Nasdaq:BLMN
Bloomin' Brands, Inc.
A leading multi-brand quick-service restaurant operator specializing in premium casual dining experiences with a massive real estate footprint.
Key Metrics
Investment Thesis
Bull Case
Bloomin' Brands offers value through its undervalued real estate assets which can be monetized or leveraged for debt reduction, creating potential upside for shareholders. The successful rebranding and menu innovations across its core brands have stabilized same-store sales growth, positioning the company for future expansion into underserved markets. With a strong cash flow from operations of $276.7M, the company has the liquidity to fund growth initiatives and withstand industry headwinds better than peers with less real estate ownership.
Bear Case
The significant decline in revenue over the past two years combined with a history of substantial net losses raises concerns about the durability of recent profitability improvements. High interest rate environments will weigh heavily on the company's balance sheet given its large debt obligations and frequent revolver borrowing activity. The reliance on discretionary consumer spending makes the stock vulnerable to economic slowdowns that could disproportionately impact premium casual dining sales.
About Bloomin' Brands, Inc.
Bloomin' Brands, Inc. owns and operates leading quick-service restaurant brands including Outback Steakhouse, Carrabba's Italian Grill, and Maggiano's Little Italy, serving diverse dining experiences across North America. The company focuses on premium casual dining with a strong emphasis on proprietary recipes, extensive real estate holdings, and robust supply chain logistics to deliver consistent quality. Its revenue streams are driven by same-store sales growth, strategic expansion of new unit openings, and optimization of its large property portfolio.
Analysis
Management Discussion
Recent financial performance shows a challenging recovery path after a 2024 net loss of $122.7M, with the company returning to profitability in 2025 with net income of $13.2M despite a notable decline in total revenue from $4.67B in 2023 to $3.96B in 2024 and 2025. The substantial capital expenditures of $179.9M and significant cash outflows from financing activities indicate aggressive investment in store renovations and debt management efforts. Operating leverage remains a key focus as the company navigates post-pandemic normalization and seeks to restore margin expansion.
Industry Overview
The global quick-service restaurant industry is highly competitive with rapid consolidation trends favoring companies that can achieve scale and operational efficiency. Consumers are increasingly demanding higher quality ingredients, sustainable sourcing, and digital ordering capabilities while seeking more experiential dining environments. Companies like Bloomin' Brands that own their real estate and operate multiple price-point brands are better positioned to navigate these structural shifts than pure-play operators.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $4.42B | $4.67B | $3.95B | $3.96B |
| Cost of Revenue | $1.38B | $1.41B | $1.15B | $1.18B |
| Gross Profit | $3.03B | $3.26B | $2.80B | $2.78B |
| Operating Expenses | $2.70B | $2.94B | $2.66B | $2.74B |
| Operating Income | $330.4M | $325.1M | $139.8M | $37.2M |
| G&A | $234.8M | $260.5M | $219.4M | $238.4M |
| Stock-Based Comp | $16.5M | $11.9M | $7.5M | $7.8M |
| D&A | $169.6M | $191.2M | $175.6M | $177.7M |
| Depreciation | $163.4M | $185.2M | $171.8M | $173.9M |
| Amortization | $6.2M | $6.0M | $3.8M | $3.8M |
| Other OpEx | $2.47B | $2.68B | $2.44B | $2.50B |
| Non-Operating Income | $-178.5M | $-52.2M | $-198.6M | $-45.4M |
| Pre-Tax Income | $151.9M | $273.0M | $-58.8M | $-8.2M |
| Income Tax | $42.7M | $18.6M | $-12.1M | $-26.7M |
| Continuing Ops | $109.2M | $254.4M | $-46.7M | $13.8M |
| Discontinued Ops | $0 | $0 | $-76.0M | $-537.0K |
| Net Income | $109.2M | $254.4M | $-122.7M | $13.2M |
| Minority Interest | $7.3M | $7.0M | $5.4M | $5.0M |
