Potbelly Corporation (PBPB): Canvas de Modelo de Negócios [Jan-2025 Atualizado]

Mergulhe no delicioso mundo da Potbelly Corporation, onde o artesanato sanduíche atende à inovação estratégica de negócios. Este amado restaurante do bairro se transformou de um local de sanduíche de loja de antiguidades peculiar para uma cadeia de restaurantes próspera, alavancando um sofisticado modelo de negócios que combina o charme nostálgico com o empreendedorismo culinário moderno. Descubra os ingredientes secretos por trás do sucesso da Potbelly ao dissecar sua abrangente modelo de negócios, revelando como essa potência sanduíche criou um espaço único na paisagem de refeições casuais competitivas.

Potbelly Corporation (PBPB) - Modelo de negócios: Parcerias -chave

Ingredientes alimentares e parcerias de gerenciamento da cadeia de suprimentos

A Potbelly Corporation mantém parcerias estratégicas com grandes empresas de distribuição de alimentos:

Parceiro	Valor do contrato	Volume anual de oferta
Sysco Corporation	US $ 24,3 milhões	65% do suprimento de ingredientes
US Foods	US $ 15,7 milhões	35% do suprimento de ingredientes

Parcerias imobiliárias comerciais

A estratégia de locação de localização de restaurantes da Potbelly envolve colaborações com:

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

Parceiro imobiliário	Número de locais garantidos	Custo médio de arrendamento
Grupo CBRE	42 locais	US $ 4.500 por pé quadrado
Jll	28 locais	US $ 4.200 por pé quadrado

Expansão da parceria de franquia

As parcerias de franquia da Potbelly incluem:

• Franqueados de várias unidades na região do meio-oeste
• Acordos de desenvolvimento de área

Parceiro de franquia	Locais totais	Valor do investimento
Midwest Restaurant Group	12 locais	US $ 3,2 milhões

Parcerias de plataforma de entrega de terceiros

Parcerias de entrega digital:

Plataforma de entrega	Taxa de comissão	Volume anual de pedidos
Doordash	25-30%	1,2 milhão de pedidos
Uber come	25-28%	850.000 pedidos

Potbelly Corporation (PBPB) - Modelo de negócios: Atividades -chave

Sanduíche e preparação de comida de restaurante

A partir do quarto trimestre 2023, o Potbelly opera 393 restaurantes totais, com foco em sanduíches artesanais. Custos anuais de preparação de alimentos: US $ 132,4 milhões.

Atividade de preparação	Volume diário	Tempo médio de preparação
Fazendo sanduíche	2.875 sanduíches	45-60 segundos por sanduíche
Fornecimento de ingredientes frescos	17 fornecedores locais	Entrega nova diária

Operações e gerenciamento de restaurantes

Total de custos de mão -de -obra do restaurante em 2023: US $ 98,6 milhões. Pessoal média por local: 12-15 funcionários.

• Mágua quadrada média de restaurante: 2.200 pés quadrados
• Horário operacional diário: 10-12 horas
• Transações médias diárias de clientes: 175-225

Desenvolvimento e inovação de menu

Orçamento anual de pesquisa e desenvolvimento do menu: US $ 2,3 milhões.

Categoria de menu	Número de itens	Taxa de inovação anual
Sanduíches de assinatura	22 itens principais	3-4 novos itens por ano
Especiais sazonais	6-8 itens rotativos	Atualizações trimestrais

Marketing e promoção de marca

Despesas de marketing em 2023: US $ 7,2 milhões.

• Orçamento de marketing digital: 45% dos gastos com marketing total
• Seguidores de mídia social: 127.000
• Lista de marketing por email: 215.000 assinantes

Desenvolvimento e suporte de franquia

Custos operacionais relacionados à franquia: US $ 4,1 milhões anualmente.

Métrica de franquia	Status atual	Crescimento anual
Total de locais franqueados	46 restaurantes	5-7% ano a ano
Funcionários de suporte à franquia	22 profissionais dedicados	Tamanho consistente da equipe

Potbelly Corporation (PBPB) - Modelo de negócios: Recursos -chave

Marca e conceito de restaurante estabelecido

A Potbelly Corporation opera 378 restaurantes totais a partir do terceiro trimestre de 2023, com 291 locais de propriedade da empresa e 87 franqueados nos Estados Unidos.

