Bloomin’ Brands (Nasdaq: BLMN) lifts Q1 2026 EPS and reaffirms 2026 outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Bloomin’ Brands reported higher earnings for Q1 2026, with diluted EPS from continuing operations of $0.64 versus $0.50 in Q1 2025 and adjusted diluted EPS of $0.67 versus $0.59, reflecting fewer restructuring costs and improved restaurant profitability.
Total revenues were $1,059.7 million, up 1.0% from $1,049.6 million, as higher comparable sales and average check helped offset cost inflation. GAAP operating income margin edged up to 5.6%, while adjusted operating margin was 5.9%. Combined U.S. comparable restaurant sales rose 0.9%, with Bonefish Grill up 6.1% and Outback Steakhouse slightly down 0.3%.
The company reaffirmed its full-year 2026 outlook and expects Q2 2026 U.S. comparable sales growth of 1%–2%, diluted EPS of $0.24–$0.29, and adjusted diluted EPS of $0.27–$0.32, based on approximately 86 million diluted shares.
Positive
- Strong earnings growth: Diluted EPS from continuing operations increased to $0.64 from $0.50, and adjusted diluted EPS rose to $0.67 from $0.59, with net income attributable to Bloomin’ Brands from continuing operations up to $55.2 million from $42.4 million.
Negative
- None.
Insights
Q1 2026 shows solid EPS growth on modest sales gains and stable guidance.
Bloomin’ Brands delivered Q1 2026 diluted EPS of $0.64, up $0.14, and adjusted diluted EPS of $0.67, up $0.08, on a 1.0% revenue increase to $1,059.7M. Margin performance was steady, with GAAP operating margin at 5.6% and restaurant-level margin at 14.0%.
Net income attributable to the company from continuing operations rose to $55.2M from $42.4M, helped by lower general and administrative costs and higher average check per person. Offsetting factors included higher impairment and closing costs and ongoing commodity, labor and operating cost inflation.
Brand trends were mixed: Combined U.S. comparable sales increased 0.9%, led by Bonefish Grill at 6.1%, while Outback Steakhouse comps dipped 0.3% and U.S. traffic fell 1.8%. Management reaffirmed full-year 2026 guidance and projected Q2 2026 U.S. comparable sales growth of 1–2% and adjusted EPS of $0.27–$0.32, suggesting expectations for continued but measured progress.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total revenues: $1,059.7 million
Diluted EPS (continuing operations): $0.64
Adjusted diluted EPS (continuing operations): $0.67
+5 more
8 metrics
Total revenues
$1,059.7 million
Q1 2026 vs $1,049.6 million in Q1 2025; 1.0% increase
Diluted EPS (continuing operations)
$0.64
Q1 2026 vs $0.50 in Q1 2025; change of $0.14
Adjusted diluted EPS (continuing operations)
$0.67
Q1 2026 vs $0.59 in Q1 2025; change of $0.08
Restaurant-level operating margin
14.0%
Q1 2026 vs 13.9% in Q1 2025
Combined U.S. comparable sales
0.9%
Year-over-year change for thirteen weeks ended March 29, 2026
Net income attributable to Bloomin’ Brands (continuing)
$55.2 million
Q1 2026 vs $42.4 million in Q1 2025
Total debt
$752.6 million
As of March 29, 2026 vs $787.4 million at December 28, 2025
Q2 2026 adjusted diluted EPS outlook
$0.27–$0.32
Guidance range assuming ~86 million diluted shares
Key Terms
Restaurant-level operating margin, Adjusted diluted earnings per share, transformational and restructuring initiatives, non-GAAP financial measures, +2 more
6 terms
Restaurant-level operating margin financial
"Restaurant-level operating margin (1) | 14.0 % | 13.9 %"
Restaurant-level operating margin measures how much profit a single restaurant keeps from its sales after paying the direct costs of running that location — such as food, labor, utilities and local operating expenses — but before corporate overhead, interest and taxes. Investors use it like a per-store health check: it shows the underlying unit economics and efficiency of the business (think of it as the profit from one shop before headquarters and other corporate bills are taken out), which helps assess scalability and compare performance across locations.
