Texas Roadhouse
TXRH Nasdaq Restaurants Financials FY2016–FY2025
Texas Roadhouse's revenue rose 9.4% to $5.9 billion in fiscal 2025. Its operating margin was 8.1%, down from 9.6% a year earlier. Free cash flow was $342 million, down 14.3%. It paid out $331 million in dividends and buybacks, 97% of free cash flow. The diluted share count fell 0.8%.
About these figures. Texas Roadhouse had no borrowings at the end of 2019 and repaid the current part of its credit line in 2021, so debt lines missing in those years are counted as zero.
What Texas Roadhouse does
Texas Roadhouse runs restaurants. As of December 30, 2025, it owned and operated 714 and franchised another 102, in 49 states, one U.S. territory and ten other countries. It has three restaurant concepts. Texas Roadhouse is a moderately priced, full-service restaurant known for steaks cut by hand daily and cooked to order, plus ribs, seafood, chicken and other dishes. Bubba's 33 serves burgers, pizza and wings with beer and cocktails. Jaggers is a fast-casual burger and chicken concept with drive-thru service.
The company earns money mainly from sales at the restaurants it owns, and also from franchising. Most of the restaurants it owns are Texas Roadhouse (648), with 56 Bubba's 33 and ten Jaggers. It manages its business by concept and reports Texas Roadhouse and Bubba's 33 as its two reportable segments. It also has a separate operating segment for retail initiatives. About 21% of its company restaurants are in Texas and Florida, which ties its results to conditions in those states.
Its strategy is to open new restaurants, make food from scratch and keep service levels high. A manager is expected to check every entrée before it leaves the kitchen. The company was started in 1993 by W. Kent Taylor, who has died, and has its main office in Louisville, Kentucky.
- Legal name
- Texas Roadhouse, Inc.
- Fiscal year ends
- December 30, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Accession · CIK
- 0001104659-26-021292
0001289460
Revenue and margins
Texas Roadhouse had $5.9B of revenue in fiscal 2025, up 9.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.8% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $342M in fiscal 2025, 5.8% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Texas Roadhouse returned $331M to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count fell 0.8%.
Value Texas Roadhouse yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $132M and divides by 66.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 26.5x · peers 18.1x · sector 17.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Texas Roadhouse can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $336M | $174M | $104M | $245M | $135M |
| Debt incl. finance leases | $103M | $52.7M | $2.8M | $2.8M | $2.7M |
| Net debt / EBITDA | −0.6x | −0.3x | −0.2x | −0.4x | −0.2x |
| Debt / equity | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 93.3x | 207.0x | 316.3x | 579.7x | 483.9x |
| Current ratio | 0.9x | 0.6x | 0.5x | 0.6x | 0.5x |
| Quick ratio | 0.9x | 0.6x | 0.4x | 0.6x | 0.5x |
| Total assets | $2.5B | $2.5B | $2.8B | $3.2B | $3.5B |
| Total liabilities | $1.4B | $1.5B | $1.6B | $1.8B | $2.1B |
| Shareholders' equity | $1.1B | $1.0B | $1.1B | $1.4B | $1.5B |
| Net debt (− = net cash) | −$233M | −$121M | −$101M | −$242M | −$132M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$5.3M
10 insiders
Of sales under plans
58%
$3.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Lloyd Paul MarshallChief Growth Officer | Sold | 500 | $204.65 | $0.1M | Form 4 |
