Texas Roadhouse, Inc.

Quarterly Report • Aug 8, 2025

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 1, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 000-50972

Texas Roadhouse, Inc.

(Exact name of registrant specified in its charter)

Delaware	​	20-1083890
(State or other jurisdiction of	​	(IRS Employer
incorporation or organization)	​	Identification Number)

6040 Dutchmans Lane

Louisville , Kentucky 40205

(Address of principal executive offices) (Zip Code)

( 502 ) 426-9984

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

​	​	​
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock , par value $0.001 per share	TXRH	NASDAQ Global Select Market

Indicate by check mark whether registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒	Smaller Reporting Company ☐
​	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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of common stock outstanding were 66,450,612 on July 30, 2025.

Table of Contents

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION	​	​
​	​	​
Item 1 — Financial Statements (Unaudited) — Texas Roadhouse, Inc. and Subsidiaries	​	3
Condensed Consolidated Balance Sheets —July 1, 2025 and December 31, 2024	​	3
Condensed Consolidated Statements of Income — For the 13 and 26 Weeks Ended July 1, 2025 and June 25, 2024	​	4
Condensed Consolidated Statements of Stockholders’ Equity — For the 13 and 26 Weeks Ended July 1, 2025 and June 25, 2024	​	5
Condensed Consolidated Statements of Cash Flows — For the 26 Weeks Ended July 1, 2025 and June 25, 2024	​	7
Notes to Condensed Consolidated Financial Statements	​	8
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations	​	16
Item 3 — Quantitative and Qualitative Disclosures About Market Risk	​	28
Item 4 — Controls and Procedures	​	28
​	​	​
PART II. OTHER INFORMATION	​	​
​	​	​
Item 1 — Legal Proceedings	​	29
Item 1A — Risk Factors	​	29
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds	​	29
Item 3 — Defaults Upon Senior Securities	​	29
Item 4 — Mine Safety Disclosures	​	29
Item 5 — Other Information	​	30
Item 6 — Exhibits	​	30
​	​	​
Signatures	​	31

2

Table of Contents

PART I — FINANCIAL INFORMATIO N

ITEM 1 — FINANCIAL STATEMENT S

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Balance Sheet s

(in thousands, except share and per share data)

(unaudited)

​	​	​	​	​	​	​
​		July 1, 2025			December 31, 2024
Assets	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	176,801	​	$	245,225
Receivables, net of allowance for doubtful accounts of $ 11 at July 1, 2025 and $ 7 at December 31, 2024	​		65,011	​		193,170
Inventories, net	​		45,731	​		40,756
Prepaid expenses and other current assets	​		36,885	​		37,417
Total current assets	​		324,428	​		516,568
Property and equipment, net of accumulated depreciation of $ 1,293,697 at July 1, 2025 and $ 1,223,064 at December 31, 2024	​		1,714,551	​		1,617,673
Operating lease right-of-use assets, net	​	​	831,725	​	​	769,865
Goodwill	​		229,944	​		169,684
Intangible assets, net of accumulated amortization of $ 26,517 at July 1, 2025 and $ 23,147 at December 31, 2024	​		14,676	​		1,265
Other assets	​		139,952	​		115,724
Total assets	​	$	3,255,276	​	$	3,190,779
Liabilities and Stockholders’ Equity	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Current portion of operating lease liabilities	​	$	30,545	​	$	28,172
Accounts payable	​		146,883	​		144,791
Deferred revenue-gift cards	​		277,293	​		401,198
Accrued wages	​		91,881	​		101,981
Income taxes payable	​	​	71	​	​	2,986
Accrued taxes and licenses	​		49,509	​		56,824
Other accrued liabilities	​		117,327	​		92,178
Total current liabilities	​		713,509	​		828,130
Operating lease liabilities, net of current portion	​	​	892,361	​	​	826,300
Restricted stock and other deposits	​		9,403	​		9,288
Deferred tax liabilities, net	​		1,717	​		8,184
Other liabilities	​		172,064	​		145,154
Total liabilities	​		1,789,054	​		1,817,056
Texas Roadhouse, Inc. and subsidiaries stockholders’ equity:	​	​	​	​	​	​
Preferred stock ($ 0.001 par value, 1,000,000 shares authorized; no shares issued or outstanding)	​		—	​		—
Common stock ( $ 0.001 par value, 100,000,000 shares authorized, 66,450,572 and 66,574,626 shares issued and outstanding at July 1, 2025 and December 31, 2024, respectively)	​		66	​		67
Retained earnings	​		1,450,728	​		1,358,280
Total Texas Roadhouse, Inc. and subsidiaries stockholders’ equity	​		1,450,794	​		1,358,347
Noncontrolling interests	​		15,428	​		15,376
Total equity	​		1,466,222	​		1,373,723
Total liabilities and equity	​	$	3,255,276	​	$	3,190,779

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(in thousands, except per share data)

(unaudited)

​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	13 Weeks Ended					​	26 Weeks Ended
​		July 1, 2025			June 25, 2024			July 1, 2025			June 25, 2024
Revenue:	​	​	​	​	​	​	​	​	​	​	​	​
Restaurant and other sales	​	$	1,503,974	​	$	1,333,642	​	$	2,944,316	​	$	2,647,794
Royalties and franchise fees	​	​	8,080	​	​	7,560	​	​	15,386	​	​	14,625
Total revenue	​		1,512,054	​		1,341,202	​		2,959,702	​		2,662,419
Costs and expenses:	​	​	​	​	​	​	​	​	​	​	​	​
Restaurant operating costs (excluding depreciation and amortization shown separately below):	​	​	​	​	​	​	​	​	​	​	​	​
Food and beverage	​		511,324	​	​	436,001	​	​	1,002,315	​	​	881,092
Labor	​		495,049	​	​	438,212	​	​	975,024	​	​	865,759
Rent	​		23,028	​	​	19,956	​	​	45,505	​	​	39,381
Other operating	​		217,230	​	​	196,862	​	​	424,845	​	​	390,504
Pre-opening	​		5,464	​	​	6,202	​	​	12,276	​	​	14,297
Depreciation and amortization	​		50,744	​	​	42,915	​	​	99,544	​	​	84,408
Impairment and closure, net	​		111	​	​	90	​	​	139	​	​	291
General and administrative	​		62,763	​	​	58,148	​	​	118,980	​	​	110,743
Total costs and expenses	​		1,365,713	​		1,198,386	​		2,678,628	​		2,386,475
Income from operations	​		146,341	​		142,816	​		281,074	​		275,944
Interest income, net	​		1,044	​	​	1,683	​	​	2,345	​	​	3,091
Equity income from investments in unconsolidated affiliates	​		1,426	​	​	286	​	​	1,651	​	​	543
Income before taxes	​	$	148,811	​	$	144,785	​	$	285,070	​	$	279,578
Income tax expense	​		22,118	​	​	21,710	​	​	42,318	​	​	40,513
Net income including noncontrolling interests	​	​	126,693	​	​	123,075	​	$	242,752	​	$	239,065
Less: Net income attributable to noncontrolling interests	​		2,608	​	​	2,934	​	​	5,005	​	​	5,718
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	​	$	124,085	​	$	120,141	​	$	237,747	​	$	233,347
​	​	​	​	​	​	​	​	​	​	​	​	​
Net income per common share attributable to Texas Roadhouse, Inc. and subsidiaries:	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​	$	1.87	​	$	1.80	​	$	3.58	​	$	3.49
Diluted	​	$	1.86	​	$	1.79	​	$	3.57	​	$	3.48
Weighted average shares outstanding:	​	​	​	​	​	​	​	​	​	​	​	​
Basic	​		66,373	​	​	66,785	​	​	66,429	​	​	66,814
Diluted	​		66,598	​	​	67,044	​	​	66,656	​	​	67,077
Cash dividends declared per share	​	$	0.68	​	$	0.61	​	$	1.36	​	$	1.22

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equit y

(in thousands, except share and per share data)

(unaudited)

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the 13 Weeks Ended July 1, 2025
​		​		​	​		​	​		​	​		Total Texas			​	​		​	​
​	​	​	​	​	​	​	Additional		​	​	​	​	Roadhouse, Inc.		​	​	​	​	​	​
​	​	​	​	Par		​	Paid-in-		​	Retained		​	and		​	Noncontrolling		​	​	​
​	​	Shares	​	Value		​	Capital		​	Earnings		​	Subsidiaries		​	Interests		​	Total
Balance, April 1, 2025		66,403,351	​	$	66	​	$	—	​	$	1,380,055	​	$	1,380,121	​	$	15,428	​	$	1,395,549	​
Net income		—	​		—	​		—	​		124,085	​		124,085	​		2,608	​		126,693	​
Distributions to noncontrolling interest holders		—	​		—	​		—	​		—	​		—	​		( 2,608 )	​		( 2,608 )	​
Dividends declared ($ 0.68 per share)		—	​		—	​		—	​		( 45,121 )	​		( 45,121 )	​		—	​		( 45,121 )	​
Shares issued under share-based compensation plans including tax effects		158,435	​		—	​		—	​		—	​		—	​		—	​		—	​
Indirect repurchase of shares for minimum tax withholdings		( 49,516 )	​		—	​		( 9,059 )	​		—	​		( 9,059 )	​		—	​		( 9,059 )	​
Repurchase of shares of common stock, including excise tax as applicable	​	( 61,698 )	​	​	—	​	​	( 1,640 )	​	​	( 8,291 )	​	​	( 9,931 )	​	​	—	​	​	( 9,931 )	​
Share-based compensation		—	​		—	​		10,699	​		—	​		10,699	​		—	​		10,699	​
Balance, July 1, 2025		66,450,572	​	$	66	​	$	—	​	$	1,450,728	​	$	1,450,794	​	$	15,428	​	$	1,466,222	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the 13 Weeks Ended June 25, 2024
​		​		​	​		​	​		​	​		Total Texas			​	​		​	​	​
​	​	​	​	​	​	​	Additional		​	​	​	​	Roadhouse, Inc.		​	​	​	​	​	​	​
​	​	​	​	Par		​	Paid-in-		​	Retained		​	and		​	Noncontrolling		​	​	​	​
​	​	Shares	​	Value		​	Capital		​	Earnings		​	Subsidiaries		​	Interests		​	Total		​
Balance, March 26, 2024		66,846,291	​	$	67	​	$	—	​	$	1,207,119	​	$	1,207,186	​	$	15,930	​	$	1,223,116	​
Net income		—	​		—	​		—	​		120,141	​		120,141	​		2,934	​		123,075	​
Distributions to noncontrolling interest holders		—	​		—	​		—	​		—	​		—	​		( 2,922 )	​		( 2,922 )	​
Acquisition of noncontrolling interest, net of deferred taxes	​	—	​	​	—	​	​	( 3,274 )	​	​	—	​	​	( 3,274 )	​	​	( 888 )	​	​	( 4,162 )	​
Dividends declared ($ 0.61 per share)		—	​		—	​		—	​		( 40,718 )	​		( 40,718 )	​		—	​		( 40,718 )	​
Shares issued under share-based compensation plans including tax effects		63,525	​		—	​		—	​		—	​		—	​		—	​		—	​
Indirect repurchase of shares for minimum tax withholdings		( 19,514 )	​		—	​		( 3,356 )	​		—	​		( 3,356 )	​		—	​		( 3,356 )	​
Repurchase of shares of common stock, including excise tax as applicable	​	( 162,404 )	​	​	—	​	​	( 2,225 )	​	​	( 23,973 )	​	​	( 26,198 )	​	​	—	​	​	( 26,198 )	​
Share-based compensation		—	​		—	​		8,855	​		—	​		8,855	​		—	​		8,855	​
Balance, June 25, 2024		66,727,898	​	$	67	​	$	—	​	$	1,262,569	​	$	1,262,636	​	$	15,054	​	$	1,277,690	​

