TXRH Nasdaq Restaurants Financials FY2016βFY2025
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.
Hi! I read Texas Roadhouseβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+9.4%
Yes. Sales grew 9.4% last year.
Does it make a profit?
7.1%
A little. It keeps 7.1% of every sale as profit.
Does profit turn into cash?
5.8%
Partly. 5.8% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
26.5x
One share costs 26.5 times its yearly profit per share. Typical for its sector: 17.7x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
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.
Is it selling more, and how much does it keep?
KIRA Β· Texas Roadhouse had $5.9B of revenue in fiscal 2025, up 9.4% on the year before. Over five years, revenue changed +19.6% a year on average. Its operating margin was 8.1%, down 1.5Β pts: of every 100 in sales, about 8 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Texas Roadhouse made $414M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 15.8% a year.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $342M in fiscal 2025, 5.8% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Texas Roadhouse returned $331M to shareholders in fiscal 2025, 97% of free cash flow. The diluted share count fell 0.8%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $9.9M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$9.9M
12 insiders
Of sales under plans
51%
$5.0M
| 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 | Keith HumpichChief Acct & Fin Svcs Offcr | Sold | 819 | $204.11 | $0.2M | Form 4 |
| Aug 17, 2026 | Donna E EppsDirector | Sold | 820 | $206.56 | $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 | Gregory N MooreDirector | Sold | 1,250 | $178.14 | $0.2M | Form 4 |
| May 11, 2026 | Curtis WarfieldDirector | Sold | 2,640 | $183.05 | $0.5M | Form 4 |
| Mar 19, 2026 | Regina A. TobinPresident | Sold | 4,450 | $171.00 | $0.8M | Form 4 |
| Mar 16, 2026 | Hugh J CarrollDirector | Sold | 988 | $170.96 | $0.2M | Form 4 |
| Mar 13, 2026 | Hernan E. MujicaChief Technology Officer | Sold | 5,000 | $170.00 | $0.9M | Form 4 |
| Mar 6, 2026 | Gregory N MooreDirector | Sold | 1,700 | $171.59 | $0.3M | Form 4 |
| Mar 6, 2026 | Donna E EppsDirector | Sold | 850 | $172.45 | $0.1M | Form 4 |
| Jan 20, 2026 | Gerald L. MorganCEO, Executive Vice Chairman, Director | Sold plan | 5,000 | $196.00 | $1.0M | Form 4 |
| Jan 12, 2026 | Gerald L. MorganCEO, Executive Vice Chairman, Director | Sold plan | 5,000 | $187.13 | $0.9M | Form 4 |
| Dec 4, 2025 | Hugh J CarrollDirector | Sold | 1,000 | $167.27 | $0.2M | Form 4 |
| Dec 3, 2025 | Gregory N MooreDirector | Sold | 1,400 | $170.00 | $0.2M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Texas Roadhouse has $132M more cash than debt.
Cash, debt and the ratios that show how comfortably Texas Roadhouse can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| 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 | β0.6x | β0.3x | β0.2x | β0.4x | β0.2x |
| 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 (β = net cash) | β$233M | β$121M | β$101M | β$242M | β$132M |
KIRA Β· Its return on capital was 33.0%: every 100 invested in the business earned about 33 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Texas Roadhouse passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 7 / 8 | 7 / 8 | 4 / 8 |
| Accruals ratio | β9.5% | β10.3% | β9.4% |
| Altman Z'' | 2.01 | 2.63 | 2.15 |
What does the share cost, and how does it compare?
KIRA Β· At $165.82 a share, the company is worth $10.9B: 26.5 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of $132M and divides by 66.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 26.5x Β· peers 18.1x Β· sector 17.7x.
KIRA Β· Texas Roadhouse grew sales faster than 4 of its 4 similar companies. Its P/E is higher than 2 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| 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 | $8.4B | 7.9% | 10.7% | 9.6% | 66.0% | β | 8 | Compare β |
| Domino's DPZ | $10.4B | 5.0% | 19.3% | 13.6% | 92.2% | 17.3x | 8 | Compare β |
| Yum! Brands YUM | $41.4B | 8.8% | 31.3% | 20.0% | 54.8% | 18.8x | 6 | Compare β |
| Cheesecake Factory CAKE | $5.3B | 4.8% | 5.0% | 4.1% | 20.5% | 29.8x | 5 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| 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 | β$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% | β13.0% | 44.4% | 15.9% | 15.4% | 16.0% | 9.4% |
| Net income growth | 19.3% | 13.8% | 20.3% | 10.3% | β82.1% | 684.8% | 10.0% | 16.3% | 41.7% | β6.8% |
| EPS growth | 19.0% | 12.9% | 19.6% | 11.8% | β81.7% | 677.8% | 13.4% | 14.4% | 42.5% | β5.7% |
| FCF growth | 69.5% | 35.1% | 57.8% | β18.8% | β52.5% | 252.6% | β0.9% | β17.9% | 83.2% | β14.3% |
| Share count change | 0.4% | 0.7% | 0.6% | β1.5% | β1.4% | 0.3% | β3.1% | β1.1% | β0.2% | β0.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.2x | β0.4x | β0.7x | β0.3x | β0.9x | β0.6x | β0.3x | β0.2x | β0.4x | β0.2x |
| 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 | β12.8% | β12.3% | β13.9% | β11.6% | β9.3% | β9.2% | β9.6% | β9.5% | β10.3% | β9.4% |
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 β not investment advice. Check the original filings before relying on any figure.
