Texas Roadhouse, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue rising by 16.0% to $5.4 billion, compared to $4.6 billion in 2023. This growth was primarily driven by an 8.5% increase in comparable restaurant sales and a 7.5% increase in store weeks, attributed to new restaurant openings and an additional week in the fiscal calendar. Net income also saw a substantial increase of 42.2%, reaching $433.6 million, up from $304.9 million in the previous year, resulting in diluted earnings per share of $6.47, a 42.5% increase from $4.54 in 2023.
The company opened 31 new restaurants in 2024, including 26 Texas Roadhouse locations, four Bubba’s 33 restaurants, and one Jaggers restaurant. The total number of restaurants reached 784, comprising 666 company-owned and 118 franchised locations across 49 states, one U.S. territory, and ten foreign countries. The expansion strategy is part of Texas Roadhouse's long-term goal to increase its market presence and profitability, with plans to continue opening new locations in both domestic and international markets.
Operationally, Texas Roadhouse reported an increase in restaurant margin dollars, which rose by 29.4% to $915.8 million, reflecting improved sales and labor productivity. The restaurant margin as a percentage of sales increased to 17.1% from 15.4% in 2023. The company also noted a slight decrease in food and beverage costs as a percentage of sales, down to 33.4% from 34.6%, despite facing commodity inflation. Labor expenses as a percentage of sales decreased to 33.1%, aided by higher guest checks and improved productivity, although wage inflation remained a concern.
Looking ahead, Texas Roadhouse anticipates continued growth, with plans for approximately $400 million in capital expenditures in 2025, focusing on new restaurant openings and refurbishments. The company also declared a quarterly dividend of $0.68 per share, reflecting an 11% increase from the previous year, and announced a new stock repurchase program of up to $500 million. The management remains optimistic about maintaining profitability and expanding its market share, despite potential challenges from inflation and labor costs.
About Texas Roadhouse, Inc.
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