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except share and per share data)

(unaudited)

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the 26 Weeks Ended July 1, 2025
​		​		​	​		​	​		​	​		Total Texas			​	​		​	​
​	​	​	​	​	​	​	Additional		​	​	​	​	Roadhouse, Inc.		​	​	​	​	​	​
​	​	​	​	Par		​	Paid-in-		​	Retained		​	and		​	Noncontrolling		​	​	​
​	​	Shares	​	Value		​	Capital		​	Earnings		​	Subsidiaries		​	Interests		​	Total
Balance, December 31, 2024	​	66,574,626	​	$	67	​	$	—	​	$	1,358,280	​	$	1,358,347	​	$	15,376	​	$	1,373,723
Net income		—	​		—	​		—	​		237,747	​		237,747	​		5,005	​		242,752
Distributions to noncontrolling interest holders		—	​		—	​		—	​		—	​		—	​		( 4,953 )	​		( 4,953 )
Dividends declared ($ 1.36 per share)		—	​		—	​		—	​		( 90,292 )	​		( 90,292 )	​		—	​		( 90,292 )
Shares issued under share-based compensation plans including tax effects		318,947	​		—	​		—	​		—	​		—	​		—	​		—
Indirect repurchase of shares for minimum tax withholdings		( 100,212 )	​		—	​		( 18,083 )	​		—	​		( 18,083 )	​		—	​		( 18,083 )
Repurchase of shares of common stock, including excise taxes	​	( 342,789 )	​	​	( 1 )	​	​	( 5,166 )	​	​	( 55,007 )	​	​	( 60,174 )	​	​	—	​	​	( 60,174 )
Share-based compensation		—	​		—	​		23,249	​		—	​		23,249	​		—	​		23,249
Balance, July 1, 2025		66,450,572	​	$	66	​	$	—	​	$	1,450,728	​	$	1,450,794	​	$	15,428	​	$	1,466,222
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	For the 26 Weeks Ended June 25, 2024
​		​		​	​		​	​		​	​		Total Texas			​	​		​	​
​	​	​	​	​	​	​	Additional		​	​	​	​	Roadhouse, Inc.		​	​	​	​	​	​
​	​	​	​	Par		​	Paid-in-		​	Retained		​	and		​	Noncontrolling		​	​	​
​	​	Shares	​	Value		​	Capital		​	Earnings		​	Subsidiaries		​	Interests		​	Total
Balance, December 26, 2023		66,789,464	​	$	67	​	$	—	​	$	1,141,595	​	$	1,141,662	​	$	15,849	​	$	1,157,511
Net income		—	​		—	​		—	​		233,347	​		233,347	​		5,718	​		239,065
Distributions to noncontrolling interest holders		—	​		—	​		—	​		—	​		—	​		( 5,625 )	​		( 5,625 )
Acquisition of noncontrolling interest	​	—	​	​	—	​	​	( 3,274 )	​	​	—	​	​	( 3,274 )	​	​	( 888 )	​	​	( 4,162 )
Dividends declared ($ 1.22 per share)		—	​		—	​		—	​		( 81,509 )	​		( 81,509 )	​		—	​		( 81,509 )
Shares issued under share-based compensation plans including tax effects		234,784	​		—	​		—	​		—	​		—	​		—	​		—
Indirect repurchase of shares for minimum tax withholdings		( 73,684 )	​		—	​		( 10,829 )	​		—	​		( 10,829 )	​		—	​		( 10,829 )
Repurchase of shares of common stock, including excise tax as applicable	​	( 222,666 )	​	​	—	​	​	( 4,275 )	​	​	( 30,864 )	​	​	( 35,139 )	​	​	—	​	​	( 35,139 )
Share-based compensation		—	​		—	​		18,378	​		—	​		18,378	​		—	​		18,378
Balance, June 25, 2024		66,727,898	​	$	67	​	$	—	​	$	1,262,569	​	$	1,262,636	​	$	15,054	​	$	1,277,690

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Texas Roadhouse, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	26 Weeks Ended
​		July 1, 2025			June 25, 2024
Cash flows from operating activities:	​	​	​	​	​	​
Net income including noncontrolling interests	​	$	242,752	​	$	239,065
Adjustments to reconcile net income to net cash provided by operating activities:	​	​	​	​	​	​
Depreciation and amortization	​		99,544	​		84,408
Deferred income taxes	​		( 6,467 )	​		( 4,254 )
Loss on disposition of assets	​		3,475	​		1,646
Impairment and closure costs	​		39	​		26
Equity income from investments in unconsolidated affiliates	​		( 1,651 )	​		( 543 )
Distributions of income received from investments in unconsolidated affiliates	​		605	​		541
Provision for doubtful accounts	​		4	​		( 8 )
Share-based compensation expense	​		23,249	​		18,378
Changes in operating working capital, net of acquisitions:	​	​	​	​	​	​
Receivables	​		128,182	​		106,883
Inventories	​		( 4,029 )	​		( 2,879 )
Prepaid expenses and other current assets	​		5,452	​		9,138
Other assets	​		( 21,682 )	​		( 10,377 )
Accounts payable	​		1,323	​		11,293
Deferred revenue—gift cards	​		( 125,806 )	​		( 123,428 )
Accrued wages	​		( 10,162 )	​		16,858
Prepaid income taxes and income taxes payable	​		( 6,622 )	​		9,220
Accrued taxes and licenses	​		( 7,231 )	​		3,338
Other accrued liabilities	​		13,870	​		( 3,540 )
Operating lease right-of-use assets and lease liabilities	​		4,226	​		3,515
Other liabilities	​		26,909	​		18,067
Net cash provided by operating activities	​		365,980	​		377,347
Cash flows from investing activities:	​	​	​	​	​	​
Capital expenditures—property and equipment	​		( 169,912 )	​	​	( 155,478 )
Acquisitions of franchise restaurants, net of cash acquired	​	​	( 93,878 )	​	​	—
Proceeds from sale of investments in unconsolidated affiliates	​	​	1,321	​	​	—
Proceeds from sale of property and equipment	​		135	​		197
Proceeds from sale leaseback transactions	​	​	2,807	​	​	9,126
Net cash used in investing activities	​		( 259,527 )	​		( 146,155 )
Cash flows from financing activities:	​	​	​	​	​	​
Debt issuance costs	​	​	( 1,525 )	​	​	—
Distributions to noncontrolling interest holders	​		( 4,953 )	​	​	( 5,625 )
Acquisitions of noncontrolling interests	​	​	—	​	​	( 5,279 )
Proceeds from restricted stock and other deposits, net	​		390	​	​	397
Indirect repurchase of shares for minimum tax withholdings	​		( 18,083 )	​	​	( 10,829 )
Repurchase of shares of common stock, including excise taxes as applicable	​		( 60,414 )	​	​	( 35,139 )
Dividends paid to shareholders	​		( 90,292 )	​	​	( 81,509 )
Net cash used in financing activities	​		( 174,877 )	​		( 137,984 )
Net (decrease) increase in cash and cash equivalents	​		( 68,424 )	​		93,208
Cash and cash equivalents—beginning of period	​		245,225	​	​	104,246
Cash and cash equivalents—end of period	​	$	176,801	​	$	197,454
Supplemental disclosures of cash flow information:	​	​	​	​	​	​
Interest paid	​	$	447	​	$	454
Income taxes paid	​	$	54,936	​	$	35,768
Capital expenditures included in current liabilities	​	$	45,186	​	$	35,565

See accompanying notes to condensed consolidated financial statements.

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Texas Roadhouse, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(tabular amounts in thousands, except per share data)

(unaudited)

(1) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements include the accounts of Texas Roadhouse, Inc., our wholly owned subsidiaries and subsidiaries in which we have a controlling interest (collectively, the "Company," "we," "our" and/or "us") as of July 1, 2025 and December 31, 2024 and for the 13 and 26 weeks ended July 1, 2025 and June 25, 2024.

The Company maintains three restaurant concepts operating as Texas Roadhouse, Bubba’s 33, and Jaggers. As of July 1, 2025, we owned and operated 695 restaurants and franchised an additional 102 restaurants in 49 states, one U.S. territory, and ten foreign countries. Of the 102 franchise restaurants, there were 44 domestic restaurants and 58 international restaurants, including one in a U.S. territory. As of June 25, 2024, we owned and operated 650 restaurants and franchised an additional 112 restaurants in 49 states, one U.S. territory, and ten foreign countries. Of the 112 franchise restaurants, there were 59 domestic restaurants and 53 international restaurants, including one in a U.S. territory.

