BRINKER INTERNATIONAL REPORTS FOURTH QUARTER OF FISCAL 2025 RESULTS AND PROVIDES FISCAL 2026 GUIDANCE
Brinker International (NYSE:EAT) reported strong Q4 fiscal 2025 results, with company sales reaching $1.45 billion, up from $1.20 billion in Q4 2024. Chili's delivered exceptional performance with sales growth of 24% and traffic increase of 16%, while Maggiano's saw a slight decline of 0.4%.
The company's operating income margin improved to 9.8%, with restaurant operating margin (non-GAAP) reaching 17.8%. Net income per diluted share was $2.30, a significant increase from $1.24 in the previous year. The Board authorized an additional $400 million for share repurchases.
For fiscal 2026, Brinker projects total revenues between $5.60-5.70 billion and expects net income per diluted share (non-GAAP) of $9.90-10.50.
Brinker International (NYSE:EAT) ha presentato risultati solidi nel quarto trimestre fiscale 2025: le vendite aziendali sono salite a $1.45 billion, rispetto a $1.20 billion nel Q4 2024. Chili's ha registrato una performance eccellente, con una crescita delle vendite del 24% e un aumento del traffico del 16%, mentre Maggiano's ha segnato un lieve calo dello 0,4%.
Il margine di reddito operativo dell'azienda 猫 migliorato fino al 9,8%, e il margine operativo dei ristoranti (non-GAAP) ha raggiunto il 17,8%. L'utile per azione diluito 猫 stato di $2.30, in netto aumento rispetto a $1.24 dell'anno precedente. Il Consiglio ha autorizzato ulteriori $400 million per il riacquisto di azioni.
Per l'esercizio 2026 Brinker prevede ricavi totali compresi tra $5.60-5.70 billion e stima un utile per azione diluito (non-GAAP) di $9.90-10.50.
Brinker International (NYSE:EAT) inform贸 s贸lidos resultados en el cuarto trimestre fiscal 2025, con ventas de la compa帽铆a por $1.45 billion, frente a $1.20 billion en el Q4 de 2024. Chili's mostr贸 un desempe帽o excepcional con un crecimiento de ventas del 24% y un aumento del tr谩fico del 16%, mientras que Maggiano's registr贸 una ligera ca铆da del 0,4%.
El margen de ingreso operativo de la compa帽铆a mejor贸 hasta el 9,8%, y el margen operativo de los restaurantes (non-GAAP) alcanz贸 el 17,8%. La utilidad neta por acci贸n diluida fue de $2.30, un aumento significativo respecto a $1.24 del a帽o anterior. La Junta autoriz贸 $400 million adicionales para recompras de acciones.
Para el ejercicio 2026, Brinker proyecta ingresos totales entre $5.60-5.70 billion y espera una utilidad neta por acci贸n diluida (non-GAAP) de $9.90-10.50.
Brinker International (NYSE:EAT)電� 2025 須岅硠鞐半弰 4攵勱赴鞐� 瓴“頃� 鞁れ爜鞚� 氚滍憸頄堨姷雼堧嫟. 須岇偓 毵れ稖鞚� $1.45 billion搿�, 2024雲� 4攵勱赴鞚� $1.20 billion鞐愳劀 歃濌皜頄堨姷雼堧嫟. Chili's電� 毵れ稖鞚� 24% 靹膘灔頃橁碃 氚╇臧� 靾橁皜 16% 歃濌皜頃橂姅 霌� 霙办柎雮� 靹标臣毳� 氤挫榾瓿�, Maggiano's電� 0.4% 靻岉彮 臧愳唽頄堨姷雼堧嫟.
須岇偓 鞓侅梾鞚挫澋毳犾潃 9.8%搿� 臧滌劆霅橃棃瓿�, 霠堨姢韱犽瀾 鞓侅梾鞚挫澋毳�(牍凣AAP)鞚� 17.8%鞐� 雼枅鞀惦媹雼�. 頋劃欤茧嫻靾滌澊鞚奠潃 $2.30搿� 鞝勲厔鞚� $1.24鞐愳劀 韥矊 電橃棃鞀惦媹雼�. 鞚挫偓須岆姅 $400 million鞚� 於旉皜 鞛愳偓欤� 毵れ瀰 甓岉暅鞚� 鞀轨澑頄堨姷雼堧嫟.
2026 須岅硠鞐半弰鞐� 雽�頃� Brinker電� 齑濍Г於滌潉 $5.60-5.70 billion 氩旍渼搿� 鞓堨儊頃橂┌, 頋劃欤茧嫻靾滌澊鞚�(牍凣AAP)鞚� $9.90-10.50搿� 鞝勲頃橁碃 鞛堨姷雼堧嫟.
