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Cracker Barrel — Sep 17, 2025 release

Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001104659-25-090843
Open on SEC.gov ↗
Showing in the filing
Comparable store traffic decline (assumed)
“4% to 7%”
Period
FY2026
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 10
New Cracker Barrel stores for FY2026
“2”
Quarterly dividend
“$0.25 per share”
Share repurchase program
“up to $100 million”
Total revenue for FY2026
“$3.35 billion to $3.45 billion”
Comparable store traffic decline (assumed) for FY2026
“4% to 7%”
Adjusted EBITDA for FY2026
“$150 million to $190 million”
Commodity inflation for FY2026
“2.5% to 3.5%”
Hourly wage inflation for FY2026
“3.0% to 4.0%”
Capital expenditures for FY2026
“$135 million to $150 million”
Closure of Maple Street units for FY2026
“14”
Exhibit 99.1 · full document
EXHIBIT 99.1   Exhibit 99.1       Investor Contact: Adam Hanan   (615) 443-9887   Media Contact: Heidi Pearce   (615) 235-4135   CRACKER BARREL REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2025 RESULTS AND PROVIDES OUTLOOK   LEBANON, Tenn. – September 17, 2025 – Cracker Barrel Old Country Store, Inc. (“Cracker Barrel” or the “Company”) (Nasdaq: CBRL) today reported its financial results for the fourth quarter of fiscal 2025 ended August 1, 2025.   Cracker Barrel President and Chief Executive Officer Julie Masino said, “We thank our guests for sharing their voices and their passion for Cracker Barrel in recent weeks, and we’ve listened, switching back to our ‘Old Timer’ logo, hitting pause on remodels, and placing an even bigger emphasis in the kitchen and other areas that enhance the guest experience. Many elements of our plan are working well and delivering results, as evidenced by five consecutive quarters of comparable store restaurant sales increases and 9% adjusted EBITDA growth in fiscal 2025. Looking ahead, there is much to be optimistic about, and our teams are focused on getting back to the momentum we created last fiscal year.”   Fourth Quarter Fiscal 2025 Highlights   · Total revenue was $868.0 million. Compared to the prior year fourth quarter, which included a benefit of $62.8 million related to the 53 rd week of the prior fiscal year, total revenue decreased 2.9%. Adjusting for the impact of the 53 rd week in the prior year quarter, current year quarter revenue increased 4.4%.   o Comparable store restaurant sales increased 5.4% over the prior year quarter, and comparable store retail sales decreased 0.8%.   · GAAP earnings per diluted share were $0.30, and adjusted 1 earnings per diluted share were $0.74.   · GAAP net income was $6.8 million compared to the prior year quarter GAAP net income of $18.1 million. GAAP net income in the prior year quarter includes a benefit of $5.5 million related to the 53 rd week. Adjusting for the impact of the 53 rd week in the prior year quarter, current year quarter net income decreased 46.6%.   · Adjusted EBITDA 1 was $55.7 million compared to the prior year quarter adjusted EBITDA 1 of $57.4 million. Adjusted EBITDA 1 in the prior year quarter includes a benefit of $5.8 million related to the 53 rd week. Adjusting for the impact of the 53 rd week in the prior year quarter, current year quarter adjusted EBITDA 1 increased 8.0% primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved labor productivity, partially offset by higher advertising expense and general and administrative expenses.   - MORE -     Page 2       Fourth Quarter Ended   (In thousands, except per share amounts)   8/1/25     8/2/24     Percentage Change     2024 53 rd Week Impact     Percentage Change Adjusting for 2024 53 rd week   Revenue   $ 868,009     $ 894,387       -2.9 %   $ 62,800       4.4 % GAAP net income   $ 6,754     $ 18,139       -62.8 %   $ 5,498       -46.6 % Adjusted net income 1   $ 16,702     $ 22,008       -24.1 %   $ 5,498       1.2 % Adjusted EBITDA 1   $ 55,713     $ 57,363       -2.9 %   $ 5,781       8.0 % GAAP earnings per share – diluted   $ 0.30     $ 0.81       -63.0 %   $ 0.25       -46.4 % Adjusted 1 earnings per share – diluted   $ 0.74     $ 0.98       -24.8 %   $ 0.25       0.8 %   Full Year Fiscal 2025 Highlights   · Total revenue was $3.48 billion. Compared to the prior year which included a benefit of $62.8 million related to the 53 rd week, total revenue increased 0.4%. Adjusting for the impact of the 53 rd week in the prior year, current year revenue increased 2.2%.   · GAAP earnings per diluted share were $2.06, and adjusted 1 earnings per diluted share were $3.16.   · GAAP net income was $46.4 million compared to the prior year GAAP net income of $40.9 million. GAAP net income in the prior year includes a benefit of $5.5 million related to the 53 rd week. Adjusting for the impact of the 53 rd week in the prior year, current year net income increased 30.9%.   · Adjusted EBITDA 1 was $224.3 million, compared to the prior year adjusted EBITDA 1 of $211.6 million. Adjusted EBITDA 1 in the prior year includes a benefit of $5.8 million related to the 53 rd week. Adjusting for the impact of the 53 rd week in the prior year, current year adjusted EBITDA 1 increased 9.0%, primarily due to higher sales driven by strategic pricing increases and favorable menu mix as well as lower labor and related expenses driven by improved productivity, partially offset by a decrease in comparable store traffic and higher advertising expense and general and administrative expenses.       Twelve Months Ended   (In thousands, except per share amounts)   8/1/25     8/2/24     Percentage Change     2024 53 rd Week Impact     Percentage Change Adjusting for 2024 53 rd week   Revenue   $ 3,483,684     $ 3,470,762       0.4 %   $ 62,800       2.2 % GAAP net income   $ 46,379     $ 40,930       13.3 %   $ 5,498       30.9 % Adjusted net income 1   $ 70,912     $ 78,544       -9.7 %   $ 5,498       -2.9 % Adjusted EBITDA 1   $ 224,264     $ 211,617       6.0 %   $ 5,781       9.0 % GAAP earnings per share - diluted   $ 2.06     $ 1.83       12.6 %   $ 0.25       30.4 % Adjusted 1 earnings per share - diluted   $ 3.16     $ 3.52       -10.3 %   $ 0.25       -3.4 %   Balance Sheet & Capital Allocation   · In fiscal 2025, the Company invested $158.6 million in capital expenditures, composed of approximately $105 million in store maintenance, $20 million related to remodels, $19 million associated with technology and other strategic initiatives, and $15 million for new stores.   · As previously disclosed, during the fourth quarter of fiscal 2025 the Company completed the issuance and sale of $345 million aggregate principal amount of 1.75% Convertible Senior Notes due in 2030.   · The Company ended fiscal 2025 with total debt of $484.6 million, comprised of $149.2 million of short-term debt related to its 0.625% Convertible Senior Notes due 2026 and $335.4 million of long-term debt related to its 1.75% Convertible Senior Notes due 2030.   - MORE -     Page 3   · The Company ended fiscal 2025 with a consolidated total leverage ratio 3 of 2.0x and available liquidity 3 of $555.6 million.   · The Company announced that its Board of Directors declared a quarterly dividend of $0.25 per share of the Company’s common stock. The quarterly dividend is payable on November 12, 2025 to shareholders of record as of October 17, 2025.   · The Company also today announced that its Board of Directors authorized a new share repurchase program under which the Company may repurchase up to $100 million of its outstanding common stock.   Outlook   The Company provided the following outlook for fiscal 2026, which reflects current business trends as of the date of this release and replaces all previous guidance or projections, including with respect to fiscal 2027 :   · Total revenue of $3.35 billion to $3.45 billion, which assumes a comparable store traffic decline of 4% to 7%   · Adjusted EBITDA 1 of $150 million to $190 million 2   · Commodity inflation of 2.5% to 3.5%   · Hourly wage inflation of 3.0% to 4.0%   · Capital expenditures of $135 million to $150 million, the majority of which is related to maintenance and includes no spending on new remodels   · 2 new Cracker Barrel stores   · The closure of 14 Maple Street units   1 Adjusted net income, adjusted EBITDA, and adjusted earnings per diluted share are non-GAAP financial measures. For definitions of these non-GAAP measures and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results section of this release.   2 The Company has determined to provide guidance focused on adjusted EBITDA because the Company believes it will be more useful to investors to evaluate the Company’s performance prior to the impact of depreciation (given the expected increase in investments and the resulting higher expected depreciation expense), taxes, impairment charges, and other items that management believes are not reflective of the Company’s current operations. The Company is not able to reconcile the forward-looking estimate of adjusted EBITDA set forth above to a forward-looking estimate of net income, the most directly comparable estimated measure calculated in accordance with GAAP, without unreasonable efforts because the Company is unable to predict, forecast or determine the probable significance of certain items impacting these estimates, including interest expense, taxes, impairment charges and share-based compensation, with a reasonable degree of accuracy. Accordingly, the most directly comparable forward-looking GAAP estimate is not provided.   3 Consolidated total leverage is defined as total debt divided by adjusted EBITDA 1 (as defined under our revolving credit facility). Available liquidity is defined as cash and cash equivalents on hand plus revolving credit facility capacity less amount drawn on revolving credit facility and standby letters of credit.   