As of July 1, 2025 and June 25, 2024, we owned a majority interest in 19 company restaurants. The operating results of these majority-owned restaurants are consolidated and the portion of income attributable to noncontrolling interests is reflected in the line item net income attributable to noncontrolling interests in our unaudited condensed consolidated statements of income.

As of July 1, 2025 and June 25, 2024, we owned a 5.0 % to 10.0 % equity interest in 17 and 20 domestic franchise restaurants, respectively. These unconsolidated restaurants are accounted for using the equity method. Our investments in these unconsolidated affiliates are included in other assets in our unaudited condensed consolidated balance sheets, and we record our percentage share of net income earned by these unconsolidated affiliates under equity income from investments in unconsolidated affiliates in our unaudited condensed consolidated statements of income.

We have made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, and the reporting of revenue and expenses during the periods to prepare these unaudited condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP"). Significant items subject to such estimates and assumptions include the valuation of property and equipment, goodwill, lease liabilities and right-of-use assets, obligations related to insurance reserves, legal reserves, income taxes, and gift card breakage. Actual results could differ from those estimates.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our unaudited condensed consolidated financial statements for the periods presented. The unaudited condensed consolidated financial statements have been prepared in accordance with GAAP, except that certain information and footnotes have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission. Operating results for the 13 and 26 weeks ended July 1, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 30, 2025. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Our significant interim accounting policies include the recognition of income taxes using an estimated annual effective tax rate.

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(2) Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU primarily provides enhanced disclosures about an entity’s income tax including requiring consistent categories, greater disaggregation of the information included in the rate reconciliation, and income taxes paid disaggregated by jurisdiction. The amendments in this update are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, and may be applied on a prospective or retrospective basis. We are currently assessing the impact of this new standard on our income tax disclosures and expect to provide additional detail and disclosures under this new guidance.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU primarily provides enhanced disclosures about the components of expenses within the income statement including purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this update, as clarified by ASU 2025-01, are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied on a prospective or retrospective basis. We are currently assessing the impact of this new standard on our disclosures and expect to provide additional detail and disclosures under this new guidance.

(3) Long-term Debt

On April 24, 2025, we entered into an agreement for a revolving credit facility (the "credit facility") with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. This credit facility superseded and replaced our previous credit facility.

The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $ 450.0 million with the option to increase the capacity by an additional $ 250.0 million, subject to certain limitations, including approval by the syndicate of lenders. The credit facility has a maturity date of April 24, 2030.

We are required to pay interest on outstanding borrowings at the Term Secured Overnight Financing Rate ("SOFR"), plus a fixed adjustment of 0.10 % and a variable adjustment of 1.00 % to 1.75 % depending on our consolidated net leverage ratio.

As of July 1, 2025, we had no outstanding borrowings under the credit facility and had $ 446.8 million of availability, net of $ 3.2 million of outstanding letters of credit. As of December 31, 2024, we had no outstanding borrowings under the previous credit facility and had $ 296.8 million of availability, net of $ 3.2 million of outstanding letters of credit.

The interest rate for each credit facility as of July 1, 2025 and June 25, 2024 was 5.42 % and 6.21 % , respectively.

The lenders’ obligation to extend credit pursuant to the credit facility depends on us maintaining certain financial covenants, including a minimum consolidated fixed charge ratio and a maximum consolidated leverage ratio. The credit facility permits us to incur additional secured or unsecured indebtedness, except for the incurrence of secured indebtedness that in the aggregate is equal to or greater than $ 125.0 million and 20 % of our consolidated tangible net worth. We were in compliance with all financial covenants as of July 1, 2025.

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(4) Revenue

The following table disaggregates our revenue by major source:

​	​	​	​	​	​	​	​	​	​	​	​
​	13 Weeks Ended					​	26 Weeks Ended
​	July 1, 2025		​	June 25, 2024		​	July 1, 2025		​	June 25, 2024
Restaurant and other sales	$	1,503,974	​	$	1,333,642	​	$	2,944,316	​	$	2,647,794
Royalties	​	7,468	​	​	6,945	​	​	14,245	​	​	13,793
Franchise fees	​	612	​	​	615	​	​	1,141	​	​	832
Total revenue	$	1,512,054	​	$	1,341,202	​	$	2,959,702	​	$	2,662,419

The following table presents a rollforward of deferred revenue-gift cards:

​	​	​	​	​	​	​	​	​	​	​	​
​	13 Weeks Ended					​	26 Weeks Ended
​	July 1, 2025		​	June 25, 2024		​	July 1, 2025		​	June 25, 2024
Beginning balance	$	295,752	​	$	266,482	​	$	401,198	​	$	373,913
Gift card activations, net of third-party fees	​	86,101	​	​	78,643	​	​	143,482	​	​	134,882
Gift card redemptions and breakage	​	( 104,560 )	​	​	( 94,640 )	​	​	( 267,387 )	​	​	( 258,310 )
Ending balance	$	277,293	​	$	250,485	​	$	277,293	​	$	250,485

We recognized restaurant sales of $ 53.0 million and $ 192.2 million for the 13 and 26 weeks ended July 1, 2025, respectively, related to amounts in deferred revenue as of December 31, 2024. We recognized restaurant sales of $ 46.1 million and $ 184.0 million for the 13 and 26 weeks ended June 25, 2024, respectively, related to amounts in deferred revenue as of December 26, 2023.

(5) Income Taxes

The effective tax rate was 14.9 % and 15.0 % for the 13 weeks ended July 1, 2025 and June 25, 2024, respectively. The effective tax rate was 14.8 % and 14.5 % for the 26 weeks ended July 1, 2025 and June 25, 2024, respectively. The decrease in the tax rate for the 13 weeks ended July 1, 2025 as compared to the prior year period was primarily due to an increase in the impact of the FICA tip tax credit partially offset by a reduction in the stock compensation benefit. The increase in the tax rate for the 26 weeks ended July 1, 2025 as compared to the prior year period was primarily due to a reduction in the stock compensation benefit.

(6) Commitments and Contingencies

The estimated cost of completing capital project commitments at July 1, 2025 and December 31, 2024 was $ 227.2 million and $ 243.6 million, respectively.

As of July 1, 2025 and December 31, 2024, we were contingently liable for $ 8.9 million and $ 9.4 million, respectively, for seven lease guarantees. These amounts represent the maximum potential liability of future payments under the guarantees. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. No liabilities have been recorded as of July 1, 2025 and December 31, 2024, as the likelihood of default was deemed to be less than probable and the fair value of the guarantees is not considered significant.

During the 13 and 26 weeks ended July 1, 2025 and June 25, 2024, we bought our beef primarily from four suppliers. Although there are a limited number of beef suppliers, we believe that other suppliers could provide a similar product on comparable terms. We have no material minimum purchase commitments with our vendors that extend beyond a year.

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Occasionally, we are a defendant in litigation arising in the ordinary course of business, including "slip and fall" matters, employment related claims, dram shop statutes related to our service of alcohol, and claims from guests or employees alleging illness, injury or food quality, health, or operational concerns. None of these types of litigation, most of which are covered by insurance with varying retention levels, has had a material adverse effect on us and, as of the date of this report, we are not party to any litigation that we believe could have a material adverse effect on our business.

(7) Acquisitions

During the 13 weeks ended July 1, 2025, we completed the acquisitions of three domestic franchise Texas Roadhouse restaurants, one of which we held a 5 % equity interest and two of which we held a 10 % equity interest. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $ 15.5 million, net of cash acquired, for these entities. The transactions were accounted for as step acquisitions and we recorded a gain of $ 1.2 million on our previous investments in equity income from investments in unconsolidated affiliates in the unaudited condensed consolidated statements of income.

During the 26 weeks ended July 1, 2025, we completed the acquisitions of 17 domestic franchise Texas Roadhouse restaurants. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $ 93.9 million, net of cash acquired.

These transactions were accounted for using the acquisition method as defined in Accounting Standards Codification 805, Business Combinations . These acquisitions are consistent with our long-term strategy to increase net income and earnings per share.

The following table summarizes the consideration paid for these acquisitions, and the estimated fair value of the assets acquired and the liabilities assumed at the acquisition dates, which are adjusted for measurement-period adjustments through July 1, 2025.

​	​	​	​
Current assets		$	1,085
Property and equipment	​	​	20,020
Operating lease right-of-use assets	​	​	39,755
Goodwill	​	​	60,260
Intangible assets	​	​	16,780
Other assets	​	​	470
Current portion of operating lease liabilities	​	​	( 1,383 )
Deferred revenue-gift cards	​	​	( 1,901 )
Current liabilities	​	​	( 1,056 )
Operating lease liabilities, net of current portion	​	​	( 40,152 )
​	​	$	93,878

The aggregate purchase price is preliminary as we are finalizing working capital adjustments. Intangible assets represent reacquired franchise rights which are being amortized over a weighted-average useful life of 4.1 years. We expect all of the goodwill will be deductible for tax purposes and believe the resulting amount of goodwill reflects the benefit of sales and unit growth opportunities as well as the benefit of the assembled workforce of the acquired restaurants.

Pro forma financial detail and operating results have not been presented as the results of the acquired restaurants are not material to our unaudited condensed consolidated financial position, results of operations, or cash flows.

(8) Related Party Transactions

As of July 1, 2025 and June 25, 2024, we had four franchise restaurants and one majority-owned company restaurant owned in part by a current officer of the Company. We recognized revenue of $ 0.6 million and $ 0.5 million for the 13 weeks ended July 1, 2025 and June 25, 2024, respectively, related to the four franchise restaurants. We recognized revenue of $ 1.1 million and $ 1.0 million for the 26 weeks ended July 1, 2025 and June 25, 2024, respectively, related to the four franchise restaurants.

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(9) Earnings Per Share

The share and net income per share data for all periods presented are based on the historical weighted-average shares outstanding. The diluted earnings per share calculations show the effect of the weighted-average restricted stock units outstanding from our equity incentive plans. Performance stock units are not included in the diluted earnings per share calculation until the performance-based criteria have been met.

For all periods presented, the weighted-average shares of nonvested stock units that were outstanding but not included in the computation of diluted earnings per share because they would have had an anti-dilutive effect were not significant.

