Here are 1-2 brief analogies for Texas Roadhouse:

• Outback Steakhouse, but with a lively country-western atmosphere and free peanuts.
• LongHorn Steakhouse, but with a more boisterous, value-focused experience and hand-cut steaks.

• Steaks: Hand-cut, char-grilled steaks are a signature offering, including various cuts like sirloin, ribeye, and filet.
• Ribs: Fall-off-the-bone baby back ribs are a highly popular menu item.
• Other Entrées: A selection of chicken, seafood, burgers, and salads are available as main courses.
• Sides & Appetizers: This includes famous fresh-baked rolls with cinnamon butter, peanuts, and a variety of side dishes.
• Alcoholic Beverages: A selection of beers, margaritas, and cocktails are served to complement meals.
• Non-Alcoholic Beverages: Soft drinks, teas, and other non-alcoholic options are available.

Texas Roadhouse (symbol: TXRH) is a restaurant chain, and as such, it sells primarily to individuals rather than other companies. Its major customers can be categorized as follows:

• Families and Social Groups: Texas Roadhouse appeals to families looking for a casual dining experience that caters to various age groups, often with menu items and an atmosphere (e.g., free peanuts, lively music) that are family-friendly. It also attracts groups of friends or colleagues seeking a relaxed environment for a meal.
• Adults Seeking Casual American Cuisine: Many customers are adults, couples, or small groups looking for a sit-down meal featuring American comfort food, especially steaks, ribs, and other hearty entrees, in a relaxed and informal setting that is not fine dining.
• Value-Conscious Diners: The restaurant attracts customers who appreciate generous portion sizes and perceive good value for money, often choosing Texas Roadhouse for its combination of quality food, substantial portions, and moderate pricing.

Jerry Morgan, CEO and President
Jerry Morgan was appointed Chief Executive Officer in March 2021, succeeding the company's founder, Kent Taylor. He joined Texas Roadhouse in 1997 and has over 35 years of experience in the restaurant industry. Prior to becoming CEO, he held numerous positions within Texas Roadhouse, including Managing Partner, Market Partner, Regional Market Partner, and President. His career also includes experience with Bennigan's and Burger King.

Keith Humpich, Interim Chief Financial Officer
Keith Humpich was appointed Interim CFO in June 2025, having previously served in the same interim capacity from January 2023 to June 2023. He brings over 30 years of experience in accounting, audit, and finance. Humpich joined Texas Roadhouse in February 2005, initially as the Director and later Senior Director of Internal Audit. In 2021, he was promoted to Vice President of Finance, where he oversaw Financial Reporting, Tax, Treasury, Internal Audit, and Financial Analysis. He also served as the company's principal accounting officer starting in January 2023.

S. Chris Jacobsen, Chief Marketing Officer
S. Chris Jacobsen has served as the Chief Marketing Officer at Texas Roadhouse, Inc. since February 2016.

Regina A. Tobin, Chief Learning & Culture Officer
Regina A. Tobin serves as the Chief Learning & Culture Officer. She started at Texas Roadhouse in November 2018, initially as the Vice President of Training.

Hernan E. Mujica, Chief Information Officer
Hernan E. Mujica is the Chief Information Officer for Texas Roadhouse. He joined the company in January.

The key risks to Texas Roadhouse's business include:

1. Inflationary Pressures: Texas Roadhouse faces significant risks from ongoing commodity inflation, particularly the rising cost of beef, which is a key component of its menu and overall cost structure. The company also grapples with increased labor expenses, including market wage levels and workers' compensation insurance costs, which compress restaurant operating margins.
2. Competitive Pressures: The casual dining industry is highly competitive, with numerous players vying for market share. Texas Roadhouse must continuously innovate and differentiate itself to maintain its competitive edge and prevent customer loss to rivals offering similar dining experiences or value propositions.
3. Economic Conditions and Consumer Spending: Unfavorable general economic conditions, including inflationary pressures, can adversely affect consumer discretionary spending and lead to reduced dining out frequency, impacting guest traffic and sales at Texas Roadhouse restaurants.

The clear emerging threats for Texas Roadhouse (TXRH) are:

• The rise of virtual restaurants and ghost kitchens: These delivery-only restaurant concepts operate with significantly lower overheads than traditional brick-and-mortar establishments, often leveraging existing kitchen infrastructure or centralized facilities. They can quickly adapt to consumer preferences, offer highly competitive pricing, and focus entirely on the convenience of home delivery. This model poses a threat by capturing market share for at-home dining occasions, potentially eroding the growth potential for Texas Roadhouse's takeout and delivery services, and offering alternative value propositions for consumers seeking quality meals without the full dine-in experience.