Fiscal 2025 Fourth Quarter Conference Call   As previously announced, the live broadcast of Cracker Barrel’s quarterly conference call will be available to the public online at investor.crackerbarrel.com today beginning at 5:00 p.m. (ET). The online replay will be available tomorrow and through October 2, 2025.   About Cracker Barrel Old Country Store ®   Cracker Barrel Old Country Store, Inc. – rooted in a rich legacy of warmth, generosity, and tradition – is on a mission to bring the goodness of country hospitality to life. Since 1969, when the first store opened in Lebanon, Tenn., Cracker Barrel has been serving up abundant portions of craveable homestyle food and offering one-of-a-kind retail finds. With approximately 660 company-owned Cracker Barrel Old Country Store ® locations in 43 states, and ownership of the fast-casual Maple Street Biscuit Company, the brand continues to honor its heritage while welcoming everyone with more than a meal. For more information, visit CrackerBarrel.com.   - MORE -     Page 4   CBRL-F   Except for specific historical information, certain of the matters discussed in this press release may express or imply projections of items such as revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These and similar statements regarding events or results that the Company expects will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause the actual results and performance of the Company to differ materially from those expressed or implied by such forward-looking statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "trends," "assumptions," "target," "guidance," "outlook," "opportunity," "future," "plans," "goals," "objectives," "expectations," "near-term," "long-term," "projection," "may," "will," "would," "could," "expect," "intend," "estimate," "anticipate," "believe," "potential," "regular," "should," "projects," "forecasts," or "continue" (or the negative or other derivatives of each of these terms) or similar terminology. The Company believes that the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements. In addition to the risks of ordinary business operations, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, ingredients, transportation, distribution and labor; disruptions to the Company’s restaurant or retail supply chain; effects of changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on our business; the Company’s ability to manage retail inventory and merchandise mix; the Company’s ability to sustain or the effects of plans intended to improve operational or marketing execution and performance, including the Company’s strategic transformation plan; the effects of increased competition at the Company’s locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of the Company’s food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease as well as the possible effects of such events on the price or availability of ingredients used in our restaurants; the effects of the Company’s indebtedness, [including under our credit facility and our convertible senior notes,] and associated restrictions on the Company’s financial and operating flexibility and ability to execute or pursue its operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting the Company’s financing costs and ability to refinance its indebtedness, in whole or in part; the Company’s reliance on a single distribution facility and certain significant vendors, particularly for foreign-sourced retail products; information technology disruptions and data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors or actions of third parties; the Company’s compliance with privacy and data protection laws; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the actual results of pending, future or threatened litigation or governmental investigations; or the Company’s ability to manage the impact of negative social media attention and the costs and effects of negative publicity; the impact of activist shareholders; the Company’s ability to achieve aspirations, goals and projections related to its environmental, social and governance initiatives; the Company’s ability to enter successfully into new geographic markets that may be less familiar to it; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and the Company’s ability to identify those sites; the Company’s ability to retain key personnel; the ability of and cost to the Company to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that the Company may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions and the weather impact on sales and customer travel; discretionary income or personal expenditure activity of the Company’s customers; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America ("GAAP"); and other factors described from time to time in the Company’s filings with the Securities and Exchange Commission, press releases, and other communications. Any forward-looking statement made by the Company herein, or elsewhere, speaks only as of the date on which made. The Company expressly disclaims any intent, obligation or undertaking to update or revise any forward-looking statements made herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.   - MORE -     Page 5   CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited) (In thousands, except share and per share amounts, percentages and ratios)       Fourth Quarter Ended     Twelve Months Ended       8/1/25     8/2/24     Percentage Change     8/1/25     8/2/24     Percentage Change   Total revenue   $ 868,009     $ 894,387       (3 )%   $ 3,483,684     $ 3,470,762       0 % Cost of goods sold (exclusive of depreciation & rent)     265,016       272,151       (3 )     1,081,029       1,087,631       (1 ) Labor and other related expenses     316,326       335,121       (6 )     1,254,668       1,271,555       (1 ) Other store operating expenses     216,330       213,632       1       855,389       831,763       3   General and administrative expenses     50,169       51,267       (2 )     217,510       207,062       5   Impairment and store closing costs     16,190       0               20,059       22,942       (13 ) Goodwill impairment     0       0               0       4,690       (100 ) Operating income     3,978       22,216       (82 )     55,029       45,119       22   Gain on extinguishment of debt     (3,186 )     0               (3,186 )     0           Interest expense     4,705       5,741       (18 )     20,489       20,933       (2 ) Income before income taxes     2,459       16,475       (85 )     37,726       24,186       56   Income tax benefit     (4,295 )     (1,664 )     (158 )     (8,653 )     (16,744 )     48   Net income   $ 6,754     $ 18,139       (63 )   $ 46,379     $ 40,930       13                                                     Earnings per share – basic:   $ 0.30     $ 0.82       (63 )   $ 2.08     $ 1.84       13   Earnings per share – diluted:   $ 0.30     $ 0.81       (63 )   $ 2.06     $ 1.83       13                                                     Weighted average shares:                                                     Basic     22,267,328       22,202,464       0       22,252,034       22,191,961       0       Diluted     22,549,821       22,354,013       1       22,463,943       22,319,894       1                                                     Ratio Analysis                                                 Total revenue:                                                     Restaurant     82.7 %     81.8 %             81.3 %     80.5 %             Retail     17.3       18.2               18.7       19.5           Total revenue     100.0       100.0               100.0       100.0           Cost of goods sold (exclusive of depreciation & rent)     30.5       30.4               31.0       31.3           Labor and other related expenses     36.5       37.5               36.0       36.6           Other store operating expenses     24.9       23.9               24.6       24.0           General and administrative expenses     5.8       5.7               6.2       6.0           Impairment and store closing costs     1.8       0.0               0.6       0.7           Goodwill impairment     0.0       0.0               0.0       0.1           Operating income     0.5       2.5               1.6       1.3           Gain on extinguishment of debt     (0.4 )     0.0               (0.1 )     0.0           Interest expense     0.6       0.7               0.6       0.6           Income before income taxes     0.3       1.8               1.1       0.7           Income tax benefit     (0.5 )     (0.2 )             (0.2 )     (0.5 )         Net income     0.8 %     2.0 %             1.3 %     1.2 %           - MORE -     Page 6   CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands, except share amounts)       8/1/25     8/2/24   Assets                    Cash and cash equivalents   $ 39,643     $ 12,035      Accounts receivable     35,070       39,204      Inventories     180,585       180,958      Prepaid expenses and other current assets     57,814       46,017      Property and equipment, net     966,976       959,821      Operating lease right-of-use assets, net     806,084       850,835      Intangible assets     24,350       24,425      Other assets     51,362       48,199              Total assets   $ 2,161,884     $ 2,161,494                     Liabilities and Shareholders’ Equity                    Accounts payable   $ 169,848     $ 162,288      Current portion of long-term debt     149,178       75      Other current liabilities     306,577       291,844      Long-term debt     335,457       476,581      Long-term operating lease liabilities     644,026       675,993      Other long-term obligations     95,109       114,564      Shareholders’ equity, net     461,689       440,149             Total liabilities and shareholders’ equity   $ 2,161,884     $ 2,161,494                     Common shares issued and outstanding     22,267,724       22,203,043     - MORE -     Page 7   CRACKER BARREL OLD COUNTRY STORE, INC. CONDENSED CONSOLIDATED CASH FLOW STATEMENT (Unaudited and in thousands)       