PotBelly Corporation (PBPB): Canvas du modèle d'entreprise [Jan-2025 MISE À JOUR]

Plongez dans le monde délicieux de Potbelly Corporation, où l'artisanat des sandwich rencontre l'innovation commerciale stratégique. Ce restaurant de quartier bien-aimé est passé d'un point de sandwich antique excentrique en une chaîne de restaurants florissante, tirant parti d'un modèle commercial sophistiqué qui mélange le charme nostalgique avec l'entrepreneuriat culinaire moderne. Découvrez les ingrédients secrets derrière le succès de Potbelly alors que nous disséquons leur toile complète du modèle commercial, révélant comment cette puissance de sandwich a creusé un espace unique dans le paysage de restauration décontracté compétitif.

PotBelly Corporation (PBPB) - Modèle d'entreprise: partenariats clés

Partenariats de gestion des ingrédients alimentaires et de la chaîne d'approvisionnement

Potbelly Corporation maintient des partenariats stratégiques avec les grandes sociétés de distribution alimentaire:

Partenaire	Valeur du contrat	Volume de l'offre annuelle
Sysco Corporation	24,3 millions de dollars	65% de l'approvisionnement en ingrédients
Aliments américains	15,7 millions de dollars	35% de l'approvisionnement en ingrédients

Partenariats immobiliers commerciaux

La stratégie de location de localisation du restaurant de Potbelly implique des collaborations avec:

• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield

Partenaire immobilier	Nombre d'emplacements sécurisés	Coût de location moyen
Groupe CBRE	42 emplacements	4 500 $ par pied carré
Jll	28 emplacements	4 200 $ par pied carré

Expansion du partenariat de franchise

Les partenariats de franchise de Potbelly comprennent:

• Franchisés multi-unités dans la région du Midwest
• Accords de développement de la zone

Partenaire de franchise	Total des emplacements	Montant d'investissement
Groupe de restaurants Midwest	12 emplacements	3,2 millions de dollars

Partenariats de plate-forme de livraison tiers

Partenariats de livraison numérique:

Plate-forme de livraison	Taux de commission	Volume de commande annuel
Doordash	25-30%	1,2 million de commandes
Uber mange	25-28%	850 000 commandes

PotBelly Corporation (PBPB) - Modèle d'entreprise: Activités clés

Sandwich et préparation des aliments pour les restaurants

Au quatrième trimestre 2023, Potbelly exploite 393 restaurants totaux en mettant l'accent sur les sandwichs fabriqués à la main. Coûts de préparation des aliments annuels: 132,4 millions de dollars.

Activité de préparation	Volume quotidien	Temps de préparation moyen
Sandwich	2 875 sandwichs	45 à 60 secondes par sandwich
Source des ingrédients frais	17 fournisseurs locaux	Livraison quotidienne

Opérations et gestion des restaurants

Total des coûts de main-d'œuvre de la restauration en 2023: 98,6 millions de dollars. Personnel moyen par emplacement: 12-15 employés.

• Restaurant moyen en pieds carrés: 2 200 pieds carrés
• Heures d'opération quotidiennes: 10-12 heures
• Transactions quotidiennes quotidiennes: 175-225

Développement et innovation de menu

Budget annuel de recherche et de développement de menu: 2,3 millions de dollars.

Catégorie de menu	Nombre d'articles	Taux d'innovation annuel
Sandwichs signature	22 éléments de base	3-4 nouveaux articles par an
Spéciaux saisonniers	6-8 articles rotatifs	Mises à jour trimestrielles

Marketing et promotion de la marque

Dépenses de marketing en 2023: 7,2 millions de dollars.

• Budget de marketing numérique: 45% du total des dépenses de marketing
• Abonnés des médias sociaux: 127 000
• Liste de marketing par e-mail: 215 000 abonnés

Développement et soutien de franchise

Coûts opérationnels liés à la franchise: 4,1 millions de dollars par an.

