Here are a couple of brief analogies for BJ's Restaurants:

• A Cheesecake Factory known for pizzas and craft beers.

• Like a California Pizza Kitchen with its own full-service brewpub.

• Pizzas: A variety of baked dough dishes with savory toppings, representing a core menu item.
• Craft and other beers: A selection of alcoholic beverages, including both specialty craft brews and standard beer options.
• Appetizers: Small dishes served before the main course to stimulate the appetite.
• Entrées: The main course meals served at the restaurant.
• Pastas: Italian-style dishes made from various forms of dough, often served with sauces.
• Sandwiches: Prepared food items consisting of fillings placed between slices of bread.
• Specialty salads: Unique and distinct combinations of fresh greens and various toppings.
• Desserts: Sweet dishes served to conclude a meal.

BJ's Restaurants (BJRI) primarily sells to individual consumers directly through its restaurant operations. Based on its business model as a casual dining restaurant chain, its major customer categories include:

• Families: Customers seeking a diverse menu with options for various ages and a comfortable, relaxed atmosphere for dining out with children.
• Social Diners/Groups of Friends: Individuals and groups looking for a casual and inviting environment to gather, socialize, and enjoy meals and beverages, including the company's selection of craft beers.
• Couples: Diners seeking a casual yet pleasant setting for dates or simply to enjoy a meal out together.

Lyle D. Tick

Chief Executive Officer and President

Lyle D. Tick was appointed Chief Executive Officer and President of BJ's Restaurants, Inc. effective June 5, 2025. He joined the company in September 2024 as President and Chief Concept Officer. Prior to his tenure at BJ's, Mr. Tick held leadership roles at On the Border Mexican Grill & Cantina, where he served as President and CEO. His experience also includes leadership positions at Buffalo Wild Wings, Walgreens Boots Alliance, and Bacardi. Early in his career, he worked in advertising, collaborating with various food and beverage firms such as AB InBev and Moët Hennessy. Mr. Tick did not have prior experience running a publicly traded company before joining BJ's.

Todd Wilson

Executive Vice President and Chief Financial Officer

Todd Wilson was appointed Executive Vice President and Chief Financial Officer of BJ's Restaurants, Inc., effective December 15, 2025. He brings nearly two decades of financial leadership experience within the restaurant industry. Most recently, from November 2022, Mr. Wilson served as the CFO of Red Robin Gourmet Burgers, Inc., a publicly traded full-service restaurant chain, where he played a key role in improving restaurant-level margins and financial results. From 2018 to 2022, he was the CFO at Hopdoddy, contributing to improved operating margins, doubling the unit count through organic growth and acquisitions, and completing two debt refinancings. Before that, he held progressive financial leadership roles at Bloomin' Brands from 2006 to 2016 and also served as Vice President of Finance for Jamba Juice. Mr. Wilson holds an MBA from the University of South Florida and a bachelor's degree from the University of Florida.

Alex Puchner

Senior Vice President of Brewing Operations

Alex Puchner is the Senior Vice President of Brewing Operations at BJ's Restaurants, Inc. He joined BJ's in 1996 as its first brewmaster when the company built its first brewpub. Prior to BJ's, Mr. Puchner honed his brewing skills as a homebrewer and then as a craft brewer at some of the first brewpubs in Orange County and Los Angeles. He has been a beer judge at prestigious events like the Great American Beer Festival and World Beer Cup for three decades.

Gregory S. Lynds

Executive Vice President and Chief Development Officer

Christopher P. Pinsak

Executive Vice President and Chief Operating Officer

Key Business Risks for BJ's Restaurants (BJRI)

1. Macroeconomic Challenges and Consumer Spending: BJ's Restaurants faces significant risks from macroeconomic headwinds, including inflation and fluctuating consumer discretionary spending. The company has noted concerns regarding increased food cost inflation and general consumer uncertainty, which can impact guest traffic and average check sizes. This also includes the potential for a restaurant price war and traffic shifting away from casual dining to grocery or quick-service alternatives.
2. Intense Competition: The casual dining sector is highly competitive, posing a continuous challenge for BJ's Restaurants. The company operates in an environment where customers have significant power due to low switching costs, making it difficult to maintain and grow market share. Larger rivals may also have more resources to deploy in competitive strategies.
3. Rising Labor and Commodity Costs & Supply Chain Volatility: BJ's Restaurants is exposed to risks associated with rising labor costs and volatility in commodity prices. The costs of certain key ingredients, such as avocados, ground beef, and bone-in wings, have experienced year-over-year increases. Furthermore, the company's reliance on frequent and consistent deliveries makes it vulnerable to supply chain disruptions caused by weather, natural disasters, labor issues, or other operational interruptions.

