. The company has seen five consecutive quarters of comparable store restaurant sales increases and a 9% growth in adjusted EBITDA for fiscal 2025.

During the fourth quarter, the company completed the issuance and sale of $345 million in Convertible Senior Notes due in 2030. The company ended fiscal 2025 with total debt of $484.6 million and available liquidity of $555.6 million. Additionally, the Board of Directors declared a quarterly dividend of $0.25 per share and authorized a new share repurchase program of up to $100 million.

Strategic Initiatives and Corporate Developments

Cracker Barrel invested $158.6 million in capital expenditures during fiscal 2025, focusing on store maintenance, remodels, technology, and new stores. The company plans to open two new Cracker Barrel stores and close 14 Maple Street units in fiscal 2026.

Management's Perspective

Julie Masino expressed optimism about the company's future, highlighting the positive impact of recent strategic changes and the focus on enhancing the guest experience. She noted the company's success in achieving five consecutive quarters of comparable store restaurant sales increases and significant growth in adjusted EBITDA.

Future Outlook

For fiscal 2026, Cracker Barrel projects total revenue between $3.35 billion and $3.45 billion, with a comparable store traffic decline of 4% to 7%. The company expects adjusted EBITDA to range from $150 million to $190 million, with commodity inflation of 2.5% to 3.5% and hourly wage inflation of 3.0% to 4.0%. Capital expenditures are projected to be between $135 million and $150 million, primarily for maintenance, with no spending on new remodels.

SEC Filing: CRACKER BARREL OLD COUNTRY STORE, INC [ CBRL ] - 8-K - Sep. 17, 2025