Texas Roadhouse (NASDAQ: TXRH) posts Q1 2026 growth and lifts dividend
Rhea-AI Filing Summary
Texas Roadhouse, Inc. reported strong first quarter 2026 results, with total revenue up 12.8% and income from operations up 8.6% versus the prior year period. Net income attributable to the company rose to $123,433 thousand, and diluted earnings per share increased to $1.87 from $1.70, a 9.6% gain.
Company restaurant comparable sales grew 7.1%, supported by solid traffic and a menu price increase of about 1.9% in early April. Restaurant margin was 16.3% of restaurant and other sales, slightly below 16.6% a year earlier. Operating cash flow reached $259,080 thousand, funding ongoing development and franchise acquisitions.
The Board approved a higher quarterly cash dividend of $0.75 per share, up from $0.68 a year ago, payable on June 30, 2026, to shareholders of record on June 2, 2026. The company ended the quarter with 822 restaurants system-wide and continued to open new units while acquiring franchise locations.
Positive
- Strong top- and bottom-line growth: Total revenue increased 12.8% year over year, net income attributable to the company rose 8.6%, and diluted EPS grew 9.6% to $1.87.
- Healthy same-store sales momentum: Comparable restaurant sales at company restaurants rose 7.1%, reflecting sustained traffic strength and pricing power.
- Increased shareholder returns: The quarterly cash dividend was set at $0.75 per share, above the prior-year $0.68, supported by $259,080 thousand of operating cash flow.
Negative
- None.
Insights
Texas Roadhouse delivered solid growth and raised its dividend on strong Q1 performance.
Texas Roadhouse grew total revenue by 12.8% in the first quarter of 2026, with net income attributable to the company up 8.6% and diluted EPS rising from $1.70 to $1.87. Comparable restaurant sales at company locations increased 7.1%, indicating healthy guest demand.
Restaurant margin was 16.3% of restaurant and other sales versus 16.6% a year earlier, as higher food and beverage costs, which rose to 35.3% of sales, partly offset operating leverage. Still, net cash provided by operating activities improved to $259,080 thousand, supporting growth investments and shareholder returns.
The Board approved a quarterly dividend of $0.75 per share, above the prior-year $0.68, payable on June 30, 2026 to holders of record on June 2, 2026. With 822 restaurants open at quarter-end and additional units under construction, future disclosures in company filings will show how sustained traffic trends and development progress support ongoing earnings and dividend capacity.
8-K Event Classification
Key Figures
Key Terms
restaurant margin financial
comparable restaurant sales financial
non-GAAP measures financial
forward-looking statements regulatory
operating lease right-of-use assets financial
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On May 7, 2026, Texas Roadhouse, Inc., a Delaware corporation (the “Company”), issued a press release announcing its financial results for the first quarter ended March 31, 2026. Attached to this Current Report on Form 8-K as Exhibit 99.1 is a copy of the press release.
ITEM 8.01. OTHER EVENTS
On May 6, 2026, the Company’s Board of Directors approved the payment of a quarterly cash dividend of $0.75 per share of common stock. This payment will be distributed on June 30, 2026, to shareholders of record at the close of business on June 2, 2026.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) EXHIBITS
99.1 | Press Release issued by the Company on May 7, 2026. |
104 | Cover Page Interactive File (the cover page XBRL tags are embedded in the Inline XBRL document) |
The information in this Current Report on Form 8-K at Item 2.02 and the Exhibit 99.1 attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
2
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 thereunto duly authorized.
TEXAS ROADHOUSE, INC. | ||
Date: May 7, 2026 | By: | /s/ Michael S. Lenihan |
Michael S. Lenihan | ||
Chief Financial Officer | ||
3
Exhibit 99.1
Texas Roadhouse, Inc. Announces First Quarter 2026 Results
Declares Quarterly Dividend of $0.75 per Share
LOUISVILLE, KY. (May 7, 2026) – Texas Roadhouse, Inc. (NasdaqGS: TXRH), today announced financial results for the 13 weeks ended March 31, 2026.