transformational and restructuring initiatives financial
"costs in connection with transformational and restructuring initiatives"
non-GAAP financial measures financial
"this press release and related tables include certain non-GAAP measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
segment income from operations financial
"Total segment income from operations | $ 95,352 | $ 96,674"
Segment income from operations is the profit generated by a specific business unit or division from its regular activities, measured before interest, taxes and unusual one‑time items. It shows how well a particular part of a company turns sales into everyday profit, similar to checking how much a single store in a chain earns from normal trade. Investors use it to compare performance across divisions and to identify which parts drive overall profitability.
foreign currency forward contracts financial
"costs in connection with the foreign currency forward contracts"
A foreign currency forward contract is a private agreement to buy or sell a specific amount of one currency for another at a fixed exchange rate on a set future date. Investors use these contracts to lock in the price they will get when converting foreign cash flows, reducing the risk that currency swings will erode revenue or raise costs; the tradeoff is giving up any benefit if exchange rates move in your favor.
Earnings Snapshot
Total revenues: $1,059.7 million · Guidance included
Q1 2026
Total revenues
$1,059.7 million
1.0% YoY
Net income attributable to Bloomin’ Brands (continuing operations)
$55.2 million
up from $42.4 million
Diluted EPS (continuing operations)
$0.64
$0.14 increase vs $0.50
Adjusted diluted EPS (continuing operations)
$0.67
$0.08 increase vs $0.59
Combined U.S. comparable restaurant sales
0.9%
vs -0.5% in prior-year period
Guidance
For Q2 2026, the company expects U.S. comparable restaurant sales growth of 1%–2%, diluted EPS of $0.24–$0.29, and adjusted diluted EPS of $0.27–$0.32, assuming approximately 86 million diluted weighted average shares.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 6, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (813 ) 282-1225
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||
$ | The (Nasdaq Global Select Market) | ||||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 6, 2026, Bloomin’ Brands, Inc. issued a press release reporting its financial results for the thirteen weeks ended March 29, 2026. A copy of the release is attached as Exhibit 99.1. In addition, the slide presentation accompanying the Company’s conference call will be posted on the Company’s website.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit Number | Description | ||||||||||
| 99.1 | Press Release of Bloomin’ Brands, Inc. dated May 6, 2026 | ||||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BLOOMIN’ BRANDS, INC. | |||||||||||
| (Registrant) | |||||||||||
| Date: | May 6, 2026 | By: | /s/ Eric Christel | ||||||||
| Eric Christel | |||||||||||
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
 | NEWS | Exhibit 99.1 | ||||||||||||
| Tara Kurian | ||||||||||||||
SVP, IR, FP&A, and International | ||||||||||||||
| (813) 830-5311 | ||||||||||||||
Bloomin’ Brands Announces 2026 Q1 Financial Results
Q1 Diluted EPS of $0.64 and Q1 Adjusted Diluted EPS of $0.67
TAMPA, Fla., May 6, 2026 - Bloomin’ Brands, Inc. (Nasdaq: BLMN) today reported results for the first quarter 2026 (“Q1 2026”) compared to the first quarter 2025 (“Q1 2025”).
CEO Comments
“We are pleased with our results in the first quarter as they reflect our focus on consistency of execution and delivering a great guest experience,” said Mike Spanos, CEO. “Outback brand scores continue to improve, highlighting our craveable steaks and food quality. We are making progress on our turnaround and remain committed to driving long-term, sustainable, and profitable growth for Bloomin’ Brands.”
Diluted EPS and Adjusted Diluted EPS
The following table reconciles Diluted earnings per share from continuing operations to Adjusted diluted earnings per share from continuing operations for the periods indicated (unaudited):
| Q1 | |||||||||||||||||
| 2026 | 2025 | CHANGE | |||||||||||||||
| Diluted earnings per share: | $ | 0.64 | $ | 0.50 | $ | 0.14 | |||||||||||
| Adjustments (1) | 0.03 | 0.09 | (0.06) | ||||||||||||||
| Adjusted diluted earnings per share (1) | $ | 0.67 | $ | 0.59 | $ | 0.08 | |||||||||||
___________________
(1)Adjustments for Q1 2026 and Q1 2025 primarily relate to costs in connection with transformational and restructuring initiatives. See non-GAAP Measures later in this release. Also see Tables Five and Six for further details regarding the nature of diluted earnings per share adjustments for the periods presented.
