Bloomin' Brands

BLMN · Nasdaq · Consumer Discretionary · Financials, fiscal 2016 to 2025

BLMN · Last close · November 6, 2026

$9.75

Bloomin' Brands' revenue rose 0.1% to $4.0 billion in fiscal 2025. Its operating margin was 0.9%, down from 3.5% a year earlier. Free cash flow was $97 million, up 1208.6%. It paid out $38 million in dividends and buybacks, 40% of free cash flow. The diluted share count fell 0.7%.

BLOOMIN’ BRANDS, INC. Latest fiscal year ended December 28, 2025 10-K filed February 25, 2026 · 0001546417-26-000009 Updated November 9, 2026

Revenue

$4.0B

0.1%

Operating margin

0.9%

2.6 pts

Net income

$8M

Free cash flow

$97M

1208.6%

Return on capital

2.7%

7.3 pts

Market cap

$835M

Nov 6 close

P/E

11.7x

On $0.83 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Bloomin' Brands does

Bloomin' Brands owns and franchises restaurants. Its chains are Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. They range from casual dining to fine dining.

As of December 28, 2025, it owned and operated 967 restaurants and franchised 493 across 46 states, Guam and 12 countries. It treats each U.S. restaurant concept and each international franchise market as an operating segment and reports two segments: the U.S., which includes all U.S. restaurants, and international franchise, which covers franchised restaurants outside the U.S. In the U.S. segment, it owned and operated 957 restaurants and franchised 138.

Outback is a casual steakhouse with Australian decor and a menu built around steaks, ribs, chicken and seafood, and it is known for its Bloomin' Onion appetizer. On December 30, 2024, the company sold the majority of its Brazil operations, and all restaurants there now run as unconsolidated franchisees. It says it competes with many other restaurants and prepared-food options.

Its biggest risks, as it describes them

Food safety and food-borne illness problems in its restaurants or the wider supply chain.
Strong competition in restaurants, and a growing range of other prepared food options.
Hiring, training and keeping restaurant managers and hourly team members.
Changing consumer preferences, and the fast effects of social media on its brands.
Suppliers or distributors that cannot meet their contracts.

From Bloomin' Brands's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 12.7% a year and net income 16.0% a year, while buybacks cut the share count by 25%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	88	85	112	70	60
Debt incl. finance leases	784	833	791	1,038	799
Net debt (negative means net cash)	697	749	680	968	739
Net debt to EBITDA	1.5x	1.6x	1.5x	3.1x	3.4x
Debt to equity	3.6x	3.1x	1.9x	—	2.4x
Interest coverage	6.6x	7.8x	5.5x	2.3x	0.6x
Current ratio	0.4x	0.3x	0.3x	0.3x	0.3x
Quick ratio	0.3x	0.3x	0.3x	0.3x	0.2x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Bloomin' Brands' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Bloomin' Brands' projections

Insider trades

No officer, director or 10% owner of Bloomin' Brands reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	8 of 9	4 of 9	7 of 9
Rule of 40	10.0%	−5.0%	2.6%
Altman Z''	−1.07	−1.79	−2.00
Accruals ratio	−8.4%	−10.5%	−8.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	8 of 9	4 of 9	7 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Bloomin' Brands side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Bloomin' Brands	FY25	0.1%	0.9%	2.5%	2.7%	3.4x	7
Cheesecake Factory	FY25	4.8%	5.0%	4.1%	20.5%	1.4x	5	Compare
Cracker Barrel	FY26	−4.7%	−0.4%	2.7%	—	—	—	Compare
Domino's	FY25	5.0%	19.3%	13.6%	92.2%	4.5x	8	Compare
Brinker International	FY26	7.9%	10.7%	9.6%	66.0%	0.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4,252	4,213	4,126	4,139	3,171	4,122	4,009	4,168	3,950	3,956
Revenue growth	−2.9%	−0.9%	−2.1%	0.3%	−23.4%	30.0%	−2.7%	4.0%	−5.2%	0.1%
Gross profit	2,898	2,896	2,831	2,862	2,188	2,893	2,772	2,928	2,803	2,779
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	124	139	145	191	−175	309	306	283	140	37
Net income	39	101	107	131	−159	216	102	247	−128	8
Diluted EPS (US$)	0.34	1.02	1.14	1.45	−1.85	2.00	1.03	2.56	−1.49	0.10
Diluted shares (millions)	114	100	94	90	88	108	98	96	86	85
Cash flow
Cash from operations	341	409	288	318	139	402	391	532	228	277
Capital expenditure	261	261	208	162	88	123	193	282	221	180
Free cash flow	80	148	80	156	51	280	198	250	7	97
Dividends paid	31	31	33	36	18	0	50	84	83	38
Share buybacks	310	273	114	107	0	0	109	71	266	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	22	26	27	25	15	24	16	12	8	8
Balance sheet at fiscal year end
Cash and short-term investments	127	128	72	67	110	88	85	112	70	60
Debt incl. finance leases	1,090	1,118	1,071	1,025	1,000	784	833	791	1,038	799
Total assets	2,642	2,562	2,465	3,593	3,362	3,294	3,320	3,424	3,385	3,172
Total liabilities	2,446	2,481	2,410	3,415	3,351	3,071	3,046	3,012	3,245	2,835
Shareholders' equity	183	70	46	170	4	216	271	409	136	334
Margins and ratios
Gross margin	68.1%	68.7%	68.6%	69.1%	69.0%	70.2%	69.1%	70.2%	70.9%	70.2%
Operating margin	2.9%	3.3%	3.5%	4.6%	−5.5%	7.5%	7.6%	6.8%	3.5%	0.9%
Net margin	0.9%	2.4%	2.6%	3.1%	−5.0%	5.2%	2.5%	5.9%	−3.2%	0.2%
Free cash flow margin	1.9%	3.5%	1.9%	3.8%	1.6%	6.8%	4.9%	6.0%	0.2%	2.5%
Rule of 40 (growth + FCF margin)	−1.0%	2.6%	−0.1%	4.1%	−21.8%	36.8%	2.2%	10.0%	−5.0%	2.6%
Return on capital	7.3%	11.4%	13.7%	16.5%	−13.6%	30.4%	23.1%	24.6%	10.0%	2.7%
Return on equity	13.3%	—	—	—	—	—	41.8%	72.7%	−47.0%	3.5%
Return on assets	1.4%	3.9%	4.3%	4.3%	−4.6%	6.5%	3.1%	7.3%	−3.8%	0.2%
Net debt to EBITDA	3.0x	3.0x	2.9x	2.5x	168.3x	1.5x	1.6x	1.5x	3.1x	3.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Bloomin' Brands' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Bloomin' Brands.