Métrique de franchise	État actuel	Croissance annuelle
Emplacements franchisés totaux	46 restaurants	5-7% en glissement annuel
Personnel de soutien à la franchise	22 professionnels dévoués	Taille cohérente de l'équipe

PotBelly Corporation (PBPB) - Modèle d'entreprise: Ressources clés

Marque et concept de restaurant établis

Potbelly Corporation exploite 378 restaurants au total au troisième trimestre 2023, avec 291 emplacements appartenant à des entreprises et 87 emplacements franchisés à travers les États-Unis.

Catégorie de ressources	Détails spécifiques	Métriques quantitatives
Emplacements des restaurants	Magasins appartenant à des entreprises et franchisés	378 restaurants totaux
Présence géographique	Principalement les marchés américains	Plusieurs États et zones métropolitaines

Recettes et menu de sandwich propriétaires

Potbelly maintient un menu de sandwich unique avec environ 15-20 offres de sandwich signature.

• Sandwichs chauds signature
• Processus de grillage personnalisé
• Combinaisons d'ingrédients propriétaires

Personnel culinaire et restaurant formé

Potbelly emploie environ 3 500 employés au total dans son réseau de restauration à partir de 2023.

Catégorie du personnel	Nombres estimés
Total des employés	3,500
Personnel de gestion	Environ 15% de la main-d'œuvre totale

Plateformes de commande et de fidélité numériques

Les plates-formes numériques de PotBelly génèrent environ 25 à 30% des ventes totales via des canaux de commande en ligne et mobiles.

• Application mobile
• Système de commande en ligne
• Programme de fidélité avec suivi numérique

Équipement et infrastructure du restaurant

Les dépenses en capital pour l'équipement et les infrastructures des restaurants étaient de 9,1 millions de dollars en 2022.

Composant d'infrastructure	Détails de l'investissement
Dépenses en capital annuelles	9,1 millions de dollars (2022)
Équipement de cuisine	Stations de préparation de sandwich spécialisées
Infrastructure technologique	Systèmes de point de vente, plates-formes de commande numérique

PotBelly Corporation (PBPB) - Modèle d'entreprise: propositions de valeur

Offres de sandwich personnalisables

PotBelly propose 19 sandwichs signature avec des options de personnalisation. Gamme de prix du sandwich moyen: 7,50 $ - 9,25 $. Taux de personnalisation du client: 62% des commandes.

Catégorie de sandwich	Options de personnalisation	Fourchette
Sandwichs classiques	7 choix de protéines	$7.50 - $8.75
Sandwichs premium	9 Variations de garniture	$8.75 - $9.25

Repas frais et faits sur commande

Engagement quotidien de la fraîcheur des ingrédients: les ingrédients provenant des 24 à 48 heures. Temps de préparation moyen par commande: 3-4 minutes.

• Pain frais cuit en magasin tous les jours
• Viandes tranchées sur place
• Légumes hachés toutes les heures

Expérience nostalgique, sandwicherie de quartier

Nombre total d'emplacements: 384 restaurants au quatrième trimestre 2023. Taille moyenne du restaurant: 2500 pieds carrés. Taux de rétention de la clientèle: 47%.

Option de restauration décontractée abordable

Coût moyen des repas: 10,75 $. Prix ​​du combo déjeuner: 8,50 $ - 11,00 $. Pourcentage de coût alimentaire: 28 à 32% des revenus.

Catégorie de repas	Fourchette	Segment de clientèle
Sandwich individuel	$7.50 - $9.25	Foule
Repas combo	$8.50 - $11.00	Diners soucieux du budget

Service rapide avec une qualité cohérente

Temps d'achèvement moyen: 4-5 minutes. Score de satisfaction du client: 4.2 / 5. Taux client répété: 53%.

