Brinker International

EAT · NYSE · Consumer Discretionary · Financials, fiscal 2017 to 2026

EAT · Last close · October 26, 2026

$187.98

Brinker International's revenue rose 7.9% to $5.8 billion in fiscal 2026. Its operating margin was 10.7%, up from 9.5% a year earlier. Free cash flow was $558 million, up 34.8%. It paid out $444 million in dividends and buybacks, 80% of free cash flow. The diluted share count fell 2.8%.

Brinker International, Inc. Latest fiscal year ended June 24, 2026 10-K filed August 19, 2026 · 0000703351-26-000029 Updated October 9, 2026

Revenue

$5.8B

7.9%

Operating margin

10.7%

1.2 pts

Net income

$487M

27.1%

Free cash flow

$558M

34.8%

Return on capital

66.0%

11.7 pts

Market cap

$8.4B

Oct 26 close

P/E

17.3x

On $10.87 EPS, FY26

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.

What Brinker International does

Brinker owns, runs and franchises two restaurant brands: Chili's Grill & Bar and Maggiano's Little Italy. Chili's is a casual dining chain with a Southwest-inspired American menu, built around burgers, fajitas, chicken and margaritas. It operates in the United States and in other countries, including through franchisees. Maggiano's is a full-service Italian American restaurant brand that serves everyday meals and also hosts banquets and large-party events in dedicated spaces.

Brinker earns its money mainly from sales at the restaurants it owns, and also from franchise fees and other income from franchised locations. Most sales at both brands come from food and non-alcoholic drinks, with alcoholic drinks making up the rest. Brinker says Chili's competes with other casual dining restaurants on food quality, value, service and atmosphere.

Most restaurant staff are hourly team members, and most of those work part-time. The company is based in Dallas, Texas.

Its biggest risks, as it describes them

Failing to carry out its business strategy for its restaurant brands.
Shifts in what customers want to eat, which could reduce demand at its restaurants.
Food safety incidents or bad publicity at its restaurants or in its supply chain.
Problems recruiting, training and keeping restaurant managers and team members.
Many company-owned restaurants sit in a few states, so regional trends affect it more.

From Brinker International's annual report on Form 10-K, filed August 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

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

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 15.6% a year and net income 13.9% a year, as buybacks cut the share count by 13%.

Net income

US$ billions, fiscal years; loss years in red.

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

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Brinker International yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Brinker International's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Brinker International's fiscal 2026 free cash flow of $558M, net cash of −$335M at June 24, 2026 and 45 million diluted shares, from its filings. The scenarios are fitted to Brinker International: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 12.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Restaurants), plus 1 point as a smaller company, worth $8.4B; the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 24, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Brinker International's own revenue growth, as above. Cautious: growth of 6% then 4% a year, 2% after year 10, a 11% discount rate. Base: growth of 12% then 7% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 18% then 10.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $187.98
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Brinker International's earnings per share of $10.87 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.8×, the middle of Brinker International's own P/E today, its peers' median and its sector's median (the Consumer Discretionary median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Texas Roadhouse, Domino's, Yum! Brands, Cheesecake Factory.

Earnings growth in the years ahead (% a year) Starts at Brinker International's revenue growth over the last 3 years, 12.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $187.98
Value at this multiple, against the last close: —
Brinker International's P/E at the last close: 17.3×

Company	Last close	Earnings per share	P/E today
Cheesecake FactoryCAKE	$110.13	$3.69	29.8×
Texas RoadhouseTXRH	$165.82	$6.25	26.5×
Yum! BrandsYUM	$149.47	$7.95	18.8×
Brinker InternationalEAT	$187.98	$10.87	17.3×
Domino'sDPZ	$313.32	$18.15	17.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	14	15	65	19	110
Debt incl. finance leases	1,009	922	800	444	445
Net debt (negative means net cash)	996	907	736	425	335
Net debt to EBITDA	3.1x	2.9x	1.9x	0.6x	0.4x
Debt to equity	—	—	—	1.2x	1.0x
Interest coverage	3.5x	2.6x	3.5x	9.6x	15.3x
Current ratio	0.4x	0.3x	0.4x	0.3x	0.5x
Quick ratio	0.3x	0.3x	0.3x	0.2x	0.4x

