On this page of StockholderLetter.com we present the latest annual shareholder letter from BRINKER INTERNATIONAL, INC — ticker symbol EAT. Reading current and past EAT letters to shareholders can bring important insights into the investment thesis.
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10/3/2025 Letter Continued (Full PDF)
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10/6/2023 EAT Stockholder Letter
• 9/27/2024 EAT Stockholder Letter
• More "Hotels" Category Stockholder Letters
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EAT Benford's Law Stock Score = 85
10/3/2025 Letter Continued (Full PDF)
•
10/6/2023 EAT Stockholder Letter•
9/27/2024 EAT Stockholder Letter•
More "Hotels" Category Stockholder Letters•
EAT Benford's Law Stock Score = 85EAT Shareholder/Stockholder Letter Transcript:
B R I N K E R INTERNATIONAL Annual Report 2025 Dear Fellow Shareholders, Fiscal 2025 was a great year of progress in our turnaround marked by significant achievement on both financial results and the strategic priorities we laid out at the beginning of my tenure. I want to thank you for your continued support. We delivered a year of purposeful growth and continued transformation across the 4 pillars of our long-term strategy food, service, atmosphere, and team members. Against the backdrop of a challenging macro environment, Brinker International delivered results that far outperformed the industry: Total revenue growth of 21.9% was driven by increased marketing investments bringing guests in and operational improvements to the dining experience bringing guests back. Company sales were $5,335.3 billion and same-store sales rose 22.7%, resulting in 17 consecutive quarters of positive same store sales at Chili s. Operating income as a percentage of total revenues improved 430 basis points over the prior year driven by sales leverage, continued menu & pantry simplification, and reductions in non-value-added tasks for managers and team members. As a result, net income per diluted share increased 144.7%, which drove significant stock price appreciation. And while there s still lots of opportunity ahead of us, we are a much different Chili s today than we were 3 years ago: our average restaurant unit volume has grown from $3.1 million at the end of fiscal 2022 to $4.5 million in fiscal 2025 and as a result, we have significantly expanded margins. We ve eliminated over 25% of our menu and we do fewer things a whole lot better. We ve focused on improving our Five to Drive Core Segments Burgers, Crispers, Fajitas, Margaritas and the Triple Dipper. As a result of the simplification and menu upgrades. Food Great scores have never been higher. We invested over $160.0 million more in labor than we did in fiscal 2022 and that ongoing investment is built into our operating model that delivered record profits. Guests with a Problem, our dining room key guest experience measure we track daily, was a mere 2.3% and has never been lower. We increased investments in marketing and repairs and maintenance that are driving traffic and positively impacting the guest and team member experience. Chili s built a world-class marketing team to invest these incremental dollars, and that team is now widely considered the best in the restaurant industry. And our estate has never been in better condition than it is today. Lastly, because of our much-improved performance, we ve been able to strengthen our balance sheet. We ve paid down over $570.0 million of our outstanding debt in the past 3 fiscal years, which gives us increased flexibility in the future and the financial strength to weather the macro headwinds or bumps in the road that would be more difficult if we continued to have all that leverage. Looking ahead to fiscal 2026, at Chili s, we plan to continue making investments to grow the business for the long-term with a continued focus on the fundamentals of casual dining food, service, and atmosphere. At Maggiano s, we will apply the Chili s turnaround plan anchored by the Maggiano s North Star, which features abundant Italian American favorites in an inviting setting. We are confident that Brinker International is positioned for long-term success, delivering even greater value to our shareholders. I am excited about what the future holds for our company and look forward to sharing more of our progress in the months and years ahead. With appreciation, Kevin Hochman Chief Executive Officer and President Brinker International, Inc.