• Plateformes de commande numérique
• Intégration d'applications mobiles
• Normes de préparation des aliments cohérents

PotBelly Corporation (PBPB) - Modèle d'entreprise: relations avec les clients

Adhésion au programme de fidélité

Le programme de fidélité PotBelly Perks compte 2,1 millions de membres actifs au T2 2023. Les dépenses moyennes des membres sont de 42,67 $ par transaction. Les membres de la fidélité génèrent 37,5% du total des revenus des restaurants.

Métrique	Valeur
Membres de la fidélité totale	2,1 millions
Transaction moyenne des membres	$42.67
Revenus des membres de la fidélité	37.5%

Commande numérique et engagement des applications mobiles

Les ventes numériques représentent 22,4% du total des ventes en 2023. Les téléchargements d'applications mobiles ont atteint 1,3 million. La fréquence de commande en ligne est en moyenne de 3,2 fois par mois par utilisateur actif.

• Téléchargements d'applications mobiles: 1,3 million
• Pourcentage de vente numérique: 22,4%
• Fréquence de commande en ligne: 3,2 fois / mois

Interaction des médias sociaux

Followers Instagram: 87 000. Twitter Followers: 23 500. Facebook Followers: 56 000. Taux d'engagement moyen: 2,7%.

Communications marketing personnalisées

La liste de marketing par e-mail contient 1,6 million d'abonnés. Taux d'ouverture moyen: 19,3%. Taux de clics: 4,2%. Taux de rachat de l'offre personnalisée: 12,5%.

Email Marketing Metric	Valeur
Abonnés totaux	1,6 million
Taux d'ouverture par e-mail	19.3%
Taux de clics	4.2%

Expérience de service à la clientèle en magasin

Score de satisfaction du client: 4.1 / 5. Temps d'attente moyen: 4,7 minutes. Heures de formation du personnel: 22 heures par employé par an.

• Score de satisfaction du client: 4.1 / 5
• Temps d'attente moyen: 4,7 minutes
• Formation annuelle du personnel: 22 heures / employé

Potbelly Corporation (PBPB) - Modèle d'entreprise: canaux

Emplacements de restaurants physiques

Au quatrième trimestre 2023, Potbelly Corporation exploite 411 sandwichs à travers les États-Unis.

Type d'emplacement	Nombre d'emplacements
Restaurants appartenant à l'entreprise	411
Lieu de franchise	0

Plateformes de commande en ligne

PotBelly propose une commande directe en ligne via son site Web avec les capacités numériques suivantes:

• Système de commande basé sur le Web intégré
• Accès directement au menu numérique
• Options de commande personnalisables

Application mobile

L'application mobile de PotBelly fournit les fonctionnalités suivantes:

• Disponible sur les plateformes iOS et Android
• Intégration du programme de fidélité numérique
• Capacités de paiement mobile

Services de livraison tiers

Partenaire de livraison	Statut
Doordash	Partenariat actif
Uber mange	Partenariat actif
Grubhub	Partenariat actif

Services de restauration

PotBelly offre une restauration d'entreprise et de groupe avec les options suivantes:

• Plateforme de commande de restauration en ligne
• Taille de commande minimale: 100 $
• Commande à l'avance disponible

Revenus de restauration	2022 Montant
Ventes de restauration	27,4 millions de dollars

PotBelly Corporation (PBPB) - Modèle d'entreprise: segments de clientèle

Millennials et professionnels de la génération Z

Au quatrième trimestre 2023, Potbelly cible environ 42,7 millions de milléniaux et des professionnels de la génération Z sur les marchés urbains et suburbains. Dépenses moyennes du client dans ce segment: 14,50 $ par transaction.

Tranche d'âge	Taille du marché	Valeur de transaction moyenne
25-40 ans	42,7 millions	$14.50

Coucle de déjeuner et travailleurs de bureau

Potbelly dessert environ 68% de sa clientèle quotidienne pendant les heures de déjeuner. Le trafic de consommateur de pointe génère 3,2 millions de dollars de revenus quotidiens sur 487 emplacements.