Financial Results
Financial results for the 13 weeks ended March 31, 2026 and April 1, 2025 were as follows:
| | 13 Weeks Ended | ||||||
($000's, except per share amounts) | | March 31, 2026 | | April 1, 2025 | | % change | ||
Total revenue | | $ | 1,633,166 | | $ | 1,447,648 | | 12.8% |
Income from operations | |
| 146,341 | |
| 134,733 | | 8.6% |
Net income | |
| 123,433 | |
| 113,662 | | 8.6% |
Diluted earnings per share | | $ | 1.87 | | $ | 1.70 | | 9.6% |
Results at company restaurants for the 13 weeks ended March 31, 2026, as compared to the prior year as applicable, included the following:
| ● | Comparable restaurant sales increased 7.1% and store weeks increased 5.7%; |
| ● | Average weekly sales were $174,151 of which $25,374 were to-go sales as compared to average weekly sales of $163,071 of which $22,146 were to-go sales in the prior year; |
| ● | Restaurant margin dollars increased 10.5% to $264.4 million from $239.3 million in the prior year primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased 36 basis points to 16.3% as commodity inflation of 6.2% and wage and other labor inflation of 3.8% were partially offset by higher sales; |
| ● | Diluted earnings per share increased 9.6% primarily driven by higher restaurant margin dollars and the impact of share repurchases partially offset by higher depreciation and amortization expenses and higher general and administrative expenses; |
| ● | Four company restaurants and two franchise restaurants were opened; and |
| ● | Capital allocation spend included capital expenditures of $80.2 million, franchise acquisitions of $71.8 million, dividends of $49.4 million, and repurchases of common stock of $28.2 million. |
Jerry Morgan, Chief Executive Officer of Texas Roadhouse, Inc., commented, “We kicked off 2026 with terrific momentum, thanks to the hard work and discipline of all our operators. Our strong traffic trends continue to fuel sales growth, and it’s clear that our commitment to delivering a legendary experience is appreciated by our guests.”
Morgan added, “On the development front, we have already opened seven company restaurants so far this year and currently have an additional 22 under construction. Our focus on new store development and strategic franchise acquisitions, along with our disciplined approach to capital allocation, has us positioned for sustained growth and ensuring we continue to generate long-term value for our shareholders.”
2026 Outlook
Comparable restaurant sales at company restaurants for the first five weeks of the second quarter of our 2026 fiscal year increased 6.5% compared to 2025. In addition, the Company implemented a menu price increase of approximately 1.9% in early April.
Management updated the following expectations for 2026:
| ● | Commodity inflation of 6% to 7%. |
Management reiterated the following expectations for 2026:
| ● | Positive comparable restaurant sales growth, including the benefit of menu pricing actions; |
| ● | Store week growth of 5% to 6%, including the benefit from franchise acquisitions; |
| ● | Wage and other labor inflation of 3% to 4%; |
| ● | An effective income tax rate of 14% to 15%; and |
| ● | Total capital expenditures of approximately $400 million. |
Cash Dividend Payment
On May 6, 2026, the Company’s Board of Directors approved the payment of a quarterly cash dividend of $0.75 per share of common stock. This payment will be distributed on June 30, 2026, to shareholders of record at the close of business on June 2, 2026.
Non-GAAP Measures
The Company prepares the unaudited condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”). Within the press release, the Company makes reference to restaurant margin (in dollars, as a percentage of restaurant and other sales, and per store week). Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent, and other operating costs. Restaurant margin should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate core restaurant-level operating efficiency and performance over various reporting periods on a consistent basis. In calculating restaurant margin, the Company excludes certain non-restaurant-level costs that support operations, but do not have a direct impact on restaurant-level operational efficiency and performance, including pre-opening and general and administrative expenses. The Company excludes pre-opening expenses as they occur at irregular intervals and would impact comparability to prior period results. The Company excludes depreciation and amortization expenses, substantially all of which relate to restaurant-level assets, as they represent a non-cash charge for the investment in restaurants. The Company excludes impairment and closure expenses as it believes this provides a clearer perspective of ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in the industry. A reconciliation of income from operations to restaurant margin is included in the accompanying financial tables.
Conference Call
Texas Roadhouse, Inc. is hosting a conference call today, May 7, 2026, at 5:00 p.m. Eastern Time to discuss these results. The call will be webcast live from the investor relations portion of the Company’s website at www.texasroadhouse.com. Listeners may also access the call by dialing (888) 440-5667 or (646) 960-0476 for international calls and referencing the Texas Roadhouse, Inc. First Quarter 2026 Earnings. A replay of the call will be available until May 14, 2026, by dialing (800) 770-2030 or (609) 800-9909 for international calls and using conference ID 7714420.