Twelve Months Ended       8/1/25     8/2/24   Cash flows from operating activities:                 Net income   $ 46,379     $ 40,930   Depreciation and amortization     122,238       111,746   Amortization of debt issuance costs     1,877       1,752   Gain on extinguishment of debt     (3,186 )     0   Loss on disposition of property and equipment     8,591       9,143   Impairment     19,772       17,448   Goodwill impairment     0       4,690   Share-based compensation     11,742       10,298   Noncash lease expense     60,712       59,523   Amortization of asset recognized from gain on sale and leaseback transaction     12,735       12,735   Decrease in inventories     373       8,406   Increase (decrease) in accounts payable     7,560       (3,196 ) Net changes in other assets and liabilities     (69,894 )     (104,495 ) Net cash provided by operating activities     218,899       168,980   Cash flows from investing activities:                 Purchase of property and equipment, net of insurance recoveries     (158,647 )     (127,461 ) Proceeds from sale of property and equipment     1,945       3,134   Net cash used in investing activities     (156,702 )     (124,327 ) Cash flows from financing activities:                 Net (payments) proceeds from long-term debt     (180,075 )     59,925   Proceeds from issuance of convertible senior notes     335,238       0   Net proceeds from settlement of bond hedge and warrants     52       0   Repayment of convertible senior notes     (145,875 )     0   Payment for capped call option related to convertible senior notes     (16,491 )     0   Taxes withheld from issuance of share-based compensation awards     (1,448 )     (1,608 ) Deferred financing costs     (2,892 )     0   Dividends on common stock     (23,098 )     (116,082 ) Net cash used in financing activities     (34,589 )     (57,765 )                   Net increase (decrease) in cash and cash equivalents     27,608       (13,112 ) Cash and cash equivalents, beginning of period     12,035       25,147   Cash and cash equivalents, end of period   $ 39,643     $ 12,035     - MORE -     Page 8       Fourth Quarter Ended         8/1/25       8/2/24   Company-owned units opened during quarter:                 Cracker Barrel     0       0   Maple Street Biscuit Company     0       3                     Company-owned units closed during quarter:                 Cracker Barrel     (1 )     0   Maple Street Biscuit Company     (2 )     0                     Company-owned units in operation at end of quarter:                 Cracker Barrel     657       658   Maple Street Biscuit Company     68       66                     Total stores at end of period     725       724         Fourth Quarter Ended     Twelve Months Ended       8/1/25     8/2/24     8/1/25     8/2/24   Total revenue*: (In thousands)                                 Restaurant     699,990       713,018       2,761,671       2,726,627   Retail     149,739       162,728       651,791       675,709   Total revenue     849,729       875,746       3,413,462       3,402,336                                     Cost of goods sold* (exclusive of depreciation and rent): (In thousands)                                 Restaurant     184,067       185,917       730,824       726,470   Retail     76,379       81,568       332,394       343,998   Total cost of goods sold     260,446       267,485       1,063,218       1,070,468                                     Average unit volume*: (In thousands)                                 Restaurant     1,064.3       1,083.6       4,199.1       4,133.0   Retail     227.7       247.3       991.1       1,024.3   Total     1,292.0       1,330.9       5,190.2       5,157.3   Operating weeks*:     8,550       9,212       34,199       34,965     Note*: This information is for Cracker Barrel stores only and excludes Maple Street Biscuit Company. The fourth quarter and twelve months ended 8/2/24 include a 14 th and 53 rd week, respectively.   - MORE -     Page 9   CRACKER BARREL OLD COUNTRY STORE, INC. Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results (Unaudited and in thousands, except per share amounts)   Adjusted Net Income and Earnings Per Share   In the accompanying press release, the Company makes reference to its fourth quarter fiscal 2024 and fiscal 2025 adjusted net income and earnings per share, as well as the impact of the 53 rd week to fourth quarter fiscal 2024 . The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (ii) expenses related to the proxy contest in connection with the Company’s 2024 annual meeting of shareholders, (iii) expenses related to the Company’s CEO transition, (iv) expenses associated with the Company’s strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, (viii) a gain on extinguishment of debt related to the Company’s repurchase of $150 million aggregate principal amount of its 0.625% convertible senior notes due June 2026 and (ix) the related tax impacts of the foregoing. The Company believes excluding these items and presenting the 53 rd week impact of these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. The Company calculates adjusted net income margin by dividing adjusted net income by consolidated GAAP revenue. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.       Fourth Quarter Ended             8/1/25     Margin     8/2/24     Margin     53 rd Week Impact   Revenue   $ 868,009       100 %   $ 894,387       100 %   $ 62,800                                             GAAP net income     6,754       0.8       18,139       2.0     $ 5,498   Strategic transformation initiative expenses     0       0.0       5,057       0.6       0   Impairment and store closing costs     16,190       1.9       0       0.0       0   Gain on extinguishment of debt     (3,186 )     (0.4 )     0       0.0       0   Tax impacts of the foregoing     (3,056 )     (0.4 )     (1,188 )     (0.1 )     0   Adjusted net income   $ 16,702       1.9 %   $ 22,008       2.5 %   $ 5,498                                             GAAP earnings per share - basic   $ 0.30             $ 0.82             $ 0.25   GAAP earnings per share - diluted   $ 0.30             $ 0.81             $ 0.25                                             Adjusted earnings per share - basic   $ 0.75             $ 0.99             $ 0.25   Adjusted earnings per share - diluted   $ 0.74             $ 0.98             $ 0.25                                             Weighted average shares - basic     22,267,328               22,202,464               22,202,464   Weighted average shares - diluted     22,549,821               22,354,013               22,354,013     - MORE -     Page 10   CRACKER BARREL OLD COUNTRY STORE, INC. Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results (Unaudited and in thousands, except per share amounts)   Adjusted Net Income and Earnings Per Share   In the accompanying press release, the Company makes reference to its fiscal 2024 and fiscal 2025 adjusted net income and earnings per share, as well as the impact of the 53 rd week to fourth quarter fiscal 2024 . The Company defines adjusted net income as net income, calculated in accordance with GAAP, excluding, to the extent the following items occurred during the periods presented: (i) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (ii) expenses related to the proxy contest in connection with the Company’s 2024 annual meeting of shareholders, (iii) expenses related to the Company’s CEO transition, (iv) expenses associated with the Company’s strategic transformation initiative, (v) a corporate restructuring charge, (vi) an employee benefits policy change, (vii) goodwill impairment charges, (viii) a gain on extinguishment of debt related to the Company’s repurchase of $150 million aggregate principal amount of its 0.625% convertible senior notes due June 2026 and (ix) the related tax impacts of the foregoing. The Company believes excluding these items and presenting the 53 rd week impact of these items from its financial results provides investors with an enhanced understanding of the Company's financial results and enhances comparability across periods. The Company calculates adjusted net income margin by dividing adjusted net income by consolidated GAAP revenue. This information is not intended to be considered in isolation or as a substitute for net income or earnings per share information prepared in accordance with GAAP.       Twelve Months Ended             8/1/25     Margin     8/2/24     Margin     53 rd Week Impact   Revenue   $ 3,483,684       100.0 %   $ 3,470,762       100.0 %   $ 62,800                                             GAAP net income     46,379       1.3       40,930       1.2     $ 5,498   CEO transition expenses     0       0.0       8,574       0.2       0   Strategic transformation initiative expenses     7,263       0.2       16,603       0.5       0   Employee benefit adjustment     0       0.0       (5,284 )     (0.2 )     0   Corporate restructuring charge     0       0.0       1,643       0.0       0   Proxy contest expenses     8,220       0.2       0       0.0       0   Impairment and store closing costs     19,772       0.6       22,942       0.7       0   Goodwill impairment     0       0.0       4,690       0.1       0   Gain on extinguishment of debt     (3,186 )     (0.1 )     0       0.0       0   Tax impacts of the foregoing     (7,536 )     (0.2 )     (11,554 )     (0.3 )     0   Adjusted net income   $ 70,912       2.0 %   $ 78,544       2.3 %   $ 5,498                                             GAAP earnings per share - basic   $ 2.08             $ 1.84             $ 0.25   GAAP earnings per share - diluted   $ 2.06             $ 1.83             $ 0.25                                             Adjusted earnings per share - basic   $ 3.19             $ 3.54             $ 0.25   Adjusted earnings per share - diluted   $ 3.16             $ 3.52             $ 0.25                                             