Financial Data and Key Metrics Changes - In Q4 2025, total revenue reached $355.4 million, a 3.2% increase year-over-year, with comparable restaurant sales growing by 2.6% driven by a 4.5% increase in traffic and a 1.9% decrease in average check [18][19] - Restaurant-level operating profit improved from 15.4% to 16.1%, with Adjusted EBITDA increasing by 14.5% to $134.1 million for the fiscal year [18][19] - Net income for Q4 2025 was $12.6 million, compared to a loss of $5.3 million in Q4 2024, and Adjusted EPS rose 40% to $0.66 per diluted share [22][23] Business Line Data and Key Metrics Changes - The Pizookie Meal Deal continued to resonate with customers, contributing to traffic growth, with PMD checks accounting for 16% of total checks in Q4, up nearly 2% from the previous year [71] - The company ended 2025 with a net reduction of 6 menu items and 4 ingredient SKUs, focusing on optimizing the menu for better performance [9] Market Data and Key Metrics Changes - The company experienced a 4.5% traffic growth in Q4, marking the sixth consecutive quarter of positive traffic growth [4][18] - The late-night segment showed significant growth, with the highest traffic increase coming from this time period [59] Company Strategy and Development Direction - The company remains focused on four strategic priorities: investing in people, advancing operational excellence, progressing menu renovations, and keeping the atmosphere fresh [12][16] - Plans for 2026 include opening up to 2 new restaurants in the second half of the year and piloting a refreshed prototype to set the foundation for future growth [17][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's plans for 2026, anticipating continued growth despite potential inflationary pressures [12][24] - The company expects comparable restaurant sales growth of 1%-3% in 2026, with traffic growth and a marginal increase in average check [24] Other Important Information - The company completed 19 remodels in 2025, modernizing nearly 50% of its pre-2016 fleet [11] - The balance sheet remains healthy, with net funded debt of $61.2 million at the end of Q4 2025 [24] Q&A Session Summary Question: Can you discuss the comp components and the balance of value versus premium? - Management clarified that the check compression observed in Q4 was not primarily due to increased reliance on value but rather a result of traffic growth driven by seasonal offerings [32][34] Question: What was the inflation impact in Q4 and outlook for 2026? - Total inflation for the commodity basket was about 2.5% in Q4, with labor inflation in the 2%-3% range [38] Question: How do you anticipate overall comp trends throughout 2026? - Management expects steady growth in comp sales and traffic across all quarters, with no significant movements anticipated [44] Question: What will drive margin expansion in 2026? - Key drivers include consistent sales growth, accountability in performance metrics, and the rollout of the activity-based labor model [45][50] Question: What engagement looks like with younger customers after LTOs? - Management noted increases in frequency across age and income cohorts, but it is too early to definitively assess long-term engagement [53] Question: Can you elaborate on the new restaurant prototype? - The new prototype aims to contemporize the brand while maintaining familiarity, with flexibility in size and design based on market needs [84][87]

Financial Data and Key Metrics Changes - In Q4 2025, BJ's Restaurants reported total revenue of $355.4 million, a 3.2% increase year-over-year [18] - Comparable restaurant sales increased by 2.6%, driven by a 4.5% growth in traffic and a 1.9% decrease in average check [18] - Restaurant-level operating profit improved from 15.4% to 16.1%, with adjusted EBITDA increasing by 14.5% to $134.1 million [18][19] - For the full year 2025, same-store sales growth was 2%, with restaurant-level operating margins at 15.5% [6][7] Business Line Data and Key Metrics Changes - The Pizookie Meal Deal and seasonal Pizookies contributed significantly to traffic growth, particularly among younger demographics [5][6] - The company ended 2025 with a net reduction of six menu items and four ingredient SKUs, focusing on operational efficiency [9] Market Data and Key Metrics Changes - BJ's experienced strong traffic growth across all day parts in Q4, with late-night being the highest growth segment [59] - The dine-in business saw a traffic increase of over 7%, while off-premise business faced declines [80] Company Strategy and Development Direction - The company aims to continue investing in its people and operational excellence, with a focus on menu renovation and net unit growth [12][16] - BJ's plans to pilot a refreshed restaurant prototype and target up to two new openings in the second half of 2026 [17][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and ability to sustain growth, despite anticipated inflationary pressures [27][28] - The company expects comparable restaurant sales growth of 1%-3% for 2026, with continued traffic growth and a slight