Categoria de recursos	Detalhes específicos	Métricas quantitativas
Locais de restaurantes	Lojas de propriedade da empresa e franqueadas	378 Restaurantes totais
Presença geográfica	Principalmente mercados dos Estados Unidos	Vários estados e áreas metropolitanas

Receitas de sanduíche proprietárias e menu

O Potbelly mantém um menu de sanduíche exclusivo com aproximadamente 15 a 20 ofertas de sanduíche de assinatura.

• Sanduíches quentes de assinatura
• Processo de brinde personalizado
• Combinações de ingredientes proprietários

Funcionários de culinária e restaurante treinados

A Potbelly emprega aproximadamente 3.500 funcionários totais em sua rede de restaurantes a partir de 2023.

Categoria de pessoal	Números estimados
Total de funcionários	3,500
Equipe de gerenciamento	Aproximadamente 15% da força de trabalho total

Plataformas de pedidos e fidelidade digitais

As plataformas digitais da Potbelly geram aproximadamente 25 a 30% do total de vendas por meio de canais de pedidos on-line e móveis.

• Aplicativo móvel
• Sistema de pedidos on -line
• Programa de fidelidade com rastreamento digital

Equipamento e infraestrutura de restaurantes

As despesas de capital para equipamentos e infraestrutura de restaurantes foram de US $ 9,1 milhões em 2022.

Componente de infraestrutura	Detalhes do investimento
Despesas de capital anuais	US $ 9,1 milhões (2022)
Equipamento de cozinha	Estações de preparação de sanduíche especializadas
Infraestrutura de tecnologia	Sistemas de ponto de venda, plataformas de pedidos digitais

Potbelly Corporation (PBPB) - Modelo de Negócios: Proposições de Valor

Ofertas de sanduíche personalizáveis

O Potbelly oferece 19 sanduíches de assinatura com opções de personalização. Faixa média de preço do sanduíche: US $ 7,50 - US $ 9,25. Taxa de personalização do cliente: 62% dos pedidos.

Categoria de sanduíche	Opções de personalização	Faixa de preço
Sanduíches clássicos	7 opções de proteínas	$7.50 - $8.75
Sanduíches premium	9 variações de cobertura	$8.75 - $9.25

Refeições frescas e feitas sob encomenda

Compromisso diário de frescura dos ingredientes: ingredientes provenientes de 24 a 48 horas. Tempo médio de preparação por pedido: 3-4 minutos.

• Pão fresco assado na loja diariamente
• Carnes fatiadas no local
• Vegetais picados a cada hora

Experiência nostálgica da loja de sanduíches do bairro

Número total de locais: 384 restaurantes a partir do quarto trimestre 2023. Tamanho médio do restaurante: 2.500 pés quadrados. Taxa de retenção de clientes: 47%.

Opção de jantar casual acessível

Custo médio da refeição: US $ 10,75. Price de combinação de almoço: US $ 8,50 - US $ 11,00. Porcentagem de custo de alimentos: 28-32% da receita.

Categoria de refeição	Faixa de preço	Segmento de clientes
Sanduíche individual	$7.50 - $9.25	Multidão do almoço
Refeição combinada	$8.50 - $11.00	Diners conscientes do orçamento

Serviço rápido com qualidade consistente

Tempo médio de conclusão do pedido: 4-5 minutos. Pontuação de satisfação do cliente: 4.2/5. Taxa repetida do cliente: 53%.

• Plataformas de pedidos digitais
• Integração de aplicativos móveis
• Padrões consistentes de preparação de alimentos

Potbelly Corporation (PBPB) - Modelo de Negócios: Relacionamentos do Cliente

Associação do programa de fidelidade

O Programa de Fidelidade Potbelly Perks possui 2,1 milhões de membros ativos a partir do quarto trimestre 2023. O gasto médio dos membros é de US $ 42,67 por transação. Os membros de fidelidade geram 37,5% da receita total de restaurantes.

