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NON-CONTROLLING INTERESTS
 6 Months Ended
Jun. 29, 2025
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS
We are the sole managing member of Portillo's OpCo, and as a result, consolidate the financial results of Portillo's OpCo. We report a non-controlling interest to reflect the entitlement of the pre-IPO LLC Members who retained their equity ownership in Portillo's OpCo (the "pre-IPO LLC Members"). Changes in our ownership interest in Portillo's OpCo while we retain our controlling interest in Portillo's OpCo will be accounted for as equity transactions. As such, future redemptions or direct exchanges of LLC Units in Portillo's OpCo by the pre-IPO LLC members will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital.
In the second quarter of 2025, certain pre-IPO Members affiliated with Berkshire Partners LLC redeemed 7,290,465 LLC units in the aggregate for newly-issued shares of Class A common stock on a one-for-one basis, in accordance with the terms of the Second Amended and Restated LLC agreement of Portillo's OpCo, dated as of October 20, 2021.

The following table summarizes the LLC interest ownership by Portillo's Inc. and pre-IPO LLC members:

June 29, 2025December 29, 2024
LLC UnitsOwnership %LLC UnitsOwnership %
Portillo's Inc.71,890,168 95.4 %63,674,579 85.6 %
pre-IPO LLC Members
3,442,335 4.6 %10,732,800 14.4 %
Total75,332,503 100.0 %74,407,379 100.0 %

The weighted average ownership percentages for the applicable reporting periods are used to attribute net income to Portillo's Inc. and the pre-IPO LLC Members. The pre-IPO LLC Members' weighted average ownership percentage for the quarter and two quarters ended June 29, 2025 was 9.9% and 12.2%, respectively. The pre-IPO LLC Members' weighted average ownership percentage for the quarter and two quarters ended June 30, 2024 was 15.9% and 18.7%, respectively.

The following table summarizes the effects of changes in ownership in Portillo's OpCo on the Company’s equity (in thousands):

Quarter EndedTwo Quarters Ended
June 29, 2025June 30, 2024June 29, 2025June 30, 2024
Net income attributable to Portillo's Inc.
$8,704 $6,470 $12,017 $11,032 
Activity under equity-based compensation plans1,488 355 2,140 1,168 
Non-controlling interest adjustment61,281 403 61,463 46,878 
Redemption of LLC Units(73)— (73)(58)
Establishment of liabilities under Tax Receivable Agreement and related changes to deferred tax assets associated with increases in tax basis(21,805)— (21,805)(15,913)
Total effect of changes in ownership interest on equity attributable to Portillo's Inc. $49,595 $7,228 $53,742 $43,107