Bloomin' Brands Reports 1% Revenue Growth and Increased Net Income for Q1 2026

Bloomin' Brands, Inc. reported a modest increase in financial performance for the thirteen weeks ended March 29, 2026, with total revenues reaching $1.06 billion, up 1.0% from $1.05 billion in the same period last year. The company's restaurant sales also saw a slight rise, totaling $1.04 billion compared to $1.03 billion in the prior year. Net income attributable to Bloomin' Brands increased significantly to $55.7 million, or $0.65 per diluted share, compared to $42.2 million, or $0.50 per diluted share, in the previous year. This growth in profitability was attributed to improved operational efficiencies and a focus on cost-saving initiatives.

In terms of operational metrics, Bloomin' Brands reported a 0.9% increase in U.S. comparable restaurant sales, while Outback Steakhouse experienced a slight decline of 0.3%. The company operated 962 restaurants and franchised 490 across 46 states and 12 countries as of the end of the reporting period. The average check per person increased by 2.7%, reflecting successful pricing strategies despite a challenging labor market and inflationary pressures on food costs. The company’s restaurant-level operating margin improved to 14.0%, up from 13.9% in the prior year.

Significant changes in the balance sheet included a decrease in total current assets to $208.8 million from $269.6 million, primarily due to a reduction in other current assets. Current liabilities also decreased to $799.9 million from $878.6 million, contributing to a slight improvement in working capital deficit. The company’s long-term debt decreased to $752.6 million from $787.4 million, reflecting ongoing efforts to manage leverage effectively. Cash and cash equivalents increased to $71.3 million, providing a stronger liquidity position.

Strategically, Bloomin' Brands is focused on a comprehensive turnaround strategy announced in November 2025, aimed at enhancing the customer experience and driving brand relevance. This strategy includes investing in restaurant upgrades and operational efficiencies. The company is also navigating challenges related to its franchise operations, particularly with Cerca Trova Southwest Restaurant Group, which operates Outback Steakhouse locations in the western U.S. The company is actively working to mitigate potential disruptions stemming from the franchisee's financial difficulties.

Looking ahead, Bloomin' Brands anticipates continued revenue growth driven by its strategic initiatives and operational improvements. The company expects to maintain compliance with its debt covenants and plans to invest approximately $185 million to $195 million in capital expenditures throughout 2026. Management remains cautious about external economic factors, including inflation and labor costs, which could impact future performance.