Weighted average shares - basic     22,252,034               22,191,961               22,191,961   Weighted average shares - diluted     22,463,943               22,319,894               22,319,894     - MORE -     Page 11   CRACKER BARREL OLD COUNTRY STORE, INC. Reconciliation of GAAP-Basis Operating Results to Non-GAAP Operating Results (Unaudited and in thousands)   EBITDA/Adjusted EBITDA   In the accompanying press release and the below reconciliation tables, the Company makes reference to EBITDA and adjusted EBITDA , as well as the impact of the 53 rd week to fourth quarter fiscal 2024. The Company defines EBITDA as net income, calculated in accordance with GAAP, excluding depreciation and amortization, interest expense and tax expense. The Company further adjusts EBITDA to exclude, to the extent the following items occurred during the periods presented: (i) expenses related to share-based compensation, (ii) impairment charges, and, for periods prior to the second quarter of fiscal 2025, store closing costs, (iii) the proxy contest in connection with the Company’s 2024 annual meeting of shareholders, (iv) goodwill impairment charges, (v) expenses related to the Company’s CEO transition, (vi) expenses associated with the Company’s strategic transformation initiative, (vii) a corporate restructuring charge, (viii) an employee benefits policy change, and (ix) a gain on extinguishment of debt related to the Company’s repurchase of $150 million aggregate principal amount of its 0.625% convertible senior notes due June 2026. The Company calculates EBITDA and adjusted EBITDA margin by dividing EBITDA and adjusted EBITDA by consolidated GAAP revenue. The Company believes that presentation of EBITDA and adjusted EBITDA (together with related margin figures) and presenting the 53 rd week impact of these items provides investors with an enhanced understanding of the Company's operating performance and debt leverage metrics and enhances comparability with the Company’s historical results, and that the presentation of this non-GAAP financial measure, when combined with the primary presentation of net income, is beneficial to an investor’s complete understanding of the Company’s operating performance. This information is not intended to be considered in isolation or as a substitute for net income or net income margin prepared in accordance with GAAP.       Fourth Quarter Ended 8/1/25     Margin     Twelve Months Ended 8/1/25     Margin   Revenue   $ 868,009       100.0 %   $ 3,483,684       100.0 %                                   GAAP Net income     6,754       0.8       46,379       1.3   (+) Depreciation & amortization     31,859       3.7       122,238       3.5   (+) Interest expense     4,705       0.5       20,489       0.6   (+) Tax expense (tax benefit)     (4,295 )     (0.5 )     (8,653 )     (0.2 ) EBITDA   $ 39,023       4.5 %   $ 180,453       5.2 % Adjustments                                 (+) Share-based compensation, net     3,686       0.4       11,742       0.3   (+) Strategic transformation initiative expenses     0       0.0       7,263       0.2   (+) Impairment and store closing costs     16,190       1.9       19,772       0.6   (+) Proxy contest expenses     0       0.0       8,220       0.2   (-) Gain on extinguishment of debt     (3,186 )     (0.4 )     (3,186 )     (0.1 ) Adjusted EBITDA   $ 55,713       6.4 %   $ 224,264       6.4 %       Fourth Quarter Ended 8/2/24     Margin     53 rd Week Impact     Twelve Months Ended 8/2/24     Margin     53 rd Week Impact   Revenue   $ 894,387       100.0 %   $ 62,800     $ 3,470,762       100.0 %   $ 62,800                                                     GAAP Net income     18,139       2.0       5,498       40,930       1.2       5,498   (+) Depreciation & amortization     28,981       3.2       0       111,746       3.2       0   (+) Interest expense     5,741       0.6       402       20,933       0.6       402   (+) Tax expense (tax benefit)     (1,664 )     (0.2 )     (119 )     (16,744 )     (0.5 )     (119 ) EBITDA   $ 51,197       5.7 %   $ 5,781     $ 156,865       4.5 %   $ 5,781   Adjustments                                                 (+) Share-based compensation, net     1,109       0.1       0       5,584       0.2       0   (+) Strategic transformation initiative expenses     5,057       0.6       0       16,603       0.5       0   (+) Impairment and store closing costs     0       0.0       0       22,942       0.7       0   (+) Goodwill impairment     0       0.0       0       4,690       0.1       0   (+) CEO transition expenses     0       0.0       0       8,574       0.2       0   (+) Corporate restructuring charge     0       0.0       0       1,643       0.0       0   (-) Employee benefit adjustment     0       0.0       0       (5,284 )     (0.2 )     0   Adjusted EBITDA   $ 57,363       6.4 %   $ 5,781     $ 211,617       6.1 %   $ 5,781     - END -
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.