• Hautes du déjeuner de pointe: 11h30 - 13h30
• Temps de transaction moyen du déjeuner: 12 minutes
• Revenus quotidiens du déjeuner: 3,2 millions de dollars

Familles à la recherche de repas décontractés

Le segment de la famille représente 22% de la clientèle de PotBelly. Dépenses de repas en famille moyenne: 42,75 $.

Pourcentage de segment	Coût moyen des repas de la famille	Visites de famille hebdomadaires
22%	$42.75	1.3 Visites

Étudiants

Le segment des étudiants du collège représente 15% de la clientèle de Potbelly. Valeur moyenne de la transaction des étudiants: 11,25 $.

• Proximité avec 378 campus universitaires
• Programmes de réduction des étudiants actifs
• Dépenses moyennes des étudiants: 11,25 $

Consommateurs soucieux de leur santé

Les clients axés sur la santé représentent 35% des segments de clients de PotBelly. Dépenses de repas soucieux de la santé moyenne: 16,50 $.

Pourcentage de segment	Options axées sur la nutrition	Dépenses de repas moyens
35%	18 éléments de menu	$16.50

PotBelly Corporation (PBPB) - Modèle d'entreprise: Structure des coûts

Alimentation et approvisionnement en ingrédient

En 2024, les coûts d'approvisionnement en aliments et en ingrédient de Potbelly Corporation représentent approximativement 31 à 35% du total des revenus. La Société s'approvisionne des ingrédients de plusieurs fournisseurs avec des dépenses d'approvisionnement annuelles estimées à:

Catégorie d'ingrédient	Dépenses annuelles
Produits de pain et de boulangerie	14,2 millions de dollars
Viande et protéines	22,7 millions de dollars
Produire et ingrédients frais	8,5 millions de dollars

Labour et salaire du personnel

Les coûts de main-d'œuvre pour PotBelly Corporation en 2024 ont été comptabilisés 35 à 40% du total des dépenses opérationnelles. La ventilation des salaires comprend:

• Salaire horaire moyen pour le personnel du restaurant: 15,25 $
• Gamme de salaires de gestion: 55 000 $ - 85 000 $ par an
• Total des dépenses annuelles de main-d'œuvre: 78,3 millions de dollars

Entretien de loyer et d'installation

Dépenses liées aux installations pour les emplacements du restaurant PotBelly:

Catégorie de dépenses	Coût annuel
Louer	22,6 millions de dollars
Entretien d'installation	7,4 millions de dollars
Services publics	5,9 millions de dollars

Dépenses marketing et promotionnelles

Attribution du budget marketing pour 2024:

• Total des dépenses de marketing: 12,5 millions de dollars
• Marketing numérique: 4,8 millions de dollars
• Publicité traditionnelle: 3,7 millions de dollars
• Campagnes promotionnelles: 4 millions de dollars

Investissements technologiques et plate-forme numérique

Dépenses infrastructures technologiques:

Catégorie de technologie	Investissement annuel
Plateforme de commande numérique	3,2 millions de dollars
Systèmes de point de vente	1,5 million de dollars
Cybersécurité	1,1 million de dollars

PotBelly Corporation (PBPB) - Modèle d'entreprise: Strots de revenus

Ventes de sandwich et de repas

Pour l'exercice 2023, Potbelly Corporation a déclaré un chiffre d'affaires total de $434,7 millions. Les ventes de sandwich et de repas de base ont représenté approximativement 85% du total des revenus, équivalant à à peu près 369,5 millions de dollars.

Catégorie de revenus	Montant ($)	Pourcentage
Ventes de sandwich	279,5 millions	64.3%
Combinaisons de repas	90,0 millions	20.7%

Services de restauration

Les revenus de restauration pour PotBelly en 2023 ont atteint 32,6 millions de dollars, représentant approximativement 7.5% du total des revenus de l'entreprise.

Redevances de franchise

Les redevances de franchise générées 15,2 millions de dollars en 2023, comptabilisant 3.5% du total des revenus.

