Like a Chili's or Applebee's, but specializing in gourmet burgers.

Think of it as a full-service, sit-down version of a premium burger chain like Shake Shack or Five Guys.

• Restaurant Services: Operating full-service and casual-dining restaurants across the United States and Canada.
• Gourmet Burgers: Specializing in a variety of gourmet burgers, which are a primary menu offering.
• Shareable Pizzas: Providing shareable pizzas as a distinct menu option.
• Entrees and Appetizers: Offering a diverse selection of appetizers, salads, soups, sandwiches, seafood, and other main course entrees.
• Desserts: Serving various desserts to complement meals.
• Beverages: A wide range of drinks including milkshakes, alcoholic, and non-alcoholic specialty beverages.

Red Robin Gourmet Burgers, Inc. (RRGB) sells primarily to individual consumers rather than other businesses. The company operates full-service, casual-dining restaurants that directly serve food and beverages to its patrons. Here are up to three categories of customers that Red Robin serves:

• Families: Red Robin's casual atmosphere, diverse menu that includes kid-friendly options, and focus on comfort food like burgers and milkshakes make it a popular destination for family meals and outings.

• Young Adults and Friends Groups: The restaurant appeals to younger demographics and groups of friends looking for a relaxed setting to enjoy burgers, appetizers, specialty drinks, and alcoholic beverages.

• General Casual Diners: This broad category includes individuals and couples seeking a comfortable, familiar, and satisfying meal experience for lunch or dinner, often looking for American classic dishes in a sit-down environment.

Dave Pace, President and Chief Executive Officer

Dave Pace has served as President and Chief Executive Officer of Red Robin since April 2025, and as a member of the Board of Directors since August 2019. Prior to his current role, he was the Chair of the Board of Directors. Pace brings 35 years of leadership experience in the food, beverage, and retail industries. From 2020 to 2023, he was Co-Chief Executive Officer and director of Tastemaker Acquisition Corporation, a special purpose acquisition company. From 2016 to 2018, he served as Chief Executive Officer of Jamba Juice, where he successfully repositioned the brand and led its strategic sale. He was also President of Carrabba's Italian Grill from 2014 to 2016, and Executive Vice President and Chief Resource Officer at Bloomin' Brands from 2010 to 2014. Earlier in his career, Pace held leadership positions at Starbucks, PepsiCo, and Yum! Brands. He currently serves as the independent Chair of the board of directors of Farmer Bros. Co. and as a director of Authentic Restaurant Brands, a restaurant portfolio company of Garnett Station Partners.

Chris Meyer, Interim Chief Financial Officer

Chris Meyer was named Interim Chief Financial Officer in December 2025. In this role, he is responsible for all Red Robin's financial disciplines, including accounting, financial planning & analysis, tax, treasury, and investor relations.

Jesse Griffith, Chief Operations Officer

Jesse Griffith has served as Chief Operations Officer since November 2025. He joined Red Robin as Senior Vice President, Operations in March 2023. Before joining Red Robin, Griffith was Vice President of Operations at Torchy's Tacos, where he contributed to the company's doubling of restaurant unit growth.

Humera Kassem, Chief People Officer

Humera Kassem has served as Chief People Officer since September 2025. As CPO, she oversees Red Robin's organizational strategy and vision, focusing on strengthening the company's culture and advancing its First Choice Plan. Kassem has over 30 years of experience in cultivating organizational culture and talent development across various industries, most recently serving as Chief People Officer at Dave & Buster's.

Sarah Mussetter, Chief Legal Officer and Secretary

Sarah Mussetter serves as Chief Legal Officer and Secretary. She rejoined Red Robin in December 2022, having previously spent 10 years with the company.

The key risks to Red Robin Gourmet Burgers (RRGB) include declining guest traffic and intense competition, high debt levels and financial health concerns, and rising labor and ingredient costs.

1. Declining Guest Traffic and Intense Competition

Red Robin Gourmet Burgers faces a significant challenge with declining guest traffic and comparable restaurant sales, operating in a highly competitive restaurant industry. The company anticipated a comparable restaurant sales decline of 3% to 4% for the remainder of fiscal 2025, following a 0.3% decrease in comparable restaurant revenue and a 3.8% drop in guest traffic in fiscal year 2025. Red Robin struggles to attract and retain customers due to intense competition from various segments, including fast-food chains like McDonald's and Burger King, higher-end fast-casual chains such as Shake Shack and Five Guys, and direct casual dining rivals like Chili's and Applebee's. This positioning, described as "stuck in the middle"—neither fast enough nor high-end enough—has led to a "discount spiral" and an "identity crisis," contributing to flat same-store sales and weak demand.

