Texas Roadhouse, Inc.

Texas Roadhouse, Inc. is a U.S.-based restaurant company centered on full-service casual dining. It operates three concepts—Texas Roadhouse, Bubba’s 33, and Jaggers—through company-owned restaurants, franchised locations, and related retail initiatives across the United States and select international markets.

11,6 %

7,0 %

+9,4 %

0.50

0.45

— Texas Roadhouse, Inc.
%
Texas Roadhouse restaurants82% Full-service casual dining steakhouses serving steaks, ribs, chicken, seafood, and sides.
Bubba’s 33 restaurants12% Casual dining restaurants offering burgers, pizza, wings, appetizers, and drinks.
Jaggers restaurants3% Fast-casual restaurants focused on burgers, chicken sandwiches, salads, and shakes.
Franchise operations2% Domestic and international franchised restaurants under the company’s concepts.
Retail initiatives1% Brand-related retail and other ancillary initiatives outside restaurant sales.

The company serves consumers seeking moderately priced, sit-down meals with a strong value proposition and a...

  • Casual dining consumersprimary

    Guests buying sit-down meals at Texas Roadhouse and Bubba’s 33 for value, service, and atmosphere.

  • Fast-casual dinerssecondary

    Guests choosing Jaggers for quicker service, drive-thru, carry-out, and made-to-order food.

  • Franchise operatorssecondary

    Domestic and international partners that buy development rights and operate branded restaurants.

  • Retail customersemerging

    Consumers purchasing branded retail items tied to the company’s restaurant concepts.

Texas Roadhouse operates primarily in the United States, with restaurants in 49 states and one U.S. territory...

  • •U.S. is the core market, with restaurants in 49 states
  • •One U.S. territory adds a small non-state domestic presence
  • •International franchising spans ten foreign countries
  • •Louisville, Kentucky is the principal executive office
  • •Geographic expansion is driven by site selection and development rights

The company’s strategy is to expand its restaurant base in attractive domestic and international markets while...

01
Expand the restaurant basemedium-term

Growth depends on adding profitable locations in markets with strong demand and suitable sites.

02
Acquire domestic franchise restaurantsmedium-term

Buying franchise locations can increase company-operated scale and control over economics.

03
Optimize restaurant-level economicsshort-term

Restaurant margin is the key operating measure used to evaluate performance and capital decisions.

The business is exposed to intense restaurant competition, site-selection risk, labor availability, and changing...

high

Restaurant expansion execution risk

Growth depends on opening profitable restaurants on time and in the right locations.

Scope
New store openings, pre-opening costs, site selection
Materiality
high
high

Intense industry competition

Guests can switch to other casual dining, fast-casual, delivery, or grocery options.

Scope
Pricing, traffic, market share
Materiality
high
medium

Labor and human capital pressure

Restaurants require large frontline staffing and service quality depends on retention and recruiting.

Scope
Wages, turnover, service consistency
Materiality
high
medium

Food quality, safety, and litigation risk

Any food-related incident or lawsuit can damage guest trust and create legal costs.

Scope
Brand reputation, liability
Materiality
medium
medium

Cybersecurity and vendor disruption

Digital systems and third-party vendors support operations and guest experience.

Scope
IT systems, website, applications, vendor processes
Materiality
medium
Long-lived asset impairment
Can create impairment charges for underperforming or closed locations
Goodwill impairment
Could materially affect earnings if brand or segment value declines
Lease accounting and guarantees
Impacts occupancy-related assets, liabilities, and disclosures
Closure and relocation costs
Can cause volatility in operating results

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: 29.4.2026