0001546417-26-000009 | 10-K | XBRL Viewer

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Supplemental Balance Sheet Information (Accrued and Other Current Liabilities) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Supplemental Balance Sheet Information [Abstract]
Accrued payroll and other compensation	$ 79,436	$ 64,522
Accrued insurance	22,733	19,527
Other current liabilities	84,087	94,265
Accrued and other liabilities, current	$ 186,256	$ 178,314

Derivative Instruments and Hedging Activities (Designated Hedges - Text) (Details)			1 Months Ended	12 Months Ended
	Sep. 19, 2024	Mar. 05, 2024 USD ($) counterparty	Oct. 31, 2025 USD ($) counterparty	Dec. 28, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 29, 2024 USD ($)
Adjusted term SOFR option \| Credit Agreement \| Secured debt
Derivative [Line Items]
Revolving credit facility	0.10%	0.10%
Secured overnight financing rate (SOFR) \| Revolving credit facility \| Secured debt \| Minimum
Derivative [Line Items]
Revolving credit facility		1.50%
Secured overnight financing rate (SOFR) \| Revolving credit facility \| Secured debt \| Maximum
Derivative [Line Items]
Revolving credit facility		2.50%
Interest rate swap \| Designated as hedging instrument
Derivative [Line Items]
Derivative, number of instruments held \| counterparty		11	8
Number of counterparties \| counterparty		10	8
Derivative, notional amount		$ 375,000,000.0	$ 300,000,000.0		$ 100,000,000.0
Derivative, embedded floor interest rate		(0.10%)
Termination value				$ 300,000		$ 800,000
Interest rate swap \| Designated as hedging instrument \| Interest Income
Derivative [Line Items]
Cash flow hedge loss to be reclassified within twelve months				$ 200,000
Interest rate swap \| Designated as hedging instrument \| One-year
Derivative [Line Items]
Derivative, term of contract		1 year
Interest rate swap \| Designated as hedging instrument \| Two-year
Derivative [Line Items]
Derivative, term of contract		2 years
Interest Rate Swap One Year Tenor \| Designated as hedging instrument
Derivative [Line Items]
Derivative, term of contract			12 months
Interest Rate Swap Twenty One Months Tenor \| Designated as hedging instrument
Derivative [Line Items]
Derivative, term of contract			21 months

Stock-based and Deferred Compensation Plans (Other Benefit Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
401(k) plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan, employer contribution costs	$ 5.8	$ 5.7	$ 5.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Summary of Significant Accounting Policies (Principles of Consolidation) (Details) - restaurant	Dec. 30, 2024	Dec. 28, 2025
Brazil disposal group
Principles of Consolidation [Line Items]
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal	33.00%
Minimum \| Equity method investment
Principles of Consolidation [Line Items]
Equity method investment, ownership percentage		20.00%
Maximum \| Equity method investment
Principles of Consolidation [Line Items]
Equity method investment, ownership percentage		50.00%
Franchised units
Principles of Consolidation [Line Items]
Number of restaurants		493

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangible Assets, Net (Annual Amortization Expense - Table) (Details) $ in Thousands	Dec. 28, 2025 USD ($)
Amortization of intangible assets
2026	$ 3,825
2027	2,292
2028	995
2029	995
2030	$ 995

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Cash flows provided by operating activities:

Net income (loss)

$ 13,229,000

$ (122,655,000)

$ 254,414,000

(Loss) income from discontinued operations, net of tax

(537,000)

(75,982,000)

41,629,000

Net income (loss) from continuing operations

13,766,000

(46,673,000)

212,785,000

Adjustments to reconcile Net income (loss) from continuing operations to cash provided by operating activities of continuing operations:

Depreciation and amortization

177,680,000

175,580,000

169,266,000

Amortization of deferred gift card sales commissions

21,338,000

22,559,000

23,695,000

Provision for impaired assets and restaurant closings

45,137,000

64,291,000

33,574,000

Goodwill impairment

^[2]

28,188,000

^[1]

Stock-based compensation expense

7,780,000

7,484,000

11,690,000

Deferred income tax benefit

(38,163,000)

(30,337,000)

(8,411,000)

Loss on extinguishment of debt

136,022,000

Loss (gain) on foreign currency forward contracts

26,362,000

(15,728,000)

Loss from equity method investment, net of tax

4,742,000

Foreign currency translation gain on installment receivable from sale of business

(17,033,000)

Other, net

673,000

(723,000)

(864,000)

Change in assets and liabilities:

Decrease (increase) in inventories

6,443,000

(7,484,000)

2,797,000

(Increase) decrease in other current assets

(16,060,000)

(43,170,000)

10,511,000

Decrease (increase) in other assets

363,000

(3,954,000)

3,523,000

(Decrease) increase in accounts payable and accrued and other current liabilities

(3,026,000)

(30,930,000)

13,738,000

Increase (decrease) in unearned revenue

3,834,000

(6,059,000)

(13,009,000)

Increase (decrease) in operating lease liabilities

3,709,000

(11,096,000)

(9,525,000)

Increase in other long-term liabilities

10,213,000

6,218,000

4,396,000

Net cash provided by operating activities of continuing operations

275,946,000

216,000,000

454,166,000

Net cash provided by operating activities of discontinued operations

748,000

12,132,000

78,255,000

Net cash provided by operating activities

276,694,000

228,132,000

532,421,000

Cash flows provided by (used in) investing activities:

Proceeds from disposal of property, fixtures and equipment

381,000

5,735,000

2,515,000

Proceeds received from company-owned life insurance

3,460,000

Capital expenditures

(179,924,000)

(220,737,000)

(282,229,000)

(Payments on) proceeds from foreign currency forward contracts

(25,704,000)

15,070,000

Cash received from sale, net of tax withheld and cash left in business

207,628,000

Other investments, net

1,356,000

650,000

1,174,000

Net cash provided by (used in) investing activities of continuing operations

3,737,000

(199,282,000)

(275,080,000)

Net cash used in investing activities of discontinued operations

(1,623,000)

(39,744,000)

(42,026,000)

Net cash provided by (used in) investing activities

2,114,000

(239,026,000)

(317,106,000)

Cash flows used in financing activities:

Proceeds from borrowings on revolving credit facilities

1,260,000,000

2,265,000,000

1,079,000,000

Repayments of borrowings on revolving credit facilities

(1,480,000,000)

(1,936,000,000)

(1,128,000,000)

Financing fees

(8,985,000)

Repayments of finance lease obligations

(3,010,000)

(1,777,000)

(1,593,000)

Principal settlements and repurchase of convertible senior notes

(20,724,000)

(2,335,000)

(214,000)

Proceeds from retirement of convertible senior note hedges

118,197,000

Payments for retirement of warrants

(399,000)

(102,213,000)

(Payments of taxes) proceeds from share-based compensation, net

(1,161,000)

(1,728,000)

25,327,000

Distributions to noncontrolling interests

(6,741,000)

(7,113,000)

(8,684,000)

Contributions from noncontrolling interests

1,376,000

2,805,000

1,997,000

Repurchase of common stock

(265,695,000)

(70,847,000)

Cash dividends paid on common stock

(38,266,000)

(82,574,000)

(83,742,000)

Other

(100,000)

Net cash used in financing activities of continuing operations

(289,025,000)

(22,518,000)

(186,856,000)

Net cash used in financing activities of discontinued operations

(65,000)

(990,000)

(269,000)

Net cash used in financing activities

(289,090,000)

(23,508,000)

(187,125,000)

Effect of exchange rate changes on cash and cash equivalents

(313,000)

(9,915,000)

1,448,000

Net (decrease) increase in cash and cash equivalents

(10,595,000)

(44,317,000)

29,638,000

Cash and cash equivalents as of the beginning of the period

70,056,000

114,373,000

84,735,000

Cash and cash equivalents as of the end of the period

59,461,000

70,056,000

114,373,000

Supplemental disclosures of cash flow information:

Cash paid for interest

58,559,000

59,989,000

50,931,000

Supplemental disclosures of non-cash activities:

Capital expenditures included in current liabilities

13,474,000

29,616,000

38,515,000

Shares issued on settlement of convertible senior notes

216,152,000

Shares received and retired on exercise of call option under bond hedge upon settlement of convertible senior notes

$ 0

$ (8,346,000)

$ 0

[1]	Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.
[2]	Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

Revenue Recognition (Franchisee Deferred Payment Agreement) (Details) - Franchised units	Dec. 28, 2025 restaurant
Disaggregation of Revenue [Line Items]
Number of restaurants	493
Outback Steakhouse \| U.S. total \| Out West
Disaggregation of Revenue [Line Items]
Number of restaurants	74

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Schedule of (Loss) Earnings Per Share, Basic and Diluted [Line Items]

Net income (loss) attributable to Bloomin’ Brands

$ 8,237

$ (128,018)

$ 247,386

(Loss) income from discontinued operations, net of tax

(537)

(75,982)

41,629

Net income (loss) attributable to Bloomin’ Brands from continuing operations

$ 8,774

$ (52,036)

$ 205,757

Basic weighted average common shares outstanding

85,062

85,905

87,230

Effect of dilutive securities:

Stock-based compensation awards (in shares)

238

767

Convertible senior notes and warrants (in shares)

^[1]

8,456

Diluted weighted average common shares outstanding (in shares)

85,307

85,905

96,453

Basic earnings (loss) per share:

Continuing operations (in USD per share)

^[2]

$ 0.10

$ (0.61)

$ 2.36

Discontinued operations (in USD per share)

^[2]

(0.01)

(0.88)

0.48

Net basic earnings (loss) per share (in USD per share)

^[2]

0.10

(1.49)

2.84

Diluted earnings (loss) per share:

Continuing operations (in USD per share)

^[2]

0.10

(0.61)

2.13

Discontinued operations (in USD per share)

^[2]

(0.01)

(0.88)

0.43

Net diluted earnings (loss) per share (in USD per share)

^[2]

$ 0.10

$ (1.49)

$ 2.56

Antidilutive stock-based compensation awards

Diluted earnings (loss) per share:

Antidilutive stock-based compensation awards (in shares)

1,672

1,706

924

Antidilutive convertible senior notes and warrants

Diluted earnings (loss) per share:

Antidilutive stock-based compensation awards (in shares)

917

3,146

[1]	During 2025, the 2025 Notes matured and were settled in cash and the remaining warrants were terminated. See Note 11 - Convertible Senior Notes for additional details.
[2]	Amounts may not add due to rounding.

Income Taxes (Income Tax Payments - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Income Tax Paid, by Individual Jurisdiction [Line Items]

United States - Federal

$ 4,500

United States - State and local

2,348

Total cash paid for income taxes, net of refunds

41,135

$ 21,084

$ 27,750

Payment of withholding taxes related to both installments of the brazil sale transaction

27,500

Brazil

Income Tax Paid, by Individual Jurisdiction [Line Items]

Foreign

^[1]

32,211

Other

Income Tax Paid, by Individual Jurisdiction [Line Items]

Foreign

$ 2,076

[1]	Includes approximately $27.5 million of withholding taxes related to both installments of the Brazil sale transaction.

Impairment and Exit Costs

12 Months Ended

Dec. 28, 2025

Impairments and Exit Costs [Abstract]

Impairments and Exit Costs

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Impairment losses
U.S.	$	43,051	$	33,947	$	39,812

Other	153		12,488		600
Total impairment losses	43,204		46,435		40,412
Restaurant closure charges (benefits)
U.S.	2,475		14,045		(7,143)
Other	(542)		3,811		305
Total restaurant closure charges (benefits)	1,933		17,856		(6,838)
Provision for impaired assets and restaurant closings	$	45,137	$	64,291	$	33,574

For 2025, Provision for impaired assets and restaurant closings includes $25.7 million related to the closure of 21 U.S. restaurants, the decision not to renew the leases of 22 U.S. restaurants, the majority of which expire over the next four years, and $12.0 million related to five underperforming U.S. restaurants.

For 2024, Provision for impaired assets and restaurant closings primarily includes $25.5 million of asset impairment related to 41 older, underperforming U.S. restaurants based on an assessment of each restaurant’s historical operating performance and trends, combined with updated expected cash flow projections over the remaining lease term. The projections considered, among other factors, continued challenging operating and macroeconomic conditions since these restaurants were underperforming Company-wide averages for sales and operating income. Additionally, includes $12.0 million primarily related to the 2024 closure of 36 predominantly older, underperforming U.S. restaurants and $16.3 million related to the closure of nine restaurants in Hong Kong.

For 2023, Provision for impaired assets and restaurant closings primarily includes $34.2 million related to the decision to close the 36 U.S. restaurants discussed above and the 2023 closure of three U.S. and two Hong Kong Aussie Grill restaurants. Additionally, includes a net lease termination gain of $6.7 million in connection with the closure of one U.S. restaurant.

Accrued Closed Restaurant Liabilities Rollforward - The following table is a rollforward of the Company’s closed restaurant lease-related liabilities and other accrued costs, including common area maintenance fees, property taxes and other non-rent-related charges, primarily associated with the restaurant closure activity described above for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	6,695
Additions	4,214
Cash payments	(2,814)

Accretion	252
Adjustments (1)	(2,684)
Balance, end of the period	$	5,663

________________

(1)Primarily resulting from terminations of the Company’s obligation for non-rent-related components that were accrued at the time of closure.

Equity Method Investment (Narrative) (Details)	Dec. 30, 2024
Bold Hospitality Company, S.A.
Principles of Consolidation [Line Items]
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal	33.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

12 Months Ended

Dec. 28, 2025

Leases [Abstract]

Leases

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	DECEMBER 28, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	979,270	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	9,296		10,058


Total lease assets, net		$	988,566	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	176,268	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,389		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,046,380		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	7,890		8,359
Total lease liabilities		$	1,233,927	$	1,258,301

________________

(1)Net of accumulated amortization of $5.4 million and $4.0 million as December 28, 2025 and December 29, 2024, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	FISCAL YEAR
(dollars in thousands)		2025		2024		2023
Operating lease cost (1)	Other restaurant operating	$	169,867	$	169,661	$	171,248
Variable lease cost	Other restaurant operating	4,437		3,878		2,930
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	2,872		2,032		1,975
Interest on lease liabilities	Interest expense, net	976		710		667
Sublease revenue	Franchise and other revenues	(6,764)		(7,060)		(7,614)
Lease costs, net		$	171,388	$	169,221	$	169,206

________________

(1)Excludes rent expense for office facilities and closed or subleased properties of $13.4 million, $14.3 million and $12.1 million for 2025, 2024 and 2023, respectively, which is included in General and administrative expense.

As of December 28, 2025, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES		FINANCE LEASES		SUBLEASE REVENUES
2026 (1)	$	182,917	$	3,498	$	(5,248)
2027	179,718		3,184		(5,661)
2028	172,905		2,348		(5,717)
2029	166,933		2,258		(5,594)
2030	159,641		568		(5,352)
Thereafter	1,245,593		1,467		(24,088)
Total minimum lease payments (receipts) (2)	2,107,707		13,323		$	(51,660)
Less: Interest	(885,059)		(2,044)
Present value of future lease payments	$	1,222,648	$	11,279

____________________

(1)Net of prepaid rent of $3.4 million.

(2)Includes $945.6 million related to lease renewal options that are reasonably certain of exercise and excludes $38.1 million of signed leases that have not yet commenced.

The following table is a summary of the weighted average remaining lease terms and weighted average discount rates of the Company’s leases as of the periods indicated:


	FINANCE LEASES				OPERATING LEASES
	DECEMBER 28, 2025		DECEMBER 29, 2024		DECEMBER 28, 2025		DECEMBER 29, 2024
Weighted average remaining lease term (1):	4.6 years		9.1 years		13.2 years		13.4 years
Weighted average discount rate (2):	7.25	%	7.70	%	8.16	%	8.22	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise. For finance leases, the decrease is primarily due to store closures during 2025.

(2)Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.

The following table is a summary of cash flow impacts from the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	183,358	$	184,969	$	185,861



Leased assets obtained in exchange for new operating lease liabilities	$	57,211	$	91,305	$	74,539
Leased assets obtained in exchange for new finance lease liabilities	$	3,386	$	4,038	$	6,480

Leases

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	DECEMBER 28, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	979,270	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	9,296		10,058


Total lease assets, net		$	988,566	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	176,268	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,389		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,046,380		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	7,890		8,359
Total lease liabilities		$	1,233,927	$	1,258,301

________________

(1)Net of accumulated amortization of $5.4 million and $4.0 million as December 28, 2025 and December 29, 2024, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	FISCAL YEAR
(dollars in thousands)		2025		2024		2023
Operating lease cost (1)	Other restaurant operating	$	169,867	$	169,661	$	171,248
Variable lease cost	Other restaurant operating	4,437		3,878		2,930
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	2,872		2,032		1,975
Interest on lease liabilities	Interest expense, net	976		710		667
Sublease revenue	Franchise and other revenues	(6,764)		(7,060)		(7,614)
Lease costs, net		$	171,388	$	169,221	$	169,206

________________

As of December 28, 2025, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES		FINANCE LEASES		SUBLEASE REVENUES
2026 (1)	$	182,917	$	3,498	$	(5,248)
2027	179,718		3,184		(5,661)
2028	172,905		2,348		(5,717)
2029	166,933		2,258		(5,594)
2030	159,641		568		(5,352)
Thereafter	1,245,593		1,467		(24,088)
Total minimum lease payments (receipts) (2)	2,107,707		13,323		$	(51,660)
Less: Interest	(885,059)		(2,044)
Present value of future lease payments	$	1,222,648	$	11,279

____________________

(1)Net of prepaid rent of $3.4 million.

(2)Includes $945.6 million related to lease renewal options that are reasonably certain of exercise and excludes $38.1 million of signed leases that have not yet commenced.

The following table is a summary of the weighted average remaining lease terms and weighted average discount rates of the Company’s leases as of the periods indicated:


	FINANCE LEASES				OPERATING LEASES
	DECEMBER 28, 2025		DECEMBER 29, 2024		DECEMBER 28, 2025		DECEMBER 29, 2024
Weighted average remaining lease term (1):	4.6 years		9.1 years		13.2 years		13.4 years
Weighted average discount rate (2):	7.25	%	7.70	%	8.16	%	8.22	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise. For finance leases, the decrease is primarily due to store closures during 2025.

(2)Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.

The following table is a summary of cash flow impacts from the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	183,358	$	184,969	$	185,861



Leased assets obtained in exchange for new operating lease liabilities	$	57,211	$	91,305	$	74,539
Leased assets obtained in exchange for new finance lease liabilities	$	3,386	$	4,038	$	6,480

Derivative Instruments and Hedging Activities (Effect of Foreign Exchange Forward Contracts) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Derivative [Line Items]

Loss (gain) on foreign currency forward contracts

$ (26,362)

$ 15,728

$ 0

General and administrative

Derivative [Line Items]

Loss (gain) on foreign currency forward contracts

^[1]

(26,362)

$ 15,728

General and administrative | Discontinued operations, disposed of by sale | Brazil disposal group

Derivative [Line Items]

Loss (gain) on foreign currency forward contracts

$ 17,000

[1]

For 2025, the loss on foreign currency forward contracts, which includes costs in connection with the forward contracts, is partially offset within General and administrative expense by foreign currency exchange gains of $17.0 million related to the installment receivable from the Brazil Sale Transaction.

Goodwill and Intangible Assets, Net (Goodwill and Intangible Assets by Reporting Unit or Operating Segment - Table) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Goodwill and Intangible Assets [Line Items]

Goodwill

$ 185,135

$ 213,323

^[1]

Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

414,716

Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

10,550

14,375

U.S. total

Goodwill and Intangible Assets [Line Items]

Goodwill

142,469

170,657

^[1]

U.S. total | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

356,000

U.S. total | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

10,550

14,375

International Franchise

Goodwill and Intangible Assets [Line Items]

Goodwill

42,666

^[1]

International Franchise | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

58,716

International Franchise | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

Outback Steakhouse

Goodwill and Intangible Assets [Line Items]

Goodwill

123,188

Outback Steakhouse | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

287,000

Outback Steakhouse | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

Carrabba’s Italian Grill

Goodwill and Intangible Assets [Line Items]

Goodwill

18,826

Carrabba’s Italian Grill | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

69,000

Carrabba’s Italian Grill | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

Bonefish Grill

Goodwill and Intangible Assets [Line Items]

Goodwill

^[2]

28,188

Bonefish Grill | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

^[2]

Bonefish Grill | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

^[2]

4,127

6,957

Fleming’s Prime Steakhouse & Wine Bar

Goodwill and Intangible Assets [Line Items]

Goodwill

455

Fleming’s Prime Steakhouse & Wine Bar | Trade names

Goodwill and Intangible Assets [Line Items]

Indefinite-lived trade names

Fleming’s Prime Steakhouse & Wine Bar | Trademarks

Goodwill and Intangible Assets [Line Items]

Finite-lived trademarks

$ 6,423

$ 7,418

[1]	Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.
[2]	During 2025, as discussed above, the goodwill associated with the Bonefish Grill reporting unit was fully impaired as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Commissions Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Capitalized Contract Cost, Net, Current [Roll Forward]
Balance, beginning of the period	$ 16,935	$ 18,081	$ 17,755
Deferred gift card sales commissions amortization	(21,338)	(22,559)	(23,695)
Deferred gift card sales commissions capitalization	24,004	24,052	26,706
Other	(2,446)	(2,639)	(2,685)
Balance, end of the period	$ 17,155	$ 16,935	$ 18,081

Long-term Debt, Net (Tables)

12 Months Ended

Dec. 28, 2025

Debt Disclosure [Abstract]

Schedule of long-term debt, net

Following is a summary of outstanding long-term debt, net, as of the periods indicated:


	DECEMBER 28, 2025				DECEMBER 29, 2024
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE


Senior secured credit facility - revolving credit facility (1)	$	490,000	6.09	%	$	710,000	6.52	%






2025 Notes (2)	—				20,724		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%


Long-term debt	790,000				1,030,724
Less: unamortized debt discount and issuance costs (2)	(2,575)				(3,326)



Long-term debt, net	$	787,425			$	1,027,398

________________

(1)Interest rate represents the weighted average interest rate as of the respective periods.

(2)On May 1, 2025, the 2025 Notes were settled using borrowings from the revolving credit facility.

Schedule of maturities of long-term debt

Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of December 28, 2025:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030		THEREAFTER		TOTAL
Debt repayments	$	—	$	—	$	—	$	790,000	$	—	$	—	$	790,000

Schedule of interest rate options

The interest rate spreads are as follows:


	BASE RATE ELECTION	ADJUSTED TERM SOFR ELECTION
Revolving credit facility	50 to 150 basis points over the Base Rate	150 to 250 basis points over the Adjusted Term SOFR

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Convertible Senior Notes (Convertible Note Hedge and Warrant Transactions) (Details) - USD ($) $ in Thousands, shares in Millions			12 Months Ended
	May 16, 2025	Feb. 29, 2024	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Debt instrument [Line Items]
Proceeds from retirement of convertible senior note hedges			$ 0	$ 118,197	$ 0
Payments for repurchase of warrants			399	102,213	$ 0
Retirement of convertible senior note hedges				(118,197)
Retirement of warrants			399	102,213
Debt conversion, converted instrument, terminated amount	$ 400
Additional paid-in capital
Debt instrument [Line Items]
Retirement of convertible senior note hedges				(126,543)
Retirement of warrants			$ 399	102,213
Accumulated deficit
Debt instrument [Line Items]
Retirement of convertible senior note hedges				8,343
2025 Notes \| Convertible debt
Debt instrument [Line Items]
Proceeds from retirement of convertible senior note hedges		$ 118,200
Proceeds from retirement of convertible senior note hedges (in shares)		0.3
Payments for repurchase of warrants		$ 102,200
2025 Notes \| Convertible debt \| Additional paid-in capital
Debt instrument [Line Items]
Retirement of convertible senior note hedges				126,500
Retirement of warrants				(102,200)
2025 Notes \| Convertible debt \| Accumulated deficit
Debt instrument [Line Items]
Adjustments to accumulated deficit, retirement of convertible senior note hedges, value				$ 8,300

Convertible Senior Notes (Schedule of Interest) (Details) - Convertible debt - 2025 Notes - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Debt instrument [Line Items]

Coupon interest

$ 345

$ 1,783

$ 5,242

Debt issuance cost amortization

280

798

Total interest expense

^[1]

$ 401

$ 2,063

$ 6,040

Debt instrument, effective interest rate

5.85%

[1]	The effective rate for all periods presented was 5.85%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 28, 2025

Income Tax Disclosure [Abstract]

Schedule of income before income tax, domestic and foreign

The following table presents the domestic and foreign components of (Loss) income before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Domestic	$	(14,784)	$	(53,921)	$	235,357
Foreign	6,593		(4,886)		(4,170)
(Loss) income before (benefit) provision for income taxes	$	(8,191)	$	(58,807)	$	231,187

Schedule of components of income tax expense

(Benefit) provision for income taxes consisted of the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Current provision (benefit):
Federal	$	1,188	$	12,192	$	16,260
State	3,452		6,011		10,593
Foreign	6,824		—		(40)
	11,464		18,203		26,813
Deferred (benefit) provision:
Federal	(37,640)		(31,185)		(6,506)
State	(1,686)		(348)		726
Foreign	1,163		1,196		(2,631)
	(38,163)		(30,337)		(8,411)
(Benefit) provision for income taxes	$	(26,699)	$	(12,134)	$	18,402

Schedule of effective income tax rate reconciliation

The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows for the period indicated pursuant to the disclosure requirements of ASU No. 2023-09 for the year ended December 28, 2025. See Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements for additional details about the adoption of ASU No. 2023-09. Due to the Loss before benefit for income taxes for 2025, a positive percentage change for such year in the effective tax rate table reflects a favorable income tax benefit, whereas a negative percentage change in the effective tax rate table reflects an unfavorable income tax expense:


	FISCAL YEAR
	2025
(dollars in thousands)	Amount		%
Income tax benefit at federal statutory rate	$	(1,720)	21.0	%
State and local income taxes net of federal tax benefit (1)	1,796		(21.9)
Foreign tax effects:
Brazil
Withholding taxes - royalties	2,488		(30.4)


Withholding taxes - interest on final installment from Brazil sale transaction	2,260		(27.6)
Korea
Withholding taxes - royalties	1,660		(20.3)

Netherlands
Income tax impact of outside basis difference on equity method investment	(861)		10.5
Foreign currency gains related to deferred installment	2,024		(24.7)
Valuation allowance on deferred tax assets	958		(11.7)

Foreign tax credits	(2,260)		27.6
Other	230		(2.8)
Various Foreign other	241		(2.9)
Effect of changes in tax laws or rates enacted	655		(8.0)
Effect of cross-border tax laws	(881)		10.8
Tax Credits:
Employer related tax credits	(44,796)		546.9
Foreign tax credits	(4,552)		55.6
Other credits	(26)		0.3

Non-taxable or non-deductible items:
FICA on certain tips	9,507		(116.1)
Net officers' life insurance	(828)		10.1
Non-controlling interest	(1,048)		12.8
Goodwill impairment	5,919		(72.3)
Stock-based compensation	1,160		(14.2)
Executive compensation	1,026		(12.5)
Meals & entertainment	779		(9.5)
Other	250		(3.0)
Changes in unrecognized tax benefits	(316)		3.9
Other - net	(364)		4.4
Income tax benefit and effective income tax rate	$	(26,699)	326.0	%

________________

(1)Florida and Texas made up the majority (greater than 50%) of the tax effect in this category.

The following is a reconciliation of the United States federal income tax statutory rate to the Company’s effective income tax rate for the years ended December 29, 2024 and December 31, 2023, respectively, as previously disclosed and prior to the adoption of ASU No. 2023-09:


	FISCAL YEAR
	2024		2023
Income taxes at federal statutory rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(7.8)		3.8
Non-deductible loss on 2025 Notes Partial Repurchase	(49.5)		—
Net changes in deferred tax valuation allowances	(5.3)		(0.9)
Foreign tax rate differential	(2.7)		0.1

Non-deductible compensation	(2.2)		1.0
Other non-deductible expenses	(2.2)		0.3
Change in foreign tax law	(2.0)		(1.1)
Statute expiration on foreign net operating losses	(0.3)		1.1
Tax settlements and related adjustments	(0.1)		0.1
Employment-related credits, net	58.9		(15.9)
Non-taxable gains on foreign currency forward contracts	6.9		—
Non-controlling interests	1.9		(0.6)
Net life insurance expense	1.4		(0.3)
U.S. tax impact on foreign income	1.2		(0.9)



Other, net	1.4		0.3
Total	20.6	%	8.0	%

Schedule of deferred tax assets and liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Deferred income tax assets:
Operating lease liabilities	$	310,313	$	320,169

Insurance reserves	17,225		13,874
Unearned revenue	58,443		57,567
Deferred compensation	10,946		11,392

Net operating loss carryforwards	7,481		9,002
Federal tax credit carryforwards (1)	240,828		202,319

Other, net (2)	8,982		6,905
Gross deferred income tax assets	654,218		621,228
Less: valuation allowance	(14,185)		(13,707)
Deferred income tax assets, net of valuation allowance	640,033		607,521
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences	(243,408)		(252,958)
Less: property, fixtures and equipment basis differences	(70,087)		(68,814)
Less: intangible asset basis differences	(101,845)		(100,227)
Less: foreign outside basis difference on equity method investment (3)	(8,143)		(33,822)
Less: unrealized foreign exchange gain	(866)		—
Deferred income tax assets, net	$	215,684	$	151,700

________________

(1)Federal tax credit carryforwards are presented net of certain liabilities for unrecognized tax benefits.