The following table sets forth the calculation of earnings per share and weighted-average shares outstanding as presented in the accompanying unaudited condensed consolidated statements of income:

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​	​
​	13 Weeks Ended					​	26 Weeks Ended
​	July 1, 2025		​	June 25, 2024			July 1, 2025			June 25, 2024
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	$	124,085	​	$	120,141	​	$	237,747	​	$	233,347
Basic EPS:	​	​	​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding	​	66,373	​	​	66,785	​		66,429	​	​	66,814
Basic EPS	$	1.87	​	$	1.80	​	$	3.58	​	$	3.49
Diluted EPS:	​	​	​	​	​	​	​	​	​	​	​
Weighted-average common shares outstanding	​	66,373	​	​	66,785	​		66,429	​	​	66,814
Dilutive effect of nonvested stock units	​	225	​	​	259	​		227	​	​	263
Shares-diluted	​	66,598	​	​	67,044	​		66,656	​		67,077
Diluted EPS	$	1.86	​	$	1.79	​	$	3.57	​	$	3.48

(10) Fair Value Measurements

At July 1, 2025 and December 31, 2024, the fair values of cash and cash equivalents, accounts receivable, and accounts payable approximated their carrying values based on the short-term nature of these instruments. There were no transfers among levels within the fair value hierarchy during the 13 and 26 weeks ended July 1, 2025.

The following table presents the fair values for our financial assets and liabilities measured on a recurring basis:

​	​	​	​	​	​	​
​	​	Fair Value Measurements
​		Level		July 1, 2025		December 31, 2024
Deferred compensation plan—assets		1	​	$ 119,201	​	$ 101,071
Deferred compensation plan—liabilities		1	​	$ ( 119,201 )	​	$ ( 101,071 )

We report the accounts of the deferred compensation plan in other assets and the corresponding liability in other liabilities in our unaudited condensed consolidated balance sheets. These investments are considered trading securities and are reported at fair value based on quoted market prices. The realized and unrealized holding gains and losses related to these investments, as well as the offsetting compensation expense, are recorded in general and administrative expense in the unaudited condensed consolidated statements of income.

(11) Stock Repurchase Programs

On February 19, 2025, our Board of Directors (the "Board") approved a stock repurchase program under which we may repurchase up to $ 500.0 million of our common stock. This stock repurchase program commenced on February 24, 2025, has no expiration date, and replaced a previous stock repurchase program which was approved on March 17, 2022

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that authorized the Company to repurchase up to $ 300.0 million of our common stock. All repurchases to date under our stock repurchase programs have been made through open market transactions. The timing and the amount of any repurchases are determined by management under parameters established by the Board, based on an evaluation of our stock price, market conditions, and other corporate considerations, including complying with Rule 10b5-1 trading arrangements under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as applicable.

For the 13 and 26 weeks ended July 1, 2025, we paid $ 9.8 million and $ 60.0 million, excluding excise taxes, to repurchase 61,698 shares and 342,789 shares of our common stock, respectively. This includes $ 30.0 million repurchased under our current authorization and $ 30.0 million repurchased under our prior authorization. For the 13 and 26 weeks ended June 25, 2024, we paid $ 26.2 million and $ 35.1 million, excluding excise taxes, to repurchase 162,404 and 222,666 shares of our common stock, respectively. As of July 1, 2025, $ 470.0 million remained under our authorized stock repurchase program.

(12) Segment Information

Our chief operating decision maker (the "CODM") is the Chief Executive Officer. The CODM assesses the performance of the business and allocates resources at the concept level and as a result we have identified Texas Roadhouse, Bubba's 33, Jaggers, and our retail initiatives as separate operating segments. Our reportable segments are Texas Roadhouse and Bubba's 33. The Texas Roadhouse reportable segment includes the results of our company and franchise Texas Roadhouse restaurants. The Bubba's 33 reportable segment includes the results of our company Bubba's 33 restaurants. Our remaining operating segments, which include the results of our company and franchise Jaggers restaurants and the results of our retail initiatives, are included in Other. In addition, corporate-related assets, depreciation and amortization, and capital expenditures are also included in Other.

The CODM uses restaurant margin as the primary financial measure for assessing the performance of our segments. Restaurant margin represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent, and other operating costs. Restaurant margin is also used by our CODM to evaluate core restaurant-level operating efficiency and performance, assist in the evaluation of operating trends over time, and in making capital allocation decisions. Capital allocation decisions include approving new store openings and the refurbishment or relocation of existing restaurants.

In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. We exclude pre-opening expenses as they occur at irregular intervals and would impact comparability to prior period results. We exclude depreciation and amortization expenses, substantially all of which relate to restaurant-level assets, as it represents a non-cash charge for the investment in our restaurants. We exclude impairment and closure expenses as we believe this provides a clearer perspective of the Company’s ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry.

Restaurant and other sales for all operating segments are derived primarily from food and beverage sales. We do not rely on any major customer as a source of sales and the customers and assets of our reportable segments are located predominantly in the United States. There are no material transactions between reportable segments.

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The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:

​	​	​	​	​	​	​	​	​	​	​	​
​	For the 13 Weeks Ended July 1, 2025
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	1,408,769	​	$	86,184	​	$	9,021	​	$	1,503,974
Restaurant operating costs (excluding depreciation and amortization)	​	​	​	​	​	​	​	​	​	​	​
Food and Beverage	​	484,406	​	​	24,096	​	​	2,822	​	​	511,324
Labor	​	461,640	​	​	30,632	​	​	2,777	​	​	495,049
Rent	​	20,728	​	​	2,047	​	​	253	​	​	23,028
Other Operating	​	200,411	​	​	15,056	​	​	1,763	​	​	217,230
Restaurant margin	$	241,584	​	$	14,353	​	$	1,406	​	$	257,343
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	42,108	​	$	4,572	​	$	4,064	​	$	50,744
Segment assets	​	2,571,129	​	​	275,946	​	​	408,201	​	​	3,255,276
Capital expenditures	​	76,515	​	​	12,949	​	​	3,059	​	​	92,523
​	​	​	​	​	​	​	​	​	​	​	​
​	For the 13 Weeks Ended June 25, 2024
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	1,252,247	​	$	73,435	​	$	7,960	​	$	1,333,642
Restaurant operating costs (excluding depreciation and amortization)	​	​	​	​	​	​	​	​	​	​	​
Food and Beverage	​	413,451	​	​	20,079	​	​	2,471	​	​	436,001
Labor	​	409,387	​	​	26,412	​	​	2,413	​	​	438,212
Rent	​	17,872	​	​	1,881	​	​	203	​	​	19,956
Other Operating	​	182,975	​	​	12,504	​	​	1,383	​	​	196,862
Restaurant margin	$	228,562	​	$	12,559	​	$	1,490	​	$	242,611
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	36,199	​	$	3,944	​	$	2,772	​	$	42,915
Segment assets	​	2,238,795	​	​	240,199	​	​	382,917	​	​	2,861,911
Capital expenditures	​	65,103	​	​	10,573	​	​	2,130	​	​	77,806
​	​	​	​	​	​	​	​	​	​	​	​
​	For the 26 Weeks Ended July 1, 2025
​	Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	2,760,988	​	$	165,802	​	$	17,526	​	$	2,944,316
Restaurant operating costs (excluding depreciation and amortization)	​	​	​	​	​	​	​	​	​	​	​
Food and Beverage	​	950,362	​	​	46,446	​	​	5,507	​	​	1,002,315
Labor	​	910,328	​	​	59,171	​	​	5,525	​	​	975,024
Rent	​	40,919	​	​	4,082	​	​	504	​	​	45,505
Other Operating	​	392,510	​	​	28,968	​	​	3,367	​	​	424,845
Restaurant margin	$	466,869	​	$	27,135	​	$	2,623	​	$	496,627
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	82,330	​	$	8,879	​	$	8,335	​	$	99,544
Segment assets	​	2,571,129	​	​	275,946	​	​	408,201	​	​	3,255,276
Capital expenditures	​	137,858	​	​	25,908	​	​	6,146	​	​	169,912
​	​	​	​	​	​	​	​	​	​	​	​

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​ — ​	For the 26 Weeks Ended June 25, 2024 — Texas Roadhouse		​	Bubba's 33		​	Other		​	Total
Restaurant and other sales	$	2,488,385	​	$	144,085	​	$	15,324	​	$	2,647,794
Restaurant operating costs (excluding depreciation and amortization)	​	​	​	​	​	​	​	​	​	​	​
Food and Beverage	​	836,619	​	​	39,701	​	​	4,772	​	​	881,092
Labor	​	809,326	​	​	51,718	​	​	4,715	​	​	865,759
Rent	​	35,282	​	​	3,695	​	​	404	​	​	39,381
Other Operating	​	363,383	​	​	24,242	​	​	2,879	​	​	390,504
Restaurant margin	$	443,775	​	$	24,729	​	$	2,554	​	$	471,058
​	​	​	​	​	​	​	​	​	​	​	​
Depreciation and amortization	$	70,955	​	$	7,811	​	$	5,642	​	$	84,408
Segment assets	​	2,238,795	​	​	240,199	​	​	382,917	​	​	2,861,911
Capital expenditures	​	132,933	​	​	18,533	​	​	4,012	​	​	155,478

A reconciliation of restaurant margin to income from operations is presented below. We do not allocate interest income, net and equity income from investments in unconsolidated affiliates to reportable segments.

