BJ’s(BJRI) - 2026 Q2 - Quarterly Results

Fiscal Second Quarter 2025 Highlights BJ's Restaurants, Inc. reported strong financial and operational performance for the fiscal second quarter of 2025, with notable increases in revenues, comparable restaurant sales, and profitability metrics compared to the prior year Metric | Metric | Q2 2025 | Q2 2024 | YoY Change | YoY Change (%) | | :-------------------------------- | :---------- | :---------- | :----------- | :------------- | | Total revenues | $365.6 million | $349.9 million | +$15.7 million | +4.5% | | Comparable restaurant sales | +2.9% | -0.6% | +3.5% | - | | Diluted net income per share | $0.97 | $0.72 | +$0.25 | +34.8% | | Adjusted diluted net income per share | $0.97 | $0.78 | +$0.19 | +25.1% | | Restaurant level operating profit | $62.1 million | $54.2 million | +$7.9 million | +14.6% | | Restaurant level operating profit margin | 17.0% | 15.5% | +1.5% | +150 bps | | Adjusted EBITDA | $42.1 million | $36.1 million | +$6.0 million | +16.6% | - The Company repurchased and retired approximately 438,000 shares of its common stock at a cost of approximately $15.1 million during the quarter[8] Management Commentary & Strategic Initiatives CEO Lyle Tick highlighted continued growth in sales and profitability, attributing success to the Pizookie Meal Deal, strong operational fundamentals, and a focus on guest and team member experience - Traffic-driven top-line growth and year-over-year profitability improvement were achieved through the compelling value of the Pizookie Meal Deal, strong operational fundamentals, and a focus on guest and team member experience[4] - Comparable restaurant sales growth for the year remains in line with initial expectations, despite weather-related impacts earlier in the year and a temporary slow start to July, which has since normalized[4] - The brand positioning project is complete, and the company is prioritizing key opportunities for BJ's, which will be implemented across menu, operations, and marketing later in 2025 and into 2026 to build sustainable and profitable growth[4] Share Repurchase Program BJ's Restaurants, Inc. continued its share repurchase program during the second quarter of 2025, repurchasing a significant number of shares and indicating remaining authorization for future repurchases - During the second quarter of 2025, the Company repurchased and retired approximately 438,000 shares of its common stock[5] - The cost of these repurchases was approximately $15.1 million[5] - As of July 1, 2025, approximately $56.7 million remained under the Company's authorized share repurchase program[5] Fiscal Year 2025 Financial Outlook Management provided its financial outlook for fiscal year 2025, anticipating continued comparable restaurant sales growth and specific ranges for key financial metrics, subject to the U.S. consumer environment and trade policies Fiscal Year 2025 Guidance | Metric | Outlook | | :-------------------------------- | :-------------------------------- | | Comparable restaurant sales growth | Approximately 2% | | Restaurant level operating profit | $211 million to $219 million | | Adjusted EBITDA | $132 million to $140 million | | Capital expenditures | $65 million to $75 million | | Share repurchases | $45 million to $55 million, depending on market conditions | Investor Conference Call and Webcast BJ's Restaurants, Inc. announced details for its conference call and live audio webcast to discuss the fiscal second quarter 2025 earnings, providing investors with an opportunity to hear management's insights and participate in a Q&A session - A conference call and live audio webcast for the second quarter 2025 earnings release will be held on July 31, 2025, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time)[10] - The webcast will be accessible on the 'Investors' page of the Company's website (http://www.bjsrestaurants.com), with a recording archived for 30 days[10] About BJ's Restaurants, Inc. BJ's Restaurants, Inc. is a national casual dining brand founded in 1978, operating over 200 restaurants across 31 states - BJ's Restaurants, Inc. is a national casual dining brand with brewhouse roots, founded in 1978, operating over 200 restaurants across 31 states[11] - The brand offers a chef-crafted menu including signature deep-dish pizzas, slow-roasted entrees, wings, and the world-famous Pizookie® dessert[11] - BJ's has been a pioneer in craft brewing since 1996, serving award-winning proprietary handcrafted beers, and offers