First Quarter Financial Results
| (dollars in millions, unaudited) | Q1 2026 | Q1 2025 | CHANGE | ||||||||||||||
| Total revenues | $ | 1,059.7 | $ | 1,049.6 | 1.0 | % | |||||||||||
| GAAP operating income margin | 5.6 | % | 5.5 | % | 0.1 | % | |||||||||||
| Adjusted operating income margin (1) | 5.9 | % | 6.1 | % | (0.2) | % | |||||||||||
| Restaurant-level operating margin (1) | 14.0 | % | 13.9 | % | 0.1 | % | |||||||||||
(1)See non-GAAP Measures later in this release. Also see Tables Four and Five for details regarding the nature of restaurant-level operating margin and operating income margin adjustments, respectively.
•The increase in Total revenues was primarily due to higher comparable restaurant sales.
•GAAP operating income margin increased from Q1 2025 primarily due to lower costs in connection with transformational and restructuring initiatives and an increase in restaurant-level operating margin, as detailed below, partially offset by higher impairment and closing costs.
1
•Restaurant-level operating margin increased from Q1 2025 primarily due to (i) higher average check per person, primarily due to pricing, (ii) cost-saving and productivity initiatives and (iii) lower advertising expense. These increases were partially offset by higher commodity, operating and labor costs, mainly due to inflation.
•Adjusted operating income margin primarily excludes severance and other costs incurred as a result of transformational and restructuring initiatives in Q1 2025 and accelerated depreciation in Q1 2026 associated with equipment upgrades in connection with the turnaround strategy.
First Quarter Comparable Restaurant Sales
| THIRTEEN WEEKS ENDED MARCH 29, 2026 | COMPANY-OWNED | |||||||
| Comparable restaurant sales (stores open 18 months or more): | ||||||||
| U.S. | ||||||||
| Outback Steakhouse | (0.3) | % | ||||||
| Carrabba’s Italian Grill | 1.3 | % | ||||||
| Bonefish Grill | 6.1 | % | ||||||
| Fleming’s Prime Steakhouse & Wine Bar | 0.8 | % | ||||||
| Combined U.S. | 0.9 | % | ||||||
Fiscal 2026 Financial Outlook
We are reaffirming our full-year financial guidance as previously communicated in our February 25, 2026 earnings release.
Q2 2026 Financial Outlook
The table below presents our expectations for selected fiscal Q2 2026 financial operating results.
| Financial Results: | Q2 2026 Outlook | |||||||
| U.S. comparable restaurant sales | 1% to 2% | |||||||
| Diluted earnings per share (1) | $0.24 to $0.29 | |||||||
| Adjusted diluted earnings per share (1) | $0.27 to $0.32 | |||||||
___________________
(1)Assumes diluted weighted average shares of approximately 86 million.
Conference Call
The Company will host a conference call today, May 6, 2026 at 8:00 AM EDT. The conference call will be webcast live from the Company’s website at http://www.bloominbrands.com under the Investors section. A replay of this webcast will be available on the Company’s website after the call.
About Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest casual dining restaurant companies in the world with a portfolio of leading, differentiated restaurant concepts. The Company’s restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns, operates and franchises more than 1,450 restaurants in 46 states, Guam and 12 countries. For more information, please visit www.bloominbrands.com.
Non-GAAP Measures
In addition to the results provided in accordance with GAAP, this press release and related tables include certain non-GAAP measures, which present operating results on an adjusted basis. These are supplemental measures of performance that are not required by or presented in accordance with GAAP and include: (i) Restaurant-level operating income and the corresponding margin, (ii) Adjusted income from operations and the corresponding margin, (iii) Adjusted segment income from operations and the corresponding margin, (iv) Adjusted net income and (v) Adjusted diluted earnings per share.
2
Restaurant-level operating margin is a non-GAAP financial measure widely regarded in the industry as a useful metric to evaluate restaurant-level operating efficiency and performance of ongoing restaurant-level operations, and we use it for these purposes.
We believe that our use of non-GAAP financial measures permits investors to assess the operating performance of our business relative to our performance based on GAAP results and relative to other companies within the restaurant industry by isolating the effects of certain items that may vary from period to period without correlation to core operating performance or that vary widely among similar companies. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. We believe that the disclosure of these non-GAAP measures is useful to investors as they form part of the basis for how our management team and Board of Directors evaluate our operating performance, allocate resources and administer employee incentive plans.