increase in average check [24] Other Important Information - The company repurchased approximately 2 million shares in 2025, with over $90 million remaining for future buybacks [23] - BJ's ended Q4 with net funded debt of $61.2 million, indicating a healthy balance sheet [24] Q&A Session Summary Question: Discussion on comp components and value mix - Management clarified that the traffic growth was not solely driven by value offerings but also by the appeal of seasonal Pizookies [32][34] Question: Inflation impact on commodities and labor - Total inflation for Q4 was about 2.5%, with labor inflation between 2%-3% [38] Question: Expectations for comp trends in 2026 - Management anticipates steady comp sales growth throughout the year, with no significant movements expected [44] Question: Restaurant profit guidance and margin expansion - Management confirmed expectations for approximately 50 basis points of margin expansion, driven by consistent sales growth and operational efficiency [45][50] Question: Engagement with younger demographics from LTOs - Management noted increases in frequency among younger cohorts but stated it was too early to draw definitive conclusions [53] Question: Changes in social media strategy - The company has shifted to more influencer-driven content and increased investment in social media [58] Question: Late-night business growth - Management indicated that late-night traffic growth is a result of a strong environment and demand recovery, rather than specific marketing pushes [76][78]

Financial Data and Key Metrics Changes - In Q4 2025, BJ's Restaurants reported total revenue of $355.4 million, a 3.2% increase year-over-year [18] - Comparable restaurant sales increased by 2.6%, driven by a 4.5% growth in traffic, while the average check decreased by 1.9% [18] - Restaurant-level operating profit improved from 15.4% to 16.1%, with Adjusted EBITDA increasing by 14.5% to $134.1 million [18][19] - For the full year 2025, same-store sales growth was 2%, with restaurant-level operating margins at 15.5% [6][18] Business Line Data and Key Metrics Changes - The Pizookie Meal Deal and seasonal Pizookies contributed significantly to traffic growth, particularly among younger demographics [5][6] - The company ended 2025 with a net reduction of 6 menu items and 4 ingredient SKUs, focusing on optimizing the menu [8] Market Data and Key Metrics Changes - BJ's experienced strong traffic growth across all day parts, with late-night being the highest growth segment [60] - The dine-in business saw traffic increase by over 7%, while off-premise business faced declines [80] Company Strategy and Development Direction - The company aims to continue investing in its people and operational excellence, with a focus on menu renovation and net unit growth [11][16] - BJ's plans to pilot a refreshed restaurant prototype and target up to 2 new openings in the second half of 2026 [17][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and ability to sustain growth, despite anticipated inflationary pressures [11][27] - The company expects comparable restaurant sales growth of 1%-3% in 2026, with continued traffic growth and a marginal increase in average check [24] Other Important Information - BJ's repurchased approximately 2 million shares in 2025, with over $90 million remaining for future buybacks [23] - The company ended Q4 with net funded debt of $61.2 million, indicating a healthy balance sheet [24] Q&A Session Summary Question: Can you discuss the components of comparable sales and the balance of value versus premium? - Management noted that the traffic growth was not solely driven by value but also by the appeal of seasonal Pizookies, attracting a younger demographic [31][34] Question: What was the inflation impact in Q4 and the outlook for 2026? - Commodity inflation was about 2.5% in Q4, with labor inflation between 2%-3%. The first half of 2026 is expected to see inflation in the 3%-4% range [37] Question: How do you anticipate comp trends throughout 2026? - Management expects steady growth in comp sales and traffic throughout the year, with no significant internal or external disruptions anticipated [42][44] Question: What is the guidance for restaurant profit margins in 2026? - Management confirmed expectations of approximately 50 basis points expansion in restaurant-level margins, driven by consistent sales growth and operational efficiencies [46][51] Question: How is engagement with younger customers after trying limited-time offers? - Management indicated it is too early to definitively assess engagement but noted increases in frequency across age and income cohorts [54] Question: What changes are being made to social media strategy? - The company has shifted to more influencer-driven content and increased investment in social media, moving away from traditional brand-produced content [59] Question: Can you elaborate on the new restaurant prototype? - The new prototype aims to contemporize the brand while maintaining familiarity, with flexibility in size and design to suit different markets [86][88]