(2)As of December 28, 2025 and December 29, 2024, the Company maintained deferred tax liabilities for state income taxes on historical foreign earnings of $0.1 million and $0.3 million, respectively.

(3)The decrease in the balance as of December 28, 2025 is primarily attributable to income taxes withheld on the proceeds received from the Brazil sale transaction during 2025.

Schedule of income tax payments

Following is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU No. 2023-09 for the period presented:


	FISCAL YEAR
(dollars in thousands)	2025
United States - Federal	$	4,500
United States - State and local	$	2,348







Foreign
Brazil (1)	$	32,211

Other	2,076
Total cash paid for income taxes, net of refunds	$	41,135

________________

(1)Includes approximately $27.5 million of withholding taxes related to both installments of the Brazil sale transaction.

Following is a summary of income taxes paid prior to ASU No. 2023-09 for the periods presented:


	FISCAL YEAR
(dollars in thousands)	2024		2023
Cash paid for income taxes, net of refunds	$	21,084	$	27,750

Schedule of operating loss

The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 28, 2025 are as follows:


(dollars in thousands)	EXPIRATION DATE			AMOUNT
Federal tax credit carryforwards	2026	-	2045	$	252,535
Foreign loss carryforwards	2026	-	Indefinite	$	43,640
Foreign credit carryforwards	Indefinite			$	1,822

Schedule of credit carryforwards

The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 28, 2025 are as follows:


(dollars in thousands)	EXPIRATION DATE			AMOUNT
Federal tax credit carryforwards	2026	-	2045	$	252,535
Foreign loss carryforwards	2026	-	Indefinite	$	43,640
Foreign credit carryforwards	Indefinite			$	1,822

Schedule of unrecognized tax benefits roll forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	17,479
Additions for tax positions taken during a prior period	1
Reductions for tax positions taken during a prior period	(3)
Additions for tax positions taken during the current period	699


Lapses in the applicable statutes of limitations	(853)

Balance, end of the period	$	17,323

Schedule of open tax years by jurisdiction

Following is a summary of the open audit years by jurisdiction as of December 28, 2025:


	OPEN AUDIT YEARS
United States - federal	2007	-	2024
United States - state	2020	-	2024
Foreign	2015	-	2024

Summary of Significant Accounting Policies (Deferred Debt Issuance Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Interest expense
Deferred debt issuance costs [Line Items]
Debt issuance cost amortization	$ 3.0	$ 2.8	$ 3.1

Goodwill and Intangible Assets, Net (Amortization Expense - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 3,825	$ 3,825	$ 4,076

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Fair Value Measurements (Fair Value Measurements on a Recurring Basis - Table) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Fair value, inputs, level 1
Assets:
Cash and cash equivalents, fair value disclosure	$ 5,597	$ 11,868
Fair value, inputs, level 2 \| Interest rate swap
Liabilities:
Derivative asset, current	$ 208	$ 0
Derivative asset, current, statement of financial position [Extensible Enumeration]	Other current assets, net	Other current assets, net
Derivative instruments - interest rate swaps, current liabilities	$ 330	$ 579
Derivative liability, current, statement of financial position [Extensible Enumeration]	Accrued and other current liabilities	Accrued and other current liabilities
Derivative instruments - interest rate swaps, other long-term liabilities	$ 87	$ 255
Derivative liability, noncurrent, statement of financial position [Extensible Enumeration]	Other long-term liabilities, net	Other long-term liabilities, net
Fair value, inputs, level 2 \| Foreign exchange forward contracts
Assets:
Foreign currency forward contracts	$ 0	$ 304

Equity Method Investment

12 Months Ended

Dec. 28, 2025

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investment

The Company retained a 33% interest in the franchisee of the Company’s restaurants in Brazil subsequent to the Brazil Sale Transaction, which is accounted for using the equity method of accounting. To ensure timely reporting, the Company records the results of the equity method investment in Brazil on a calendar basis one-month lag.

Following is a rollforward of the Company’s equity method investment for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	—
Fair value of retained interest at sale closing date	59,863
Net loss (1)	(4,742)
Foreign currency translation adjustment	9,415
Dividends received	(569)
Balance, end of the period	$	63,967

____________________

(1)Includes $1.2 million of purchase price adjustments amortization.

Impairments and Exit Costs (Tables)

12 Months Ended

Dec. 28, 2025

Impairments and Exit Costs [Abstract]

Provision for impaired assets and restaurant closings

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Impairment losses
U.S.	$	43,051	$	33,947	$	39,812

Other	153		12,488		600
Total impairment losses	43,204		46,435		40,412
Restaurant closure charges (benefits)
U.S.	2,475		14,045		(7,143)
Other	(542)		3,811		305
Total restaurant closure charges (benefits)	1,933		17,856		(6,838)
Provision for impaired assets and restaurant closings	$	45,137	$	64,291	$	33,574

Accrued facility closure and other costs rollforward

The following table is a rollforward of the Company’s closed restaurant lease-related liabilities and other accrued costs, including common area maintenance fees, property taxes and other non-rent-related charges, primarily associated with the restaurant closure activity described above for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	6,695
Additions	4,214
Cash payments	(2,814)

Accretion	252
Adjustments (1)	(2,684)
Balance, end of the period	$	5,663

________________

(1)Primarily resulting from terminations of the Company’s obligation for non-rent-related components that were accrued at the time of closure.

Segment Reporting (Depreciation and Amortization by Segment - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 177,680	$ 175,580	$ 169,266
Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	167,670	165,140	158,130
Corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	9,117	8,568	7,611
Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	893	1,872	3,525
U.S. total \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	167,670	165,140	157,878
International Franchise \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Depreciation and amortization	$ 0	$ 0	$ 252

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Stockholders' Equity (Tables)

12 Months Ended

Dec. 28, 2025

Stockholders' Equity Note [Abstract]

Schedule of repurchases of common stock

Following is a summary of the shares repurchased during fiscal year 2024:


(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE	AMOUNT


First fiscal quarter	6,948			$	27.13	$	188,500
Second fiscal quarter	2,156			$	27.36	59,000
Third fiscal quarter	969			$	18.78	18,195

Total common stock repurchases	10,073			$	26.38	265,695
Share repurchase-related ASR Agreement fees and excise taxes	—					728
Total	10,073					$	266,423

Dividends declared and paid

The Company declared and paid dividends per share during the periods presented as follows:


	DIVIDENDS PER SHARE		AMOUNT
	FISCAL YEAR		FISCAL YEAR
(dollars in thousands, except per share data)	2025		2024		2025		2024
First fiscal quarter	$	0.15	$	0.24	$	12,747	$	21,075
Second fiscal quarter	0.15		0.24		12,759		20,762
Third fiscal quarter	0.15		0.24		12,760		20,375
Fourth fiscal quarter	—		0.24		—		20,362
Total cash dividends declared and paid	$	0.45	$	0.96	$	38,266	$	82,574

Schedule of accumulated other comprehensive loss

Accumulated Other Comprehensive Loss (“AOCL”) - The following table is a rollforward of the components of AOCL for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Foreign currency translation:
Balance, beginning of the period	$	(212,172)	$	(177,689)	$	(185,311)
Foreign currency translation adjustment - equity method investment	9,415		—		—
Foreign currency translation adjustment - other	(5,529)		(35,178)		7,622
Reclassification of foreign currency translation adjustments into earnings due to sale of business	217,548		—		—
Reclassification of foreign currency translation adjustments related to the liquidation of foreign entities	—		695		—
Balance, end of the period	$	9,262	$	(212,172)	$	(177,689)

Loss on derivatives, net of tax:
Balance, beginning of the period	$	(621)	$	(615)	$	—
Change in fair value of derivatives, net of tax	209		1,527		(606)
Reclassification realized in Net income (loss), net of tax	258		(1,533)		(9)

Balance, end of the period	$	(154)	$	(621)	$	(615)

Accumulated other comprehensive income (loss):
Balance beginning of the period	$	(212,793)	$	(178,304)	$	(185,311)
Other comprehensive income (loss) attributable to Bloomin' Brands	221,901		(34,489)		7,007
Balance, end of the period	$	9,108	$	(212,793)	$	(178,304)

Long-term Debt, Net (Second Amended and Restated Credit Agreement Narrative) (Details) - Secured debt	Sep. 19, 2024 USD ($)	Mar. 05, 2024
Credit Agreement
Debt instrument [Line Items]
Debt instrument, floor rate	0.00%
Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level	4.50
Debt covenants compliance, quarterly total net leverage ratio, adjusted maximum ratio level	5.00
Credit Agreement \| Base rate option 2
Debt instrument [Line Items]
Revolving credit facility	50.00%
Credit Agreement \| Base rate option 3
Debt instrument [Line Items]
Revolving credit facility	1.00%
Credit Agreement \| Adjusted term SOFR option
Debt instrument [Line Items]
Revolving credit facility	0.10%	0.10%
Credit Agreement \| Base rate
Debt instrument [Line Items]
Revolving credit facility	1.00%
Senior Secured Credit Facility \| Revolving credit facility
Debt instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,200,000,000
Credit Agreement
Debt instrument [Line Items]
Line of credit facility, maximum increase	$ 550,000,000.0
Debt covenants compliance, quarterly total net leverage ratio, initial maximum ratio level for increase in borrowing	3.00

Goodwill and Intangible Assets, Net (Narrative) (Details) - USD ($)

3 Months Ended

12 Months Ended

Jun. 29, 2025

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

^[2]

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Impairment of intangible assets, indefinite-lived (excluding goodwill)

$ 0

Goodwill impairment

$ 0

$ 28,188,000

^[1],[2]

$ 0

^[2]

$ 0

Bonefish Grill

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Goodwill impairment

28,200,000

U.S. total

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Goodwill impairment

^[1]

$ 28,188,000

U.S. total | Bonefish Grill

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Reporting unit, percentage of fair value in excess of carrying amount

10.00%

3.00%

U.S. total | Outback Steakhouse

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Reporting unit, percentage of fair value in excess of carrying amount

10.00%

3.00%

Indefinite-lived trade names, percentage of fair value in excess of carrying amount

15.00%

5.00%

[1]	Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.
[2]	Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Convertible Senior Notes (2025 Notes) (Details) - USD ($)
shares in Millions

12 Months Ended

Feb. 29, 2024

May 25, 2022

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

May 01, 2025

May 12, 2020

May 08, 2020

Debt instrument [Line Items]

Repayments of convertible senior notes

$ 20,724,000

$ 2,335,000

$ 214,000

Loss on extinguishment of debt

136,022,000

$ 0

Issuance of common stock from repurchase of convertible senior notes

216,152,000

Additional paid-in capital

Debt instrument [Line Items]

Issuance of common stock from repurchase of convertible senior notes

216,078,000

2025 Notes | Convertible debt

Debt instrument [Line Items]

Debt instrument, face amount

$ 20,724,000

$ 20,700,000

$ 230,000,000.0

Interest rate, stated percentage, floor

5.00%

^[1]

5.00%

2025 Notes repurchase amount

$ 83,600,000

$ 125,000,000.0

Repayments of convertible senior notes

$ 3,300,000

$ 196,900,000

Issuance of common stock from repurchase of convertible senior notes (in shares)

7.5

2.3

Loss on extinguishment of debt

135,800,000

2025 Notes | Convertible debt | Additional paid-in capital

Debt instrument [Line Items]

Issuance of common stock from repurchase of convertible senior notes

$ 216,100,000

[1]	On May 1, 2025, the 2025 Notes were settled using borrowings from the revolving credit facility.

Commitments and Contingencies (Litigation and Other Matters - Text) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Litigation liability	$ 4.9	$ 2.3
Litigation settlement expense	$ 3.0	$ (0.9)	$ (0.2)

Leases (Lessee, Lease Assets and Liabilities) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Leases [Abstract]

Operating lease right-of-use assets

$ 979,270

$ 1,012,857

Finance lease right-of-use assets

^[1]

$ 9,296

$ 10,058

Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration]

Property, fixtures and equipment, net

Total lease assets, net

$ 988,566

$ 1,022,915

Current operating lease liabilities

176,268

158,806

Current finance lease liabilities

$ 3,389

$ 2,618

Finance lease, liability, current, statement of financial position [Extensible Enumeration]

Accrued and other current liabilities

Non-current operating lease liabilities

$ 1,046,380

$ 1,088,518

Non-current finance lease liabilities

$ 7,890

$ 8,359

Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]

Other long-term liabilities, net

Total lease liabilities

$ 1,233,927

$ 1,258,301

Accumulated amortization

$ 5,400

$ 4,000

[1]	Net of accumulated amortization of $5.4 million and $4.0 million as December 28, 2025 and December 29, 2024, respectively.

Revenue Recognition (Tables)

12 Months Ended

Dec. 28, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Disaggregation of revenue

The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and segment for the periods indicated:


	FISCAL YEAR
	2025				2024				2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	2,237,333	$	30,243	$	2,219,812	$	31,253	$	2,316,449	$	32,289
Carrabba’s Italian Grill	706,565		2,312		693,421		2,771		721,946		3,036
Bonefish Grill	506,239		359		523,634		479		570,578		505
Fleming’s Prime Steakhouse & Wine Bar	395,891		—		368,663		—		382,729		—
Other	—		—		7,074		120		13,351		78
U.S. total	3,846,028		32,914		3,812,604		34,623		4,005,053		35,908

International Franchise (1)	—		31,297		—		39,490		—		41,524
Other (2)	38,206		68		53,740		—		72,736		—

Total	$	3,884,234	$	64,279	$	3,866,344	$	74,113	$	4,077,789	$	77,432

____________________

(1)Includes intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

(2)Primarily includes Restaurant sales for Company-owned restaurants in Hong Kong.

Contract with customer, asset and liability

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Other current assets, net
Deferred gift card sales commissions	$	17,155	$	16,935

Unearned revenue
Deferred gift card revenue	$	370,439	$	366,059
Deferred loyalty revenue	5,695		6,073
Deferred franchise fees - current	544		490
Other	1,255		1,477
Total Unearned revenue	$	377,933	$	374,099

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,408	$	3,901

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Balance, beginning of the period	$	16,935	$	18,081	$	17,755
Deferred gift card sales commissions amortization	(21,338)		(22,559)		(23,695)
Deferred gift card sales commissions capitalization	24,004		24,052		26,706
Other	(2,446)		(2,639)		(2,685)
Balance, end of the period	$	17,155	$	16,935	$	18,081

The following table is a rollforward of unearned gift card revenue for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Balance, beginning of the period	$	366,059	$	372,551	$	385,444
Gift card sales	294,104		290,481		322,291
Gift card redemptions	(271,137)		(279,810)		(316,139)
Gift card breakage	(18,587)		(17,163)		(19,045)

Balance, end of the period	$	370,439	$	366,059	$	372,551

Segment Reporting (Capital Expenditures by Segment - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Consolidated entity, excluding consolidated VIE
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	$ 179,924	$ 220,737	$ 282,229
Corporate
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	11,502	7,477	11,774
Other
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	31	734	612
U.S. total \| Operating Segments
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total capital expenditures	$ 168,391	$ 212,526	$ 269,843

Income Taxes (Deferred Tax Assets and Liabilities - Table) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Deferred income tax assets:

Operating lease liabilities

$ 310,313

$ 320,169

Insurance reserves

17,225

13,874

Unearned revenue

58,443

57,567

Deferred compensation

10,946

11,392

Net operating loss carryforwards

7,481

9,002

Federal tax credit carryforwards

^[1]

240,828

202,319

Other, net

^[2]

8,982

6,905

Gross deferred income tax assets

654,218

621,228

Less: valuation allowance

(14,185)

(13,707)

Deferred income tax assets, net of valuation allowance

640,033

607,521

Deferred income tax liabilities:

Less: operating lease right-of-use asset basis differences

(243,408)

(252,958)

Less: property, fixtures and equipment basis differences

(70,087)

(68,814)

Less: intangible asset basis differences

(101,845)

(100,227)

Less: foreign outside basis difference on equity method investment

^[3]

(8,143)

(33,822)

Less: unrealized foreign exchange gain

(866)

Deferred income tax assets, net

215,684

151,700

Deferred tax liabilities, undistributed foreign earnings

$ 100

$ 300

[1]	Federal tax credit carryforwards are presented net of certain liabilities for unrecognized tax benefits.
[2]	As of December 28, 2025 and December 29, 2024, the Company maintained deferred tax liabilities for state income taxes on historical foreign earnings of $0.1 million and $0.3 million, respectively.
[3]	The decrease in the balance as of December 28, 2025 is primarily attributable to income taxes withheld on the proceeds received from the Brazil sale transaction during 2025.

Stock-based and Deferred Compensation Plans (Monte Carlo Simulation Model - Table) (Details) - Performance-based share units

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Risk-free interest rate

^[1]

4.37%

4.26%

Dividend yield

6.89%

3.49%

^[2]

3.47%

^[2]

Volatility

^[3]

51.41%

51.02%

Volatility

7 years

[1]	Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.
[2]	Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.
[3]	Based on the historical volatility of the Company’s stock over the last seven years.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Summary of Significant Accounting Policies (Leases) (Details)	Dec. 28, 2025
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year
Lessee, operating lease, renewal term	5 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	20 years
Lessee, operating lease, renewal term	30 years

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Cash dividends declared per common share (in USD per share)	$ 0.45	$ 0.96	$ 0.96
Accumulated deficit
Repurchase and retirement of common stock, excise tax		$ 325	$ 136

Segment Reporting (Income from Operations Reconciliation - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	$ 37,163	$ 139,808	$ 282,769
Loss on extinguishment of debt	0	(136,022)	0
Interest expense, net	(45,354)	(62,593)	(51,582)
(Loss) income before (benefit) provision for income taxes	(8,191)	(58,807)	231,187
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	210,445	288,011	416,741
Corporate
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	(175,536)	(130,769)	(134,057)
Other
Segment Reporting, Reconciling Item for Operating Profit from Segment to Consolidated [Line Items]
Income from operations	$ 2,254	$ (17,434)	$ 85

- Definition

Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 28, 2025

Accounting Policies [Abstract]

Fair value measurements, recurring and nonrecurring, valuation techniques

Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Property, fixtures and equipment, useful lives

Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			2 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or reasonably certain lease term, including reasonably certain renewal periods.

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Land	$	29,167	$	29,458
Buildings	1,226,359		1,201,949
Furniture and fixtures	494,987		511,291
Equipment	714,807		760,058
Construction in progress	30,618		65,068
Less: accumulated depreciation	(1,583,293)		(1,619,303)
	$	912,645	$	948,521

Other operating cost and expense, depreciation and repairs and maintenance expense

Depreciation and repair and maintenance expense are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Depreciation expense	$	173,855	$	171,755	$	165,190
Repair and maintenance expense	$	117,437	$	113,245	$	114,768

Income Taxes (Valuation Allowance - Text) (Details) - USD ($)

Dec. 28, 2025

Dec. 29, 2024

Income Taxes [Line Items]

Deferred tax assets, valuation allowance

$ 14,185,000

$ 13,707,000

Deferred tax liability, foreign outside basis differences

^[1]

8,143,000

$ 33,822,000

Undistributed earnings of foreign subsidiaries

U.S.

Income Taxes [Line Items]

Deferred tax assets, valuation allowance

1,400,000

International

Income Taxes [Line Items]

Deferred tax assets, valuation allowance

12,800,000

Brazil

Income Taxes [Line Items]

Deferred tax liability, foreign outside basis differences

8,100,000

Non-Brazil

Income Taxes [Line Items]

Deferred tax liability, foreign outside basis differences

$ 0

[1]	The decrease in the balance as of December 28, 2025 is primarily attributable to income taxes withheld on the proceeds received from the Brazil sale transaction during 2025.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 28, 2025

Earnings Per Share [Abstract]

Schedule of earnings (loss) per share, basic and diluted

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:


	FISCAL YEAR
(in thousands, except per share data)	2025		2024		2023
Net income (loss) attributable to Bloomin’ Brands	$	8,237	$	(128,018)	$	247,386
(Loss) income from discontinued operations, net of tax	(537)		(75,982)		41,629
Net income (loss) attributable to Bloomin’ Brands from continuing operations	$	8,774	$	(52,036)	$	205,757





Basic weighted average common shares outstanding	85,062		85,905		87,230

Effect of dilutive securities:



Stock-based compensation awards	238		—		767
Convertible senior notes and warrants (1)	7		—		8,456

Diluted weighted average common shares outstanding	85,307		85,905		96,453

Basic earnings (loss) per share (2):
Continuing operations	$	0.10	$	(0.61)	$	2.36
Discontinued operations	(0.01)		(0.88)		0.48
Net basic earnings (loss) per share	$	0.10	$	(1.49)	$	2.84

Diluted earnings (loss) per share (2):
Continuing operations	$	0.10	$	(0.61)	$	2.13
Discontinued operations	(0.01)		(0.88)		0.43
Net diluted earnings (loss) per share	$	0.10	$	(1.49)	$	2.56




Antidilutive stock-based compensation awards	1,672		1,706		924
Antidilutive convertible senior notes and warrants	917		3,146		—

________________

(1)During 2025, the 2025 Notes matured and were settled in cash and the remaining warrants were terminated. See Note 11 - Convertible Senior Notes for additional details.

(2)Amounts may not add due to rounding.

Long-term Debt, Net (Schedule of Long-Term Debt, Net) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Apr. 16, 2021

May 08, 2020

Debt instrument [Line Items]

Long-term debt

$ 790,000

$ 1,030,724

Less: unamortized debt discount and issuance costs

(2,575)

^[1]

(3,326)

Long-term debt, net

787,425

1,027,398

Secured debt | Revolving credit facility | Senior Secured Credit Facility

Debt instrument [Line Items]

Long-term debt

^[2]

$ 490,000

$ 710,000

Debt instrument, effective interest rate

^[2]

6.09%

6.52%

Convertible debt | 2025 Notes

Debt instrument [Line Items]

Long-term debt

^[1]

$ 0

$ 20,724

Debt instrument, effective interest rate

5.85%

Interest rate, stated percentage, floor

5.00%

^[1]

5.00%

Unsecured debt | 2029 Notes

Debt instrument [Line Items]

Long-term debt

$ 300,000

Interest rate, stated percentage, floor

5.13%

5.125%

[1]	On May 1, 2025, the 2025 Notes were settled using borrowings from the revolving credit facility.
[2]	Interest rate represents the weighted average interest rate as of the respective periods

Stock-based and Deferred Compensation Plans (Stock Option Activity - Table) (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Granted (in shares)

Exercised (in shares)

Aggregate intrinsic value

$ 0

Stock options

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Outstanding beginning of period (in shares)

1,200,000

Forfeited or expired (in shares)

(515,000)

Outstanding at end of period (in shares)

685,000

^[1]

1,200,000

Exercisable at end of period (in shares)

^[1]

685,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]

Outstanding beginning of period (in USD per share)

$ 20.08

Forfeited or expired (in USD per share)

20.35

Outstanding at end of period (in USD per share)

19.88

$ 20.08

Exercisable as of at end of period (in USD per share)

$ 19.88

Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average remaining contractual term

3 months 18 days

2 years 1 month 6 days

Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term

3 months 18 days

[1]	No stock options were granted or exercised during 2025 and the outstanding options for both periods presented have an aggregate intrinsic value of $0.

Commitments and Contingencies (Purchase Obligations - Text) (Details) $ in Millions	12 Months Ended
	Dec. 28, 2025 USD ($) supplier	Dec. 29, 2024 USD ($)
Concentration Risk [Line Items]
Purchase obligations \| $	$ 159.6	$ 168.5
Long-term purchase commitment, period	3 years
Number of primary beef suppliers \| supplier	4
Minimum \| Beef \| Supplier concentration risk \| Cost of goods and service, segment benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	80.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-18

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Fair Value Measurements (Carrying Value and Fair Value of Debt by Hierarchy Level) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Secured debt \| Senior Secured Credit Facility \| Fair value, inputs, level 2 \| Revolving credit facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 490,000	$ 710,000
Secured debt \| Senior Secured Credit Facility \| Carrying value measurement \| Revolving credit facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	490,000	710,000
Convertible debt \| 2025 Notes \| Fair value, inputs, level 2
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	24,145
Convertible debt \| 2025 Notes \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	0	20,724
Unsecured debt \| 2029 Notes \| Fair value, inputs, level 2
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	269,505	270,132
Unsecured debt \| 2029 Notes \| Carrying value measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, fair value	$ 300,000	$ 300,000

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Revenues

Total revenues

$ 3,955,996,000

$ 3,950,475,000

$ 4,168,160,000

Costs and expenses

Food and beverage

1,177,303,000

1,147,859,000

1,240,485,000

Labor and other related

1,237,978,000

1,202,520,000

1,219,839,000

Other restaurant operating

1,014,151,000

1,001,034,000

988,668,000

Depreciation and amortization

177,680,000

175,580,000

169,266,000

General and administrative

238,396,000

219,383,000

233,559,000

Provision for impaired assets and restaurant closings

45,137,000

64,291,000

33,574,000

Goodwill impairment

^[2]

28,188,000

^[1]

Total costs and expenses

3,918,833,000

3,810,667,000

3,885,391,000

Income from operations

37,163,000

139,808,000

282,769,000

Loss on extinguishment of debt

(136,022,000)

Interest expense, net

(45,354,000)

(62,593,000)

(51,582,000)

(Loss) income before (benefit) provision for income taxes

(8,191,000)

(58,807,000)

231,187,000

(Benefit) provision for income taxes

(26,699,000)

(12,134,000)

18,402,000

Loss from equity method investment, net of tax

(4,742,000)

Net income (loss) from continuing operations

13,766,000

(46,673,000)

212,785,000

(Loss) income from discontinued operations, net of tax

(537,000)

(75,982,000)

41,629,000

Net income (loss)

13,229,000

(122,655,000)

254,414,000

Less: net income attributable to noncontrolling interests

4,992,000

5,363,000

7,028,000

Net income (loss) attributable to Bloomin’ Brands

8,237,000

(128,018,000)

247,386,000

Other comprehensive income (loss):

Foreign currency translation, net of reclassification adjustments

3,886,000

(34,483,000)

7,622,000

Reclassification of foreign currency translation adjustments into earnings due to sale of business

217,548,000

Net gain (loss) on derivatives, net of tax

467,000

(6,000)

(615,000)

Comprehensive income (loss)

235,130,000

(157,144,000)

261,421,000

Less: comprehensive income attributable to noncontrolling interests

4,992,000

5,363,000

7,028,000

Comprehensive income (loss) attributable to Bloomin’ Brands

$ 230,138,000

$ (162,507,000)

$ 254,393,000

Basic earnings (loss) per share:

Continuing operations (in USD per share)

^[3]

$ 0.10

$ (0.61)

$ 2.36

Discontinued operations (in USD per share)

^[3]

(0.01)

(0.88)

0.48

Net basic earnings (loss) per share (in USD per share)

^[3]

0.10

(1.49)

2.84

Diluted earnings (loss) per share:

Continuing operations (in USD per share)

^[3]

0.10

(0.61)

2.13

Discontinued operations (in USD per share)

^[3]

(0.01)

(0.88)

0.43

Net diluted earnings (loss) per share (in USD per share)

^[3]

$ 0.10

$ (1.49)

$ 2.56

Weighted average common shares outstanding:

Basic (shares)

85,062

85,905

87,230

Diluted (shares)

85,307

85,905

96,453

Restaurant sales

Revenues

Total revenues

$ 3,884,234,000

$ 3,866,344,000

$ 4,077,789,000

Franchise and other revenues

Revenues

Total revenues

$ 71,762,000

$ 84,131,000

$ 90,371,000

[1]	Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.
[2]	Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.
[3]	Amounts may not add due to rounding.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 28, 2025

Accounting Policies [Abstract]

Basis of presentation

Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries.

Principles of consolidation

Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation.

The Company consolidates variable interest entities where it has been determined that the Company is the primary beneficiary of those entities’ operations. As of December 28, 2025, the Company franchised 493 restaurants but did not possess any majority ownership interests in or provide material direct financial support to its franchisees. These franchise relationships are not deemed variable interest entities and are not consolidated.

Investments in entities the Company does not control, but where the Company’s interest is between 20% and 50% and/or the Company has the ability to exercise significant influence over the entity, are accounted for under the equity method and are not consolidated into the Company’s financial statements.

On December 30, 2024, the Company completed the sale of 67% of its Brazil operations, with the Company retaining a 33% interest accounted for under the equity method of accounting. The balance sheets, results of operations and cash flows of the Company’s Brazil operations are reported as discontinued operations for all periods presented. Unless otherwise noted, disclosures within these Notes to Consolidated Financial Statements relate solely to the Company’s continuing operations. Prior to the sale, the Company consolidated the results of its Brazil operations on a one-month calendar lag. For additional information regarding the Brazil sale and discontinued operations, see Note 2 - Discontinued Operations. For additional information regarding the Brazil equity method investment, see Note 3 - Equity Method Investment.

