CBRL · Cracker Barrel Old Country Store, Inc.

Cracker Barrel's third quarter fiscal 2026 results showed a 2.9% decline in total revenue to $797.4 million, with comparable store restaurant sales down 2.6% and retail sales down 1.8%. GAAP net income of $42.8 million included a $47.4 million litigation settlement gain, while adjusted net income was $6.5 million. Adjusted EBITDA fell to $40.3 million from $48.1 million a year ago, reflecting ongoing cost pressures. Management highlighted traction from operational improvements and guest connection initiatives. The company raised its fiscal 2026 outlook, now expecting revenue of $3.27-$3.30 billion (prior $3.24-$3.27 billion) and adjusted EBITDA of $120-$125 million (prior $85-$100 million), indicating confidence in improving margins. Key cost guidance includes commodity inflation in the low 2% range and hourly wage inflation also in the low 2% range. The company also declared a quarterly dividend of $0.25 per share and noted it intends to pay its $149.9 million convertible notes due June 2026 using its revolving credit facility, which had $541.3 million available at quarter end. The balance sheet remains manageable with total debt of $486.6 million and adequate liquidity.