Brinker International (EAT) Q2 FY2024 earnings: revenue $1.1 billion, up 5.4% on the year

Brinker International, Inc. (EAT) reported revenue of $1.1 billion for Q2 FY2024, the quarter ended 27 December 2023, up 5.4% on the same quarter a year earlier. Net income was $42 million, up 50.9% on the year, and diluted earnings per share $0.94. The figures are the company's own, from the 10-Q it filed with the SEC on 31 January 2024.

Revenue$1.1 billionup 5.4%

Net income$42 millionup 50.9%

Diluted EPS$0.94

QuarterQ2 FY2024ended 27 December 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,074	1,012	n/a	n/a
Cost of revenue	273	259	n/a	n/a
Gross profit	801	754	n/a	n/a
Gross margin	74.6%	74.4%	n/a
Operating income	62.4	24.2	n/a	n/a
Operating margin	5.8%	2.4%	n/a
Interest expense	16.7	17.0	n/a	n/a
Income tax	3.7	0.0	n/a	n/a
Net income	42.1	7.2	n/a	n/a
Net margin	3.9%	0.7%	n/a
Diluted EPS	$0.94	$0.16	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	91.2	59.1	n/a	n/a
Capital expenditure	42.6	46.9	n/a	n/a
Free cash flow	48.6	12.2	n/a	n/a
Free cash flow margin	4.5%	1.2%	n/a
Cash from investing	-41.2	-45.6	n/a	n/a
Cash from financing	-41.7	-14.2	n/a	n/a
Share-based compensation	4.4	5.7	n/a	n/a
Buybacks	0.4	24.7	n/a	n/a
Dividends paid	0.0	0.0	n/a	n/a
Diluted shares, weighted	45m	45m	n/a	n/a
Shares outstanding at period end	44m	44m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	-110	-156	n/a	n/a
Debt	882	924	n/a	n/a
Operating lease liabilities	1,088	1,105	n/a	n/a
Other liabilities	650	602	n/a	n/a
Total liabilities and equity	2,511	2,475	n/a	n/a
Fixed assets	819	816	n/a	n/a
Goodwill	195	195	n/a	n/a
Intangible assets	22.1	23.0	n/a	n/a
Cash and equivalents	22.7	14.4	n/a	n/a
Receivables	79.4	49.2	n/a	n/a
Inventory	34.3	32.5	n/a	n/a
Other assets	1,338	1,345	n/a	n/a
Total assets	2,511	2,475	n/a	n/a

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	1,012	1,074	1,120	1,208	1,139	1,358	1,425	1,462	1,349	1,452	1,470	1,536
Cost of revenue	259	273	278	298	284	344	353	369	345	370	373	399
Gross profit	754	801	842	910	855	1,014	1,072	1,093	1,005	1,082	1,097	1,136
Gross margin	74%	75%	75%	75%	75%	75%	75%	75%	74%	74%	75%	74%
Operating income	24.2	62.4	69.9	73.1	56.4	156	157	143	118	168	167	167
Operating margin	2%	6%	6%	6%	5%	11%	11%	10%	9%	12%	11%	11%
Interest expense	17.0	16.7	16.2	15.1	14.3	14.7	13.2	10.9	10.5	10.7	10.1	9.2
Net income	7.2	42.1	48.7	57.3	38.5	118	119	107	99.5	128	128	131
Net margin	1%	4%	4%	5%	3%	9%	8%	7%	7%	9%	9%	9%
Diluted EPS	$0.16	$0.94	$1.08	$1.24	$0.84	$2.61	$2.56	$2.30	$2.17	$2.86	$2.87	$2.99
Operating cash flow	59.1	91.2	130	142	62.8	218	212	186	121	219	232	218
Capital expenditure	46.9	42.6	51.4	58.0	56.5	49.3	79.6	79.9	58.6	63.7	51.2	58.4
Free cash flow	12.2	48.6	78.7	83.5	6.3	169	132	106	62.2	155	181	159
Buybacks	24.7	0.4	0.5	0.2	74.8	10.4	1.1	3.9	134	100	108	100
Dividends paid	0.0	0.0	0.2	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Shares outstanding	44m	44m	44m	45m	44m	44m	44m	44m	44m	44m	43m	42m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 27 December 2023, filed 31 January 2024, accession 0000703351-24-000006: the filing on EDGAR. All of Brinker International, Inc.'s filings: EDGAR company page.

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