Fiscal year

Fiscal Year - The Company utilizes a 52-53-week year ending on the last Sunday in December. In a 52-week fiscal year, each quarterly period is comprised of 13 weeks. The additional week in a 53-week fiscal year is added to the fourth quarter. Fiscal years 2025 and 2024 consisted of 52 weeks and fiscal year 2023 consisted of 53 weeks. The additional operating week of 2023 resulted in increases of $83.5 million of Total revenues and $0.15 of GAAP diluted earnings per share in the Consolidated Statements of Operations and Comprehensive Income (Loss).

Use of estimates

Use of Estimates - The preparation of the accompanying consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimated.

Cash and cash equivalents

Cash and Cash Equivalents - Cash equivalents consist of investments that are readily convertible to cash with an original maturity date of three months or less. Cash and cash equivalents include $38.4 million and $49.1 million, as of December 28, 2025 and December 29, 2024, respectively, for amounts in transit from credit card companies since settlement is reasonably assured.

Accounts receivable

Accounts Receivable - Accounts receivable, net of allowance for credit losses, represents the estimated net realizable value. The Company’s primary accounts receivable are due from third-party gift card sales, vendor rebates and franchisees.

The Company evaluates the collectability of receivables based on historical loss experience by risk pool and records periodic adjustments for factors such as deterioration of economic conditions, specific customer circumstances and changes in the aging of accounts receivable balances. In instances where there is no established loss history, S&P speculative-grade default rates are utilized as an estimated expected credit loss rate. Receivables are written off when they are deemed uncollectible. The Company applies the practical expedient to assume that current conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses.

Contingent lease liabilities

Contingent Lease Liabilities - The Company assigns its interest, and is contingently liable, under certain real estate leases, primarily related to divested restaurant properties. Contingent lease liabilities related to these guarantees are calculated based on management’s estimate of exposure to losses which includes historical analysis of credit losses, including known instances of default, and existing economic conditions. See Note 17 - Commitments and Contingencies for a discussion of the Company’s contingent lease liabilities.

Concentration of credit risk

Concentrations of Credit and Counterparty Risk - Financial instruments that potentially subject the Company to a concentration of credit risk and credit losses are through credit card and trade receivables consisting primarily of amounts due for gift card, vendor, franchise and other receivables. Gift card, vendor and other receivables consist primarily of amounts due from gift card resellers and vendor rebates. The Company considers the concentration of credit risk for gift card, vendor and other receivables to be minimal due to the payment histories and general financial condition of its gift card resellers and vendors. Amounts due from franchisees consist of initial franchise fees, royalty income and advertising fees.

Concentration of counterparty risk

Financial instruments that potentially subject the Company to concentrations of counterparty risk are cash and cash equivalents and derivatives. The Company attempts to limit its counterparty risk by investing in certificates of deposit, money market funds, noninterest-bearing accounts and other highly rated investments. Whenever possible, the Company selects investment grade counterparties and rated money market funds in order to mitigate its counterparty risk. At times, cash balances may be in excess of FDIC insurance limits. See Note 13 - Derivative Instruments and Hedging Activities for a discussion of the Company’s use of derivative instruments and management of credit risk inherent in derivative instruments.

Fair value

Fair Value - Fair value is the price that would be received for an asset or paid to transfer a liability, or the exit price, in an orderly transaction between market participants on the measurement date. Fair value is categorized into one of the following three levels based on the lowest level of significant input:


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Inventories

Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or net realizable value.

Cloud-based computing arrangements

Cloud-Based Computing Arrangements - The Company defers costs incurred under the application development stage for cloud-based computing arrangements and amortizes those costs over the related service agreement. Capitalized cloud computing implementation costs of $7.3 million and $4.6 million, net of accumulated amortization, as of December 28, 2025 and December 29, 2024, respectively, and are included in Other current assets, net and Other assets, net on the Company’s Consolidated Balance Sheets. Related amortization expense is included in General and administrative expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) and was immaterial for all periods presented.

Property, fixtures and equipment

Property, Fixtures and Equipment - Property, fixtures and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed on the straight-line method over the estimated useful life of the assets. Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			2 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or reasonably certain lease term, including reasonably certain renewal periods.

Repair and maintenance costs that maintain the appearance and functionality of the restaurant, but do not extend the useful life of any restaurant asset, are expensed as incurred. The cost and related accumulated depreciation of assets sold or disposed of are removed from the Company’s Consolidated Balance Sheets, and any resulting gain or loss is generally recognized in Other restaurant operating expense in its Consolidated Statements of Operations and Comprehensive Income (Loss).

Depreciation and repair and maintenance expense are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Depreciation expense	$	173,855	$	171,755	$	165,190
Repair and maintenance expense	$	117,437	$	113,245	$	114,768

The Company capitalizes direct and indirect internal costs associated with the acquisition, development, design, construction and remodel of Company-owned restaurant locations as these costs have a future benefit to the Company. Upon restaurant opening, these costs are charged to Depreciation and amortization expense over the reasonably certain lease term. Internal costs of $4.0 million and $5.3 million were capitalized during 2025 and 2024, respectively.

For 2025 and 2024, computer equipment and software costs of $13.9 million and $8.1 million, respectively, were capitalized. As of December 28, 2025 and December 29, 2024, there was $16.1 million and $11.4 million, respectively, of unamortized computer equipment and software included in Property, fixtures and equipment, net on the Company’s Consolidated Balance Sheets.

Equity method investments

Equity Method Investments - The Company’s proportionate share of earnings or losses is recorded in Loss from equity method investment, net of tax in the Consolidated Statements of Operations and Comprehensive Income (Loss) and as an adjustment to the carrying value in the Company’s Consolidated Balance Sheets. Equity method investments are evaluated for impairment when facts and circumstances indicate that the carrying value may not be recoverable.

Goodwill and intangible assets

Goodwill and Intangible Assets - Goodwill represents the excess of the purchase price over the fair value of net assets acquired in business combinations and is assigned to the reporting unit in which the acquired business will operate. The Company’s indefinite-lived intangible assets consist of trade names recorded at fair value as of the date of acquisition. Goodwill and indefinite-lived intangible assets are tested for impairment annually, as of the first day of the second fiscal quarter, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

The Company may elect to perform a qualitative assessment to determine whether it is more likely than not that a reporting unit or trade name is impaired. If the qualitative assessment is not performed or if the Company determines that it is not more likely than not that the fair value of the reporting unit or trade name exceeds the carrying value, the fair value of the reporting unit or trade name is calculated. The carrying value of the reporting

unit or trade name is compared to its calculated fair value, with any excess of carrying value over fair value deemed to be an impairment.

Definite-lived intangible assets, which consist of trademarks, are recorded at fair value as of the date of acquisition, amortized over their estimated useful lives and tested for impairment, using the relief from royalty method, whenever events or changes in circumstances indicate that the carrying value may not be recoverable. See Note 9 - Goodwill and Intangible Assets, Net for goodwill, indefinite-lived intangibles and definite-lived intangibles balances by reporting unit.

Derivatives

Derivatives - The Company records derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting.

Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. If the derivative qualifies for hedge accounting treatment, any gain or loss on the derivative instrument is recognized in equity as a change to Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings.

Unrealized gains or losses on the Company’s interest rate swaps are reclassified to Interest expense, net as interest payments are made on the hedged portion of the Company’s revolving credit facility. The Company has elected to record cash flows from interest rate swaps within operating activities, the same category as the items being hedged, in its Consolidated Statements of Cash Flows. The Company has elected not to offset derivative positions in the balance sheet with the same counterparty under the same agreement.

The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements, foreign currency exchange rate movements, changes in energy prices and other identified risks. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings.

Beginning in 2024, the Company entered into foreign currency forward contracts not designated as hedges to mitigate a portion of the exchange rate risk associated with purchase price installment payments in connection with the sale of the majority ownership of its Brazil operations. During November 2025, the Company received the final installment payment from the Brazil Sale Transaction and the foreign currency forward contracts matured. The change in fair value of the foreign currency forward contracts was recorded in General and administrative expense, consistent with the related underlying exposure. See Note 13 - Derivative Instruments and Hedging Activities for additional details regarding the foreign currency forward contracts.

Deferred debt issuance costs

Deferred Debt Issuance Costs - For its revolving credit facility, the Company records deferred debt issuance costs related to the issuance of debt obligations in Other assets, net on its Consolidated Balance Sheets and amortizes the costs to Interest expense, net using the straight line method. For fees associated with all other debt obligations, the Company records deferred debt issuance costs as a reduction of Long-term debt, net and amortizes the costs to Interest expense, net using the effective interest method.

The Company amortizes deferred debt issuance costs to interest expense over the term of the respective financing arrangement. The Company amortized deferred debt issuance costs of $3.0 million, $2.8 million and $3.1 million to Interest expense, net for 2025, 2024 and 2023, respectively.

Liquor licenses

Liquor Licenses - The fees from obtaining non-transferable liquor licenses directly issued by local government agencies for nominal fees are expensed as incurred. The costs of purchasing transferable liquor licenses through

open markets in jurisdictions with a limited number of authorized liquor licenses are capitalized as indefinite-lived intangible assets and included in Other assets, net on the Company’s Consolidated Balance Sheets. Liquor licenses are reviewed for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable.

Insurance reserves

Insurance Reserves - The Company carries insurance programs with specific retention levels or high per-claim deductibles for a significant portion of expected losses under its workers’ compensation, general or liquor liability, health, property and management liability insurance programs. The Company records a liability for all unresolved claims and for an estimate of incurred but not reported claims at the anticipated cost that falls below its specified retention levels or per-claim deductible amounts. In establishing reserves, the Company considers actuarial assumptions and judgments regarding economic conditions, and the frequency and severity of claims. Reserves recorded for workers’ compensation and general liability claims are discounted using the average of the one-year and five-year risk-free rate of monetary assets that have comparable maturities.

Share repurchase

Share Repurchase - The par value of the repurchased shares is deducted from common stock and the excess of the purchase price over the par value of the shares, including broker commissions, certain transaction related costs and excises taxes, are recorded to Accumulated deficit. All shares of common stock acquired through share repurchase programs are retired and restored to authorized but unissued shares of common stock. The Company has elected to record excise taxes in connection with share repurchases within operating activities in its Consolidated Statements of Cash Flows.

Revenue recognition

Revenue Recognition - The Company records food and beverage revenues, net of discounts and taxes, upon delivery to the customer. Franchise-related revenues are included in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Royalties are recognized as revenue in the period in which they are earned provided collectability is reasonably assured.

Advertising fees charged to franchisees are recognized in Franchise and other revenues in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) provided collectability is reasonably assured. Initial franchise and renewal fees are recognized over the term of the franchise agreement and renewal period, respectively. The weighted average remaining term of franchise agreements and renewal periods was approximately 11 years as of December 28, 2025. On December 30, 2024, in connection with the sale of a majority ownership of the Company’s Brazil operations, the Company entered into 20-year franchise agreements for its existing restaurants in that market.

Proceeds from the sale of gift cards, which do not have expiration dates but are typically redeemed within one year of issuance, are recorded as unearned revenue and recognized as revenue upon redemption by the customer. Gift card breakage, the amount of gift cards which will not be redeemed, is estimated based on historical redemption patterns and is recognized over time in proportion to actual gift card redemptions. If actual redemptions vary from assumptions used to estimate breakage, gift card breakage income may differ from the amount recorded. The Company periodically updates its estimates used for breakage. Breakage revenue is recorded as a component of Restaurant sales in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Gift card sales commissions paid to third-party providers are capitalized and subsequently amortized to Other restaurant operating expense based on historical gift card redemption patterns. See Note 4 - Revenue Recognition for rollforwards of deferred gift card sales commissions and unearned gift card revenue.

The Company maintains a customer loyalty program in the U.S., Dine Rewards, where customers earn a reward after attaining qualified spend amounts. The Company’s estimate of the fair value of the reward is recorded as unearned revenue. Each reward must be redeemed within specified time limits of earning such reward. Revenue is recorded upon redemption and breakage for unredeemed rewards is recorded proportional to historical redemption patterns. The Company applies the practical expedient to exclude disclosures regarding loyalty program remaining performance obligations, which have original expected durations of less than one year.

The Company collects and remits sales, food and beverage, alcoholic beverage and hospitality taxes on transactions with customers and reports revenue net of taxes in its Consolidated Statements of Operations and Comprehensive Income (Loss).

Leases

Leases - The Company’s determination of whether an arrangement contains a lease is based on an evaluation of whether the arrangement conveys the right to use and control specific property or equipment. The Company leases restaurant and office facilities and certain equipment under operating leases primarily having initial terms between 1 and 20 years. Restaurant facility leases generally have renewal periods totaling 5 to 30 years, exercisable at the option of the Company. Contingent rentals represent payment of variable lease obligations based on a percentage of gross revenues, as defined by the terms of the applicable lease agreement for certain restaurant facility leases. Variable rental payments are expensed as incurred and future variable rent obligations are not included within the lease liabilities on the Consolidated Balance Sheets. The depreciable life of lease assets and leasehold improvements are limited by the expected lease term. None of the Company’s leases contain any material residual value guarantees or restrictive covenants.

Upon the 2019 adoption of ASC Topic 842 - Leases (“ASC 842”), the Company elected the practical expedient not to separate U.S. lease and non-lease components for real estate leases entered into after adoption. Additionally, for certain equipment leases, the Company applies a portfolio approach to account for lease assets and liabilities. Leases with an initial term of 12 months or less are not recorded on its Consolidated Balance Sheets and are recognized on a straight-line basis over the lease term within Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Rent expense for the Company’s operating leases, which generally have escalating rentals over the term of the lease and may include rent holidays, is recorded on a straight-line basis over the initial lease term and those renewal periods that are reasonably certain. Operating lease rent expense for open Company-owned restaurants is recorded in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Payments received from landlords as incentives for leasehold improvements are recorded as a reduction of the right-of-use asset and amortized on a straight-line basis over the term of the lease as a reduction of rent expense.

Pre-opening expenses

Pre-Opening Expenses - Non-capital expenditures associated with opening new restaurants are expensed as incurred and are included in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Consideration received from vendors

Consideration Received from Vendors - The Company receives consideration for a variety of vendor-sponsored programs, such as volume rebates, promotions and advertising allowances. Advertising allowances are intended to offset the Company’s costs of promoting and selling menu items in its restaurants. Vendor consideration is recorded primarily as a reduction of Food and beverage cost when recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Impairment of long-lived assets and costs associated with exit activities

Impairment of Long-Lived Assets and Costs Associated with Exit Activities - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows independent of other assets. For long-lived assets deployed at its restaurants, the Company reviews for impairment at the individual restaurant level. When evaluating for impairment, the total future undiscounted cash flows expected to be generated by the asset are compared to the carrying amount. If the total future undiscounted cash flows of the asset are less than its carrying amount, recoverability is measured by comparing the fair value of the assets to the carrying amount. An impairment loss is recognized in earnings when the asset’s carrying value exceeds its fair value. Fair value is generally estimated using a discounted cash flow model.

Restaurant closure costs, including lease termination fees, are expensed as incurred. For U.S. restaurant facility leases executed subsequent to the adoption of ASC 842, the Company accounts for fixed lease and non-lease components as a single lease component included within the lease liability at least commencement. For all leases executed prior to such date, when the Company ceases using the property rights under a non-cancelable operating lease, it records a liability for the net present value of any remaining non-rent lease-related obligations, less the estimated subtenant cost recovery that can reasonably be obtained for the property. Any subsequent adjustment to that liability as a result of lease termination or changes in estimates of cost recovery is recorded in the period incurred. The associated expense is recorded in Provision for impaired assets and restaurant closings in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Held for sale and discontinued operations

Held for Sale and Discontinued Operations - Restaurant sites and certain other assets to be sold are included in assets held for sale when certain criteria are met, including the requirement that the likelihood of selling the assets within one year is probable.

Assets and liabilities classified as held for sale are presented separately within the Consolidated Balance Sheets at the lower of its carrying value or fair value less costs to sell. Depreciation of property, plant and equipment and amortization of intangible and right-of-use assets are not recorded while these assets are classified as held for sale.

The Company reports the results of operations of a business as discontinued operations if a disposal represents a strategic shift that will have a major effect on its operations and financial results. The results of discontinued operations are reported as (Loss) income from discontinued operations, net of tax in the Consolidated Statements of Operations and Comprehensive Income (Loss) for the current and prior periods beginning in the period in which the held for sale criteria are met.

Advertising costs

Advertising Costs - Advertising production costs are expensed in the period when the advertising first occurs. All other advertising costs are expensed in the period in which the costs are incurred. Advertising expense of $93.1 million, $111.3 million and $96.2 million for 2025, 2024 and 2023, respectively, was recorded in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Partner compensation

Partner Compensation - In addition to base salary, field-level operators and multi-unit supervisors receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on their restaurants’ monthly operating results or cash flows. The Company accrues for these obligations using current and historical restaurant performance information. Most field-level compensation is recorded in Labor and other related expense, with compensation for multi-unit supervisors recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Stock-based compensation

Stock-based Compensation - Stock-based compensation awards are measured at fair value at the date of grant and expensed over their vesting or service periods. Stock-based compensation expense is recognized only for those awards expected to vest. The expense is recognized using the straight-line method and recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss). Forfeitures of share-based compensation awards are recognized as they occur.

Basic and diluted earnings (loss) per share

Basic and Diluted Earnings (Loss) per Share - The Company computes basic earnings (loss) per share based on the weighted average number of common shares that were outstanding during the period. Except where the result would be antidilutive, diluted earnings (loss) per share includes the dilutive effect of common stock equivalents, consisting of stock options, restricted stock units, PSUs and warrants, measured using the treasury stock method, and the Company’s convertible senior notes, measured using the if-converted method. PSUs are considered dilutive when the related performance criterion has been met.

Prior to the 2025 settlement, the Company provided the trustee of the Company’s convertible senior notes due 2025 (the “2025 Notes”) notice of its irrevocable election under the 2025 Notes indenture to settle the principal portion of

the 2025 Notes upon conversion in cash and any excess in shares. As a result, only the amounts in excess of the principal amount were considered in diluted earnings per share.

Foreign currency translation and transactions

Foreign Currency Translation and Transactions - For non-U.S. operations and equity method investments, the functional currency is the local currency. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at the balance sheet date with the translation adjustments recorded in Accumulated other comprehensive income (loss) in the Company’s Consolidated Statements of Changes in Stockholders’ Equity. Results of operations are translated using the average exchange rates for the reporting period. Foreign currency exchange transaction gains or losses are recorded in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Income taxes

Income Taxes - Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in the tax rate is recognized within income in the period that includes the enactment date of the rate change. A valuation allowance may reduce deferred income tax assets to the amount that is more likely than not to be realized.

The Company records a tax benefit for an uncertain tax position using the highest cumulative tax benefit that is more likely than not to be realized. The Company adjusts its liability for unrecognized tax benefits in the period in which it determines the issue is effectively settled, the statute of limitations expires or when more information becomes available. Liabilities for unrecognized tax benefits are recorded as a reduction of Deferred income tax assets, net and within Other long-term liabilities, net, with related interest and penalties recorded in Other long-term liabilities, net on the Company’s Consolidated Balance Sheets. Interest and penalties recognized on liabilities for unrecognized tax benefits are included in (Benefit) provision for income taxes.

Reclassifications

Reclassifications - The Company reclassified certain immaterial amounts in prior period financial statements to conform to the current period’s presentation. These reclassifications had no effect on previously reported Net income (loss).

Recently adopted financial accounting standards and recently issued financial accounting standards not yet adopted

Recently Adopted Financial Accounting Standards - The Company adopted ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” (“ASU No. 2023-09”) on a prospective basis for the year ended December 28, 2025. ASU No. 2023-09 expands existing income tax disclosures, including disaggregation of the Company’s effective income tax rate reconciliation table and income taxes paid disclosures. See Note 16. Income Taxes for additional details on updated disclosures.

Effective June 30, 2025, the Company elected to early adopt ASU No. 2025-05, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” (“ASU No. 2025-05”) on a prospective basis. ASU No. 2025-05 provides a practical expedient permitting an entity to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. The adoption did not have a material impact on the consolidated financial statements or the related notes.

Recently Issued Financial Accounting Standards Not Yet Adopted - In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income (Subtopic 220-40): Disaggregation of Income Statement Expenses,” (“ASU No. 2024-03”) which requires detailed disclosures in the notes to financial statements of expense categories within relevant income statement captions including purchases of inventory, employee compensation, depreciation and intangible asset amortization. ASU No. 2024-03 is effective for the Company beginning with the year ended December 26, 2027, with early adoption permitted, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented. The Company is currently evaluating the impact ASU No. 2024-03 will have on its disclosures.

Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

Stock-based and Deferred Compensation Plans (Remaining Shares Available for SBC) (Details)	Dec. 28, 2025 shares
2020 Omnibus Incentive Compensation Plan \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant	8,823,862

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Goodwill and Intangible Assets, Net

12 Months Ended

Dec. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

Goodwill - The following table is a rollforward of goodwill and the related accumulated impairment losses for the periods indicated:


(dollars in thousands)	U.S.		INTERNATIONAL FRANCHISE		CONSOLIDATED
Balance as of December 29, 2024
Goodwill, gross	$	838,827	$	162,549	$	1,001,376
Accumulated impairment losses	(668,170)		(119,883)		(788,053)
Goodwill, net (1)	170,657		42,666		213,323

Impairment (2)	(28,188)		—		(28,188)

Balance as of December 28, 2025
Goodwill, gross	838,827		162,549		1,001,376
Accumulated impairment losses	(696,358)		(119,883)		(816,241)
Goodwill, net	$	142,469	$	42,666	$	185,135

________________

(1)Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.

(2)Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.

The Company performs its annual assessment for impairment of goodwill and other indefinite-lived intangible assets as of the first day of its second fiscal quarter. During the thirteen weeks ended June 29, 2025, the Company performed a quantitative annual impairment analysis due to a decline in the Company’s stock price and market capitalization (the “Q2 analysis”), while its 2024 annual assessment was qualitative. In connection with these assessments, the Company did not record any impairment charges.

The Q2 analysis for goodwill indicated that all reporting units had fair values that exceeded their carrying values. However, the Outback Steakhouse and Bonefish Grill reporting units had fair values that decreased to approximately 10% above their respective carrying values. The fair values for the Outback Steakhouse and Bonefish Grill reporting units decreased primarily due to lower future cash flow estimates, increased discount rates, lower market multiples, and additionally for Bonefish Grill, a lower long-term growth rate, compared to the last quantitative impairment analysis performed during the quarter ended June 25, 2023.

During the thirteen weeks ended December 28, 2025, the Company identified a triggering event as a result of: (i) a sustained decline in the Company’s stock price and market capitalization and (ii) a recent decline in margins specific to the Bonefish Grill reporting unit. As a result, the Company performed an interim quantitative impairment analysis (the “Q4 analysis”). The Q4 analysis determined that the Bonefish Grill reporting unit was impaired and goodwill impairment of $28.2 million was recorded to fully impair the goodwill of the reporting unit.

The Q4 analysis for goodwill indicated that all reporting units except Bonefish Grill had fair values that exceeded their carrying values. Additionally, the fair value for the Outback Steakhouse reporting unit decreased to approximately 3% above its carrying value. The fair value of the Outback Steakhouse reporting unit decreased compared to the Q2 analysis primarily due to lower market multiples and lower future cash flow estimates. The fair value of the Bonefish Grill reporting unit decreased from the Q2 analysis primarily due to lower market multiples and lower future cash flow estimates as a result of a recent decline in profit margins.

The Q2 analysis and Q4 analysis for indefinite-lived intangible assets indicated that all trade names had fair values exceeding their carrying values; however, the Outback Steakhouse trade name’s fair value decreased to approximately 15% and 5%, respectively, above its carrying value. In the Q2 analysis, the fair value of the Outback Steakhouse trade name decreased compared to the prior quantitative analysis performed in Q2 2023 primarily due to lower projected sales and an increased discount rate. The fair value declined further in the Q4 analysis compared to the Q2 analysis due to lower projected sales and a decrease in the assumed royalty rate.

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors. Key assumptions include future cash flow estimates (including sales and earnings before interest, taxes, depreciation and amortization (“EBITDA”)), long-term growth rates, discount rates, royalty rates, market multiples and other market factors. Sales declines, unplanned increases in commodity or labor costs, decreases to the market multiples, increases in discount rates, deterioration in overall economic conditions and challenges in the restaurant industry or any such event may impact the Company’s fair value determinations and may result in future impairment charges. It is possible that changes in circumstances or changes in assumptions and estimates could result in impairment of the Company’s goodwill and/or other intangible assets. Further, as a result of the decreased fair value, the Outback Steakhouse reporting unit is at a higher risk of future impairment.

Intangible Assets, net - Intangible assets, net, consisted of the following as of the periods indicated:


	WEIGHTED AVERAGE REMAINING AMORTIZATION PERIOD (in years)	DECEMBER 28, 2025						DECEMBER 29, 2024
(dollars in thousands)		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE
Trade names	Indefinite	$	414,716			$	414,716	$	414,716			$	414,716
Trademarks	3	81,952		$	(71,402)	10,550		81,952		$	(67,577)	14,375




Total intangible assets		$	496,668	$	(71,402)	$	425,266	$	496,668	$	(67,577)	$	429,091

The Company did not record any intangible asset impairment charges during the periods presented.

The following table presents goodwill, trade names and trademarks balances by reporting unit as of the periods indicated:


	DECEMBER 28, 2025						DECEMBER 29, 2024
(dollars in thousands)	GOODWILL		TRADE NAMES		TRADEMARKS		GOODWILL		TRADE NAMES		TRADEMARKS
Outback Steakhouse	$	123,188	$	287,000	$	—	$	123,188	$	287,000	$	—
Carrabba’s Italian Grill	18,826		69,000		—		18,826		69,000		—
Bonefish Grill (1)	—		—		4,127		28,188		—		6,957
Fleming’s Prime Steakhouse & Wine Bar	455		—		6,423		455		—		7,418
U.S. total	142,469		356,000		10,550		170,657		356,000		14,375

International Franchise	42,666		58,716		—		42,666		58,716		—

Total	$	185,135	$	414,716	$	10,550	$	213,323	$	414,716	$	14,375

________________

(1)During 2025, as discussed above, the goodwill associated with the Bonefish Grill reporting unit was fully impaired as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.

Definite-lived intangible assets are amortized on a straight-line basis. The following table presents the aggregate expense related to the amortization of the Company’s trademarks for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Amortization expense	$	3,825	$	3,825	$	4,076

The following table presents expected annual amortization of intangible assets as of December 28, 2025:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030
Amortization of intangible assets	$	3,825	$	2,292	$	995	$	995	$	995

Stockholders' Equity (Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 28, 2025	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Dec. 29, 2024	Sep. 29, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 28, 2025	Dec. 29, 2024
Stockholders' Equity Note [Abstract]
Common stock, dividends, cash paid (in USD per share)	$ 0	$ 0.15	$ 0.15	$ 0.15	$ 0.24	$ 0.24	$ 0.24	$ 0.24	$ 0.45	$ 0.96
Dividends, common stock, cash	$ 0	$ 12,760	$ 12,759	$ 12,747	$ 20,362	$ 20,375	$ 20,762	$ 21,075	$ 38,266	$ 82,574

Revenue Recognition (Contract Assets and Liabilities - Deferred Gift Card Revenue Rollforward) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Revenue Recognition [Line Items]
Balance, beginning of the period	$ 374,099
Balance, end of the period	377,933	$ 374,099
Deferred gift card revenue
Revenue Recognition [Line Items]
Balance, beginning of the period	366,059	372,551	$ 385,444
Gift card sales	294,104	290,481	322,291
Gift card redemptions	(271,137)	(279,810)	(316,139)
Gift card breakage	(18,587)	(17,163)	(19,045)
Balance, end of the period	$ 370,439	$ 366,059	$ 372,551

Income Taxes (Unrecognized Tax Benefits - Table) (Details) $ in Thousands	12 Months Ended
	Dec. 28, 2025 USD ($)
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance, beginning of the period	$ 17,479
Additions for tax positions taken during a prior period	1
Reductions for tax positions taken during a prior period	(3)
Additions for tax positions taken during the current period	699
Lapses in the applicable statutes of limitations	(853)
Balance, end of the period	$ 17,323

Segment Reporting (Tables)

12 Months Ended

Dec. 28, 2025

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

The following is a summary of reportable segments:

REPORTABLE SEGMENT

CONCEPT

GEOGRAPHIC LOCATION

U.S. (1)

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International Franchise

Outback Steakhouse

12 Franchise Markets

Carrabba’s Italian Grill (Abbraccio)

_________________

(1)Includes franchise locations.