Métrique de franchise	2023 données
Emplacements totaux de franchise	48 restaurants
Taux de redevance	4 à 5% des ventes de franchises

Ventes de marchandises

Les ventes de marchandises ont contribué 7,9 millions de dollars au total des revenus, représentant 1.8% du revenu global.

Achats de boissons et d'articles latéraux

Les ventes de boissons et d'articles latérales équivalaient à 29,5 millions de dollars, comprenant 6.8% du total des revenus.

• Ventes de boissons: 18,2 millions de dollars
• Ventes d'articles côté: 11,3 millions de dollars

Potbelly Corporation (PBPB) - Canvas Business Model: Value Propositions

You're looking at how Potbelly Corporation (PBPB) is delivering on its core promise to customers as of late 2025. It's all about the food experience, convenience, and value, which you can see reflected in their latest operational metrics.

The foundation is the warm, toasty sandwich and signature menu items, which they continue to innovate. For example, the introduction of the Prime Rib Steak Sandwich has been a positive driver for top-line performance, showing they listen to customer requests for craveable options. They focus on made-to-order quality, which is key in the fast-casual space.

Here's a quick look at how some of those product and service execution metrics stacked up in the second quarter of 2025:

Metric	Value (Q2 2025)	Context/Comparison
Company-Operated Same-Store Sales Growth	3.2%	Year-over-year increase
Average Weekly Sales (AWS)	$27,040	Increased 3.6% year-over-year
Total Revenues	$123.7 million	3.4% increase year-over-year
Adjusted EBITDA	$9.6 million	Increased 13.0% year-over-year

The service model centers on delivering Fresh, Fast & Friendly service within a local neighborhood environment. This cultural execution is what they believe drives the customer experience, which is the margin in this business. They are executing this in a growing footprint, having opened eight new shops and secured 54 additional franchise shop commitments in the second quarter of 2025 alone, bringing the total open and committed shop count to 816 locations as of June 29, 2025.

Digital convenience is a massive layer of their current sales, removing friction for you as a customer. In the second quarter of 2025, the digital business represented over 41% of total shop sales. This growth is supported by investments in digital advertising and the Potbelly Perks loyalty program, which is effectively moving customers up the frequency curve.

Potbelly Corporation is also layering in everyday value and targeted digital promotions to keep things accessible for price-sensitive customers. They are balancing premium items, like the Prime Rib Steak Sandwich priced between $14 and $18, with value options. For instance, they offer guests a pick-your-pair and skinny combos for $8. Management is planning for modest price increases in the mid-1% range across Q2, summer, and fall, targeting a full-year gross price increase of just over 3% to keep pace with input costs.

You can see the overall expectation for this value and convenience strategy reflected in the revised full-year 2025 guidance:

• - Full Year 2025 Guidance for Same-Store Sales Growth: Range of 2.0% to 3.0%.
• - Full Year 2025 Guidance for Adjusted EBITDA: Raised to approximately $34.0 million to $35.0 million.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Relationships

You're looking at how Potbelly Corporation (PBPB) connects with the people buying their sandwiches and shakes as of late 2025. It's a mix of digital automation, transactional convenience, and that old-school, friendly vibe they aim for in the shop.

Automated engagement through the Potbelly Perks loyalty program

The Potbelly Perks loyalty program is central to driving repeat business through automated engagement. Potbelly Corporation is actively making incremental investments in consumer-facing digital assets and data capabilities to make marketing more effective. They are working to unlock new capabilities within Perks to offer enhanced personalization, which is expected to drive additional visits by making it easier for customers to engage with and redeem rewards. The relaunched program rewards members faster, using a coin system where members earn 10 Coins for every $1 spent, with higher tiers earning more. Redemption is flexible, starting at just 200 Coins for items like Sides, Cookies, Shakes, and Fountain Drinks, in addition to entrées.