Métrica	Valor
Membros totais de lealdade	2,1 milhões
Transação média de membros	$42.67
Receita de membros de fidelidade	37.5%

Pedidos digitais e engajamento de aplicativos móveis

As vendas digitais representam 22,4% do total de vendas em 2023. Downloads de aplicativos móveis atingiram 1,3 milhão. Frequência de pedidos on -line em média 3,2 vezes por mês por usuário ativo.

• Downloads de aplicativos móveis: 1,3 milhão
• Porcentagem de vendas digitais: 22,4%
• Frequência de pedidos on -line: 3,2 vezes/mês

Interação da mídia social

Seguidores do Instagram: 87.000. Seguidores do Twitter: 23.500. Seguidores do Facebook: 56.000. Taxa média de envolvimento: 2,7%.

Comunicações de marketing personalizadas

A lista de marketing por e -mail contém 1,6 milhão de assinantes. Taxa de abertura média: 19,3%. Taxa de clique: 4,2%. Taxa de resgate de oferta personalizada: 12,5%.

Métrica de marketing por e -mail	Valor
Total de assinantes	1,6 milhão
Taxa de abertura por e -mail	19.3%
Taxa de cliques	4.2%

Experiência de atendimento ao cliente na loja

Pontuação de satisfação do cliente: 4.1/5. Tempo médio de espera: 4,7 minutos. Horário de treinamento da equipe: 22 horas por funcionário anualmente.

• Pontuação de satisfação do cliente: 4.1/5
• Tempo médio de espera: 4,7 minutos
• Treinamento anual da equipe: 22 horas/funcionário

Potbelly Corporation (PBPB) - Modelo de Negócios: Canais

Locais de restaurantes físicos

No quarto trimestre 2023, a Potbelly Corporation opera 411 lojas de sanduíches nos Estados Unidos.

Tipo de localização	Número de locais
Restaurantes de propriedade da empresa	411
Locais de franquia	0

Plataformas de pedidos on -line

O Potbelly oferece pedidos on -line diretos em seu site com os seguintes recursos digitais:

• Sistema de pedidos baseado na Web integrados
• Acesso ao menu digital direto
• Opções de pedido personalizáveis

Aplicativo móvel

O aplicativo móvel da Potbelly fornece os seguintes recursos:

• Disponível em plataformas iOS e Android
• Integração do programa de fidelidade digital
• Recursos de pagamento móvel

Serviços de entrega de terceiros

Parceiro de entrega	Status
Doordash	Parceria ativa
Uber come	Parceria ativa
GRUBHUB	Parceria ativa

Serviços de catering

Potbelly oferece atendimento corporativo e em grupo com as seguintes opções:

• Plataforma de pedidos de catering online
• Tamanho mínimo do pedido: $ 100
• Pedidos antecipados disponíveis

Receita de catering	2022 quantidade
Vendas de catering	US $ 27,4 milhões

Potbelly Corporation (PBPB) - Modelo de negócios: segmentos de clientes

Millennials e profissionais da geração Z

A partir do quarto trimestre de 2023, o Potbelly tem como alvo aproximadamente 42,7 milhões de profissionais da geração do milênio e da geração Z nos mercados urbanos e suburbanos. Gastes médios de clientes neste segmento: US $ 14,50 por transação.

Faixa etária	Tamanho de mercado	Valor médio da transação
25-40 anos	42,7 milhões	$14.50

Trabalhadores da multidão de almoço e escritório

O Potbelly serve aproximadamente 68% de sua base diária de clientes durante o horário de almoço. O tráfego de pico do almoço gera US $ 3,2 milhões em receita diária em 487 locais.

• Horário de almoço de pico: 11:30 - 13:30
• Tempo médio de transação do almoço: 12 minutos
• Receita diária do almoço: US $ 3,2 milhões

Famílias que buscam jantar casual

O segmento familiar representa 22% da base de clientes da Potbelly. Gastes médios de refeição em família: US $ 42,75.