Reconciliation of revenue from segments to consolidated

The following table is a summary of revenues by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Revenues
U.S.	$	3,886,425	$	3,857,134	$	4,053,599
International Franchise	31,297		39,490		41,524
Total segment revenues	3,917,722		3,896,624		4,095,123
All other revenues	38,274		53,851		73,037
Total revenues	$	3,955,996	$	3,950,475	$	4,168,160

Reconciliation of individual segment income from operations to total segment income from operations

The following table presents segment operating income and significant segment expense information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
U.S.
Total revenues	$	3,886,425	$	3,857,134	$	4,053,599
Less:
Food and beverage	1,166,722		1,132,678		1,219,141
Labor and other related	1,217,802		1,183,227		1,203,170
Other restaurant operating	988,586		970,119		964,308
Other (1)	333,282		321,060		289,446
Total segment expenses	3,706,392		3,607,084		3,676,065
Income from operations	$	180,033	$	250,050	$	377,534

International Franchise
Total revenues	$	31,297	$	39,490	$	41,524
Less:
Total segment expenses (1)	885		1,529		2,317
Income from operations	$	30,412	$	37,961	$	39,207
Total segment
Total revenues	$	3,917,722	$	3,896,624	$	4,095,123
Less:
Total segment expenses	3,707,277		3,608,613		3,678,382
Total segment income from operations	$	210,445	$	288,011	$	416,741

_________________

(1)Includes depreciation and amortization and general and administrative expense. The U.S. segment also includes impairment expense.

Reconciliation of operating profit from segments to consolidated

The following table is a reconciliation of segment income from operations to Income (loss) before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Total segment income from operations	$	210,445	$	288,011	$	416,741
Unallocated corporate operating expense	(175,536)		(130,769)		(134,057)
Other income (loss) from operations	2,254		(17,434)		85
Total income from operations	37,163		139,808		282,769
Loss on extinguishment of debt	—		(136,022)		—


Interest expense, net	(45,354)		(62,593)		(51,582)
(Loss) income before (benefit) provision for income taxes	$	(8,191)	$	(58,807)	$	231,187

Reconciliation of segment depreciation and amortization and capital expenditures

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Depreciation and amortization
U.S.	$	167,670	$	165,140	$	157,878
International Franchise	—		—		252
Total segment depreciation and amortization	167,670		165,140		158,130
Corporate	9,117		8,568		7,611
Other	893		1,872		3,525
Total depreciation and amortization	$	177,680	$	175,580	$	169,266

The following table is a summary of capital expenditures by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Capital expenditures
U.S.	$	168,391	$	212,526	$	269,843

Corporate	11,502		7,477		11,774
Other	31		734		612

Total capital expenditures	$	179,924	$	220,737	$	282,229

Schedule of segment total assets

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Assets
U.S.	$	2,598,842	$	2,735,251
International Franchise	105,237		103,242
Total segment assets	2,704,079		2,838,493
Corporate	387,573		306,560
Other (1)	80,255		16,262
Assets of discontinued operations held for sale	—		223,490
Total assets	$	3,171,907	$	3,384,805

_________________

(1)Includes the Company’s equity method investment in Brazil.

Schedule of long-lived assets, by geographic area

The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
U.S.	$	1,022,451	$	1,018,309
International (1)	65,454		4,683

Total long-lived assets	$	1,087,905	$	1,022,992

_________________

(1)Includes the Company’s equity method investment in Brazil.

Commitments and Contingencies (Table)

12 Months Ended

Dec. 28, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum expected insurance payments

As of December 28, 2025, the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are as follows:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030		THEREAFTER		TOTAL
Undiscounted payments	$	23,079	$	15,233	$	11,896	$	7,262	$	3,950	$	8,771	$	70,191

Schedule of liability for unpaid claims and claims adjustment expense

The following is a reconciliation of the expected aggregate undiscounted reserves to the discounted reserves for insurance claims recognized on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Undiscounted reserves	$	70,191	$	59,407
Discount (1)	(5,670)		(6,361)
Discounted reserves	$	64,521	$	53,046

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:
Accrued and other current liabilities	$	22,733	$	19,527
Other long-term liabilities, net	41,788		33,519
	$	64,521	$	53,046

____________________

(1) Discount rates of 3.71% and 4.21% were used for December 28, 2025 and December 29, 2024, respectively.

Stockholders' Equity (Share Repurchases) (Details) - USD ($) shares in Millions		1 Months Ended	2 Months Ended	3 Months Ended		12 Months Ended
	Mar. 01, 2024	Feb. 29, 2024	Apr. 23, 2024	Sep. 28, 2025	Jun. 29, 2025	Dec. 29, 2024	Dec. 31, 2023
Shares Repurchases [Line Items]
Repurchase and retirement of common stock, including excise tax						$ (266,423,000)	$ (70,136,000)
Accumulated deficit
Shares Repurchases [Line Items]
Repurchase and retirement of common stock, including excise tax						$ (260,642,000)	$ (70,108,000)
March 1, 2024
Shares Repurchases [Line Items]
Repurchase and retirement of common stock, including excise tax	$ (220,000,000.0)
Accelerated share repurchases, settlement (payment) or receipt (in shares)			7.9
March 1, 2024 \| Accumulated deficit
Shares Repurchases [Line Items]
Repurchase and retirement of common stock, including excise tax			$ (214,300,000)
2023 Share Repurchase Program
Shares Repurchases [Line Items]
Stock repurchase program, canceled remaining authorized repurchase amount		$ 57,500,000
2024 Share Repurchase Program
Shares Repurchases [Line Items]
Stock repurchase program, authorized amount		$ 350,000,000.0
Repurchase and retirement of common stock, including excise tax				$ (18,195,000)	$ (59,000,000)

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Current assets

Cash and cash equivalents

$ 59,461

$ 70,056

Inventories

61,486

68,699

Other current assets, net

148,691

158,775

Current assets of discontinued operations held for sale

22,989

Total current assets

269,638

320,519

Property, fixtures and equipment, net

912,645

948,521

Operating lease right-of-use assets

979,270

1,012,857

Goodwill

185,135

213,323

^[1]

Intangible assets, net

425,266

429,091

Deferred income tax assets, net

224,693

185,522

Equity method investment

63,967

Other assets, net

111,293

74,471

Non-current assets of discontinued operations held for sale

200,501

Total assets

3,171,907

3,384,805

Current liabilities

Accounts payable

138,189

153,161

Current operating lease liabilities

176,268

158,806

Accrued and other current liabilities

186,256

178,314

Unearned revenue

377,933

374,099

Current liabilities of discontinued operations held for sale

87,956

Total current liabilities

878,646

952,336

Non-current operating lease liabilities

1,046,380

1,088,518

Deferred income tax liabilities, net

9,009

33,822

Long-term debt, net

787,425

1,027,398

Other long-term liabilities, net

113,282

93,420

Non-current liabilities of discontinued operations held for sale

49,865

Total liabilities

2,834,742

3,245,359

Commitments and contingencies (Note 17)

Bloomin’ Brands stockholders’ equity

Preferred stock, $0.01 par value, 25,000,000 shares authorized; no shares issued and outstanding as of December 28, 2025 and December 29, 2024

Common stock, $0.01 par value, 475,000,000 shares authorized; 85,221,767 and 84,854,768 shares issued and outstanding as of December 28, 2025 and December 29, 2024, respectively

852

849

Additional paid-in capital

1,241,239

1,273,288

Accumulated deficit

(917,597)

(925,834)

Accumulated other comprehensive income (loss)

9,108

(212,793)

Total Bloomin’ Brands stockholders’ equity

333,602

135,510

Noncontrolling interests

3,563

3,936

Total stockholders’ equity

337,165

139,446

Total liabilities and stockholders’ equity

$ 3,171,907

$ 3,384,805

[1]	Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.

Long-term Debt, Net

12 Months Ended

Dec. 28, 2025

Debt Disclosure [Abstract]

Long-term Debt, Net

Following is a summary of outstanding long-term debt, net, as of the periods indicated:


	DECEMBER 28, 2025				DECEMBER 29, 2024
(dollars in thousands)	OUTSTANDING BALANCE		INTEREST RATE		OUTSTANDING BALANCE		INTEREST RATE


Senior secured credit facility - revolving credit facility (1)	$	490,000	6.09	%	$	710,000	6.52	%






2025 Notes (2)	—				20,724		5.00	%
2029 Notes	300,000		5.13	%	300,000		5.13	%


Long-term debt	790,000				1,030,724
Less: unamortized debt discount and issuance costs (2)	(2,575)				(3,326)



Long-term debt, net	$	787,425			$	1,027,398

________________

(1)Interest rate represents the weighted average interest rate as of the respective periods.

(2)On May 1, 2025, the 2025 Notes were settled using borrowings from the revolving credit facility.

Maturities - Following is a summary of principal payments of the Company’s total consolidated debt outstanding as of December 28, 2025:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030		THEREAFTER		TOTAL
Debt repayments	$	—	$	—	$	—	$	790,000	$	—	$	—	$	790,000

Bloomin’ Brands, Inc. is a holding company and conducts its operations through its subsidiaries, certain of which have incurred indebtedness as described below.

Credit Agreement – On September 19, 2024, the Company and OSI, as co-borrowers, entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for senior secured financing of up to $1.2 billion consisting of a revolving credit facility (the “Senior Secured Credit Facility”) and matures on September 19, 2029. The total indebtedness of the Company and interest rate applied to the Company’s borrowings remained unchanged as a result of the Credit Agreement.

The commitments under the Credit Agreement may be increased in an aggregate principal amount of up to; (i) $550.0 million or (ii) at the Company’s option, up to an unlimited amount of incremental facilities, so long as the Consolidated Senior Secured Net Leverage Ratio, as defined in the Credit Agreement, is no more than 3.00 to 1.00 as of the last day of the most recent period of four consecutive fiscal quarters ended, after giving effect to any such incurrence on a pro forma basis.

Under the Credit Agreement, the Company may elect an interest rate at each reset period based on the Base Rate or Term SOFR, plus an applicable spread. The Term SOFR rate is the forward-looking term rate based on the secured overnight financing rate (“SOFR”) that is published by CME Group Benchmark Administration Limited (“Term SOFR”). The Base Rate option is the highest of: (i) the prime rate of Wells Fargo Bank, National Association, (ii) the federal funds effective rate plus 0.5 of 1.0% or (iii) the one-month Term SOFR plus a 0.10% Term SOFR Adjustment, plus 1.0% (the “Base Rate”). The Adjusted Term SOFR option is the Term SOFR rate plus a 0.10% Term SOFR Adjustment, subject to a 0% floor. The interest rate spreads are as follows:


	BASE RATE ELECTION	ADJUSTED TERM SOFR ELECTION
Revolving credit facility	50 to 150 basis points over the Base Rate	150 to 250 basis points over the Adjusted Term SOFR

The Credit Agreement requires a Total Net Leverage Ratio (“TNLR”) not to exceed 4.50 to 1.00 (with a limited ability to temporarily increase TNLR to 5.00 to 1.00 in connection with material acquisitions). TNLR is the ratio of Consolidated Total Debt (Current portion of long-term debt and Long-term debt, net of cash, excluding the 2025 Notes) to Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization and certain other adjustments as defined in the Credit Agreement).

As of December 28, 2025 and December 29, 2024, the Company was in compliance with its debt covenants.

2029 Notes - On April 16, 2021, the Company and its wholly-owned subsidiary OSI, as co-issuers, issued $300.0 million aggregate principal amount of senior unsecured notes due 2029 (the “2029 Notes”).

The 2029 Notes were issued pursuant to an Indenture, dated April 16, 2021 (the “Indenture”), by and among the Company, the guarantors named therein, and Wells Fargo Bank, National Association, as trustee. The 2029 Notes are guaranteed by each of the Company’s existing and future domestic restricted subsidiaries (other than OSI) that are guarantors or borrowers under its Senior Secured Credit Facility or certain other indebtedness. The 2029 Notes mature on April 15, 2029, unless earlier redeemed or purchased by the Company. The 2029 Notes bear cash interest at an annual rate of 5.125% payable semi-annually in arrears on April 15 and October 15 of each year.

The Company may redeem some or all of the 2029 Notes at the redemption prices set forth in the Indenture, plus accrued and unpaid interest.

The Indenture contains restrictive covenants that limit the ability of the Company and its restricted subsidiaries to, among other things, incur additional indebtedness or issue certain preferred stock; pay dividends above certain thresholds, redeem stock or make other distributions; make certain investments; create restrictions on the ability of the Company’s restricted subsidiaries to pay dividends or make other payments to the Company; create certain liens; transfer or sell certain assets; merge or consolidate; enter into certain transactions with the Company’s affiliates; and designate subsidiaries as unrestricted subsidiaries. These covenants are subject to a number of exceptions and qualifications as set forth in the Indenture.

The Indenture contains customary events of default, including, without limitation, failure to make required payments, failure to comply with certain agreements or covenants, cross-acceleration to certain other indebtedness in excess of specified amounts, certain events of bankruptcy and insolvency, and failure to pay certain judgments.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Fair Value Measurements on a Nonrecurring Basis - Table) (Details) - USD ($)

3 Months Ended

12 Months Ended

Jun. 29, 2025

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

REMAINING CARRYING VALUE

Operating lease right-of-use assets

$ 979,270,000

$ 1,012,857,000

Goodwill

185,135,000

213,323,000

^[1]

TOTAL IMPAIRMENT

Operating lease right-of-use assets

^[2]

11,273,000

23,895,000

$ 10,210,000

Property, fixtures and equipment

^[3]

31,931,000

22,540,000

30,202,000

Goodwill impairment

$ 0

28,188,000

^[4],[5]

^[5]

Impairment losses

71,392,000

46,435,000

40,412,000

Fair value, inputs, level 3 | Carrying value measurement

REMAINING CARRYING VALUE

Operating lease right-of-use assets

^[2]

23,363,000

14,053,000

4,057,000

Property, fixtures and equipment

^[3]

27,325,000

17,096,000

4,623,000

Goodwill

^[5]

Assets, fair value disclosure

50,688,000

31,149,000

8,680,000

Fair value, inputs, level 2 | Carrying value measurement

REMAINING CARRYING VALUE

Property, fixtures and equipment

$ 7,800,000

$ 1,200,000

[1]	Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.
[2]	Carrying values measured using discounted cash flow models (Level 3).
[3]	Carrying values measured using Level 2 inputs to estimate fair value totaled $7.8 million for 2025 and $1.2 million for 2024 and 2023. All other assets were valued using Level 3 inputs. Third-party market appraisals and executed sales contracts (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value.
[4]	Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.
[5]	Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 28, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue Recognition

12 Months Ended

Dec. 28, 2025

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and segment for the periods indicated:


	FISCAL YEAR
	2025				2024				2023
(dollars in thousands)	RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES		RESTAURANT SALES		FRANCHISE REVENUES
U.S.
Outback Steakhouse	$	2,237,333	$	30,243	$	2,219,812	$	31,253	$	2,316,449	$	32,289
Carrabba’s Italian Grill	706,565		2,312		693,421		2,771		721,946		3,036
Bonefish Grill	506,239		359		523,634		479		570,578		505
Fleming’s Prime Steakhouse & Wine Bar	395,891		—		368,663		—		382,729		—
Other	—		—		7,074		120		13,351		78
U.S. total	3,846,028		32,914		3,812,604		34,623		4,005,053		35,908

International Franchise (1)	—		31,297		—		39,490		—		41,524
Other (2)	38,206		68		53,740		—		72,736		—

Total	$	3,884,234	$	64,279	$	3,866,344	$	74,113	$	4,077,789	$	77,432

____________________

(1)Includes intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

(2)Primarily includes Restaurant sales for Company-owned restaurants in Hong Kong.

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Other current assets, net
Deferred gift card sales commissions	$	17,155	$	16,935

Unearned revenue
Deferred gift card revenue	$	370,439	$	366,059
Deferred loyalty revenue	5,695		6,073
Deferred franchise fees - current	544		490
Other	1,255		1,477
Total Unearned revenue	$	377,933	$	374,099

Other long-term liabilities, net
Deferred franchise fees - non-current	$	4,408	$	3,901

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Balance, beginning of the period	$	16,935	$	18,081	$	17,755
Deferred gift card sales commissions amortization	(21,338)		(22,559)		(23,695)
Deferred gift card sales commissions capitalization	24,004		24,052		26,706
Other	(2,446)		(2,639)		(2,685)
Balance, end of the period	$	17,155	$	16,935	$	18,081

The following table is a rollforward of unearned gift card revenue for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Balance, beginning of the period	$	366,059	$	372,551	$	385,444
Gift card sales	294,104		290,481		322,291
Gift card redemptions	(271,137)		(279,810)		(316,139)
Gift card breakage	(18,587)		(17,163)		(19,045)

Balance, end of the period	$	370,439	$	366,059	$	372,551

Franchisee Deferred Payment Agreement - Effective December 31, 2023, the Company entered into an Amended & Restated Holistic Resolution Agreement (the “2023 Resolution Agreement”) with Cerca Trova Southwest Restaurant Group, LLC (d/b/a Out West Restaurant Group) and certain of its affiliates (collectively, “Out West”), who currently operate 74 franchised Outback Steakhouse restaurants in the western United States, primarily in California. The 2023 Resolution Agreement ends on December 27, 2026 or upon the earlier occurrence of certain specified events, including a default in ongoing franchise payment obligations to the Company or if earnings fall below specified levels, the sale of all or substantially all of the assets or equity of Out West, bankruptcy or a liquidation event. The 2023 Resolution Agreement includes agreements among Out West, the Company and its lenders with respect to (i) deferral and forbearance of the parties’ rights with respect to prior payment defaults, (ii) payment priorities for rents, royalties, national advertising fees and local marketing expenditures, and (iii) mechanisms to settle its obligations with its lenders and provide for capital expenditures, within certain limitations. Upon expiration or earlier termination of the 2023 Resolution Agreement for any reason, the deferred amounts, which include substantial amounts due to Out West’s lenders, will become due and payable and the lenders will have a priority right to pursue remedies for nonpayment including foreclosure on Out West’s assets. Out West may be unable to satisfy the amounts due or reach an alternative solution. In such case, the Company could lose any future revenue stream from the franchised restaurants, incur significant costs under contingent lease obligations or incur support and other costs, which could impact how it funds other initiatives. The Company continues to evaluate alternatives with respect to the expiration or earlier termination of the 2023 Resolution Agreement and could also incur additional expense in connection with such alternatives.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Supplemental Balance Sheet Information (Property, Fixtures, and Equipment, Net) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (1,583,293)	$ (1,619,303)
Property, fixtures and equipment, net	912,645	948,521
Land
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	29,167	29,458
Buildings
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	1,226,359	1,201,949
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	494,987	511,291
Equipment
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	714,807	760,058
Construction in progress
Property, Plant and Equipment [Line Items]
Property, fixtures and equipment, gross	$ 30,618	$ 65,068

Derivative Instruments and Hedging Activities

12 Months Ended

Dec. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities

Interest Rate Risk - The Company manages economic risks, including interest rate variability, primarily by managing the amount, sources and duration of its debt funding and through the use of derivative financial instruments. The Company’s objectives in using interest rate derivatives are to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps.

Currency Exchange Rate Risk - The Company is exposed to foreign currency exchange rate risk arising from transactions and balances denominated in currencies other than the U.S. dollar. The Company may use foreign currency forward contracts to manage certain foreign currency exposures.

Designated Hedges

Cash Flow Hedges of Interest Rate Risk - To manage its exposure to fluctuations in variable interest rates, in March 2024 and December 2023 OSI entered into 11 interest rate swap agreements with ten counterparties with an aggregate notional amount of $375.0 million and one and two-year tenors (the “2023 and 2024 Swap Agreements”). On December 31, 2024, $100.0 million of the interest rate swap agreements matured.

In October 2025, OSI entered into an additional eight interest rate swap agreements with eight counterparties with an aggregate notional amount of $300.0 million and 12- and 21-month tenors (the “2025 Swap Transactions”, together the “Swap Transactions”). The following are the terms of the remaining Swap Transactions:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE
$	100,000,000	4.34%	December 29, 2023	December 31, 2025
$	175,000,000	4.40%	March 29, 2024	March 31, 2026
$	100,000,000	3.37%	December 31, 2025	December 31, 2026
$	200,000,000	3.18%	March 31, 2026	December 31, 2027

____________________

(1)The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

In connection with the Swap Transactions, the Company effectively converted its outstanding indebtedness based on the notional amount from a variable rate of SOFR, plus a term SOFR adjustment of 0.10% and a spread of 150 to 250 basis points to the weighted average fixed interest rates within the table above, plus a term SOFR adjustment of 0.10% and a spread of 150 to 250 basis points. The Swap Transactions have an embedded floor of minus 0.10%.

The Swap Transactions have been designated and qualify as cash flow hedges, are recognized on the Company’s Consolidated Balance Sheets at fair value and are classified based on the instruments’ maturity dates. The Company estimates $0.2 million of interest expense will be reclassified from AOCL to Interest expense, net over the next 12 months related to the remaining Swap Transactions.

The following table presents the fair value and classification of the Company’s Swap Transactions as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	DECEMBER 28, 2025		DECEMBER 29, 2024
Interest rate swaps - asset (1)	Other current assets, net	$	208	$	—



Interest rate swaps - liability	Accrued and other current liabilities	$	330	$	579
Interest rate swaps - liability	Other long-term liabilities, net	87		255
Total fair value of derivative instruments - liabilities (1)		$	417	$	834

____________________

(1) See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

By utilizing the interest rate swaps, the Company is exposed to credit-related losses in the event that the counterparty fails to perform under the terms of the derivative contract. To mitigate this risk, the Company enters into derivative contracts with major financial institutions based upon credit ratings and other factors. The Company continually assesses the creditworthiness of its counterparties. As of December 28, 2025, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

The Swap Transactions contain provisions whereby the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness. If the Company had breached any of these provisions as of December 28, 2025 and December 29, 2024, it could have been required to settle its obligations under the Swap Transactions at their

termination value of $0.3 million and $0.8 million, respectively. As of December 28, 2025 and December 29, 2024, the Company has not posted any collateral related to the Swap Transactions.

Non-Designated Hedges

During the fourth quarter of 2024, the Company entered into foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the Brazilian Reais rate risk associated with the purchase price installment payments from the Brazil Sale Transaction.

As of December 29, 2024, the Company’s foreign exchange forward contracts were in an asset position and had a fair value of $0.3 million, classified within Other current assets, net, on the Company’s Consolidated Balance Sheet.

In connection with the proceeds received for the final installment related to the Brazil Sale Transaction, the Company’s foreign currency forward contracts matured during the thirteen weeks ended December 28, 2025.

The following table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	FISCAL YEAR
(dollars in thousands)		2025		2024
(Loss) gain on foreign currency forward contracts (1)	General and administrative	$	(26,362)	$	15,728

____________________

(1) For 2025, the loss on foreign currency forward contracts, which includes costs in connection with the forward contracts, is partially offset within General and administrative expense by foreign currency exchange gains of $17.0 million related to the installment receivable from the Brazil Sale Transaction.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Summary of Significant Accounting Policies (Revenue Recognition) (Details) - Deferred franchise fees - current	Dec. 28, 2025	Dec. 30, 2024
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2024-12-31 \| Discontinued operations, disposed of by sale \| Brazil disposal group
Revenue Recognition [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period		20 years
Revenue, remaining performance obligation, expected timing of satisfaction, start date [Axis]: 2025-12-29
Revenue Recognition [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	11 years

Stock-based and Deferred Compensation Plans

12 Months Ended

Dec. 28, 2025

Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract]

Stock-based and Deferred Compensation Plans

Stock-based Compensation Plans

The Company recognized stock-based compensation expense as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Stock-based compensation expense, net of capitalized expense (1)	$	7,354	$	7,415	$	11,613

________________

(1)Includes cumulative life-to-date adjustments to decrease expense for PSUs granted in prior fiscal years based on updated assumptions regarding the criteria set forth in the award agreements.

Performance-Based Share Units (“PSUs”) and Restricted Stock Units (“RSUs”) - The number of PSUs that vest is determined for each year based on the achievement of certain performance criteria as set forth in the award agreement and may range from zero to 200% of the annual target grant. The PSUs are settled in shares of common stock, with holders receiving one share of common stock for each performance-based share unit that vests. Compensation expense for PSUs is recognized from the grant date through the end of the vesting period when it is probable the performance criteria will be achieved. RSUs generally vest over a period of three years in an equal number of shares each year.

The following table presents a summary of the Company’s PSU and RSU activity:


			WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT				AGGREGATE INTRINSIC VALUE (1)
(in thousands, except per unit data)	PSUs	RSUs	PSUs		RSUs		PSUs		RSUs
Outstanding as of December 29, 2024	722	1,044	$	27.42	$	19.80	$	8,860	$	12,814
Granted	411	1,300	$	7.22	$	7.24
Performance adjustment (2)	(229)	—	$	26.10	$	—
Vested	—	(503)	$	—	$	20.05
Forfeited	(278)	(380)	$	24.19	$	16.18
Outstanding as of December 28, 2025	626	1,461	$	16.08	$	9.48	$	4,253	$	9,920
Expected to vest as of December 28, 2025 (3)	360	1,461					$	2,447	$	9,920

________________

(1)Based on the $12.27 and $6.79 share price of the Company’s common stock on the last trading day of the years ended December 29, 2024 and December 28, 2025, respectively.

(2)Represents adjustment to 0% payout for PSUs granted during 2022.

(3)For PSUs, estimated number of units to be issued upon the vesting of outstanding PSUs based on Company performance projections of performance criteria set forth in the 2023, 2024 and 2025 PSU award agreements.

Prior to 2025, the Company granted PSUs subject to final payout modification by a relative total shareholder return (“Relative TSR”) modifier. This Relative TSR modifier can adjust the final payout outcome by 75%, 100% or 125% of the achieved performance metric, with the overall payout capped at 200% of the annual target grant. These PSUs have a three-year cliff vesting period and their fair value was estimated using the Monte Carlo simulation model. The Monte Carlo simulation model utilizes multiple input variables to estimate the probability that the market conditions will be achieved and is applied to the closing price of the Company’s common stock on the date of the grant.

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:


	FISCAL YEAR
	2024		2023
Assumptions:
Risk-free interest rate (1)	4.37	%	4.26	%
Dividend yield (2)	3.49	%	3.47	%

Volatility (3)	51.41	%	51.02	%

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.

(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.

(3)Based on the historical volatility of the Company’s stock over the last seven years.

Beginning in 2025, the Company granted PSUs primarily using a new performance structure that contains separate performance metrics that are set at the beginning of each of the three annual performance periods. The units are earned annually based on performance achievement and will cliff vest after three years. The fair value is based on the closing price of the Company’s common stock on the grant date, adjusted for the present value of dividends expected to be paid.

The following represents PSU and RSU compensation information for the periods indicated:


	FISCAL YEAR
	2025				2024				2023
(dollars in thousands, except per unit data)	PSUs		RSUs		PSUs		RSUs		PSUs		RSUs
Grant date fair value per unit (1)	$	7.22	$	7.24	$	27.26	$	18.76	$	29.01	$	24.18

Intrinsic value for vested units	$	—	$	4,335	$	12,593	$	8,072	$	12,908	$	10,275
Grant date fair value of vested units	$	—	$	10,084	$	12,025	$	7,603	$	9,332	$	8,257
Tax benefits for compensation expense	$	—	$	527	$	622	$	1,152	$	745	$	1,528

Unrecognized expense	$	1,969	$	9,392
Remaining weighted average vesting period	2.3 years		1.8 years

________________

(1)For PSUs granted prior to 2025, represents a (discount) premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of (1.6)% and 2.7% for grants during 2024 and 2023, respectively. For PSUs granted in 2025, the weighted average dividend yield was 6.89%. For RSUs, the weighted average dividend yield was 6.84%, 4.83% and 3.63% for 2025, 2024 and 2023, respectively.

Stock Options - Stock options have an exercisable life of no more than ten years from the date of grant. The Company settles stock option exercises with authorized but unissued shares of the Company’s common stock.

The following table presents a summary of the Company’s stock option activity:


(in thousands, except exercise price and contractual life data)	OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)
Outstanding as of December 29, 2024	1,200	$	20.08	2.1


Forfeited or expired	(515)	$	20.35
Outstanding and exercisable as of December 28, 2025 (1)	685	$	19.88	0.3

________________

(1)No stock options were granted or exercised during 2025 and the outstanding options for both periods presented have an aggregate intrinsic value of $0.

The following represents stock option compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2024		2023
Intrinsic value of options exercised	$	718	$	6,200

Cash received from option exercises, net of tax withholding	$	4,354	$	31,778
Grant date fair value of stock options vested	$	—	$	1,037
Tax benefits for stock option compensation expense	$	111	$	757

As of December 28, 2025, the maximum number of shares of common stock available for issuance for equity instruments pursuant to the 2025 Omnibus Incentive Compensation Plan was 8,823,862.

Deferred Compensation Plans

401(k) Plan - The Company has a qualified defined contribution plan that qualifies under Section 401(k) of the Internal Revenue Code of 1986, as amended. The Company incurred contribution costs of $5.8 million, $5.7 million and $5.6 million for the 401(k) Plan for 2025, 2024 and 2023, respectively.

Highly Compensated Employee Plan - The Company provides an unsecured deferred compensation plan for its highly compensated employees who are not eligible to participate in the 401(k) Plan. The deferred compensation plan allows these employees to contribute a percentage of their base salary and cash bonus on a pre-tax basis.

