Cracker Barrel reported a solid Q3 FY2025 showing resilience through a constructive transformation phase. Total revenue reached $821.1 million, up 0.5% year over year, with restaurant revenue up 1.2% and retail revenue down 2.7%. Comparable store restaurant sales rose 1%, while retail comps declined 3.8%. The company continued to monetize its pricing and mix strategy, delivering a 4.9% price increase and a 6.6% total check growth (4.9% pricing, 1.7% mix). EBITDA of $48.1 million represented a 5.9% margin, broadly in line with the prior year, as back-of-house optimization and labor productivity improvements mitigated costs, even as advertising and depreciation rose. Management stressed the ongoing transformation under its three imperatives: driving relevancy, delivering loveable experiences, and growing profitability. Notable catalysts include the phased back-of-house optimization (Phase 1 completed), Cracker Barrel Rewards growth (8 million members, >one-third tracked sales from loyalty), and brand refinements highlighted by Campfire Meals and the Cracker Barrel 400 NASCAR partnership. They raised FY2025 revenue guidance to $3.45–$3.50 billion and adjusted EBITDA guidance to $215–$225 million, incorporating an estimated $5 million tariff headwind in Q4. The company signaled continued investment in remodeling and SKU rationalization, with September updates anticipated for 2026 guidance and tariff mitigation details. On balance, Cracker Barrel remains exposed to tariff and macro headwinds, but is progressively extracting operating leverage from pricing, mix, labor productivity, and strategic investments.