The success of this digital push is clear in the sales mix:

Metric	Period	Value
Digital Business as % of Total Shop Sales	Q2 2025	41%
Digital Business as % of Total Shop Sales	Q1 2025	Over 42%
Digital Sales YoY Increase (Q1 2025 vs Q1 2024)	Q1 2025	200 basis points
Digital Sales YoY Increase (Q2 2025 vs Q2 2024)	Q2 2025	Approximately 140 basis points

Transactional relationships via third-party delivery apps

Transactional relationships are heavily supported by third-party delivery apps, which provide necessary convenience for off-premise orders. This channel is part of the larger digital business that accounted for over 41% of total shop sales in the second quarter of 2025. However, you have to remember the inherent risk here; the reliance on these external services introduces potential issues related to maintaining food quality and overall customer satisfaction outside of direct Potbelly Corporation control. The company is focused on streamlining digital orders through initiatives like the Potbelly Digital Kitchen to manage this better.

Personal, in-shop service emphasizing a friendly, neighborhood feel

Despite the digital growth, the core relationship remains rooted in the in-shop experience. Potbelly Corporation emphasizes a welcoming environment and personalized customer service, aiming to be the most loved sandwich brand in every neighborhood. This personal touch is what they believe differentiates them in the competitive fast-casual sector. The performance of these physical locations shows customers are still coming in:

• Company-operated same-store sales grew 3.2% in Q2 2025.
• Q2 2025 same-store sales growth was driven by a 1.1% increase in transactions.
• Company-operated same-store sales increased 0.9% in Q1 2025.
• Average Weekly Sales (AWS) for company-operated shops in Q1 2025 reached $24,550.

As of the end of Q2 2025, Potbelly operated 447 shops total, with 340 being company-owned, meaning a significant portion of these personal interactions happen under direct corporate management. That's a lot of sandwiches being made with a smile.

Finance: draft 13-week cash view by Friday.

Potbelly Corporation (PBPB) - Canvas Business Model: Channels

You're looking at how Potbelly Corporation moves its toasted sandwiches and shakes to the customer as of late 2025. The channel strategy is clearly bifurcated: physical locations drive the core experience, while digital channels are rapidly becoming the primary engine for transaction volume.

Company-operated shops remain the backbone of the brand, serving as the primary sales channel and often the testing ground for new operational efficiencies. As of the end of the second quarter of fiscal year 2025, Potbelly Corporation had 340 company-operated shops open. Management has signaled a return to corporate development, aiming to open 20 company-owned restaurants annually starting in late fiscal year 2025, which complements the franchise expansion efforts. These corporate stores are strategically placed, often leveraging high-volume markets like Texas and the Midwest.

Franchised shops are the key channel for achieving the ambitious long-term expansion target. Potbelly Corporation has a stated goal of reaching 2,000 total shops, with at least 85% of those locations being franchised. This franchise-led approach is designed to be asset-light, allowing for faster market penetration by leveraging franchisee capital. By the close of the second quarter of 2025, the company reported 107 franchised shops open. The pipeline for this growth is robust; for instance, the second quarter of 2025 alone saw the signing of 54 new franchise shop commitments. The total open and committed shop count stood at 816 as of June 29, 2025.

The shift toward digital channels is significant, driven by the Potbelly app and website for pickup and delivery orders. This focus is paying dividends, with digital sales penetration reaching over 42% of total shop sales in the first quarter of 2025, and settling slightly lower but still strong at 41% in the second quarter of 2025. These digital investments include a redesigned website and mobile app rolled out in June 2025. The company is actively working to convert demand through these digital assets, supported by the Potbelly Perks loyalty program.

Regarding third-party delivery platforms, while specific revenue splits aren't always itemized separately from the overall digital sales figure, their use is implicitly captured within the high digital penetration numbers, alongside direct-to-consumer app/web orders. The overall digital sales figure of 41% to 42% demonstrates that off-premise consumption, facilitated by both proprietary and external platforms, is now a critical component of the sales mix.