Impairments and Exit Costs (Restaurant Closures) (Details) $ in Thousands	12 Months Ended
	Dec. 28, 2025 USD ($) restaurant	Dec. 29, 2024 USD ($) restaurant	Dec. 31, 2023 USD ($) restaurant
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses \| $	$ 71,392	$ 46,435	$ 40,412
2025 Restaurant Closures \| U.S. total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges (benefits) \| $	$ 25,700
Restructuring and related cost, number of restaurants closed	21
Restructuring and related cost, number of restaurants lease discontinued	22
Restructuring and related cost, lease expiration period	4 years
Impairment losses \| $	$ 12,000
Number of stores	5
2024 Restaurant Closures \| U.S. total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges (benefits) \| $		$ 12,000
Restructuring and related cost, number of restaurants closed		36
Impairment losses \| $		$ 25,500
Number of restaurants		41
2024 Restaurant Closures \| U.S. total \| Korea
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges (benefits) \| $		$ 16,300
2024 Restaurant Closures \| U.S. total \| Korea \| Aussie Grill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, number of restaurants closed		9
2023 Restaurant Closures \| U.S. total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restaurant closure charges (benefits) \| $			$ 34,200
Restructuring and related cost, number of restaurants closed			36
Gain on termination of lease \| $			$ 6,700
2023 Restaurant Closures \| U.S. total \| Lease termination
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, number of restaurants closed			1
2023 Restaurant Closures \| U.S. total \| Aussie Grill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, number of restaurants closed			3
2023 Restaurant Closures \| U.S. total \| Korea \| Aussie Grill
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Restructuring and related cost, number of restaurants closed			2

Summary of Significant Accounting Policies (Property, Fixtures and Equipment) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Depreciation expense

$ 173,855

$ 171,755

$ 165,190

Repair and maintenance expense

117,437

113,245

$ 114,768

Capitalized computer equipment and software, additions

13,900

8,100

Depreciation and amortization

Property, Plant and Equipment [Line Items]

Capitalized internal costs for construction in progress

4,000

5,300

Property, fixtures and equipment, net

Property, Plant and Equipment [Line Items]

Capitalized computer equipment and software, net

$ 16,100

$ 11,400

Buildings | Minimum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

^[1]

5 years

Buildings | Maximum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

^[1]

30 years

Furniture and fixtures | Minimum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

5 years

Furniture and fixtures | Maximum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

7 years

Equipment | Minimum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

2 years

Equipment | Maximum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

7 years

Computer equipment and software | Minimum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

2 years

Computer equipment and software | Maximum

Property, Plant and Equipment [Line Items]

Property, plant and equipment, useful life

7 years

[1]	Includes improvements to leased properties which are depreciated over the shorter of their useful life or reasonably certain lease term, including reasonably certain renewal periods.

Supplemental Balance Sheet Information

12 Months Ended

Dec. 28, 2025

Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information

Other current assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Prepaid expenses	$	24,018	$	23,102

Accounts receivable - gift cards, net	71,232		73,113
Accounts receivable - vendors, net	19,495		29,233
Accounts receivable - franchisees, net	3,603		2,975
Accounts receivable - other, net	7,886		9,280
Deferred gift card sales commissions	17,155		16,935

Other current assets, net	5,302		4,137
	$	148,691	$	158,775

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Land	$	29,167	$	29,458
Buildings	1,226,359		1,201,949
Furniture and fixtures	494,987		511,291
Equipment	714,807		760,058
Construction in progress	30,618		65,068
Less: accumulated depreciation	(1,583,293)		(1,619,303)
	$	912,645	$	948,521

Other assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Company-owned life insurance	$	35,473	$	31,971
Deferred debt issuance costs - revolving credit facility (1)	8,475		10,743
Liquor licenses	22,363		22,422
Contingent consideration assets	32,729		—
Other assets	12,253		9,335
	$	111,293	$	74,471

________________

(1)Net of accumulated amortization of $2.9 million and $0.6 million as of December 28, 2025 and December 29, 2024, respectively.

Accrued and other current liabilities consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024

Accrued payroll and other compensation	$	79,436	$	64,522
Accrued insurance	22,733		19,527
Other current liabilities	84,087		94,265
	$	186,256	$	178,314

Other long-term liabilities, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Accrued insurance	$	41,788	$	33,519

Deferred compensation obligations	35,962		32,597

Other long-term liabilities (1)	35,532		27,304
	$	113,282	$	93,420

________________

(1)Includes indemnification liabilities in connection with the Brazil Sale Transaction. See Note 2 - Discontinued Operations for additional details.

Supplemental Balance Sheet Information (Other Long-term Liabilities, Net) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Other Liabilities Disclosure [Abstract]
Accrued insurance	$ 41,788	$ 33,519
Deferred compensation obligations	35,962	32,597
Other long-term liabilities	35,532	27,304
Other long-term liabilities, net	$ 113,282	$ 93,420

Leases (Future Minimum Lease Payments and Sublease Revenues) (Details)
$ in Thousands

Dec. 28, 2025

USD ($)

Operating Leases

2026

$ 182,917

^[1]

179,718

172,905

166,933

159,641

1,245,593

Total minimum lease payments (receipts)

2,107,707

^[2]

Less: Interest

(885,059)

Present value of future lease payments

1,222,648

Finance Leases

3,498

3,184

2,348

2,258

568

1,467

Total minimum lease payments (receipts)

13,323

Less: Interest

(2,044)

Present value of future lease payments

11,279

Sublease revenues

(5,248)

(5,661)

(5,717)

(5,594)

(5,352)

(24,088)

Total minimum lease payments (receipts)

(51,660)

Prepaid rent

3,400

Lessee, operating lease, option to extend amount

945,600

Operating lease, lease not yet commenced

Sublease revenues

Unrecorded unconditional purchase obligation balance sheet amount

$ 38,100

[1]	Net of prepaid rent of $3.4 million.
[2]	Includes $945.6 million related to lease renewal options that are reasonably certain of exercise and excludes $38.1 million of signed leases that have not yet commenced.

Derivative Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 28, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative instruments

The following are the terms of the remaining Swap Transactions:


NOTIONAL AMOUNT		WEIGHTED AVERAGE FIXED INTEREST RATE (1)	EFFECTIVE DATE	TERMINATION DATE
$	100,000,000	4.34%	December 29, 2023	December 31, 2025
$	175,000,000	4.40%	March 29, 2024	March 31, 2026
$	100,000,000	3.37%	December 31, 2025	December 31, 2026
$	200,000,000	3.18%	March 31, 2026	December 31, 2027

____________________

(1)The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

Schedule of derivative instruments in statement of financial position, fair value

The following table presents the fair value and classification of the Company’s Swap Transactions as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	DECEMBER 28, 2025		DECEMBER 29, 2024
Interest rate swaps - asset (1)	Other current assets, net	$	208	$	—



Interest rate swaps - liability	Accrued and other current liabilities	$	330	$	579
Interest rate swaps - liability	Other long-term liabilities, net	87		255
Total fair value of derivative instruments - liabilities (1)		$	417	$	834

____________________

(1) See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Schedule of foreign exchange contracts, statement of operations

The following table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the period indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	FISCAL YEAR
(dollars in thousands)		2025		2024
(Loss) gain on foreign currency forward contracts (1)	General and administrative	$	(26,362)	$	15,728

____________________

Income Taxes (Provision for Income Taxes - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Current provision (benefit):
Federal	$ 1,188	$ 12,192	$ 16,260
State	3,452	6,011	10,593
Foreign	6,824	0	(40)
Current provision	11,464	18,203	26,813
Deferred (benefit) provision:
Federal	(37,640)	(31,185)	(6,506)
State	(1,686)	(348)	726
Foreign	1,163	1,196	(2,631)
Deferred (benefit) provision	(38,163)	(30,337)	(8,411)
(Benefit) provision for income taxes	$ (26,699)	$ (12,134)	$ 18,402

Stock-based and Deferred Compensation Plans (Equity Compensation Plan Expense) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-based compensation expense, net of capitalized expense

^[1]

$ 7,354

$ 7,415

$ 11,613

[1]	Includes cumulative life-to-date adjustments to decrease expense for PSUs granted in prior fiscal years based on updated assumptions regarding the criteria set forth in the award agreements.

Segment Reporting (Individual Segment Income from Operations to Segment Income from Operations) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Segment reporting information [Line Items]

Total revenues

$ 3,955,996

$ 3,950,475

$ 4,168,160

Food and beverage

1,177,303

1,147,859

1,240,485

Labor and other related

1,237,978

1,202,520

1,219,839

Other restaurant operating

1,014,151

1,001,034

988,668

Total segment expenses

3,918,833

3,810,667

3,885,391

Income from operations

37,163

139,808

282,769

Operating Segments

Segment reporting information [Line Items]

Total revenues

3,917,722

3,896,624

4,095,123

Total segment expenses

3,707,277

3,608,613

3,678,382

Income from operations

210,445

288,011

416,741

Operating Segments | U.S. total

Segment reporting information [Line Items]

Total revenues

3,886,425

3,857,134

4,053,599

Food and beverage

1,166,722

1,132,678

1,219,141

Labor and other related

1,217,802

1,183,227

1,203,170

Other restaurant operating

988,586

970,119

964,308

Other

^[1]

333,282

321,060

289,446

Total segment expenses

3,706,392

3,607,084

3,676,065

Income from operations

180,033

250,050

377,534

Operating Segments | International Franchise

Segment reporting information [Line Items]

Total revenues

31,297

39,490

41,524

Total segment expenses

^[1]

885

1,529

2,317

Income from operations

$ 30,412

$ 37,961

$ 39,207

[1]	Includes depreciation and amortization and general and administrative expense. The U.S. segment also includes impairment expense.

Derivative Instruments and Hedging Activities (Fair Value of Interest Rate Swaps - Table) (Details) - Interest rate swap - Designated as hedging instrument - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Derivative [Line Items]

Total fair value of derivative instruments - liabilities

^[1]

$ 417

$ 834

Other current assets, net

Derivative [Line Items]

Total fair value of derivative instruments - assets

^[1]

208

Accrued and other current liabilities

Derivative [Line Items]

Total fair value of derivative instruments - liabilities

330

579

Other long-term liabilities, net

Derivative [Line Items]

Total fair value of derivative instruments - liabilities

$ 87

$ 255

[1]	See Note 15 - Fair Value Measurements for fair value discussion of the interest rate swaps.

Income Taxes (Components of Income Before Provision - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Domestic	$ (14,784)	$ (53,921)	$ 235,357
Foreign	6,593	(4,886)	(4,170)
(Loss) income before (benefit) provision for income taxes	$ (8,191)	$ (58,807)	$ 231,187

- Definition

+ References

+ Details

Income Taxes (Tax Carryforwards - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Income Tax Contingency [Line Items]

Federal tax credit carryforwards

^[1]

$ 240,828

$ 202,319

Foreign loss carryforwards

43,640

Foreign credit carryforwards

1,822

Internal Revenue Service (IRS)

Income Tax Contingency [Line Items]

Federal tax credit carryforwards

252,535

United States - Federal | Internal Revenue Service (IRS)

Income Tax Contingency [Line Items]

General business tax credit carryforwards

$ 251,700

United States - Federal | Maximum | Internal Revenue Service (IRS)

Income Tax Contingency [Line Items]

General business tax credits, estimated period of use

10 years

[1]	Federal tax credit carryforwards are presented net of certain liabilities for unrecognized tax benefits.

Convertible Senior Notes

12 Months Ended

Dec. 28, 2025

Convertible Notes [Abstract]

Convertible Senior Notes

2025 Notes - In May 2020, the Company completed a $230.0 million principal amount private offering of 5.00% convertible senior unsecured notes due in 2025 (the “2025 Notes”). The 2025 Notes were governed by the terms of an indenture between the Company and Wells Fargo Bank, National Association, as the Trustee.

On May 25, 2022, the Company entered into exchange agreements with certain holders of the 2025 Notes. These holders agreed to exchange $125.0 million in aggregate principal amount of the Company’s outstanding 2025 Notes for $196.9 million in cash, plus accrued interest, and approximately 2.3 million shares of the Company’s common stock.

On February 29, 2024, the Company entered into exchange agreements (the “2024 Exchange Agreements”) with certain holders of the 2025 Notes. The 2024 Exchange Agreements provided for the Company to deliver and pay at the closing of the transactions on March 5, 2024, an aggregate of approximately 7.5 million shares of its common stock and $3.3 million in cash, including accrued interest, in exchange for $83.6 million in aggregate principal amount of the Company’s outstanding 2025 Notes (the “2025 Notes Partial Repurchase”). In connection with the 2025 Notes Partial Repurchase, the Company recognized a loss on extinguishment of debt of $135.8 million and recorded a $216.1 million increase to Additional paid-in capital during 2024.

The 2025 Notes matured on May 1, 2025 and were settled in cash for $20.7 million, excluding accrued interest.

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the period indicated:


(dollars in thousands)	DECEMBER 29, 2024
Principal	$	20,724

Less: unamortized debt issuance costs	(56)
Net carrying amount	$	20,668

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Coupon interest	$	345	$	1,783	$	5,242

Debt issuance cost amortization	56		280		798
Total interest expense (1)	$	401	$	2,063	$	6,040

________________

(1)The effective rate for all periods presented was 5.85%.

Convertible Note Hedge and Warrant Transactions - In connection with the offering of the 2025 Notes, the Company entered into convertible note hedge transactions (the “Convertible Note Hedge Transactions”) with certain of the initial purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions (in this capacity, the “Hedge Counterparties”). Concurrently with the Company’s entry into the Convertible Note Hedge Transactions, the Company also entered into separate, warrant transactions with the Hedge Counterparties collectively relating to the same number of shares of the Company’s common stock, subject to customary anti-dilution adjustments, and for which the Company received proceeds that partially offset the cost of entering into the Convertible Note Hedge Transactions (the “Warrant Transactions”).

In connection with the 2025 Notes Partial Repurchase, the Company entered into partial unwind agreements with certain financial institutions relating to a portion of the convertible note hedge transactions (the “2024 Note Hedge Early Termination Agreements”) and a portion of the warrant transactions (the “2024 Warrant Early Termination Agreements”, together the “2024 Early Termination Agreements”), that were previously entered into by the Company in connection with the issuance of the 2025 Notes. Pursuant to the 2024 Early Termination Agreements, the Company received a termination payment which consisted of approximately $118.2 million in cash and 0.3 million shares of common stock, and the Company made a termination payment in an aggregate amount of approximately $102.2 million in cash. In connection with the 2024 Early Termination Agreements, the Company recorded a $126.5 million increase and a $102.2 million decrease, respectively, to Additional paid-in capital during 2024. The Company also recorded an $8.3 million increase to Accumulated deficit in connection with the 2024 Note Hedge Early Termination Agreements.

In connection with the maturity of the 2025 Notes, the related convertible note hedges entered into with certain purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions expired. On May 16, 2025, the Company terminated the remaining warrants in cash for $0.4 million.

Income Taxes

12 Months Ended

Dec. 28, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents the domestic and foreign components of (Loss) income before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Domestic	$	(14,784)	$	(53,921)	$	235,357
Foreign	6,593		(4,886)		(4,170)
(Loss) income before (benefit) provision for income taxes	$	(8,191)	$	(58,807)	$	231,187

(Benefit) provision for income taxes consisted of the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Current provision (benefit):
Federal	$	1,188	$	12,192	$	16,260
State	3,452		6,011		10,593
Foreign	6,824		—		(40)
	11,464		18,203		26,813
Deferred (benefit) provision:
Federal	(37,640)		(31,185)		(6,506)
State	(1,686)		(348)		726
Foreign	1,163		1,196		(2,631)
	(38,163)		(30,337)		(8,411)
(Benefit) provision for income taxes	$	(26,699)	$	(12,134)	$	18,402

Effective Income Tax Rate - The reconciliation of income taxes calculated at the United States federal tax statutory rate to the Company’s effective income tax rate is as follows for the period indicated pursuant to the disclosure requirements of ASU No. 2023-09 for the year ended December 28, 2025. See Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements for additional details about the adoption of ASU No. 2023-09. Due to the Loss before benefit for income taxes for 2025, a positive percentage change for such year in the effective tax rate table reflects a favorable income tax benefit, whereas a negative percentage change in the effective tax rate table reflects an unfavorable income tax expense:


	FISCAL YEAR
	2025
(dollars in thousands)	Amount		%
Income tax benefit at federal statutory rate	$	(1,720)	21.0	%
State and local income taxes net of federal tax benefit (1)	1,796		(21.9)
Foreign tax effects:
Brazil
Withholding taxes - royalties	2,488		(30.4)


Withholding taxes - interest on final installment from Brazil sale transaction	2,260		(27.6)
Korea
Withholding taxes - royalties	1,660		(20.3)

Netherlands
Income tax impact of outside basis difference on equity method investment	(861)		10.5
Foreign currency gains related to deferred installment	2,024		(24.7)
Valuation allowance on deferred tax assets	958		(11.7)

Foreign tax credits	(2,260)		27.6
Other	230		(2.8)
Various Foreign other	241		(2.9)
Effect of changes in tax laws or rates enacted	655		(8.0)
Effect of cross-border tax laws	(881)		10.8
Tax Credits:
Employer related tax credits	(44,796)		546.9
Foreign tax credits	(4,552)		55.6
Other credits	(26)		0.3

Non-taxable or non-deductible items:
FICA on certain tips	9,507		(116.1)
Net officers' life insurance	(828)		10.1
Non-controlling interest	(1,048)		12.8
Goodwill impairment	5,919		(72.3)
Stock-based compensation	1,160		(14.2)
Executive compensation	1,026		(12.5)
Meals & entertainment	779		(9.5)
Other	250		(3.0)
Changes in unrecognized tax benefits	(316)		3.9
Other - net	(364)		4.4
Income tax benefit and effective income tax rate	$	(26,699)	326.0	%

________________

(1)Florida and Texas made up the majority (greater than 50%) of the tax effect in this category.

In the U.S., a restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”). The level of FICA tax credits is primarily driven by U.S. Restaurant sales and is not impacted by costs incurred that may reduce (Loss) income before (benefit) provision for income taxes.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for 2025 differs from the blended federal and state statutory rate primarily due to the impact of the FICA tax credit relative to a low Loss before benefit for income taxes.


	FISCAL YEAR
	2024		2023
Income taxes at federal statutory rate	21.0	%	21.0	%
State and local income taxes, net of federal benefit	(7.8)		3.8
Non-deductible loss on 2025 Notes Partial Repurchase	(49.5)		—
Net changes in deferred tax valuation allowances	(5.3)		(0.9)
Foreign tax rate differential	(2.7)		0.1

Non-deductible compensation	(2.2)		1.0
Other non-deductible expenses	(2.2)		0.3
Change in foreign tax law	(2.0)		(1.1)
Statute expiration on foreign net operating losses	(0.3)		1.1
Tax settlements and related adjustments	(0.1)		0.1
Employment-related credits, net	58.9		(15.9)
Non-taxable gains on foreign currency forward contracts	6.9		—
Non-controlling interests	1.9		(0.6)
Net life insurance expense	1.4		(0.3)
U.S. tax impact on foreign income	1.2		(0.9)



Other, net	1.4		0.3
Total	20.6	%	8.0	%

The net increase in the effective income tax rate in 2024 as compared to 2023 was primarily a result of the benefit of FICA tax credits on certain tipped wages, partially offset by the 2024 non-deductible losses associated with the 2025 Notes Partial Repurchase, relative to the 2024 Loss before benefit for income taxes.

The Company has a blended federal and state statutory rate of approximately 26%. The effective income tax rate for 2024 was lower than the blended federal and state statutory rate primarily due to the federal and state impact of nondeductible losses associated with the 2025 Notes Partial Repurchase, partially offset by the FICA tax credits on certain tipped wages, relative to the 2024 Loss before benefit for income taxes. The effective income tax rate in 2023 was lower than the blended federal and state statutory rate primarily due to the benefit of FICA tax credits on certain tipped wages.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. Certain provisions of OBBBA became effective during 2025, while other provisions will become effective in periods subsequent to 2025. The Company has evaluated the provisions of OBBBA applicable to its operations and, based on its assessment as of December 28, 2025, has determined the impact on its consolidated financial statements to be immaterial. The Company will continue to monitor developments and evaluate the effects of any additional guidance or interpretive regulations issued in connection with OBBBA.

Deferred Tax Assets and Liabilities - The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Deferred income tax assets:
Operating lease liabilities	$	310,313	$	320,169

Insurance reserves	17,225		13,874
Unearned revenue	58,443		57,567
Deferred compensation	10,946		11,392

Net operating loss carryforwards	7,481		9,002
Federal tax credit carryforwards (1)	240,828		202,319

Other, net (2)	8,982		6,905
Gross deferred income tax assets	654,218		621,228
Less: valuation allowance	(14,185)		(13,707)
Deferred income tax assets, net of valuation allowance	640,033		607,521
Deferred income tax liabilities:
Less: operating lease right-of-use asset basis differences	(243,408)		(252,958)
Less: property, fixtures and equipment basis differences	(70,087)		(68,814)
Less: intangible asset basis differences	(101,845)		(100,227)
Less: foreign outside basis difference on equity method investment (3)	(8,143)		(33,822)
Less: unrealized foreign exchange gain	(866)		—
Deferred income tax assets, net	$	215,684	$	151,700

________________

(1)Federal tax credit carryforwards are presented net of certain liabilities for unrecognized tax benefits.

(2)As of December 28, 2025 and December 29, 2024, the Company maintained deferred tax liabilities for state income taxes on historical foreign earnings of $0.1 million and $0.3 million, respectively.

(3)The decrease in the balance as of December 28, 2025 is primarily attributable to income taxes withheld on the proceeds received from the Brazil sale transaction during 2025.

As of December 28, 2025, valuation allowances against deferred tax assets in the U.S. and in certain foreign jurisdictions totaled $1.4 million and $12.8 million, respectively. The Company will maintain the valuation allowances in each applicable tax jurisdiction until it determines it is more likely than not the deferred tax assets will be realized. The net increase in the deferred tax valuation allowance in 2025 is primarily attributable to U.S. foreign tax credits that the Company does not expect to realize.

As of December 28, 2025, the Company maintains a deferred tax liability of $8.1 million related to the financial statement carrying amount over the tax basis of the equity method investment in Brazil. The Company has not recorded a deferred tax liability on the financial statement carrying amount over the tax basis of its other investments in foreign subsidiaries because the Company continues to assert that it is indefinitely reinvested in its underlying investments in those foreign subsidiaries. The determination of any unrecorded deferred tax liability on this amount is not practicable due to the uncertainty of how these investments would be recovered.

As of December 28, 2025, the Company did not have aggregate undistributed foreign earnings from its consolidated foreign subsidiaries.

Income Tax Payments - Following is a summary of income taxes paid by jurisdiction pursuant to the disclosure requirements of ASU No. 2023-09 for the period presented:


	FISCAL YEAR
(dollars in thousands)	2025
United States - Federal	$	4,500
United States - State and local	$	2,348







Foreign
Brazil (1)	$	32,211

Other	2,076
Total cash paid for income taxes, net of refunds	$	41,135

________________

(1)Includes approximately $27.5 million of withholding taxes related to both installments of the Brazil sale transaction.

Following is a summary of income taxes paid prior to ASU No. 2023-09 for the periods presented:


	FISCAL YEAR
(dollars in thousands)	2024		2023
Cash paid for income taxes, net of refunds	$	21,084	$	27,750

Tax Carryforwards - The amount and expiration dates of tax loss carryforwards and credit carryforwards as of December 28, 2025 are as follows:


(dollars in thousands)	EXPIRATION DATE			AMOUNT
Federal tax credit carryforwards	2026	-	2045	$	252,535
Foreign loss carryforwards	2026	-	Indefinite	$	43,640
Foreign credit carryforwards	Indefinite			$	1,822

As of December 28, 2025, the Company had $251.7 million in general business tax credit carryforwards, which have a 20-year carryforward period and are utilized on a first-in, first-out basis. The Company currently expects to utilize these tax credit carryforwards within a 10-year period. However, the Company’s ability to utilize these tax credits could be adversely impacted by, among other items, a future “ownership change” as defined under Section 382 of the Internal Revenue Code as well as the Company’s inability to generate sufficient future taxable income.

Unrecognized Tax Benefits - As of December 28, 2025 and December 29, 2024, the liability for unrecognized tax benefits was $17.3 million and $17.5 million, respectively. Of the total amount of unrecognized tax benefits, including accrued interest and penalties, $17.0 million and $17.1 million, respectively, if recognized, would impact the Company’s effective income tax rate.

The following table summarizes the activity related to the Company’s unrecognized tax benefits for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	17,479
Additions for tax positions taken during a prior period	1
Reductions for tax positions taken during a prior period	(3)
Additions for tax positions taken during the current period	699


Lapses in the applicable statutes of limitations	(853)

Balance, end of the period	$	17,323

The Company had approximately $0.7 million accrued for the payment of interest and penalties as of December 28, 2025 and December 29, 2024. The Company recognized immaterial interest and penalties related to uncertain tax positions in the (Benefit) provision for income taxes, for all periods presented.

Open Tax Years - Following is a summary of the open audit years by jurisdiction as of December 28, 2025:


	OPEN AUDIT YEARS
United States - federal	2007	-	2024
United States - state	2020	-	2024
Foreign	2015	-	2024

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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+ Details

Segment Reporting

12 Months Ended

Dec. 28, 2025

Segment Reporting [Abstract]

Segment Reporting

The Company considers each of its U.S. restaurant concepts and its international franchise business as operating segments, which reflects how the Company manages its business, reviews operating performance and allocates resources. All other operating segments, which include the Company’s operations in Hong Kong and the equity method investment in Brazil, do not meet the quantitative thresholds for determining reportable operating segments.

Resources are allocated and performance is assessed by the Company’s Chief Executive Officer, whom the Company has determined to be its CODM. The Company aggregates its U.S. operating segments into a U.S. reportable segment. The U.S. segment includes all restaurants operating in the U.S. while franchised restaurants operating outside the U.S. are included in the international franchise segment.

The following is a summary of reportable segments:

REPORTABLE SEGMENT

CONCEPT

GEOGRAPHIC LOCATION

U.S. (1)

Outback Steakhouse

United States of America

Carrabba’s Italian Grill

Bonefish Grill

Fleming’s Prime Steakhouse & Wine Bar

International Franchise

Outback Steakhouse

12 Franchise Markets

Carrabba’s Italian Grill (Abbraccio)

_________________

(1)Includes franchise locations.

Segment accounting policies are the same as those described in Note 1 - Summary of Significant Accounting Policies. Revenues for all segments include transactions with customers and royalties from franchisees. There were no material transactions among reportable segments. Excluded from Income from operations for U.S. are certain legal and corporate costs not directly related to the performance of the segment, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses.

Operating income is utilized by the Company’s CODM as the primary segment profit or loss measure to allocate resources in the planning and forecasting process and also to review operating performance by monitoring actual results versus prior year and forecasts.

The following table is a summary of revenues by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Revenues
U.S.	$	3,886,425	$	3,857,134	$	4,053,599
International Franchise	31,297		39,490		41,524
Total segment revenues	3,917,722		3,896,624		4,095,123
All other revenues	38,274		53,851		73,037
Total revenues	$	3,955,996	$	3,950,475	$	4,168,160

The following table presents segment operating income and significant segment expense information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
U.S.
Total revenues	$	3,886,425	$	3,857,134	$	4,053,599
Less:
Food and beverage	1,166,722		1,132,678		1,219,141
Labor and other related	1,217,802		1,183,227		1,203,170
Other restaurant operating	988,586		970,119		964,308
Other (1)	333,282		321,060		289,446
Total segment expenses	3,706,392		3,607,084		3,676,065
Income from operations	$	180,033	$	250,050	$	377,534

International Franchise
Total revenues	$	31,297	$	39,490	$	41,524
Less:
Total segment expenses (1)	885		1,529		2,317
Income from operations	$	30,412	$	37,961	$	39,207
Total segment
Total revenues	$	3,917,722	$	3,896,624	$	4,095,123
Less:
Total segment expenses	3,707,277		3,608,613		3,678,382
Total segment income from operations	$	210,445	$	288,011	$	416,741

_________________

(1)Includes depreciation and amortization and general and administrative expense. The U.S. segment also includes impairment expense.

The following table is a reconciliation of segment income from operations to Income (loss) before (benefit) provision for income taxes for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Total segment income from operations	$	210,445	$	288,011	$	416,741
Unallocated corporate operating expense	(175,536)		(130,769)		(134,057)
Other income (loss) from operations	2,254		(17,434)		85
Total income from operations	37,163		139,808		282,769
Loss on extinguishment of debt	—		(136,022)		—


Interest expense, net	(45,354)		(62,593)		(51,582)
(Loss) income before (benefit) provision for income taxes	$	(8,191)	$	(58,807)	$	231,187

The following table is a summary of Depreciation and amortization expense by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Depreciation and amortization
U.S.	$	167,670	$	165,140	$	157,878
International Franchise	—		—		252
Total segment depreciation and amortization	167,670		165,140		158,130
Corporate	9,117		8,568		7,611
Other	893		1,872		3,525
Total depreciation and amortization	$	177,680	$	175,580	$	169,266

The following table is a summary of capital expenditures by segment for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Capital expenditures
U.S.	$	168,391	$	212,526	$	269,843

Corporate	11,502		7,477		11,774
Other	31		734		612

Total capital expenditures	$	179,924	$	220,737	$	282,229

The following table sets forth Total assets by segment as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Assets
U.S.	$	2,598,842	$	2,735,251
International Franchise	105,237		103,242
Total segment assets	2,704,079		2,838,493
Corporate	387,573		306,560
Other (1)	80,255		16,262
Assets of discontinued operations held for sale	—		223,490
Total assets	$	3,171,907	$	3,384,805

_________________

(1)Includes the Company’s equity method investment in Brazil.