2. High Debt Levels and Financial Health Concerns

Red Robin's financial health is a significant risk, characterized by high debt levels and challenges in achieving profitability. As of December 2025, the company had $526.6 million in debt, substantially exceeding its $30.87 million in cash, and its 9x net-debt-to-EBITDA ratio indicates it is "overleveraged". The company faces considerable refinancing and execution risk, with approximately $170.2 million in total borrowings as of December 28, 2025, and credit facility maturities extended only six months to September 3, 2027. Refinancing difficulties or breaches of loan covenants could materially affect Red Robin's liquidity and operations. Furthermore, the company's Altman Z-Score of 1.42 places it in a "distress zone," suggesting a possibility of bankruptcy within the next two years. Red Robin's profitability is also a concern, with an operating margin of 1.1% and a negative net margin of -4.31%, and its earnings per share (EPS) declined by 19% annually over the last six years, outstripping revenue decline. In 2020, the company raised "substantial doubt" about its ability to continue as a going concern due to difficulties in meeting equity requirements for a revised credit facility.

3. Rising Costs (Labor and Ingredients)

Red Robin is significantly impacted by increasing operational costs, particularly labor and ingredients, which put a squeeze on margins. The company continues to experience "labor shortages and higher labor costs," adversely affecting its financial and operational performance. Inflation remains a primary headwind, with the cost of goods sold (COGS) being a persistent pressure point. Beef, a critical ingredient representing about 15% of total COGS in fiscal 2024, saw costs increase approximately 25% year-over-year in Q3 2025, a trend expected to continue. This has led to an increase in the cost of sales as a percentage of overall sales. Additionally, continuous, costly compliance efforts are required to adhere to thousands of local health, safety, and operational regulations.

The emergence and rapid growth of "ghost kitchens" and virtual restaurant brands pose a clear threat. These delivery-only operations leverage existing or shared kitchen spaces to prepare food for various brands, often focusing on popular categories like burgers and pizzas, without the overhead of a traditional brick-and-mortar dining room. This business model allows them to offer competitive pricing, greater flexibility in menu adaptation, and optimized operations for takeout and delivery, directly challenging Red Robin's significant off-premise sales segment and potentially eroding market share among consumers prioritizing convenience and value for delivered food.

The addressable markets for Red Robin Gourmet Burgers (RRGB) main products and services are primarily within the full-service and casual dining restaurant segments, with a strong focus on burgers, across the United States and Canada.

Market Sizes:

• Burger Restaurants (U.S.): The market size for burger restaurants in the U.S. was estimated at $173.6 billion in 2025 and is projected to reach $177.7 billion in 2026.
• Full-Service Restaurants (U.S.): The U.S. full-service restaurant market is estimated at approximately US$422.1 billion in 2024. It was valued at USD 362.15 billion in 2025 and is estimated to grow to USD 405.28 billion in 2026.
• Full-Service Restaurants (North America): The North America Full Service Restaurants Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 2.5% between 2025 and 2032. The full-service restaurant segment in the United States and Canada has experienced substantial growth in recent years.
• Casual Dining Restaurants (Global/Implied North America): Casual dining restaurants constitute a significant portion of the full-service restaurant market, holding a 72% market share. Globally, the casual dining restaurant segment is expected to reach US$1.1 trillion by the end of the analysis period (2024-2030), growing at a CAGR of 3.0%.

Red Robin Gourmet Burgers, Inc. (RRGB) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Enhanced Guest Experience and Food Quality: The company's "First Choice" and "North Star" strategic plans prioritize significant investments in service and food quality. Initiatives such as improved operational execution, better hospitality, and specific enhancements like flat-top grills for juicier burgers, are aimed at elevating the overall guest experience, which is expected to drive increased customer traffic and average check.
2. Relaunched Loyalty Program Engagement: The successful relaunch of the Loyalty 2.0 program is a major focus for Red Robin. This program is designed to foster greater customer engagement, increase visit frequency, and encourage higher spending among its growing member base, thereby contributing to sustained revenue growth.
3. Targeted Marketing and Value Offerings: Red Robin is implementing a data-driven, micro-targeted marketing strategy to attract both new and lapsed customers. This includes strategic promotional offers and the "Big Yummm" value platform, which aims to drive trial and growth in average check, ultimately boosting guest traffic.
4. Strategic Menu Price Adjustments: While emphasizing value, Red Robin plans to utilize menu price increases as a direct lever for revenue growth. For instance, a 3.2% price increase was implemented with a new menu launch in January 2026, which is expected to be a primary pricing driver for fiscal year 2026.