Bloomin' Brands raises 2026 EPS outlook to $1.06-$1.11
Bloomin’ Brands raised its full-year diluted EPS range while trimming its U.S. comparable-sales outlook.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Bloomin’ Brands, Inc. reported third-quarter 2026 results for the thirteen weeks ended September 27, 2026, with revenue of $944.3 million, up 1.7% from $928.8 million a year earlier. GAAP operating income was $18.6 million, compared with an operating loss of $36.4 million in Q3 2025; diluted loss per share from continuing operations was $(0.02), versus $(0.54). Adjusted diluted loss per share was $(0.17), compared with $(0.03) a year earlier. Restaurant-level operating margin rose to 10.6% from 9.2%, while adjusted restaurant-level margin was 9.3% versus 9.5%.
For fiscal 2026, the company raised diluted EPS outlook to $1.06 to $1.11 from $0.85 to $0.95 and adjusted diluted EPS outlook to $0.97 to $1.02 from $0.90 to $1.00, while lowering U.S. comparable restaurant-sales outlook to 1% to 1.5% from 1% to 2%. Its Q4 2026 outlook is U.S. comparable sales growth of 0% to 1% and diluted and adjusted diluted EPS of $0.07 to $0.12 each. Q3 revenue included $13.2 million of gift card breakage revenue resulting from a change in accounting estimate. The company cited higher commodity, operating and labor costs, mainly due to inflation, and higher advertising expense as offsets to restaurant-level margin growth.
2 points · 1 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 diluted EPS outlook rose to $1.06 to $1.11 from $0.85 to $0.95.
- Moderate pointGAAP operating income was $18.6 million, versus a $36.4 million loss.
Negative
- Moderate pointAdjusted diluted loss per share widened to $(0.17) from $(0.03).
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $944.3 million
GAAP operating income: $18.6 million
Diluted loss per share from continuing operations: $(0.02) per share
+5 more
8 metrics
Total revenue
$944.3 million
Q3 2026; up 1.7% from Q3 2025
GAAP operating income
$18.6 million
Q3 2026; compared with an operating loss of $36.4 million in Q3 2025
Diluted loss per share from continuing operations
$(0.02) per share
Q3 2026; compared with $(0.54) in Q3 2025
Adjusted diluted loss per share
$(0.17) per share
Q3 2026; compared with $(0.03) in Q3 2025
Restaurant-level operating margin
10.6%
Q3 2026; compared with 9.2% in Q3 2025
Adjusted restaurant-level operating margin
9.3%
Q3 2026; compared with 9.5% in Q3 2025
Fiscal 2026 diluted EPS outlook
$1.06 to $1.11 per share
Current outlook; prior outlook was $0.85 to $0.95
Fiscal 2026 adjusted diluted EPS outlook
$0.97 to $1.02 per share
Current outlook; prior outlook was $0.90 to $1.00
Key Terms
Comparable restaurant sales, Gift card breakage revenue, Restaurant-level operating margin, Non-GAAP financial measures
4 terms
Comparable restaurant sales financial
"Comparable restaurant sales (stores open 18 months or more)"
Comparable restaurant sales measure how much revenue changed at locations that were open for a set prior period, excluding new or closed outlets, so it shows like-for-like sales performance. Investors use it as an 'apples-to-apples' gauge of customer demand, pricing power and operational health—rising comparable sales suggest stronger underlying business, while declines can signal weakening traffic or pricing issues even if overall revenue grows due to new openings.
Gift card breakage revenue financial
"gift card breakage revenue resulting from a change in accounting estimate"
Gift card breakage revenue is the income a company records when gift cards or vouchers are sold but never fully used, so the unredeemed value moves from a customer liability to recognized revenue. For investors it matters because it boosts reported sales and profits without new product demand, can mask true future cash needs or customer engagement, and depends on management estimates and local rules that affect reliability.
Restaurant-level operating margin financial
"Restaurant-level operating margin increased from Q3 2025"
Restaurant-level operating margin measures how much profit a single restaurant keeps from its sales after paying the direct costs of running that location — such as food, labor, utilities and local operating expenses — but before corporate overhead, interest and taxes. Investors use it like a per-store health check: it shows the underlying unit economics and efficiency of the business (think of it as the profit from one shop before headquarters and other corporate bills are taken out), which helps assess scalability and compare performance across locations.
