Here are a few analogies to describe Bloomin' Brands:

• It's like Darden Restaurants (the parent company of Olive Garden and LongHorn Steakhouse), but its portfolio of restaurant chains includes Outback Steakhouse, Carrabba's Italian Grill, and Bonefish Grill.

• Outback Steakhouse Services: Offers casual steakhouse dining experiences.
• Carrabba's Italian Grill Services: Provides casual Italian dining experiences.
• Bonefish Grill Services: Delivers upscale casual dining experiences, primarily focusing on seafood.
• Fleming's Prime Steakhouse & Wine Bar Services: Offers fine dining steakhouse and wine bar experiences.
• Restaurant Franchising: Licenses its restaurant concepts to independent operators for domestic and international locations.

Bloomin' Brands, Inc. (BLMN) operates a portfolio of restaurant concepts, including Outback Steakhouse, Carrabba's Italian Grill, Bonefish Grill, and Fleming's Prime Steakhouse & Wine Bar. As such, the company primarily sells its services directly to individual consumers rather than other businesses.

The customers Bloomin' Brands serves can be categorized into up to three groups based on the dining experience and price point offered by its various concepts:

1. Casual Diners: These customers are drawn to restaurants like Outback Steakhouse and Carrabba's Italian Grill, seeking a relaxed, family-friendly atmosphere, and value-oriented meals. They often look for familiar flavors, consistent quality, and an accessible dining experience for everyday meals or casual gatherings.
2. Upscale Casual Diners: This category of customers is attracted to concepts such as Bonefish Grill. They typically seek a slightly more refined and contemporary dining experience than casual diners, often with a focus on fresh, higher-quality ingredients (like seafood), a more sophisticated ambiance, and a menu that offers a step up in culinary experience without entering the fine dining realm.
3. Fine Dining Patrons: Customers who frequent Fleming's Prime Steakhouse & Wine Bar fall into this category. They are seeking a premium, high-end dining experience, characterized by prime cuts of meat, an extensive wine list, impeccable service, and a luxurious atmosphere. This clientele often dines for special occasions, business entertainment, or when desiring a truly indulgent meal.

Michael Spanos, Chief Executive Officer

Michael Spanos was named Chief Executive Officer and a member of the Board of Directors in September 2024. He brings over 25 years of leadership, strategy, operations, and retail consumer products experience. Prior to Bloomin' Brands, he served as Executive Vice President and Chief Operating Officer at Delta Air Lines from 2023-2024. From 2019-2021, he was the President and CEO of Six Flags Entertainment. He also spent more than 25 years at PepsiCo and the Pepsi Bottling Group in various leadership roles, including President Greater China and CEO of the Asia, Middle East, and North Africa sector. Spanos is a graduate of the U.S. Naval Academy and served in the U.S. Marine Corps.

Eric Christel, Executive Vice President, Chief Financial Officer

Eric Christel assumed the role of Chief Financial Officer around September 8, 2025. He brings nearly two decades of financial leadership across the food and beverage sector. His prior experience includes serving as Senior Vice President and Chief Financial Officer of The Campbell's Company's Snacks Division and several leadership roles at PepsiCo from 2007 to 2020. He has extensive experience in operating, financial planning & analysis (FP&A), strategy, and transformation in complex businesses, including both franchisee and franchisor models.

Kelly Lefferts, Executive Vice President, Chief Legal Officer and Secretary

Kelly Lefferts was appointed Executive Vice President, Chief Legal Officer and Secretary in July 2019, having joined Bloomin' Brands in 1997 as Corporate Counsel. She oversees the legal, compliance, and employee relations teams. Before Bloomin' Brands, she was an attorney at Foley and Lardner, focusing on corporate and business matters, mergers and acquisitions, securities, executive compensation, and commercial lending. Lefferts was a founding member of the Board of Directors of the Restaurant Law Center and is involved with the Women's Foodservice Forum. She has experience in both public and private company spaces, including taking a formerly NYSE-listed company private and then public again after five years of private equity ownership.

