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Bloomin’ Brands
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Latest analysis
Updated Nov 6, 2026
Bloomin' Brands posts Q3 2026 U.S. comp of +190bps but traffic remains negative; EPS guidance raised as Out West bankruptcy creates 61-unit acquisition opportunity.
Bloomin' Brands delivered Q3 2026 U.S. comparable restaurant sales of +1.9%, entirely check-driven (+370bps average check) while traffic declined 180bps, underperforming the Black Box industry benchmark on both metrics. Despite the traffic deficit, management raised full-year adjusted diluted EPS guidance to $0.97-$1.02 from $0.90-$1.00, citing turnaround momentum and non-guest-facing productivity gains tracking toward $30 million in 2027. The strategic wildcard is the Out West bankruptcy: Bloomin' has entered a stalking horse agreement for 61 Outback franchise locations, a move management frames as consistent with its invest-in-the-base-business capital allocation priority and not expected to impair the 3.0x leverage target by end of 2028.
Tone: cautiousRevenue
$4B
BLMN 10-K · FY 2025
Employees
64,000
Revenue FY2024
$4B
Headquarters
Tampa, FL
Profile
BLMN 10-K Item 1 · Feb 25, 2026Bloomin' Brands is one of the largest casual dining restaurant companies in the world, operating four distinct concepts: Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. The company operates through company-owned and franchised restaurants in the U.S. and internationally. In late 2024, it completed the sale of majority ownership of its Brazil operations, converting those restaurants to unconsolidated franchisees.
Read filing description ↓ Collapse description ↑
Bloomin' Brands, Inc., a Delaware corporation, is one of the largest casual dining restaurant companies in the world, with a portfolio of leading, differentiated restaurant concepts. Our restaurant portfolio includes Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill and Fleming's Prime Steakhouse & Wine Bar. Our restaurant concepts range in price point and degree of formality from casual (Outback Steakhouse and Carrabba's Italian Grill) to polished casual (Bonefish Grill) and fine dining (Fleming's Prime Steakhouse & Wine Bar). OSI Restaurant Partners, LLC, a wholly-owned subsidiary of Bloomin' Brands, is our primary operating entity. As of December 28, 2025, we owned and operated 967 restaurants and franchised 493 restaurants across 46 states, Guam and 12 countries. On December 30, 2024, we completed the sale of the majority ownership of our Brazil operations, and all restaurants in that market are now operated as unconsolidated franchisees. We generate our revenues from our Company-owned restaurants and through sales of franchise rights and ongoing royalties and other fees from our franchised restaurants. In November 2025, we announced a comprehensive turnaround strategy, with a key focus on Outback Steakhouse, to drive long-term sustainable and profitable growth. This strategy is based on four key platforms: delivering a remarkable dine-in experience, driving brand relevancy, reigniting a culture of ownership and fun, and investing in our restaurants.
Primary products
- Outback Steakhouse
- Carrabba's Italian Grill
- Bonefish Grill
- Fleming's Prime Steakhouse & Wine Bar
- Franchise rights and royalties
Business segments
End markets
Geographies
Named customers
“At an aggregate level, all major casual dining restaurants in markets in which we operate would be considered competitors of our concepts.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased 0.1% in fiscal 2025 compared to fiscal 2024, driven by new restaurant openings and a modest improvement in U.S. comparable restaurant sales, partially offset by restaurant closures.
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