Brinker International (NYSE:EAT) a publi茅 de solides r茅sultats pour le quatri猫me trimestre fiscal 2025 : le chiffre d'affaires consolid茅 a atteint $1.45 billion, contre $1.20 billion au T4 2024. Chili's a enregistr茅 une performance exceptionnelle avec une croissance des ventes de 24% et une hausse de la fr茅quentation de 16%, tandis que Maggiano's a l茅g猫rement recul茅 de 0,4%.
La marge d'exploitation de l'entreprise s'est am茅lior茅e 脿 9,8%, la marge d'exploitation des restaurants (non-GAAP) atteignant 17,8%. Le b茅n茅fice net dilu茅 par action s'est 茅tabli 脿 $2.30, en nette hausse par rapport 脿 $1.24 l'ann茅e pr茅c茅dente. Le conseil d'administration a autoris茅 $400 million suppl茅mentaires pour des rachats d'actions.
Pour l'exercice 2026, Brinker pr茅voit des revenus totaux compris entre $5.60-5.70 billion et anticipe un b茅n茅fice net dilu茅 par action (non-GAAP) de $9.90-10.50.
Brinker International (NYSE:EAT) meldete starke Ergebnisse f眉r das vierte Quartal des Gesch盲ftsjahres 2025: Die Unternehmensums盲tze stiegen auf $1.45 billion, gegen眉ber $1.20 billion im Q4 2024. Chili's lieferte eine herausragende Leistung mit einem Umsatzwachstum von 24% und einem G盲steanstieg von 16%, w盲hrend Maggiano's einen leichten R眉ckgang von 0,4% verzeichnete.
Die operative Gewinnmarge des Unternehmens verbesserte sich auf 9,8%, die Restaurant-Operativmarge (non-GAAP) erreichte 17,8%. Der verw盲sserte Gewinn je Aktie betrug $2.30, ein deutlicher Anstieg gegen眉ber $1.24 im Vorjahr. Der Vorstand genehmigte zus盲tzliche $400 million f眉r Aktienr眉ckk盲ufe.
F眉r das Gesch盲ftsjahr 2026 prognostiziert Brinker einen Gesamtumsatz zwischen $5.60-5.70 billion und erwartet ein verw盲ssertes Ergebnis je Aktie (non-GAAP) von $9.90-10.50.
- Chili's comparable restaurant sales increased 23.7% with traffic growth of 16%
- Operating income margin improved to 9.8% from 6.1% year-over-year
- Restaurant operating margin expanded to 17.8% from 15.2%
- Net income per diluted share nearly doubled to $2.30 from $1.24
- Board authorized additional $400 million for share repurchases
- Company reduced funded debt by $90 million
- Maggiano's sales declined 0.4% with lower traffic
- General and administrative expenses increased due to technology initiatives
- Maggiano's restaurant expenses increased due to unfavorable menu mix and higher costs
Insights
Brinker's exceptional Q4 results show remarkable Chili's turnaround with 24% sales growth and significant margin expansion, supporting aggressive 2026 growth targets.
Brinker International delivered phenomenal Q4 results with total company sales surging
Looking at the financial mechanics, Brinker translated this top-line momentum into substantially improved profitability. Operating income margin expanded
The company's balance sheet is strengthening considerably, with management paying down
For fiscal 2026, Brinker projects revenue between
Notably, while Chili's is thriving with multi-year momentum (2-year sales growth of
The transformation at Chili's appears sustainable, driven by successful menu innovation, effective value-oriented advertising, and operational improvements that are enhancing both initial trials and repeat visits. With Brinker's EPS nearly doubling year-over-year to
Fourth Quarter Fiscal 2025 Financial Highlights
"Chili's delivered another strong quarter with sales +
Company sales were
In August 2025, the Company's Board of Directors authorized an additional
Financial results for the fourth quarter and full year of fiscal 2025 and fiscal 2024 were as follows:
Fourth Quarter | Fiscal Year | ||||||||||
2025 | 2024 | Variance | 2025 | 2024 | Variance | ||||||
Company sales | $听听听 252.4 | $听听听 964.2 | |||||||||
Total revenues | $听听听 253.7 | $听听听 969.1 | |||||||||
Operating income | $听听听 142.7 | $听听听听听 73.1 | $听听听听听 69.6 | $听听听 512.0 | $听听听 229.6 | $听听听 282.4 | |||||
Operating income as a % of Total revenues | 9.8听% | 6.1听% | 3.7听% | 9.5听% | 5.2听% | 4.3听% | |||||
Restaurant operating margin, non-GAAP(1) | $听听听 258.2 | $听听听 182.1 | $听听听听听 76.1 | $听听听 933.5 | $听听听 583.3 | $听听听 350.2 | |||||
Restaurant operating margin as a % of Company sales, non-GAAP(1) | 17.8听% | 15.2听% | 2.6听% | 17.5听% | 13.3听% | 4.2听% | |||||
Net income | $听听听 107.0 | $听听听听听 57.3 | $听听听听听 49.7 | $听听听 383.1 | $听听听 155.3 | $听听听 227.8 | |||||
Adjusted EBITDA, non-GAAP(1) | $听听听 212.4 | $听听听 141.8 | $听听听听听 70.6 | $听听听 760.4 | $听听听 443.6 | $听听听 316.8 | |||||
Net income per diluted share | $听听听听听 2.30 | $听听听听听 1.24 | $听听听听听 1.06 | $听听听听听 8.32 | $听听听听听 3.40 | $听听听听听 4.92 | |||||
Net income per diluted share, excluding special items, non-GAAP(1) | $听听听听听 2.49 | $听听听听听 1.61 | $听听听听听 0.88 | $听听听听听 8.90 | $听听听听听 4.10 | $听听听听听 4.80 | |||||
Comparable Restaurant Sales(2)
Q4:25 vs 24 | FY:25 vs 24 | ||
Brinker | 21.3听% | 22.7听% | |
Chili's | 23.7听% | 25.3听% | |
Maggiano's | (0.4)听% | 1.5听% |
(1)听 听 听 听 听 听 | See Non-GAAP Information and听Reconciliations section below for more details. |
(2)听 听 听 听 听 听 | Comparable Restaurant Sales include restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed for 14 days or more are excluded from comparable restaurant sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
Full Year Fiscal 2026听骋耻颈诲补苍肠别
We are providing the following guidance for fiscal 2026. The risks outlined in the Forward-Looking Statements paragraph of this press release, among other risks, could cause actual results to differ materially from forecasted results.
