TXRH
NASDAQ · Consumer Cyclical · Restaurants · US
Research · Sep 7, 2026
Fast-Casual Dining Converts Pricing Restraint Into Traffic
CAVA and Sweetgreen link below-inflation menu pricing to improving lower-income traffic, while Wendy's shows the pressure at the other end.
Research · Sep 3, 2026
[TXRH] Texas Roadhouse Thesis 2026: Casual Dining Cycle Drives Bubba's 33 Comp Acceleration
Texas Roadhouse, Inc. (NASDAQ: TXRH) FY2025 revenue ~$5.95-6.20B (+12-17%) with adj. EPS ~$6.85-7.40 reflecting continued post-2024 ~$5.65-5.85B aggregate Restaurant Sales (~95%+ aggregate revenue mix; selected primary Texas Roadhouse + Bubba's 33 + Jaggers casual dining + selected various aggregate franchise) + selected continued post-2024 ~$300-350M aggregate Franchise + Other revenue (~5% aggregate revenue mix) under continued President + CEO Gerald Morgan since 2021 (~4-year tenure as Texas Roadhouse CEO; selected post-2021 W. Kent Taylor Founder retirement). One of the largest US casual dining restaurant chains. Founded 1993 as Texas Roadhouse by W. Kent Taylor in Clarksville Indiana (~32-year heritage); selected post-October 2004 NASDAQ IPO; selected post-2013 Bubba's 33 American sports bar concept + selected post-2014 Jaggers quick-service chicken concept; selected post-2021 Gerald Morgan CEO appointment. Headquartered in Louisville Kentucky; ~80,000+ employees globally with ~$5.95-6.20B revenue. One primary business: casual dining restaurant chain (~100%). Structure: Restaurant Sales (~95%+ ~$5.65-5.85B), Franchise + Other (~5% ~$300-350M). Geographic mix: US ~98%+ + Canada + selected various international ~2%. Texas Roadhouse comp cycle (~+8-10% same-store sales): ~$5.65-5.85B Restaurant Sales; ~700+ aggregate total restaurants; ~+8-10% aggregate same-store sales growth; ~+5-7% aggregate average weekly sales growth; ~+3-5% aggregate guest traffic growth; ~$3,500-3,800 aggregate average weekly sales. Bubba's 33 + Jaggers de novo expansion: ~25-30 aggregate annual de novo openings; ~$200-250M aggregate annual de novo + remodel CapEx. President + CEO Gerald Morgan since 2021 (~4-year tenure); CFO David Monroe. Capital return: ~$2.80 annual dividend FY2025 (~+10-12% growth post-2024 dividend acceleration; ~13-year continuous dividend track post-2011 dividend initiation); ~$200-300M aggregate FY2024-2025 buyback program (~$100-200M aggregate FY2025); aggregate capital return ~$285-385M FY2025; net leverage ~negligible (~debt-free balance sheet); investment-grade Baa2/BBB credit rating. FY2026 thesis: Texas Roadhouse comp cycle + Bubba's 33 + Jaggers de novo expansion + ~$2.80 annual dividend + ~13-year continuous dividend track + ~$285-410M aggregate annual capital return + ~debt-free balance sheet. Risks: Cracker Barrel + Outback Steakhouse + LongHorn Steakhouse + Olive Garden + Chili's competition, Chick-fil-A + Raising Cane's quick-service chicken competition, US casual dining cycle (inflation + traffic + check considerations), same-store sales growth normalization.
Research · Aug 25, 2026
Meat Processing Sees Protein Substitution Stop Working
Record beef, pork and chicken price gaps moved no volume between the three categories this quarter, and discounts stopped lifting sales, JBS, Tyson and Smithfield told investors.
Research · Aug 25, 2026
US Waives Beef Import Tariffs for 90 Days on 300,000 Tonnes
Trump waived out-of-quota tariffs on up to 300,000 tonnes of ground beef for 90 days on 2026-08-21. Burger chains rallied; the cattle and chicken side did not move.