Geographic areas — The following table details long-lived assets, excluding goodwill, operating lease right-of-use assets, intangible assets and deferred tax assets, by major geographic area as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
U.S.	$	1,022,451	$	1,018,309
International (1)	65,454		4,683

Total long-lived assets	$	1,087,905	$	1,022,992

_________________

(1)Includes the Company’s equity method investment in Brazil.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary of Significant Accounting Policies (Fiscal Year) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Fiscal Year [Line Items]

Total revenues

$ 3,955,996

$ 3,950,475

$ 4,168,160

Continuing operations (in USD per share)

^[1]

$ 0.10

$ (0.61)

$ 2.13

53rd week impact

Fiscal Year [Line Items]

Total revenues

$ 83,500

Continuing operations (in USD per share)

$ 0.15

[1]	Amounts may not add due to rounding.

- Definition

The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Revenue Recognition (Contract Assets and Liabilities Summary) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Revenue Recognition [Line Items]
Deferred gift card sales commissions	$ 17,155	$ 16,935	$ 18,081	$ 17,755
Unearned revenue	377,933	374,099
Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	370,439	366,059	$ 372,551	$ 385,444
Other current assets, net
Revenue Recognition [Line Items]
Deferred gift card sales commissions	17,155	16,935
Unearned revenue
Revenue Recognition [Line Items]
Unearned revenue	377,933	374,099
Unearned revenue \| Deferred gift card revenue
Revenue Recognition [Line Items]
Unearned revenue	370,439	366,059
Unearned revenue \| Deferred loyalty revenue
Revenue Recognition [Line Items]
Unearned revenue	5,695	6,073
Unearned revenue \| Deferred franchise fees - current
Revenue Recognition [Line Items]
Unearned revenue	544	490
Unearned revenue \| Other
Revenue Recognition [Line Items]
Unearned revenue	1,255	1,477
Other long-term liabilities, net \| Deferred franchise fees - current
Revenue Recognition [Line Items]
Deferred franchise fees - non-current	$ 4,408	$ 3,901

Equity Method Investment (Rollforward of the Company’s Equity Method Investment) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Dec. 30, 2024

Equity Method Investment [Roll Forward]

Balance, beginning of the period

$ 0

Net loss

(4,742)

$ 0

Balance, end of the period

63,967

Bold Hospitality Company, S.A.

Equity Method Investment [Roll Forward]

Balance, beginning of the period

Fair value of retained interest at sale closing date

$ 59,863

Net loss

^[1]

(4,742)

Foreign currency translation adjustment

9,415

Dividends received

(569)

Balance, end of the period

63,967

$ 0

Purchase price adjustments amortization

$ 1,200

[1]	Includes $1.2 million of purchase price adjustments amortization.

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Impairments and Exit Costs (Provision for Impaired Assets and Restaurant Closings) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	$ 71,392	$ 46,435	$ 40,412
Provision for impaired assets and restaurant closings	45,137	64,291	33,574
Provision for impaired assets and restaurant closings
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	43,204	46,435	40,412
Restaurant closure charges (benefits)	1,933	17,856	(6,838)
Provision for impaired assets and restaurant closings	45,137
Provision for impaired assets and restaurant closings \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	153	12,488	600
Restaurant closure charges (benefits)	(542)	3,811	305
Provision for impaired assets and restaurant closings \| U.S. total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment losses	43,051	33,947	39,812
Restaurant closure charges (benefits)	$ 2,475	$ 14,045	$ (7,143)

Leases (Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$ 183,358	$ 184,969	$ 185,861
Leased assets obtained in exchange for new operating lease liabilities	57,211	91,305	74,539
Leased assets obtained in exchange for new finance lease liabilities	$ 3,386	$ 4,038	$ 6,480

Derivative Instruments and Hedging Activities (Designated Hedges - Table) (Details) - Designated as hedging instrument

Oct. 31, 2025

USD ($)

Interest Rate Swap December 29 2023 To December 31 2025

Derivative [Line Items]

Derivative, notional amount

$ 100,000,000

Derivative, average fixed interest rate

4.34%

^[1]

Interest Rate Swap March 29 2024 To March 31 2026

Derivative [Line Items]

Derivative, notional amount

$ 175,000,000

Derivative, average fixed interest rate

4.40%

^[1]

Interest Rate Swap December 31 2025 To December 31 2026

Derivative [Line Items]

Derivative, notional amount

$ 100,000,000

Derivative, average fixed interest rate

3.37%

^[1]

Interest Rate Swap March 31 2026 To December 31 2027

Derivative [Line Items]

Derivative, notional amount

$ 200,000,000

Derivative, average fixed interest rate

3.18%

^[1]

[1]	The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below.

Discontinued Operations (Narrative) (Details) R$ in Millions, $ in Millions				3 Months Ended
	Dec. 30, 2025	Dec. 30, 2024 USD ($)	Nov. 06, 2024 BRL (R$)	Dec. 28, 2025 USD ($)	Dec. 29, 2024 USD ($)
Brazil disposal group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, equity method investment retained after disposal, ownership interest after disposal		33.00%
Brazil disposal group \| Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, amount sold, percentage		67.00%
Disposal group, including discontinued operation, consideration, gross \| R$			R$ 2,060
Disposal group, including discontinued operation, consideration		$ 225.3	R$ 1,400
Proceeds from sales of business, affiliate and productive assets		$ 103.9
Disposal group, including discontinued operation, percentage of installment to be paid		52.00%
Accumulated interest income				$ 123.5
Discontinued operation, income (loss) from discontinued operation during phase-out period, before income tax					$ 68.3
Brazil disposal group \| Subsequent event \| Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, percentage of installment to be paid	48.00%

Goodwill and Intangible Assets, Net (Tables)

12 Months Ended

Dec. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill rollforward

The following table is a rollforward of goodwill and the related accumulated impairment losses for the periods indicated:


(dollars in thousands)	U.S.		INTERNATIONAL FRANCHISE		CONSOLIDATED
Balance as of December 29, 2024
Goodwill, gross	$	838,827	$	162,549	$	1,001,376
Accumulated impairment losses	(668,170)		(119,883)		(788,053)
Goodwill, net (1)	170,657		42,666		213,323

Impairment (2)	(28,188)		—		(28,188)

Balance as of December 28, 2025
Goodwill, gross	838,827		162,549		1,001,376
Accumulated impairment losses	(696,358)		(119,883)		(816,241)
Goodwill, net	$	142,469	$	42,666	$	185,135

________________

(1)Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.

(2)Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.

Schedule of intangible assets

Intangible assets, net, consisted of the following as of the periods indicated:


	WEIGHTED AVERAGE REMAINING AMORTIZATION PERIOD (in years)	DECEMBER 28, 2025						DECEMBER 29, 2024
(dollars in thousands)		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE		GROSS CARRYING VALUE		ACCUMULATED AMORTIZATION		NET CARRYING VALUE
Trade names	Indefinite	$	414,716			$	414,716	$	414,716			$	414,716
Trademarks	3	81,952		$	(71,402)	10,550		81,952		$	(67,577)	14,375




Total intangible assets		$	496,668	$	(71,402)	$	425,266	$	496,668	$	(67,577)	$	429,091

Schedule of goodwill and intangible assets by reporting unit

The following table presents goodwill, trade names and trademarks balances by reporting unit as of the periods indicated:


	DECEMBER 28, 2025						DECEMBER 29, 2024
(dollars in thousands)	GOODWILL		TRADE NAMES		TRADEMARKS		GOODWILL		TRADE NAMES		TRADEMARKS
Outback Steakhouse	$	123,188	$	287,000	$	—	$	123,188	$	287,000	$	—
Carrabba’s Italian Grill	18,826		69,000		—		18,826		69,000		—
Bonefish Grill (1)	—		—		4,127		28,188		—		6,957
Fleming’s Prime Steakhouse & Wine Bar	455		—		6,423		455		—		7,418
U.S. total	142,469		356,000		10,550		170,657		356,000		14,375

International Franchise	42,666		58,716		—		42,666		58,716		—

Total	$	185,135	$	414,716	$	10,550	$	213,323	$	414,716	$	14,375

________________

Schedule of finite-lived intangible assets amortization expense

The following table presents the aggregate expense related to the amortization of the Company’s trademarks for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Amortization expense	$	3,825	$	3,825	$	4,076

Schedule of finite-lived intangible assets, future amortization expense

The following table presents expected annual amortization of intangible assets as of December 28, 2025:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030
Amortization of intangible assets	$	3,825	$	2,292	$	995	$	995	$	995

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Revenue Recognition (Disaggregated Revenue) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Disaggregation of Revenue [Line Items]

Total revenues

$ 3,955,996

$ 3,950,475

$ 4,168,160

Restaurant sales

Disaggregation of Revenue [Line Items]

Total revenues

3,884,234

3,866,344

4,077,789

Restaurant sales | U.S. total

Disaggregation of Revenue [Line Items]

Total revenues

3,846,028

3,812,604

4,005,053

Restaurant sales | International Franchise

Disaggregation of Revenue [Line Items]

Total revenues

^[1]

Restaurant sales | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Total revenues

2,237,333

2,219,812

2,316,449

Restaurant sales | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Total revenues

706,565

693,421

721,946

Restaurant sales | Bonefish Grill

Disaggregation of Revenue [Line Items]

Total revenues

506,239

523,634

570,578

Restaurant sales | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Total revenues

395,891

368,663

382,729

Restaurant sales | Other - U.S.

Disaggregation of Revenue [Line Items]

Total revenues

7,074

13,351

Restaurant sales | Other - international

Disaggregation of Revenue [Line Items]

Total revenues

^[2]

38,206

53,740

72,736

Franchise revenues

Disaggregation of Revenue [Line Items]

Total revenues

64,279

74,113

77,432

Franchise revenues | U.S. total

Disaggregation of Revenue [Line Items]

Total revenues

32,914

34,623

35,908

Franchise revenues | International Franchise

Disaggregation of Revenue [Line Items]

Total revenues

^[1]

31,297

39,490

41,524

Franchise revenues | Outback Steakhouse

Disaggregation of Revenue [Line Items]

Total revenues

30,243

31,253

32,289

Franchise revenues | Carrabba’s Italian Grill

Disaggregation of Revenue [Line Items]

Total revenues

2,312

2,771

3,036

Franchise revenues | Bonefish Grill

Disaggregation of Revenue [Line Items]

Total revenues

359

479

505

Franchise revenues | Fleming’s Prime Steakhouse & Wine Bar

Disaggregation of Revenue [Line Items]

Total revenues

Franchise revenues | Other - U.S.

Disaggregation of Revenue [Line Items]

Total revenues

120

Franchise revenues | Other - international

Disaggregation of Revenue [Line Items]

Total revenues

^[2]

$ 68

$ 0

[1]	Includes intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.
[2]	Primarily includes Restaurant sales for Company-owned restaurants in Hong Kong.

Income Taxes (Unrecognized Tax Benefits - Text) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 17,323	$ 17,479
Portion of unrecognized tax benefits, including accrued interest and penalties, that if recognized, would impact the effective tax rate	17,000	17,100
Unrecognized tax benefits, income tax penalties and interest accrued	$ 700	$ 700

Supplemental Balance Sheet Information (Other Current Assets, Net) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Prepaid expenses	$ 24,018	$ 23,102
Deferred gift card sales commissions	17,155	16,935	$ 18,081	$ 17,755
Other current assets, net	5,302	4,137
Total other current assets, net	148,691	158,775
Accounts receivable - gift cards, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	71,232	73,113
Accounts receivable - vendors, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	19,495	29,233
Accounts receivable - franchisees, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	3,603	2,975
Accounts receivable - other, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 7,886	$ 9,280

Segment Reporting (Total Assets by Segment) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

$ 3,171,907

$ 3,384,805

Operating Segments

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

2,704,079

2,838,493

Corporate

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

387,573

306,560

Other

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

^[1]

80,255

16,262

Other | Assets of discontinued operations held for sale

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

223,490

U.S. total | Operating Segments

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

2,598,842

2,735,251

International Franchise | Operating Segments

Segment Reporting, Asset Reconciling Item [Line Items]

Total assets

$ 105,237

$ 103,242

[1]	Includes the Company’s equity method investment in Brazil.

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(1))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 28, 2025
Audit Information [Abstract]
Auditor firm ID	238
Auditor name	PricewaterhouseCoopers LLP
Auditor location	Tampa, Florida

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 28, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy We maintain a risk-based, defense-in-depth approach to cybersecurity and data protection. Our cybersecurity program is aligned with the National Institute of Standards and Technology Cybersecurity Framework and incorporates monitoring, vulnerability management, incident response planning and third-party security evaluations to identify and manage cybersecurity risks. We dedicate resources and apply security controls where we believe they would be most effective to predict, prevent, detect and respond to potential security threats to our highest value information assets, which we consider to be point-of-sale systems, financial systems and confidential, personal and private customer and employee information. We use multiple safeguards to protect our internal networks and systems, including, among others, firewalls, email protection and web filtering, endpoint detection and response software, controlled access to our data and systems, segmenting our card data environment, vulnerability management and patching. We engage independent third-party firms on a recurring basis to conduct cybersecurity audits that assess the effectiveness of our controls and identify areas for enhancement. In addition, we retain an external security firm each year to perform both internal and external penetration testing of our technology environment to evaluate the resilience of our systems against potential threats. Additionally, given that we accept credit cards as a form of payment, we consider the requirements of the Payment Card Industry Data Security Standards (“PCI DSS”) as part of our cyber security risk management program. We implemented controls designed to identify and mitigate cybersecurity threats associated with our use of third-party service providers. Such providers are subject to security risk assessments at the time of onboarding, contract renewal and upon detection of an increase in risk profile. We use a variety of inputs in such risk assessments, including information supplied by providers and third parties. In addition, we require our providers to meet appropriate security requirements, controls and responsibilities, and we investigate security incidents that have impacted our third-party providers, as appropriate. As part of our enterprise information security program, employees and contractors are required to participate in ongoing cybersecurity awareness activities, including role-based training, periodic refresher courses, and simulated phishing exercises designed to reinforce secure behaviors and identify areas for improvement. We also engage independent third-party cybersecurity firms to perform simulated cyberattack exercises to evaluate the design and operating effectiveness of our security controls. In addition, we retain external subject matter experts to conduct assessments of identity and access management, information technology asset management, and cybersecurity policies and standards to support continuous improvement of our cybersecurity risk management program. We have company-wide business continuity and disaster recovery plans used to prepare for multiple events, including a potential disruption in the technology on which we rely. We maintain incident response plans and playbooks in preparation for various contingencies and types of incidents. The cybersecurity incident response plan (“IRP”) includes immediate actions to mitigate and contain the short-term impact of an incident, and long-term strategies for remediation and prevention of future incidents. The IRP also includes policies that dictate escalation procedures and remediation plans based on the severity level of an incident. As part of our IRP, we consider engaging third-party cybersecurity firms to assist in the event of a significant incident. We also conduct tabletop exercises to enhance incident response preparedness. We, like others in our industry, experience cybersecurity incidents and attempts to access our systems. In the event we experience an incident, we classify it based on its significance and track remediation actions and outcomes. We have invested in the protection of our data and information technology and monitor our systems on an ongoing basis, however, we cannot provide any assurance that we will not experience a material incident in the future. As of the date of this filing, we do not believe we have been materially affected or are reasonably likely to be materially affected by cybersecurity incidents or threats. As described above, we utilize a risk-based approach to manage cybersecurity risk and it is possible we may not implement appropriate controls if we do not recognize or appropriately estimate a particular risk. In addition, security controls, no matter how well designed or implemented, may only mitigate and not fully eliminate risks. See Item 1A. Risk Factors for additional discussion of our cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We maintain a risk-based, defense-in-depth approach to cybersecurity and data protection. Our cybersecurity program is aligned with the National Institute of Standards and Technology Cybersecurity Framework and incorporates monitoring, vulnerability management, incident response planning and third-party security evaluations to identify and manage cybersecurity risks. We dedicate resources and apply security controls where we believe they would be most effective to predict, prevent, detect and respond to potential security threats to our highest value information assets, which we consider to be point-of-sale systems, financial systems and confidential, personal and private customer and employee information. We use multiple safeguards to protect our internal networks and systems, including, among others, firewalls, email protection and web filtering, endpoint detection and response software, controlled access to our data and systems, segmenting our card data environment, vulnerability management and patching. We engage independent third-party firms on a recurring basis to conduct cybersecurity audits that assess the effectiveness of our controls and identify areas for enhancement. In addition, we retain an external security firm each year to perform both internal and external penetration testing of our technology environment to evaluate the resilience of our systems against potential threats. Additionally, given that we accept credit cards as a form of payment, we consider the requirements of the Payment Card Industry Data Security Standards (“PCI DSS”) as part of our cyber security risk management program.
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]	Governance Our Board of Directors (our “Board”) has charged the Audit Committee with oversight of the Company’s identification, assessment and management of cybersecurity and data privacy risks. The Audit Committee receives quarterly updates from our Chief Information Security Officer (“CISO”) and our Chief Information Officer (“CIO”) regarding our cybersecurity program and actions taken to manage cybersecurity risk, which include risk identification and management strategies, consumer data protection, security programs, ongoing risk mitigation activities and results of third-party assessments and testing. We maintain a dedicated cybersecurity team, which consists exclusively of Company employees, within our broader information technology department. Functions within this department range from new information technology solution design and implementation, vulnerability management, phishing awareness, threat detection, PCI DSS compliance and incident response. Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the CISO, who has over 25 years of experience in the field of cybersecurity, including prior service in the military in cybersecurity roles, and relevant industry certifications commensurate with his role. Our CISO reports directly to the CIO who has over 30 years of technology leadership experience in various industries. Our CIO receives updates from our cybersecurity department regularly and reports to our Chief Executive Officer, who receives updates on incidents, trends, projects and other relevant information regularly. In addition, as part of our incident response planning, we maintain cross-functional response teams to be prepared to respond to an incident.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors (our “Board”) has charged the Audit Committee with oversight of the Company’s identification, assessment and management of cybersecurity and data privacy risks.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	We maintain a dedicated cybersecurity team, which consists exclusively of Company employees, within our broader information technology department. Functions within this department range from new information technology solution design and implementation, vulnerability management, phishing awareness, threat detection, PCI DSS compliance and incident response.
Cybersecurity Risk Role of Management [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the CISO, who has over 25 years of experience in the field of cybersecurity, including prior service in the military in cybersecurity roles, and relevant industry certifications commensurate with his role. Our CISO reports directly to the CIO who has over 30 years of technology leadership experience in various industries. Our CIO receives updates from our cybersecurity department regularly and reports to our Chief Executive Officer, who receives updates on incidents, trends, projects and other relevant information regularly. In addition, as part of our incident response planning, we maintain cross-functional response teams to be prepared to respond to an incident.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Board of Directors (our “Board”) has charged the Audit Committee with oversight of the Company’s identification, assessment and management of cybersecurity and data privacy risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Primary responsibility for assessing, monitoring and managing our cybersecurity risks rests with the CISO, who has over 25 years of experience in the field of cybersecurity, including prior service in the military in cybersecurity roles, and relevant industry certifications commensurate with his role. Our CISO reports directly to the CIO who has over 30 years of technology leadership experience in various industries.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our CISO reports directly to the CIO who has over 30 years of technology leadership experience in various industries. Our CIO receives updates from our cybersecurity department regularly and reports to our Chief Executive Officer, who receives updates on incidents, trends, projects and other relevant information regularly. In addition, as part of our incident response planning, we maintain cross-functional response teams to be prepared to respond to an incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Income Taxes (Effective Income Tax Rate 2024 and 2023 - Table) (Details)

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income tax benefit at federal statutory rate

21.00%

State and local income taxes, net of federal benefit

(21.90%)

^[1]

(7.80%)

3.80%

Non-deductible loss on 2025 Notes Partial Repurchase

(49.50%)

0.00%

Net changes in deferred tax valuation allowances

(5.30%)

(0.90%)

Foreign tax rate differential

(2.70%)

0.10%

Non-deductible compensation

(14.20%)

(2.20%)

1.00%

Other non-deductible expenses

(2.20%)

0.30%

Change in foreign tax law

(2.00%)

(1.10%)

Statute expiration on foreign net operating losses

(0.30%)

1.10%

Tax settlements and related adjustments

(0.10%)

0.10%

Employment-related credits, net

0.30%

58.90%

(15.90%)

Non-taxable gains on foreign currency forward contracts

6.90%

0.00%

Non-controlling interests

1.90%

(0.60%)

Net life insurance expense

1.40%

(0.30%)

U.S. tax impact on foreign income

1.20%

(0.90%)

Other, net

1.40%

0.30%

Total

326.00%

20.60%

8.00%

Blended federal and state statutory income tax rate

26.00%

[1]	Florida and Texas made up the majority (greater than 50%) of the tax effect in this category

Discontinued Operations

12 Months Ended

Dec. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

On December 30, 2024 (the “Closing Date”), an indirect wholly owned subsidiary of the Company (the “Seller”) completed the sale of 67% of the ownership interest in its business in Brazil (the “Disposal Group”) to a fund managed by an affiliate of Vinci Partners Investments Ltd. (the “Buyer”) (the “Brazil Sale Transaction”). Following the closing, the Brazil restaurants began operating as unconsolidated franchisees.

The aggregate consideration paid to the Seller consisted of 67% of the enterprise valuation of the Disposal Group in the amount of R$2.06 billion Brazilian Reais, which equaled R$1.4 billion Brazilian Reais (approximately $225.3 million in U.S. Dollars based on the exchange rate on the Closing Date), subject to customary adjustments, and withholding for Brazilian taxes (the “Purchase Price”). On December 30, 2024 the Company received cash proceeds, net of withheld income taxes, of $103.9 million, in U.S. dollars based on the exchange rate on the Closing Date, representing 52% of the Purchase Price. The proceeds were applied to the Company’s revolving credit facility during the thirteen weeks ended March 30, 2025. The final installment payment, representing 48% of the Purchase Price, net of withheld income taxes and inclusive of accumulated interest, of $123.5 million in U.S. Dollars, was received during the thirteen weeks ended December 28, 2025. The proceeds were applied to the Company’s revolving credit facility.

The sale represents a strategic shift to a primarily franchised model for the Company’s international operations. The assets and liabilities of the Disposal Group were classified as held for sale on the Company’s Consolidated Balance Sheets as of December 29, 2024. For fiscal years 2025, 2024 and 2023, all sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption titled (Loss) income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented.

During the fourth quarter of 2024, the Company entered into foreign exchange forward contracts to mitigate most of the exchange rate risk associated with the Purchase Price installment payments. During the fourth quarter of 2025, the Company received the final installment payment and the foreign exchange forward contracts matured. See Note 13 - Derivative Instruments and Hedging Activities for details regarding the foreign exchange forward contracts.

On the Closing Date, the Seller and the Buyer entered into a shareholders agreement (the “Shareholders Agreement”), pursuant to which Buyer and Seller will have representation on a board of directors and in executive management based on their respective equity interests.

During the thirteen weeks ended December 29, 2024, the Company recorded $68.3 million of impairment in connection with the Brazil Sale Transaction within (Loss) income from discontinued operations, net of tax in its Consolidated Statements of Operations and Comprehensive Income (Loss). The impairment represents the difference between the estimated fair value of the Disposal Group and its carrying value, which included cumulative currency translation adjustment losses and the impact of measurement of the Company’s 33% retained interest. The fair value of the Company’s retained interest on the Closing Date was $59.9 million based on the proportional enterprise valuation of the Disposal Group adjusted for debt used by the Buyer to fund a portion of the Purchase Price, which was subsequently pushed down to the operating entity. See Note 3 - Equity Method Investment for additional details regarding the Company’s retained interest in its Brazil operations.

Under the Shareholders Agreement, the Buyer may cause the Seller to sell or the Seller may cause the Buyer to purchase the totality of the remaining interest in the Disposal Group for a period between October 1, 2028 and December 31, 2028 at a defined multiple of earnings less net indebtedness.

The following table presents the carrying amounts of the major classes of assets and liabilities of the Disposal Group classified as held for sale on the Company’s Consolidated Balance Sheets as of the period indicated:


(dollars in thousands)	DECEMBER 29, 2024
ASSETS
Current assets

Inventories	$	7,872







Other current assets, net	15,117
Total current assets of disposal group classified as held for sale	$	22,989
Non-current assets
Property, fixtures and equipment, net	$	99,532
Operating lease right-of-use assets	43,884
Goodwill	51,906
Intangible assets, net	6,841
Deferred income tax assets, net	2,056
Other assets, net	64,553
Total non-current assets	268,772

Impairment of disposal group assets	(68,271)
Net non-current assets of disposal group classified as held for sale	$	200,501

LIABILITIES
Current liabilities
Accounts Payable	$	24,168
Current operating lease liabilities	10,109
Accrued and other current liabilities	52,442
Unearned revenue	1,237
Total current liabilities of disposal group classified as held for sale	$	87,956
Non-current liabilities
Non-current operating lease liabilities	$	36,297
Other long-term liabilities, net	13,568
Total non-current liabilities of disposal group classified as held for sale	$	49,865

(Loss) income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) includes the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Revenues	$	—	$	525,268	$	529,671
Operating costs and expenses (1)	—		562,324		487,883
Gain on sale of Brazil business (2)	2,857		—		—








Income (loss) from operations	2,857		(37,056)		41,788


Provision for income taxes	3,394		38,926		159
(Loss) income from discontinued operations, net of tax (3)	$	(537)	$	(75,982)	$	41,629

____________________

(1)Includes royalty expense of $25.9 million and $26.4 million for fiscal years 2024 and 2023, respectively, eliminated in consolidation prior to the Brazil Sale Transaction, with the corresponding royalty revenues recorded within Franchise and other revenues from continuing operations in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

(2)Includes net foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

(3)2023 includes benefits from a Brazilian law that provided a 100% exemption from income and federal value added taxes which resulted in additional earnings per share of $0.25. 2024 includes benefits from additional exemptions from income and federal value added taxes for varying timeframes which resulted in additional earnings per share of $0.15.

Contingent Consideration Assets and Indemnification Liabilities - On the Closing Date, the Company recognized contingent consideration assets of $29.3 million and indemnifications liabilities of $6.9 million within Other assets,

net and Other long-term liabilities, net, respectively, on the Company’s Consolidated Balance Sheet in connection with the Brazil Sale Transaction. As of December 28, 2025, the Company’s balance of contingent consideration assets and indemnification liabilities, which are denominated in Brazilian Reais, increased to $32.7 million and $7.6 million, respectively, primarily as a result of fluctuations in foreign exchange rates.

Contingent consideration assets relate to supervening rights to certain tax benefits, including from judicial deposits paid prior to the sale. Collection of amounts in connection with these assets will be net of applicable taxes and related costs incurred. Indemnification liabilities primarily relate to known labor and tax exposures.

Contingent consideration assets and indemnification liabilities were valued utilizing a probability-adjusted discounted cash flow model using inputs not observable in the market. The key internally developed assumptions used in these models are: (i) the probabilities of outcomes, (ii) interest rates for contingencies entitled to interest, (iii) discount rates and (iv) the anticipated timing of recognition. The Company utilized discount rates of approximately 13%, in its calculations of the estimated fair values of its contingent assets and liabilities as of the Closing Date.

Subsequent measurement of contingent consideration assets is based on ASC 450 gain contingency guidance and indemnification liabilities under ASC 460 guarantees guidance. Any subsequent recognition and measurement of contingent consideration and indemnification liabilities will be presented within discontinued operations.

Stock-based and Deferred Compensation Plans (PSU and RSU Activity - Table) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 26, 2025

Dec. 27, 2024

Common stock

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Share price applicable to outstanding share-based compensation (in USD per share)

$ 6.79

$ 12.27

Performance-based share units

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding beginning of period (in shares)

722

Granted (in shares)

411

Performance adjustment (in shares)

^[1]

(229)

Vested (in shares)

Forfeited (in shares)

(278)

Outstanding at end of period (in shares)

626

Expected to vest at end of period (in shares)

^[2]

360

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding beginning of period (in USD per share)

$ 27.42

Granted (in USD per share)

7.22

Performance adjustment (in USD per share)

^[1]

26.10

Vested (in USD per share)

Forfeited (in USD per share)

24.19

Outstanding at end of period (in USD per share)

$ 16.08

Aggregate intrinsic value at beginning of period

^[3]

$ 8,860

Aggregate intrinsic value at end of period

^[3]

4,253

Aggregate intrinsic value, expected to vest at end of period

^[2],[3]

$ 2,447

Performance-based share units | 2021 PSU Grant

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Share-based compensation arrangement by share-based payment award, award vesting rights, percentage

0.00%

Restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]

Outstanding beginning of period (in shares)

1,044

Granted (in shares)

1,300

Performance adjustment (in shares)

Vested (in shares)

(503)

Forfeited (in shares)

(380)

Outstanding at end of period (in shares)

1,461

Expected to vest at end of period (in shares)

1,461

WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT

Outstanding beginning of period (in USD per share)

$ 19.80

Granted (in USD per share)

7.24

Performance adjustment (in USD per share)

Vested (in USD per share)

20.05

Forfeited (in USD per share)

16.18

Outstanding at end of period (in USD per share)

$ 9.48

Aggregate intrinsic value at beginning of period

^[3]

$ 12,814

Aggregate intrinsic value at end of period

^[3]

9,920

Aggregate intrinsic value, expected to vest at end of period

^[3]

$ 9,920

[1]	Represents adjustment to 0% payout for PSUs granted during 2022.
[2]	For PSUs, estimated number of units to be issued upon the vesting of outstanding PSUs based on Company performance projections of performance criteria set forth in the 2023, 2024 and 2025 PSU award agreements.
[3]	Based on the $12.27 and $6.79 share price of the Company’s common stock on the last trading day of the years ended December 29, 2024 and December 28, 2025, respectively.

