Delivers 2.4% Comparable Restaurant Sales Growth
Reiterates 2026 Financial Outlook
Fiscal First Quarter 2026 Compared to First Quarter 2025
- Total revenues increased 2.9% to
$358.1 million - Comparable restaurant sales increased 2.4%, led by a 2.2% increase in guest traffic
- Restaurant level operating profit(1) was
$57.2 million , an increase of 2.8%, or$1.6 million , with restaurant level operating profit margin of 16.0% - Diluted net income per share was
$0.41 and adjusted diluted net income per share(1) was$0.57 - Adjusted EBITDA(1) was
$37.7 million , an increase of 6.8% from$35.4 million - The Company repurchased and retired approximately 151,000 shares of its common stock at a cost of approximately
$5.3 million
(1) Restaurant level operating profit, adjusted diluted net income per share, and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.
“Our Q1 results underscore the continued momentum of our business, marked by our seventh consecutive quarter of sales and traffic growth, along with increased profitability,” commented
Share Repurchase Program
During the first quarter of 2026, the Company repurchased and retired approximately 151,000 shares of its common stock at a cost of approximately
2026 Financial Outlook
For fiscal 2026, management reiterates the following outlook:
- Comparable restaurant sales growth of 1% to 3%
- Restaurant level operating profit of
$221 million to$233 million - Adjusted EBITDA of
$140 million to$150 million - Capital expenditures of
$85 million to$95 million - Share repurchases up to
$50 million , depending on market conditions
Actual results may differ materially from the 2026 Financial Outlook set forth above as a result of, among other things, the factors described under the “Forward-Looking Statements Disclaimer” below.
Investor Conference Call and Webcast
BJ’s
About BJ’s
BJ’s
Forward-Looking Statements Disclaimer
Certain statements in the preceding paragraphs and all other statements that are not purely historical constitute “forward-looking” statements for purposes of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created thereby. Such statements include, but are not limited to, those regarding our anticipated comparable restaurant sales, restaurant level operating profit, Adjusted EBITDA, capital expenditures and share repurchases, as well as the success of various sales-building and productivity initiatives, future guest traffic trends, on and off-premise sales trends, cost savings initiatives and the number and timing of new restaurants expected to be opened in future periods. These “forward-looking” statements involve known and unknown risks, uncertainties and other factors which may cause actual results to be materially different from those projected or anticipated. Factors that might cause such differences include, but are not limited to: (i) any inability or failure to successfully and adequately address and offset rising costs, including the effects of tariffs and increases in energy, labor, construction and other operational costs, as well as changes in macroeconomic conditions and consumer spending, (ii) any inability to manage new restaurant openings, (iii) construction delays, (iv) wage inflation and competitive labor market conditions which may result in staffing shortages, (v) the impact of any union organizing efforts at our restaurants and our responses to such efforts, (vi) increases in minimum wage and other employment related costs, including compliance with the Patient Protection and Affordable Care Act and minimum salary requirements for exempt team members, (vii) the effect of credit and equity market disruptions on our ability to finance our continued expansion on acceptable terms, (viii) food quality and health concerns and the effect of negative publicity about us, our restaurants, other restaurants, or others across the food supply chain, due to food borne illness or other illnesses or other reasons, whether or not accurate, (ix) factors that disproportionately impact
The “forward-looking” statements contained in this press release are based on current assumptions and expectations, and BJ’s
For further information, please contact ICR at (332) 242-4370 or at InvestorRelations@BJRI.com.