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.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Brinker International shares on the open market, and 14 insiders sold $59.2 million, $30.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	James C KatzmanDirector	Sold plan	650	$220.09	$143,058	Form 4
Sep 4, 2026	Frances L. AllenDirector	Sold	500	$234.50	$117,250	Form 4
Sep 1, 2026	Michaela M WareEVP, Chief Financial Officer	Sold	3,030	$233.48	$707,444	Form 4
Aug 28, 2026	Joseph Michael DePintoDirector	Sold	25,000	$230.39	$5.8 million	Form 4
Aug 25, 2026	Daniel S FullerSVP, Chief Legal Officer	Sold	1,909	$253.54	$484,008	Form 4
Aug 21, 2026	James M ButlerSVP Chief Supply Chain Officer	Sold	10,000	$240.37	$2.4 million	Form 4
Aug 17, 2026	Kevin HochmanPres. & CEO, Director	Sold plan	40,000	$243.15	$9.7 million	Form 4
Aug 17, 2026	Daniel S FullerSVP, Chief Legal Officer	Sold	9,960	$243.43	$2.4 million	Form 4
Aug 17, 2026	Daniel S FullerSVP, Chief Legal Officer	Sold	1,837	$245.86	$451,645	Form 4
Aug 14, 2026	Aaron M WhiteEVP, COO and CPO	Sold	16,220	$236.22	$3.8 million	Form 4
Aug 14, 2026	George S FelixEVP, Chief Marketing Officer	Sold	14,349	$237.47	$3.4 million	Form 4
Aug 14, 2026	Douglas N. ComingsSVP & COO, Chili's	Sold	5,000	$236.29	$1.2 million	Form 4

The latest 12 of 31 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Pass	Pass
F-score	7 of 8	6 of 8	8 of 8
Accruals ratio	−10.5%	−11.2%	−11.0%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Brinker International 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
Brinker International	FY26	7.9%	10.7%	9.6%	66.0%	0.4x	8
Texas Roadhouse	FY25	9.4%	8.1%	5.8%	33.0%	−0.2x	4	Compare
Domino's	FY25	5.0%	19.3%	13.6%	92.2%	4.5x	8	Compare
Yum! Brands	FY25	8.8%	31.3%	19.9%	54.8%	4.1x	6	Compare
Cheesecake Factory	FY25	4.8%	5.0%	4.1%	20.5%	1.4x	5	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 above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	3,151	3,135	3,218	3,078	3,338	3,804	4,133	4,415	5,384	5,807
Revenue growth	−3.3%	−0.5%	2.6%	−4.3%	8.4%	14.0%	8.7%	6.8%	21.9%	7.9%
Gross profit	2,360	2,339	2,395	2,280	2,470	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	256	226	231	63	199	160	144	230	512	620
Net income	151	126	155	24	132	118	103	155	383	487
Diluted EPS (US$)	2.94	2.72	3.96	0.63	2.83	2.58	2.28	3.40	8.32	10.87
Diluted shares (millions)	51	46	39	39	47	46	45	46	46	45
Cash flow
Cash from operations	315	284	213	245	370	252	256	422	679	789
Capital expenditure	103	101	168	104	94	150	185	199	265	232
Free cash flow	212	183	45	140	276	102	71	223	414	558
Dividends paid	71	70	60	57	2	1	1	0	0	0
Share buybacks	371	303	168	32	4	101	5	26	90	444
Acquisitions	0	0	3	95	0	107	0	0	0	0
Stock-based compensation	14	14	16	15	16	19	14	26	31	32
Balance sheet at fiscal year end
Cash and short-term investments	9	11	13	44	24	14	15	65	19	110
Debt incl. finance leases	1,292	1,507	1,216	1,221	939	1,009	922	800	444	445
Total assets	1,404	1,347	1,258	2,356	2,275	2,484	2,487	2,593	2,679	2,815
Total liabilities	1,897	2,066	2,036	2,835	2,578	2,752	2,631	2,554	2,308	2,371
Shareholders' equity	−494	−718	−778	−479	−303	−268	−144	39	371	444
Margins and ratios
Gross margin	74.9%	74.6%	74.4%	74.1%	74.0%	—	—	—	—	—
Operating margin	8.1%	7.2%	7.2%	2.0%	6.0%	4.2%	3.5%	5.2%	9.5%	10.7%
Net margin	4.8%	4.0%	4.8%	0.8%	3.9%	3.1%	2.5%	3.5%	7.1%	8.4%
Free cash flow margin	6.7%	5.8%	1.4%	4.6%	8.3%	2.7%	1.7%	5.0%	7.7%	9.6%
Return on capital	23.0%	21.3%	34.6%	11.2%	27.6%	23.8%	19.4%	28.1%	54.3%	66.0%
Return on equity	—	—	—	—	—	—	—	—	186.7%	119.6%
Return on assets	10.5%	9.2%	11.9%	1.4%	5.7%	4.9%	4.1%	6.1%	14.5%	17.7%
Net debt to EBITDA	3.1x	4.0x	3.2x	5.2x	2.6x	3.1x	2.9x	1.9x	0.6x	0.4x

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