​	​	​	​	​	​	​	​	​	​	​	​
​	13 Weeks Ended					​	26 Weeks Ended
​	July 1, 2025		​	June 25, 2024		​	July 1, 2025		​	June 25, 2024
Restaurant margin	$	257,343	​	$	242,611	​	$	496,627	​	$	471,058
​	​	​	​	​	​	​	​	​	​	​	​
Add:	​	​	​	​	​	​	​	​	​	​	​
Royalties and franchise fees	​	8,080	​	​	7,560	​	​	15,386	​	​	14,625
​	​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​	​
Pre-opening	​	5,464	​	​	6,202	​	​	12,276	​	​	14,297
Depreciation and amortization	​	50,744	​	​	42,915	​	​	99,544	​	​	84,408
Impairment and closure, net	​	111	​	​	90	​	​	139	​	​	291
General and administrative	​	62,763	​	​	58,148	​	​	118,980	​	​	110,743
Income from operations	$	146,341	​	$	142,816	​	$	281,074	​	$	275,944

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

CAUTIONARY STATEMENT

This report contains forward-looking statements based on our current expectations, estimates, and projections about our industry and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. The section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and in Part II, Item 1A in this Form 10-Q, along with disclosures in our other Securities and Exchange Commission ("SEC " ) filings discuss some of the important risk factors that may affect our business, results of operations, or financial condition. You should carefully consider those risks, in addition to the other information in this report, and in our other filings with the SEC, before deciding to invest in our Company or to maintain or increase your investment. We undertake no obligation to revise or update publicly any forward-looking statements, except as may be required by applicable law. The information contained in this Form 10-Q is not a complete description of our business or the risks associated with an investment in our common stock. We urge you to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the SEC that discuss our business in greater detail and advise interested parties of certain risks, uncertainties, and other factors that may affect our business, results of operations, or financial condition.

Our Company

Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the Company in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 797 restaurants in 49 states, one U.S. territory, and ten foreign countries. As of July 1, 2025, our 797 restaurants included:

● 695 company restaurants, of which 676 were wholly-owned and 19 were majority-owned. The results of operations of company restaurants are included in our unaudited condensed consolidated statements of income. The portion of income attributable to noncontrolling interests in company restaurants that are majority-owned is reflected in the line item net income attributable to noncontrolling interests in our unaudited condensed consolidated statements of income. Of the 695 company restaurants, we operated 634 as Texas Roadhouse restaurants, 52 as Bubba’s 33 restaurants, and nine as Jaggers restaurants.

● 102 franchise restaurants, of which 17 we have a 5.0% to 10.0% ownership interest. The income derived from our minority interests in these franchise restaurants is reported in the line item equity income from investments in unconsolidated affiliates in our unaudited condensed consolidated statements of income. Of the 102 franchise restaurants, 39 were domestic Texas Roadhouse restaurants, five were domestic Jaggers restaurants, 57 were international Texas Roadhouse restaurants, including one restaurant in a U.S. territory, and one was an international Jaggers restaurant.

We have contractual arrangements that grant us the right to acquire at pre-determined formulas the equity interests in 17 of the 19 majority-owned company restaurants and 39 of the 44 systemwide domestic franchise restaurants.

Throughout this report, we use the term "restaurants" to include Texas Roadhouse and Bubba’s 33, unless otherwise noted.

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Presentation of Financial and Operating Data

Throughout this report, the 13 weeks ended July 1, 2025 and June 25, 2024, are referred to as Q2 2025 and Q2 2024, respectively. The 26 weeks ended July 1, 2025 and June 25, 2024, are referred to as 2025 YTD and 2024 YTD, respectively. Fiscal year 2025 will be 52 weeks in length, with the quarters 13 weeks in length. Fiscal year 2024 was 53 weeks in length, with the fourth quarter 14 weeks in length.

Key Measures We Use to Evaluate Our Company

Key measures we use to evaluate and assess our business include the following:

● Comparable Restaurant Sales. Comparable restaurant sales reflect the change in sales for all company restaurants across all concepts, unless otherwise noted, over the comparable period of the prior year for the comparable restaurant base. We define the comparable restaurant base to include those restaurants open for a full 18 months before the beginning of the period measured excluding restaurants permanently closed during the period, if applicable. Comparable restaurant sales can be impacted by changes in guest traffic counts or by changes in the per person average check amount. Menu price changes, the mix of menu items sold, and the mix of dine-in versus to-go sales can affect the per person average check amount.

● Average Unit Volume. Average unit volume represents the average quarterly, year-to-date, or annual restaurant sales for Texas Roadhouse and Bubba’s 33 restaurants open for a full six months before the beginning of the period measured excluding sales of restaurants permanently closed during the period, if applicable. Historically, average unit volume growth is less than comparable restaurant sales growth which indicates that newer restaurants are operating with sales growth levels lower than the company average. At times, average unit volume growth may be more than comparable restaurant sales growth which indicates that newer restaurants are operating with sales growth levels higher than the company average.

● Store Weeks and New Restaurant Openings. Store weeks represent the number of weeks that all company restaurants across all concepts, unless otherwise noted, were open during the reporting period. Store weeks include weeks in which a restaurant is temporarily closed. Store week growth is driven by new restaurant openings and franchise acquisitions. New restaurant openings reflect the number of restaurants opened during a particular fiscal period, excluding store relocations. We consider store openings that occur simultaneously with a store closure in the same trade area to be a relocation.

● Restaurant Margin. Restaurant margin (in dollars, as a percentage of restaurant and other sales, and per store week) represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent, and other operating costs. Restaurant margin is not a measurement determined in accordance with GAAP and should not be considered in isolation, or as an alternative, to income from operations. This non-GAAP measure is not indicative of overall company performance and profitability in that this measure does not accrue directly to the benefit of shareholders due to the nature of the costs excluded. Restaurant margin is widely regarded as a useful metric by which to evaluate core restaurant-level operating efficiency and performance over various reporting periods on a consistent basis.

In calculating restaurant margin, we exclude certain non-restaurant-level costs that support operations, including pre-opening and general and administrative expenses, but do not have a direct impact on restaurant-level operational efficiency and performance. We exclude pre-opening expenses as they occur at irregular intervals and would impact comparability to prior period results. We exclude depreciation and amortization expenses, substantially all of which relate to restaurant-level assets, as they represent a non-cash charge for the investment in our restaurants. We exclude impairment and closure expenses as we believe this provides a clearer perspective of the Company’s ongoing operating performance and a more useful comparison to prior period results. Restaurant margin as presented may not be comparable to other similarly titled measures of other companies in our industry. A reconciliation of income from operations to restaurant margin is included in the Results of Operations section below.

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Other Key Definitions

● Restaurant and Other Sales. Restaurant sales include gross food and beverage sales, net of promotions and discounts, for all company restaurants. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from restaurant sales in our unaudited condensed consolidated statements of income. Other sales primarily include the net impact of the amortization of third-party gift card fees and gift card breakage income and content revenue related to our tabletop kiosk devices.

● Royalties and Franchise Fees. Royalties consist of franchise royalties, as defined in our franchise agreement, paid to us by our domestic and international franchisees, as well as royalties related to our royalty-based retail products. Domestic and international franchisees also typically pay an initial franchise fee and/or development fee for each new restaurant or territory.

● Food and Beverage Costs. Food and beverage costs consist of the costs of raw materials and ingredients used in the preparation of food and beverage products sold in our company restaurants. Approximately half of our food and beverage costs relate to beef.

● Restaurant Labor Expenses. Restaurant labor expenses include all direct and indirect labor costs incurred in operations except for profit sharing incentive compensation expenses earned by our restaurant managing partners and market partners. These profit sharing expenses are reflected in restaurant other operating expenses. Restaurant labor expenses also include share-based compensation expense related to restaurant-level employees.

● Restaurant Rent Expense. Restaurant rent expense includes all rent, except pre-opening rent, associated with the leasing of real estate and includes base, percentage, and straight-line rent expense.

● Restaurant Other Operating Expenses. Restaurant other operating expenses consist of all other restaurant-level operating costs, the major components of which are supplies, profit sharing incentive compensation for our restaurant managing partners and market partners, utilities, credit card fees, general liability insurance, advertising, repairs and maintenance, property taxes, and outside services.

● Pre-opening Expenses. Pre-opening expenses, which are charged to operations as incurred, consist of expenses incurred before the opening of a new or relocated restaurant and consist principally of opening and training team compensation and benefits, travel expenses, rent, food, beverage, and other initial supplies and expenses. The majority of pre-opening costs incurred relate to the hiring and training of employees due to the significant investment we make in training our people. Pre-opening costs vary by location depending on a number of factors, including the size and physical layout of each location; the number of management and hourly employees required to operate each restaurant; the availability of qualified restaurant staff members; the cost of travel and lodging for different geographic areas; the timing of the restaurant opening; and the extent of unexpected delays, if any, in obtaining final licenses and permits to open each restaurant.

● Depreciation and Amortization Expenses. Depreciation and amortization expenses include the depreciation of fixed assets and amortization of intangibles with definite lives, substantially all of which relate to restaurant-level assets.

● Impairment and Closure Costs, Net. Impairment and closure costs, net include any impairment of long-lived assets, including property and equipment, operating lease right-of-use assets, and goodwill, and expenses associated with the closure of a restaurant. Closure costs also include any gains or losses associated with a relocated restaurant or the sale of a closed restaurant and/or assets held for sale as well as costs associated with closed or relocated restaurants.

● General and Administrative Expenses. General and administrative expenses comprise expenses associated with corporate and administrative functions that support development and restaurant operations and provide an

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infrastructure to support future growth. This includes salary, incentive-based, and share-based compensation expense related to executive officers and Support Center employees, salary and share-based compensation expense related to market partners, software hosting fees, professional fees, group insurance, and the realized and unrealized holding gains and losses related to the investments in our deferred compensation plan.

● Interest Income, Net. Interest income, net includes earnings on cash and cash equivalents and is reduced by interest expense, net of capitalized interest, on our debt or financing obligations including the amortization of loan fees, as applicable.

● Equity Income from Investments in Unconsolidated Affiliates. Equity income includes our percentage share of net income earned by unconsolidated affiliates and our share of any gain on the acquisition of these affiliates. As of July 1, 2025, and June 25, 2024, we owned a 5.0% to 10.0% equity interest in 17 and 20 domestic franchise restaurants, respectively.

● Net Income Attributable to Noncontrolling Interests. Net income attributable to noncontrolling interests represents the portion of income attributable to the other owners of the majority-owned restaurants. Our consolidated subsidiaries include 19 majority-owned restaurants as of July 1, 2025 and June 25, 2024.

Q2 2025 Financial Highlights

Total revenue increased $170.9 million or 12.7% to $1,512.1 million in Q2 2025 compared to $1,341.2 million in Q2 2024 primarily due to an increase in store weeks and comparable restaurant sales. Store weeks and comparable restaurant sales increased 7.2% and 5.8%, respectively, at company restaurants in Q2 2025 compared to Q2 2024. The increase in store weeks was due to the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was due to an increase in guest traffic along with an increase in per person average check.