Non-GAAP financial measures financial
"include certain non-GAAP measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Total revenue: $944.3 million · Guidance included
Q3 2026 (thirteen weeks ended September 27, 2026)
Total revenue
$944.3 million
+1.7% year over year
GAAP operating income
$18.6 million
Compared with a loss of $36.4 million in Q3 2025
Diluted loss per share from continuing operations
$(0.02)
Compared with $(0.54) in Q3 2025
Adjusted diluted loss per share
$(0.17)
Compared with $(0.03) in Q3 2025
Guidance
Fiscal 2026: diluted EPS of $1.06 to $1.11; adjusted diluted EPS of $0.97 to $1.02; U.S. comparable restaurant sales of 1% to 1.5%. Q4 2026: diluted and adjusted diluted EPS of $0.07 to $0.12 each; U.S. comparable restaurant sales of 0% to 1%.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were BLMN’s Q3 2026 revenue and diluted EPS?
Revenue was $944.3 million, up 1.7% from Q3 2025; diluted loss per share from continuing operations was $(0.02), compared with $(0.54) a year earlier. The thirteen-week quarter ended September 27, 2026.
What is BLMN’s updated 2026 EPS guidance?
Fiscal 2026 diluted EPS outlook is $1.06 to $1.11, and adjusted diluted EPS outlook is $0.97 to $1.02. The prior ranges were $0.85 to $0.95 and $0.90 to $1.00, respectively; U.S. comparable restaurant-sales outlook is now 1% to 1.5%, versus 1% to 2% previously.
Why did BLMN revenue increase in Q3 2026?
The company attributed the increase primarily to higher comparable restaurant sales and a gift card breakage revenue change. These increases were partially offset by the net impact of restaurant closures and openings. Q3 2026 revenue included $13.2 million of gift card breakage revenue resulting from a change in accounting estimate.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (813 ) 282-1225
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
$ | The (Nasdaq Global Select Market) | ||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On November 6, 2026, Bloomin’ Brands, Inc. issued a press release reporting its financial results for the thirteen weeks ended September 27, 2026. A copy of the release is attached as Exhibit 99.1. In addition, the slide presentation accompanying the Company’s conference call will be posted on the Company’s website.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number | Description | ||||||||||
| 99.1 | Press Release of Bloomin’ Brands, Inc. dated November 6, 2026 | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLOOMIN’ BRANDS, INC. | |||||||||||
| (Registrant) | |||||||||||
| Date: | November 6, 2026 | By: | /s/ Eric Christel | ||||||||
| Eric Christel | |||||||||||
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
 | NEWS | Exhibit 99.1 | ||||||||||||
| Tara Kurian | ||||||||||||||
SVP, IR, FP&A, and International | ||||||||||||||
| (813) 830-5311 | ||||||||||||||
Bloomin’ Brands Announces 2026 Q3 Financial Results
Q3 Diluted EPS of $(0.02) and Q3 Adjusted Diluted EPS of $(0.17)
Raises Full Year EPS Guidance
TAMPA, Fla., November 6, 2026 - Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the third quarter 2026 (“Q3 2026”) compared to the third quarter 2025 (“Q3 2025”).
CEO Comments
“We are encouraged by our third quarter results and the continued progress on the Outback Turnaround, including five consecutive quarters of year-over-year improvement in Outback guest scores,” said Mike Spanos, CEO. “We remain focused on consistent execution across food, service, experience, and affordability to strengthen the guest experience and drive sustainable long-term growth.”
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted loss per share from continuing operations to Adjusted diluted loss per share from continuing operations for the periods indicated (unaudited):
| Q3 | |||||||||||||||||
| 2026 | 2025 | CHANGE | |||||||||||||||
| Diluted loss per share: | $ | (0.02) | $ | (0.54) | $ | 0.52 | |||||||||||
| Adjustments (1) | (0.15) | 0.51 | (0.66) | ||||||||||||||
| Adjusted diluted loss per share | $ | (0.17) | $ | (0.03) | $ | (0.14) | |||||||||||
___________________
(1)Adjustments for Q3 2026 primarily represent an adjustment to gift card breakage revenue resulting from a change in accounting estimate. Q3 2025 primarily includes (i) impairment and closing costs related to closures and underperforming restaurants, (ii) costs incurred as a result of transformational and restructuring initiatives and (iii) costs associated with the foreign currency forward contracts. See non-GAAP Measures later in this release. Also see Tables Four, Five and Six for further details regarding the nature of diluted loss per share adjustments for the periods presented.