- Total revenues are expected to be in the range of
$5.60 billion $5.70 billion - Net income per diluted share, excluding special items, non-GAAP, is expected to be in the range of
$9.90 $10.50 - Capital expenditures are expected to be in the range of
$270.0 million $290.0 million - Weighted average shares are expected to be in the range of 45.0 million - 46.0 million.
We are unable to reliably forecast special items without unreasonable effort. As such, we do not present a reconciliation of forecasted non-GAAP measures to the corresponding GAAP measures.
Fourth Quarter of Fiscal 2025 Operating Performance
Segment Performance
The table below presents selected financial information (in millions, except as noted) related to our segments' operational performance for the thirteen week periods ended June 25, 2025 and June 26, 2024:
Chili's | Maggiano's | ||||||||||
Fourth Quarter | Variance | Fourth Quarter | Variance | ||||||||
2025 | 2024 | 2025 | 2024 | ||||||||
Company sales | $听 1,326.8 | $听 1,072.9 | $听听听听 253.9 | $听听听听 122.1 | $听听听听 123.6 | $听听听听听听听 (1.5) | |||||
Franchise revenues | 12.8 | 11.5 | 1.3 | 0.2 | 0.2 | 鈥� | |||||
Total revenues | $听 1,339.6 | $听 1,084.4 | $听听听听 255.2 | $听听听听 122.3 | $听听听听 123.8 | $听听听听听听听 (1.5) | |||||
Company restaurant expenses(1) | $听 1,085.4 | $听听听听 910.5 | $听听听听 174.9 | $听听听听 105.8 | $听听听听 103.8 | $听听听听听听听听 2.0 | |||||
Company restaurant expenses as a % of Company sales | 81.8听% | 84.9听% | (3.1)听% | 86.7听% | 84.0听% | 2.7听% | |||||
Operating income | $听听听听 177.3 | $听听听听 106.1 | $听听听听听听 71.2 | $听听听听听听 13.4 | $听听听听听听 13.4 | $听听听听听听听听听听 鈥� | |||||
Operating income as a % of Total revenues | 13.2听% | 9.8听% | 3.4听% | 11.0听% | 10.8听% | 0.2听% | |||||
Restaurant operating margin, non-GAAP(2) | $听听听听 241.4 | $听听听听 162.4 | $听听听听听听 79.0 | $听听听听听听 16.3 | $听听听听听听 19.8 | $听听听听听听听 (3.5) | |||||
Restaurant operating margin as a % of | 18.2听% | 15.1听% | 3.1听% | 13.3听% | 16.0听% | (2.7)听% | |||||
(1)听 听 听 听 听 | Company restaurant expenses includes Food and beverage costs, Restaurant labor and Restaurant expenses, and excludes Depreciation and amortization, General and administrative and Other (gains) and charges. |
(2)听 听 听 听 听 | See Non-GAAP Information and Reconciliations section below for more details. |
Chili's
- Chili's Company sales increased primarily due to favorable comparable restaurant sales driven by higher traffic, favorable sales mix, and menu pricing.
- Chili's Company restaurant expenses, as a percentage of Company sales, decreased primarily due to sales leverage, partially offset by higher hourly labor, manager salaries and bonus, advertising, unfavorable menu item mix, and other restaurant expenses.
- Chili's franchisees generated sales of approximately
$262.3 million $230.1 million
Maggiano's
- Maggiano's Company sales decreased primarily due to unfavorable comparable restaurant sales driven by lower traffic, partially offset by menu pricing.