| Net to Common | $101.9M | $247.4M | $-128.0M | $8.2M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $346.6M | $343.3M | $320.5M | $269.6M |
| Cash & Equivalents | $84.7M | $111.5M | $70.1M | $59.5M |
| Inventory | $78.1M | $75.9M | $68.7M | $61.5M |
| Other Current Assets | $183.7M | $155.9M | $181.8M | $148.7M |
| Long-Term Assets | $2.97B | $3.08B | $3.06B | $2.90B |
| PP&E (Net) | $914.1M | $1.03B | $948.5M | $912.6M |
| Intangibles | $448.3M | $443.0M | $429.1M | $425.3M |
| Goodwill | $273.0M | $276.3M | $213.3M | $185.1M |
| Operating Leases | $1.10B | $1.08B | $1.01B | $979.3M |
| Other LT Assets | $235.3M | $244.6M | $460.5M | $336.0M |
| Total Assets | $3.32B | $3.42B | $3.38B | $3.17B |
| Current Liabilities | $978.9M | $1.00B | $952.3M | $878.6M |
| Accounts Payable | $183.7M | $189.2M | $153.2M | $138.2M |
| Current Leases | $183.5M | $175.4M | $158.8M | $176.3M |
| Deferred Revenue | $394.2M | $381.9M | $374.1M | $377.9M |
| Other Current Liab | $217.4M | $255.8M | $266.3M | $186.3M |
| Long-Term Liabilities | $2.07B | $2.01B | $2.29B | $1.96B |
| LT Operating Leases | $1.15B | $1.13B | $1.09B | $1.05B |
| Other LT Liab | $919.0M | $878.1M | $1.20B | $909.7M |
| Total Liabilities | $3.05B | $3.01B | $3.25B | $2.83B |
| Shareholders' Equity | $273.9M | $412.0M | $139.4M | $337.2M |
| Retained Earnings | $-706.1M | $-528.8M | $-925.8M | $-917.6M |
| AOCI | $-185.3M | $-178.3M | $-212.8M | $9.1M |
| Total L&E | $3.32B | $3.42B | $3.38B | $3.17B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $109.2M | $254.4M | $-122.7M | $13.2M |
| Non-Cash Adjustments | $241.4M | $290.6M | $296.0M | $240.2M |
| Working Capital Changes | $40.3M | $-12.6M | $54.8M | $23.3M |
| Cash from Operations | $390.9M | $532.4M | $228.1M | $276.7M |
| Capital Expenditures | $219.7M | $324.3M | $220.7M | $179.9M |
| Cash from Investing | $-201.1M | $-317.1M | $-239.0M | $2.1M |
| Share Buybacks | $109.2M | $70.8M | $265.7M | $0 |
| Dividends Paid | $49.7M | $83.7M | $82.6M | $38.3M |
| Cash from Financing | $-195.5M | $-187.1M | $-23.5M | $-289.1M |
| FX Effect | $1.4M | $1.4M | $-9.9M | $-313.0K |
| Net Change in Cash | $-4.3M | $29.6M | $-44.3M | $-10.6M |
| Beginning Cash | $89.1M | $84.7M | $114.4M | $70.1M |
| Ending Cash | $84.7M | $114.4M | $70.1M | $59.5M |
Frequently Asked Questions
How does Bloomin' Brands, Inc. make money?
The company operates through three primary brand families: Outback Steakhouse offering American steakhouse cuisine, Carrabba's Italian Grill featuring authentic Italian dishes, and Maggiano's Little Italy providing family-style Italian dining. Revenue is also generated through franchise operations and foodservice distribution channels that support its core restaurant brands. Additionally, the company leverages significant real estate assets to generate rental income and control over location selection.
What are the main risks for BLMN?
High debt levels relative to equity expose the company to interest rate fluctuations and potential refinancing challenges given the significant revolver activity noted in cash flows. The restaurant industry faces intense competition from both traditional QSR chains and emerging fast-casual concepts that threaten market share. Rising operational costs including labor, food inflation, and energy prices could compress margins if same-store sales growth does not keep pace. Economic downturns or changes in consumer discretionary spending habits pose a significant threat to revenue stability.
What is BLMN's competitive advantage?
Bloomin' Brands benefits from a highly diversified multi-brand portfolio that mitigates risk across different dining concepts and price points. The company maintains a substantial real estate footprint with over 1,000 properties owned outright or under long-term leases, providing cost stability and strategic location control. Its extensive proprietary recipe database and established supply chain logistics create high barriers to entry for competitors in the premium casual sector.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.