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Bloomin' Brands owns Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar, spanning casual dining to fine dining. Most revenue comes from diners paying for food and drinks at its company-owned U.S. restaurants, with Outback Steakhouse accounting for the largest share.
It also lets independent operators run restaurants under its brands in the U.S. and overseas. These franchisees pay an initial fee and ongoing monthly royalties tied to their restaurant sales, while following brand and quality standards. This is a much smaller revenue stream, and its income depends on franchisees’ sales and ability to pay.
The business depends on attracting diners and managing food and labor costs. Beef makes up most of its purchased proteins, and it buys most of that beef from four suppliers. Its debt agreements also limit borrowing, dividends, share repurchases and certain investments and asset sales.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Darden competes for Bloomin’ Brands’ diners through LongHorn against Outback, Olive Garden against Carrabba’s, and its fine-dining steak brands against Fleming’s. Its food-and-drink sales in those businesses are worth watching for competition across Bloomin’ Brands’ main dining categories.
Texas Roadhouse competes directly with Bloomin’ Brands’ Outback for diners buying moderately priced, table-service steak dinners, and both face beef-cost pressure. Watch its beef-cost news: beef accounted for most of the proteins Bloomin’ Brands purchased in 2025.
Brinker’s Chili’s and Maggiano’s compete with Bloomin’ Brands’ Outback and Carrabba’s for casual and Italian-American meals. Watch Chili’s value-priced offerings such as 3 for Me for the meal deals Bloomin’ Brands must compete against.
Dine Brands Global’s Applebee’s competes with Bloomin’ Brands’ Outback for value-conscious casual diners. Unlike Bloomin’ Brands’ largely company-operated restaurant business, Dine Brands earns primarily fees paid by restaurant franchisees, so its franchise revenue is not the same as diners’ restaurant spending.
BJ’s Restaurants competes with Bloomin’ Brands’ casual-dining restaurants for customers’ food-and-drink spending in overlapping U.S. markets. Its restaurant sales, including its own craft beers and full bar, offer a view of that competition rather than steak dining alone.
The Cheesecake Factory’s upscale-casual restaurants and North Italia compete with Bloomin’ Brands’ Bonefish and Carrabba’s for sit-down meals. Watch its restaurant business for this rivalry, rather than its separate bakery sales to retailers and other customers.
Red Robin competes with Bloomin’ Brands’ Outback and other casual-dining brands for sit-down meal spending, using gourmet burgers and a family-friendly setting. Its price-value offers are worth watching as an alternative for families choosing where to eat.
The ONE Group Hospitality’s STK and polished-casual restaurants compete with Bloomin’ Brands’ Fleming’s and Bonefish for higher-spending dining occasions. Watch STK’s restaurant business for that rivalry; the group also earns fees for managing food-and-drink operations for hotels, casinos and other clients.
Cracker Barrel’s national sit-down restaurant chain competes with Bloomin’ Brands for families’ meal spending, though its country-style dining and retail business make it a different kind of alternative.
Brinker International, Inc. earningsEAT
Brinker’s report will show whether Chili’s value offers are drawing diners that Outback and Carrabba’s also compete to serve.
Read Chili’s comparable-sales trend alongside Brinker’s discussion of value offers such as 3 for Me. Growing sales while the offers are prominent would suggest value is drawing diners and put more pressure on Outback and Carrabba’s to compete on price and customer visits; weakening sales would offer less evidence that the deals are pulling customers in.
Texas Roadhouse, Inc. earningsTXRH
Texas Roadhouse’s report will show how beef costs and steak-restaurant sales are moving in the market it shares with Outback.
Read Texas Roadhouse’s restaurant-sales trend alongside its discussion of beef costs. If sales hold while beef costs rise, that flags possible margin or pricing pressure for Bloomin’ Brands: beef makes up most of its purchased proteins, and more than 80% of its beef raw materials came from four suppliers in 2025. If costs ease, pressure may lessen. The companies’ purchasing terms can differ, so their costs need not move in lockstep; this report is a market signal, not a substitute for Bloomin’ Brands’ own results.
Bloomin' Brands, Inc. earningsThis company
Bloomin’ Brands’ report will show whether sales at its established U.S. restaurants are growing fast enough to keep pace with restaurant costs.
Read U.S. comparable sales—the sales change at restaurants open for at least 18 months—alongside restaurant-level operating margin, the share of restaurant sales left after food, labor and other restaurant operating costs. Rising sales with a steady or wider margin would show customer spending is supporting those costs; falling sales or a narrowing margin, especially if food or labor costs take a larger share, would show demand or pricing is not keeping pace with costs.
