ONE Group Hospitality reports Q4 revenue $207.0M, full-year revenue $805.7M and 2026 guidance

ONE Group Hospitality reported fourth-quarter 2025 total GAAP revenues of $207.0 million and a GAAP net loss attributable to the company of $6.4 million; full-year 2025 GAAP revenues were $805.7 million with a net loss attributable to the company of $92.2 million. Adjusted EBITDA attributable to the company for the year rose to $88.9 million, and management provided 2026 guidance targeting $840–$855 million in total GAAP revenues and $100–$110 million in Consolidated Adjusted EBITDA. The company cited portfolio optimization, Grill concept rationalization and Benihana integration synergies as drivers of margin improvement and future growth. Financial Highlights Total GAAP revenues: $207.0 million for Q4 2025 (down 6.7% year-over-year) and $805.7 million for full year 2025 (up 19.7% year-over-year).GAAP net loss attributable to ONE Group Hospitality: $(6.4) million for Q4 2025 and $(92.2) million for full year 2025.Operating income: $4.5 million for Q4 2025 and $8.0 million for full year 2025 (as reported).Adjusted EBITDA attributable to ONE Group Hospitality: $28.1 million for Q4 2025 and $88.9 million for full year 2025.Cash and short-term liquidity: $24.0 million in cash and short-term credit card receivables plus $27.0 million available under revolving credit facility (total short-term liquidity $51.0 million) as of December 28, 2025. Business Highlights Portfolio optimization: Closed six underperforming Grill locations in 2025 (plus one in 2026) and identified up to five additional Grill units for conversion to Benihana or STK through 2026 to improve profitability.Conversions and development: First RA Sushi-to-STK conversion in Scottsdale exceeded expectations with an approximate $7 million annualized sales run rate on ~ $1 million capital; conversion cost estimate ~$1.0–$1.5 million per unit with ~one-year payback.Asset-light expansion: Secured a ten-restaurant franchise development agreement for Benihana/Benihana Express in the Greater San Francisco Bay Area and commitments for additional Benihana locations in the Florida Keys.Restaurant development: Opened multiple locations in 2025 (Benihana San Mateo, STK Topanga, STK relocations, Benihana Express Miami, STK Scottsdale conversion, Benihana at UBS Arena, STK Oak Brook) and has four units under construction in 2026 (STK Phoenix, STK New York relocation, Benihana San Jose, Benihana Seattle).Operational performance: Restaurant Operating Profit improved to 19.5% of owned restaurant net revenue (excluding Grill Concepts closed/to be closed) in Q4 2025 versus 19.4% in Q4 2024, with management emphasizing cost management, beef supply secured through September 2026, and Benihana integration synergies yet to be fully captured.Original SEC Filing: ONE Group Hospitality, Inc. [ STKS ] - 8-K - Mar. 13, 2026DisclaimerThis is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.