Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 26, 2023 |
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| Consolidated Balance Sheets | ||
| Receivables, allowance for doubtful accounts (in dollars) | $ 7 | $ 35 |
| Property and equipment, accumulated depreciation (in dollars) | 1,223,064 | 1,078,855 |
| Intangible assets, accumulated amortization (in dollars) | $ 23,147 | $ 20,929 |
| Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 66,574,626 | 66,789,464 |
| Common stock, shares outstanding | 66,574,626 | 66,789,464 |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
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| Consolidated Statements of Stockholders' Equity | |||
| Dividends declared (in dollars per share) | $ 2.44 | $ 2.2 | $ 1.84 |
Description of Business |
12 Months Ended |
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Dec. 31, 2024 | |
| Description of Business | |
| Description of Business | (1) Description of Business Texas Roadhouse, Inc. and subsidiaries in which we have a controlling interest (collectively, the "Company," "we," "our," and/or "us"), is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the business in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. The Company maintains three restaurant concepts operating as Texas Roadhouse, Bubba’s 33, and Jaggers. As of December 31, 2024, we owned and operated 666 restaurants and franchised an additional 118 restaurants in 49 states, one U.S. territory, and ten foreign countries. Of the 118 franchise restaurants, there were 60 domestic and 58 international restaurants, including one in a U.S. territory. As of December 26, 2023, we owned and operated 635 restaurants and franchised an additional 106 restaurants in 49 states and ten foreign countries. Of the 106 franchise restaurants, 58 were domestic and 48 were international restaurants. |
Summary of Significant Accounting Policies |
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| Summary of Significant Accounting Policies. | |||||||||||||||||||||
| Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements present the financial position, results of operations, and cash flows of the Company. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2024 and December 26, 2023, we owned a majority interest in 19 and 20 company restaurants, respectively. The operating results of these majority-owned restaurants are consolidated and the portion of income attributable to noncontrolling interests is recorded in the line item net income attributable to noncontrolling interests in our consolidated statements of income. As of December 31, 2024 and December 26, 2023, we owned a 5.0% to 10.0% equity interest in 20 domestic franchise restaurants. These unconsolidated restaurants are accounted for using the equity method. Our investments in these unconsolidated affiliates are included in other assets in our consolidated balance sheets, and our percentage share of net income earned by these unconsolidated affiliates is recorded in the line item equity income from investments in unconsolidated affiliates in our consolidated statements of income. Fiscal Year We utilize a or accounting period that typically ends on the last Tuesday in December. We utilize a week accounting period for quarterly reporting purposes, except in years containing when the fourth quarter contains weeks. Fiscal year 2024 was 53 weeks in length and fiscal years 2023 and 2022 were 52 weeks in length. In fiscal year 2024, the additional week increased restaurant and other sales by $114.7 million and increased net income by approximately 5% in our consolidated statements of income. Use of Estimates 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 consolidated financial statements, and the reporting of revenue and expenses during the period to prepare these 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 and fees. Actual results could differ from those estimates. Segment Reporting Operating segments are defined as components of a company that engage in business activities from which it may earn revenue and incur expenses, and for which separate financial information is available and is regularly reviewed by the chief operating decision maker ("CODM") to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. The Company’s operating segments have been identified in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 280, Segment Reporting, as amended by ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. We have identified Texas Roadhouse, Bubba’s 33, Jaggers, and our retail initiatives as separate operating segments. In addition, we have identified Texas Roadhouse and Bubba’s 33 as reportable segments. For further discussion of segment reporting, refer to Note 19. Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents also include receivables from credit card companies as these balances are highly liquid in nature and are settled within to business days. These amounted to $49.4 million and $27.8 million at December 31, 2024 and December 26, 2023, respectively. Receivables Receivables consist principally of amounts due from retail gift card providers, certain franchise restaurants for reimbursement of labor costs, pre-opening, and other expenses, and franchise restaurants for royalties and advertising fees. Receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical collection experience, adjusted for current and forecasted economic conditions and other factors such as credit risk or industry trends, and the age of receivables. We review our allowance for doubtful accounts quarterly. Past due balances over 120 days are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. Inventories Inventories, consisting principally of food, beverages, and supplies, are valued at the lower of cost (first-in, first-out) or net realizable value. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for major renewals and betterments are capitalized while expenditures for maintenance and repairs are expensed as incurred. Depreciation is computed on property and equipment, including assets located on leased properties, over the shorter of the estimated useful lives of the related assets or the underlying lease term using the straight-line method. In most cases, assets on leased properties are depreciated over a period of time which includes both the initial term of the lease and one or more option periods. The estimated useful lives are:
The cost of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived assets and included in Property and equipment, net. Cloud Computing Arrangements The Company capitalizes cloud computing implementation costs and amortizes these costs on a straight-line basis over the term of the related service agreement, including renewal periods that are reasonably certain to be exercised. Capitalized cloud computing implementation costs were $5.9 million and $3.0 million, net of accumulated amortization, as of December 31, 2024 and December 26, 2023, respectively. These costs are included in prepaid expenses and other current assets and other assets in our consolidated balance sheets. Related amortization expense was $3.9 million, $1.4 million, and $1.0 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively, and is included in general and administrative expenses in our consolidated statements of income. Leases We recognize operating lease right-of-use assets and operating lease liabilities for real estate leases, including our restaurant leases and Support Center lease, as well as certain restaurant equipment leases based on the present value of the lease payments over the lease term. At lease inception, we include option periods that we are reasonably certain to exercise in the lease term. To determine if an option is reasonably certain to be exercised, we analyze the economic penalties that would be imposed from a failure to renew a lease, including the loss of our investment in leasehold improvements or the loss of future cash flows. We estimate the present value of lease payments based on our incremental borrowing rate which considers our estimated credit rating for a secured or collateralized instrument and corresponds to the underlying lease term. In addition, operating lease right-of-use assets are reduced for accrued rent and increased for any initial direct costs recognized at lease inception. For real estate and restaurant equipment leases commencing in 2019 and later, we account for lease and non-lease components as a single lease component. Reductions of the right-of-use asset and the changes in the lease liability are included within the changes in operating lease right-of-use assets and lease liabilities in our consolidated statements of cash flows. Certain of our operating leases contain predetermined fixed escalations of the minimum rent over the lease term. For these leases, we recognize the related total rent expense on a straight-line basis over the lease term. We may receive rent concessions or leasehold improvement incentives upon opening a restaurant that is subject to a lease which we consider when determining straight-line rent expense. We also may receive rent holidays, which would begin on the possession date and end when the store opens, during which no cash rent payments are typically due under the terms of the lease. Rent holidays are included in the lease term when determining straight-line rent expense. Certain of our operating leases contain clauses that provide for additional contingent rent based on a percentage of sales greater than certain specified target amounts. We recognize contingent rent expense as variable rent expense prior to the achievement of the specified target that triggers the contingent rent, provided achievement of the target is considered probable. In addition, certain of our operating leases have variable escalations of the minimum rent that depend on an index or rate. For these leases, we recognize operating lease right-of-use assets and operating lease liabilities based on the index or rate at the commencement date. Any subsequent changes to the index or rate are recognized as variable rent expense when the escalation is determinable. Sale-leasebacks are transactions through which we sell previously acquired land at fair value and subsequently enter into a lease agreement on the same land. The resulting lease agreement is evaluated to determine classification as an operating or finance lease and is recorded based on the lease classification. Refer to Note 8 for further discussion of leases. Goodwill Goodwill represents the excess of cost over fair value of assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other ("ASC 350"), goodwill is not subject to amortization and is evaluated for impairment on an annual basis, or sooner if an event or other circumstance indicates that goodwill may be impaired. The annual assessment date is the first day of our fourth quarter. ASC 350 requires that goodwill be tested for impairment at the reporting unit level, or the level of internal reporting that reflects the way in which an entity manages its businesses. A reporting unit is defined as an operating segment, or one level below an operating segment. Our goodwill reporting units are at the concept or operating segment level. As stated in ASC 350, an entity may first assess qualitative factors in order to determine if it is necessary to perform the quantitative test. In 2024 and 2023, we elected to perform a qualitative assessment for our annual review of goodwill. This review included evaluating factors such as macroeconomic conditions, industry and market considerations, cost factors, changes in management or key personnel, sustained decreases in share price, and the overall financial performance of the Company’s reporting units at the concept level. As a result of the qualitative assessment, no indicators of impairment were identified, and no additional indicators of impairment were identified through the end of the fiscal year that would require additional testing. In 2024, 2023, and 2022, we determined there was no goodwill impairment. Refer to Note 7 for additional information related to goodwill and intangible assets. Other Assets Other assets consist primarily of deferred compensation plan assets, capitalized cloud computing implementation costs, investments in unconsolidated affiliates, and deposits. For further discussion of the deferred compensation plan, refer to Note 15 and Note 16. Impairment or Disposal of Long-lived Assets In accordance with ASC 360, Property, Plant, and Equipment, long-lived assets to be held and used in the business, such as property and equipment, operating lease right-of-use assets, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purposes of this evaluation, we define the asset group at the individual restaurant level. When we evaluate the restaurants, cash flows are the primary indicator of impairment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the restaurant to estimated undiscounted future cash flows expected to be generated by the restaurant. Under our policies, trailing 12- month cash flow results under a predetermined amount at the individual restaurant level signals potential impairment. In our evaluation of