Long-term Debt, Net (Maturities - Tables) (Details) $ in Thousands	Dec. 28, 2025 USD ($)
Debt repayments
2026	$ 0
2027	0
2028	0
2029	790,000
2030	0
Thereafter	0
Total payments	$ 790,000

Segment Reporting (Revenue by Segment - Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 3,955,996	$ 3,950,475	$ 4,168,160
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	3,917,722	3,896,624	4,095,123
Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	38,274	53,851	73,037
U.S. total \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	3,886,425	3,857,134	4,053,599
International Franchise \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Total revenues	$ 31,297	$ 39,490	$ 41,524

- Definition

+ References

+ Details

Leases (Lease Term and Discount Rate) (Details)

Dec. 28, 2025

Dec. 29, 2024

Finance Leases

Weighted average remaining lease term

^[1]

4 years 7 months 6 days

9 years 1 month 6 days

Weighted average discount rate

^[2]

7.25%

7.70%

Operating Leases

Weighted average remaining lease term

^[1]

13 years 2 months 12 days

13 years 4 months 24 days

Weighted average discount rate

^[2]

8.16%

8.22%

[1]	Includes lease renewal options that are reasonably certain of exercise. For finance leases, the decrease is primarily due to store closures during 2025.
[2]	Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.

Stockholders' Equity

12 Months Ended

Dec. 28, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Stockholders’ Equity

Share Repurchases - In February 2024, the Company’s Board of Directors (the “Board”) canceled the remaining $57.5 million under the Company’s former share repurchase authorization and approved a $350.0 million share repurchase authorization (the “2024 Share Repurchase Program”). The 2024 Share Repurchase Program included capacity above the Company’s normal repurchase activity to provide flexibility in retiring the 2025 Notes at or prior to their maturity. The 2024 Share Repurchase Program expired on August 13, 2025.

On March 1, 2024, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”), in connection with the 2024 Share Repurchase Program, with Wells Fargo Bank, National Association (“Wells Fargo”) to repurchase $220.0 million of the Company’s common stock. Under the ASR Agreement, the Company repurchased 7.9 million shares of common stock through April 23, 2024 based generally on the average of the daily volume-weighted average price per share of common stock during the repurchase period, subject to discounts and certain adjustments. The repurchase resulted in a $214.3 million increase in Accumulated deficit. The Company funded the payment under the ASR Agreement, together with the cash portion of the amounts payable under the 2024 Exchange Agreements, primarily with borrowings under the revolving credit facility and net proceeds from the 2024 Early Termination Agreements.

The Company did not repurchase any shares during fiscal year 2025. Following is a summary of the shares repurchased during fiscal year 2024:


(in thousands, except per share data)	NUMBER OF SHARES	AVERAGE REPURCHASE PRICE PER SHARE	AMOUNT


First fiscal quarter	6,948			$	27.13	$	188,500
Second fiscal quarter	2,156			$	27.36	59,000
Third fiscal quarter	969			$	18.78	18,195

Total common stock repurchases	10,073			$	26.38	265,695
Share repurchase-related ASR Agreement fees and excise taxes	—					728
Total	10,073					$	266,423

Dividends - The Company declared and paid dividends per share during the periods presented as follows:


	DIVIDENDS PER SHARE		AMOUNT
	FISCAL YEAR		FISCAL YEAR
(dollars in thousands, except per share data)	2025		2024		2025		2024
First fiscal quarter	$	0.15	$	0.24	$	12,747	$	21,075
Second fiscal quarter	0.15		0.24		12,759		20,762
Third fiscal quarter	0.15		0.24		12,760		20,375
Fourth fiscal quarter	—		0.24		—		20,362
Total cash dividends declared and paid	$	0.45	$	0.96	$	38,266	$	82,574

In October 2025, the Board suspended the dividend as a component of the Company’s turnaround strategy.

Accumulated Other Comprehensive Loss (“AOCL”) - The following table is a rollforward of the components of AOCL for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Foreign currency translation:
Balance, beginning of the period	$	(212,172)	$	(177,689)	$	(185,311)
Foreign currency translation adjustment - equity method investment	9,415		—		—
Foreign currency translation adjustment - other	(5,529)		(35,178)		7,622
Reclassification of foreign currency translation adjustments into earnings due to sale of business	217,548		—		—
Reclassification of foreign currency translation adjustments related to the liquidation of foreign entities	—		695		—
Balance, end of the period	$	9,262	$	(212,172)	$	(177,689)

Loss on derivatives, net of tax:
Balance, beginning of the period	$	(621)	$	(615)	$	—
Change in fair value of derivatives, net of tax	209		1,527		(606)
Reclassification realized in Net income (loss), net of tax	258		(1,533)		(9)

Balance, end of the period	$	(154)	$	(621)	$	(615)

Accumulated other comprehensive income (loss):
Balance beginning of the period	$	(212,793)	$	(178,304)	$	(185,311)
Other comprehensive income (loss) attributable to Bloomin' Brands	221,901		(34,489)		7,007
Balance, end of the period	$	9,108	$	(212,793)	$	(178,304)

- Definition

The entire disclosure for equity.

+ References

+ Details

Derivative Instruments and Hedging Activities (Non-Designated Hedges - Text) (Details) $ in Millions	Dec. 29, 2024 USD ($)
Foreign exchange forward contracts \| Not designated as hedging instrument
Derivative [Line Items]
Derivative, fair value, net	$ 0.3

Long-term Debt, Net (Schedule of Interest Rate Options) (Details) - Revolving credit facility - Credit Agreement - Secured debt	Sep. 19, 2024
Base rate \| Minimum
Debt instrument [Line Items]
Revolving credit facility	0.50%
Base rate \| Maximum
Debt instrument [Line Items]
Revolving credit facility	1.50%
Adjusted term SOFR option \| Minimum
Debt instrument [Line Items]
Revolving credit facility	1.50%
Adjusted term SOFR option \| Maximum
Debt instrument [Line Items]
Revolving credit facility	2.50%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Convertible Senior Notes (Schedule of Convertible Notes) (Details) - Convertible debt - 2025 Notes - USD ($)	May 01, 2025	Dec. 29, 2024	May 12, 2020
Debt instrument [Line Items]
Principal	$ 20,700,000	$ 20,724,000	$ 230,000,000.0
Less: unamortized debt issuance costs		(56,000)
Net carrying amount		$ 20,668,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 28, 2025

Supplemental Balance Sheet Information [Abstract]

Schedule of other current assets, net

Other current assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Prepaid expenses	$	24,018	$	23,102

Accounts receivable - gift cards, net	71,232		73,113
Accounts receivable - vendors, net	19,495		29,233
Accounts receivable - franchisees, net	3,603		2,975
Accounts receivable - other, net	7,886		9,280
Deferred gift card sales commissions	17,155		16,935

Other current assets, net	5,302		4,137
	$	148,691	$	158,775

Schedule of property, fixtures and equipment, net

Estimated useful lives by major asset category are generally as follows:


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			2 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or reasonably certain lease term, including reasonably certain renewal periods.

Property, fixtures and equipment, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Land	$	29,167	$	29,458
Buildings	1,226,359		1,201,949
Furniture and fixtures	494,987		511,291
Equipment	714,807		760,058
Construction in progress	30,618		65,068
Less: accumulated depreciation	(1,583,293)		(1,619,303)
	$	912,645	$	948,521

Schedule of other assets, net, noncurrent

Other assets, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Company-owned life insurance	$	35,473	$	31,971
Deferred debt issuance costs - revolving credit facility (1)	8,475		10,743
Liquor licenses	22,363		22,422
Contingent consideration assets	32,729		—
Other assets	12,253		9,335
	$	111,293	$	74,471

________________

(1)Net of accumulated amortization of $2.9 million and $0.6 million as of December 28, 2025 and December 29, 2024, respectively.

Schedule of accrued and other current liabilities

Accrued and other current liabilities consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024

Accrued payroll and other compensation	$	79,436	$	64,522
Accrued insurance	22,733		19,527
Other current liabilities	84,087		94,265
	$	186,256	$	178,314

Schedule of other long-term liabilities, net

Other long-term liabilities, net, consisted of the following as of the periods indicated:


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Accrued insurance	$	41,788	$	33,519

Deferred compensation obligations	35,962		32,597

Other long-term liabilities (1)	35,532		27,304
	$	113,282	$	93,420

________________

(1)Includes indemnification liabilities in connection with the Brazil Sale Transaction. See Note 2 - Discontinued Operations for additional details.

Summary of Significant Accounting Policies (Cloud-Based Computing Arrangements) (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Other current assets, net and Other assets, net
Schedule of cloud based computing arrangements [Line Items]
Capitalized cloud computing implementation costs	$ 7.3	$ 4.6

Equity Method Investment (Tables)

12 Months Ended

Dec. 28, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of equity method investments

Following is a rollforward of the Company’s equity method investment for the period indicated:


	FISCAL YEAR
(dollars in thousands)	2025
Balance, beginning of the period	$	—
Fair value of retained interest at sale closing date	59,863
Net loss (1)	(4,742)
Foreign currency translation adjustment	9,415
Dividends received	(569)
Balance, end of the period	$	63,967

____________________

(1)Includes $1.2 million of purchase price adjustments amortization.

Stockholders' Equity (Other Comprehensive (Loss) Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023	Dec. 25, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	$ 337,165	$ 139,446	$ 412,003	$ 273,909
Other comprehensive income (loss) attributable to Bloomin' Brands	221,901	(34,489)	7,007
Balance at end of period	337,165	139,446	412,003
Accumulated other comprehensive income (loss):
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	9,108	(212,793)	(178,304)	(185,311)
Other comprehensive income (loss) attributable to Bloomin' Brands	221,901	(34,489)	7,007
Balance at end of period	9,108	(212,793)	(178,304)
Foreign currency translation:
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	9,262	(212,172)	(177,689)	$ (185,311)
Reclassification, net of tax	217,548	695
Balance at end of period	9,262	(212,172)	(177,689)
Foreign currency translation adjustment - equity method investment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss), before reclassifications, net of tax	9,415
Foreign currency translation adjustment - other
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss), before reclassifications, net of tax	(5,529)	(35,178)	7,622
Loss on derivatives, net of tax:
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance, beginning of period	(154)	(621)	(615)
Other comprehensive income (loss), before reclassifications, net of tax	209	1,527	(606)
Reclassification, net of tax	258	(1,533)	(9)
Balance at end of period	$ (154)	$ (621)	$ (615)

Earnings (Loss) Per Share

12 Months Ended

Dec. 28, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:


	FISCAL YEAR
(in thousands, except per share data)	2025		2024		2023
Net income (loss) attributable to Bloomin’ Brands	$	8,237	$	(128,018)	$	247,386
(Loss) income from discontinued operations, net of tax	(537)		(75,982)		41,629
Net income (loss) attributable to Bloomin’ Brands from continuing operations	$	8,774	$	(52,036)	$	205,757





Basic weighted average common shares outstanding	85,062		85,905		87,230

Effect of dilutive securities:



Stock-based compensation awards	238		—		767
Convertible senior notes and warrants (1)	7		—		8,456

Diluted weighted average common shares outstanding	85,307		85,905		96,453

Basic earnings (loss) per share (2):
Continuing operations	$	0.10	$	(0.61)	$	2.36
Discontinued operations	(0.01)		(0.88)		0.48
Net basic earnings (loss) per share	$	0.10	$	(1.49)	$	2.84

Diluted earnings (loss) per share (2):
Continuing operations	$	0.10	$	(0.61)	$	2.13
Discontinued operations	(0.01)		(0.88)		0.43
Net diluted earnings (loss) per share	$	0.10	$	(1.49)	$	2.56




Antidilutive stock-based compensation awards	1,672		1,706		924
Antidilutive convertible senior notes and warrants	917		3,146		—

________________

(1)During 2025, the 2025 Notes matured and were settled in cash and the remaining warrants were terminated. See Note 11 - Convertible Senior Notes for additional details.

(2)Amounts may not add due to rounding.

In connection with the offering of the 2025 Notes, the Company entered into the Convertible Note Hedge Transactions and Warrant Transactions described in Note 11 - Convertible Senior Notes. The Warrant Transactions had a dilutive effect on the Company’s common stock to the extent the price of its common stock exceeded the strike price of the Warrant Transactions. However, the Convertible Note Hedge Transactions did not impact earnings per share given their antidilutive impact. See Note 11 - Convertible Senior Notes for additional information regarding the 2025 Notes, Convertible Note Hedge Transactions and Warrant Transactions.

Discontinued Operations (Balance Sheet, Income Statement, and Additional Disclosures) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Current assets
Total current assets of disposal group classified as held for sale	$ 0	$ 22,989
Non-current assets
Net non-current assets of disposal group classified as held for sale	0	200,501
Current liabilities
Total current liabilities of disposal group classified as held for sale	0	87,956
Non-current liabilities
Total non-current liabilities of disposal group classified as held for sale	$ 0	49,865
Discontinued operations, disposed of by sale
Current assets
Inventories		7,872
Other current assets, net		15,117
Total current assets of disposal group classified as held for sale		22,989
Non-current assets
Property, fixtures and equipment, net		99,532
Operating lease right-of-use assets		43,884
Goodwill		51,906
Intangible assets, net		6,841
Deferred income tax assets, net		2,056
Other assets, net		64,553
Total non-current assets		268,772
Impairment of disposal group assets		(68,271)
Net non-current assets of disposal group classified as held for sale		200,501
Current liabilities
Accounts Payable		24,168
Current operating lease liabilities		10,109
Accrued and other current liabilities		52,442
Unearned revenue		1,237
Total current liabilities of disposal group classified as held for sale		87,956
Non-current liabilities
Non-current operating lease liabilities		36,297
Other long-term liabilities, net		13,568
Total non-current liabilities of disposal group classified as held for sale		$ 49,865

Fair Value Measurements (Tables)

12 Months Ended

Dec. 28, 2025

Fair Value Disclosures [Abstract]

Schedule of assets measured at fair value on a recurring basis

Fair Value Measurements on a Recurring Basis - The following table summarizes the Company’s financial assets and liabilities measured at fair value by hierarchy level on a recurring basis as of the periods indicated:


	CONSOLIDATED BALANCE SHEET CLASSIFICATION	MEASUREMENT LEVEL	FAIR VALUE
(dollars in thousands)			DECEMBER 28, 2025		DECEMBER 29, 2024
Assets:
Short-term investments	Cash and cash equivalents	Level 1	$	5,597	$	11,868


Interest rate swaps	Other current assets, net	Level 2	$	208	$	—
Foreign currency forward contracts	Other current assets, net	Level 2	$	—	$	304




Liabilities:
Interest rate swaps	Accrued and other current liabilities	Level 2	$	330	$	579

Interest rate swaps	Other long-term liabilities	Level 2	$	87	$	255

Fair value, assets measured on recurring basis, methods and assumptions

Fair value of each class of financial instruments is determined based on the following:


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Short-term investments						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps and foreign currency forward contracts. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. Interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. Foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market forward exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 28, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

Fair value assets measured on a nonrecurring basis

The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the periods indicated:


	2025				2024				2023
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT

Operating lease right-of-use assets (1)	$	23,363	$	11,273	$	14,053	$	23,895	$	4,057	$	10,210
Property, fixtures and equipment (2)	27,325		31,931		17,096		22,540		4,623		30,202
Goodwill (3)	—		28,188		—		—		—		—
	$	50,688	$	71,392	$	31,149	$	46,435	$	8,680	$	40,412

________________

(1)Carrying values measured using discounted cash flow models (Level 3).

(2)Carrying values measured using Level 2 inputs to estimate fair value totaled $7.8 million for 2025 and $1.2 million for 2024 and 2023. All other assets were valued using Level 3 inputs. Third-party market appraisals and executed sales contracts (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value.

(3)Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

Schedule of carrying value and fair value of debt

The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:


	DECEMBER 28, 2025				DECEMBER 29, 2024
	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2
(dollars in thousands)

Senior secured credit facility - revolving credit facility	$	490,000	$	490,000		$	710,000	$	710,000



2025 Notes (1)	$	—	$	—		$	20,724	$	24,145
2029 Notes	$	300,000	$	269,505		$	300,000	$	270,132

________________

(1)On May 1, 2025, the 2025 Notes matured and were settled in cash. See Note 11 - Convertible Senior Notes for additional details.

Impairments and Exit Costs (Accrued facility closure and other costs rollforward) (Details) - Facility closing
$ in Thousands

12 Months Ended

Dec. 28, 2025

USD ($)

Restructuring Reserve [Roll Forward]

Balance, beginning of the period

$ 6,695

Additions

$ 4,214

Additions, location

Provision for impaired assets and restaurant closings

Cash payments

$ (2,814)

Accretion

252

Adjustments

(2,684)

^[1]

Balance, end of the period

$ 5,663

[1]	Primarily resulting from terminations of the Company’s obligation for non-rent-related components that were accrued at the time of closure.

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Segment Reporting (Reportable Segments) (Details)	12 Months Ended
Segment Reporting (Reportable Segments) (Details)	Dec. 28, 2025 market segment
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Franchised country count \| market	12

Derivative Instruments and Hedging Activities (Effects of Interest Rate Swap) (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Designated as hedging instrument \| Interest rate swap
Derivative [Line Items]
Termination value	$ 0.3	$ 0.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 28, 2025	Dec. 29, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	25,000,000	25,000,000
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	0	0
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	475,000,000	475,000,000
Common stock, issued (in shares)	85,221,767	84,854,768
Common stock, outstanding (in shares)	85,221,767	84,854,768

Goodwill and Intangible Assets, Net (Intangible Assets - Table) (Details) - USD ($)	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, accumulated amortization	$ (71,402,000)	$ (67,577,000)
Intangible assets, gross (excluding goodwill)	496,668,000	496,668,000
Intangible assets, net	425,266,000	429,091,000
Impairment of intangible assets (excluding goodwill)	0	0
Impairment of intangible assets, finite-lived	0	0
Trademarks
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Trademarks, gross carrying value	81,952,000	81,952,000
Finite-lived intangible assets, accumulated amortization	(71,402,000)	(67,577,000)
Finite-lived trademarks	$ 10,550,000	14,375,000
Trademarks \| Weighted average
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, remaining amortization period	3 years
Trade names
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived trade names	$ 414,716,000	$ 414,716,000

Stock-based and Deferred Compensation Plans (Stock Option Compensation - Table) (Details) - Stock options - USD ($) $ in Thousands	12 Months Ended
	Dec. 29, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised	$ 718	$ 6,200
Cash received from option exercises, net of tax withholding	4,354	31,778
Grant date fair value of stock options vested	0	1,037
Tax benefits for stock option compensation expense	$ 111	$ 757

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations (Income Statement and Additional Disclosures) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Income Statement [Abstract]

(Loss) income from discontinued operations, net of tax

$ (537)

$ (75,982)

$ 41,629

Net diluted earnings (loss) per share (in USD per share)

^[1]

$ 0.10

$ (1.49)

$ 2.56

Discontinued operations, disposed of by sale | Brazil tax legislation

Income Statement [Abstract]

Net diluted earnings (loss) per share (in USD per share)

$ 0.15

$ 0.25

Discontinued operations, disposed of by sale | Brazil tax legislation | Brazil | Foreign | Secretariat of the Federal Revenue Bureau of Brazil

Income Statement [Abstract]

Effective income tax rate reconciliation, tax holiday, percent

100.00%

Discontinued operations, disposed of by sale | Brazil disposal group

Income Statement [Abstract]

Revenues

$ 0

$ 525,268

$ 529,671

Operating costs and expenses

^[2]

562,324

487,883

Gain on sale of Brazil business

^[3]

2,857

Income (loss) from operations

2,857

(37,056)

41,788

Provision for income taxes

3,394

38,926

159

(Loss) income from discontinued operations, net of tax

^[4]

$ (537)

(75,982)

41,629

Royalty expense

$ 25,900

$ 26,400

[1]	Amounts may not add due to rounding.
[2]	Includes royalty expense of $25.9 million and $26.4 million for fiscal years 2024 and 2023, respectively, eliminated in consolidation prior to the Brazil Sale Transaction, with the corresponding royalty revenues recorded within Franchise and other revenues from continuing operations in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).
[3]	Includes net foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.
[4]	2023 includes benefits from a Brazilian law that provided a 100% exemption from income and federal value added taxes which resulted in additional earnings per share of $0.25. 2024 includes benefits from additional exemptions from income and federal value added taxes for varying timeframes which resulted in additional earnings per share of $0.15.

Stock-based and Deferred Compensation Plans (PSU and RSU Compensation - Table) (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Performance-based share units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value per unit (in USD per share)

^[1]

$ 7.22

$ 27.26

$ 29.01

Intrinsic value for vested units

$ 0

$ 12,593

$ 12,908

Grant date fair value of vested units

12,025

9,332

Tax benefits for compensation expense

$ 622

$ 745

Unrecognized expense

$ 1,969

Remaining weighted average vesting period

2 years 3 months 18 days

Share-based compensation arrangement by share-based payment award, stock price (discount) premium, percentage

(1.60%)

2.70%

Dividend yield

6.89%

3.49%

^[2]

3.47%

^[2]

Restricted stock units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Grant date fair value per unit (in USD per share)

^[1]

$ 7.24

$ 18.76

$ 24.18

Intrinsic value for vested units

$ 4,335

$ 8,072

$ 10,275

Grant date fair value of vested units

10,084

7,603

8,257

Tax benefits for compensation expense

527

$ 1,152

$ 1,528

Unrecognized expense

$ 9,392

Remaining weighted average vesting period

1 year 9 months 18 days

Dividend yield

6.84%

4.83%

3.63%

[1]

For PSUs granted prior to 2025, represents a (discount) premium above the grant date per share value of the Company’s common stock for the Relative TSR modifier of (1.6)% and 2.7% for grants during 2024 and 2023, respectively. For PSUs granted in 2025, the weighted average dividend yield was 6.89%. For RSUs, the weighted average dividend yield was 6.84%, 4.83% and 3.63% for 2025, 2024 and 2023, respectively.

[2]

Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.

Leases (Tables)

12 Months Ended

Dec. 28, 2025

Leases [Abstract]

Assets and liabilities, lessee

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:


(dollars in thousands)	CONSOLIDATED BALANCE SHEETS CLASSIFICATION	DECEMBER 28, 2025		DECEMBER 29, 2024
Operating lease right-of-use assets	Operating lease right-of-use assets	$	979,270	$	1,012,857
Finance lease right-of-use assets (1)	Property, fixtures and equipment, net	9,296		10,058


Total lease assets, net		$	988,566	$	1,022,915

Current operating lease liabilities	Current operating lease liabilities	$	176,268	$	158,806
Current finance lease liabilities	Accrued and other current liabilities	3,389		2,618
Non-current operating lease liabilities	Non-current operating lease liabilities	1,046,380		1,088,518
Non-current finance lease liabilities	Other long-term liabilities, net	7,890		8,359
Total lease liabilities		$	1,233,927	$	1,258,301

________________

(1)Net of accumulated amortization of $5.4 million and $4.0 million as December 28, 2025 and December 29, 2024, respectively.

Lease, cost

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:


	CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION	FISCAL YEAR
(dollars in thousands)		2025		2024		2023
Operating lease cost (1)	Other restaurant operating	$	169,867	$	169,661	$	171,248
Variable lease cost	Other restaurant operating	4,437		3,878		2,930
Finance lease costs:
Amortization of leased assets	Depreciation and amortization	2,872		2,032		1,975
Interest on lease liabilities	Interest expense, net	976		710		667
Sublease revenue	Franchise and other revenues	(6,764)		(7,060)		(7,614)
Lease costs, net		$	171,388	$	169,221	$	169,206

________________

Lessee, operating lease, liability, maturity

As of December 28, 2025, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES		FINANCE LEASES		SUBLEASE REVENUES
2026 (1)	$	182,917	$	3,498	$	(5,248)
2027	179,718		3,184		(5,661)
2028	172,905		2,348		(5,717)
2029	166,933		2,258		(5,594)
2030	159,641		568		(5,352)
Thereafter	1,245,593		1,467		(24,088)
Total minimum lease payments (receipts) (2)	2,107,707		13,323		$	(51,660)
Less: Interest	(885,059)		(2,044)
Present value of future lease payments	$	1,222,648	$	11,279

____________________

(1)Net of prepaid rent of $3.4 million.

(2)Includes $945.6 million related to lease renewal options that are reasonably certain of exercise and excludes $38.1 million of signed leases that have not yet commenced.

Finance lease, liability, maturity

As of December 28, 2025, future minimum lease payments and sublease revenues under non-cancelable leases are as follows:


(dollars in thousands)	OPERATING LEASES		FINANCE LEASES		SUBLEASE REVENUES
2026 (1)	$	182,917	$	3,498	$	(5,248)
2027	179,718		3,184		(5,661)
2028	172,905		2,348		(5,717)
2029	166,933		2,258		(5,594)
2030	159,641		568		(5,352)
Thereafter	1,245,593		1,467		(24,088)
Total minimum lease payments (receipts) (2)	2,107,707		13,323		$	(51,660)
Less: Interest	(885,059)		(2,044)
Present value of future lease payments	$	1,222,648	$	11,279

____________________

(1)Net of prepaid rent of $3.4 million.

(2)Includes $945.6 million related to lease renewal options that are reasonably certain of exercise and excludes $38.1 million of signed leases that have not yet commenced.

Lessee, weighted average remaining lease term and weighted average discount rate

The following table is a summary of the weighted average remaining lease terms and weighted average discount rates of the Company’s leases as of the periods indicated:


	FINANCE LEASES				OPERATING LEASES
	DECEMBER 28, 2025		DECEMBER 29, 2024		DECEMBER 28, 2025		DECEMBER 29, 2024
Weighted average remaining lease term (1):	4.6 years		9.1 years		13.2 years		13.4 years
Weighted average discount rate (2):	7.25	%	7.70	%	8.16	%	8.22	%

____________________

(1)Includes lease renewal options that are reasonably certain of exercise. For finance leases, the decrease is primarily due to store closures during 2025.

(2)Based on the Company’s incremental borrowing rate at lease commencement or lease remeasurement.

Cash flow, operating activities, lessee

The following table is a summary of cash flow impacts from the Company’s Consolidated Financial Statements related to its leases for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023

Cash flows from operating activities:
Cash paid for amounts included in the measurement of operating lease liabilities	$	183,358	$	184,969	$	185,861



Leased assets obtained in exchange for new operating lease liabilities	$	57,211	$	91,305	$	74,539
Leased assets obtained in exchange for new finance lease liabilities	$	3,386	$	4,038	$	6,480

Stockholders' Equity (Repurchases of Common Stock) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			12 Months Ended
	Sep. 28, 2025	Jun. 29, 2025	Mar. 30, 2025	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Shares Repurchases [Line Items]
Share repurchase-related ASR Agreement fees and excise taxes (in shares)				0
Stock repurchased and retired during period, amount					$ 266,423	$ 70,136
Share repurchase-related ASR Agreement fees and excise taxes				$ 728
2023 and 2024 Share Repurchase Programs
Shares Repurchases [Line Items]
Stock repurchased and retired during period (in shares)			6,948	10,073
Shares acquired, average cost (in USD per share)			$ 27.13	$ 26.38
Stock repurchased and retired during period, amount			$ 188,500	$ 265,695
Total				$ 266,423
2024 Share Repurchase Program
Shares Repurchases [Line Items]
Stock repurchased and retired during period (in shares)	969	2,156
Shares acquired, average cost (in USD per share)	$ 18.78	$ 27.36
Stock repurchased and retired during period, amount	$ 18,195	$ 59,000

Convertible Senior Notes (Tables)

12 Months Ended

Dec. 28, 2025

Convertible Notes [Abstract]

Convertible senior notes balances

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the period indicated:


(dollars in thousands)	DECEMBER 29, 2024
Principal	$	20,724

Less: unamortized debt issuance costs	(56)
Net carrying amount	$	20,668

Convertible senior notes interest expense

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Coupon interest	$	345	$	1,783	$	5,242

Debt issuance cost amortization	56		280		798
Total interest expense (1)	$	401	$	2,063	$	6,040

________________

(1)The effective rate for all periods presented was 5.85%.