Net income increased $3.9 million or 3.3% to $124.1 million in Q2 2025 compared to $120.1 million in Q2 2024 primarily due to higher restaurant margin dollars, as described below, partially offset by higher depreciation and amortization expenses and higher general and administrative expenses. Diluted earnings per share increased 4.0% to $1.86 in Q2 2025 from $1.79 in Q2 2024 due to the increase in net income and the impact of share repurchases.

Restaurant margin dollars increased $14.7 million or 6.1% to $257.3 million in Q2 2025 compared to $242.6 million in Q2 2024 primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased to 17.1% in Q2 2025 compared to 18.2% in Q2 2024. The decrease in restaurant margin, as a percentage of restaurant and other sales, was primarily due to commodity inflation of 5.2% and wage and other labor inflation of 3.8% partially offset by higher sales.

In addition, during the 13 weeks ended July 1, 2025, capital allocation spend included capital expenditures of $92.5 million, franchise acquisitions of $15.5 million, dividends of $45.1 million, and repurchases of common stock of $9.8 million.

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Results of Operations

(in thousands)

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	13 Weeks Ended							​	26 Weeks Ended
​	​	July 1, 2025			​	June 25, 2024			​	July 1, 2025			​	June 25, 2024
​		$		%		$		%		$		%		$		%
Condensed Consolidated Statements of Income:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Revenue:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Restaurant and other sales	​	1,503,974	​	99.5	​	1,333,642	​	99.4	​	2,944,316	​	99.5	​	2,647,794	​	99.5
Royalties and franchise fees	​	8,080	​	0.5	​	7,560	​	0.6	​	15,386	​	0.5	​	14,625	​	0.5
Total revenue	​	1,512,054	​	100.0	​	1,341,202	​	100.0	​	2,959,702	​	100.0	​	2,662,419	​	100.0
Costs and expenses:	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
(As a percentage of restaurant and other sales)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Restaurant operating costs (excluding depreciation and amortization shown separately below):	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Food and beverage	​	511,324	​	34.0	​	436,001	​	32.7	​	1,002,315	​	34.0	​	881,092	​	33.3
Labor	​	495,049	​	32.9	​	438,212	​	32.8	​	975,024	​	33.1	​	865,759	​	32.7
Rent	​	23,028	​	1.5	​	19,956	​	1.5	​	45,505	​	1.5	​	39,381	​	1.5
Other operating	​	217,230	​	14.5	​	196,862	​	14.8	​	424,845	​	14.5	​	390,504	​	14.7
(As a percentage of total revenue)	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Pre-opening	​	5,464	​	0.4	​	6,202	​	0.5	​	12,276	​	0.4	​	14,297	​	0.5
Depreciation and amortization	​	50,744	​	3.4	​	42,915	​	3.2	​	99,544	​	3.4	​	84,408	​	3.2
Impairment and closure, net	​	111	​	NM	​	90	​	NM	​	139	​	NM	​	291	​	NM
General and administrative	​	62,763	​	4.2	​	58,148	​	4.3	​	118,980	​	4.0	​	110,743	​	4.2
Total costs and expenses	​	1,365,713	​	90.3	​	1,198,386	​	89.4	​	2,678,628	​	90.5	​	2,386,475	​	89.6
Income from operations	​	146,341	​	9.7	​	142,816	​	10.6	​	281,074	​	9.5	​	275,944	​	10.4
Interest income, net	​	1,044	​	0.1	​	1,683	​	0.1	​	2,345	​	0.1	​	3,091	​	0.1
Equity income from investments in unconsolidated affiliates	​	1,426	​	0.1	​	286	​	NM	​	1,651	​	0.1	​	543	​	NM
Income before taxes	​	148,811	​	9.8	​	144,785	​	10.8	​	285,070	​	9.6	​	279,578	​	10.5
Income tax expense	​	22,118	​	1.5	​	21,710	​	1.6	​	42,318	​	1.4	​	40,513	​	1.5
Net income including noncontrolling interests	​	126,693	​	8.4	​	123,075	​	9.2	​	242,752	​	8.2	​	239,065	​	9.0
Net income attributable to noncontrolling interests	​	2,608	​	0.2	​	2,934	​	0.2	​	5,005	​	0.2	​	5,718	​	0.2
Net income attributable to Texas Roadhouse, Inc. and subsidiaries	​	124,085	​	8.2	​	120,141	​	9.0	​	237,747	​	8.0	​	233,347	​	8.8

NM — Not meaningful

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​	​	​	​	​	​	​	​	​	​	​	​
​
Reconciliation of Income from Operations to Restaurant Margin
($ In thousands, except restaurant margin $ per store week)
​	13 Weeks Ended					​	26 Weeks Ended
​	July 1, 2025		​	June 25, 2024		​	July 1, 2025		​	June 25, 2024
Income from operations	$	146,341	​	$	$ 142,816	​	$	281,074	​	$	275,944
​	​	​	​	​	​	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​	​
Royalties and franchise fees	​	8,080	​	​	7,560	​	​	15,386	​	​	14,625
​	​	​	​	​	​	​	​	​	​	​	​
Add:	​	​	​	​	​	​	​	​	​	​	​
Pre-opening	​	5,464	​	​	6,202	​	​	12,276	​	​	14,297
Depreciation and amortization	​	50,744	​	​	42,915	​	​	99,544	​	​	84,408
Impairment and closure, net	​	111	​	​	90	​	​	139	​	​	291
General and administrative	​	62,763	​	​	58,148	​	​	118,980	​	​	110,743
Restaurant margin	$	257,343	​	$	$ 242,611	​	$	496,627	​	$	471,058
​	​	​	​	​	​	​	​	​	​	​	​
Restaurant margin $/store week	$	28,562	​	$	28,855	​	$	27,776	​	$	28,222
Restaurant margin (as a percentage of restaurant and other sales)	​	17.1%	​	​	18.2%	​	​	16.9%	​	​	17.8%

See above for the definition of restaurant margin.

Restaurant Unit Activity

​	​	​	​	​	​	​	​	​
​		Total	​	Texas Roadhouse	​	Bubba's 33		Jaggers
Balance at December 31, 2024		784	​	721	​	49		14
Company openings		12	​	9	​	3	​	—
Franchise openings - Domestic	​	1	​	—	​	—	​	1
Franchise openings - International		—	​	—	​	—	​	—
Balance at July 1, 2025		797	​	730	​	52		15

​	​	​	​	​
​		July 1, 2025		June 25, 2024
Company - Texas Roadhouse		634	​	594
Company - Bubba's 33		52	​	48
Company - Jaggers		9	​	8
Total company	​	695	​	650
​	​	​	​	​
Franchise - Texas Roadhouse - Domestic		39	​	56
Franchise - Jaggers - Domestic	​	5	​	3
Franchise - Texas Roadhouse - International (1)		57	​	53
Franchise - Jaggers - International	​	1	​	-
Total franchise	​	102	​	112
​	​	​	​	​
Total		797		762

(1) Includes a U.S. territory.

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Q2 2025 compared to Q2 2024

Restaurant and Other Sales

Restaurant and other sales increased 12.8% in Q2 2025 compared to Q2 2024 and 11.2% in 2025 YTD compared to 2024 YTD. The following table summarizes certain key drivers and/or attributes of restaurant sales at company restaurants for the periods presented. Company restaurant count activity is shown in the restaurant unit activity table above.

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		Q2 2025			Q2 2024			2025 YTD			2024 YTD			​
Company Restaurants:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Increase in store weeks		​	7.2	%	​	5.6	%	​	7.1	%	​	5.2	%	​
Increase in average unit volume (1)		​	4.8	%	​	8.5	%	​	3.6	%	​	8.2	%	​
Other		​	0.8	%	​	0.4	%	​	0.5	%	​	0.1	%	​
Total increase in restaurant and other sales		​	12.8	%	​	14.5	%	​	11.2	%	​	13.5	%	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Store weeks		​	9,010	​	​	8,408	​	​	17,880	​	​	16,691	​	​
Comparable restaurant sales		​	5.8	%	​	9.3	%	​	4.7	%	​	8.9	%	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Texas Roadhouse restaurants:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Store weeks	​	​	8,226	​	​	7,708	​	​	16,337	​	​	15,302	​	​
Comparable restaurant sales		​	5.9	%	​	9.4	%	​	4.7	%	​	9.1	%	​
Average unit volume (in thousands) (1)	​	$	2,236	​	$	2,128	​	$	4,422	​	$	4,258	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Weekly sales by group:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comparable restaurants (590, 553, 583, and 549 units)	​	$	173,349	​	$	163,797	​	$	171,492	​	$	164,113	​	​
Average unit volume restaurants (29, 20, 28, and 17 units)	​	$	144,554	​	$	150,736	​	$	140,338	​	$	156,943	​	​
Restaurants less than six months old (15, 21, 23, and 28 units)	​	$	164,986	​	$	151,647	​	$	159,002	​	$	147,941	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Bubba's 33 restaurants:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Store weeks	​	​	668	​	​	596	​	​	1,310	​	​	1,181	​	​
Comparable restaurant sales	​	​	4.3	%	​	5.5	%	​	4.1	%	​	4.7	%	​
Average unit volume (in thousands) (1)	​	$	1,645	​	$	1,581	​	$	3,237	​	$	3,127	​	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Weekly sales by group:	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Comparable restaurants (43, 38, 41, and 37 units)	​	$	126,812	​	$	122,868	​	$	125,195	​	$	122,518	​	​
Average unit volume restaurants (5, 5, 7, and 4 units)	​	$	124,187	​	$	111,244	​	$	120,474	​	$	101,695	​	​
Restaurants less than six months old (4, 5, 4, and 7 units)	​	$	149,788	​	$	142,429	​	$	148,376	​	$	132,824	​	​

(1) Average unit volume includes restaurants open a full six to 18 months before the beginning of the period measured, excluding sales from restaurants permanently closed during the period, if applicable.

