Texas Roadhouse
TXRH · NasdaqRetail-Eating Places · Fiscal year ends Dec 29
Texas Roadhouse reported revenue of $5.9B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $475M, an operating margin of 8.1%, and net income was $414M. Operating cash flow of $730M less capital expenditure of $388M left free cash flow of $342M. It held more cash than debt (net cash $135M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.5B | $4B | $4.6B | $5.4B | $5.9B |
| Operating income | $297M | $320M | $354M | $517M | $475M |
| Pre-tax income | $293M | $321M | $358M | $524M | $481M |
| Income tax | $40M | $44M | $45M | $80M | $66M |
| Net income | $245M | $270M | $314M | $444M | $414M |
| Diluted EPS | 3.50 | 3.97 | 4.54 | 6.47 | 6.10 |
| Diluted shares | 70M | 68M | 67M | 67M | 67M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $336M | $174M | $104M | $245M | $135M |
| Receivables | $161M | $150M | $175M | $193M | $215M |
| Inventory | $32M | $38M | $38M | $41M | $46M |
| Current assets | $564M | $397M | $356M | $517M | $451M |
| Net PP&E | $1.2B | $1.3B | $1.5B | $1.6B | $1.8B |
| Goodwill | $127M | $149M | $170M | $170M | $242M |
| Total assets | $2.5B | $2.5B | $2.8B | $3.2B | $3.5B |
| Payables | $95M | $106M | $132M | $145M | $163M |
| Deferred revenue | $301M | $335M | $374M | $401M | $449M |
| Current liabilities | $602M | $652M | $745M | $828M | $909M |
| Long-term debt | $100M | $50M | $0 | – | $0 |
| Total liabilities | $1.4B | $1.5B | $1.6B | $1.8B | $2.1B |
| Shareholders' equity | $1.1B | $1B | $1.1B | $1.4B | $1.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $469M | $512M | $565M | $754M | $730M |
| Capital expenditure | $201M | $246M | $347M | $354M | $388M |
| Free cash flow | $268M | $266M | $218M | $399M | $342M |
| Depreciation & amortisation | $127M | $137M | $153M | $178M | $207M |
| Stock-based compensation | $38M | $37M | $34M | $47M | $48M |
| Acquisitions | $0 | $33M | $39M | $0 | $108M |
| Share buybacks | $52M | $213M | $50M | $80M | $150M |
| Dividends paid | $84M | $124M | $147M | $163M | $180M |
| Dividend per share | 1.20 | 1.84 | 2.20 | 2.44 | 2.72 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.9% | 15.4% | 16.0% | 9.4% |
| Operating income growth (YoY) | – | 7.7% | 10.6% | 45.9% | −8.1% |
| EPS growth (YoY) | – | 13.4% | 14.4% | 42.5% | −5.7% |
| Operating margin | 8.6% | 8.0% | 7.6% | 9.6% | 8.1% |
| Net margin | 7.1% | 6.7% | 6.8% | 8.3% | 7.0% |
| Return on equityBlank when equity is negative | 23.2% | 26.6% | 27.5% | 32.7% | 28.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.6% | 17.1% | 17.3% | 21.9% | 18.0% |
| Free cash flow margin | 7.7% | 6.6% | 4.7% | 7.4% | 5.8% |
| Cash conversion (CFO ÷ net income) | 1.91x | 1.90x | 1.80x | 1.70x | 1.76x |
| Receivable days | 17 | 14 | 14 | 13 | 13 |
| Debt ÷ equity | 0.09x | 0.05x | 0.00x | – | 0.00x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$236M | −$124M | −$104M | – | −$135M |
| Current ratio | 0.94x | 0.61x | 0.48x | 0.62x | 0.50x |
Recent filings
More in Retail-Eating Places
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.