Bloomin' Brands, Inc.

Bloomin' Brands, Inc. operates a portfolio of casual dining restaurant concepts centered on Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. The company earns revenue from company-operated restaurants as well as franchise royalties, license fees, and franchise rights. Its business is built around differentiated dining occasions that range from value-oriented casual meals to polished casual and fine dining. In recent years, management has emphasized a turnaround plan focused on improving guest experience, refreshing restaurants, and restoring traffic at Outback Steakhouse. The company also has a meaningful international franchise footprint, though it sold the majority ownership of its Brazil operations in late 2024 and now treats that market as unconsolidated franchise activity.

5,4 %

70,2 %

0,2 %

+0,1 %

0.31

0.24

— Bloomin' Brands, Inc.
%
Company-operated restaurants95% Food and beverage sales from owned and operated Outback, Carrabba’s, Bonefish, and Fleming’s locations.
Franchise and license revenue5% Royalties, franchise fees, and other income from franchised restaurants in the U.S. and abroad.

Bloomin' Brands serves consumers looking for full-service dining occasions rather than quick-service meals, with...

  • U.S. casual dining guestsprimary

    Guests buying sit-down meals at Outback Steakhouse and Carrabba’s Italian Grill for everyday dining and value-oriented occasions.

  • Premium dining guestssecondary

    Guests choosing Fleming’s Prime Steakhouse & Wine Bar for higher-ticket steak, wine, and special-occasion dining.

  • Polished casual seafood guestssecondary

    Guests visiting Bonefish Grill for seafood-focused meals and a more upscale casual experience.

  • Franchise partnerssecondary

    Operators in international markets that purchase franchise rights and pay royalties and fees to run Bloomin’ Brands concepts.

  • Loyal repeat guestsemerging

    Members of Dine Rewards and other repeat customers who are targeted to increase visit frequency and traffic.

Bloomin' Brands operates primarily in the United States, where it owned and operated 967 restaurants as of December 28,...

  • •U.S. company-operated restaurants are the core revenue base
  • •Franchised restaurants operate across 12 countries
  • •Brazil is now primarily a franchise and minority-investment exposure
  • •International markets add royalty income with lower capital needs
  • •U.S. traffic trends matter most for consolidated performance
  • •Foreign currency and local conditions affect international results

Management is executing a turnaround strategy centered on Outback Steakhouse and broader brand revitalization...

01
Turn around Outback Steakhouseshort-term

Outback is the flagship brand and the main lever for restoring traffic, relevance, and profitability.

02
Refresh the restaurant basemedium-term

Updating existing units supports guest perception, brand standards, and traffic without relying on aggressive expansion.

03
Balance reinvestment with debt reductionmedium-term

Preserving financial flexibility is important in a discretionary, traffic-sensitive business with inflation pressure.

Bloomin' Brands faces intense competition from casual dining peers, quick-service and fast-casual chains, supermarkets,...

high

Brand deterioration and weak guest relevance

The company depends on brand perception to drive same-restaurant sales and new unit economics, especially in a crowded casual dining market.

Scope
Outback Steakhouse and other core brands
Materiality
high
high

Commodity, freight, and labor inflation

Restaurant margins are sensitive to beef, pork, chicken, distribution, and staffing costs that can rise faster than menu pricing.

Scope
U.S. company-operated restaurants
Materiality
high
high

Food safety and food-borne illness incidents

Any contamination or safety event can reduce demand, trigger legal claims, and increase costs across the system.

Scope
All restaurant concepts
Materiality
high
high

Cybersecurity and systems disruption

Point-of-sale, payroll, supply chain, and customer-facing systems are operationally critical and vulnerable to attack or outage.

Scope
Enterprise-wide
Materiality
medium
medium

International currency and political risk

Foreign operations and franchised markets are exposed to exchange-rate volatility and local economic or legal conditions.

Scope
International franchise segment and Brazil-related exposure
Materiality
medium
Gift card breakage and unearned revenue
Can materially influence liquidity analysis and deferred revenue balances
Goodwill and indefinite-lived intangible impairment
Potential non-cash charges to earnings and equity
Operating lease accounting
Material balance sheet and expense recognition effects
Seasonality and quarterly comparability
Quarterly results can be volatile and should not be annualized mechanically

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: 11/08/2026