| Aug 25, 2026 | Hugh J CarrollDirector | Sold | 650 | $203.99 | $0.1M | Form 4 |
| Aug 21, 2026 | Gerald L. MorganCEO, Executive Vice Chairman, Director | Sold plan | 15,000 | $202.17 | $3.0M | Form 4 |
| Aug 17, 2026 | Donna E EppsDirector | Sold | 820 | $206.56 | $0.2M | Form 4 |
| Aug 17, 2026 | Keith HumpichChief Acct & Fin Svcs Offcr | Sold | 819 | $204.11 | $0.2M | Form 4 |
| Aug 11, 2026 | Gregory N MooreDirector | Sold | 3,000 | $208.32 | $0.6M | Form 4 |
| Jul 2, 2026 | Sean G RenfroeGeneral Counsel | Sold plan | 426 | $192.53 | $0.1M | Form 4 |
| May 26, 2026 | Christopher C. ColsonChief Business & Admin Officer | Sold | 499 | $179.22 | $0.1M | Form 4 |
| May 18, 2026 | Jane Grote AbellDirector | Sold | 339 | $177.43 | $0.1M | Form 4 |
| May 14, 2026 | Lloyd Paul MarshallChief Growth Officer | Sold | 1,000 | $178.34 | $0.2M | Form 4 |
| May 11, 2026 | Curtis WarfieldDirector | Sold | 2,640 | $183.05 | $0.5M | Form 4 |
| May 11, 2026 | Gregory N MooreDirector | Sold | 1,250 | $178.14 | $0.2M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✓ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✕ |
| F-score | 7 / 8 | 7 / 8 | 4 / 8 |
| Accruals ratio | −9.5% | −10.3% | −9.4% |
| Altman Z'' | 2.01 | 2.63 | 2.15 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Texas Roadhouse TXRH | $10.9B | 9.4% | 8.1% | 5.8% | 33.0% | 26.5x | 4 | |
| Brinker International EAT | $8.2B | 7.9% | 10.7% | 9.6% | 66.0% | 16.8x | 8 | Compare → |
| Domino's DPZ | $10.4B | 5.0% | 19.3% | 13.6% | 92.2% | 17.3x | 8 | Compare → |
| Yum! Brands YUM | $41.5B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | Compare → |
| Cheesecake Factory CAKE | $5.3B | 4.8% | 5.0% | 4.1% | 20.5% | 29.4x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $2.0B | $2.2B | $2.5B | $2.8B | $2.4B | $3.5B | $4.0B | $4.6B | $5.4B | $5.9B |
| Operating income | $172M | $186M | $188M | $212M | $23.8M | $297M | $320M | $354M | $517M | $475M |
| Interest expense | $1.3M | $1.6M | $0.9M | $0.7M | $3.9M | $3.2M | $1.5M | $1.1M | $0.9M | $1.0M |
| Pretax income | $172M | $186M | $189M | $214M | $19.3M | $293M | $321M | $358M | $525M | $481M |
| Income tax | $51.2M | $48.6M | $24.3M | $32.4M | −$15.7M | $39.6M | $43.7M | $44.6M | $80.1M | $66.4M |
| Net income | $116M | $132M | $158M | $175M | $31.3M | $245M | $270M | $314M | $444M | $414M |
| Diluted EPS | $1.63 | $1.84 | $2.20 | $2.46 | $0.45 | $3.50 | $3.97 | $4.54 | $6.47 | $6.10 |
| Diluted shares | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B | 0.07B |
| Cash flow | ||||||||||
| Cash from operations | $257M | $286M | $353M | $374M | $230M | $469M | $512M | $565M | $754M | $730M |
| Capital expenditure | $165M | $162M | $156M | $214M | $154M | $201M | $246M | $347M | $354M | $388M |
| Free cash flow | $92.3M | $125M | $197M | $160M | $76.0M | $268M | $266M | $218M | $399M | $342M |
| Depreciation and amortization | $83.0M | $93.5M | $101M | $116M | $118M | $127M | $137M | $153M | $178M | $207M |
| Stock-based compensation | $26.1M | $26.9M | $34.0M | $35.5M | $29.4M | $38.1M | $36.7M | $34.2M | $47.1M | $47.8M |
| Acquisitions | $0.0M | $16.5M | $2.2M | $1.5M | $10.6M | $0.0M | $33.1M | $39.2M | $0.0M | $108M |
| Share buybacks | $4.1M | $0.0M | $0.0M | $140M | $12.6M | $51.6M | $213M | $50.0M | $80.0M | $150M |
| Dividends paid | $52.1M | $58.2M | $68.5M | $102M | $25.0M | $83.7M | $124M | $147M | $163M | $180M |
| Dividends and buybacks | $56.2M | $58.2M | $68.6M | $242M | $37.6M | $135M | $337M | $197M | $243M | $331M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $113M | $151M | $210M | $108M | $363M | $336M | $174M | $104M | $245M | $135M |