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The increase in restaurant sales for Q2 2025 and 2025 YTD was primarily due to an increase in store weeks and an increase in comparable restaurant sales. The increase in store weeks was driven by the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was driven by an increase in guest traffic counts along with an increase in our per person average check as shown in the table below.

​	​	​	​	​	​	​	​
​	Q2 2025	​	Q2 2024	​	2025 YTD	​	2024 YTD
Guest traffic counts	4.0 %	​	4.5 %	​	2.6 %	​	4.5 %
Per person average check	1.8 %	​	4.8 %	​	2.1 %	​	4.4 %
Comparable restaurant sales growth	5.8 %	​	9.3 %	​	4.7 %	​	8.9 %

To-go sales as a percentage of restaurant sales were 13.3% in Q2 2025 compared to 12.6% in Q2 2024. To-go sales as a percentage of restaurant sales were 13.4% in 2025 YTD compared to 12.8% in 2024 YTD.

Per person average check includes the benefit of a menu price increase of approximately 1.4% implemented in Q2 2025 and menu price increases of approximately 2.2% and 0.9% implemented in Q2 2024 and Q4 2024, respectively.

In 2025 YTD, we opened nine Texas Roadhouse company restaurants and three Bubba’s 33 company restaurants. In 2025, we expect store week growth of approximately 5% across all concepts, including a benefit of approximately 2% from the acquisitions of 17 domestic franchise restaurants in 2025 YTD, offset by the lapping of the additional week in 2024.

Other sales primarily include the net impact of the amortization of third-party gift card fees and gift card breakage income and content revenue related to our tabletop kiosk devices. The net impact of these amounts was a $3.9 million and $3.1 million reduction to other sales in Q2 2025 and Q2 2024, respectively, and a $10.0 million and $9.2 million reduction to other sales in 2025 YTD and 2024 YTD, respectively.

Royalties and Franchise Fees

Royalties and franchise fees increased by $0.5 million or 6.9% in Q2 2025 compared to Q2 2024 and increased by $0.8 million or 5.2% in 2025 YTD compared to 2024 YTD. The increases were due to increased royalties related to our royalty-based retail products and comparable franchise restaurant sales growth partially offset by decreased royalties related to the franchise stores that were acquired.

Food and Beverage Costs

Food and beverage costs, as a percentage of restaurant and other sales, increased to 34.0% in Q2 2025 compared to 32.7% in Q2 2024 and increased to 34.0% in 2025 YTD compared to 33.3% in 2024 YTD. The increases were primarily driven by commodity inflation of 5.2% in Q2 2025 and 3.7% in 2025 YTD, primarily driven by higher beef costs, and unfavorable shifts within the menu, partially offset by the benefit of a higher average guest check.

In 2025, we expect commodity inflation of approximately 5%, including the estimated impact of tariffs, with prices locked for approximately 65% of our remaining forecasted costs and the remainder subject to market rates.

Restaurant Labor Expenses

Restaurant labor expenses, as a percentage of restaurant and other sales, increased to 32.9% in Q2 2025 compared to 32.8% in Q2 2024 and increased to 33.1% in 2025 YTD compared to 32.7% in 2024 YTD . The increases were primarily driven by wage and other labor inflation of 3.8% in Q2 2025 and 4.2% in 2025 YTD partially offset by the benefit of a higher average guest check and labor productivity. Wage and other labor inflation was driven by higher wage and benefit expense due to labor market pressures along with increases in state-mandated minimum and tipped wage rates and increased investment in our people.

In 2025, we expect our labor costs to be pressured by wage and other labor inflation of approximately 4%.

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Restaurant Rent Expense

Restaurant rent expense, as a percentage of restaurant and other sales, was 1.5% for all periods presented. In Q2 2025 and 2025 YTD, higher rent expense at our recently acquired restaurants and newer restaurants was offset by the increase in average unit volume.

Restaurant Other Operating Expenses

Restaurant other operating expenses, as a percentage of restaurant and other sales, decreased to 14.5% in Q2 2025 compared to 14.8% in Q2 2024 and decreased to 14.5% in 2025 YTD compared to 14.7% in 2024 YTD. The decreases were driven by lower general liability insurance expense of $1.8 million and $5.1 million in Q2 2025 and 2025 YTD, respectively, as compared to the prior year period, as well as lower incentive compensation expense and the increase in average unit volume. The decreases were partially offset by increases in utilities expense and credit card fee expense.

Pre-opening Expenses

Pre-opening expenses were $5.5 million in Q2 2025 compared to $6.2 million in Q2 2024 and $12.3 million in 2025 YTD compared to $14.3 million in 2024 YTD . Pre-opening costs will fluctuate from quarter to quarter based on specific pre-opening costs incurred for each restaurant, the number and timing of restaurant openings, and the number and timing of restaurant managers hired.

Depreciation and Amortization Expenses

Depreciation and amortization expenses, as a percentage of total revenue, increased to 3.4% in Q2 2025 compared to 3.2% in Q2 2024 and increased to 3.4% in 2025 YTD compared to 3.2% in 2024 YTD. The increases were driven by an increase in depreciation expense at our newer restaurants and an increase in intangible asset amortization expense related to the acquisition of franchise restaurants partially offset by the increase in average unit volume.

Impairment and Closure Costs, Net

Impairment and closure costs, net were $0.1 million in both Q2 2025 and Q2 2024 and were $0.1 million in 2025 YTD compared to $0.3 million in 2024 YTD. Impairment and closure costs, net in all periods presented included closure costs related to restaurant relocations.

General and Administrative Expenses

General and administrative expenses, as a percentage of total revenue, decreased to 4.2% in Q2 2025 compared to 4.3% in Q2 2024 and decreased to 4.0% in 2025 YTD compared to 4.2% in 2024 YTD . The decreases were driven by the increase in average unit volume and lower incentive compensation expense partially offset by higher restricted stock expense due to the long-term grant of performance based restricted stock to our executive team and a favorable legal settlement received in Q2 2024.

Interest Income, Net

Interest income, net was $1.0 million and $1.7 million in Q2 2025 and Q2 2024, respectively, and was $2.3 million and $3.1 million in 2025 YTD and 2024 YTD, respectively. The decreases were driven by decreased earnings on our cash and cash equivalents.

Equity Income from Investments in Unconsolidated Affiliates

Equity income was $1.4 million in Q2 2025 compared to $0.3 million Q2 2024 and was $1.7 million in 2025 YTD compared to $0.5 million in 2024 YTD. The increases were driven by a $1.2 million gain on the acquisition of three of these affiliates in Q2 2025.

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Income Tax Expense

Our effective tax rate was 14.9% in Q2 2025 compared to 15.0% in Q2 2024 and was 14.8% in 2025 YTD compared to 14.5% in 2024 YTD. The decrease in the tax rate in Q2 2025, as compared to Q2 2024, was primarily due to an increase in the impact of the FICA tip tax credit partially offset by a reduction in the stock compensation benefit. The increase in 2025 YTD, as compared to 2024 YTD, was primarily due a reduction in the stock compensation benefit.

In 2025, we expect an effective tax rate of approximately 15% based on forecasted operating results.

Segment Information

We manage our restaurant and franchising operations by concept and as a result have identified Texas Roadhouse, Bubba's 33, Jaggers, and our retail initiatives as separate operating segments. Our reportable segments are Texas Roadhouse and Bubba's 33. The Texas Roadhouse reportable segment includes the results of our company Texas Roadhouse restaurants and domestic and international franchise Texas Roadhouse restaurants. The Bubba's 33 reportable segment includes the results of our domestic company Bubba's 33 restaurants. Our remaining operating segments, which include the results of our company and franchise Jaggers restaurants and the results of our retail initiatives, are included in Other. In addition, corporate-related assets, depreciation and amortization, and capital expenditures are also included in Other.

The CODM uses restaurant margin as the primary measure for assessing performance of our segments. Restaurant margin (in dollars and as a percentage of restaurant and other sales) represents restaurant and other sales less restaurant-level operating costs, including food and beverage costs, labor, rent, and other operating costs. Restaurant margin is used by our CODM to evaluate core restaurant-level operating efficiency and performance, assist in the evaluation of operating trends over time, and in making capital allocation decisions. A reconciliation of income from operations to restaurant margin is included in the Results of Operations section above.

The following table presents a summary of restaurant margin by segment (in thousands):

​	​	​	​	​	​	​	​	​	​	​	​
​	​	13 Weeks Ended									​
​		July 1, 2025					June 25, 2024				​
Texas Roadhouse	​	$	241,584		17.1	%	$	228,562		18.3	%
Bubba's 33	​		14,353	​	16.7	​		12,559	​	17.1	​
Other	​		1,406	​	15.6	​		1,490	​	18.7	​
Total	​	$	257,343	​	17.1	%	$	242,611	​	18.2	%
​	​	​	​	​	​	​	​	​	​	​	​
​	​	26 Weeks Ended									​
​	​	July 1, 2025				​	June 25, 2024				​
Texas Roadhouse	​	$	466,869	​	16.9	%	$	443,775	​	17.8	%
Bubba's 33	​		27,135	​	16.4	​		24,729	​	17.2	​
Other	​		2,623	​	15.0	​		2,554	​	16.7	​
Total	​	$	496,627	​	16.9	%	$	471,058	​	17.8	%

In our Texas Roadhouse reportable segment, restaurant margin dollars increased $13.0 million or 5.7% in Q2 2025 and $23.1 million or 5.2% in 2025 YTD. The increases were due to higher sales partially offset by commodity inflation and wage and other labor inflation. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 17.1% in Q2 2025 from 18.3% in Q2 2024 and decreased to 16.9% in 2025 YTD from 17.8% in 2024 YTD. Restaurant margin percentage was primarily impacted by commodity inflation and wage and other labor inflation which was partially offset by higher sales.

In our Bubba’s 33 reportable segment, restaurant margin dollars increased $1.8 million or 14.3% in Q2 2025 and $2.4 million or 9.7% in 2025 YTD . The increases were due to higher sales partially offset by commodity inflation and an increase in general liability insurance expense. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 16.7% in Q2 2025 from 17.1% in Q2 2024 and decreased to 16.4% in 2025 YTD from 17.2% in 2024

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YTD. Restaurant margin percentage was primarily impacted by the increased expenses noted above, which were partially offset by higher sales.