Here's a quick look at the channel mix and growth metrics as of the latest reported quarter:

Channel Metric	Value as of Q2 2025 (or latest)	Context/Target
Total Open & Committed Shops	816	Long-term goal is 2,000 units
Company-Operated Shops (Open)	340	Plan to open 20 corporate units annually starting late FY 2025
Franchised Shops (Open)	107	Target is at least 85% franchised of the 2,000 unit goal
Total Open Shops	447	Represents about three-quarters of the current open base
New Franchise Commitments Signed (Q2 2025)	54	Part of the Franchise Growth Acceleration Initiative
Digital Sales Penetration	41%	Up from 40% in Q4 2024; Q1 2025 was over 42%
FY 2025 Total New Shop Openings Guidance	At least 38	Includes both company-operated and franchise openings

The strategy clearly leans on franchising for scale, using smaller, flexible prototypes to lower franchisee build costs below the historical average of $650,000 per unit. Meanwhile, the direct-to-consumer digital experience, which accounts for a massive portion of sales, is being optimized with new technology like the Digital Kitchen platform, which is standard in new locations. Finance: draft the Q3 2025 cash flow projection incorporating the expected capital expenditure for the 20 planned corporate openings by year-end.

Potbelly Corporation (PBPB) - Canvas Business Model: Customer Segments

You're looking at the core groups Potbelly Corporation (PBPB) is serving and partnering with as of late 2025. This isn't just about who buys a sandwich; it's about who drives the digital ecosystem and who funds the physical expansion.

Office workers and lunch-time commuters seeking quick, quality meals remain a foundational segment, especially given the chain's urban presence. These patrons are responding to menu innovation, like the Prime Rib Steak Sandwich, which supports top-line performance. Company-operated same-store sales showed growth of 3.2% in the second quarter ending June 29, 2025. The Average Weekly Sales (AWS) for company-operated shops was reported at $27,040 in that same quarter. This group values speed and consistency, which the company supports with its focus on operational efficiency.

Digital-first consumers utilizing the app and loyalty program represent a rapidly growing and highly engaged part of the customer base. Digital channels accounted for over 41% of total shop sales in Q2 2025, up from over 42% in Q1 2025. The Potbelly Perks loyalty program is a key tool used to enhance customer engagement and drive frequency. These consumers are responding to investments in consumer-facing digital assets and data analytics.

Families and local neighborhood patrons seeking a casual dining experience are targeted by the brand's core identity as an 'iconic neighborhood sandwich shop concept'. The company emphasizes a 'warm, neighborhood vibe' and offers value-added options, such as the pick-your-pair or skinny combos starting around $8 in some areas. This segment is crucial for driving consistent, non-peak traffic.

Multi-unit franchisees (as partners for the growth model) are essential customer segments because they fund and execute the capital-light expansion strategy. Potbelly is aggressively pursuing franchise development to meet its goal of reaching 2,000 locations. As of the second quarter of 2025, the total open and committed shop count stood at 816 units, a 23% year-over-year increase from 663 shops in Q2 2024. Franchise revenue growth was strong, increasing 30.8% in Q1 2025, supported by a 26% increase in franchise units. Notably, 70% of the company's growth is driven by current franchisees expanding their portfolios. The estimated Item 7 Cost Guidance for a new location is between $654K and $1.274M per unit.

Here's a quick look at the unit growth focus:

• Full-year 2025 unit growth guidance: At least 38 new shop openings expected.
• Q1 2025 new franchise shop commitments: 40.
• Franchisee development agreement size: Typically 4-6 trade areas.
• System-wide locations (Open & Committed) as of Q2 2025: 816.

The focus on smaller, flexible prototypes is designed to bring development costs below the historical average of $650,000 per unit for these partners.

Potbelly Corporation (PBPB) - Canvas Business Model: Cost Structure

Cost of Goods Sold (COGS), including food and commodity costs (inflation expected 2% to 3% in 2025)

For the year to date ended June 29, 2025, Food, Beverage, and Packaging Costs were reported at 26.3% of shop sales. This figure benefited from a 40-basis point commodity deflation during the second quarter. Potbelly Corporation maintained its full-year inflation forecast of 2% to 3% for food and paper inputs. The trailing twelve months COGS % AVG 10YRS as of June 30, 2025, stood at 27.61%.