• Expansion and premiumization of meal kit services and gourmet ready-to-eat meals: Services such as HelloFresh and Blue Apron, along with a growing number of gourmet ready-to-eat meal delivery platforms, continue to expand their offerings and improve the quality and variety of their meals. These services provide consumers with convenient and often cost-effective ways to prepare high-quality, restaurant-inspired meals at home. As these options become more sophisticated and accessible, they compete directly with the decision to dine out at casual restaurants like Texas Roadhouse, by offering an attractive alternative for an elevated at-home dining experience.

Texas Roadhouse (symbol: TXRH) operates primarily within the casual dining and steakhouse segments of the restaurant industry. Its main products and services include hand-cut steaks, ribs, made-from-scratch sides, fresh-baked bread, chicken, seafood, and a full bar service, all delivered in a casual dining atmosphere.

The addressable markets for Texas Roadhouse's main products and services can be identified as follows:

• Global Casual Dining Market: The global casual dining market was valued at approximately USD 333.02 billion in 2025 and is projected to reach USD 575.5 billion by 2035. North America contributes 28% of this global market share.

• Global Steakhouse Market: The global steakhouse market size was estimated at USD 89.5 billion in 2024 and is projected to expand to an estimated value of USD 146.2 billion by 2033, growing at a CAGR of 5.7% from 2025.

• U.S. Full Service Restaurants Market: The United States full-service restaurant market size stands at USD 360.91 billion in 2025 and is projected to reach USD 617.47 billion by 2030.

• U.S. Premium Steak Restaurants Market: The market size of the Premium Steak Restaurants industry in the United States is $8.3 billion in 2025.

Texas Roadhouse (TXRH) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. New Restaurant Openings and Acquisitions: The company has outlined plans for significant expansion through new company-owned restaurant openings and strategic franchise acquisitions. In 2025, Texas Roadhouse expects to open approximately 30 new restaurants across its three brands, and for 2026, plans include opening around 35 company-owned restaurants, comprising approximately 20 Texas Roadhouse, 10 Bubba's 33, and up to 5 Jaggers locations. Additionally, the company is actively acquiring franchise restaurants, with 20 acquired in 2025 and plans to acquire the remaining five California franchise locations by early 2026.

2. Comparable Sales Growth through Increased Traffic and Strategic Menu Pricing: Texas Roadhouse anticipates continued positive comparable restaurant sales growth, driven by sustained guest traffic and carefully planned menu price adjustments. The company implemented a 1.7% price increase at the beginning of fiscal Q4 2025 and plans further moderate price increases in 2025 to balance value for guests with rising commodity and labor costs. Strong traffic growth has been a consistent factor, contributing to comparable sales increases of 5.8% in Q2 2025 and 6.1% in Q3 2025.

3. Expansion of Bubba's 33 and Jaggers Brands: Beyond the core Texas Roadhouse brand, dedicated expansion efforts are focused on Bubba's 33 and Jaggers. Bubba's 33 is positioned for double-digit openings in the coming years, and Jaggers also has planned domestic openings. This diversification and growth of its secondary brands contribute to the overall increase in store weeks and market presence.

4. Growth in To-Go Business and Retail Product Distribution: The company's To-Go business continues to demonstrate solid momentum, representing a notable portion of weekly sales, and is seen as a channel for growth. Furthermore, Texas Roadhouse is expanding its retail segment, with its branded products now available in over 120,000 retail outlets, increasing brand awareness and providing an additional revenue stream outside of its restaurant operations.

Share Repurchases

• Texas Roadhouse approved a $300 million common stock repurchase program in 2022, with no expiration date.
• The company repurchased $80 million of common stock in 2024, with repurchases expected to continue in 2025.
• Common stock repurchases amounted to $100.0 million in the first nine months of fiscal 2025.

Share Issuance

No significant dollar amount of shares issued for capital raising purposes was identified in the provided information for the last 3-5 years.

Inbound Investments

No information regarding large inbound investments made in Texas Roadhouse by third-parties was identified in the provided information for the last 3-5 years.

Outbound Investments

• During the 26 weeks ended July 1, 2025, Texas Roadhouse acquired 17 domestic franchise restaurants for a total purchase price of $93.9 million.
• In the first quarter of 2025, the company made franchise acquisitions totaling $78.3 million.
• On the first day of the fourth quarter of 2025, Texas Roadhouse completed the acquisition of three domestic franchise restaurants for approximately $12.7 million, with plans to acquire an additional five domestic franchise restaurants at the beginning of the 2026 fiscal year.

Capital Expenditures

• Capital expenditures have increased from $154.4 million in 2020 to $354.3 million in 2024.
• Total capital expenditures are projected to be approximately $400 million for both 2025 and 2026.
• The primary focus of these expenditures is new store development, with plans to open approximately 30 new restaurants across its three brands in 2025 and about 35 new company-owned restaurants in 2026.