These non-GAAP financial measures are not intended to replace GAAP financial measures, and they are not necessarily standardized or comparable to similarly titled measures used by other companies. We maintain internal guidelines with respect to the types of adjustments we include in our non-GAAP measures. These guidelines endeavor to differentiate between types of gains and expenses that are reflective of our core operations in a period, and those that may vary from period to period without correlation to our core performance in that period. However, implementation of these guidelines necessarily involves the application of judgment, and the treatment of any items not directly addressed by, or changes to, our guidelines will be considered by our disclosure committee. You should refer to the reconciliations of non-GAAP measures in Tables Four, Five and Six included later in this release for descriptions of the actual adjustments made in the current period and the corresponding prior period.
Forward-Looking Statements
Certain statements contained herein, including statements under the headings “CEO Comments”, “Fiscal 2026 Financial Outlook” and “Q2 2026 Financial Outlook” are not based on historical fact and are “forward-looking statements” within the meaning of applicable securities laws. Generally, these statements can be identified by the use of words such as “guidance,” “believes,” “estimates,” “anticipates,” “expects,” “on track,” “feels,” “forecasts,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could,” “would” and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the Company’s forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to execute and achieve the expected benefits of our actions to focus on operational priorities, including our turnaround plans and cost-saving initiatives to fund such plans; consumer reaction to public health and food safety issues; increases in labor costs and fluctuations in the availability of employees and our ability to attract, train, and retain key personnel; increases in unemployment rates and taxes; competition; interruption or breach of our systems or loss of consumer or employee information; price and availability of commodities and other impacts of inflation and tariffs; our dependence on a limited number of suppliers and distributors; political, social and legal conditions in international markets and their effects on foreign operations and foreign currency exchange rates; the impacts of our operations in Brazil as a minority investor and franchisor; our ability to address corporate citizenship and sustainability matters and investor expectations; local, regional, national and international economic conditions; changes in patterns of consumer traffic, consumer tastes and dietary habits; the effects of changes in tax laws; costs, diversion of management attention and reputational damage from any claims or litigation; government actions and policies, including the impact of U.S. government shutdowns; challenges associated with our remodeling, relocation and expansion plans; our ability to preserve the value of and grow our brands, including due to our limited control with respect to and the challenges facing the operations of our franchisees; consumer confidence and spending patterns; the effects of a health pandemic, weather, acts of God and other disasters and the ability or success in executing related business continuity plans; the Company’s ability to make debt payments and planned investments and the Company’s compliance with debt covenants; the cost and availability of credit; interest rate changes; and any impairments in the carrying value of goodwill and other assets. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in its most recent Form
3
10-K and subsequent filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Note: Numerical figures included in this release have been subject to rounding adjustments.
| TABLE ONE | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (UNAUDITED) | |||||||||||
| THIRTEEN WEEKS ENDED | |||||||||||
| (in thousands, except per share data) | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Revenues | |||||||||||
| Restaurant sales | $ | 1,041,826 | $ | 1,029,517 | |||||||
| Franchise and other revenues | 17,847 | 20,077 | |||||||||
| Total revenues | 1,059,673 | 1,049,594 | |||||||||
| Costs and expenses | |||||||||||
| Food and beverage | 317,413 | 313,304 | |||||||||
| Labor and other related | 320,209 | 315,250 | |||||||||
| Other restaurant operating | 258,814 | 258,135 | |||||||||
| Depreciation and amortization | 46,296 | 43,947 | |||||||||
| General and administrative | 52,306 | 61,377 | |||||||||
| Provision for impaired assets and restaurant closings | 5,532 | 350 | |||||||||
| Total costs and expenses | 1,000,570 | 992,363 | |||||||||
| Income from operations | 59,103 | 57,231 | |||||||||
| Interest expense, net | (12,412) | (11,187) | |||||||||
| Income before (benefit) provision for income taxes | 46,691 | 46,044 | |||||||||
| (Benefit) provision for income taxes | (10,291) | 903 | |||||||||
| Loss from equity method investment, net of tax | (178) | (1,291) | |||||||||
| Net income from continuing operations | 56,804 | 43,850 | |||||||||
| Income (loss) from discontinued operations, net of tax | 432 | (254) | |||||||||
| Net income | 57,236 | 43,596 | |||||||||
| Less: net income attributable to noncontrolling interests | 1,582 | 1,444 | |||||||||
Net income attributable to Bloomin’ Brands | $ | 55,654 | $ | 42,152 | |||||||
| Basic earnings per share (1): | |||||||||||
| Continuing operations | $ | 0.65 | $ | 0.50 | |||||||
| Discontinued operations | 0.01 | — | |||||||||
| Net basic earnings per share | $ | 0.65 | $ | 0.50 | |||||||
| Diluted earnings per share (1): | |||||||||||
| Continuing operations | $ | 0.64 | $ | 0.50 | |||||||
| Discontinued operations | 0.01 | — | |||||||||
| Net diluted earnings per share | $ | 0.65 | $ | 0.50 | |||||||
| Weighted average common shares outstanding: | |||||||||||
| Basic | 85,278 | 84,902 | |||||||||
| Diluted | 85,751 | 85,130 | |||||||||
(1)Amounts may not add due to rounding.