Lissette Gonzalez, Executive Vice President, Chief Commercial Officer

Lissette Gonzalez was appointed Executive Vice President, Chief Commercial Officer in February 2025. She is responsible for overseeing Global Supply Chain, Operations & Training, Off-Premises Dining, Productivity, Customer Analytics, Customer Insights, Digital & Media, Revenue Growth Management, and IT teams. Gonzalez joined Bloomin' Brands in 2014, and previously spent 16 years at Office Depot in various supply chain roles. She holds a bachelor's degree in industrial engineering and a master's degree in engineering management from Florida International University. She was recognized as one of the Top 30 Global Supply Chain Leaders for 2023.

Pat Hafner, Executive Vice President, President of Outback Steakhouse

Pat Hafner was named Executive Vice President, President of Outback Steakhouse in January 2025, where he leads the Culinary team, and domestic operations and development for nearly 700 restaurants. He has a career of nearly 30 years with Bloomin' Brands, beginning as a server and cook at Outback Steakhouse in 1996. He advanced through various roles at Outback, including Manager, Managing Partner, Joint Venture Partner, and Regional Vice President. In 2018, he became Vice President of Operations for Carrabba's Italian Grill and was promoted to President of Carrabba's in April 2022.

The key risks to Bloomin' Brands (BLMN) include a substantial debt load, significant challenges in its turnaround strategy within a highly competitive casual dining market, and ongoing inflationary pressures combined with macroeconomic headwinds impacting consumer spending and operating costs.

1. High Debt Load and Financial Instability: Bloomin' Brands faces considerable financial risk due to its substantial debt load, high debt-to-equity ratio, and low interest coverage, with some analyses placing the company in a "distress zone" regarding potential financial instability. The company has undertaken measures such as suspending dividends and selling off a majority stake in its Brazil operations to reduce debt, highlighting the severity of this financial pressure.
2. Challenging Turnaround and Intense Competition: The company is engaged in a critical turnaround strategy, particularly for its largest brand, Outback Steakhouse, which has experienced weak comparable sales and declining customer traffic. The casual dining sector is intensely competitive, with Bloomin' Brands needing to successfully redefine its brand positioning and value offerings to contend with numerous rival chains and the growing popularity of fast-casual concepts. The success of these initiatives is not guaranteed and carries significant execution risk.
3. Inflationary Pressures and Macroeconomic Headwinds: Bloomin' Brands is highly vulnerable to adverse economic conditions, including persistent inflation in commodity prices (such as beef) and increasing labor costs. A tight labor market poses challenges in recruiting and retaining staff, contributing to higher operational expenses. Additionally, cautious consumer spending due to economic downturns, "inflation fatigue," and rising energy costs directly impact restaurant traffic and revenue, further squeezing already thin profit margins.

The rise of ghost kitchens and virtual restaurant brands presents an emerging threat. These operations utilize existing commercial kitchen spaces to prepare food exclusively for delivery, often running multiple distinct "virtual" brands from a single location. This business model bypasses the significant overhead associated with traditional dine-in restaurants, such as expensive real estate, front-of-house staff, and extensive dining room build-outs. By focusing solely on efficient food production and delivery, ghost kitchens can offer a broader range of cuisines, adapt more quickly to consumer trends, and potentially operate with lower price points or higher margins, directly competing with Bloomin' Brands' delivery and takeout offerings while disrupting the traditional full-service restaurant economic model.

Global Market

• Full-Service Restaurants: The global full-service restaurants market was estimated at approximately US$1.6 trillion in 2024 and is expected to reach US$1.8 trillion by 2030.
• Casual Dining: The global casual dining market size was valued at USD 333.02 billion in 2025 and is expected to reach USD 575.5 billion by 2035.
• Fine Dining: The Global Fine Dining Restaurants Market is projected to expand from USD 191.11 billion in 2025 to USD 289.87 billion by 2031.