| Total debt | $52.5M | $52.0M | $2.1M | $0.0M | $240M | $100M | $50.0M | $0.0M | $0.0M | $0.0M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $2.1M | $2.1M | $2.7M | $2.7M | $2.8M | $2.8M | $2.7M |
| Current assets | $200M | $257M | $345M | $248M | $511M | $564M | $397M | $357M | $517M | $452M |
| Current liabilities | $280M | $330M | $385M | $417M | $506M | $602M | $652M | $745M | $828M | $909M |
| Inventory | $16.1M | $16.3M | $18.8M | $20.3M | $22.4M | $31.6M | $38.0M | $38.3M | $40.8M | $45.6M |
| Property and equipment, net | $830M | $912M | $957M | $1.1B | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $1.8B |
| Total assets | $1.2B | $1.3B | $1.5B | $2.0B | $2.3B | $2.5B | $2.5B | $2.8B | $3.2B | $3.5B |
| Total liabilities | $422M | $479M | $509M | $1.1B | $1.4B | $1.4B | $1.5B | $1.6B | $1.8B | $2.1B |
| Shareholders' equity | $750M | $839M | $946M | $916M | $928M | $1.1B | $1.0B | $1.1B | $1.4B | $1.5B |
| Margins | ||||||||||
| Operating margin | 8.6% | 8.4% | 7.6% | 7.7% | 1.0% | 8.6% | 8.0% | 7.6% | 9.6% | 8.1% |
| EBITDA margin | 12.8% | 12.6% | 11.8% | 11.9% | 5.9% | 12.2% | 11.4% | 11.0% | 12.9% | 11.6% |
| Net margin | 5.8% | 5.9% | 6.4% | 6.3% | 1.3% | 7.1% | 6.7% | 6.8% | 8.3% | 7.1% |
| FCF margin | 4.6% | 5.6% | 8.0% | 5.8% | 3.2% | 7.7% | 6.6% | 4.7% | 7.4% | 5.8% |
| Returns | ||||||||||
| Return on capital | 18.0% | 19.0% | 21.7% | 22.8% | 2.9% | 30.9% | 31.7% | 31.6% | 40.0% | 33.0% |
| Return on capital employed | 20.5% | 19.6% | 18.0% | 16.0% | 1.4% | 15.9% | 16.9% | 18.1% | 23.4% | 19.0% |
| Return on equity | 16.3% | 16.6% | 17.7% | 18.7% | 3.4% | 24.7% | 26.1% | 29.1% | 35.6% | 29.4% |
| Return on assets | 10.5% | 10.5% | 11.3% | 10.1% | 1.5% | 10.1% | 10.7% | 11.8% | 14.9% | 12.3% |
| Growth | ||||||||||
| Revenue growth | 10.1% | 11.5% | 10.7% | 12.2% | −13.0% | 44.4% | 15.9% | 15.4% | 16.0% | 9.4% |
| Net income growth | 19.3% | 13.8% | 20.3% | 10.3% | −82.1% | 684.8% | 10.0% | 16.3% | 41.7% | −6.8% |
| EPS growth | 19.0% | 12.9% | 19.6% | 11.8% | −81.7% | 677.8% | 13.4% | 14.4% | 42.5% | −5.7% |
| FCF growth | 69.5% | 35.1% | 57.8% | −18.8% | −52.5% | 252.6% | −0.9% | −17.9% | 83.2% | −14.3% |
| Share count change | 0.4% | 0.7% | 0.6% | −1.5% | −1.4% | 0.3% | −3.1% | −1.1% | −0.2% | −0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | −0.2x | −0.4x | −0.7x | −0.3x | −0.9x | −0.6x | −0.3x | −0.2x | −0.4x | −0.2x |
| Debt / equity | 0.1x | 0.1x | 0.0x | 0.0x | 0.3x | 0.1x | 0.1x | 0.0x | 0.0x | 0.0x |
| Interest coverage | 137.0x | 118.1x | 209.6x | 287.3x | 6.1x | 93.3x | 207.0x | 316.3x | 579.7x | 483.9x |
| Current ratio | 0.7x | 0.8x | 0.9x | 0.6x | 1.0x | 0.9x | 0.6x | 0.5x | 0.6x | 0.5x |
| Quick ratio | 0.7x | 0.7x | 0.9x | 0.6x | 1.0x | 0.9x | 0.6x | 0.4x | 0.6x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 8.3% | 7.3% | 6.4% | 7.8% | 6.4% | 5.8% | 6.1% | 7.5% | 6.6% | 6.6% |
| Stock comp / revenue | 1.3% | 1.2% | 1.4% | 1.3% | 1.2% | 1.1% | 0.9% | 0.7% | 0.9% | 0.8% |
| Payouts / FCF | 60.8% | 46.6% | 34.8% | 151.4% | 49.5% | 50.5% | 126.9% | 90.5% | 60.8% | 96.7% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 5.0 | 6.0 | 6.0 | 5.0 | 6.0 | 7.0 | 7.0 | 7.0 | 4.0 |
| Altman Z'' | 3.9 | 3.9 | 4.2 | 2.4 | 1.9 | 2.7 | 2.2 | 2.0 | 2.6 | 2.2 |
| Accruals ratio | −12.8% | −12.3% | −13.9% | −11.6% | −9.3% | −9.2% | −9.6% | −9.5% | −10.3% | −9.4% |
Source: SEC EDGAR XBRL filings (CIK 0001289460). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.