• The proliferation of ghost kitchens and virtual restaurant brands optimized for delivery, which operate with significantly lower overheads than traditional brick-and-mortar restaurants, creating intense competition in the delivery and takeout segments.
• Rapid advancements and potential widespread adoption of automation and robotics in kitchen operations, which could drastically reduce labor costs and improve operational efficiency for competing restaurant concepts, putting pressure on traditional casual dining models.

BJ's Restaurants, Inc. operates in the casual dining segment of the restaurant industry, with offerings including pizzas and craft beers. The addressable markets for these main products and services are within the United States.

U.S. Full-Service Restaurants Market (includes Casual Dining)

The U.S. full-service restaurant market, which encompasses casual dining, was valued at approximately US$ 371.9 billion in 2025. This market is projected to reach US$ 715.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.7% from 2025 to 2032. Another estimate valued the U.S. full-service restaurant market at USD 362.15 billion in 2025, with a projection to grow to USD 685.11 billion by 2031 at a CAGR of 11.07% during the forecast period (2026-2031). The sector is also expected to grow from USD 336.22 billion in 2024 to USD 807.83 billion by 2033, at a CAGR of 10.23% from 2025-2033.

U.S. Pizza Market

The United States pizza market reached an estimated USD 39.0 billion in 2025. Looking ahead, the market is expected to reach USD 50.7 billion by 2034, demonstrating a CAGR of 2.95% during the period of 2026-2034. In 2024, the United States pizza restaurant market was projected to reach $50.1 billion in revenue.

U.S. Craft Beer Market

The United States craft beer market size was approximately USD 31.3 billion in 2025. Projections indicate this market is expected to reach USD 42.4 billion by 2034, with a CAGR of 3.43% from 2026 to 2034. In 2024, retail dollar sales of craft beer in the U.S. increased by 3% to $28.8 billion, representing 24.7% of the total U.S. beer market.

BJ's Restaurants (NASDAQ: BJRI) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives focused on expansion, menu innovation, customer engagement, and operational improvements.

Here are 3-5 expected drivers of future revenue growth:

1. New Restaurant Expansion and Prototype Development: BJ's Restaurants plans to reignite net unit growth, with management indicating plans to pilot up to two new restaurant openings in late 2026 featuring a refreshed prototype for future expansion. This measured ramp-up in new unit development is expected to contribute to long-term growth. Contributions from new restaurant openings were already a driver of revenue growth in fiscal 2025.
2. Menu Innovation and Product Launches: The company is focused on menu renovation, including a renovated pizza platform that has already shown increased "pizza incidents." The Pizookie platform, including the Pizookie Meal Deal and seasonally relevant Pizookies, is a key product offering that has driven traffic and is expected to continue contributing to sales. Successful limited-time offerings (LTOs) are also part of this strategy.
3. Enhanced Guest Traffic through Marketing and Value Offerings: BJ's Restaurants is emphasizing social and influencer-driven marketing to boost brand awareness and attract customers, particularly a younger demographic. Initiatives like the Pizookie Meal Deal and late-night occasions are highlighted as key drivers for increasing guest frequency and delivering value, which in turn leads to higher traffic. The company's Daily Brewhouse Specials have also resonated with value-seeking guests.
4. Growth in High-Margin Channels: Scaling high-margin channels such as catering and optimizing the digital experience are considered primary engines for future profitable growth. This includes enhancing app and web ordering to improve conversion rates and average check sizes, and leveraging off-premise sales.
5. Operational Efficiencies to Support Competitive Positioning: Ongoing margin improvement initiatives and operational enhancements are expected to yield further benefits. These efficiencies, including improvements in cost of sales, activity-based labor management, and supply chain initiatives, enable the company to maintain competitive pricing and value propositions, thereby supporting sustained traffic and sales growth.

Share Repurchases

• BJ's Restaurants repurchased approximately 2.0 million shares for roughly $67.8 million in fiscal 2025.
• During the fourth quarter of 2025, the company repurchased and retired approximately 167,000 shares of common stock at a cost of about $5.4 million.
• As of February 25, 2026, approximately $93.2 million remained available under the company's authorized share repurchase program, and management anticipates repurchasing up to $50 million in 2026.

Share Issuance

• Through two capital raising transactions in May 2020 and January 2021, BJ's Restaurants raised a total of approximately $100 million.
• This included a $70 million private placement of common stock in May 2020 and a $30 million sale of common stock through an "at-the-market" offering.

Capital Expenditures

• Capital expenditures were anticipated to be between $65 million and $75 million for fiscal year 2025.
• For fiscal 2026, planned capital expenditures are projected to be between $85 million and $95 million.
• The primary focus of these capital expenditures includes new restaurant development, restaurant remodels (with 19 completed in 2025), and investments in social media and marketing.