- Maggiano's Company restaurant expenses, as a percentage of Company sales, increased primarily due to unfavorable menu item mix, workers' compensation and general liability insurance, sales deleverage, rent, and other restaurant expenses, partially offset by favorable menu pricing.
Corporate
- On a GAAP basis, the effective income tax rate was
19.1% in the fourth quarter of fiscal 2025. The effective income tax rate is lower than the statutory rate of21.0% due primarily to leverage of the FICA tip credit. Excluding the impact of special items, the effective income tax rate was an expense of19.5% in the fourth quarter of fiscal 2025.
Webcast Information
Investors and interested parties are invited to listen to today's conference call, as management will provide further details of the quarter and business updates. The call will be broadcast live on Brinker's website today, August听13, 2025听at 9 a.m. CDT:
For those who are unable to listen to the live broadcast, a replay of the call will be available shortly thereafter and will remain on Brinker's website until at least the end听of the day August 13, 2026.
Additional financial information, including statements of income which detail operations excluding special items, and comparable restaurant sales trends by brand, is also available on Brinker's website under the Financial Information section of the Investor tab.
Forward Calendar
- SEC Form 10-K for the year of fiscal 2025 filing on or before August 25, 2025
- Earnings release call for the first quarter of fiscal 2026 on October 29, 2025
Non-GAAP Measures
Brinker management uses certain non-GAAP measures in analyzing operating performance and believes that the presentation of these measures in this release provides investors with information that is beneficial to gaining an understanding of the Company's financial results. Non-GAAP disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of these non-GAAP measures are included in the tables below.
About Brinker
Brinker International,听Inc. is one of the world's leading casual dining restaurant companies and home of Chili's庐 Grill & Bar, and Maggiano's Little Italy.庐 Founded in 1975 in
Forward-Looking Statements
The statements and tables contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only based on our current plans and expectations as of the date such statements are made, and we undertake no obligation to update forward-looking statements to reflect events or circumstances arising after the date such statements are made. Forward-looking statements are neither predictions nor guarantees of future events or performance and are subject to risks and uncertainties which could cause actual results to differ materially from our historical results or from those projected in forward-looking statements. Such risks and uncertainties include, among other things, the impact of general economic conditions, including inflation, on economic activity and on our operations; disruptions on our business including consumer demand, costs, product mix, our strategic initiatives, operations, technology and assets, and our financial performance; the impact of current and potential tariffs and trade barriers; the impact of competition, including competitors employing our same strategies or discounting their offerings; changes in consumer preferences, including shifts in their brand preferences; consumer perception of food safety; reduced consumer discretionary spending; governmental regulations; the effectiveness of the Company's business strategy plan; loss of key management personnel; failure to hire and retain high-quality restaurant management and team members; increasing regulation surrounding wage inflation and competitive labor markets; the impact of social media, including the potential governmental ban of platforms used by the Company in its marketing initiatives; reputational damage or unfavorable publicity for our brands, which may result from actions of franchisees not within our control; reliance on technology and third party delivery providers; failure to protect the security of data of our guests and team members; product availability and supply chain disruptions; regional business and economic conditions; volatility in consumer, commodity, transportation, labor, currency and capital markets; litigation; franchisee success; technology failures; failure to protect our intellectual property; outsourcing; impairment of goodwill or assets; failure to maintain effective internal control over financial reporting; downgrades in credit ratings; changes in estimates regarding our assets; actions of activist shareholders; our pursuit of or failure to comply with new environmental, sustainability requirements; our pursuit of or failure to achieve any goals, targets or objectives with respect to sustainability matters; adverse weather conditions; terrorist acts; cybersecurity, artificial intelligence and phishing threats; health epidemics or pandemics; tax reform; inadequate insurance coverage; and limitations imposed by our credit agreements as well as the risks and uncertainties described in "Risk Factors" in our Annual Report on Form 10-K and future filings with the Securities and Exchange Commission.