restaurants that do not meet the cash flow threshold, we estimate future undiscounted cash flows from operating the restaurant over its remaining useful life, which can be for a period of over 20 years. In the estimation of future cash flows, we consider the period of time the restaurant has been open, the trend of operations over such period, and future periods and expectations of future sales growth. Assumptions about important factors such as the trend of future operations and sales growth are limited to those that are supportable based upon the plans for the restaurant and actual results at comparable restaurants. If the carrying amount of the restaurant exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount exceeds the estimated fair value of the assets. We generally measure fair value by discounting estimated future cash flows. When fair value is measured by discounting estimated future cash flows, the assumptions used are consistent with what we believe hypothetical market participants would use. We also use a discount rate that is commensurate with the risk inherent in the projected cash flows. The adjusted carrying amounts of assets to be held and used are depreciated over their remaining useful life. Refer to Note 17 for further discussion of amounts recorded as part of our impairment analysis. Insurance Reserves We self-insure a significant portion of expected losses related to employee health, workers’ compensation, general liability, employment practices liability, cybersecurity, and property claims. This includes our wholly-owned captive insurance company which covers certain lines of coverage. We use third-party insurance with varying retention levels to limit our exposure to significant losses. We record a liability for unresolved claims and for an estimate of incurred but not reported claims based on historical experience. The estimated liability is based on a number of assumptions and factors regarding economic conditions, the frequency and severity of claims, and claim development history and settlement practices. Our assumptions are reviewed, monitored, and adjusted when warranted by changing circumstances. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires an entity to allocate the transaction price received from customers to each separate and distinct performance obligation and recognize revenue as these performance obligations are satisfied. We recognize revenue from company restaurant sales when food and beverage products are sold. 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 the consolidated statements of income. We record deferred revenue for gift cards that have been sold but not yet redeemed. When the gift cards are redeemed, we recognize restaurant sales and reduce deferred revenue. For some of the gift cards that are sold we have determined that, based on our historic gift card redemption patterns, the likelihood of redemption is remote. For these gift cards, we record a breakage adjustment as a component of restaurant and other sales in the consolidated statements of income and reduce deferred revenue by the amount never expected to be redeemed. We use historic gift card redemption patterns to determine the breakage rate to utilize and recognize the expected breakage amount in a manner generally consistent with the actual redemption pattern of the associated gift card. We review the breakage rate on an annual basis, or sooner if circumstances indicate that the rate may have significantly changed and update the rate as needed. In addition, we incur fees on all gift cards that are sold through third-party retailers. These fees are also deferred and generally recorded consistent with the actual redemption pattern of the associated gift cards and are recorded as a component of restaurant and other sales in the consolidated statements of income. We also recognize revenue from our franchising of Texas Roadhouse and Jaggers restaurants. This includes franchise royalties and domestic marketing and advertising fees, initial and upfront franchise fees, domestic and international development agreements, and supervisory and administrative service fees. We recognize franchise royalties and domestic marketing and advertising fees as franchise restaurant sales occur. For initial and upfront franchise fees and fees from development agreements, because the services we provide related to these fees do not contain separate and distinct performance obligations from the franchise right, these fees are recognized on a straight-line basis over the term of the associated franchise agreement. We recognize fees from supervision and administrative services as incurred. Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes, under which deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. We recognize both interest and penalties on unrecognized tax benefits as part of income tax expense. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. For all years presented, no valuation allowances have been recorded. Advertising We have a domestic system-wide marketing and advertising fund. We maintain control of the marketing and advertising fund and, as such, have consolidated the fund’s activity for all the years presented. Domestic company and franchise restaurants are required to remit a designated portion of sales to the advertising fund. Advertising contributions related to company restaurants are expensed as incurred and recorded as a component of other operating costs in our consolidated statements of income. Advertising contributions received from our franchisees are recorded as a component of franchise royalties and fees in our consolidated statements of income. The associated advertising expenses are recorded as incurred within general and administrative expenses in our consolidated statements of income. Other costs related to local restaurant area marketing initiatives are included in other operating costs in our consolidated statements of income. These costs and the company restaurant advertising contribution amounted to $31.8 million, $28.3 million, and $25.0 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively. 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 team and training team compensation and benefits, travel expenses, rent, food, beverage, and other initial supplies and expenses. Fair Value of Financial Instruments Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants on the measurement date. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This includes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date.
Fair value measurements are separately disclosed by level within the fair value hierarchy. Refer to Note 16 for further discussion of fair value measurement. Recently Adopted Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. This ASU primarily provides enhanced disclosures about significant segment expenses including requiring segment disclosures to include a description of other segment items by reportable segment and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods as well as the title of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing performance and allocating resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance during the fourth quarter of the 2024 fiscal year and provided additional detail and disclosures in our segment reporting disclosures. Refer to Note 19 for further discussion of segment reporting. Recently Issued Accounting Pronouncements In December 2023, the FASB issued 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 and 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, and interim periods within fiscal years beginning after December 15, 2025. 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 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. 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. |
Revenue |
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| Revenue | (3) Revenue The following table disaggregates our revenue by major source:
The following table presents a rollforward of deferred revenue-gift cards:
We recognized restaurant sales of $234.0 million for the year ended December 31, 2024 related to amounts in deferred revenue as of December 26, 2023. We recognized restaurant sales of $209.2 million for the year ended December 26, 2023 related to amounts in deferred revenue as of December 27, 2022. |
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Acquisitions |
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| Acquisitions | (4) Acquisitions On December 28, 2022, the first day of the 2023 fiscal year, we completed the acquisition of eight franchise Texas Roadhouse restaurants located in Maryland and Delaware, including four in which we previously held a 5.0% equity interest. Pursuant to the terms of the acquisition agreements, we paid a total purchase price of $39.1 million, net of cash acquired. The transactions in which we held an equity interest were accounted for as step acquisitions, and we recorded a gain of $0.6 million on our previous investments in equity income from investments in unconsolidated affiliates in the consolidated statements of income. These transactions were accounted for using the acquisition method as defined in ASC 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 date, which are adjusted for final measurement-period adjustments.
Intangible assets represent reacquired franchise rights which are being amortized over a weighted-average useful life of 2.2 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. |
Long-term Debt |
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| Long-term Debt | |
| Long-term Debt | (5) Long-term Debt We maintain 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. The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $300.0 million with the option to increase by an additional $200.0 million subject to certain limitations, including approval by the syndicate of commercial lenders. The credit facility has a maturity date of May 1, 2026. 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 adjustment of 0.875% to 1.875% depending on our consolidated leverage ratio. As of December 31, 2024, we had no outstanding borrowings under the credit facility and had $296.8 million of availability, net of $3.2 million of outstanding letters of credit. As of December 26, 2023, we had no outstanding borrowings under the credit facility and had $295.3 million of availability, net of $4.7 million of outstanding letters of credit. The interest rate for the credit facility as of December 31, 2024 and December 26, 2023 was 5.47% and 6.23%, 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 December 31, 2024. |
Property and Equipment, Net |
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| Property and Equipment, Net | (6) Property and Equipment, Net Property and equipment were as follows:
For the year ended December 31, 2024, there was no interest capitalized in connection with restaurant construction. For the years ended December 26, 2023 and December 27, 2022, the amount of interest capitalized in connection with restaurant construction was $0.5 million and $1.3 million, respectively. |
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Goodwill and Intangible Assets |
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| Goodwill and Intangible Assets | (7) Goodwill and Intangible Assets All of our goodwill and intangible assets reside within the Texas Roadhouse reportable segment. The gross carrying amounts of goodwill and intangible assets were as follows:
As of December 31, 2024, the gross carrying amount and accumulated amortization of the intangible assets were $24.4 million and $23.1 million, respectively. As of December 26, 2023, the gross carrying amount and accumulated amortization of the intangible assets were $24.4 million and $20.9 million, respectively. Intangible assets consist of reacquired franchise rights. We amortize reacquired franchise rights on a straight-line basis over the remaining term of the franchise operating agreements, which varies by franchise agreement. Amortization expense for the next three years is expected to range from zero to $1.2 million. Refer to Note 4 for discussion of the acquisitions completed for the year ended December 26, 2023. |
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Leases |
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| Leases | (8) Leases We recognize right-of-use assets and lease liabilities for both real estate and equipment leases that have a term in excess of one year. As of December 31, 2024 and December 26, 2023, these amounts were as follows:
Information related to our real estate operating leases for the fiscal years ended December 31, 2024 and December 26, 2023 were as follows:
Operating lease payments exclude $48.0 million of future minimum lease payments for executed real estate leases of which we have not yet taken possession. In addition to the above operating leases, as of December 31, 2024, we had two finance leases with a right-of-use asset balance and lease liability balance of $1.9 million and $2.8 million, respectively. As of December 26, 2023, we had two finance leases with a right-of-use asset balance and lease liability balance of $2.0 million and $2.8 million, respectively. The right-of-use asset balance is included as a component of other assets and the lease liability balance as a component of other liabilities in the consolidated balance sheets. In 2024, we entered into five sale leaseback transactions that generated proceeds of $16.0 million and no gain or loss was recognized on these transactions. In 2023, we entered into six sale leaseback that generated proceeds of $16.3 million and no gain or loss was recognized on these transactions. The resulting operating leases are included in the operating lease right-of-use assets and lease liabilities noted above. |
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Income Taxes |
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| Income Taxes | (9) Income Taxes Components of our income tax expense for the years ended December 31, 2024, December 26, 2023, and December 27, 2022 were as follows:
Our pre-tax income is substantially derived from domestic restaurants. A reconciliation of the statutory federal income tax rate to our effective tax rate for December 31, 2024, December 26, 2023, and December 27, 2022 is as follows:
Components of deferred tax liabilities, net were as follows:
We have not provided a valuation allowance for any of our deferred tax assets as their realization is more likely than not. A reconciliation of the beginning and ending liability for unrecognized tax benefits was as follows:
As of December 31, 2024 and December 26, 2023, the amount of unrecognized tax benefits that would impact the effective tax rate if recognized was $2.9 million and $2.5 million, respectively. As of December 31, 2024 and December 26, 2023, the total amount of accrued penalties and interest related to uncertain tax provisions was recognized as a part of income tax expense and these amounts were not material. All entities for which unrecognized tax benefits exist as of December 31, 2024 possess a December tax year-end. As a result, as of December 31, 2024, the tax years ended December 26, 2023, December 27, 2022, and December 28, 2021 remain subject to examination by all tax jurisdictions. As of December 31, 2024, no audits were in process by a tax jurisdiction that, if completed during the next twelve months, would be expected to result in a material change to our unrecognized tax benefits. Additionally, as of December 31, 2024, no event occurred that is likely to result in a significant increase or decrease in the unrecognized tax benefits through December 30, 2025. |
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Preferred Stock |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Preferred Stock | |
| Preferred Stock | (10) Preferred Stock Our Board of Directors (the "Board") is authorized, without further vote or action by the holders of common stock, to issue from time to time up to an aggregate of 1,000,000 shares of preferred stock in one or more series. Each series of preferred stock will have the number of shares, designations, preferences, voting powers, qualifications, and special or relative rights or privileges as shall be determined by the Board, which may include, but are not limited to, dividend rights, voting rights, redemption and sinking fund provisions, liquidation preferences, conversion rights, and preemptive rights. There were no shares of preferred stock outstanding as of December 31, 2024 and December 26, 2023. |
Stock Repurchase Program |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Stock Repurchase Program. | |
| Stock Repurchase Program | (11) Stock Repurchase Program On March 17, 2022, our Board approved a stock repurchase program for the repurchase of up to $300.0 million of our common stock. This stock repurchase program has no expiration date. 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 approved 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. For the year ended December 31, 2024, we paid $79.8 million, excluding excise taxes, to repurchase 461,662 shares of our common stock. For the year ended December 26, 2023, we paid $50.0 million, excluding excise taxes, to repurchase 455,026 shares of our common stock. As of December 31, 2024, we had $37.1 million remaining under our authorized stock repurchase program. Refer to Note 20 for further discussion of our authorized stock repurchase program. |
Earnings Per Share |
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| Earnings Per Share | (12) 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. Refer to Note 14 for further discussion of our equity incentive plans. 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 consolidated statements of income:
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Commitments and Contingencies |
12 Months Ended |
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Dec. 31, 2024 | |
| Commitments and Contingencies | |
| Commitments and Contingencies | (13) Commitments and Contingencies The estimated cost of completing capital project commitments at December 31, 2024 and December 26, 2023 was $243.6 million and $237.4 million, respectively. As of December 31, 2024 and December 26, 2023, we are contingently liable for $9.4 million and $10.4 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 December 31, 2024 or December 26, 2023, 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 year ended December 31, 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. Occasionally, we are a defendant in litigation arising in the ordinary course of business, including "slip and fall" accidents, 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, has had a material 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. |
Share-based Compensation |
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| Share-based Compensation | (14) Share-based Compensation On May 13, 2021, our shareholders approved the Texas Roadhouse, Inc. 2021 Long-Term Incentive Plan (the "Plan"). The Plan provides for the granting of various forms of equity awards including options, stock appreciation rights, full value awards, and performance-based awards. The Company provides restricted stock units ("RSUs") to employees as a form of share-based compensation. A RSU is the conditional right to receive one share of common stock upon satisfaction of the vesting requirement. In addition to RSUs, the Company provides performance stock units ("PSUs") to certain members of management as a form of share-based compensation. A PSU is the conditional right to receive one share of common stock upon meeting a performance obligation along with the satisfaction of the vesting requirement. The following table summarizes share-based compensation expense recorded in the accompanying consolidated statements of income:
We recognize expense for RSUs and PSUs over the vesting term based on the grant date fair value of the award. We record forfeitures as they occur. Activity for our share-based compensation by type of grant for the fiscal year ended December 31, 2024 is presented below. Summary Details for RSUs
As of December 31, 2024, with respect to unvested RSUs, there was $25.1 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 0.9 years. The vesting terms of all RSUs range from 1.0 to 5.0 years. The total intrinsic value of RSUs vested during the years ended December 31, 2024, December 26, 2023, and December 27, 2022 was $49.9 million, $37.8 million, and $37.1 million, respectively. The excess tax benefit associated with vested RSUs for the years ended December 31, 2024, December 26, 2023, and December 27, 2022 was $4.4 million, $1.7 million, and $0.4 million, respectively, which was recognized in the income tax provision. Summary Details for PSUs
We grant PSUs to certain members of management subject the achievement of certain earnings targets, which determine the number of units to vest at the end of the vesting period. Share-based compensation expense is recognized for the number of units expected to vest at the end of the period and is expensed beginning on the grant date and through the performance period. For each grant, PSUs vest after meeting the performance and service conditions. The total intrinsic value of PSUs vested during the years ended December 31, 2024, December 26, 2023, and December 27, 2022 was $6.4 million, $3.3 million, and $5.4 million, respectively. On January 8, 2025, approximately 41,000 shares vested related to the January 2024 PSU grant and are expected to be distributed in February 2025. As of December 31, 2024, with respect to unvested PSUs, there was $0.1 million of unrecognized compensation cost that is expected to be recognized over a weighted-average period of 0.1 years. The allowable excess tax benefit associated with vested PSUs for the years ended December 31, 2024, December 26, 2023, and December 27, 2022 was not significant. |
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Employee Benefit Plans |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Employee Benefit Plans | |
| Employee Benefit Plans | (15) Employee Benefit Plans We have a defined contribution benefit plan ("401(k) Plan") that is available to our Support Center employees and managers in our restaurants who meet certain compensation and eligibility requirements. The 401(k) Plan allows participating employees to defer the receipt of a portion of their compensation and contribute such amount to one or more investment options and the Company matches a certain percentage of the employee contributions. For the year ended December 31, 2024, company contributions totaling $8.4 million and $2.1 million were recorded in labor expense and general and administrative expense, respectively, within the consolidated statements of income. For the year ended December 26, 2023, company contributions totaling $7.1 million and $1.8 million were recorded in labor expense and general and administrative expense, respectively, within the consolidated statements of income. We also have a deferred compensation plan which allows highly compensated employees to defer a portion of their compensation and contribute such amounts to one or more investment funds held in a rabbi trust. Beginning in 2023, we implemented a company match of a certain percentage of the employee contributions to the deferred compensation plan. For the years ended December 31, 2024 and December 26, 2023, company contributions totaling $1.6 million and $1.5 million were recorded in labor expense and general and administrative expense, respectively, within the consolidated statements of income. Refer to Note 16 for further discussion on the fair value measurement of the deferred compensation plan assets and liabilities. |
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| Fair Value Measurement | (16) Fair Value Measurement At December 31, 2024 and December 26, 2023, 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 year ended December 31, 2024. The following table presents the fair values for our financial assets and liabilities measured on a recurring basis:
We report the accounts of the deferred compensation plan in other assets and the corresponding liability in other liabilities in our 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 consolidated statements of income. |
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Impairment and Closure Costs |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Impairment and Closure Costs | |
| Impairment and Closure Costs | (17) Impairment and Closure Costs We recorded impairment and closure costs of $1.2 million, $0.3 million and $1.6 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively. Impairment and closure costs in 2024 included $0.8 million related to the impairment of a building at a previously relocated store and $0.4 million related to ongoing closure costs for stores which have been relocated. Impairment and closure costs in 2023 included $0.3 million related to ongoing closure costs for stores which have been relocated. Impairment and closure costs in 2022 included $1.7 million related to the impairment of the land, building, and operating lease right-of-use assets at three restaurants, two of which were relocated and $0.6 million related to ongoing closure costs. This was partially offset by a $0.7 million gain on the sale of land and building that was previously classified as assets held for sale. |
Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions | |
| Related Party Transactions | (18) Related Party Transactions As of December 31, 2024, December 26, 2023 and December 27, 2022, 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 $2.1 million, $2.0 million, and $1.8 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively, related to the four franchise restaurants. |
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| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | (19) Segment Information Our 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. The following tables reconcile our segment results to our consolidated results reported in accordance with GAAP:
A reconciliation of restaurant margin to income from operations is presented below. We do not allocate interest income (expense), net and equity income from investments in unconsolidated affiliates to reportable segments.