Third Quarter Financial Results
| (dollars in millions, unaudited) | Q3 2026 | Q3 2025 | CHANGE | ||||||||||||||
| Total revenues (1) | $ | 944.3 | $ | 928.8 | 1.7 | % | |||||||||||
| GAAP operating income (loss) margin | 2.0 | % | (3.9) | % | 5.9 | % | |||||||||||
| Adjusted operating income margin (2) | 0.3 | % | 0.8 | % | (0.5) | % | |||||||||||
| Restaurant-level operating margin (2) | 10.6 | % | 9.2 | % | 1.4 | % | |||||||||||
| Adjusted restaurant-level operating margin (2) | 9.3 | % | 9.5 | % | (0.2) | % | |||||||||||
(1)For Q3 2026, includes $13.2 million of gift card breakage revenue as a result of a change in accounting estimate.
(2)See non-GAAP Measures later in this release. Also see Tables Four and Five for details regarding the nature of adjustments.
•The increase in Total revenues was primarily due to: (i) higher comparable restaurant sales and (ii) the gift card breakage revenue change. These increases were partially offset by the net impact of restaurant closures and openings.
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•GAAP operating income (loss) margin increased from Q3 2025 primarily due to: (i) lower impairment and closure costs, (ii) an increase in restaurant-level operating margin, as detailed below, and (iii) lapping general and administrative expenses related to transformational and restructuring initiatives and foreign currency forward contracts, partially offset by higher compensation expense.
•Restaurant-level operating margin increased from Q3 2025 primarily due to: (i) an increase in average check per person, primarily due to pricing, (ii) the gift card breakage revenue change and (iii) productivity initiatives. These impacts were partially offset by: (i) higher commodity, operating and labor costs, mainly due to inflation, and (ii) higher advertising expense.
•Adjusted operating income margin for Q3 2026 excludes the gift card breakage revenue change. For Q3 2025, adjusted operating income margin excludes: (i) certain impairment and closing costs, (ii) costs incurred as a result of transformational and restructuring initiatives and (iii) costs associated with foreign currency forward contracts.
Third Quarter Comparable Restaurant Sales
| THIRTEEN WEEKS ENDED SEPTEMBER 27, 2026 | COMPANY-OWNED | |||||||
| Comparable restaurant sales (stores open 18 months or more): | ||||||||
| U.S. | ||||||||
| Outback Steakhouse | 1.9 | % | ||||||
| Carrabba’s Italian Grill | 0.6 | % | ||||||
| Bonefish Grill | 5.3 | % | ||||||
| Fleming’s Prime Steakhouse & Wine Bar | — | % | ||||||
| Combined U.S. | 1.9 | % | ||||||
Fiscal 2026 Financial Outlook
The table below presents our updated expectations for selected 2026 financial operating results. We are reaffirming all other aspects of our full-year financial guidance as previously communicated.
| Financial Results: | Prior Outlook | Current Outlook | ||||||||||||
| U.S. comparable restaurant sales | 1% to 2% | 1% to 1.5% | ||||||||||||
| Diluted earnings per share (1) | $0.85 to $0.95 | $1.06 to $1.11 | ||||||||||||
| Adjusted diluted earnings per share (1) | $0.90 to $1.00 | $0.97 to $1.02 | ||||||||||||
___________________
(1)Assumes diluted weighted average shares of approximately 86 million.
Q4 2026 Financial Outlook
The table below presents our expectations for selected fiscal Q4 2026 financial operating results.
| Financial Results: | Q4 2026 Outlook | |||||||
| U.S. comparable restaurant sales | 0% to 1% | |||||||
| Diluted earnings per share (1) | $0.07 to $0.12 | |||||||
| Adjusted diluted earnings per share (1) | $0.07 to $0.12 | |||||||
___________________
(1)Assumes diluted weighted average shares of approximately 88 million.
Conference Call
The Company will host a conference call today, November 6, 2026 at 8:00 AM ET. The conference call will be webcast live from the Company’s website at http://www.bloominbrands.com under the Investors section. A replay of this webcast will be available on the Company’s website after the call.
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About Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest full-service dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company’s restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns, operates and franchises more than 1,440 restaurants in 46 states, Guam and 12 countries. For more information, please visit www.bloominbrands.com.
Non-GAAP Measures
In addition to the results provided in accordance with GAAP, this press release and related tables include certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and include: (i) Restaurant-level operating income, adjusted restaurant-level operating income and their corresponding margin, (ii) Adjusted income from operations and the corresponding margin, (iii) Adjusted segment income from operations and the corresponding margin, (iv) Adjusted net (loss) income and (v) Adjusted diluted (loss) earnings per share.
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes.