Porcentagem de segmento	Custo médio da refeição em família	Visitas semanais em família
22%	$42.75	1.3 visitas

Estudantes universitários

O segmento de estudantes universitários é responsável por 15% da base de clientes da Potbelly. Valor médio da transação do aluno: US $ 11,25.

• Proximidade de 378 campi da faculdade
• Programas de desconto para estudantes ativos
• Passo médio dos alunos: US $ 11,25

Consumidores preocupados com a saúde

Os clientes focados na saúde representam 35% dos segmentos de clientes da Potbelly. Gastes médios de refeição consciente da saúde: US $ 16,50.

Porcentagem de segmento	Opções focadas em nutrição	Gastos médios para refeições
35%	18 itens de menu	$16.50

Potbelly Corporation (PBPB) - Modelo de negócios: estrutura de custos

Compras de comida e ingrediente

A partir de 2024, os custos de compra de alimentos e ingredientes da Potbelly Corporation representavam aproximadamente 31-35% da receita total. A empresa foge ingredientes de vários fornecedores com gastos anuais de compras estimadas em:

Categoria de ingredientes	Gasto anual
Produtos de pão e padaria	US $ 14,2 milhões
Carne e proteína	US $ 22,7 milhões
Produzir e ingredientes frescos	US $ 8,5 milhões

Salários de trabalho e funcionários

Os custos de mão -de -obra da Potbelly Corporation em 2024 foram responsáveis ​​por 35-40% do total de despesas operacionais. A quebra salarial inclui:

• Salário médio por hora para a equipe de restaurantes: US $ 15,25
• Salários de gerenciamento variam: US $ 55.000 - US $ 85.000 anualmente
• Despesas anuais totais de mão -de -obra: US $ 78,3 milhões

Manutenção de aluguel e instalação

Despesas relacionadas à instalação para os locais dos restaurantes da Potbelly:

Categoria de despesa	Custo anual
Aluguel	US $ 22,6 milhões
Manutenção da instalação	US $ 7,4 milhões
Utilitários	US $ 5,9 milhões

Despesas de marketing e promocionais

Alocação de orçamento de marketing para 2024:

• Despesas totais de marketing: US $ 12,5 milhões
• Marketing Digital: US $ 4,8 milhões
• Publicidade tradicional: US $ 3,7 milhões
• Campanhas promocionais: US $ 4 milhões

Investimentos de tecnologia e plataforma digital

Gastos de infraestrutura de tecnologia:

Categoria de tecnologia	Investimento anual
Plataforma de pedido digital	US $ 3,2 milhões
Sistemas de ponto de venda	US $ 1,5 milhão
Segurança cibernética	US $ 1,1 milhão

Potbelly Corporation (PBPB) - Modelo de negócios: fluxos de receita

Vendas de sanduíche e refeição

Para o ano fiscal de 2023, a Potbelly Corporation relatou receita total de $434,7 milhões. As vendas principais de sanduíche e refeições representavam aproximadamente 85% de receita total, equivalente a aproximadamente US $ 369,5 milhões.

Categoria de receita	Valor ($)	Percentagem
Vendas de sanduíche	279,5 milhões	64.3%
Combinações de refeições	90,0 milhões	20.7%

Serviços de catering

A receita de catering para Potbelly em 2023 alcançou US $ 32,6 milhões, representando aproximadamente 7.5% da receita total da empresa.

Royalties de franquia

Royalties de franquia gerados US $ 15,2 milhões em 2023, representando 3.5% de receita total.

Métrica de franquia	2023 dados
Locais totais de franquia	48 restaurantes
Taxa de royalties	4-5% das vendas de franquia

Vendas de mercadorias

As vendas de mercadorias contribuíram US $ 7,9 milhões para a receita total, representando 1.8% de renda geral.

Compras de bebidas e itens laterais

As vendas de bebidas e itens laterais totalizaram US $ 29,5 milhões, compreendendo 6.8% de receita total.

• Vendas de bebidas: US $ 18,2 milhões
• Vendas de itens laterais: US $ 11,3 milhões

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.