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Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Subsequent Events | |
| Subsequent Events | (20) Subsequent Events On January 1, 2025, we completed the acquisition of 13 domestic franchise restaurants. Pursuant to the terms of the acquisition agreements, we paid an aggregate purchase price of approximately $78 million. We expect to complete the preliminary purchase price allocations relating to these transactions in the first quarter of fiscal year 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 new stock repurchase program commenced on February 24, 2025 and any repurchases under such plan will be made by the Company through open market transactions. This stock repurchase program has no expiration date and replaces the previous stock repurchase program of $300 million which was approved on March 17, 2022.
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Insider Trading Arrangements |
3 Months Ended | |||||||||||||||||||||||
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Dec. 31, 2024
shares
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| Trading Arrangements, by Individual | ||||||||||||||||||||||||
| Material Terms of Trading Arrangement | Rule 10b5-1 Trading Plans In accordance with the disclosure requirement set forth in Item 408 of Regulation S-K, the following table discloses any executive officer or director who is subject to the filing requirements of Section 16 of the Exchange Act that adopted a Rule 10b5-1 trading arrangement during the fourth quarter ended December 31, 2024. These trading arrangements are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
Other than as disclosed above, no other executive officer or director adopted, modified, or terminated a Rule 10b5-1 or a non-Rule 10b5-1 trading arrangement during the 14 weeks ended December 31, 2024. |
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| Gerald L. Morgan | ||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||
| Name | Gerald L. Morgan | |||||||||||||||||||||||
| Title | Chief Executive Officer | |||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||
| Adoption Date | 11/14/2024 | |||||||||||||||||||||||
| Expiration Date | 5/14/2026 | |||||||||||||||||||||||
| Aggregate Available | 20,000 | |||||||||||||||||||||||
| Regina A. Tobin | ||||||||||||||||||||||||
| Trading Arrangements, by Individual | ||||||||||||||||||||||||
| Name | Regina A. Tobin | |||||||||||||||||||||||
| Title | President | |||||||||||||||||||||||
| Rule 10b5-1 Arrangement Adopted | true | |||||||||||||||||||||||
| Adoption Date | 11/18/2024 | |||||||||||||||||||||||
| Expiration Date | 11/18/2025 | |||||||||||||||||||||||
| Aggregate Available | 3,370 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | In the course of our operations, the Company receives and maintains sensitive information from our guests, employees, partners, and business operations. To address cybersecurity threats to this information, the Company uses a risk-based approach to create and implement a detailed set of information security policies and procedures based on frameworks established by the National Institute of Standards and Technology. The Company’s Head of Information Security manages the Company’s cybersecurity efforts and leads the cybersecurity team under the direct oversight of our Chief Technology Officer. These individuals, including all members of the cybersecurity team, have an average of over 16 years of experience involving information technology, including security, auditing, compliance, systems, and programming. Additionally, the Company engages in the cybersecurity experts for training, contingency planning, consultation, and process documentation. The Company has detective and preventative controls designed to ensure the appropriate level of protection for the confidentiality, integrity, and availability of data stored on or transferred through our information technology resources. The Company has a risk assessment and has implemented specific processes and controls designed to mitigate those identified risks. Both internal and third-party audits are performed routinely to verify that these controls are effective. Additionally, the Company has implemented companywide security awareness training programs designed to provide best practices for protecting our network and systems, and routinely leads exercises for employees to reinforce the risk and proper handling of targeted emails. The Company’s these controls and training exercises with support from our information technology department. The Company’s enterprise risk management program has established an internal risk committee to evaluate information governance risks including risks associated with the Company’s use of artificial intelligence. This committee comprises members of management of the Company’s information technology, human resources, marketing, accounting, risk, procurement, training, finance, and legal functions, and is focused on performing risk assessments to identify areas of concern and implement appropriate changes to enhance its cybersecurity and privacy policies and procedures. The internal risk committee is informed of the Company’s risk prevention and mitigation efforts on a regular basis. The committee is also briefed on detection and remediation of cybersecurity incidents in a timely manner following the detection of any potential events. The Company has a crisis response team comprising senior members of various corporate functions to oversee the response to various crises including potential crises arising from cybersecurity incidents that may impact the Company and/or its vendor partners. This team conducts regular tabletop exercises to simulate responses to cybersecurity incidents. To the extent there is a cybersecurity incident impacting the Company and/or a vendor partner, the crisis response team’s process would be to ensure that our Head of Information Security and Chief Technology Officer are informed immediately and that the potential impact of the incident and remedial measures arising from the incident are communicated to the executive officers of the Company. There can be no guarantee that our policies and procedures will be effective. Although our risk factors include further detail about the material cybersecurity risks we face and how a cybersecurity incident may affect our business strategy, results of operations, or financial condition, we believe that risks from prior cybersecurity threats, including as a result of any prior cybersecurity incident, have not materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition to date. We can provide no assurances that there will not be incidents in the future or that they will not materially affect us, including our business strategy, results of operations, or financial condition. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company has detective and preventative controls designed to ensure the appropriate level of protection for the confidentiality, integrity, and availability of data stored on or transferred through our information technology resources. The Company has a risk assessment and has implemented specific processes and controls designed to mitigate those identified risks. Both internal and third-party audits are performed routinely to verify that these controls are effective. Additionally, the Company has implemented companywide security awareness training programs designed to provide best practices for protecting our network and systems, and routinely leads exercises for employees to reinforce the risk and proper handling of targeted emails. The Company’s these controls and training exercises with support from our information technology department. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board has authorized the audit committee to oversee the Company’s risk assessment and risk management practices and strategies. This delegation includes maintaining responsibility for overseeing the Company’s enterprise risk management program. As a part of this oversight role, , which includes benchmarking these risks versus our industry. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events, receive training specific to cybersecurity risks and threats and regularly discuss any updates to our cybersecurity risk management and strategy programs. |
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board has authorized the audit committee to oversee the Company’s risk assessment and risk management practices and strategies. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | , which includes benchmarking these risksversus our industry. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events, receive training specific to cybersecurity risks and threats and regularly discuss any updates to our cybersecurity risk management and strategy programs. |
| Cybersecurity Risk Role of Management [Text Block] | The Company has detective and preventative controls designed to ensure the appropriate level of protection for the confidentiality, integrity, and availability of data stored on or transferred through our information technology resources. The Company has a risk assessment and has implemented specific processes and controls designed to mitigate those identified risks. Both internal and third-party audits are performed routinely to verify that these controls are effective. Additionally, the Company has implemented companywide security awareness training programs designed to provide best practices for protecting our network and systems, and routinely leads exercises for employees to reinforce the risk and proper handling of targeted emails. The Company’s these controls and training exercises with support from our information technology department. The Company’s enterprise risk management program has established an internal risk committee to evaluate information governance risks including risks associated with the Company’s use of artificial intelligence. This committee comprises members of management of the Company’s information technology, human resources, marketing, accounting, risk, procurement, training, finance, and legal functions, and is focused on performing risk assessments to identify areas of concern and implement appropriate changes to enhance its cybersecurity and privacy policies and procedures. The internal risk committee is informed of the Company’s risk prevention and mitigation efforts on a regular basis. The committee is also briefed on detection and remediation of cybersecurity incidents in a timely manner following the detection of any potential events. The Company has a crisis response team comprising senior members of various corporate functions to oversee the response to various crises including potential crises arising from cybersecurity incidents that may impact the Company and/or its vendor partners. This team conducts regular tabletop exercises to simulate responses to cybersecurity incidents. To the extent there is a cybersecurity incident impacting the Company and/or a vendor partner, the crisis response team’s process would be to ensure that our Head of Information Security and Chief Technology Officer are informed immediately and that the potential impact of the incident and remedial measures arising from the incident are communicated to the executive officers of the Company. |
