Texas Roadhouse (TXRH) FY2025 results: revenue $5.9 billion, up 9.4% on the year
Texas Roadhouse, Inc. (TXRH) reported revenue of $5.9 billion for fiscal 2025, the year ended 30 December 2025, up 9.4% on the year before. Net income was $406 million, down 6.5%, and diluted earnings per share $6.10. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 lowered, 1 new, 4 kept.
- Quarterly profit fell despite higher revenue: Total revenue rose 3.1% to $1,482,031 thousand, while income from operations fell 30.2% to $96,717 thousand and diluted EPS fell 26.1% to $1.28. The quarter had 13 weeks against 14.
- Comparable sales rose 4.2% in quarter: Company restaurant comparable sales rose 4.2% in the quarter, down from 7.7% a year earlier. Fiscal 2025 comparable sales rose 4.9%.
- Restaurant margin fell 309 basis points: Restaurant margin was 13.9% of restaurant and other sales, down 309 basis points. Commodity inflation of 9.5% and wage and other labor inflation of 2.9% were partly offset by higher sales.
- First seven weeks of 2026 up 8.2%: Company comparable sales for the first seven weeks of fiscal 2026 rose 8.2% against 2025, the first results given for the new year.
- Five franchise restaurants acquired January 1: Five domestic franchise restaurants were acquired on the first day of fiscal 2026 for about $72 million, after being agreed in the prior release.
From this 10-K
Texas Roadhouse runs restaurants, mostly in the casual dining segment, under three concepts: Texas Roadhouse, Bubba's 33 and Jaggers. Its late founder, W. Kent Taylor, opened the first Texas Roadhouse in Clarksville, Indiana, in 1993. It was incorporated in Delaware in 2004 and has its principal executive office in Louisville, Kentucky. At December 30, 2025 it had 816 restaurants in 49 states, one U.S. territory and ten foreign countries. Texas Roadhouse and Bubba's 33 are its reportable segments, and Jaggers and its retail initiatives are separate operating segments.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 5,878 | 5,373 | 4,632 | +9.4% | |
| Cost of revenue | n/a | n/a | 3,897 | ||
| Gross profit | n/a | n/a | 735 | ||
| Gross margin | n/a | n/a | 15.9% | ||
| Operating income | 475 | 517 | 354 | -8.1% | |
| Operating margin | 8.1% | 9.6% | 7.6% | ||
| Pre-tax income | 481 | 524 | 358 | -8.3% | |
| Income tax | 66.4 | 80.1 | 44.6 | -17.1% | |
| Effective tax rate | 13.8% | 15.3% | 12.5% | ||
| Net income | 406 | 434 | 305 | -6.5% | |
| Net margin | 6.9% | 8.1% | 6.6% | ||
| Diluted EPS | $6.10 | $6.47 | $4.54 | -5.7% |
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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
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 730 | 754 | 565 | -3.1% | |
| Capital expenditure | 388 | 354 | 347 | +9.5% | |
| Free cash flow | 342 | 399 | 218 | -14.3% | |
| Free cash flow margin | 5.8% | 7.4% | 4.7% | ||
| Cash from investing | -483 | -337 | -367 | ||
| Cash from financing | -358 | -276 | -267 | ||
| Depreciation and amortisation | 207 | 178 | 153 | +16.0% | |
| Share-based compensation | 47.8 | 47.1 | 34.2 | +1.5% | |
| Buybacks | 150 | 80.0 | 50.0 | +88.0% | |
| Dividends paid | 180 | 163 | 147 | +10.7% | |
| Dividend per share | $2.72 | $2.44 | $2.20 | +11.5% | |
| Diluted shares, weighted | 67m | 67m | 67m | -0.7% | |
| Shares outstanding at period end | 66m | 67m | 67m | -0.9% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 1,461 | 1,358 | 1,142 | +7.5% | |
| Non-controlling interest | 20.9 | 15.4 | 15.8 | +35.8% | |
| Debt | 0.0 | 0.0 | 0.0 | ||
| Operating lease liabilities | 943 | 826 | 743 | +14.1% | |
| Other liabilities | 1,125 | 991 | 892 | +13.5% | |
| Total liabilities and equity | 3,549 | 3,191 | 2,793 | +11.2% | |
| Fixed assets | 1,804 | 1,618 | 1,475 | +11.5% | |
| Goodwill | 242 | 170 | 170 | +42.7% | |
| Intangible assets | 17.7 | 1.3 | 3.5 | +1,302.5% | |
| Cash and equivalents | 135 | 245 | 104 | -45.1% | |
| Receivables | 215 | 193 | 175 | +11.0% | |
| Inventory | 45.6 | 40.8 | 38.3 | +11.8% | |
| Other assets | 1,091 | 923 | 827 | +18.2% | |
| Total assets | 3,549 | 3,191 | 2,793 | +11.2% |
10-K for the year ended 30 December 2025, filed 27 February 2026: the filing.