dine-in, take-out, delivery, and large party catering[11] Forward-Looking Statements Disclaimer This section serves as a disclaimer for forward-looking statements within the report, emphasizing that such statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from projections - Statements in the report that are not purely historical are considered 'forward-looking' and are covered by safe harbors under securities acts[12] - These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from projected or anticipated outcomes[12] - Factors that might cause differences include rising costs (energy, labor, construction), macroeconomic conditions, consumer spending, labor market conditions, regulatory changes, competition, and other matters discussed in SEC filings[12] Financial Statements This section presents the company's unaudited consolidated financial statements, including statements of operations, balance sheet information, and supplemental operating data Unaudited Consolidated Statements of Operations The unaudited consolidated statements of operations present BJ's Restaurants, Inc.'s financial performance for the second quarter and six months ended July 1, 2025, compared to the same periods in 2024, showing increases in revenues and net income Consolidated Statements of Operations (Q2 2025 vs. Q2 2024) | Metric | July 1, 2025 (in thousands) | % of Revenues | July 2, 2024 (in thousands) | % of Revenues | YoY Change (Value) | YoY Change (%) | | :-------------------------------- | :-------------------------- | :------------ | :-------------------------- | :------------ | :----------------- | :------------- | | Revenues | $365,597 | 100.0% | $349,927 | 100.0% | +$15,670 | +4.5% | | Cost of sales | $90,803 | 24.8% | $89,836 | 25.7% | +$967 | +1.1% | | Labor and benefits | $129,374 | 35.4% | $126,309 | 36.1% | +$3,065 | +2.4% | | Income from operations | $21,214 | 5.8% | $13,221 | 3.8% | +$7,993 | +60.5% | | Net income | $22,208 | 6.1% | $17,157 | 4.9% | +$5,051 | +29.4% | | Diluted Net Income Per Share | $0.97 | | $0.72 | | +$0.25 | +34.7% | Consolidated Statements of Operations (Six Months Ended July 1, 2025 vs. July 2, 2024) | Metric | July 1, 2025 (in thousands) | % of Revenues | July 2, 2024 (in thousands) | % of Revenues | YoY Change (Value) | YoY Change (%) | | :-------------------------------- | :-------------------------- | :------------ | :-------------------------- | :------------ | :----------------- | :------------- | | Revenues | $713,570 | 100.0% | $687,261 | 100.0% | +$26,309 | +3.8% | | Cost of sales | $177,623 | 24.9% | $174,789 | 25.4% | +$2,834 | +1.6% | | Labor and benefits | $255,026 | 35.7% | $251,330 | 36.6% | +$3,696 | +1.5% | | Income from operations | $36,164 | 5.1% | $21,479 | 3.1% | +$14,685 | +68.4% | | Net income | $35,700 | 5.0% | $24,880 | 3.6% | +$10,820 | +43.5% | | Diluted Net Income Per Share | $1.54 | | $1.04 | | +$0.50 | +48.1% | Selected Consolidated Balance Sheet Information This section provides key consolidated balance sheet figures for BJ's Restaurants, Inc. as of July 1, 2025, compared to December 31, 2024, highlighting changes in assets, debt, and shareholders' equity Selected Consolidated Balance Sheet Information | Metric | July 1, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (Value) | Change (%) | | :-------------------------- | :-------------------------- | :------------------------------- | :------------- | :--------- | | Cash and cash equivalents | $25,964 | $26,096 | -$132 | -0.5% | | Total assets | $1,025,237 | $1,041,064 | -$15,827 | -1.5% | | Total debt | $60,500 | $66,500 | -$6,000 | -9.0% | | Shareholders' equity | $386,564 | $370,017 | +$16,547 | +4.5% | Unaudited Supplemental Information This section provides supplemental operating data, including comparable restaurant sales changes, restaurant count, and restaurant operating weeks, along with details on stock-based compensation for the second quarter and six months ended July 1, 2025 Operating Data | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Comparable restaurant sales % change | 2.9% | (0.6)% | 2.3% | (1.1)% | | Restaurants opened during period | - | - | 1 | 1 | | Restaurants open at period-end | 219 | 216 | 219 | 216 | | Restaurant operating weeks | 2,847 | 2,821 | 5,682 | 5,629 | Stock-based Compensation (in thousands) | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :-------------------------- | :------ | :------ | :------ | :------ | | Labor and benefits | $865 | $529 | $1,265 | $1,037 | | General and administrative | $1,042 | $2,237 | $2,592 | $4,206 | | Total stock-based compensation | $1,907 | $2,766 | $3,857 | $5,243 | - One restaurant was permanently closed during the period[22] Reconciliation of Non-GAAP Financial Measures This section provides reconciliations of GAAP financial measures to non-GAAP measures, including adjusted diluted net income per share, restaurant level operating profit, and Adjusted EBITDA Adjusted Diluted Net Income Per Share Reconciliation This section reconciles GAAP net income to Adjusted diluted net income per share for the second quarter and six months ended July 1, 2025, and July 2, 2024, by adjusting for loss on disposal and impairment of assets and its tax effects to provide a clearer view of underlying performance Adjusted Diluted Net Income Per Share Reconciliation | Metric | Q2 2025 (in thousands) | Q2 2024 (in thousands) | 6M 2025 (in thousands) | 6M 2024 (in thousands) | | :-------------------------------- | :--------------------- | :--------------------- | :--------------------- | :--------------------- | | Net income (GAAP) | $22,208 | $17,157 | $35,700 | $24,880 | | Loss on disposal and impairment of assets, net | $195 | $1,928 | $368 | $2,712 | | Tax effect of adjustments | ($47) | ($467) | ($89) | ($656) | | Adjusted net income | $22,356 | $18,618 | $35,979 | $26,936 | | Diluted net income per share (as reported) | $0.97 | $0.72 | $1.54 | $1.04 | | Adjusted diluted net income per share | $0.97 | $0.78 | $1.56 | $1.12 | - The tax effect for adjustments is based on the Company's annual statutory tax rate of 24.2% for both periods[29] Restaurant Level Operating Profit Reconciliation This section reconciles GAAP income from operations to Restaurant level operating profit for the second quarter and six months ended July 1, 2025, and July 2, 2024, by adding back non-restaurant specific costs such as general and administrative expenses, depreciation, and restaurant opening costs Restaurant Level Operating Profit Reconciliation | Metric | Q2 2025 (in thousands) | % of Revenues | Q2 2024 (in thousands) | % of Revenues | 6M 2025 (in thousands) | % of Revenues | 6M 2024 (in thousands) | % of Revenues | | :-------------------------------- | :--------------------- | :------------ | :--------------------- | :------------ | :--------------------- | :------------ | :--------------------- | :------------ | | Income from operations (GAAP) | $21,214 | 5.8% | $13,221 | 3.8% | $36,164 | 5.1% | $21,479 | 3.1% | | General and administrative | $21,750 | 5.9% | $20,604 | 5.9% | $43,502 | 6.1% | $43,601 | 6.3% | | Depreciation and amortization | $18,736 | 5.1% | $18,163 | 5.2% | $37,013 | 5.2% | $36,036 | 5.2% | | Restaurant opening | $225 | 0.1% | $300 | 0.1% | $663 | 0.1% | $890 | 0.1% | | Loss on disposal and impairment of assets, net | $195 | 0.1% | $1,928 | 0.6% | $368 | 0.1% | $2,712 | 0.4% | | Restaurant level operating profit | $62,120 | 17.0% | $54,216 | 15.5% | $117,710 | 16.5% | $104,718 | 15.2% | Net Income to Adjusted EBITDA Reconciliation This section provides a reconciliation of GAAP net income to Adjusted EBITDA for the second quarter and six months ended July 1, 2025, and July 2, 2024, by adjusting for non-operating and non-cash items such as interest, taxes, depreciation, amortization, stock-based compensation, and other income/losses Net Income to Adjusted EBITDA Reconciliation | Metric | Q2 2025 (in thousands) | % of Revenues | Q2 2024 (in thousands) | % of Revenues | 6M 2025 (in thousands) | % of Revenues | 6M 2024 (in thousands) | % of Revenues | | :-------------------------------- | :--------------------- | :------------ | :--------------------- | :------------ | :--------------------- | :------------ | :--------------------- | :------------ | | Net income (GAAP) | $22,208 | 6.1% | $17,157 | 4.9% | $35,700 | 5.0% | $24,880 | 3.6% | | Interest expense, net | $1,272 | 0.3% | $1,259 | 0.4% | $2,502 | 0.4% | $2,670 | 0.4% | | Income tax expense (benefit) | $1,495 | 0.4% | ($2,423) | (0.7)% | $1,662 | 0.2% | ($2,603) | (0.4)% | | Depreciation and amortization | $18,736 | 5.1% | $18,163 | 5.2% | $37,013 | 5.2% | $36,036 | 5.2% | | Stock-based compensation expense | $1,907 | 0.5% | $2,766 | 0.8% | $3,857 | 0.5% | $5,243 | 0.8% | | Other income, net | ($3,761) | (1.0)% | ($2,772) | (0.8)% | ($3,700) | (0.5)% | ($3,468) | (0.5)% | | Loss on disposal and impairment of assets, net | $195 | 0.1% | $1,928 | 0.6% | $368 | 0.1% | $2,712 | 0.4% | | Adjusted EBITDA | $42,052 | 11.5% | $36,078 | 10.3% | $77,402 | 10.8% | $65,470 | 9.5% |