Commitments and Contingencies (Insurance, Future Payments) (Details) - USD ($) $ in Thousands	Dec. 28, 2025	Dec. 29, 2024
Undiscounted payments
2026	$ 23,079
2027	15,233
2028	11,896
2029	7,262
2030	3,950
Thereafter	8,771
Total	$ 70,191	$ 59,407

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Cash and cash equivalents
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents, amounts in transit from credit card companies	$ 38.4	$ 49.1

Stock-based and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 28, 2025

Disclosure of Compensation Related Costs, Share-based Payments and Deferred Compensation [Abstract]

Schedule of compensation cost for share-based payment arrangements, allocation of share-based compensation costs

The Company recognized stock-based compensation expense as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Stock-based compensation expense, net of capitalized expense (1)	$	7,354	$	7,415	$	11,613

________________

(1)Includes cumulative life-to-date adjustments to decrease expense for PSUs granted in prior fiscal years based on updated assumptions regarding the criteria set forth in the award agreements.

Schedule of nonvested performance-based units and restricted stock units activity

The following table presents a summary of the Company’s PSU and RSU activity:


			WEIGHTED AVERAGE GRANT DATE FAIR VALUE PER UNIT				AGGREGATE INTRINSIC VALUE (1)
(in thousands, except per unit data)	PSUs	RSUs	PSUs		RSUs		PSUs		RSUs
Outstanding as of December 29, 2024	722	1,044	$	27.42	$	19.80	$	8,860	$	12,814
Granted	411	1,300	$	7.22	$	7.24
Performance adjustment (2)	(229)	—	$	26.10	$	—
Vested	—	(503)	$	—	$	20.05
Forfeited	(278)	(380)	$	24.19	$	16.18
Outstanding as of December 28, 2025	626	1,461	$	16.08	$	9.48	$	4,253	$	9,920
Expected to vest as of December 28, 2025 (3)	360	1,461					$	2,447	$	9,920

________________

(1)Based on the $12.27 and $6.79 share price of the Company’s common stock on the last trading day of the years ended December 29, 2024 and December 28, 2025, respectively.

(2)Represents adjustment to 0% payout for PSUs granted during 2022.

Schedule of Monte Carlo schedule of assumptions used to calculate fair value of PSUs

Assumptions used in the Monte Carlo simulation model and the grant date fair value of PSUs granted were as follows for the periods indicated:


	FISCAL YEAR
	2024		2023
Assumptions:
Risk-free interest rate (1)	4.37	%	4.26	%
Dividend yield (2)	3.49	%	3.47	%

Volatility (3)	51.41	%	51.02	%

________________

(1)Risk-free interest rate is the U.S. Treasury yield curve in effect as of the grant date for the performance period of the unit.

(2)Dividend yield is the level of dividends expected to be paid on the Company’s common stock over the expected term.

(3)Based on the historical volatility of the Company’s stock over the last seven years.

Schedule of employee service share-based compensation, allocation of recognized period costs

The following represents PSU and RSU compensation information for the periods indicated:


	FISCAL YEAR
	2025				2024				2023
(dollars in thousands, except per unit data)	PSUs		RSUs		PSUs		RSUs		PSUs		RSUs
Grant date fair value per unit (1)	$	7.22	$	7.24	$	27.26	$	18.76	$	29.01	$	24.18

Intrinsic value for vested units	$	—	$	4,335	$	12,593	$	8,072	$	12,908	$	10,275
Grant date fair value of vested units	$	—	$	10,084	$	12,025	$	7,603	$	9,332	$	8,257
Tax benefits for compensation expense	$	—	$	527	$	622	$	1,152	$	745	$	1,528

Unrecognized expense	$	1,969	$	9,392
Remaining weighted average vesting period	2.3 years		1.8 years

________________

The following represents stock option compensation information for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2024		2023
Intrinsic value of options exercised	$	718	$	6,200

Cash received from option exercises, net of tax withholding	$	4,354	$	31,778
Grant date fair value of stock options vested	$	—	$	1,037
Tax benefits for stock option compensation expense	$	111	$	757

Schedule of share-based compensation, stock options, activity

The following table presents a summary of the Company’s stock option activity:


(in thousands, except exercise price and contractual life data)	OPTIONS	WEIGHTED AVERAGE EXERCISE PRICE		WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE (YEARS)
Outstanding as of December 29, 2024	1,200	$	20.08	2.1


Forfeited or expired	(515)	$	20.35
Outstanding and exercisable as of December 28, 2025 (1)	685	$	19.88	0.3

________________

(1)No stock options were granted or exercised during 2025 and the outstanding options for both periods presented have an aggregate intrinsic value of $0.

Supplemental Balance Sheet Information (Other Assets, Net) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Supplemental Balance Sheet Information [Abstract]

Company-owned life insurance

$ 35,473

$ 31,971

Deferred debt issuance costs - revolving credit facility

^[1]

8,475

10,743

Liquor licenses

22,363

22,422

Contingent consideration assets

32,729

Other assets

12,253

9,335

Other assets, net

111,293

74,471

Accumulated amortization, deferred financing fees

$ 2,900

$ 600

[1]	Net of accumulated amortization of $2.9 million and $0.6 million as of December 28, 2025 and December 29, 2024, respectively.

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 28, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes (Effective Income Tax Rate 2025 - Table) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Amount

Income tax benefit at federal statutory rate

$ (1,720)

State and local income taxes net of federal tax benefit

^[1]

1,796

Foreign tax credits

(4,552)

Effect of changes in tax laws or rates enacted

655

Effect of cross-border tax laws

(881)

Employer related tax credits

(44,796)

Other credits

(26)

FICA on certain tips

9,507

Net officers' life insurance

(828)

Non-controlling interest

(1,048)

Goodwill impairment

5,919

Stock-based compensation

1,160

Executive compensation

1,026

Meals & entertainment

779

Other

250

Changes in unrecognized tax benefits

(316)

(Benefit) provision for income taxes

$ (26,699)

$ (12,134)

$ 18,402

Percent

Income tax benefit at federal statutory rate

21.00%

State and local income taxes, net of federal benefit

(21.90%)

^[1]

(7.80%)

3.80%

Valuation allowance on deferred tax assets

(5.30%)

(0.90%)

Foreign tax credits

55.60%

Other, net

1.40%

0.30%

Effect of changes in tax laws or rates enacted

(8.00%)

Effect of cross-border tax laws

10.80%

Employer related tax credits

546.90%

Employment-related credits, net

0.30%

58.90%

(15.90%)

FICA on certain tips

(116.10%)

Net officers' life insurance

10.10%

Non-controlling interest

0.128

Goodwill impairment

(0.723)

Stock-based compensation

(14.20%)

(2.20%)

1.00%

Executive compensation

(0.125)

Meals & entertainment

(9.50%)

Other

(3.00%)

Changes in unrecognized tax benefits

3.90%

Total

326.00%

20.60%

8.00%

Blended federal and state statutory income tax rate

26.00%

Brazil

Amount

Withholding taxes - royalties

$ 2,488

Withholding taxes - interest on final installment from Brazil sale transaction

$ 2,260

Percent

Withholding taxes - royalties

(30.40%)

Withholding taxes - interest on final installment from Brazil sale transaction

(0.276)

Korea

Amount

Withholding taxes - royalties

$ 1,660

Percent

Withholding taxes - royalties

(20.30%)

Netherlands

Amount

Income tax impact of outside basis difference on equity method investment

$ (861)

Foreign currency gains related to deferred installment

2,024

Valuation allowance on deferred tax assets

958

Foreign tax credits

(2,260)

Other - net

$ 230

Percent

Income tax impact of outside basis difference on equity method investment

0.105

Foreign currency gains related to deferred installment

(0.247)

Valuation allowance on deferred tax assets

(11.70%)

27.60%

(2.80%)

Amount

$ 241

Percent

Other, net

(2.90%)

U.S.

Amount

Other - net

$ (364)

Percent

Other, net

4.40%

[1]	Florida and Texas made up the majority (greater than 50%) of the tax effect in this category

Stock-based and Deferred Compensation Plans (PSU and RSU Activity - Text) (Details)	12 Months Ended
	Dec. 28, 2025 shares
Performance-based share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement By share-based payment award, total shareholder return modifier, option 1	75.00%
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 2	100.00%
Share-based compensation arrangement by share-based payment award, total shareholder return modifier, option 3	125.00%
Share-based compensation arrangement by share-based payment award, cliff vesting period	3 years
Performance-based share units \| Common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares that would be issued on vesting of stock units	1
Performance-based share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	0.00%
Performance-based share units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	200.00%
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-based and Deferred Compensation Plans (Stock Options - Text) (Details)	12 Months Ended
	Dec. 28, 2025
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, expiration period	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations (Contingent Consideration Assets and Indemnification Liabilities) (Details) $ in Thousands	Dec. 28, 2025 USD ($)	Dec. 30, 2024 USD ($)	Dec. 29, 2024 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration assets	$ 32,729		$ 0
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration, asset and liability, measurement input	0.13
Discontinued operations, disposed of by sale \| Brazil disposal group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent consideration assets	$ 32,700	$ 29,300
Discontinued operation, amounts of material contingent liabilities remaining	$ 7,600	$ 6,900

Commitments and Contingencies

12 Months Ended

Dec. 28, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Guarantees - The Company assigned its interest, and is contingently liable, under certain real estate leases, the latest of which expires in 2032. As of December 28, 2025, the undiscounted payments the Company could be required to make in the event of non-payment by the primary lessees was approximately $10.4 million. The present value of these potential payments discounted at the Company’s incremental borrowing rate as of December 28, 2025 was approximately $8.8 million. In the event of default on certain guarantees, the indemnity clauses in the Company’s purchase and sale agreements govern its ability to pursue and potentially recover damages incurred. As of December 28, 2025 and December 29, 2024, the Company’s recorded contingent lease liability was $1.6 million.

Purchase Obligations - Purchase obligations were $159.6 million and $168.5 million as of December 28, 2025 and December 29, 2024, respectively. These purchase obligations are primarily due within three years, however commitments with various vendors extend through December 2034. Outstanding commitments consist primarily of inventory, technology, marketing, store-level services and fixtures and equipment. In 2025, the Company purchased more than 80% of its beef raw materials from four beef suppliers that represent a significant portion of the total beef marketplace.

Litigation and Other Matters - The Company is subject to legal proceedings, claims and liabilities, such as liquor liability, slip and fall cases, wage and hour and other employment-related litigation, which arise in the ordinary course of business. A reserve is recorded when it is both: (i) probable that a loss has occurred and (ii) the amount of loss can be reasonably estimated. The Company evaluates, on a quarterly basis, developments in legal proceedings that could cause an increase or decrease in the amount of the reserve that has been previously recorded, or a revision to the disclosed estimated range of possible losses, as applicable.

The Company’s legal proceedings range from cases brought by a single plaintiff to threatened class actions with many putative class members. While some matters pending against the Company specify the damages claimed by the plaintiff or class, others may seek unspecified amounts or are at very early stages of the legal process. Even when the amount of damages claimed against the Company are stated, the claimed amount may be exaggerated, unsupported or unrelated to possible outcomes, and as such, are not meaningful indicators of the Company’s potential liability or financial exposure. As a result, some matters have not yet progressed sufficiently through discovery or development of important factual information and legal issues to enable the Company to estimate an amount of loss or a range of possible loss.

The Company intends to defend itself in legal matters. Some of these matters may be covered, at least in part, by insurance if they exceed specified retention or deductible amounts. However, it is possible that claims may be denied by the Company’s insurance carriers, the Company may be required by its insurance carriers to contribute to the payment of claims, or the Company’s insurance coverage may not continue to be available on acceptable terms or in sufficient amounts. The Company records receivables from third party insurers when recovery has been determined to be probable. The Company believes that the ultimate determination of liability in connection with legal claims pending against the Company, if any, in excess of amounts already provided for such matters in the consolidated financial statements, will not have a material adverse effect on its business, annual results of operations, liquidity or financial position. However, it is possible that the Company’s business, results of operations, liquidity or financial condition could be materially affected in a particular future reporting period by the unfavorable resolution of one or more matters or contingencies during such period.

In recent years, certain subsidiaries of the Company were named in collective actions alleging violations of the Fair Labor Standards Act and state wage and hour laws. For these and other matters, the Company recorded reserves of $4.9 million and $2.3 million as of December 28, 2025 and December 29, 2024, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets. While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals. During 2025, 2024 and 2023, the Company recognized $3.0 million, $(0.9) million and $(0.2) million, respectively, in Other restaurant operating expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for certain legal reserves and settlements. Legal fees are recognized as incurred and are reported in General and administrative expense in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss).

Insurance - As of December 28, 2025, the future undiscounted payments the Company expects for workers’ compensation, general liability and health insurance claims are as follows:


	FISCAL YEAR
(dollars in thousands)	2026		2027		2028		2029		2030		THEREAFTER		TOTAL
Undiscounted payments	$	23,079	$	15,233	$	11,896	$	7,262	$	3,950	$	8,771	$	70,191


(dollars in thousands)	DECEMBER 28, 2025		DECEMBER 29, 2024
Undiscounted reserves	$	70,191	$	59,407
Discount (1)	(5,670)		(6,361)
Discounted reserves	$	64,521	$	53,046

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:
Accrued and other current liabilities	$	22,733	$	19,527
Other long-term liabilities, net	41,788		33,519
	$	64,521	$	53,046

____________________

(1) Discount rates of 3.71% and 4.21% were used for December 28, 2025 and December 29, 2024, respectively.

Segment Reporting (Long-lived Assets by Geographic Area) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Segment reporting information [Line Items]

Long-lived assets

$ 1,087,905

$ 1,022,992

U.S.

Segment reporting information [Line Items]

Long-lived assets

1,022,451

1,018,309

International

Segment reporting information [Line Items]

Long-lived assets

^[1]

$ 65,454

$ 4,683

[1]	Includes the Company’s equity method investment in Brazil.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common stock

Additional paid-in capital

Accumulated deficit

Accumulated other comprehensive (loss) income

Noncontrolling interests

Balance at beginning of period (in shares) at Dec. 25, 2022

87,696,000

Balance at beginning of period at Dec. 25, 2022

$ 273,909

$ 877

$ 1,161,912

$ (706,109)

$ (185,311)

$ 2,540

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

254,414

247,386

7,028

Other comprehensive income (loss) attributable to Bloomin' Brands

7,007

Cash dividends declared per common share

(83,742)

Repurchase and retirement of common stock, including excise tax (in shares)

(2,807,000)

Repurchase and retirement of common stock, including excise tax

(70,136)

$ (28)

(70,108)

Stock-based compensation

11,911

Common stock issued under stock plans (in shares)

^[1]

2,080,000

Common stock issued under stock plans

^[1]

25,327

$ 21

25,306

Distributions to noncontrolling interests

(8,684)

Contributions from noncontrolling interests

1,997

Balance at end of period (in shares) at Dec. 31, 2023

86,969,000

Balance at end of period at Dec. 31, 2023

412,003

$ 870

1,115,387

(528,831)

(178,304)

2,881

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(122,655)

(128,018)

5,363

Other comprehensive income (loss) attributable to Bloomin' Brands

(34,489)

Cash dividends declared per common share

(82,574)

Repurchase and retirement of common stock, including excise tax (in shares)

(10,073,000)

Repurchase and retirement of common stock, including excise tax

(266,423)

$ (100)

(5,681)

(260,642)

Stock-based compensation

7,484

Common stock issued under stock plans (in shares)

^[1]

759,000

Common stock issued under stock plans

^[1]

(1,728)

$ 8

(1,736)

Distributions to noncontrolling interests

(7,113)

Contributions from noncontrolling interests

2,805

Issuance of common stock from repurchase of convertible senior notes (in shares)

7,489,000

Issuance of common stock from repurchase of convertible senior notes

216,152

$ 74

216,078

Retirement of convertible senior note hedges (in shares)

(289,000)

Retirement of convertible senior note hedges

118,197

$ (3)

126,543

(8,343)

Retirement of warrants

$ (102,213)

(102,213)

Balance at end of period (in shares) at Dec. 29, 2024

84,854,768

84,855,000

Balance at end of period at Dec. 29, 2024

$ 139,446

$ 849

1,273,288

(925,834)

(212,793)

3,936

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

13,229

8,237

4,992

Other comprehensive income (loss) attributable to Bloomin' Brands

221,901

Cash dividends declared per common share

(38,266)

Stock-based compensation

7,780

Common stock issued under stock plans (in shares)

^[1]

367,000

Common stock issued under stock plans

^[1]

(1,161)

$ 3

(1,164)

Distributions to noncontrolling interests

(6,741)

Contributions from noncontrolling interests

1,376

Retirement of warrants

$ (399)

(399)

Balance at end of period (in shares) at Dec. 28, 2025

85,221,767

85,222,000

Balance at end of period at Dec. 28, 2025

$ 337,165

$ 852

$ 1,241,239

$ (917,597)

$ 9,108

$ 3,563

[1]	Net of shares withheld for employee taxes.

Goodwill and Intangible Assets, Net (Goodwill Rollforward - Table) (Details) - USD ($)

3 Months Ended

12 Months Ended

Jun. 29, 2025

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

^[3]

Goodwill [Roll Forward]

Goodwill, gross

$ 1,001,376,000

Accumulated impairment losses

(816,241,000)

(788,053,000)

Goodwill, net

185,135,000

213,323,000

^[1]

Impairment

$ 0

(28,188,000)

^[2],[3]

^[3]

$ 0

Assets of discontinued operations held for sale

Goodwill [Roll Forward]

Goodwill, held for sale

51,900,000

U.S. total

Goodwill [Roll Forward]

Goodwill, gross

838,827,000

Accumulated impairment losses

(696,358,000)

(668,170,000)

Goodwill, net

142,469,000

170,657,000

^[1]

Impairment

^[2]

(28,188,000)

International Franchise

Goodwill [Roll Forward]

Goodwill, gross

162,549,000

Accumulated impairment losses

(119,883,000)

Goodwill, net

42,666,000

$ 42,666,000

^[1]

Impairment

^[2]

$ 0

[1]	Excludes $51.9 million of Goodwill, net as of December 29, 2024, classified as held for sale.
[2]	Relates to goodwill impairment from Bonefish Grill as a result of the impairment analysis performed during the thirteen weeks ended December 28, 2025.
[3]	Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

+ References + Details

Leases (Lease Costs) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 28, 2025

Dec. 29, 2024

Dec. 31, 2023

Schedule of Lease Costs [Line Items]

Operating lease cost

^[1]

$ 169,867

$ 169,661

$ 171,248

Variable lease cost

4,437

3,878

2,930

Finance Lease, Cost [Abstract]

Amortization of leased assets

2,872

2,032

1,975

Interest on lease liabilities

976

710

667

Sublease revenue

(6,764)

(7,060)

(7,614)

Lease costs, net

171,388

169,221

169,206

General and administrative

Schedule of Lease Costs [Line Items]

Operating lease cost

$ 13,400

$ 14,300

$ 12,100

[1]	Excludes rent expense for office facilities and closed or subleased properties of $13.4 million, $14.3 million and $12.1 million for 2025, 2024 and 2023, respectively, which is included in General and administrative expense.

Commitments and Contingencies (Lease Guarantees) (Details) - Property lease guarantee - USD ($) $ in Millions	Dec. 28, 2025	Dec. 29, 2024
Guarantor Obligations [Line Items]
Lease guarantees, maximum exposure, undiscounted	$ 10.4
Lease guarantees, maximum exposure at present value	8.8
Lease guarantees, current carrying value	$ 1.6	$ 1.6

Summary of Significant Accounting Policies (Insurance Reserves) (Details) - Workers' compensation and general liability	12 Months Ended
	Dec. 28, 2025
Minimum
Insurance [Line Items]
Insurance, annual risk free rate, period	1 year
Maximum
Insurance [Line Items]
Insurance, annual risk free rate, period	5 years

Discontinued Operations (Tables)

12 Months Ended

Dec. 28, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations balance sheet and income statement details


(dollars in thousands)	DECEMBER 29, 2024
ASSETS
Current assets

Inventories	$	7,872







Other current assets, net	15,117
Total current assets of disposal group classified as held for sale	$	22,989
Non-current assets
Property, fixtures and equipment, net	$	99,532
Operating lease right-of-use assets	43,884
Goodwill	51,906
Intangible assets, net	6,841
Deferred income tax assets, net	2,056
Other assets, net	64,553
Total non-current assets	268,772

Impairment of disposal group assets	(68,271)
Net non-current assets of disposal group classified as held for sale	$	200,501

LIABILITIES
Current liabilities
Accounts Payable	$	24,168
Current operating lease liabilities	10,109
Accrued and other current liabilities	52,442
Unearned revenue	1,237
Total current liabilities of disposal group classified as held for sale	$	87,956
Non-current liabilities
Non-current operating lease liabilities	$	36,297
Other long-term liabilities, net	13,568
Total non-current liabilities of disposal group classified as held for sale	$	49,865

(Loss) income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) includes the following for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023



Revenues	$	—	$	525,268	$	529,671
Operating costs and expenses (1)	—		562,324		487,883
Gain on sale of Brazil business (2)	2,857		—		—








Income (loss) from operations	2,857		(37,056)		41,788


Provision for income taxes	3,394		38,926		159
(Loss) income from discontinued operations, net of tax (3)	$	(537)	$	(75,982)	$	41,629

____________________

(2)Includes net foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Summary of Significant Accounting Policies (Advertising Costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 28, 2025	Dec. 29, 2024	Dec. 31, 2023
Other restaurant operating
Schedule of Advertising Costs [Line Items]
Advertising expense	$ 93.1	$ 111.3	$ 96.2

Commitments and Contingencies (Undiscounted Reserves to the Discounted Reserves) (Details) - USD ($)
$ in Thousands

Dec. 28, 2025

Dec. 29, 2024

Insurance [Line Items]

Undiscounted reserves

$ 70,191

$ 59,407

Discount

^[1]

(5,670)

(6,361)

Discounted reserves

$ 64,521

$ 53,046

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:

Discount rate

3.71%

4.21%

Accrued and other current liabilities

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:

Accrued and other current liabilities

$ 22,733

$ 19,527

Other long-term liabilities, net

Discounted reserves recognized on the Company’s Consolidated Balance Sheets:

Other long-term liabilities, net

$ 41,788

$ 33,519

[1]	Discount rates of 3.71% and 4.21% were used for December 28, 2025 and December 29, 2024, respectively.

Cover Page - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
Cover Page - USD ($) $ / shares in Units, $ in Millions	Dec. 28, 2025	Feb. 20, 2026	Jun. 29, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 28, 2025
Current Fiscal Year End Date	--12-28
Document Transition Report	false
Entity File Number	001-35625
Entity Registrant Name	BLOOMIN’ BRANDS, INC.
Entity Incorporation, State	DE
Entity Tax Identification Number	20-8023465
Entity Address Line One	2202 North West Shore Boulevard
Entity Address Line Two	Suite 500
Entity Address City	Tampa
Entity Address State	FL
Entity Address Postal Zip Code	33607
City Area Code	813
Local Phone Number	282-1225
Title of 12(b) Security	Common Stock
Security Trading Currency	USD
Par Value Per Share	$ 0.01
Trading Symbol	BLMN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Reporting Company	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction Flag	false
Entity Shell Company	false
Entity Public Float			$ 731.0
Entity Common Stock, Shares Outstanding		85,227,623
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III, Items 10-14 of this Annual Report on Form 10-K.
Amendment Flag	false
Entity Central Index Key	0001546417
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY

Summary of Significant Accounting Policies

12 Months Ended

Dec. 28, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business - Bloomin’ Brands, Inc. (“Bloomin’ Brands” or the “Company”), a holding company that conducts its operations through its subsidiaries, is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. OSI Restaurant Partners, LLC (“OSI”) is the Company’s primary operating entity.

The Company owns and operates casual, polished casual and fine dining restaurants. The Company’s restaurant portfolio includes Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. Additional Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill restaurants are operated under franchise agreements.

Basis of Presentation - The Company’s consolidated financial statements include the accounts and operations of Bloomin’ Brands and its subsidiaries.

Principles of Consolidation - All intercompany accounts and transactions have been eliminated in consolidation.


Level 1			Unadjusted quoted market prices in active markets for identical assets or liabilities
Level 2			Observable inputs available at measurement date other than quoted prices included in Level 1
Level 3			Unobservable inputs that cannot be corroborated by observable market data

Inventories - Inventories consist of food and beverages and are stated at the lower of cost (first-in, first-out) or net realizable value.


Buildings (1)			5 to 30 years
Furniture and fixtures			5 to 7 years
Equipment			2 to 7 years

Computer equipment and software			2 to 7 years

____________________

(1)Includes improvements to leased properties which are depreciated over the shorter of their useful life or reasonably certain lease term, including reasonably certain renewal periods.

Depreciation and repair and maintenance expense are as follows for the periods indicated:


	FISCAL YEAR
(dollars in thousands)	2025		2024		2023
Depreciation expense	$	173,855	$	171,755	$	165,190
Repair and maintenance expense	$	117,437	$	113,245	$	114,768

unit or trade name is compared to its calculated fair value, with any excess of carrying value over fair value deemed to be an impairment.

the 2025 Notes upon conversion in cash and any excess in shares. As a result, only the amounts in excess of the principal amount were considered in diluted earnings per share.

Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

Fair Value Measurements

12 Months Ended

Dec. 28, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements


	CONSOLIDATED BALANCE SHEET CLASSIFICATION	MEASUREMENT LEVEL	FAIR VALUE
(dollars in thousands)			DECEMBER 28, 2025		DECEMBER 29, 2024
Assets:
Short-term investments	Cash and cash equivalents	Level 1	$	5,597	$	11,868


Interest rate swaps	Other current assets, net	Level 2	$	208	$	—
Foreign currency forward contracts	Other current assets, net	Level 2	$	—	$	304




Liabilities:
Interest rate swaps	Accrued and other current liabilities	Level 2	$	330	$	579

Interest rate swaps	Other long-term liabilities	Level 2	$	87	$	255

Fair value of each class of financial instruments is determined based on the following:


FINANCIAL INSTRUMENT						METHODS AND ASSUMPTIONS
Short-term investments						Carrying value approximates fair value because maturities are less than three months.
Derivative instruments						The Company’s derivative instruments include interest rate swaps and foreign currency forward contracts. Fair value measurements are based on the contractual terms of the derivatives and observable market-based inputs. Interest rate swaps are valued using a discounted cash flow analysis on the expected cash flows of each derivative using observable inputs including interest rate curves and credit spreads. Foreign currency forwards are valued by comparing the contracted forward exchange rate to the current market forward exchange rate. Key inputs for the valuation of the foreign currency forwards are spot rates, foreign currency forward rates, and the interest rate curve of the domestic currency. The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. As of December 28, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value. Carrying value after impairment approximates fair value. The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the periods indicated:


	2025				2024				2023
(dollars in thousands)	REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT		REMAINING CARRYING VALUE		TOTAL IMPAIRMENT

Operating lease right-of-use assets (1)	$	23,363	$	11,273	$	14,053	$	23,895	$	4,057	$	10,210
Property, fixtures and equipment (2)	27,325		31,931		17,096		22,540		4,623		30,202
Goodwill (3)	—		28,188		—		—		—		—
	$	50,688	$	71,392	$	31,149	$	46,435	$	8,680	$	40,412

________________

(1)Carrying values measured using discounted cash flow models (Level 3).

(3)Carrying values measured using Level 3 inputs. See Footnote 9 - Goodwill and Intangible Assets, Net for additional details.

See Note 5 - Impairments and Exit Costs for information regarding impairment charges. Projected future cash flows, including discount rate and growth rate assumptions, are derived from current economic conditions, expectations of management and projected trends of current operating results. As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

In the assessment of impairment for operating locations, the Company determines the fair values of individual operating locations using an income approach, which requires discounting projected future cash flows. When determining the stream of projected future cash flows associated with an individual operating location, management makes assumptions, including highest and best use and inputs from restaurant operations, where necessary, and about key variables including the following unobservable inputs: revenue growth rates, controllable and uncontrollable expenses, and asset residual values. In order to calculate the present value of those future cash flows, the Company discounts its cash flow estimates at its weighted-average cost of capital applicable to the country in which the measured assets reside.

Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt. The fair values of cash equivalents, accounts receivable and accounts payable approximate their carrying amounts reported on its Consolidated Balance Sheets due to their short duration.

Debt is carried at amortized cost; however, the Company estimates the fair value of debt for disclosure purposes. The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:


	DECEMBER 28, 2025				DECEMBER 29, 2024
	CARRYING VALUE		FAIR VALUE LEVEL 2			CARRYING VALUE		FAIR VALUE LEVEL 2
(dollars in thousands)

Senior secured credit facility - revolving credit facility	$	490,000	$	490,000		$	710,000	$	710,000



2025 Notes (1)	$	—	$	—		$	20,724	$	24,145
2029 Notes	$	300,000	$	269,505		$	300,000	$	270,132

________________

(1)On May 1, 2025, the 2025 Notes matured and were settled in cash. See Note 11 - Convertible Senior Notes for additional details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Topic 820
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Long-term Debt, Net (2029 Notes Narrative) (Details) - 2029 Notes - Unsecured debt - USD ($)	Dec. 28, 2025	Dec. 29, 2024	Apr. 16, 2021
Debt instrument [Line Items]
Debt instrument, face amount			$ 300,000,000.0
Interest rate, stated percentage, floor	5.13%	5.13%	5.125%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details