We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on GAAP results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans.
These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. We maintain internal guidelines with respect to the types of adjustments we include in our non-GAAP measures. These guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. However, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. You should refer to the reconciliations of non-GAAP measures in Tables Four, Five and Six included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.
Forward-Looking Statements
Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2026 Financial Outlook” and “Q4 2026 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company’s forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to execute and achieve the expected benefits of our actions to focus on operational priorities, including our turnaround plans and cost-saving initiatives to fund such plans; consumer reaction to public health and food safety issues; increases in labor costs and fluctuations in the availability of employees and our ability to attract, train, and retain key personnel; increases in unemployment rates and taxes; competition; interruption or breach of our systems or loss of consumer
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or employee information; price and availability of commodities and other impacts of inflation and tariffs; our dependence on a limited number of suppliers and distributors; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; the impacts of our operations in Brazil as a minority investor and franchisor; our ability to address corporate citizenship and sustainability matters and investor and governmental expectations; local, regional, national and international economic conditions; changes in patterns of consumer traffic, consumer tastes and dietary habits; the effects of changes in tax laws; costs, diversion of management attention and reputational damage from any claims or litigation; government actions and policies, including the impact of U.S. government shutdowns; challenges associated with our remodeling, relocation and expansion plans; our ability to preserve the value of and grow our brands, including due to our limited control with respect to and the challenges facing the operations of our franchisees including the Chapter 11 proceedings initiated by Out West; whether our offer to buy Out West's restaurants is ultimately accepted and, if so, the risks related to our operation of the Out West locations thereafter, including due to unexpected costs, employee attrition, customer perceptions, vendor relationships, licensing requirements, and diversion of management’s attention from ongoing business operations and opportunities; consumer confidence and spending patterns; the effects of a health pandemic, weather, acts of God and other disasters and the ability or success in executing related business continuity plans; the Company’s ability to make debt payments and planned investments and the Company’s compliance with debt covenants; the cost and availability of credit; interest rate changes; and any impairments in the carrying value of goodwill and other assets. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form 10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Note: Numerical figures included in this release have been subject to rounding adjustments.
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| TABLE ONE | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
| (in thousands, except per share data) | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Restaurant sales | $ | 926,976 | $ | 911,920 | $ | 2,966,759 | $ | 2,926,208 | |||||||||||||||
| Franchise and other revenues | 17,369 | 16,893 | 53,068 | 54,565 | |||||||||||||||||||
| Total revenues | 944,345 | 928,813 | 3,019,827 | 2,980,773 | |||||||||||||||||||
| Costs and expenses | |||||||||||||||||||||||
| Food and beverage | 278,390 | 275,081 | 902,200 | 886,717 | |||||||||||||||||||
| Labor and other related | 299,089 | 297,390 | 931,968 | 928,134 | |||||||||||||||||||
| Other restaurant operating | 250,962 | 255,476 | 764,609 | 766,836 | |||||||||||||||||||
| Depreciation and amortization | 43,914 | 44,947 | 136,220 | 133,492 | |||||||||||||||||||
| General and administrative | 54,262 | 59,103 | 160,232 | 180,007 | |||||||||||||||||||
| Impairments, closures and disposal of assets | (856) | 33,236 | 8,648 | 35,126 | |||||||||||||||||||
| Total costs and expenses | 925,761 | 965,233 | 2,903,877 | 2,930,312 | |||||||||||||||||||
| Income (loss) from operations | 18,584 | (36,420) | 115,950 | 50,461 | |||||||||||||||||||
| Interest expense, net | (11,523) | (11,112) | (35,076) | (32,998) | |||||||||||||||||||
| Income (loss) before income tax | 7,061 | (47,532) | 80,874 | 17,463 | |||||||||||||||||||
| Provision (benefit) for income taxes | 6,397 | (2,404) | (10,566) | (10,249) | |||||||||||||||||||
| Loss from equity method investment, net of tax | (2,026) | (337) | (3,068) | (3,434) | |||||||||||||||||||
| Net (loss) income from continuing operations | (1,362) | (45,465) | 88,372 | 24,278 | |||||||||||||||||||
| (Loss) income from discontinued operations, net of tax | (295) | 189 | (213) | 714 | |||||||||||||||||||
| Net (loss) income | (1,657) | (45,276) | 88,159 | 24,992 | |||||||||||||||||||
| Less: net income attributable to noncontrolling interests | 525 | 583 | 3,343 | 3,280 | |||||||||||||||||||
Net (loss) income attributable to Bloomin’ Brands | $ | (2,182) | $ | (45,859) | $ | 84,816 | $ | 21,712 | |||||||||||||||
| Basic (loss) earnings per share (1): | |||||||||||||||||||||||
| Continuing operations | $ | (0.02) | $ | (0.54) | $ | 0.99 | $ | 0.25 | |||||||||||||||
| Discontinued operations | (*) | * | (*) | 0.01 | |||||||||||||||||||
| Net basic (loss) earnings per share | $ | (0.03) | $ | (0.54) | $ | 0.99 | $ | 0.26 | |||||||||||||||
| Diluted (loss) earnings per share (1): | |||||||||||||||||||||||
| Continuing operations | $ | (0.02) | $ | (0.54) | $ | 0.99 | $ | 0.25 | |||||||||||||||
| Discontinued operations | (*) | * | (*) | 0.01 | |||||||||||||||||||
| Net diluted (loss) earnings per share | $ | (0.03) | $ | (0.54) | $ | 0.98 | $ | 0.25 | |||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||
| Basic | 85,636 | 85,093 | 85,491 | 85,012 | |||||||||||||||||||
| Diluted | 85,636 | 85,093 | 86,318 | 85,222 | |||||||||||||||||||
(1)Amounts may not add due to rounding.