About the Company
Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment that first opened in 1993 and today has grown to over 820 restaurants system-wide in 49 states, one U.S. territory, and ten foreign countries. For more information, please visit the Company’s Web site at www.texasroadhouse.com.
Forward-looking Statements
Certain statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are based upon the current beliefs and expectations of the management of the Company. Actual results may vary materially from those contained in forward-looking statements based on a number of factors including, without limitation, conditions beyond management’s control such as weather, natural disasters, disease outbreaks, epidemics, or pandemics impacting customers or food supplies; labor or supply chain shortages or limited availability of staff or product needed to meet the Company’s business standards; changes in consumer discretionary spending and macroeconomic conditions, including inflationary pressures and the impact of tariffs; food safety and food-borne illness concerns; and other factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under “Part I—Item 1A. Risk Factors” of the Annual Report on Form 10-K for the fiscal year ended December 30, 2025. These factors should not be construed as exhaustive and should be read in conjunction with other filings with the Securities and Exchange Commission. Investors should take such risks into account when making investment decisions. Shareholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.
# # #
Contacts:
Investor Relations | Media |
Michael Bailen | Megan Pence |
(502) 515-7298 | (502) 461-1878 |
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)
| | 13 Weeks Ended | ||||
| | March 31, 2026 | | April 1, 2025 | ||
Revenue: |
| | |
| | |
Restaurant and other sales |
| $ | 1,626,689 | | $ | 1,440,342 |
Royalties and franchise fees |
| | 6,477 | |
| 7,306 |
Total revenue |
| | 1,633,166 | |
| 1,447,648 |
Costs and expenses: |
| | | |
| |
Restaurant operating costs (excluding depreciation and amortization shown separately below): |
| | | |
| |
Food and beverage |
| | 574,302 | | | 490,991 |
Labor |
| | 534,619 | | | 479,975 |
Rent |
| | 24,713 | | | 22,477 |
Other operating |
| | 228,626 | | | 207,615 |
Pre-opening |
| | 6,636 | | | 6,812 |
Depreciation and amortization |
| | 56,843 | | | 48,800 |
Impairment and closure, net |
| | — | | | 28 |
General and administrative |
| | 61,086 | | | 56,217 |
Total costs and expenses |
| | 1,486,825 | |
| 1,312,915 |
Income from operations |
| | 146,341 | |
| 134,733 |
Interest income, net |
| | 545 | | | 1,301 |
Equity income from investments in unconsolidated affiliates |
| | 144 | | | 225 |
Income before taxes |
| | 147,030 | |
| 136,259 |
Income tax expense |
| | 21,035 | | | 20,200 |
Net income including noncontrolling interests |
| | 125,995 | |
| 116,059 |
Less: Net income attributable to noncontrolling interests |
| | 2,562 | | | 2,397 |
Net income attributable to Texas Roadhouse, Inc. and subsidiaries | | $ | 123,433 | | $ | 113,662 |
| | | | | | |
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries: | |
| | |
| |
Basic | | $ | 1.87 | | $ | 1.71 |
Diluted | | $ | 1.87 | | $ | 1.70 |
Weighted average shares outstanding: | |
| | |
| |
Basic | | | 65,921 | | | 66,485 |
Diluted | | | 66,120 | | | 66,714 |
Cash dividends declared per share | | $ | 0.75 | | $ | 0.68 |
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| | March 31, 2026 | | December 30, 2025 | ||
Cash and cash equivalents |
| $ | 214,561 | | $ | 134,709 |
Other current assets, net |
| | 147,860 | |
| 316,767 |
Property and equipment, net |
| | 1,834,692 | |
| 1,803,841 |