Liquidity and Capital Resources

The following table presents a summary of our net cash provided by (used in) operating, investing, and financing activities (in thousands):

​	​	​	​	​
​	​	26 Weeks Ended
​		July 1, 2025		June 25, 2024
Net cash provided by operating activities	​	$ 365,980	​	$ 377,347
Net cash used in investing activities	​	(259,527)	​	(146,155)
Net cash used in financing activities	​	(174,877)	​	(137,984)
Net (decrease) increase in cash and cash equivalents	​	$ (68,424)	​	$ 93,208

Net cash provided by operating activities was $366.0 million in 2025 YTD compared to $377.3 million in 2024 YTD. This decrease was primarily due to an unfavorable change in working capital partially offset by an increase in depreciation and amortization expense.

Our operations have not required significant working capital and, like many restaurant companies, we have been able to operate with negative working capital, if necessary. Sales are primarily for cash, and restaurant operations do not require significant inventories or receivables. In addition, we receive trade credit for the purchase of food, beverages, and supplies, thereby reducing the need for incremental working capital to support growth.

Net cash used in investing activities was $259.5 million in 2025 YTD compared to $146.2 million in 2024 YTD. The increase was primarily due to the acquisition of 17 franchise restaurants in 2025 YTD and an increase in restaurant relocations partially offset by a decrease in the timing of new company restaurant spend.

We require capital principally for the development of new company restaurants, the refurbishment or relocation of existing restaurants, and the acquisition of franchise restaurants, as applicable. We either lease our restaurant site locations under operating leases for periods of five to 30 years (including renewal periods) or purchase the land when appropriate. As of July 1, 2025, we had developed 155 of the 695 company restaurants on land that we own.

The following table presents a summary of capital expenditures (in thousands):

​	​	​	​	​	​	​
​	​	​	26 Weeks Ended
​		July 1, 2025		​	June 25, 2024
New company restaurants	​	$	76,643	​	$	91,629
Refurbishment or expansion of existing restaurants	​		58,898	​		54,372
Relocation of existing restaurants	​	​	31,253	​	​	6,050
Capital expenditures related to Support Center office	​	​	3,118	​	​	3,427
Total capital expenditures	​	$	169,912	​	$	155,478

Our future capital requirements will primarily depend on the number and mix of new restaurants we open, the timing of those openings, the restaurant prototype developed in a given fiscal year, and potential franchise acquisitions. These requirements will include costs directly related to opening, maintaining, or relocating restaurants and may also include costs necessary to ensure that our infrastructure is able to support a larger restaurant base.

We intend to satisfy our capital requirements over the next 12 months with cash on hand, net cash provided by operating activities and, if needed, funds available under our revolving credit facility. In 2025, we expect capital expenditures of approximately $400 million.

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Net cash used in financing activities was $174.9 million in 2025 YTD compared to $138.0 million in 2024 YTD. The increase is primarily due to an increase in share repurchases and an increase in our quarterly dividend payment in 2025 YTD.

On February 19, 2025, our Board approved the payment of a quarterly cash dividend of $0.68 per share of common stock compared to the quarterly dividend of $0.61 per share of common stock declared in 2024. The payments of quarterly dividends totaled $90.3 million and $81.5 million in 2025 YTD and 2024 YTD, respectively.

On August 6, 2025, our Board approved the payment of the third quarter 2025 cash dividend of $0.68 per share of common stock. This payment will be distributed on September 30, 2025, to shareholders of record at the close of business on September 2, 2025.

On February 19, 2025, our Board approved a stock repurchase program for the repurchase of up to $500.0 million of our common stock. This stock repurchase program has no expiration date and replaces the previous stock repurchase program which was approved in 2022.

During 2025 YTD, we paid $60.0 million, excluding excise taxes, to repurchase 342,789 shares of our common stock. This includes $30.0 million repurchased under our prior authorization and $30.0 million repurchased under our current authorization. During 2024 YTD, we paid $35.1 million, excluding excise taxes, to repurchase 222,666 shares of our common stock. As of July 1, 2025, $470.0 million remained under our authorized stock repurchase program.

On April 24, 2025, we entered into an agreement for a revolving credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. This credit facility superseded and replaced our previous credit facility.

The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $450.0 million with the option to increase the capacity by an additional $250.0 million subject to certain limitations, including approval by the syndicate of commercial lenders. The credit facility has a maturity date of April 24, 2030.

As of July 1, 2025, we had no outstanding borrowings under the credit facility and had $446.8 million of availability, net of $3.2 million of outstanding letters of credit, respectively. As of December 31, 2024, we had no outstanding borrowings under the previous credit facility and had $296.8 million of availability, net of $3.2 million of outstanding letters of credit.

The interest rate for each credit facility as of July 1, 2025 and June 25, 2024 was 5.42% and 6.21%, respectively.

The lenders’ obligation to extend credit pursuant to the credit facility depends on us maintaining certain financial covenants, including a minimum consolidated fixed charge coverage ratio and a maximum consolidated leverage ratio. The credit facility permits us to incur additional secured or unsecured indebtedness, except for the incurrence of secured indebtedness that in the aggregate is equal to or greater than $125.0 million and 20% of our consolidated tangible net worth. We were in compliance with all financial covenants as of July 1, 2025.

Guarantees

As of July 1, 2025 and December 31, 2024, we were contingently liable for $8.9 million and $9.4 million, respectively, for seven lease guarantees. These amounts represent the maximum potential liability of future payments under the guarantees. In the event of default, the indemnity and default clauses in our assignment agreements govern our ability to pursue and recover damages incurred. No material liabilities have been recorded as of July 1, 2025 and December 31, 2024 as the likelihood of default was deemed to be less than probable and the fair value of the guarantees is not considered significant.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RIS K

Information regarding market risk appears in our Annual Report on Form 10-K for the year ended December 31, 2024 in Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk. There have been no material changes in market risk previously disclosed in our Form 10-K for the fiscal year ended December 31, 2024 .

ITEM 4. CONTROLS AND PROCEDURE S

Evaluation of Disclosure Controls and Procedures

We have evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to, and as defined in, Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report. Based on the evaluation, performed under the supervision and with the participation of our management, including the Chief Executive Officer (the "CEO") and the Chief Financial Officer (the "CFO"), our management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of July 1, 2025.

Changes in Internal Control

There were no changes in the Company’s internal control over financial reporting that occurred during the 13 weeks ended July 1, 2025 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II — OTHER INFORMATIO N

ITEM 1. LEGAL PROCEEDING S

Information regarding legal proceedings is included in Note 6 to the Condensed Consolidated Financial Statements appearing in Part 1, Item 1 of this report on Form 10-Q.

ITEM 1A. RISK FACTOR S

Information regarding risk factors appears in our Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Special Note Regarding Forward-looking Statements" and in the Form 10-K Part I, Item 1A, Risk Factors. There have been no material changes from the risk factors previously disclosed in our Form 10-K for the fiscal year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEED S

In 2008, our Board approved our first stock repurchase program. From inception through July 1, 2025, we have paid $823.3 million, excluding excise taxes, through our authorized stock repurchase programs to repurchase 22,300,919 shares of our common stock at an average price per share of $36.92. On February 19, 2025, our Board approved a stock repurchase program under which we may repurchase up to $500.0 million of our common stock. This new stock repurchase program commenced on February 24, 2025, has no expiration date, and replaces the previous stock repurchase program which was approved on March 17, 2022 with respect to the repurchase of up to $300.0 million of common stock. All repurchases to date under our stock repurchase programs have been made through open market transactions. The timing and the amount of any repurchases through this program will be determined by management under parameters established by the Board, based on an evaluation of our stock price, market conditions and other corporate considerations, including complying with Rule 10b5-1 trading arrangements under the Exchange Act, as applicable.

For the 13 weeks ended July 1, 2025, we paid $9.8 million, excluding excise taxes, to repurchase 61,698 shares of our common stock. As of July 1, 2025, $470.0 million remained authorized for stock repurchases.

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		​		Maximum Number
​	​	​	​	​	​	​	​	​	(or Approximate
​	​	​	​	​	​	​	Total Number of	​	Dollar Value)
​	​	​	​	​	​	​	Shares Purchased	​	of Shares that
​	​	Total Number	​	Average		​	as Part of Publicly	​	May Yet Be
​	​	of Shares	​	Price Paid		​	Announced Plans	​	Purchased Under the
Period	​	Purchased	​	per Share		​	or Programs	​	Plans or Programs
April 2 to April 29		61,698	​	$	159.69		61,698	​	$	469,996,126
April 30 to May 27		—	​	$	—		—	​	$	469,996,126
May 28 to July 1		—	​	$	—		—	​	$	469,996,126
Total		61,698	​	​	​		61,698	​	​	​

ITEM 3. DEFAULTS UPON SENIOR SECURITIE S

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the 13 weeks ended July 1, 2025, no executive officer or director ado pted , modi fied , or termi nated a Rule 10b5-1 or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408(a) of Regulation S-K.

ITEM 6. EXHIBITS

Exhibit No.		Description
10.1	​	Credit Agreement, dated as of April 24, 2025 by and among Texas Roadhouse, Inc., and the lenders named therein and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated April 24, 2025)
10.2	​	Separation Agreement and Release of Claims dated June 9, 2025 by and between David Christopher Monroe and Texas Roadhouse Management Corp. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated June 9, 2025)
31.1	​	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	​	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	​	Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	​	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	​	Inline XBRL Taxonomy Extension Schema Document
101.CAL	​	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	​	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	​	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	​	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	​	Cover page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

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SIGNATURES

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 thereunto duly authorized.

​	TEXAS ROADHOUSE, INC.
​	​	​
Date: August 8, 2025	By:	/s/ GERALD L. MORGAN
​	​	Gerald L. Morgan
​	​	Chief Executive Officer (Principal Executive Officer)
​	​	​
​	​	​
Date: August 8, 2025	By:	/s/ KEITH V. HUMPICH
​	​	Keith V. Humpich
​	​	Interim Chief Financial Officer (Principal Financial Officer)
​	​	(Principal Accounting Officer)
​	​	​

31