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Company’s Head of Information Security manages the Company’s cybersecurity efforts and leads the cybersecurity team under the direct oversight of our Chief Technology Officer. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | These individuals, including all members of the cybersecurity team, have an average of over 16 years of experience involving information technology, including security, auditing, compliance, systems, and programming. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | To the extent there is a cybersecurity incident impacting the Company and/or a vendor partner, the crisis response team’s process would be to ensure that our Head of Information Security and Chief Technology Officer are informed immediately and that the potential impact of the incident and remedial measures arising from the incident are communicated to the executive officers of the Company. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||
| Summary of Significant Accounting Policies. | |||||||||||||
| Principles of Consolidation | The accompanying consolidated financial statements present the financial position, results of operations, and cash flows of the Company. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2024 and December 26, 2023, we owned a majority interest in 19 and 20 company restaurants, respectively. The operating results of these majority-owned restaurants are consolidated and the portion of income attributable to noncontrolling interests is recorded in the line item net income attributable to noncontrolling interests in our consolidated statements of income. As of December 31, 2024 and December 26, 2023, we owned a 5.0% to 10.0% equity interest in 20 domestic franchise restaurants. These unconsolidated restaurants are accounted for using the equity method. Our investments in these unconsolidated affiliates are included in other assets in our consolidated balance sheets, and our percentage share of net income earned by these unconsolidated affiliates is recorded in the line item equity income from investments in unconsolidated affiliates in our consolidated statements of income. |
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| Fiscal Year | Fiscal Year We utilize a or accounting period that typically ends on the last Tuesday in December. We utilize a week accounting period for quarterly reporting purposes, except in years containing when the fourth quarter contains weeks. Fiscal year 2024 was 53 weeks in length and fiscal years 2023 and 2022 were 52 weeks in length. In fiscal year 2024, the additional week increased restaurant and other sales by $114.7 million and increased net income by approximately 5% in our consolidated statements of income. |
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| Use of Estimates | Use of Estimates 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 consolidated financial statements, and the reporting of revenue and expenses during the period to prepare these 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 and fees. Actual results could differ from those estimates. |
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| Segment Reporting | Segment Reporting Operating segments are defined as components of a company that engage in business activities from which it may earn revenue and incur expenses, and for which separate financial information is available and is regularly reviewed by the chief operating decision maker ("CODM") to assess the performance of the individual segments and make decisions about resources to be allocated to the segments. The Company’s operating segments have been identified in accordance with the provisions of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") ASC 280, Segment Reporting, as amended by ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. We have identified Texas Roadhouse, Bubba’s 33, Jaggers, and our retail initiatives as separate operating segments. In addition, we have identified Texas Roadhouse and Bubba’s 33 as reportable segments. For further discussion of segment reporting, refer to Note 19. |
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| Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid debt instruments with original maturities of three months or less to be cash equivalents. Cash and cash equivalents also include receivables from credit card companies as these balances are highly liquid in nature and are settled within to business days. These amounted to $49.4 million and $27.8 million at December 31, 2024 and December 26, 2023, respectively. |
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| Receivables | Receivables Receivables consist principally of amounts due from retail gift card providers, certain franchise restaurants for reimbursement of labor costs, pre-opening, and other expenses, and franchise restaurants for royalties and advertising fees. Receivables are recorded at the invoiced amount and do not bear interest. The allowance for doubtful accounts is our best estimate of the amount of probable credit losses in our existing accounts receivable. We determine the allowance based on historical collection experience, adjusted for current and forecasted economic conditions and other factors such as credit risk or industry trends, and the age of receivables. We review our allowance for doubtful accounts quarterly. Past due balances over 120 days are reviewed individually for collectability. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. |
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| Inventories | Inventories Inventories, consisting principally of food, beverages, and supplies, are valued at the lower of cost (first-in, first-out) or net realizable value. |
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| Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Expenditures for major renewals and betterments are capitalized while expenditures for maintenance and repairs are expensed as incurred. Depreciation is computed on property and equipment, including assets located on leased properties, over the shorter of the estimated useful lives of the related assets or the underlying lease term using the straight-line method. In most cases, assets on leased properties are depreciated over a period of time which includes both the initial term of the lease and one or more option periods. The estimated useful lives are:
The cost of purchasing transferable liquor licenses through open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived assets and included in Property and equipment, net. |
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| Cloud Computing Arrangements | Cloud Computing Arrangements The Company capitalizes cloud computing implementation costs and amortizes these costs on a straight-line basis over the term of the related service agreement, including renewal periods that are reasonably certain to be exercised. Capitalized cloud computing implementation costs were $5.9 million and $3.0 million, net of accumulated amortization, as of December 31, 2024 and December 26, 2023, respectively. These costs are included in prepaid expenses and other current assets and other assets in our consolidated balance sheets. Related amortization expense was $3.9 million, $1.4 million, and $1.0 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively, and is included in general and administrative expenses in our consolidated statements of income. |
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| Leases | Leases We recognize operating lease right-of-use assets and operating lease liabilities for real estate leases, including our restaurant leases and Support Center lease, as well as certain restaurant equipment leases based on the present value of the lease payments over the lease term. At lease inception, we include option periods that we are reasonably certain to exercise in the lease term. To determine if an option is reasonably certain to be exercised, we analyze the economic penalties that would be imposed from a failure to renew a lease, including the loss of our investment in leasehold improvements or the loss of future cash flows. We estimate the present value of lease payments based on our incremental borrowing rate which considers our estimated credit rating for a secured or collateralized instrument and corresponds to the underlying lease term. In addition, operating lease right-of-use assets are reduced for accrued rent and increased for any initial direct costs recognized at lease inception. For real estate and restaurant equipment leases commencing in 2019 and later, we account for lease and non-lease components as a single lease component. Reductions of the right-of-use asset and the changes in the lease liability are included within the changes in operating lease right-of-use assets and lease liabilities in our consolidated statements of cash flows. Certain of our operating leases contain predetermined fixed escalations of the minimum rent over the lease term. For these leases, we recognize the related total rent expense on a straight-line basis over the lease term. We may receive rent concessions or leasehold improvement incentives upon opening a restaurant that is subject to a lease which we consider when determining straight-line rent expense. We also may receive rent holidays, which would begin on the possession date and end when the store opens, during which no cash rent payments are typically due under the terms of the lease. Rent holidays are included in the lease term when determining straight-line rent expense. Certain of our operating leases contain clauses that provide for additional contingent rent based on a percentage of sales greater than certain specified target amounts. We recognize contingent rent expense as variable rent expense prior to the achievement of the specified target that triggers the contingent rent, provided achievement of the target is considered probable. In addition, certain of our operating leases have variable escalations of the minimum rent that depend on an index or rate. For these leases, we recognize operating lease right-of-use assets and operating lease liabilities based on the index or rate at the commencement date. Any subsequent changes to the index or rate are recognized as variable rent expense when the escalation is determinable. Sale-leasebacks are transactions through which we sell previously acquired land at fair value and subsequently enter into a lease agreement on the same land. The resulting lease agreement is evaluated to determine classification as an operating or finance lease and is recorded based on the lease classification. Refer to Note 8 for further discussion of leases. |