| BJ’s | ||||||||||
| Unaudited Consolidated Statements of Operations | ||||||||||
| (Dollars in thousands except for per share data) | ||||||||||
| First Quarter Ended | ||||||||||
(unaudited) | (unaudited) | |||||||||
| Revenues | $ | 358,118 | 100.0 | % | $ | 347,973 | 100.0 | % | ||
| Restaurant operating costs (excluding depreciation and amortization): | ||||||||||
| Cost of sales | 89,912 | 25.1 | 86,820 | 25.0 | ||||||
| Labor and benefits | 129,878 | 36.3 | 125,652 | 36.1 | ||||||
| Occupancy and operating | 81,166 | 22.7 | 79,911 | 23.0 | ||||||
| General and administrative | 21,966 | 6.1 | 21,752 | 6.3 | ||||||
| Depreciation and amortization | 22,812 | 6.4 | 18,277 | 5.3 | ||||||
| Restaurant opening | 15 | - | 438 | 0.1 | ||||||
| Loss on disposal and impairment of assets, net | 1,746 | 0.5 | 173 | - | ||||||
| Total costs and expenses | 347,495 | 97.0 | 333,023 | 95.7 | ||||||
| Income from operations | 10,623 | 3.0 | 14,950 | 4.3 | ||||||
| Other income (expense): | ||||||||||
| Interest expense, net | (1,088 | ) | (0.3 | ) | (1,230 | ) | (0.4 | ) | ||
| Other expense, net | (446 | ) | (0.1 | ) | (61 | ) | - | |||
| Total other expense | (1,534 | ) | (0.4 | ) | (1,291 | ) | (0.4 | ) | ||
| Income before income taxes | 9,089 | 2.5 | 13,659 | 3.9 | ||||||
| Income tax expense | 55 | - | 167 | - | ||||||
| Net income | $ | 9,034 | 2.5 | % | $ | 13,492 | 3.9 | % | ||
| Net income per share: | ||||||||||
| Basic | $ | 0.43 | $ | 0.59 | ||||||
| Diluted | $ | 0.41 | $ | 0.58 | ||||||
| Weighted average number of shares outstanding: | ||||||||||
| Basic | 21,157 | 22,683 | ||||||||
| Diluted | 21,892 | 23,284 | ||||||||
Percentages reflected above may not reconcile due to rounding.
| BJ’s | |||||||
| Selected Consolidated Balance Sheet Information | |||||||
| (Dollars in thousands) | |||||||
(unaudited) | 2025 | ||||||
| Cash and cash equivalents | $ | 22,671 | $ | 23,781 | |||
| Total assets | $ | 999,067 | $ | 1,015,455 | |||
| Total debt | $ | 62,000 | $ | 85,000 | |||
| Shareholders’ equity | $ | 372,530 | $ | 366,193 | |||
| BJ’s | ||||||||||
| Unaudited Supplemental Information | ||||||||||
| (Dollars in thousands) | ||||||||||
| First Quarter Ended | ||||||||||
| Stock-based compensation(1) | ||||||||||
| Labor and benefits | $ | 865 | 0.2 | % | $ | 400 | 0.1 | % | ||
| General and administrative | 1,702 | 0.5 | 1,550 | 0.4 | ||||||
| Total stock-based compensation | $ | 2,567 | 0.7 | % | $ | 1,950 | 0.6 | % | ||
| Operating Data | ||||||||||
| Comparable restaurant sales % change | 2.4 | % | 1.7 | % | ||||||
| Restaurants opened during period | - | 1 | ||||||||
| Restaurants open at period-end | 219 | 219 | ||||||||
| Restaurant operating weeks | 2,847 | 2,835 | ||||||||
(1) Percentages represent percent of total revenues and may not reconcile due to rounding.
Reconciliation of Non-GAAP Financial Measures
The Company is reporting certain non-GAAP financial results and related reconciliations to the corresponding GAAP financial measures. These non-GAAP measures are not in accordance with, or a substitute for, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. These measures should only be used to evaluate the Company’s results of operations in conjunction with corresponding GAAP measures.
Adjusted diluted net income per share is a non-GAAP financial measure that represents net income excluding adjustments intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management.
Restaurant level operating profit is equal to the revenues generated by our restaurants less their direct operating costs which consist of cost of sales, labor and benefits, and occupancy and operating costs. This performance measure primarily includes the costs that restaurant-level managers can directly control and excludes other operating costs that are essential to conduct the Company’s business, as detailed in the table below. Management uses restaurant level operating profit as a supplemental measure of restaurant performance. Management believes restaurant level operating profit is useful to investors in that it highlights trends in the operating results of our business that may not otherwise be apparent to investors when relying solely on GAAP financial measures.
