ONE Group Hospitality Outlines Disciplined Growth Plan

Company reports Q4 and full-year 2025 results, provides 2026 guidance

Mar. 13, 2026 at 6:05pm

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ONE Group Hospitality (NASDAQ:STKS) outlined improving sales momentum and a more disciplined growth plan as executives reviewed fourth quarter and full-year 2025 results, while also providing fiscal 2026 guidance on the company's earnings call. The 2025 results were shaped by the inclusion of Benihana, closures of underperforming locations, and a shorter fiscal year. Management cited sequential improvements in comparable sales and highlighted strategic priorities around execution, asset-light growth, portfolio optimization, and balance sheet discipline.

Why it matters

ONE Group's update provides insight into the challenges and opportunities facing the full-service dining segment, as the company navigates post-pandemic recovery and seeks to optimize its portfolio of restaurant concepts. The company's disciplined approach to growth and focus on operational execution could position it for stronger performance in 2026 and beyond.

The details

For the fourth quarter, total GAAP revenue was approximately $207 million, down from $222 million in the prior-year period, due to portfolio optimization actions and a fiscal calendar shift. Comparable sales improved sequentially, with all brands showing better performance. The company recorded $7.2 million in impairment charges related to Kona Grill. Management outlined four strategic priorities for 2026: accelerating same-store sales through execution, capital-efficient growth, portfolio optimization and conversions, and maintaining balance sheet flexibility.

  • In the fourth quarter, the company secured development rights for 10 Benihana and Benihana Express locations in California.
  • Management said up to five additional Kona Grill locations are slated for conversion to Benihana or STK by the end of 2026.

The players

ONE Group Hospitality

A full-service hospitality company primarily engaged in the development, ownership and operation of upscale restaurant and lounge concepts, including its flagship brand STK.

Manny Hilario

President and COO of ONE Group Hospitality.

Nicole Thaung

CEO of ONE Group Hospitality.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

The company plans to open 6 to 10 new venues in fiscal 2026.

The takeaway

ONE Group's focus on operational execution, strategic growth, and portfolio optimization could help the company navigate the challenges facing the full-service dining industry and position it for stronger performance in the coming years.