* Represents less than $0.01.
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| TABLE TWO | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| SEGMENT RESULTS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
(dollars in thousands) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
| U.S. Segment | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Restaurant sales | $ | 917,176 | $ | 902,543 | $ | 2,937,752 | $ | 2,897,968 | |||||||||||||||
| Franchise and other revenues | 9,514 | 9,733 | 30,023 | 31,039 | |||||||||||||||||||
Total U.S. segment revenues | 926,690 | 912,276 | 2,967,775 | 2,929,007 | |||||||||||||||||||
| International Franchise Segment | |||||||||||||||||||||||
| Franchise revenues | 7,842 | 7,146 | 23,005 | 23,480 | |||||||||||||||||||
| Reconciliation | |||||||||||||||||||||||
| All other revenues (1) | 9,813 | 9,391 | 29,047 | 28,286 | |||||||||||||||||||
| Total revenues | $ | 944,345 | $ | 928,813 | $ | 3,019,827 | $ | 2,980,773 | |||||||||||||||
| Reconciliation of Segment Operating Income to Total Operating Income (Loss) | |||||||||||||||||||||||
| Segment income from operations | |||||||||||||||||||||||
| U.S. | $ | 47,208 | $ | 1,601 | $ | 202,823 | $ | 157,732 | |||||||||||||||
| International Franchise | 7,646 | 6,998 | 22,391 | 22,840 | |||||||||||||||||||
| Total segment income from operations | 54,854 | 8,599 | 225,214 | 180,572 | |||||||||||||||||||
| Unallocated corporate operating expense | (36,929) | (45,245) | (111,042) | (131,435) | |||||||||||||||||||
| Other income from operations (1) | 659 | 226 | 1,778 | 1,324 | |||||||||||||||||||
| Total income (loss) from operations | $ | 18,584 | $ | (36,420) | $ | 115,950 | $ | 50,461 | |||||||||||||||
_________________
(1)Primarily includes revenues and income from operations related to its Hong Kong subsidiary.
| TABLE THREE | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| SUPPLEMENTAL BALANCE SHEET INFORMATION | |||||||||||
| SEPTEMBER 27, 2026 | DECEMBER 28, 2025 | ||||||||||
| (dollars in thousands) | (UNAUDITED) | ||||||||||
| Cash and cash equivalents | $ | 90,736 | $ | 59,461 | |||||||
| Net working capital (deficit) (1) | $ | (553,233) | $ | (609,008) | |||||||
| Total assets | $ | 3,131,243 | $ | 3,171,907 | |||||||
| Total debt | $ | 767,972 | $ | 787,425 | |||||||
| Total stockholders’ equity | $ | 434,329 | $ | 337,165 | |||||||
_________________
(1)We have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). We operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures.