Operating lease right-of-use assets, net |
| | 912,787 | |
| 879,521 |
Goodwill |
| | 275,036 | |
| 242,220 |
Intangible assets, net |
| | 28,622 | |
| 17,742 |
Other assets |
| | 161,172 | |
| 154,672 |
Total assets | | $ | 3,574,730 | | $ | 3,549,472 |
| | | | | | |
Current liabilities | |
| 788,841 | |
| 908,837 |
Operating lease liabilities, net of current portion | |
| 972,478 | |
| 943,070 |
Other liabilities | |
| 275,025 | |
| 215,863 |
Texas Roadhouse, Inc. and subsidiaries stockholders’ equity | |
| 1,516,957 | |
| 1,460,820 |
Noncontrolling interests | |
| 21,429 | |
| 20,882 |
Total liabilities and equity | | $ | 3,574,730 | | $ | 3,549,472 |
Texas Roadhouse, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| | 13 Weeks Ended | ||||
| | March 31, 2026 | | April 1, 2025 | ||
Cash flows from operating activities: |
| | |
| | |
Net income including noncontrolling interests |
| $ | 125,995 | | $ | 116,059 |
Adjustments to reconcile net income to net cash provided by operating activities |
| | | |
| |
Depreciation and amortization |
| | 56,843 | |
| 48,800 |
Share-based compensation expense |
| | 13,456 | |
| 12,550 |
Deferred income taxes |
| | 6,286 | |
| (4,347) |
Other noncash adjustments, net |
| | 778 | |
| 1,544 |
Change in working capital, net of acquisitions |
| | 55,722 | |
| 63,134 |
Net cash provided by operating activities |
| | 259,080 | |
| 237,740 |
Cash flows from investing activities: |
| | | |
| |
Capital expenditures - property and equipment |
| | (80,165) | | | (77,389) |
Acquisitions of franchise restaurants, net of cash acquired |
| | (71,778) | |
| (78,297) |
Other investing activities, net | | | 5,190 | | | 129 |
Net cash used in investing activities |
| | (146,753) | |
| (155,557) |
Cash flows from financing activities: |
| | | |
| |
Proceeds from revolving credit facility, net |
| | 50,000 | |
| — |
Repurchase of shares of common stock, including excise taxes as applicable |
| | (28,195) | | | (50,151) |
Dividends paid to shareholders |
| | (49,407) | | | (45,171) |
Other financing activities, net |
| | (4,873) | | | (11,001) |
Net cash used in financing activities |
| | (32,475) | |
| (106,323) |
Net increase (decrease) in cash and cash equivalents |
| | 79,852 | |
| (24,140) |
Cash and cash equivalents - beginning of period |
| | 134,709 | | | 245,225 |
Cash and cash equivalents - end of period | | $ | 214,561 | | $ | 221,085 |
Texas Roadhouse, Inc. and Subsidiaries
Reconciliation of Income from Operations to Restaurant Margin
($ in thousands)
(unaudited)
| | 13 Weeks Ended | ||||
| | March 31, 2026 | | April 1, 2025 | ||
Income from operations | | $ | 146,341 | | $ | 134,733 |
| | | | | | |
Less: | |
| | |
| |
Royalties and franchise fees | |
| 6,477 | |
| 7,306 |
| | | | | | |
Add: | |
| | |
| |
Pre-opening | |
| 6,636 | |
| 6,812 |
Depreciation and amortization | |
| 56,843 | |
| 48,800 |
Impairment and closure, net | |
| — | |
| 28 |
General and administrative | |
| 61,086 | |
| 56,217 |
| | | | | | |
Restaurant margin | | $ | 264,429 | | $ | 239,284 |
| | | | | | |
Restaurant margin (as a percentage of restaurant and other sales) | | | 16.3% | | | 16.6% |
Texas Roadhouse, Inc. and Subsidiaries
Supplemental Financial and Operating Information
($ amounts in thousands, except restaurant margin $ per
store week and weekly sales by group)
(unaudited)
| | 13 Weeks Ended |
| ||||||
| | March 31, 2026 | | April 1, 2025 | | Change | |||
Company restaurants (all concepts) |
| | |
| | |
| | |
Restaurant and other sales | | $ | 1,626,689 | | $ | 1,440,342 |
| 12.9 | % |
Store weeks | |
| 9,376 | | | 8,870 |
| 5.7 | % |
Comparable restaurant sales (1) | |
| 7.1 | % |
| 3.5 | % | | |
| | | | | | | | | |