听
BRINKER INTERNATIONAL, INC. Consolidated Statements of Comprehensive Income (Unaudited) (In millions, except per share amounts) | |||||||
Thirteen Week Periods Ended | Fifty-Two Week Periods Ended | ||||||
June 25, 2025 | June 26, 2024 | June 25, 2025 | June 26, 2024 | ||||
Revenues | |||||||
Company sales | $听听听听听听听听听听听 1,448.9 | $听听听听听听听听听听听 1,196.5 | $听听听听听听听听听听听 5,335.3 | $听听听听听听听听听听听 4,371.1 | |||
Franchise revenues | 13.0 | 11.7 | 48.9 | 44.0 | |||
Total revenues | 1,461.9 | 1,208.2 | 5,384.2 | 4,415.1 | |||
Operating costs and expenses | |||||||
Food and beverage costs | 369.3 | 297.9 | 1,350.6 | 1,107.6 | |||
Restaurant labor | 466.7 | 392.5 | 1,717.3 | 1,467.3 | |||
Restaurant expenses | 354.7 | 324.0 | 1,333.9 | 1,212.9 | |||
Depreciation and amortization | 57.9 | 45.0 | 206.6 | 170.8 | |||
General and administrative | 58.8 | 52.0 | 222.0 | 183.7 | |||
Other (gains) and charges(1) | 11.8 | 23.7 | 41.8 | 43.2 | |||
Total operating costs and expenses | 1,319.2 | 1,135.1 | 4,872.2 | 4,185.5 | |||
Operating income | 142.7 | 73.1 | 512.0 | 229.6 | |||
Interest expenses | 10.9 | 15.1 | 53.1 | 65.0 | |||
Other income, net | (0.4) | 鈥� | (1.1) | (0.3) | |||
Income before income taxes | 132.2 | 58.0 | 460.0 | 164.9 | |||
Provision for income taxes | 25.2 | 0.7 | 76.9 | 9.6 | |||
Net income | $听听听听听听听听听听听听听听 107.0 | $听听听听听听听听听听听听听听听听 57.3 | $听听听听听听听听听听听听听听 383.1 | $听听听听听听听听听听听听听听 155.3 | |||
Basic net income per share | $听听听听听听听听听听听听听听听听 2.41 | $听听听听听听听听听听听听听听听听 1.28 | $听听听听听听听听听听听听听听听听 8.60 | $听听听听听听听听听听听听听听听听 3.49 | |||
Diluted net income per share | $听听听听听听听听听听听听听听听听 2.30 | $听听听听听听听听听听听听听听听听 1.24 | $听听听听听听听听听听听听听听听听 8.32 | $听听听听听听听听听听听听听听听听 3.40 | |||
Basic weighted average shares outstanding | 44.5 | 44.7 | 44.6 | 44.4 | |||
Diluted weighted average shares outstanding | 46.5 | 46.3 | 46.1 | 45.7 | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustment | $听听听听听听听听听听听听听听听听听听 0.2 | $听听听听听听听听听听听听听听听听听 (0.1) | $听听听听听听听听听听听听听听听听听 (0.1) | $听听听听听听听听听听听听听听听听听 (0.3) | |||
Comprehensive income | $听听听听听听听听听听听听听听 107.2 | $听听听听听听听听听听听听听听听听 57.2 | $听听听听听听听听听听听听听听 383.0 | $听听听听听听听听听听听听听听 155.0 | |||
听
(1)听 听 听 听 | Other (gains) and charges included in the Consolidated Statements of Comprehensive Income (Unaudited) included (in millions): |
Thirteen Week Periods Ended | Fifty-Two Week Periods Ended | ||||||
June 25, 2025 | June 26, 2024 | June 25, 2025 | June 26, 2024 | ||||
Litigation & claims, net | $听听听听听听听听听听听听听 11.3 | $听听听听听听听听听听听听听听听听听听 1.4 | $听听听听听听听听听听听听听听听听 22.4 | $听听听听听听听听听听听听听听听听听听 6.6 | |||
Enterprise system implementation costs | 2.1 | 6.6 | 14.1 | 14.0 | |||
Restaurant-level impairment charges | 4.6 | 12.3 | 4.6 | 12.3 | |||
Restaurant closure asset write-offs and charges | 1.8 | 5.3 | 4.1 | 10.1 | |||
Severance and other benefit charges | 0.1 | 鈥� | 2.4 | 0.5 | |||
Lease contingencies | 0.2 | 鈥� | 1.7 | 0.8 | |||
Gain on sale of assets, net | (0.5) | (2.7) | (0.5) | (2.7) | |||
Loss from natural disasters, net (of insurance recoveries) | (4.4) | 鈥� | (3.7) | (0.4) | |||
Lease modification gain, net | (3.9) | (0.1) | (5.1) | (0.3) | |||
Other | 0.5 | 0.9 | 1.8 | 2.3 | |||
Total other (gains) and charges | $听听听听听听听听听听听听听 11.8 | $听听听听听听听听听听听听听听听听 23.7 | $听听听听听听听听听听听听听听听听 41.8 | $听听听听听听听听听听听听听听听听 43.2 | |||
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BRINKER INTERNATIONAL, INC. Condensed Consolidated Balance Sheets (Unaudited) (In millions) | |||
June 25, | June 26, | ||
ASSETS | |||
Total current assets | $听听听听听听听听听听听听听听 207.0 | $听听听听听听听听听听听听听听 234.1 | |
Net property and equipment | 952.7 | 879.7 | |
Operating lease assets | 1,149.1 | 1,095.2 | |
Deferred income taxes, net | 101.4 | 113.9 | |
Other assets | 268.4 | 270.2 | |
Total assets | $听听听听听听听听听听听 2,678.6 | $听听听听听听听听听听听 2,593.1 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Total current liabilities | $听听听听听听听听听听听听听听 675.6 | $听听听听听听听听听听听听听听 622.3 | |
