Business Description

Texas Roadhouse, Inc. is an American restaurant company that operates and franchises casual dining establishments. The company's primary concept is Texas Roadhouse, a steakhouse chain known for its hand-cut steaks, made-from-scratch sides, and dinner-only weekday operating model. In addition to its flagship brand, the company operates Bubba's 33, a sports-themed family restaurant, and Jaggers, a fast-casual concept offering burgers and chicken. Headquartered in Louisville, Kentucky, Texas Roadhouse operates hundreds of locations across the United States and maintains a growing international franchise presence.

Financial Statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues5,878,0755,373,3324,631,6724,014,919
Cost of Sales4,941,5164,426,0763,896,5903,361,290
Gross Profit936,559947,256735,082653,629
Selling, General & Administrative Expenses227,328223,264198,382172,712
Depreciation & Amortization Expenses206,640178,157153,202137,237
Other Operating Expenses27,85129,31629,50923,483
Operating Profit474,740516,519353,989320,197
Interest and Investment Income6,0167,9714,3351,239
Interest Expense———(124)
Total Non-Operating Income6,0167,9714,3351,115
Income Before Provision for Income Taxes480,756524,490358,324321,312
Provision for Income Taxes66,42180,14544,64943,715
Consolidated Net Income414,335444,345313,675277,597
Net Income Attributable to Minority Interests and Other8,78110,7538,7997,779
Net Income Attributable to Common Shareholders405,554433,592304,876269,818
Basic EPS6.116.504.563.99
Diluted EPS6.106.474.543.97
Basic Weighted Average Shares Outstanding66,32466,75266,89367,643
Diluted Weighted Average Shares Outstanding66,51167,01167,14967,920
Shares Outstanding65,94466,57566,78966,973
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents134,709245,225104,246173,861
Total Cash and Cash Equivalents134,709245,225104,246173,861
Accounts Receivable214,511193,170175,474150,264
Total Trade Receivables214,511193,170175,474150,264
Inventories45,56040,75638,32038,015
Other Current Assets56,69637,41738,43434,701
Total Current Assets451,476516,568356,474396,841
Net Property, Plant & Equipment2,683,3622,387,5382,168,7361,900,607
Net Intangible Assets17,7421,2653,4835,607
Goodwill242,220169,684169,684148,732
Other Long-Term Assets154,672115,72494,99973,878
Total Assets3,549,4723,190,7792,793,3762,525,665
Accounts Payable163,421144,791131,638105,560
Accrued Expenses265,596250,983212,360185,123
Current Portion of Leases30,95328,17227,41125,490
Unearned Revenue448,744401,198373,913335,403
Other Current Liabilities1232,986112434
Total Current Liabilities908,837828,130745,434652,010
Long-Term Debt———50,000
Leases943,070826,300743,476677,874
Other Long-Term Liabilities215,863162,626146,955118,119
Total Long-Term Liabilities1,158,933988,926890,431845,993
Total Liabilities2,067,7701,817,0561,635,8651,498,003
Common Stock66676767
Additional Paid-in Capital———13,139
Retained Earnings1,460,7541,358,2801,141,595999,432
Total Common Shareholders' Equity1,460,8201,358,3471,141,6621,012,638
Minority Interests and Other20,88215,37615,84915,024
Total Shareholders' Equity1,481,7021,373,7231,157,5111,027,662
Total Liabilities and Shareholders' Equity3,549,4723,190,7792,793,3762,525,665
FY 2025FY 2024FY 2023FY 2022
Net Income414,335444,345313,675277,597
Depreciation & Amortization206,640178,157153,202137,237
Share-Based Compensation Expense47,76547,05534,23036,663
Other Adjustments9,945(9,478)6,42216,248
Changes in Trade Receivables(21,306)(17,668)(24,420)11,062
Changes in Inventories(3,646)(2,436)105(6,099)
Changes in Accounts Payable18,96213,14223,0835,408
Changes in Accrued Expenses14,01936,76110,058(8,025)
Changes in Income Taxes Payable(20,913)20,5298,0957,842
Changes in Unearned Revenue45,42027,28537,34733,799
Changes in Other Operating Activities18,84615,9373,187(7)
Cash from Operating Activities730,067753,629564,984511,725
Capital Expenditure(387,996)(354,341)(347,034)(246,121)
Proceeds from Sale of Property, Plant & Equipment19,76417,44018,39315,140
Purchases of Intangible Assets(6,000)———
Purchases of Investments(4,175)———
Payments for Business Acquisitions(107,528)—(39,153)(33,069)
Other Investing Activities2,548——316
Cash from Investing Activities(482,814)(336,901)(367,167)(263,734)
Repayments of Short-Term Debt——(50,000)(50,000)
Net Issuance / (Repayments) of Short-Term Debt——(50,000)(50,000)
Repurchases of Common Shares(169,921)(97,611)(62,681)(226,435)
Net Issuance / (Repurchases) of Common Shares(169,921)(97,611)(62,681)(226,435)
Common Share Dividends Paid(180,262)(162,864)(147,182)(124,137)
Other Financing Activities(6,061)(15,274)(9,094)(9,203)
Cash from Financing Activities(357,769)(275,749)(267,432)(409,775)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(110,516)140,979(69,615)(161,784)

Key Metrics & Ratios

MetricValue
Market Cap$11.04B
P/E27.44x
P/S1.88x
EV/EBITDA17.46x
Return on Equity29.0%
Return on Invested Capital14.0%
Current Ratio0.50x
Dividend Yield1.6%
Free Cash Flow Margin5.8%

Margins

Gross margin
15.9%
Operating margin
8.1%
Net margin
6.9%

Quarterly Trend

QuarterRevenueYoY growthOperating marginOperating income
Q2 2026 $1.68B +11.1% 8.5% $143M
Q1 2026 $1.63B +12.8% 9.0% $146M
Q4 2025 $1.48B +3.1% 6.5% $97M
Q3 2025 $1.44B +12.8% 6.7% $97M
Q2 2025 $1.51B — 9.7% $146M
Q1 2025 $1.45B — 9.3% $135M
Q4 2024 $1.44B — 9.6% $139M
Q3 2024 $1.27B — 8.0% $102M

More on Texas Roadhouse, Inc.

Company

Texas Roadhouse, Inc. overview
Figures compiled from public company filings.

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