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| Goodwill | Goodwill Goodwill represents the excess of cost over fair value of assets of businesses acquired. In accordance with ASC 350, Intangibles—Goodwill and Other ("ASC 350"), goodwill is not subject to amortization and is evaluated for impairment on an annual basis, or sooner if an event or other circumstance indicates that goodwill may be impaired. The annual assessment date is the first day of our fourth quarter. ASC 350 requires that goodwill be tested for impairment at the reporting unit level, or the level of internal reporting that reflects the way in which an entity manages its businesses. A reporting unit is defined as an operating segment, or one level below an operating segment. Our goodwill reporting units are at the concept or operating segment level. As stated in ASC 350, an entity may first assess qualitative factors in order to determine if it is necessary to perform the quantitative test. In 2024 and 2023, we elected to perform a qualitative assessment for our annual review of goodwill. This review included evaluating factors such as macroeconomic conditions, industry and market considerations, cost factors, changes in management or key personnel, sustained decreases in share price, and the overall financial performance of the Company’s reporting units at the concept level. As a result of the qualitative assessment, no indicators of impairment were identified, and no additional indicators of impairment were identified through the end of the fiscal year that would require additional testing. In 2024, 2023, and 2022, we determined there was no goodwill impairment. Refer to Note 7 for additional information related to goodwill and intangible assets. |
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| Other Assets | Other Assets Other assets consist primarily of deferred compensation plan assets, capitalized cloud computing implementation costs, investments in unconsolidated affiliates, and deposits. For further discussion of the deferred compensation plan, refer to Note 15 and Note 16. |
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| Impairment or Disposal of Long-lived Assets | Impairment or Disposal of Long-lived Assets In accordance with ASC 360, Property, Plant, and Equipment, long-lived assets to be held and used in the business, such as property and equipment, operating lease right-of-use assets, and intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For the purposes of this evaluation, we define the asset group at the individual restaurant level. When we evaluate the restaurants, cash flows are the primary indicator of impairment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the restaurant to estimated undiscounted future cash flows expected to be generated by the restaurant. Under our policies, trailing 12- month cash flow results under a predetermined amount at the individual restaurant level signals potential impairment. In our evaluation of restaurants that do not meet the cash flow threshold, we estimate future undiscounted cash flows from operating the restaurant over its remaining useful life, which can be for a period of over 20 years. In the estimation of future cash flows, we consider the period of time the restaurant has been open, the trend of operations over such period, and future periods and expectations of future sales growth. Assumptions about important factors such as the trend of future operations and sales growth are limited to those that are supportable based upon the plans for the restaurant and actual results at comparable restaurants. If the carrying amount of the restaurant exceeds its estimated undiscounted future cash flows, an impairment charge is recognized by the amount by which the carrying amount exceeds the estimated fair value of the assets. We generally measure fair value by discounting estimated future cash flows. When fair value is measured by discounting estimated future cash flows, the assumptions used are consistent with what we believe hypothetical market participants would use. We also use a discount rate that is commensurate with the risk inherent in the projected cash flows. The adjusted carrying amounts of assets to be held and used are depreciated over their remaining useful life. Refer to Note 17 for further discussion of amounts recorded as part of our impairment analysis. |
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| Insurance Reserves | Insurance Reserves We self-insure a significant portion of expected losses related to employee health, workers’ compensation, general liability, employment practices liability, cybersecurity, and property claims. This includes our wholly-owned captive insurance company which covers certain lines of coverage. We use third-party insurance with varying retention levels to limit our exposure to significant losses. We record a liability for unresolved claims and for an estimate of incurred but not reported claims based on historical experience. The estimated liability is based on a number of assumptions and factors regarding economic conditions, the frequency and severity of claims, and claim development history and settlement practices. Our assumptions are reviewed, monitored, and adjusted when warranted by changing circumstances. |
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| Revenue Recognition | Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers, which requires an entity to allocate the transaction price received from customers to each separate and distinct performance obligation and recognize revenue as these performance obligations are satisfied. We recognize revenue from company restaurant sales when food and beverage products are sold. 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 the consolidated statements of income. We record deferred revenue for gift cards that have been sold but not yet redeemed. When the gift cards are redeemed, we recognize restaurant sales and reduce deferred revenue. For some of the gift cards that are sold we have determined that, based on our historic gift card redemption patterns, the likelihood of redemption is remote. For these gift cards, we record a breakage adjustment as a component of restaurant and other sales in the consolidated statements of income and reduce deferred revenue by the amount never expected to be redeemed. We use historic gift card redemption patterns to determine the breakage rate to utilize and recognize the expected breakage amount in a manner generally consistent with the actual redemption pattern of the associated gift card. We review the breakage rate on an annual basis, or sooner if circumstances indicate that the rate may have significantly changed and update the rate as needed. In addition, we incur fees on all gift cards that are sold through third-party retailers. These fees are also deferred and generally recorded consistent with the actual redemption pattern of the associated gift cards and are recorded as a component of restaurant and other sales in the consolidated statements of income. We also recognize revenue from our franchising of Texas Roadhouse and Jaggers restaurants. This includes franchise royalties and domestic marketing and advertising fees, initial and upfront franchise fees, domestic and international development agreements, and supervisory and administrative service fees. We recognize franchise royalties and domestic marketing and advertising fees as franchise restaurant sales occur. For initial and upfront franchise fees and fees from development agreements, because the services we provide related to these fees do not contain separate and distinct performance obligations from the franchise right, these fees are recognized on a straight-line basis over the term of the associated franchise agreement. We recognize fees from supervision and administrative services as incurred. |
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| Income Taxes | Income Taxes We account for income taxes in accordance with ASC 740, Income Taxes, under which deferred assets and liabilities are recognized based upon anticipated future tax consequences attributable to differences between financial statement carrying values of assets and liabilities and their respective tax bases. We recognize both interest and penalties on unrecognized tax benefits as part of income tax expense. A valuation allowance is established to reduce the carrying value of deferred tax assets if it is considered more likely than not that such assets will not be realized. Any change in the valuation allowance would be charged to income in the period such determination was made. For all years presented, no valuation allowances have been recorded. |
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| Advertising | Advertising We have a domestic system-wide marketing and advertising fund. We maintain control of the marketing and advertising fund and, as such, have consolidated the fund’s activity for all the years presented. Domestic company and franchise restaurants are required to remit a designated portion of sales to the advertising fund. Advertising contributions related to company restaurants are expensed as incurred and recorded as a component of other operating costs in our consolidated statements of income. Advertising contributions received from our franchisees are recorded as a component of franchise royalties and fees in our consolidated statements of income. The associated advertising expenses are recorded as incurred within general and administrative expenses in our consolidated statements of income. Other costs related to local restaurant area marketing initiatives are included in other operating costs in our consolidated statements of income. These costs and the company restaurant advertising contribution amounted to $31.8 million, $28.3 million, and $25.0 million for the years ended December 31, 2024, December 26, 2023, and December 27, 2022, respectively. |
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| Pre-opening Expenses | 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 team and training team compensation and benefits, travel expenses, rent, food, beverage, and other initial supplies and expenses. |
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| Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants on the measurement date. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and expands disclosures about fair value measurements. This includes a three-level hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs in measuring fair value. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability on the measurement date.
Fair value measurements are separately disclosed by level within the fair value hierarchy. Refer to Note 16 for further discussion of fair value measurement. |
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| Recent Accounting Pronouncements | In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure. This ASU primarily provides enhanced disclosures about significant segment expenses including requiring segment disclosures to include a description of other segment items by reportable segment and any additional measures of a segment’s profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods as well as the title of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss in assessing performance and allocating resources. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. We adopted this guidance during the fourth quarter of the 2024 fiscal year and provided additional detail and disclosures in our segment reporting disclosures. Refer to Note 19 for further discussion of segment reporting. Recently Issued Accounting Pronouncements In December 2023, the FASB issued 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 and 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, and interim periods within fiscal years beginning after December 15, 2025. 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 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. 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. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | ||||||||||||