Long-term debt and finance leases, less current installments | 426.0 | 786.3 | |
Long-term operating lease liabilities, less current portion | 1,135.3 | 1,084.5 | |
Other liabilities | 70.8 | 60.6 | |
Total shareholders' equity | 370.9 | 39.4 | |
Total liabilities and shareholders' equity | $听听听听听听听听听听听 2,678.6 | $听听听听听听听听听听听 2,593.1 | |
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BRINKER INTERNATIONAL, INC. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) | |||
Fifty-Two Week Periods Ended | |||
June 25, 2025 | June 26, 2024 | ||
Cash flows from operating activities | |||
Net income | $听听听听听听听听听听听听听听 383.1 | $听听听听听听听听听听听听听听 155.3 | |
Adjustments to reconcile Net income to Net cash provided by operating activities: | |||
Depreciation and amortization | 206.6 | 170.8 | |
Deferred income taxes, net | 12.6 | (20.6) | |
Non-cash other (gains) and charges | 25.7 | 28.7 | |
Stock-based compensation | 31.4 | 25.9 | |
Net loss on disposal of assets | 11.7 | 3.5 | |
Other | 2.6 | 2.8 | |
Changes in assets and liabilities | 5.3 | 55.5 | |
Net cash provided by operating activities | 679.0 | 421.9 | |
Cash flows from investing activities | |||
Payments for property and equipment | (265.3) | (198.9) | |
Proceeds from note receivable | 鈥� | 1.3 | |
Proceeds from sale of assets | 1.0 | 4.7 | |
Insurance recoveries | 0.9 | 0.7 | |
Net cash used in investing activities | (263.4) | (192.2) | |
Cash flows from financing activities | |||
Borrowings on revolving credit facility | 885.0 | 389.0 | |
Payments on revolving credit facility | (885.0) | (550.3) | |
Payments on long-term debt | (375.8) | (20.1) | |
Purchases of treasury stock | (90.2) | (25.8) | |
Proceeds from issuance of treasury stock | 8.3 | 27.9 | |
Payments for debt issuance costs | (3.6) | (0.7) | |
Payments of dividends | 鈥� | (0.2) | |
Net cash used in financing activities | (461.3) | (180.2) | |
Net change in cash and cash equivalents | (45.7) | 49.5 | |
Cash and cash equivalents at beginning of period | 64.6 | 15.1 | |
Cash and cash equivalents at end of period | $听听听听听听听听听听听听听听听听 18.9 | $听听听听听听听听听听听听听听听听 64.6 | |
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BRINKER INTERNATIONAL, INC. Restaurant Summary | |||||||
Fiscal 2025 New Openings | |||||||
Total Restaurants 2025 | Total Restaurants Open at June 26, | Fourth Quarter Openings | Fiscal Year Openings | ||||
Company-owned restaurants | |||||||
Chili's domestic | 1,109 | 1,117 | 3 | 5 | |||
Chili's international | 4 | 4 | 鈥� | 鈥� | |||
Maggiano's domestic | 49 | 50 | 鈥� | 鈥� | |||
Total Company-owned | 1,162 | 1,171 | 3 | 5 | |||
Franchise restaurants | |||||||
Chili's domestic | 99 | 97 | 1 | 3 | |||
Chili's international | 364 | 344 | 6 | 30 | |||
Maggiano's domestic | 3 | 2 | 鈥� | 1 | |||
Total franchise | 466 | 443 | 7 | 34 | |||
Total Company-owned and franchise | |||||||
Chili's domestic | 1,208 | 1,214 | 4 | 8 | |||
Chili's international | 368 | 348 | 6 | 30 | |||
Maggiano's domestic | 52 | 52 | 鈥� | 1 | |||
Total | 1,628 | 1,614 | 10 | 39 | |||
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NON-GAAP INFORMATION AND RECONCILIATIONS Comparable Restaurant Sales Q4 25 and Q4 24 | |||||||||||||||
Comparable Restaurant Sales(1) | Price Impact | Mix-Shift Impact(2) | Traffic Impact | ||||||||||||
Q4:25 vs 24 | Q4:24 vs 23 | Q4:25 vs 24 | Q4:24 vs 23 | Q4:25 vs 24 | Q4:24 vs 23 | Q4:25 vs 24 | Q4:24 vs 23 | ||||||||
Company-owned | 21.3听% | 13.5听% | 3.0听% | 8.2听% | 4.5听% | 0.9听% | 13.8听% | 4.4听% | |||||||
Chili's | 23.7听% | 14.8听% | 2.7听% | 8.1听% | 4.7听% | 0.8听% | 16.3听% | 5.9听% | |||||||
Maggiano's | (0.4)听% | 2.5听% | 7.0听% | 9.2听% | 1.5听% | 2.2听% | (8.9)听% | (8.9)听% | |||||||
Franchise(3) | 11.4听% | 4.1听% | |||||||||||||
15.5听% | 10.3听% | ||||||||||||||
International | 9.0听% | 0.5听% | |||||||||||||
Chili's domestic(4) | 23.2听% | 14.5听% | |||||||||||||
