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Texas Roadhouse, Inc.

TXRH Consumer Cyclical Restaurants

Texas Roadhouse, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $5.9 billion, up 9.39% from fiscal 2024.

Revenue
+11.1%
EPS
−0.53%
Free cash flow
+120.6%

Quarter to June 2026, against a year earlier

192.06 4.39 −2.23%
Market cap
$12.6B
P/E
30.7×
Fwd P/E
28.0×
Dividend yield
1.53%
F-score
5/9
Altman Z
5.71
Beneish M
−2.69
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Restaurant and other sales
  • Royalties
  • Franchise fees

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 9.71
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 2 — 4 — 5 — 1 6 — — —
Insider Ownership 0.50%

Capital & Financial Ratios $m

Size
Market Cap 12,590.00
Revenue ttm 6,231.52
Net income ttm 422.09
Free cash flow ttm 437.76
Net debt Q (152.43)
Valuation
P/E 30.68
Forward P/E 28.00
Price / sales 2.02
Forward P/S Powerpack
Price / FCF 28.82
Price / book 7.99 (above 6: high)
Financial health
Current ratio Q 0.46 (below 1: weak)
Debt / equity Q 0.03 (at or below 0.5: strong)
Interest coverage Q (139.85)
Growth
Revenue growth Q +11.11% (above 0%: growing)
Operating income growth Q −2.43% (below 0%: shrinking)
EPS, this year +5.76%
EPS, next year A +17.88% (at or above 15%: strong)
Revenue, next year A +10.92% (at or above 10%: strong)
EPS, past 5 yrs +68.43% (at or above 15%: strong)
EPS, next 5 yrs A +14.55%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.0×, against a ten-year median of 1.8×; over the ten years it ranged from 1.0× in 2020 to 2.8× in 2021.
P/E against its own 10 years 74.73%
10-year low 10-year high
P/S against its own 10 years 73.08%
10-year low 10-year high
P/B against its own 10 years 84.23%
10-year low 10-year high
EV/Sales against its own 10 years 70.63%
10-year low 10-year high
EV/FCF against its own 10 years 39.31%
10-year low 10-year high

Dividends raised 5 years running

Yield
1.53%
Annual rate
2.93
Payout ratio
46.9%
Growth, 2017–25
+15.8%/yr
  1. 0.84 ’17
  2. 1.00 ’18 +19
  3. 1.20 ’19 +20
  4. 0.36 ’20 −70
  5. 1.20 ’21 +233
  6. 1.84 ’22 +53
  7. 2.20 ’23 +20
  8. 2.44 ’24 +11
  9. 2.72 ’25 +11
  10. 3.00 ’26e +10
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 104 245 135 202
Receivables 175 193 215 74
Inventory 38 41 46 50
Other — — — —
356 517 451 362
2023 2024 2025 Q'26
Payables 132 145 163 179
ST’ Debt — — — —
Other — 828 909 —
745 828 909 791

Compound Annual Growth %

10y 5y 3y
Sales 12.52% 19.64% 13.55%
Cash Flow 12.35% 25.94% 12.58%
Earnings 15.39% 66.97% 14.55%
Book Value 8.14% 9.46% 12.97%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.90 Actual 1.85

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.28 1.25 Miss by 0.03
Q4 FY25 1.53 1.28 Miss by 0.25
Q1 FY26 1.87 1.87 Met by 0.00
Q2 FY26 1.90 1.85 Miss by 0.05
Q3 FY26 1.49 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.87 1.85 — — —
’25 1.70 1.86 1.25 1.28 6.10
’24 1.69 1.79 1.26 1.73 6.47
’23 1.28 1.22 0.95 1.08 4.54
’22 1.08 1.07 0.93 0.89 3.97
’21 0.91 1.08 0.75 0.76 3.50
’20 0.23 (0.48) 0.42 0.28 0.45
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,633 1,680 — — —
’25 1,448 1,512 1,436 1,482 5,878
’24 1,321 1,341 1,273 1,438 5,373
’23 1,174 1,171 1,122 1,164 4,632
’22 987 1,025 993 1,010 4,015
’21 801 899 869 896 3,464
’20 653 476 631 638 2,398
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 259 180 — — —
’25 238 128 144 220 730
’24 243 134 139 238 754
’23 189 99 103 174 565
’22 188 111 96 117 512
’21 178 119 52 120 469
’20 22 40 84 84 230
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 189 85 — — —
’25 160 39 19 144 362
’24 169 62 48 138 417
’23 124 16 15 81 236
’22 141 51 40 49 281
’21 142 74 0 58 274
’20 (23) 5 49 49 80
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 12.1% a year for ten years. It grew 24.1% a year over the last ten.