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Dec. 31, 2024 | |||||||||||||
| Summary of Significant Accounting Policies. | |||||||||||||
| Schedule of estimated useful lives of property and equipment |
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Revenue (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disaggregated revenue |
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| Schedule of changes in contract liability |
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Acquisitions (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||
| Eight franchise restaurants | |||||||||||||||||||||||||||||||||||||||||||||
| Summary the consideration paid for the acquisitions, and the estimated preliminary fair value of the assets acquired, and the liabilities assumed |
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Property and Equipment, Net (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property and Equipment, Net | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment |
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Goodwill and Intangible Assets (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the carrying amount of goodwill and intangible assets |
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Leases (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease costs |
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| Schedule of operating leases maturity analysis |
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Income Taxes (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of our income tax provision |
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| Schedule of reconciliation of the statutory federal income tax rate to our effective tax rate |
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| Schedule of components of deferred tax assets (liabilities) |
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| Schedule of reconciliation of the beginning and ending liability for unrecognized tax benefits |
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Earnings Per Share (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of calculation of earnings per share and weighted average shares outstanding |
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Share-based Compensation (Tables) |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of allocation of share-based compensation expense |
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| Summary of restricted stock unit activity |
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| Summary of performance share units |
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Fair Value Measurement (Tables) |
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Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | ||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair values for our financial assets and liabilities measured on a recurring basis |
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Segment Information (Tables) |
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| Segment Information | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule to reconcile our segment results to our consolidated results |
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| Schedule of restaurant margin to income from operations |
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Summary of Significant Accounting Policies, PPE (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
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| Impairment of Goodwill | |||
| Impairment of goodwill | $ 0 | $ 0 | $ 0 |
| Minimum [Member] | |||
| Impairment or Disposal of Long-Lived Assets | |||
| Impairment analysis, estimated useful life of operating a restaurant | 20 years | ||
| Land Improvements [Member] | Minimum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 10 years | ||
| Land Improvements [Member] | Maximum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 25 years | ||
| Buildings and leasehold improvements | Minimum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 10 years | ||
| Buildings and leasehold improvements | Maximum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 25 years | ||
| Furniture, fixtures And equipment | Minimum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 3 years | ||
| Furniture, fixtures And equipment | Maximum [Member] | |||
| Property and Equipment | |||
| Estimated useful life | 10 years | ||
Summary of Significant Accounting Policies, Cloud Computing Arrangements (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Summary of Significant Accounting Policies. | |||
| Capitalized cloud computing implementation costs | $ 5,900,000 | $ 3,000,000 | |
| Related amortization expense | 3,900,000 | 1,400,000 | $ 1,000,000 |
| Deferred Income Tax, Valuation Allowance | $ 0 | $ 0 | |
Summary of Significant Accounting Policies, Advertising (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Advertising | |||
| Company-owned restaurant contribution and other costs related to marketing initiatives | $ 31.8 | $ 28.3 | $ 25.0 |
Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Revenue | ||||
| Total revenue | $ 5,373,332 | $ 4,631,672 | $ 4,014,919 | |
| Restaurant and other sales | ||||
| Revenue | ||||
| Total revenue | $ 114,700 | 5,341,853 | 4,604,554 | 3,988,791 |
| Franchise royalties | ||||
| Revenue | ||||
| Total revenue | 28,342 | 24,169 | 23,058 | |
| Franchise fees | ||||
| Revenue | ||||
| Total revenue | $ 3,137 | $ 2,949 | $ 3,070 | |
Revenue - Roll forward of deferred revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Revenue | ||
| Beginning balance | $ 373,913 | $ 335,403 |
| Gift card activations, net of third-party fees | 479,244 | 420,047 |
| Gift card redemptions and breakage | (451,959) | (381,537) |
| Ending Balance | $ 401,198 | $ 373,913 |
Revenue - Other (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Credit Card [Member] | ||
| Revenue | ||
| Deferred revenue recognized | $ 234.0 | $ 209.2 |
Acquisitions (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 26, 2023
USD ($)
restaurant
|
Dec. 27, 2022
USD ($)
|
|
| Business Acquisition [Line Items] | |||
| Goodwill | $ 169,684 | $ 169,684 | $ 148,732 |
| Eight franchise restaurants | |||
| Business Acquisition [Line Items] | |||
| Number of restaurants acquired | restaurant | 8 | ||
| Equity interest percentage | 5.00% | ||
| Purchase price paid | $ 39,100 | ||
| Step acquisition gain | $ 600 | ||
| Weighted-average life | 2 years 2 months 12 days | ||
| Inventory | $ 410 | ||
| Other assets | 293 | ||
| Property and equipment | 17,763 | ||
| Operating lease right-of-use assets | 4,775 | ||
| Goodwill | 20,067 | ||
| Intangible assets | 1,700 | ||
| Deferred revenue-gift cards | (1,164) | ||
| Current portion of operating lease liabilities | (110) | ||
| Operating lease liabilities, net of current portion | (4,665) | ||
| Total | $ 39,069 | ||
Property and Equipment, Net (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Property and Equipment, Net | |||
| Property and Equipment, Gross | $ 2,840,737 | $ 2,553,577 | |
| Accumulated depreciation and amortization | (1,223,064) | (1,078,855) | |
| Property, Plant and Equipment, Net | 1,617,673 | 1,474,722 | |
| Interest capitalized | 0 | 500 | $ 1,300 |
| Land and Land Improvements [Member] | |||
| Property and Equipment, Net | |||
| Property and Equipment, Gross | 174,027 | 165,919 | |
| Buildings and leasehold improvements | |||
| Property and Equipment, Net | |||
| Property and Equipment, Gross | 1,523,169 | 1,369,400 | |
| Furniture, fixtures And equipment | |||
| Property and Equipment, Net | |||
| Property and Equipment, Gross | 1,027,644 | 908,489 | |
| Construction in Progress [Member] | |||
| Property and Equipment, Net | |||
| Property and Equipment, Gross | 98,662 | 93,527 | |
| Liquor licenses | |||
| Property and Equipment, Net | |||
| Property and Equipment, Gross | $ 17,235 | $ 16,242 | |
Goodwill and Intangible Assets (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Changes in the carrying amount of goodwill | |||
| Balance at the beginning of the period | $ 169,684,000 | $ 148,732,000 | |
| Additions | 0 | 20,952,000 | |
| Impairment | 0 | 0 | $ 0 |
| Balance at the end of the period | 169,684,000 | 169,684,000 | 148,732,000 |
| Changes in the carrying amount of intangible assets | |||
| Balance at the beginning of the period, net | 3,483,000 | 5,607,000 | |
| Additions | 0 | 900,000 | |
| Amortization expense | (2,218,000) | (3,024,000) | |
| Balance at the end of the period, net | 1,265,000 | 3,483,000 | $ 5,607,000 |
| Gross carrying amount | 24,400,000 | 24,400,000 | |
| Accumulated amortization | 23,147,000 | $ 20,929,000 | |
| Minimum [Member] | |||
| Changes in the carrying amount of intangible assets | |||
| Expected amortization expense for each of the next four years | 0 | ||
| Maximum [Member] | |||
| Changes in the carrying amount of intangible assets | |||
| Expected amortization expense for each of the next four years | $ 1,200,000 | ||
Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 26, 2023 |
|---|---|---|
| Leases | ||
| Term (in years) | 1 year | |
| Operating lease right-of-use assets, net | $ 769,865 | $ 694,014 |
| Current portion of operating lease liabilities | 28,172 | 27,411 |
| Operating lease liabilities, net of current portion | 826,300 | 743,476 |
| Total discounted operating lease liabilities | 854,472 | 770,887 |
| Real Estate [Member] | ||
| Leases | ||
| Operating lease right-of-use assets, net | 764,135 | 686,271 |
| Current portion of operating lease liabilities | 26,501 | 25,812 |
| Operating lease liabilities, net of current portion | 823,240 | 740,446 |
| Total discounted operating lease liabilities | 849,741 | 766,258 |
| Equipment [Member] | ||
| Leases | ||
| Operating lease right-of-use assets, net | 5,730 | 7,743 |
| Current portion of operating lease liabilities | 1,671 | 1,599 |
| Operating lease liabilities, net of current portion | 3,060 | 3,030 |
| Total discounted operating lease liabilities | $ 4,731 | $ 4,629 |
Leases - Real estate costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Lease, Cost [Abstract] | ||
| Operating lease | $ 82,739 | $ 75,068 |
| Variable lease | 7,007 | 5,079 |
| Total lease costs | $ 89,746 | $ 80,147 |
Leases - Real estate lease liability maturity analysis (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 26, 2023 |
|---|---|---|
| Leases | ||
| Total discounted operating lease liabilities | $ 854,472 | $ 770,887 |
| Real Estate [Member] | ||
| Leases | ||
| 2025 | 79,801 | |
| 2026 | 80,985 | |
| 2027 | 82,040 | |
| 2028 | 83,220 | |
| 2029 | 84,257 | |
| Thereafter | 1,061,956 | |