System-wide(5) | 19.8听% | 11.9听% | |||||||||||||
FY 25 and FY 24 |
Comparable Restaurant Sales(1) | Price Impact | Mix-Shift Impact(2) | Traffic Impact | ||||||||||||
FY:25 vs 24 | FY:24 vs 23 | FY:25 vs 24 | FY:24 vs 23 | FY:25 vs 24 | FY:24 vs 23 | FY:25 vs 24 | FY:24 vs 23 | ||||||||
Company-owned | 22.7听% | 7.0听% | 4.8听% | 7.6听% | 4.4听% | 0.6听% | 13.5听% | (1.2)听% | |||||||
Chili's | 25.3听% | 7.4听% | 4.5听% | 7.4听% | 4.8听% | 0.6听% | 16.0听% | (0.6)听% | |||||||
Maggiano's | 1.5听% | 3.5听% | 7.8听% | 9.4听% | 1.2听% | 0.6听% | (7.5)听% | (6.5)听% | |||||||
Franchise(3) | 11.7听% | 1.2听% | |||||||||||||
19.9听% | 7.1听% | ||||||||||||||
International | 6.8听% | (2.0)听% | |||||||||||||
Chili's domestic(4) | 25.0听% | 7.4听% | |||||||||||||
System-wide(5) | 21.0听% | 6.1听% | |||||||||||||
(1)听 听 听 听 听 听 | Comparable Restaurant Sales include all restaurants that have been in operation for more than 18 full months. Restaurants temporarily closed 14 days or more are excluded from Comparable Restaurant Sales. Percentage amounts are calculated based on the comparable periods year-over-year. |
(2)听 听 听 听 听 听 | Mix-Shift is calculated as the year-over-year percentage change in Company sales resulting from the change in menu items ordered by guests. |
(3)听 听 听 听 听 听 | Franchise sales generated by franchisees are not included in Total revenues in the Consolidated Statements of Comprehensive Income (Unaudited); however, we generate royalty revenues and advertising fees based on franchisee revenues, where applicable. We believe presenting Franchise Comparable Restaurant Sales provides investors relevant information regarding total brand performance. |
(4)听 听 听 听 听 听 | Chili's domestic Comparable Restaurant Sales percentages are derived from sales generated by Company-owned and franchise-operated Chili's restaurants in |
(5)听听听听听听听听听听听听 | System-wide Comparable Restaurant Sales are derived from sales generated by Chili's and听Maggiano's Company-owned and franchise-operated restaurants. |
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Reconciliation of Net Income Excluding Special Items (in millions, except per share amounts)
Brinker believes excluding special items from its financial results provides investors with a clearer perspective of the Company's ongoing operating performance and a more relevant comparison to prior period results.
Fourth Quarter | Fiscal Year | ||||||||||||||
Q4 25 | EPS Q4 25 | Q4 24 | EPS Q4 24 | FY 25 | EPS FY 25 | FY 24 | EPS FY 24 | ||||||||
Net income, GAAP | $听听 107.0 | $听听听听 2.30 | $听听听听 57.3 | $听听听听 1.24 | $听听 383.1 | $听听听听 8.32 | $听听 155.3 | $听听听听 3.40 | |||||||
Special items - Other (gains) and charges(1) | 11.8 | 0.25 | 23.7 | 0.51 | 41.8 | 0.91 | 43.2 | 0.95 | |||||||
Income tax effect related to special items(2) | (2.6) | (0.05) | (5.9) | (0.12) | (10.1) | (0.22) | (10.8) | (0.24) | |||||||
Special items, net of taxes | 9.2 | 0.20 | 17.8 | 0.39 | 31.7 | 0.69 | 32.4 | 0.71 | |||||||
Adjustment for special tax items(3) | (0.3) | (0.01) | (0.7) | (0.02) | (4.8) | (0.11) | (0.2) | (0.01) | |||||||
Net income, excluding special items, non-GAAP | $听听 115.9 | $听听听听 2.49 | $听听听听 74.4 | $听听听听 1.61 | $听听 410.0 | $听听听听 8.90 | $听听 187.5 | $听听听听 4.10 | |||||||
(1)听 听 听 听 | See footnote (1) to the Consolidated Statements of Comprehensive Income (Unaudited) for additional details on the composition of Other (gains) and charges. |
(2)听 听 听 | Income tax effect related to special items is based on the statutory tax rate in effect at the end of each period. |
(3)听 听 听 | Adjustment for special tax items primarily represents excess tax benefits associated with stock-based compensation. |
Reconciliation of Restaurant Operating Margin (in millions, except percentages)
Q4 25
Chili's | Maggiano's | Brinker | |||||||||
Q4 25 | Q4 24 | Q4 25 | Q4 24 | Q4 25 | Q4 24 | ||||||
Operating income, GAAP | $听听 13.4 | $听听 13.4 | $听听 73.1 | ||||||||