Implied
12.1%
10 years, reported
24.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,991 2,220 2,457 2,756 2,398 3,464 4,015 4,632 5,373 5,878 6,232 +12.8% 6,520 7,139 7,743 +9.6%
Gross margin, % 19.36 19.05 18.09 18.00 11.83 17.51 16.28 15.87 17.63 15.93 15.69 (3.4) pt
EBT 172 186 189 214 19 293 321 358 524 481 487 +12.1%
EBT margin, % 8.63 8.39 7.67 7.76 0.80 8.46 8.00 7.74 9.76 8.18 7.81 (0.5) pt
Net income 121 138 164 182 35 253 278 314 444 414 422 +14.7%
Per share, $
Per share, $ Revenue 28.28 31.27 34.39 39.09 34.54 49.69 59.35 69.24 80.50 88.63 94.85 +13.5%
Earnings 1.64 1.85 2.21 2.47 0.45 3.52 3.99 4.56 6.50 6.11 6.26 +15.7%
Cash flow 3.65 4.03 4.94 5.31 3.32 6.73 7.57 8.45 11.29 11.01 12.23 +13.0%
Capex (2.34) (2.28) (2.18) (3.02) (2.17) (2.80) (3.41) (4.91) (5.05) (5.54) (5.56) +10.1%
Free cash flow 1.31 1.76 2.75 2.28 1.15 3.93 4.15 3.53 6.24 5.46 6.66 +17.2%
Book value 10.77 11.99 13.44 13.21 13.58 15.40 15.19 17.30 20.58 22.34 24.05 +8.4%
Shares, m 70 71 71 71 69 70 68 67 67 66 66 (0.7%)
Valuation, ×
Valuation, × P/E 29.16 29.10 27.01 22.80 173.69 25.44 23.42 26.16 27.76 27.17 30.68 41.2
P/S 1.69 1.72 1.74 1.44 2.26 1.80 1.57 1.72 2.24 1.87 2.02 1.8
P/B 4.44 4.49 4.44 4.26 5.76 5.80 6.13 6.89 8.77 7.43 7.99 5.8
EV/Sales 1.66 1.68 1.65 1.60 2.45 1.74 1.55 1.87 2.34 1.98 2.01 1.9
EV/FCF 35.81 29.84 20.61 27.44 73.53 22.06 22.19 36.62 30.18 32.16 28.59 33.0
Cash, $m
Cash, $m Operating cash flow 257 286 353 374 230 469 512 565 754 730 803 +12.3%
Capex (165) (162) (156) (213) (151) (195) (231) (329) (337) (368) (366) +9.3%
Free cash flow 92 125 197 161 80 274 281 236 417 362 438 +16.4%
Balance, $m
Balance, $m Working capital (79) (73) (40) (169) 4 (39) (255) (389) (312) (457) (429) +21.5%
Net debt (60) (99) (208) 448 449 (236) (124) (104) (245) (135) (152) +9.3%
Shareholders’ equity 758 851 961 931 943 1,073 1,028 1,158 1,374 1,482 1,580 +7.7%
Returns, %
Returns, % ROA 10.45 10.48 11.30 10.10 1.45 10.14 10.71 11.46 14.49 12.03 11.93 +1.6 pt
ROIC 15.40 15.47 15.60 9.61 1.07 22.17 22.14 21.01 28.61 22.03 21.14 +6.6 pt
ROE 16.11 16.34 17.46 18.44 3.34 24.33 25.68 27.90 34.26 28.41 27.13 +12.3 pt
People
People Employees 52,500 56,300 64,900 67,900 61,600 73,300 82,000 91,000 95,000 101,000 — +7.5%
Revenue/emp, $m 0.04 0.04 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.06 — +4.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Texas Roadhouse, Inc. operates restaurants, predominantly in casual dining, serving customers who want moderately priced meals and table service. Founded in 1993 and headquartered in Louisville, Kentucky, the company is led by Chief Executive Officer Gerald L. Morgan.

