Leases (Tables)

3 Months Ended

Mar. 29, 2026

The following table includes detail of lease assets and liabilities:


(in thousands)	Consolidated Balance Sheet Classification	MARCH 29, 2026		DECEMBER 28, 2025
Finance lease assets - current	Deposits and other current assets	$	—	$	120
Operating lease right-of-use assets	Operating lease right-of-use assets	631,458		614,548
Finance lease assets	Property, fixtures and equipment, net	12,675		10,730
Total lease assets		$	644,133	$	625,398

Operating lease liabilities - current(1)	Current portion of operating lease liabilities	$	76,004	$	75,034
Operating lease liabilities - non-current	Operating lease liabilities	672,562		651,254
Finance lease liabilities - current(1)	Current portion of long-term debt	2,109		2,059
Finance lease liabilities - non-current	Long-term debt, net	12,734		10,847
Total lease liabilities		$	763,409	$	739,194

_____________

(1) Excludes all variable lease expense.

Supplemental information related to leases was as follows:


	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Weighted-average remaining lease term (in years)
Operating leases	12.6		13.1
Finance leases	11.8		13.1
Weighted-average discount rate (1)
Operating leases	7.7	%	7.7	%
Finance leases	6.5	%	6.0	%

____________

(1) Based on the Company’s incremental borrowing rate.

The components of lease expense were as follows:


(in thousands)	Consolidated Statements of Operations and Comprehensive Loss Classification	THIRTEEN WEEKS ENDED
		MARCH 29, 2026		MARCH 30, 2025
Operating lease expense	Other restaurant operating expenses Occupancy expenses Pre-opening expenses General and administrative expenses	$	22,975	$	19,630
Variable lease expense	Food and beverage costs Occupancy expenses General and administrative expenses	5,966		5,234
Finance lease expense:
Amortization of leased assets	Depreciation and amortization	493		193
Interest on lease liabilities	Interest expense	210		44
Total lease expense (1)		$	29,644	$	25,101

_____________

(1) Includes contingent rent expense of $0.5 million during the thirteen week periods ended March 29, 2026 and March 30, 2025.

Supplemental cash flow information related to leases was as follows:


(in thousands)	THIRTEEN WEEKS ENDED
	MARCH 29, 2026		MARCH 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$	17,607	$	16,373
Operating cash flows - finance leases	$	210	$	44
Financing cash flows - finance leases	$	382	$	136