Shop-level labor and operating expenses (a major component of company-owned shops)

Shop-level costs for the second quarter of 2025 showed the following breakdown as a percentage of net company-operated sandwich shop sales:

Expense Component	Percentage of Shop Sales (Q2 2025)
Labor Expenses	28%
Occupancy Costs	10.6%
Other Operating Expenses	18.4%

The shop-level profit (loss) margin is a non-GAAP measure.

General and Administrative (G&A) expenses for corporate support and digital investments

For the year to date ended June 29, 2025, Total Revenues were $237,390 thousand, and GAAP net income attributable to Potbelly Corporation was $2,426 thousand. This GAAP net income represented 1.1% of Year to Date Revenues. Capital Expenditures (CapEx) anticipated for the full year 2025 were approximately $30 million, allocated to technology, restaurant technology replatforming, remodels, and densification.

Franchise incentives and development costs for the 38+ new units planned for 2025

Potbelly Corporation expected at least 38 new unit openings for the full year 2025.

• Average new shop investment: approximately $750,000.
• Initial Franchise Fee range: $20,000 - $40,000.
• Ongoing Royalty Fee: 6% of gross sales.
• National Marketing Contribution: 3% to 4% of gross sales.
• Total committed shop count as of June 29, 2025: 816.

The company earns an initial franchise fee and a franchise development agreement fee, with unearned portions recorded as a contract liability.

Potbelly Corporation (PBPB) - Canvas Business Model: Revenue Streams

You're looking at the core ways Potbelly Corporation brings in money as of late 2025. It's a dual-stream model, mixing direct sales from their own stores with income from their growing franchise network. Honestly, the split between these two is key to understanding their financial health right now.

The biggest chunk comes from the food and drinks sold directly to customers in their company-owned locations. For the second quarter of 2025, this segment delivered approximately $118.4 million in revenue, reflecting a year-over-year increase of about 2.5%. This revenue stream also includes the growing digital business, which is a significant driver; for instance, digital sales accounted for over 41% of total shop sales in one report covering that period.

The second main stream is the franchise side, which provides more predictable, high-margin revenue. Franchise royalties and fees for the second quarter of 2025 were reported at $5.3 million, showing strong year-over-year growth of approximately 27.7%. This growth is directly tied to their successful unit expansion strategy.

To give you a clearer picture of the scale, here's how the Q2 2025 revenue components stack up against the total reported revenue for the period:

Revenue Component	Q2 2025 Amount	Notes
Company-Operated Shop Sales	$118.4 million	Reflects food and beverage sales, net of allowances.
Franchise Royalties and Fees	$5.3 million	Franchise revenue, including fees and rent income.
Total GAAP Revenue	$123.7 million	Sum of company-operated sales and franchise revenue.
System-wide Sales	$154.2 million	Includes revenue from both company and franchised shops.

While catering and large-order sales aren't broken out separately in the primary reporting, they are definitely baked into that overall company-operated shop sales number. The focus on digital channels, which includes many larger or pre-ordered items, is a key part of driving that top-line shop revenue.

Looking at the full-year outlook, Potbelly Corporation projects profitability based on these revenue streams:

• Full-year 2025 Adjusted EBITDA is projected to be between $34.0 million and $35.0 million.
• The Q2 2025 Adjusted EBITDA achieved was $9.6 million, representing 7.8% of total revenue for that quarter.
• Company-operated same-store sales growth for Q2 2025 was 3.2%.
• The company reiterated its plan for unit growth of at least 38 new shops for the full year 2025.

The current guidance suggests they expect the momentum seen in Q2 to carry through the rest of the year to hit that EBITDA target. Finance: draft 13-week cash view by Friday.