4
| TABLE TWO | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| SEGMENT RESULTS | |||||||||||
| (UNAUDITED) | |||||||||||
(dollars in thousands) | THIRTEEN WEEKS ENDED | ||||||||||
| U.S. Segment | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Revenues | |||||||||||
| Restaurant sales | $ | 1,032,191 | $ | 1,020,130 | |||||||
| Franchise and other revenues | 10,262 | 10,773 | |||||||||
Total U.S. segment revenues | 1,042,453 | 1,030,903 | |||||||||
| International Franchise Segment | |||||||||||
| Franchise revenues (1) | 7,570 | 9,283 | |||||||||
| Reconciliation | |||||||||||
| All other revenues (2) | 9,650 | 9,408 | |||||||||
| Total revenues | $ | 1,059,673 | $ | 1,049,594 | |||||||
| Reconciliation of Segment Operating Income to Total Operating Income | |||||||||||
| Segment income from operations | |||||||||||
| U.S. | $ | 88,016 | $ | 87,670 | |||||||
| International Franchise | 7,336 | 9,004 | |||||||||
| Total segment income from operations | 95,352 | 96,674 | |||||||||
| Unallocated corporate operating expense | (36,728) | (39,768) | |||||||||
| Other income from operations (1) | 479 | 325 | |||||||||
| Total income from operations | $ | 59,103 | $ | 57,231 | |||||||
_________________
(1)The thirteen weeks ended March 30, 2025 includes one additional month of pre-Brazil Sale Transaction intercompany royalties.
(2)Primarily includes revenues and income from operations related to its Hong Kong subsidiary.
| TABLE THREE | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| SUPPLEMENTAL BALANCE SHEET INFORMATION | |||||||||||
| MARCH 29, 2026 | DECEMBER 28, 2025 | ||||||||||
| (dollars in thousands) | (UNAUDITED) | ||||||||||
| Cash and cash equivalents | $ | 71,300 | $ | 59,461 | |||||||
| Net working capital (deficit) (1) | $ | (591,075) | $ | (609,008) | |||||||
| Total assets | $ | 3,114,432 | $ | 3,171,907 | |||||||
| Total debt | $ | 752,605 | $ | 787,425 | |||||||
| Total stockholders’ equity | $ | 398,767 | $ | 337,165 | |||||||
_________________
(1)We have, and in the future may continue to have, negative working capital balances (as is common for many restaurant companies). We operate successfully with negative working capital because cash collected on restaurant sales is typically received before payment is due on our current liabilities, and our inventory turnover rates require relatively low investment in inventories. Additionally, ongoing cash flows from restaurant operations and gift card sales are typically used to service debt obligations and to make capital expenditures.