| Total | 1,472,259 | |
| Less interest | 622,518 | |
| Total discounted operating lease liabilities | $ 849,741 | $ 766,258 |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Current: | |||
| Federal | $ 63,816 | $ 21,694 | $ 15,549 |
| State | 28,992 | 19,105 | 18,120 |
| Foreign | 1,140 | 735 | 590 |
| Total current | 93,948 | 41,534 | 34,259 |
| Deferred: | |||
| Federal | (11,096) | 4,518 | 9,664 |
| State | $ (2,707) | $ (1,403) | $ (208) |
| Reconciliation of the statutory federal income tax rate to our effective tax rate: | |||
| Tax at statutory federal rate (as a percent) | 21.00% | 21.00% | 21.00% |
| State and local tax, net of federal benefit (as a percent) | 3.60% | 3.60% | 3.70% |
| FICA tip tax credit (as a percent) | (8.70%) | (11.10%) | (10.50%) |
| Work opportunity tax credit (as a percent) | (0.50%) | (1.00%) | (1.30%) |
| Stock compensation (as a percent) | (0.90%) | (0.50%) | (0.10%) |
| Net income attributable to noncontrolling interests (as a percent) | (0.40%) | (0.40%) | (0.40%) |
| Officers compensation | 0.60% | 0.60% | 0.70% |
| Other (as a percent) | 0.60% | 0.30% | 0.50% |
| Total (as a percent) | 15.30% | 12.50% | 13.60% |
Income Taxes, Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 26, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Deferred revenue-gift cards | $ 35,915 | $ 32,999 |
| Insurance reserves | 11,768 | 8,351 |
| Other reserves | 2,027 | 1,884 |
| Share-based compensation | 7,635 | 5,241 |
| Operating lease liabilities | 212,341 | 191,422 |
| Deferred compensation | 26,241 | 21,697 |
| Tax credit carryforwards | 0 | 45 |
| Other assets | 4,430 | 3,907 |
| Total deferred tax asset | 300,357 | 265,546 |
| Deferred tax liabilities: | ||
| Property and equipment | (91,161) | (90,638) |
| Goodwill and intangibles | (8,693) | (9,116) |
| Operating lease right-of-use asset | (191,065) | (171,999) |
| Other liabilities | (17,622) | (16,897) |
| Total deferred tax liability | (308,541) | (288,650) |
| Net deferred tax liability | $ (8,184) | $ (23,104) |
Income Taxes (Unrecognized) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Reconciliation of the beginning and ending liability for unrecognized tax benefits: | ||
| Balance at the beginning of the period | $ 4,782 | $ 3,925 |
| Additions to tax positions related to prior years | 317 | 964 |
| Additions to tax positions related to current year | 383 | 139 |
| Reductions due to statute expiration | 0 | (246) |
| Reductions due to exam settlement | (221) | 0 |
| Balance at the end of the period | 5,261 | 4,782 |
| Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 2,900 | $ 2,500 |
Preferred Stock (Details) |
Dec. 31, 2024
item
shares
|
Dec. 26, 2023
item
shares
|
|---|---|---|
| Preferred Stock | ||
| Number of preferred stock shares authorized to issue | 1,000,000 | 1,000,000 |
| Minimum number of series of preferred stock authorized | item | 1 | 1 |
| Number of shares of preferred stock outstanding | 0 | 0 |
Stock Repurchase Program (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Mar. 17, 2022 |
|
| Stock Repurchase Program. | |||
| Repurchase of common stock authorized by board of directors | $ 300.0 | ||
| Payments to repurchase common stock, excluding excise taxes | $ 79.8 | $ 50.0 | |
| Number of shares repurchased | 461,662 | 455,026 | |
| Amount remaining under authorized stock repurchase program | $ 37.1 | ||
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Earnings per share | |||
| Net income attributable to Texas Roadhouse, Inc. and subsidiaries | $ 433,592 | $ 304,876 | $ 269,818 |
| Basic EPS: | |||
| Weighted-average common shares outstanding (in shares) | 66,752 | 66,893 | 67,643 |
| Basic EPS (in dollars per share) | $ 6.5 | $ 4.56 | $ 3.99 |
| Diluted EPS: | |||
| Weighted-average common shares outstanding (in shares) | 66,752 | 66,893 | 67,643 |
| Dilutive effect of nonvested stock units (in shares) | 259 | 256 | 277 |
| Shares-diluted (in shares) | 67,011 | 67,149 | 67,920 |
| Diluted EPS (in dollars per share) | $ 6.47 | $ 4.54 | $ 3.97 |
Commitments and Contingencies (Details) $ in Millions |
Dec. 31, 2024
USD ($)
item
|
Dec. 26, 2023
USD ($)
item
|
|---|---|---|
| Commitments and Contingencies | ||
| Estimated cost to complete capital project commitments (in dollars) | $ | $ 243.6 | $ 237.4 |
| Number of suppliers providing most of the company's beef | item | 4 | |
| Lease Agreements | ||
| Commitments and Contingencies | ||
| Number of leases guarantees entity contingently liable | item | 7 | 7 |
| Lease Agreements | Maximum | ||
| Commitments and Contingencies | ||
| Contingently liable amount | $ | $ 9.4 | $ 10.4 |
Share-based Compensation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Share-based Compensation | |||
| Share-based compensation expense | $ 47,055 | $ 34,230 | $ 36,663 |
| Labor expense | |||
| Share-based Compensation | |||
| Share-based compensation expense | 16,277 | 11,470 | 10,656 |
| General and Administrative Expense [Member] | |||
| Share-based Compensation | |||
| Share-based compensation expense | $ 30,778 | $ 22,760 | $ 26,007 |
Employee Benefit Plans (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Labor Cost | ||
| Contribution expense | $ 1.6 | |
| Labor Cost | Defined Contribution Benefit Plan | ||
| Contribution expense | 8.4 | $ 7.1 |
| General and Administrative Expense [Member] | ||
| Contribution expense | 1.5 | |
| General and Administrative Expense [Member] | Defined Contribution Benefit Plan | ||
| Contribution expense | $ 2.1 | $ 1.8 |
Fair Value Measurement - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
|
| Fair value of financial instruments | ||
| Transfer of asset levels within the fair value hierarchy | $ 0 | |
| Fair Value Measurements | Level 1 | ||
| Fair value of financial instruments | ||
| Deferred compensation plan - assets | 101,071 | $ 81,316 |
| Deferred compensation plan - liabilities | $ (101,071) | $ (81,222) |
Impairment and Closure Costs (Details) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
|
Dec. 26, 2023
USD ($)
|
Dec. 27, 2022
USD ($)
restaurant
|
|
| Impairment and Closure Costs | |||
| Impairment and closure, net | $ 1,226 | $ 275 | $ 1,600 |
| Ongoing closure costs | 400 | $ 300 | 600 |
| Gain on sale of land and building | $ 700 | ||
| Impairment and closures, Three restaurants | |||
| Impairment and Closure Costs | |||
| Number of restaurants | restaurant | 3 | ||
| Impairment and closures, Two restaurants | |||
| Impairment and Closure Costs | |||
| Asset Impairment Charges | $ 1,700 | ||
| Number of restaurants relocated | restaurant | 2 | ||
| Building | |||
| Impairment and Closure Costs | |||
| Asset Impairment Charges | $ 800 | ||
Related Party Transactions (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
restaurant
|
Dec. 26, 2023
USD ($)
restaurant
|
Dec. 27, 2022
USD ($)
restaurant
|
|
| Franchise | |||
| Related Party Transactions | |||
| Number of restaurants | 118 | 106 | |
| Officers, directors and shareholders | |||
| Related Party Transactions | |||
| Number of restaurants | 4 | 4 | 4 |
| Officers, directors and shareholders | Majority-owned | |||
| Related Party Transactions | |||
| Number of restaurants | 1 | 1 | 1 |
| Officers, directors and shareholders | Franchise | |||
| Related Party Transactions | |||
| Royalities and fees received from franchise and license restaurants | $ | $ 2.1 | $ 2.0 | $ 1.8 |
Segment Information - Segment Assets Reconciliation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Segment Information | ||||
| Total revenue | $ 5,373,332 | $ 4,631,672 | $ 4,014,919 | |
| Food and beverage | 1,785,119 | 1,593,852 | 1,378,192 | |
| Labor | 1,764,740 | 1,539,124 | 1,319,959 | |
| Rent | 80,560 | 72,766 | 66,834 | |
| Other operating | 795,657 | 690,848 | 596,305 | |
| Restaurant margin | 915,777 | 707,964 | 627,501 | |
| Depreciation and amortization | 178,157 | 153,202 | 137,237 | |
| Segment assets | $ 3,190,779 | 3,190,779 | 2,793,376 | |
| Capital expenditures | 354,341 | 347,034 | 246,121 | |
| Restaurant and other sales | ||||
| Segment Information | ||||
| Total revenue | 114,700 | 5,341,853 | 4,604,554 | 3,988,791 |
| Texas Roadhouse | ||||
| Segment Information | ||||
| Food and beverage | 1,691,302 | 1,514,421 | 1,306,658 | |
| Labor | 1,646,437 | 1,438,802 | 1,239,257 | |
| Rent | 72,060 | 65,519 | 60,837 | |
| Other operating | 737,909 | 641,923 | 555,935 | |
| Restaurant margin | 864,999 | 671,158 | 600,197 | |
| Depreciation and amortization | 149,934 | 126,719 | 112,546 | |
| Segment assets | 2,488,679 | 2,488,679 | 2,290,213 | |
| Capital expenditures | 304,259 | 306,599 | 204,662 | |
| Texas Roadhouse | Restaurant and other sales | ||||
| Segment Information | ||||
| Total revenue | 5,012,707 | 4,331,823 | 3,762,884 | |
| Bubba's 33 | ||||
| Segment Information | ||||
| Food and beverage | 83,701 | 71,101 | 66,237 | |
| Labor | 108,306 | 92,241 | 76,178 | |
| Rent | 7,677 | 6,624 | 5,712 | |
| Other operating | 51,502 | 43,287 | 36,629 | |
| Restaurant margin | 46,422 | 33,942 | 26,934 | |
| Depreciation and amortization | 16,447 | 14,210 | 13,012 | |
| Segment assets | 255,320 | 255,320 | 232,086 | |
| Capital expenditures | 38,557 | 27,908 | 30,625 | |
| Bubba's 33 | Restaurant and other sales | ||||
| Segment Information | ||||
| Total revenue | 297,608 | 247,195 | 211,690 | |
| Other | ||||
| Segment Information | ||||
| Food and beverage | 10,116 | 8,330 | 5,297 | |
| Labor | 9,997 | 8,081 | 4,524 | |
| Rent | 823 | 623 | 285 | |
| Other operating | 6,246 | 5,638 | 3,741 | |
| Restaurant margin | 4,356 | 2,864 | 370 | |
| Depreciation and amortization | 11,776 | 12,273 | 11,679 | |
| Segment assets | $ 446,780 | 446,780 | 271,077 | |
| Capital expenditures | 11,525 | 12,527 | 10,834 | |
| Other | Restaurant and other sales | ||||
| Segment Information | ||||
| Total revenue | $ 31,538 | $ 25,536 | $ 14,217 | |
Segment Information - Consolidated (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 26, 2023 |
Dec. 27, 2022 |
|
| Segment Information | |||
| Restaurant margin | $ 915,777 | $ 707,964 | $ 627,501 |
| Revenue: | |||
| Total revenue | 5,373,332 | 4,631,672 | 4,014,919 |
| Costs and expenses: | |||
| Pre-opening | 28,090 | 29,234 | 21,883 |
| Depreciation and amortization | 178,157 | 153,202 | 137,237 |
| Impairment and closure, net | 1,226 | 275 | 1,600 |
| General and administrative | 223,264 | 198,382 | 172,712 |
| Income from operations | 516,519 | 353,989 | 320,197 |
| Franchise royalties and fees | |||
| Revenue: | |||
| Total revenue | $ 31,479 | $ 27,118 | $ 26,128 |
Subsequent Events (Details) $ in Millions |
Jan. 01, 2025
USD ($)
restaurant
|
Feb. 19, 2025
USD ($)
|
Mar. 17, 2022
USD ($)
|
|---|---|---|---|
| Subsequent Events | |||
| Share Repurchase Program, Authorized, Amount | $ 300.0 | ||
| Previous Share Repurchase Program [Member] | |||
| Subsequent Events | |||
| Share Repurchase Program, Authorized, Amount | $ 300.0 | ||
| Subsequent Events | Share Repurchase Program [Member] | |||
| Subsequent Events | |||
| Share Repurchase Program, Authorized, Amount | $ 500.0 | ||
| Subsequent Events | Thirteen franchise restaurants | |||
| Subsequent Events | |||
| Number of restaurants acquired | restaurant | 13 | ||
| Purchase price paid | $ 78.0 |