Bloomin' Brands Stock Price, News & Analysis

Bloomin’ Brands, Inc. (NASDAQ: BLMN) is described as one of the largest casual dining restaurant companies in the world. According to the company’s public disclosures, it manages a portfolio of differentiated, founder-inspired restaurant concepts that operate in the casual dining segment of the restaurant industry.

The company’s restaurant portfolio includes four primary brands: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Across these concepts, Bloomin’ Brands states that it owns, operates and franchises more than 1,450 restaurants in 46 U.S. states, Guam and a number of international markets. In various recent releases, the company notes that its restaurants are present in 12 or 13 countries outside the United States, reflecting an international footprint built through both company-owned locations and franchise arrangements.

Business model and segments

Bloomin’ Brands explains that it generates restaurant sales through company-owned locations and also earns franchise and other revenues from franchised restaurants and related activities. In prior descriptions, the company has indicated that it aggregates its operations into two reportable segments: a U.S. segment, which includes all restaurants operating in the United States, and an international segment, which includes restaurants operating outside the United States. More recent financial disclosures also refer to an International Franchise segment and to revenues categorized as franchise and other revenues.

The company reports that it owns and operates a significant portion of its restaurants directly, while the remainder are operated under franchise or similar arrangements. This mix of company-owned and franchised locations is reflected in its recurring presentation of restaurant sales alongside franchise and other revenues in quarterly and annual financial results.

Geographic footprint

Bloomin’ Brands has repeatedly stated that it has more than 1,450 restaurants in 46 states, Guam and a group of countries outside the United States. Earlier descriptions referenced a presence in Brazil and South Korea through company-owned restaurants and exposure to several additional countries, predominantly in Asia, principally through franchising. More recent press releases emphasize that some international locations are franchise restaurants and that the company’s international operations are represented through both direct ownership and franchise relationships.

The company has also disclosed that, following a transaction involving its Brazil operations, restaurants in Brazil operate under amended and restated franchise agreements and are treated as unconsolidated franchises for financial reporting purposes. This reflects an approach in which certain international operations are managed through franchise structures rather than direct ownership.

Restaurant portfolio and concepts

Across its brands, Bloomin’ Brands presents itself as operating differentiated casual dining concepts. Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar are consistently cited as the core of its portfolio in earnings releases, leadership announcements and investor communications. The company characterizes these brands as founder-inspired and notes that they are positioned in large-scale restaurant categories.

While specific menu items and detailed brand positioning are not described in the provided disclosures, the company repeatedly associates its portfolio with casual dining and emphasizes that the brands are distinct concepts within that broader category.

Operational focus and turnaround strategy

In multiple recent quarters, Bloomin’ Brands has highlighted an operational focus on simplifying the business and delivering a consistent guest experience across its restaurants. The company has described efforts to improve restaurant-level operating margin, manage labor, commodity and operating costs, and pursue cost-saving and productivity initiatives. These themes appear throughout its quarterly financial results and related commentary.

The company has also outlined a turnaround strategy with a particular emphasis on the Outback Steakhouse brand. As described in its third quarter 2025 results, this strategy is organized around four key platforms:

• Delivering a dine-in experience focused on operational excellence, food quality and service to support in-restaurant traffic.
• Driving brand relevancy by expanding brand reach to attract new guests and increase visit frequency.
• Reigniting a culture of ownership and fun by reinvesting in team members and emphasizing a principles- and beliefs-based culture.
• Investing in restaurants by refreshing the existing asset base so locations reflect brand standards.

These platforms are supported by initiatives the company identifies as non-guest-facing productivity savings, a balanced capital allocation approach that includes investment in the base business and debt reduction, and reliance on what it describes as a strong management team with an operational and guest-centric mindset.

Capital allocation and restaurant portfolio actions

Bloomin’ Brands’ disclosures show that it regularly evaluates its restaurant base. The company has reported decisions to close certain U.S. restaurants and to allow some leases to expire without renewal. For example, in connection with its 2025 turnaround strategy, it decided to close a group of U.S. restaurants and not renew leases for additional locations over a multi-year period, recognizing related asset impairments and closure charges. Earlier disclosures also referenced prior closures of U.S. restaurants in earlier periods.

In addition to closures, the company has communicated plans for new company-owned and franchised restaurant openings as part of its financial outlook, indicating that portfolio optimization includes both pruning underperforming locations and opening new restaurants.

Bloomin’ Brands has also discussed capital allocation decisions such as share repurchase programs, cash dividends and, at times, the suspension of the dividend in support of its turnaround strategy and debt reduction priorities. These actions are presented as part of a broader approach to managing its balance sheet and funding investments in its restaurant base.

Financial reporting and performance metrics

The company regularly reports restaurant sales, franchise and other revenues, and total revenues in its quarterly and annual results. It also discloses GAAP operating income margin, adjusted operating income margin, restaurant-level operating margin and adjusted restaurant-level operating margin. Bloomin’ Brands explains that restaurant-level operating margin is a non-GAAP financial measure widely regarded in the restaurant industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations.

The company provides reconciliations between GAAP and non-GAAP measures, noting that adjusted metrics are intended to isolate the effects of items such as impairment and closure costs, transformational and restructuring activities, and costs associated with foreign currency forward contracts. Management states that these non-GAAP measures are used internally by its leadership and Board of Directors to evaluate operating performance, allocate resources and administer employee incentive plans.

Bloomin’ Brands also reports comparable restaurant sales for company-owned restaurants open for a specified period, broken out by brand and combined for the U.S. segment. These metrics are used to show trends in sales performance at existing locations for Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar.

Corporate governance and leadership

Public filings and press releases indicate that Bloomin’ Brands is listed on the Nasdaq Global Select Market under the symbol BLMN. The company has disclosed various leadership appointments and organizational changes, including roles such as Chief Executive Officer, Chief Financial Officer, Chief Information Officer, brand presidents and other senior executives. It has also described updates to its severance pay plan for salaried employees at the Vice President level and above, and special equity retention grants for certain executives, reflecting its approach to executive compensation and retention.

The company’s filings show that it uses severance plans, equity awards such as restricted stock units, and noncompetition and other restrictive covenants as part of its executive compensation framework. These elements are documented in Form 8-K filings and are referenced as being further described in proxy statements and other SEC reports.

Risk management and financial instruments

Bloomin’ Brands has disclosed the use of interest rate swap agreements through a subsidiary to manage exposure to fluctuations in variable interest rates on a portion of its outstanding indebtedness. These swaps convert a specified notional amount of variable-rate debt tied to the Secured Overnight Financing Rate (SOFR) plus a spread into fixed-rate obligations, subject to an embedded floor. The company presents these transactions as part of its approach to managing interest rate risk.

Position within the restaurant industry

Across multiple investor communications, Bloomin’ Brands consistently characterizes itself as one of the largest casual dining restaurant companies globally, with a portfolio of founder-inspired brands and a mix of company-owned and franchised restaurants. Its disclosures emphasize operational execution, guest experience, cost management and brand-focused turnaround efforts, particularly for Outback Steakhouse, as central themes in its ongoing strategy.