Texas Roadhouse (TXRH) Q4 FY2023 earnings: revenue $1.2 billion, up 15.3% on the year

Texas Roadhouse, Inc. (TXRH) reported revenue of $1.2 billion for Q4 FY2023, the quarter ended 26 December 2023, up 15.3% on the same quarter a year earlier. Net income was $72 million, up 21.0% on the year, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$1.2 billionup 15.3%

Net income$72 millionup 21.0%

Diluted EPS$1.08

QuarterQ4 FY2023ended 26 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	1,164	1,122	n/a	n/a
Cost of revenue	981	952	n/a	n/a
Gross profit	184	169	n/a	n/a
Gross margin	15.8%	15.1%	n/a
Operating income	83.8	73.9	n/a	n/a
Operating margin	7.2%	6.6%	n/a
Pre-tax income	84.2	74.5	n/a	n/a
Income tax	9.2	8.9	n/a	n/a
Effective tax rate	10.9%	11.9%	n/a
Net income	72.4	63.8	n/a	n/a
Net margin	6.2%	5.7%	n/a
Diluted EPS	$1.08	$0.95	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	174	103	n/a	n/a
Capital expenditure	103	89.3	n/a	n/a
Free cash flow	71.1	13.2	n/a	n/a
Free cash flow margin	6.1%	1.2%	n/a
Cash from investing	-93.6	-87.5	n/a	n/a
Cash from financing	-45.7	-53.0	n/a	n/a
Depreciation and amortisation	40.4	39.1	n/a	n/a
Share-based compensation	9.0	8.5	n/a	n/a
Buybacks	4.9	12.1	n/a	n/a
Dividends paid	36.8	36.7	n/a	n/a
Dividend per share	n/a	$0.55	n/a	n/a
Diluted shares, weighted	67m	67m	n/a	n/a
Shares outstanding at period end	67m	67m	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	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,142	1,104	n/a	n/a
Non-controlling interest	15.8	15.2	n/a	n/a
Debt	0.0	0.0	n/a	n/a
Operating lease liabilities	743	730	n/a	n/a
Other liabilities	892	697	n/a	n/a
Total liabilities and equity	2,793	2,546	n/a	n/a
Fixed assets	1,475	1,425	n/a	n/a
Goodwill	170	170	n/a	n/a
Intangible assets	3.5	4.2	n/a	n/a
Cash and equivalents	104	69.3	n/a	n/a
Receivables	175	49.0	n/a	n/a
Inventory	38.3	36.6	n/a	n/a
Other assets	827	792	n/a	n/a
Total assets	2,793	2,546	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,122	1,164	1,321	1,341	1,273	1,438	1,448	1,512	1,436	1,482	1,633	1,680
Cost of revenue	952	981	1,086	1,091	1,063	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross profit	169	184	236	250	210	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	15%	16%	18%	19%	16%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income	73.9	83.8	133	143	102	139	135	146	96.9	96.7	146	143
Operating margin	7%	7%	10%	11%	8%	10%	9%	10%	7%	7%	9%	8%
Pre-tax income	74.5	84.2	135	145	104	141	136	149	97.7	98.0	147	144
Tax rate	12%	11%	14%	15%	17%	16%	15%	15%	13%	12%	14%	14%
Net income	63.8	72.4	113	120	84.4	116	114	124	83.2	84.6	123	122
Net margin	6%	6%	9%	9%	7%	8%	8%	8%	6%	6%	8%	7%
Diluted EPS	$0.95	$1.08	$1.69	$1.79	$1.26	$1.73	$1.70	$1.86	$1.25	$1.28	$1.87	$1.85
Operating cash flow	103	174	243	134	139	238	238	128	144	220	259	180
Capital expenditure	89.3	103	77.7	77.8	91.1	108	77.4	92.5	129	89.2	80.2	98.7
Free cash flow	13.2	71.1	166	56.1	47.7	130	160	35.7	14.7	131	179	81.5
Buybacks	12.1	4.9	8.9	26.2	9.6	35.3	50.2	10.3	40.0	50.0	28.2	43.6
Dividends paid	36.7	36.8	40.8	40.7	40.7	40.7	45.2	45.1	45.1	44.9	49.4	49.3
Shares outstanding	67m	67m	67m	67m	67m	67m	66m	66m	66m	66m	66m	66m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

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-K for the period ended 26 December 2023, filed 23 February 2024, accession 0001558370-24-001595: the filing on EDGAR. All of Texas Roadhouse, Inc.'s filings: EDGAR company page.

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