Restaurant operating costs (as a % of restaurant and other sales) | |
| | |
| |
| | |
Food and beverage costs | |
| 35.3 | % |
| 34.1 | % | (122) | bps |
Labor | |
| 32.9 | % |
| 33.3 | % | 46 | bps |
Rent | |
| 1.5 | % |
| 1.6 | % | 4 | bps |
Other operating | |
| 14.0 | % |
| 14.4 | % | 36 | bps |
Total | |
| 83.7 | % |
| 83.4 | % | | |
| | | | | | | | | |
Restaurant margin % | |
| 16.3 | % |
| 16.6 | % | (36) | bps |
Restaurant margin $ | | $ | 264,429 | | $ | 239,284 |
| 10.5 | % |
Restaurant margin $/Store week | | $ | 28,203 | | $ | 26,977 |
| 4.5 | % |
| | | | | | | | | |
Texas Roadhouse restaurants only: | |
| | |
| |
| | |
Store weeks | |
| 8,518 | | | 8,111 |
| 5.0 | % |
Comparable restaurant sales (1) | |
| 7.5 | % |
| 3.5 | % | | |
Average unit volume (2) | | $ | 2,341 | | $ | 2,190 |
| 6.9 | % |
Weekly sales by group: | |
| | |
| |
| | |
Comparable restaurants (619 and 580 units) | | $ | 181,030 | | $ | 169,279 |
| 6.9 | % |
Average unit volume restaurants (23 and 28 units) | | $ | 155,344 | | $ | 138,192 |
| 12.4 | % |
Restaurants less than 6 months old (15 and 21 units) | | $ | 168,119 | | $ | 157,237 |
| 6.9 | % |
| | | | | | | | | |
Bubba’s 33 restaurants only: | |
| | |
| |
| | |
Store weeks | |
| 728 | | | 642 |
| 13.4 | % |
Comparable restaurant sales (1) | |
| 0.9 | % |
| 3.9 | % | | |
Average unit volume (2) | | $ | 1,610 | | $ | 1,592 |
| 1.1 | % |
Weekly sales by group: | |
| | |
| |
| | |
Comparable restaurants (48 and 41 units) | | $ | 123,624 | | $ | 123,117 |
| 0.4 | % |
Average unit volume restaurants (4 and 7 units) | | $ | 126,645 | | $ | 118,709 |
| 6.7 | % |
Restaurants less than 6 months old (4 and 2 units) | | $ | 148,448 | | $ | 145,011 |
| 2.4 | % |
| | | | | | | | | |
Texas Roadhouse franchise restaurants only: | |
| | |
| |
| | |
Store weeks | |
| 1,188 | | | 1,295 |
| (8.3) | % |
Comparable restaurant sales | |
| 6.3 | % |
| 4.7 | % | | |
| (1) | Comparable restaurant sales reflect the change in sales for all company restaurants across all concepts, unless otherwise noted, over the same period of the prior year for restaurants open a full 18 months before the beginning of the period, excluding sales from restaurants permanently closed during the period, if applicable. |
| (2) | Average unit volume includes sales from restaurants open for a full six months before the beginning of the period, excluding sales from restaurants permanently closed during the period, if applicable. |
Texas Roadhouse, Inc. and Subsidiaries
Restaurant Unit Activity
(unaudited)
| | 13 Weeks Ended | ||
| | March 31, 2026 | April 1, 2025 | Change |
Restaurant openings | | | | |
Company - Texas Roadhouse | | 4 | 7 | (3) |
Company - Bubba’s 33 | | — | 1 | (1) |
Company - Jaggers | | — | — | — |
Total company restaurants | | 4 | 8 | (4) |
| | | | |
Franchise - Jaggers - Domestic | | 1 | — | 1 |
Franchise - Texas Roadhouse - Int'l (1) | | 1 | — | 1 |
Total franchise restaurants | | 2 | — | 2 |
| | | | |
Total restaurants |
| 6 | 8 | (2) |
| | | | |
Restaurant acquisitions/dispositions | | | | |
Company - Texas Roadhouse | | 5 | 14 | (9) |
Franchise - Texas Roadhouse - Domestic | | (5) | (14) | 9 |
| | | | |
Restaurants open at the end of the quarter | | | | |
Company - Texas Roadhouse | | 657 | 629 | 28 |
Company - Bubba’s 33 | | 56 | 50 | 6 |
Company - Jaggers | | 10 | 9 | 1 |
Total company restaurants | | 723 | 688 | 35 |
| | | | |
Franchise - Texas Roadhouse - Domestic | | 31 | 42 | (11) |
Franchise - Jaggers - Domestic | | 6 | 4 | 2 |
Franchise - Texas Roadhouse - Int'l (1) | | 61 | 57 | 4 |
Franchise - Jaggers - Int'l | | 1 | 1 | — |
Total franchise restaurants | | 99 | 104 | (5) |
| | | | |
Total restaurants |
| 822 | 792 | 30 |
| (1) | Includes a U.S. territory. |