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Gift Cards

12 Months Ended

Dec. 30, 2025

Gift Cards

Gift Cards

8.    Gift Cards

The following tables present information related to gift cards (in thousands):

​

​	​	​	​	​	​	​
​	​ ​ ​	Fiscal year ended
​	​ ​ ​	December 30, 2025		​ ​ ​	December 31, 2024
Gift card liabilities:	​	​	​	​	​	​
Beginning balance	​	$	226,810		$	222,915
Activations	​		149,075	​		151,047
Redemptions and breakage (1)	​		(163,026)	​		(147,152)
Ending balance	​	$	212,859		$	226,810

​

(1) Fiscal 2025 includes additional gift card breakage recorded as a result of our annual assessment. See Note 1 for further discussion.

​

​

​	​	​	​	​	​	​
​	​ ​ ​	Fiscal year ended
​	​ ​ ​	December 30, 2025		​ ​ ​	December 31, 2024
Gift card contract assets: (2)	​	​	​	​	​	​
Beginning balance	​	$	18,447		$	19,111
Deferrals	​		14,049	​		14,549
Amortization	​		(14,538)	​		(15,213)
Ending balance	​	$	17,958		$	18,447

(2) Included in prepaid expenses on the consolidated balance sheets.

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- Definition

The entire disclosure for gift cards liabilities and assets.

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