5
| TABLE FOUR | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| RESTAURANT-LEVEL OPERATING INCOME AND MARGIN NON-GAAP RECONCILIATIONS | |||||||||||
| (UNAUDITED) | |||||||||||
| Consolidated | THIRTEEN WEEKS ENDED | ||||||||||
| (dollars in thousands) | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Income from operations | $ | 59,103 | $ | 57,231 | |||||||
| Operating income margin | 5.6 | % | 5.5 | % | |||||||
| Less: | |||||||||||
| Franchise and other revenues | 17,847 | 20,077 | |||||||||
| Plus: | |||||||||||
| Depreciation and amortization | 46,296 | 43,947 | |||||||||
| General and administrative | 52,306 | 61,377 | |||||||||
| Provision for impaired assets and restaurant closings | 5,532 | 350 | |||||||||
| Restaurant-level operating income (1) | $ | 145,390 | $ | 142,828 | |||||||
| Restaurant-level operating margin | 14.0 | % | 13.9 | % | |||||||
(1)The following categories of revenue and operating expenses are not included in restaurant-level operating income and the corresponding margin because we do not consider them reflective of operating performance at the restaurant-level within a period:
(a)Franchise and other revenues, which are earned primarily from franchise royalties and other non-food and beverage revenue streams, such as rental and sublease income.
(b)Depreciation and amortization, which, although substantially all of which is related to restaurant-level assets, represent historical sunk costs rather than cash outlays for the restaurants.
(c)General and administrative expense, which includes primarily non-restaurant-level costs associated with support of the restaurants and other activities at our corporate office.
(d)Asset impairment charges and restaurant closing costs.
6
| TABLE FIVE | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| ADJUSTED INCOME FROM OPERATIONS AND MARGIN NON-GAAP RECONCILIATIONS | |||||||||||
| (UNAUDITED) | |||||||||||
| (dollars in thousands) | THIRTEEN WEEKS ENDED | ||||||||||
| Consolidated | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Income from operations | $ | 59,103 | $ | 57,231 | |||||||
| Operating income margin | 5.6 | % | 5.5 | % | |||||||
| Adjustments: | |||||||||||
| Severance and other transformational costs (1) | 3,381 | 6,058 | |||||||||
| Foreign currency forward contract costs (2) | — | 2,328 | |||||||||
| Asset impairments and closure-related charges (3) | — | (1,929) | |||||||||
| Total income from operations adjustments | 3,381 | 6,457 | |||||||||
| Adjusted income from operations | $ | 62,484 | $ | 63,688 | |||||||
| Adjusted operating income margin | 5.9 | % | 6.1 | % | |||||||
| U.S. Segment | |||||||||||
| Income from operations | $ | 88,016 | $ | 87,670 | |||||||
| Operating income margin | 8.4 | % | 8.5 | % | |||||||
| Adjustments: | |||||||||||
| Severance and other transformational costs (1) | 3,381 | — | |||||||||
| Asset impairments and closure-related charges (3) | — | (1,710) | |||||||||
| Total income from operations adjustments | 3,381 | (1,710) | |||||||||
| Adjusted income from operations | $ | 91,397 | $ | 85,960 | |||||||
| Adjusted operating income margin | 8.8 | % | 8.3 | % | |||||||
| International Franchise Segment | |||||||||||
| Income from operations | $ | 7,336 | $ | 9,004 | |||||||
(1)Costs for the thirteen weeks ended March 29, 2026 relate to accelerated depreciation associated with equipment upgrades in connection with the turnaround strategy. Costs for the thirteen weeks ended March 30, 2025 include severance, professional fees and other costs incurred as a result of transformational and restructuring activities.
(2)Represents costs in connection with the foreign currency forward contracts that mostly offset foreign currency exchange risk associated with installment payments from the Brazil Sale Transaction.
(3)Primarily includes gains from certain lease terminations for the thirteen weeks ended March 30, 2025.
7
| TABLE SIX | |||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||
| ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE NON-GAAP RECONCILIATIONS | |||||||||||
| (UNAUDITED) | |||||||||||
| THIRTEEN WEEKS ENDED | |||||||||||
| (in thousands, except per share data) | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Net income from continuing operations | $ | 56,804 | $ | 43,850 | |||||||
| Less: net income attributable to noncontrolling interests | 1,582 | 1,444 | |||||||||
| Net income attributable to Bloomin’ Brands from continuing operations | 55,222 | 42,406 | |||||||||
| Adjustments: | |||||||||||
| Income from operations adjustments (1) | 3,381 | 6,457 | |||||||||
| Total adjustments, before income taxes | 3,381 | 6,457 | |||||||||
| Tax effect of adjustments (2) | (1,246) | 1,130 | |||||||||
| Net adjustments, continuing operations | 2,135 | 7,587 | |||||||||
| Adjusted net income, continuing operations | $ | 57,357 | $ | 49,993 | |||||||
| Diluted earnings per share - continuing operations | $ | 0.64 | $ | 0.50 | |||||||
| Adjusted diluted earnings per share - continuing operations | $ | 0.67 | $ | 0.59 | |||||||
| Diluted weighted average common shares outstanding | 85,751 | 85,130 | |||||||||
(1)See Table Five Adjusted Income from Operations and Margin Non-GAAP Reconciliations above for details regarding income from operations adjustments.
