2026 Financial Outlook

The Company is providing the following annual financial guidance, which includes the impact of the refranchising transactions described above but not any future transactions:

  • Net revenue of $1.25 billion to $1.35 billion (new)
  • Systemwide sales up 2% to 4% year-over-year in constant currency
  • Open at least 100 shops, nearly all of which are expected to be franchised
  • Adjusted EBITDA(1) of $140 million to $150 million (new)
  • Capital expenditures of $50 million to $60 million
  • Free cash flow(1) of more than $15 million (updated)
  • Net leverage ratio(1) below 5.5x (updated)
(1) Non-GAAP figures. The Company does not reconcile forward-looking non-GAAP measures. See "Key Performance Indicators and Non-GAAP Measures."