Brinker International (EAT) Investor Day 2026 summary

Strategic Progress and Transformation

• Same-store sales and AUVs grew significantly, with AUVs rising from $3.3M to $5.0M and restaurant operating margins expanding by 660 basis points since 2023.

• Menu simplification cut 30% of SKUs, with $180M invested in labor and over $100M in advertising, improving execution, guest experience, and brand perception.

• Brand now leads in value and overall experience, with barbell pricing and everyday value leadership established.

• Market share gains reflected in 40 million more guest counts over two years, especially among Gen Z, and millions of new guests monthly.

• Operations reset stabilized teams, reduced turnover, and improved guest experience metrics.

Growth Drivers and Future Initiatives

• Growth driven by marketing, menu innovation, everyday low price, and operational throughput improvements.

• New growth layers include re-imaging 10% of the system per year, disciplined new unit expansion targeting 2%-3% new units annually, and ramping to 30 new units per year by FY29.

• Technology investments (handheld ordering, AI-enabled back office, kitchen display systems, POS upgrades) streamline operations and reduce bottlenecks.

• Menu innovation pipeline focuses on core categories and cultural relevance, driving sales and attracting younger guests.

• Early re-imaging results show 3%-5% sales lift per location.

Financial Outlook and Capital Allocation

• Record free cash flow of $558M, adjusted EBITDA of $847M, and net debt reduced to $335M.

• Lease-adjusted leverage reduced from 3.7x to 1.4x.

• Capital allocation priorities: invest for growth, maintain a strong balance sheet, and return excess cash to shareholders via 3%-5% annual share repurchases.

• CapEx to ramp from $275M to $400M as unit growth and remodels accelerate.

• Three-year targets: 4%-6% annual revenue growth, double-digit EPS growth, 2%-3% new unit growth, and 3%-5% share reduction.