(2)The tax effect of non-GAAP adjustments is determined by recomputing the (benefit) provision for income taxes on an adjusted basis. The difference between the recomputed (benefit) provision for income taxes and the GAAP (benefit) provision for income taxes represents the tax effect of non-GAAP adjustments. The thirteen weeks ended March 30, 2025 also includes an adjustment to (benefit) provision for income taxes related to foreign currency gains on the Brazil Sale Transaction installment receivable.
Following is a summary of the financial statement line item classification of the net income adjustments from continuing operations:
| THIRTEEN WEEKS ENDED | |||||||||||
| (dollars in thousands) | MARCH 29, 2026 | MARCH 30, 2025 | |||||||||
| Depreciation and amortization | $ | 3,381 | $ | — | |||||||
| General and administrative | — | 8,468 | |||||||||
| Provision for impaired assets and restaurant closings | — | (2,011) | |||||||||
| Provision for income taxes | (1,246) | 1,130 | |||||||||
| Net adjustments | $ | 2,135 | $ | 7,587 | |||||||
8
| TABLE SEVEN | |||||||||||||||||||||||
| BLOOMIN’ BRANDS, INC. | |||||||||||||||||||||||
| COMPARATIVE RESTAURANT INFORMATION | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Number of restaurants: | DECEMBER 28, 2025 | OPENINGS | CLOSURES | MARCH 29, 2026 | |||||||||||||||||||
| U.S. | |||||||||||||||||||||||
| Outback Steakhouse | |||||||||||||||||||||||
| Company-owned | 548 | 1 | (3) | 546 | |||||||||||||||||||
| Franchised | 118 | — | (2) | 116 | |||||||||||||||||||
| Total | 666 | 1 | (5) | 662 | |||||||||||||||||||
| Carrabba’s Italian Grill | |||||||||||||||||||||||
| Company-owned | 187 | — | (1) | 186 | |||||||||||||||||||
| Franchised | 17 | — | — | 17 | |||||||||||||||||||
| Total | 204 | — | (1) | 203 | |||||||||||||||||||
| Bonefish Grill | |||||||||||||||||||||||
| Company-owned | 156 | — | (1) | 155 | |||||||||||||||||||
| Franchised | 2 | — | — | 2 | |||||||||||||||||||
| Total | 158 | — | (1) | 157 | |||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | |||||||||||||||||||||||
| Company-owned | 66 | — | (1) | 65 | |||||||||||||||||||
| Other | |||||||||||||||||||||||
| Franchised | 1 | — | — | 1 | |||||||||||||||||||
| U.S. total | 1,095 | 1 | (8) | 1,088 | |||||||||||||||||||
| International Franchise | |||||||||||||||||||||||
| Outback Steakhouse - Brazil | 188 | — | — | 188 | |||||||||||||||||||
| Outback Steakhouse - South Korea | 101 | — | — | 101 | |||||||||||||||||||
| Other | 66 | 2 | (3) | 65 | |||||||||||||||||||
| International Franchise total | 355 | 2 | (3) | 354 | |||||||||||||||||||
| International - Company-owned | |||||||||||||||||||||||
| Outback Steakhouse - Hong Kong | 10 | — | — | 10 | |||||||||||||||||||
| System-wide total | 1,460 | 3 | (11) | 1,452 | |||||||||||||||||||
| System-wide total - Company-owned | 967 | 1 | (6) | 962 | |||||||||||||||||||
| System-wide total - Franchised | 493 | 2 | (5) | 490 | |||||||||||||||||||
9
| TABLE EIGHT | ||||||||||||||
| BLOOMIN’ BRANDS, INC. | ||||||||||||||
COMPARABLE RESTAURANT SALES, TRAFFIC AND AVERAGE CHECK PER PERSON INFORMATION | ||||||||||||||
| (UNAUDITED) | ||||||||||||||
| THIRTEEN WEEKS ENDED | ||||||||||||||
| MARCH 29, 2026 | MARCH 30, 2025 | |||||||||||||
| Year over year percentage change: | ||||||||||||||
| Comparable restaurant sales (restaurants open 18 months or more): | ||||||||||||||