6
| TABLE FOUR | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| RESTAURANT-LEVEL AND ADJUSTED RESTAURANT-LEVEL OPERATING INCOME AND MARGINS NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Consolidated | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
| (dollars in thousands) | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Income (loss) from operations | $ | 18,584 | $ | (36,420) | $ | 115,950 | $ | 50,461 | |||||||||||||||
| Operating income (loss) margin | 2.0 | % | (3.9) | % | 3.8 | % | 1.7 | % | |||||||||||||||
| Less: | |||||||||||||||||||||||
| Franchise and other revenues | 17,369 | 16,893 | 53,068 | 54,565 | |||||||||||||||||||
| Plus: | |||||||||||||||||||||||
| Depreciation and amortization | 43,914 | 44,947 | 136,220 | 133,492 | |||||||||||||||||||
| General and administrative | 54,262 | 59,103 | 160,232 | 180,007 | |||||||||||||||||||
| Impairments, closures and disposal of assets | (856) | 33,236 | 8,648 | 35,126 | |||||||||||||||||||
| Restaurant-level operating income (1) | $ | 98,535 | $ | 83,973 | $ | 367,982 | $ | 344,521 | |||||||||||||||
| Restaurant-level operating margin | 10.6 | % | 9.2 | % | 12.4 | % | 11.8 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Breakage revenue adjustment (2) | (13,182) | — | (13,182) | — | |||||||||||||||||||
| Employee benefits policy change (3) | — | 2,763 | — | 2,763 | |||||||||||||||||||
| Total restaurant-level operating income adjustments | (13,182) | 2,763 | (13,182) | 2,763 | |||||||||||||||||||
| Adjusted restaurant-level operating income | $ | 85,353 | $ | 86,736 | $ | 354,800 | $ | 347,284 | |||||||||||||||
| Adjusted restaurant-level operating margin | 9.3 | % | 9.5 | % | 12.0 | % | 11.9 | % | |||||||||||||||
(1)The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:
(a)Franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income.
(b)Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants.
(c)General and administrative expense, which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate office.
(d)Asset impairment charges, restaurant closing costs and disposal of assets.
(2)Represents an adjustment to gift card breakage revenue resulting from a change in accounting estimate.
(3)Represents costs associated with updated field PTO policy in connection with the transition to a new human resources and payroll system.
7
| TABLE FIVE | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| ADJUSTED INCOME FROM OPERATIONS AND MARGIN NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| (dollars in thousands) | THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||
| Consolidated | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Income (loss) from operations | $ | 18,584 | $ | (36,420) | $ | 115,950 | $ | 50,461 | |||||||||||||||
| Operating income (loss) margin | 2.0 | % | (3.9) | % | 3.8 | % | 1.7 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Total restaurant-level operating income adjustments (1) | (13,182) | 2,763 | (13,182) | 2,763 | |||||||||||||||||||
| Impairments, closures and disposal of assets (2) | (2,888) | 31,570 | (2,888) | 29,641 | |||||||||||||||||||
| Severance and other transformational costs (3) | — | 6,587 | 6,246 | 16,187 | |||||||||||||||||||
| Foreign currency forward contract costs (4) | — | 3,254 | — | 7,815 | |||||||||||||||||||
| Total income from operations adjustments | (16,070) | 44,174 | (9,824) | 56,406 | |||||||||||||||||||
| Adjusted income from operations | $ | 2,514 | $ | 7,754 | $ | 106,126 | $ | 106,867 | |||||||||||||||
| Adjusted operating income margin | 0.3 | % | 0.8 | % | 3.5 | % | 3.6 | % | |||||||||||||||
| U.S. Segment | |||||||||||||||||||||||
| Income from operations | $ | 47,208 | $ | 1,601 | $ | 202,823 | $ | 157,732 | |||||||||||||||
| Operating income margin | 5.1 | % | 0.2 | % | 6.8 | % | 5.4 | % | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Total restaurant-level operating income adjustments (1) | (13,182) | — | (13,182) | — | |||||||||||||||||||
| Impairments, closures and disposal of assets (2) | (2,888) | 31,570 | (2,888) | 29,860 | |||||||||||||||||||
| Severance and other transformational costs (3) | — | — | 6,246 | — | |||||||||||||||||||
| Total income from operations adjustments | (16,070) | 31,570 | (9,824) | 29,860 | |||||||||||||||||||
| Adjusted income from operations | $ | 31,138 | $ | 33,171 | $ | 192,999 | $ | 187,592 | |||||||||||||||
| Adjusted operating income margin | 3.4 | % | 3.6 | % | 6.5 | % | 6.4 | % | |||||||||||||||
| International Franchise Segment | |||||||||||||||||||||||
| Income from operations | $ | 7,646 | $ | 6,998 | $ | 22,391 | $ | 22,840 | |||||||||||||||
(1)See Table Four Restaurant-level and Adjusted Restaurant-Level Operating Income and Margins Non-GAAP Reconciliations for details regarding restaurant-level operating income adjustments.
