Texas Roadhouse, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Texas Roadhouse, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,991	2,220	2,457	2,756	2,398	3,464	4,015	4,632	5,373	5,878
Cost of revenue				2,260	2,115	2,857	3,361	3,897
Gross profit				496	284	607	654	735
Selling and marketing	13.3	14.5	17.1	18.3	13.8	21.1	25	28.3	31.8	35.1
General and administrative	111	123	136	149	120	157	173	198	223	227
Operating income	172	186	188	212	23.8	297	320	354	517	475
Interest expense	1.26	1.58
Pre-tax income	172	186	189	214	19.3	293	321	358	524	481
Income tax	51.2	48.6	24.3	32.4	-15.7	39.6	43.7	44.6	80.1	66.4
Net income to minority interests	4.98	6.01	6.07	7.07	3.67	8.02	7.78	8.8	10.8	8.78
Net income	116	132	158	174	31.3	245	270	305	434	406
EBITDA	255	280	289	328	142	424	457	507	695	681
EPS, basic	1.64	1.85	2.21	2.47	0.45	3.52	3.99	4.56	6.50	6.11
EPS, diluted	1.63	1.84	2.20	2.46	0.45	3.50	3.97	4.54	6.47	6.10
Shares, basic (weighted)	70.4	71	71.5	70.5	69.4	69.7	67.6	66.9	66.8	66.3
Shares, diluted (weighted)	71.1	71.5	72	70.9	69.9	70.1	67.9	67.1	67	66.5
Dividend per share	0.76	0.84	1.00	1.20	0.36	1.20	1.84	2.20	2.44	2.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	113	151	210	108	363	336	174	104	245	135
Receivables	56.1	76.5	92.1	99.3	98.4	161	150	175	193	215
Inventory	16.1	16.3	18.8	20.3	22.4	31.6	38	38.3	40.8	45.6
Other current assets		13.4
Total current assets	200	257	345	248	511	564	397	356	517	451
Property, plant and equipment	830	912	957	1,057	1,089	1,162	1,270	1,475	1,618	1,804
Lease right-of-use assets				500	531	578	630	694	770	880
Goodwill	117	121	123	125	127	127	149	170	170	242
Intangible assets	3.62	2.7	1.96	1.23	2.27	1.52	5.61	3.48	1.27	17.7
Other non-current assets	29.5	37.7	42.4	53.3	66	79.1	73.9	95	116	155
Total assets	1,180	1,331	1,469	1,984	2,325	2,512	2,526	2,793	3,191	3,549
Accounts payable	50.8	57.6	62.1	61.7	67	95.2	106	132	145	163
Accrued liabilities	26	29.7	34.2	39.7	52	64.7	54.5	68.1	102	97.4
Deferred revenue	130	157	192	209	233	301	335	374	401	449
Short-term debt	0.17	0.01			50
Total current liabilities	280	330	385	417	506	602	652	745	828	909
Long-term debt	52.4	52	2.08		190	100	50	0		0
Lease liabilities				539	572	623	678	743	826	943
Other non-current liabilities	34	42.1	50.4	65.5	103	93.7	89.2	115	145	192
Total liabilities	422	479	509	1,052	1,382	1,438	1,498	1,636	1,817	2,068
Total debt	52.5	52	2.08		240	100	50	0		0
Paid-in capital	220	237	257	141	146	115	13.1	0
Retained earnings	531	602	688	776	782	944	999	1,142	1,358	1,461
Other comprehensive income	-0.19	-0.04	-0.23	-0.23	-0.11					0
Shareholders' equity	750	839	946	916	928	1,058	1,013	1,142	1,358	1,461
Minority interests	8.02	12.3	15.1	15.2	15.5	15.4	15	15.8	15.4	20.9
Total equity	758	851	961	931	943	1,073	1,028	1,158	1,374	1,482
Total liabilities and equity	1,180	1,331	1,469	1,984	2,325	2,512	2,526	2,793	3,191	3,549
Shares outstanding	70.6	71.2	71.6	69.4	69.6	69.4	67	66.8	66.6	65.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	121	138	164	182	34.9	253	278	314	444	414
Depreciation and amortization	83	93.5	101	116	118	127	137	153	178	207
Stock-based compensation	26.1	26.9	34	35.5	29.4	38.1	36.7	34.2	47.1	47.8
Deferred income tax	5.99	-5.07	12.3	6.34	-19.9	8.9	9.46	3.12	-13.8	7.03
Change in receivables	-10.7	-20.4	-15.6	-5.77	1.06	-62.4	11.1	-24.4	-17.7	-21.3
Change in inventory	-0.46	-0.05	-2.5	-1.41	-2.02	-9.23	-6.1	0.11	-2.44	-3.65
Cash from operations	257	286	353	374	230	469	512	565	754	730
Capital expenditures	-165	-162	-156	-214	-154	-201	-246	-347	-354	-388
Acquisitions		-16.5	-2.17	-1.54	-10.6	0	-33.1	-39.2	0	-108
Purchases of investments								0	0	-4.18
Cash from investing	-165	-178	-158	-215	-161	-195	-264	-367	-337	-483
Stock issued	2.67	1.56
Share buybacks	-4.11			-140	-12.6	-51.6	-213	-50	-80	-150
Dividends paid	-52.1	-58.2	-68.6	-102	-25	-83.7	-124	-147	-163	-180
Cash from financing	-38.7	-70.2	-136	-262	186	-301	-410	-267	-276	-358
Net change in cash	53.6	38	59.2	-102	255	-27.5	-162	-69.6	141	-111
Free cash flow	92.3	125	197	160	76	268	266	218	399	342
Interest paid	1.01	1.22	0.9	0.74	3.89	3.19	1.55	1.12	0.89	0.98
Income taxes paid	42.9	50.2	20.5	20.4	3.78	39.8	25.9	39.9	87.3	75.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $159.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.7%	Operating income / revenue.