| U.S. (1) | ||||||||||||||
| Outback Steakhouse | (0.3) | % | (1.3) | % | ||||||||||
| Carrabba’s Italian Grill | 1.3 | % | 1.4 | % | ||||||||||
| Bonefish Grill | 6.1 | % | (4.0) | % | ||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | 0.8 | % | 5.1 | % | ||||||||||
| Combined U.S. | 0.9 | % | (0.5) | % | ||||||||||
| Traffic: | ||||||||||||||
| U.S. | ||||||||||||||
| Outback Steakhouse | (2.4) | % | (4.1) | % | ||||||||||
| Carrabba’s Italian Grill | (2.7) | % | (0.3) | % | ||||||||||
| Bonefish Grill | 3.0 | % | (9.4) | % | ||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | (2.9) | % | (0.5) | % | ||||||||||
| Combined U.S. | (1.8) | % | (3.9) | % | ||||||||||
| Average check per person (2): | ||||||||||||||
| U.S. | ||||||||||||||
| Outback Steakhouse | 2.1 | % | 2.8 | % | ||||||||||
| Carrabba’s Italian Grill | 4.0 | % | 1.7 | % | ||||||||||
| Bonefish Grill | 3.1 | % | 5.4 | % | ||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | 3.7 | % | 5.6 | % | ||||||||||
| Combined U.S. | 2.7 | % | 3.4 | % | ||||||||||
____________________
(1)Relocated restaurants closed more than 60 days are excluded from comparable restaurant sales until at least 18 months after reopening.
(2)Includes the impact of menu pricing changes, product mix and discounts.
SOURCE: Bloomin’ Brands, Inc.
10
FAQ
How did Bloomin’ Brands (BLMN) perform financially in Q1 2026?
Bloomin’ Brands reported higher Q1 2026 earnings, with diluted EPS from continuing operations of $0.64 versus $0.50 in Q1 2025. Total revenues grew 1.0% to $1,059.7 million, supported by higher comparable sales and average check per person across its U.S. brands.
What were Bloomin’ Brands’ Q1 2026 adjusted EPS and margins?
Adjusted diluted EPS from continuing operations was $0.67 in Q1 2026, up from $0.59 a year earlier. Adjusted operating income margin was 5.9%, while restaurant-level operating margin reached 14.0%, slightly above the prior year’s 13.9% margin performance.
How did comparable restaurant sales trend for BLMN’s major brands in Q1 2026?
Combined U.S. comparable restaurant sales rose 0.9% in Q1 2026. Bonefish Grill led with 6.1% growth, Carrabba’s Italian Grill increased 1.3%, Fleming’s gained 0.8%, while Outback Steakhouse comparable sales declined slightly by 0.3% year over year.
What Q2 2026 outlook did Bloomin’ Brands provide for sales and EPS?
For Q2 2026, Bloomin’ Brands expects U.S. comparable restaurant sales growth of 1% to 2%. It projected diluted EPS of $0.24–$0.29 and adjusted diluted EPS of $0.27–$0.32, assuming approximately 86 million diluted weighted average shares outstanding.
How did Bloomin’ Brands’ balance sheet change by March 29, 2026?
As of March 29, 2026, Bloomin’ Brands reported cash and equivalents of $71.3 million and total debt of $752.6 million. Total stockholders’ equity increased to $398.8 million from $337.2 million at year-end 2025, while total assets were $3.11 billion.
What non-GAAP measures does Bloomin’ Brands (BLMN) highlight in its results?
Bloomin’ Brands emphasizes non-GAAP metrics such as restaurant-level operating margin, adjusted income from operations, adjusted segment income, adjusted net income, and adjusted diluted EPS. These measures exclude items like transformational costs, foreign currency contract costs, and certain impairment or closure-related gains.