(2)The thirteen and thirty-nine weeks ended September 27, 2026 include a gain of $2.9 million from the sale of one U.S. surplus property. The thirteen and thirty-nine weeks ended September 28, 2025 primarily include costs related to the decision to close 21 U.S. restaurants and not renew the leases of 22 restaurants and asset impairments related to five underperforming U.S. restaurants.
(3)Costs for the thirty-nine weeks ended September 27, 2026 relate to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. Costs for the thirteen and thirty-nine weeks ended September 28, 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities.
(4)Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction.
8
| TABLE SIX | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| ADJUSTED NET (LOSS) INCOME AND ADJUSTED DILUTED (LOSS) EARNINGS PER SHARE NON-GAAP RECONCILIATIONS | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
| (in thousands, except per share data) | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Net (loss) income from continuing operations | $ | (1,362) | $ | (45,465) | $ | 88,372 | $ | 24,278 | |||||||||||||||
| Less: net income attributable to noncontrolling interests | 525 | 583 | 3,343 | 3,280 | |||||||||||||||||||
| Net (loss) income attributable to Bloomin’ Brands from continuing operations | (1,887) | (46,048) | 85,029 | 20,998 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Income from operations adjustments (1) | (16,070) | 44,174 | (9,824) | 56,406 | |||||||||||||||||||
| Total adjustments, before income taxes | (16,070) | 44,174 | (9,824) | 56,406 | |||||||||||||||||||
| Tax effect of adjustments (2) | 3,801 | (1,028) | 2,051 | (3,023) | |||||||||||||||||||
| Net adjustments, continuing operations | (12,269) | 43,146 | (7,773) | 53,383 | |||||||||||||||||||
| Adjusted net (loss) income, continuing operations | $ | (14,156) | $ | (2,902) | $ | 77,256 | $ | 74,381 | |||||||||||||||
| Diluted (loss) earnings per share - continuing operations | $ | (0.02) | $ | (0.54) | $ | 0.99 | $ | 0.25 | |||||||||||||||
| Adjusted diluted (loss) earnings per share - continuing operations | $ | (0.17) | $ | (0.03) | $ | 0.90 | $ | 0.87 | |||||||||||||||
| Diluted weighted average common shares outstanding | 85,636 | 85,093 | 86,318 | 85,222 | |||||||||||||||||||
(1)See Table Five Adjusted Income from Operations and Margin Non-GAAP Reconciliations above for details regarding income from operations adjustments.
(2)The tax effect of non-GAAP adjustments is determined by recomputing the Income tax provision (benefit) on an adjusted basis. The difference between the recomputed Income tax provision (benefit) and the GAAP Income tax provision (benefit) represents the tax effect of non-GAAP adjustments. The thirteen and thirty-nine weeks ended September 28, 2025 also include an adjustment to the Income tax benefit related to foreign currency gains on the Brazil Sale Transaction installment receivable.
Following is a summary of the financial statement line item classification of the net income adjustments from continuing operations:
| THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | ||||||||||||||||||||||
| (dollars in thousands) | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||
| Restaurant sales | $ | (13,182) | $ | — | $ | (13,182) | $ | — | |||||||||||||||
| Labor and other related | — | 2,763 | — | 2,763 | |||||||||||||||||||
| Depreciation and amortization | — | — | 6,246 | — | |||||||||||||||||||
| General and administrative | — | 9,841 | — | 24,084 | |||||||||||||||||||
| Impairments, closures and disposal of assets | (2,888) | 31,570 | (2,888) | 29,559 | |||||||||||||||||||
| Provision for income taxes | 3,801 | (1,028) | 2,051 | (3,023) | |||||||||||||||||||
| Net adjustments | $ | (12,269) | $ | 43,146 | $ | (7,773) | $ | 53,383 | |||||||||||||||
9
| TABLE SEVEN | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| COMPARATIVE RESTAURANT INFORMATION | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Number of restaurants: | JUNE 28, 2026 | OPENINGS | CLOSURES | SEPTEMBER 27, 2026 | |||||||||||||||||||