Operating income as a % of Total revenues | 13.2听% | 9.8听% | 11.0听% | 10.8听% | 9.8听% | 6.1听% | |||||
Operating income, GAAP | $听听 13.4 | $听听 13.4 | $听听 73.1 | ||||||||
Less:听 Franchise revenues | (12.8) | (11.5) | (0.2) | (0.2) | (13.0) | (11.7) | |||||
Plus:听 Depreciation and amortization | 51.3 | 39.4 | 4.3 | 3.3 | 57.9 | 45.0 | |||||
General and administrative | 13.7 | 11.8 | 1.8 | 3.3 | 58.8 | 52.0 | |||||
Other (gains) and charges | 11.9 | 16.6 | (3.0) | 鈥� | 11.8 | 23.7 | |||||
Restaurant operating margin, non-GAAP | $听听 16.3 | $听听 19.8 | |||||||||
Restaurant operating margin as a % of Company sales, non-GAAP | 18.2听% | 15.1听% | 13.3听% | 16.0听% | 17.8听% | 15.2听% | |||||
Fiscal 2025
Chili's | Maggiano's | Brinker | |||||||||
FY 25 | FY 24 | FY 25 | FY 24 | FY 25 | FY 24 | ||||||
Operating income, GAAP | $听听 60.1 | $听听 57.5 | |||||||||
Operating income as a % of Total revenues | 13.2听% | 8.4听% | 12.0听% | 11.6听% | 9.5听% | 5.2听% | |||||
Operating income, GAAP | $听听 60.1 | $听听 57.5 | |||||||||
Less:听 Franchise revenues | (48.1) | (43.3) | (0.8) | (0.7) | (48.9) | (44.0) | |||||
Plus:听 Depreciation and amortization | 182.5 | 147.7 | 14.6 | 13.1 | 206.6 | 170.8 | |||||
General and administrative | 50.4 | 42.8 | 9.7 | 10.2 | 222.0 | 183.7 | |||||
Other (gains) and charges | 23.7 | 26.9 | (1.8) | 0.6 | 41.8 | 43.2 | |||||
Restaurant operating margin, non-GAAP | $听听 81.8 | $听听 80.7 | |||||||||
Restaurant operating margin as a % of Company sales, non-GAAP | 17.6听% | 13.0听% | 16.3听% | 16.3听% | 17.5听% | 13.3听% | |||||
Restaurant operating margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to operating income as an indicator of financial performance. Restaurant operating margin is widely regarded in the restaurant industry as a useful metric by which to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations. This non-GAAP measure is not indicative of overall Company performance and profitability because this measure does not directly accrue benefit to the shareholders due to the nature of costs excluded.
We define Restaurant operating margin as Company sales less Food and beverage costs, Restaurant labor and Restaurant expenses. We believe this metric provides a more useful comparison between periods and enables investors to focus on the performance of restaurant-level operations by excluding revenues not related to food and beverage sales at Company-owned restaurants, corporate General and administrative expenses, Depreciation and amortization, and Other (gains) and charges. Restaurant operating margin as presented may not be comparable to other similarly titled measures of other companies in our industry.
Reconciliation of Adjusted EBITDA (in millions)
Adjusted EBITDA is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative to net income as an indicator of financial performance. Brinker believes presenting Adjusted EBITDA provides a useful measure of our operating performance, excluding the impacts of financing costs, capital expenditures and special items. We define Adjusted EBITDA as Net income before Provision (benefit) for income taxes, Other income, net, Interest expenses, Depreciation and amortization and Other (gains) and charges.
Quarter | Year-to-Date | ||||||
Q4 25 | Q4 24 | Q4 25 | Q4 24 | ||||
Net income - GAAP | $听听听听听听听听听听听听听听 107.0 | $听听听听听听听听听听听听听听听听 57.3 | $听听听听听听听听听听听听听听 383.1 | $听听听听听听听听听听听听听听 155.3 | |||
Provision for income taxes | 25.2 | 0.7 | 76.9 | 9.6 | |||
Other income, net | (0.4) | 鈥� | (1.1) | (0.3) | |||
Interest expenses | 10.9 | 15.1 | 53.1 | 65.0 | |||
Depreciation and amortization | 57.9 | 45.0 | 206.6 | 170.8 | |||
Other (gains) and charges | 11.8 | 23.7 | 41.8 | 43.2 | |||
Adjusted EBITDA, non-GAAP | $听听听听听听听听听听听听听听 212.4 | $听听听听听听听听听听听听听听 141.8 | $听听听听听听听听听听听听听听 760.4 | $听听听听听听听听听听听听听听 443.6 | |||
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