Adjusted EBITDA is a non-GAAP financial measure that represents the sum of net income adjusted for certain expenses and gains/losses detailed within the reconciliation below. Management uses Adjusted EBITDA as a supplemental measure of our performance. Management believes these measures are useful to investors in that they highlight cash flow and trends in the operating results of our business that may not otherwise be apparent to investors when relying solely on GAAP financial measures.
The following tables, which provide a reconciliation of non-GAAP financial measures, presented in this release, to the most directly comparable financial measures calculated and presented in accordance with GAAP for the first quarter ended
| BJ’s | |||||||||||
| Supplemental Financial Information – Adjusted Diluted Net Income Per Share | |||||||||||
| (Unaudited, dollars in thousands) | |||||||||||
| First Quarter Ended | |||||||||||
| Net income | $ | 9,034 | 2.5 | % | $ | 13,492 | 3.9 | % | |||
| Loss on disposal and impairment of assets, net | 1,746 | 0.5 | 173 | - | |||||||
| Depreciation adjustment(1) | 2,720 | 0.8 | - | - | |||||||
| Tax effect of adjustments(2) | (1,081 | ) | (0.3 | ) | (42 | ) | - | ||||
| After tax effect of adjustments | 3,385 | 0.9 | 131 | - | |||||||
| Adjusted net income | $ | 12,419 | 3.5 | % | $ | 13,623 | 3.9 | % | |||
| Diluted weighted average number of shares outstanding: | 21,892 | 23,284 | |||||||||
| Diluted net income per share (as reported) | $ | 0.41 | $ | 0.58 | |||||||
| Adjusted diluted net income per share | $ | 0.57 | $ | 0.59 | |||||||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
(1) Amount relates to a catch-up adjustment to depreciation expense.
(2) The tax effect is based on the Company’s annual statutory tax rate of 24.2% for the first quarter ended
| BJ’s | |||||||||||
| Supplemental Financial Information – Restaurant Level Operating Profit | |||||||||||
| (Unaudited, dollars in thousands) | |||||||||||
| First Quarter Ended | |||||||||||
| Income from operations | $ | 10,623 | 3.0 | % | $ | 14,950 | 4.3 | % | |||
| General and administrative | 21,966 | 6.1 | 21,752 | 6.3 | |||||||
| Depreciation and amortization | 22,812 | 6.4 | 18,277 | 5.3 | |||||||
| Restaurant opening | 15 | - | 438 | 0.1 | |||||||
| Loss on disposal and impairment of assets, net | 1,746 | 0.5 | 173 | - | |||||||
| Restaurant level operating profit | $ | 57,162 | 16.0 | % | $ | 55,590 | 16.0 | % | |||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
| BJ’s | |||||||||||
| Supplemental Financial Information –Adjusted EBITDA | |||||||||||
| (Unaudited, dollars in thousands) | |||||||||||
| First Quarter Ended | |||||||||||
| Net income | $ | 9,034 | 2.5 | % | $ | 13,492 | 3.9 | % | |||
| Interest expense, net | 1,088 | 0.3 | 1,230 | 0.4 | |||||||
| Income tax expense | 55 | - | 167 | - | |||||||
| Depreciation and amortization | 22,812 | 6.4 | 18,277 | 5.3 | |||||||
| Stock-based compensation expense | 2,567 | 0.7 | 1,950 | 0.6 | |||||||
| Other expense, net | 446 | 0.1 | 61 | - | |||||||
| Loss on disposal and impairment of assets, net | 1,746 | 0.5 | 173 | - | |||||||
| Adjusted EBITDA | $ | 37,748 | 10.5 | % | $ | 35,350 | 10.2 | % | |||
Percentages above represent percent of total revenues and may not reconcile due to rounding.