U.S. Market

• Full-Service Restaurants: The U.S. full-service restaurants market size is predicted to value at US$ 371.9 billion in 2025 and reach US$ 715.8 billion by 2032.
• Casual Dining: null
• Fine Dining: The market size of Fine Dining Restaurants in the U.S. is $17.2 billion in 2025.

Bloomin' Brands, Inc. (BLMN) is expected to drive future revenue growth over the next 2-3 years through a multi-faceted turnaround strategy centered on its core brands, strategic investments, and operational enhancements. The following are key expected drivers of future revenue growth:

1. Outback Steakhouse Turnaround Strategy and Restaurant Remodels: A primary driver for Bloomin' Brands is the comprehensive turnaround strategy focused on its largest brand, Outback Steakhouse. This initiative involves significant investments aimed at enhancing steak quality, improving the service model by lowering table-to-server ratios, and implementing restaurant remodels and refreshes. Management plans to invest approximately $50 million in turnaround initiatives for Outback in 2026, with an expectation to refresh nearly all Outback locations by the end of 2028. Positive traffic trends at Outback, seen for the first time since Q4 2021, indicate early success from these efforts.
2. Enhanced Value Offerings and Menu Innovation: The company is focusing on delivering value to guests, which has proven effective in driving traffic. For instance, Outback's "Aussie 3-Course" value offering has successfully attracted customers, with a significant portion opting for higher-priced tiers. This strategy of providing appealing value propositions, coupled with ongoing menu innovation and new product offerings, is expected to continue to boost customer visits and average check sizes across its brands.
3. Growth in Off-Premise Dining and Digital Capabilities: Bloomin' Brands is capitalizing on the sustained demand for off-premise dining. Investments in digital transformation, including revamped mobile apps for convenient ordering and curbside pickup, are enhancing the customer experience for takeout and delivery across brands like Outback, Carrabba's, and Fleming's. This focus on digital channels and off-premise sales, including catering, is a key component of their growth strategy. Outback is shifting its marketing resources to 60% digital in 2026, up from 33% in 2025, to support this.
4. Strategic International Expansion: Particularly for Outback Steakhouse, international expansion represents a significant opportunity for continued growth as its domestic market matures. Bloomin' Brands maintains a global presence with its Outback Steakhouse concept across 17 countries and Guam, and adapting to local market demands is crucial for this segment's success.
5. Carrabba's Italian Grill Expansion and Digital Investment: Carrabba's Italian Grill has demonstrated positive comparable restaurant sales and continues to focus on expanding its presence. The brand is actively investing in digital technologies to enhance the dining experience and has historically planned for new restaurant openings, indicating a continued growth mindset for this segment.

Share Repurchases

• Bloomin' Brands repurchased 10.1 million shares for a total of $265.7 million during 2024.
• The company repurchased $70.8 million in shares in 2023 and $109.2 million in shares in 2022.
• A new $350.0 million share repurchase authorization was approved in February 2024, replacing a prior $57.5 million remaining authorization. This program is set to expire on August 13, 2025, with $96.8 million remaining as of August 2025.

Share Issuance

• In February 2024, Bloomin' Brands delivered approximately 7.5 million shares of common stock and $3.3 million in cash to exchange for $83.6 million in principal amount of convertible senior notes due 2025.

Outbound Investments

• In December 2024, Bloomin' Brands completed the sale of a 67% majority stake in its Brazil operations (Outback Steakhouse restaurants) to a fund managed by Vinci Partners for approximately $243 million.
• The company retained a 33% interest in the Brazil operations and has an option to sell its remaining stake in 2028.

Capital Expenditures

• Capital expenditures are expected to be between $185 million and $195 million for 2026, with a focus on refreshing nearly all Outback locations by 2028.
• Estimated capital expenditures for 2025 are between $190 million and $210 million.
• The company plans approximately $75 million in investments over three years (2026-2028) for its turnaround strategy, including $25 million for food quality improvements, largely offset by $80 million in productivity initiatives.