Its main concept, Texas Roadhouse, is a full-service steakhouse. Restaurants offer steaks cooked to order, along with ribs, seafood, chicken, burgers, salads and other dishes. Most entrées come with two made-from-scratch sides; dine-in guests also receive peanuts and fresh baked rolls. Nearly all Texas Roadhouse locations focus on dinner during weekdays, although some also serve Friday lunch.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Restaurant and other sales 5,847 99.48%
Royalties 28 0.48%
Franchise fees 3 0.05%
Gross margin 15.93%
Operating margin 8.08%
Pre-tax margin 8.18%

Revenue by segment since 2016

Texas Roadhouse, Inc. vs peers in Restaurants (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DRI Darden Restaurants, Inc. $25.9B 22.1× 19.6× +5.11% (above 0%: growing) −7.24% (below 0%: shrinking) −41.21% (below 0%: shrinking) 20.50% 9.98% Compare
YUMC Yum China $17.0B 17.2× 15.5× +8.45% (above 0%: growing) +19.74% (above 0%: growing) +2.28% (above 0%: growing) 0.00% 12.97% Compare
TXRH Texas Roadhouse, Inc. $12.6B 30.7× 28.0× +11.11% (above 0%: growing) −0.53% (below 0%: shrinking) +120.59% (above 0%: growing) 16.80% 8.50%
DPZ Domino's Pizza Inc $11.2B 18.8× 16.4× +3.36% (above 0%: growing) +12.75% (above 0%: growing) −3.26% (below 0%: shrinking) 40.18% 20.39% Compare
EAT Brinker International, Inc. $8.8B 18.2× 15.7× +9.37% (above 0%: growing) +20.68% (above 0%: growing) +69.39% (above 0%: growing) 18.46% 10.23% Compare
CAVA CAVA Group, Inc. $7.0B 107× 108× +21.97% (above 0%: growing) −15.38% (below 0%: shrinking) −661.08% (below 0%: shrinking) 44.12% 4.21% Compare
JMKE Jersey Mike�s Subs Inc. $6.4B — — — — — 100.00% 22.97% Compare
BROS Dutch Bros Inc. $6.0B 44.8× 51.6× +29.81% (above 0%: growing) +42.86% (above 0%: growing) +429.07% (above 0%: growing) 23.96% 9.61% Compare
CAKE The Cheesecake Factory Incorporated $5.5B 24.9× 24.0× +13.91% (above 0%: growing) +92.65% (above 0%: growing) +24.49% (above 0%: growing) 16.35% 7.25% Compare
Median of peers $7.9B 22.1× 19.6× +9.37% +19.74% +2.28% 22.23% 10.11%

All 55 Restaurants stocks →

From the latest earnings call

Updated

  • CEO Jerry Morgan said second-quarter comparable sales rose 6.2%, including 3% traffic growth, while CFO Mike Lenihan reported continued comparable sales growth in the third quarter’s first five weeks.
  • Mike Lenihan said Texas Roadhouse lowered its full-year commodity inflation forecast to approximately 5%, while Jerry Morgan confirmed plans for approximately 35 company-owned openings.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.06%
Held by the ten largest 50.75%
Holder Shares Stake Change
BlackRock 6.59m 10.05% −140.84k
Vanguard 6.56m 10.00% −27.35k
Capital Group 4.40m 6.71% −37.50k
AQR Capital Management 4.07m 6.21% +472.46k
AllianceBernstein 3.23m 4.93% +196.92k
State Street 2.08m 3.17% +40.15k
Victory Capital 1.82m 2.78% +204.99k
Fidelity (FMR) 1.65m 2.51% +5.49k
Wellington Management 1.54m 2.35% +119.80k
Geode Capital Management 1.34m 2.04% −76.46k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Texas Roadhouse, Inc. (TXRH) Latest News

6 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

29 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

28 Oct

Impact 3 · · Trefis

26 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · nrn.com

14 Oct

Impact 3 · · Investing.com

7 Oct

Impact 3 · · Simply Wall St.

5 Oct

Impact 3 · · StockStory

22 Sep

Impact 4 · · MarketBeat

20 Sep

Impact 3 ·

21 Aug

Impact 3 ·

14 Aug

Impact 3 ·

7 Aug

Impact 4 · · MarketBeat transcript
Impact 3 · · nrn.com
Impact 3 · transcript

6 Aug

Impact 4 ·
Impact 3 ·

4 Aug

Impact 3 ·

3 Aug

Impact 3 · · The Motley Fool

30 Jul

Impact 3 ·

28 Jul

Impact 3 ·

23 Jul

Impact 3 ·

15 Jul

Impact 3 · · fsrmagazine.com

12 Jul

Impact 3 ·

10 Jul

Impact 4 ·

18 May

Impact 3 · · StockStory

TXRH metrics, ten years each

stockrow.com/TXRH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com