EBITDA margin	11.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.8%	Pre-tax income / revenue.
Net margin	6.6%	Net income / revenue.
FCF margin	6.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	12.9%	Cash from operations / revenue.
Effective tax rate	13.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	26.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	11.3%	Net income / average total assets.
Return on invested capital (ROIC)	29.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.4%	Capital expenditures / revenue.
D&A / revenue	3.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-8.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	81.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-1.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	14.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	36.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-6.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	67.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-5.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	15.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	68.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	12.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	25.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-14.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	35.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	11.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	13.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	49.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.46x	Current assets / current liabilities.
Quick ratio	0.35x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	1.4%	Total debt / total assets.
Liabilities / assets	57.0%	Total liabilities / total assets.
Net debt	-$152.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.22x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$428.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.26B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.70x	Revenue / average total assets.
Fixed asset turnover	3.30x	Revenue / average property, plant and equipment.
Receivables turnover	84.1x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
FCF conversion	98.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	49.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.27	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$94.53	Revenue / diluted weighted shares.
FCF per share	$6.16	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.19	Cash from operations / diluted weighted shares.
Book value per share	$23.76	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.17	Tangible book value / shares outstanding.
Cash per share	$3.09	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	46.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	39.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$10.49B	Share price x shares outstanding.
Enterprise value	$10.33B	Market cap + total debt - cash - short-term investments.
P/E	25.4x	Market cap / net income. Only when net income is positive.
P/S	1.68x	Market cap / revenue.
P/B	6.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.34x	Market cap / tangible book value, when positive.
P/FCF	25.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	1.66x	Enterprise value / revenue.
EV/EBIT	21.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	14.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	25.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.9%	Free cash flow / market cap.
Earnings yield	3.9%	Net income / market cap (the inverse of P/E).
Dividend yield	1.8%	Dividends paid over the period / market cap.
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.
PEG	1.65x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Texas Roadhouse, Inc.'s revenue in fiscal 2025?

Texas Roadhouse, Inc. reported revenue of $5.88B for fiscal 2025, 9.4% higher than the year before.

Was Texas Roadhouse, Inc. profitable in fiscal 2025?

Yes. Net income was $405.6M, a net margin of 6.9%.

How much free cash flow did Texas Roadhouse, Inc. generate in fiscal 2025?

Cash from operations of $730.1M minus capital expenditures of $388.0M left free cash flow of $342.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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