| U.S. | |||||||||||||||||||||||
| Outback Steakhouse | |||||||||||||||||||||||
| Company-owned | 544 | 2 | (2) | 544 | |||||||||||||||||||
| Franchised | 115 | — | (2) | 113 | |||||||||||||||||||
| Total | 659 | 2 | (4) | 657 | |||||||||||||||||||
| Carrabba’s Italian Grill | |||||||||||||||||||||||
| Company-owned | 186 | — | — | 186 | |||||||||||||||||||
| Franchised | 17 | — | — | 17 | |||||||||||||||||||
| Total | 203 | — | — | 203 | |||||||||||||||||||
| Bonefish Grill | |||||||||||||||||||||||
| Company-owned | 155 | — | (1) | 154 | |||||||||||||||||||
| Franchised | 2 | — | — | 2 | |||||||||||||||||||
| Total | 157 | — | (1) | 156 | |||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | |||||||||||||||||||||||
| Company-owned | 64 | — | — | 64 | |||||||||||||||||||
| Other | |||||||||||||||||||||||
| Franchised | 1 | — | — | 1 | |||||||||||||||||||
| U.S. total | 1,084 | 2 | (5) | 1,081 | |||||||||||||||||||
| International Franchise | |||||||||||||||||||||||
| Outback Steakhouse - Brazil | 192 | 5 | — | 197 | |||||||||||||||||||
| Outback Steakhouse - South Korea | 100 | 2 | — | 102 | |||||||||||||||||||
| Other | 62 | 1 | (1) | 62 | |||||||||||||||||||
| International Franchise total | 354 | 8 | (1) | 361 | |||||||||||||||||||
| International - Company-owned | |||||||||||||||||||||||
| Outback Steakhouse - Hong Kong | 10 | — | — | 10 | |||||||||||||||||||
| System-wide total | 1,448 | 10 | (6) | 1,452 | |||||||||||||||||||
| System-wide total - Company-owned | 959 | 2 | (3) | 958 | |||||||||||||||||||
| System-wide total - Franchised | 489 | 8 | (3) | 494 | |||||||||||||||||||
10
| TABLE EIGHT | ||||||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | ||||||||||||||||||||||||||
COMPARABLE RESTAURANT SALES, TRAFFIC AND AVERAGE CHECK PER PERSON INFORMATION | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| THIRTEEN WEEKS ENDED | THIRTY-NINE WEEKS ENDED | |||||||||||||||||||||||||
| SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | SEPTEMBER 27, 2026 | SEPTEMBER 28, 2025 | |||||||||||||||||||||||
| Year over year percentage change: | ||||||||||||||||||||||||||
| Comparable restaurant sales (restaurants open 18 months or more): | ||||||||||||||||||||||||||
| U.S. (1) | ||||||||||||||||||||||||||
| Outback Steakhouse | 1.9 | % | 0.4 | % | 0.9 | % | (0.5) | % | ||||||||||||||||||
| Carrabba’s Italian Grill | 0.6 | % | 4.1 | % | 1.2 | % | 3.1 | % | ||||||||||||||||||
| Bonefish Grill | 5.3 | % | 0.8 | % | 6.5 | % | (3.1) | % | ||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | — | % | 1.2 | % | 0.8 | % | 3.5 | % | ||||||||||||||||||
| Combined U.S. | 1.9 | % | 1.2 | % | 1.7 | % | 0.1 | % | ||||||||||||||||||
| Traffic: | ||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||
| Outback Steakhouse | (1.5) | % | — | % | (2.3) | % | (1.8) | % | ||||||||||||||||||
| Carrabba’s Italian Grill | (2.9) | % | 0.6 | % | (2.7) | % | 0.3 | % | ||||||||||||||||||
| Bonefish Grill | (0.8) | % | (1.7) | % | 2.3 | % | (7.8) | % | ||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | (1.9) | % | (1.2) | % | (2.6) | % | (0.7) | % | ||||||||||||||||||
| Combined U.S. | (1.8) | % | (0.1) | % | (1.8) | % | (2.1) | % | ||||||||||||||||||
| Average check per person (2): | ||||||||||||||||||||||||||
| U.S. | ||||||||||||||||||||||||||
| Outback Steakhouse | 3.4 | % | 0.4 | % | 3.2 | % | 1.3 | % | ||||||||||||||||||
| Carrabba’s Italian Grill | 3.5 | % | 3.5 | % | 3.9 | % | 2.8 | % | ||||||||||||||||||
| Bonefish Grill | 6.1 | % | 2.5 | % | 4.2 | % | 4.7 | % | ||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | 1.9 | % | 2.4 | % | 3.4 | % | 4.2 | % | ||||||||||||||||||
| Combined U.S. | 3.7 | % | 1.3 | % | 3.5 | % | 2.2 | % | ||||||||||||||||||
____________________
(1)Relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening.
(2)Includes the impact of menu pricing changes, product mix and discounts.
SOURCE: Bloomin’ Brands, Inc.
11