0001193125-26-083331
SEC filingRevenue grew 3.1% to $1.4B driven by 2.0% comparable sales growth, net income surged to $48.8M from $16.7M, and restaurant-level margins expanded.
BJ's Restaurants, Inc. describes itself as a leading full-service restaurant brand differentiated by high-quality, varied menu items with compelling value, best-in-class service, and a high-energy atmosphere. As of February 27, 2026, the company owns and operates 219 restaurants in 31 states. The first BJ's opened in 1978 in Orange County, California, and the concept evolved to include proprietary craft beers in 1996. Today, the menu features approximately 90 items, including EnLIGHTened Entrees®, signature deep-dish pizza, and the world-famous Pizookie® dessert, alongside award-winning craft beers.
The filing does not disclose separate reporting segments. All operations are under the single BJ's Restaurants brand, with revenues generated from dine-in, takeout, delivery, and catering.
Key products include a broad menu of food and beverage items. Beverage offerings feature 14 year-round BJ's craft beers plus rotating seasonal beers, hard root beer, hard lemonade, and non-alcoholic craft sodas. The company also operates a BJ's Brewhouse Beer Club subscription service and a BJ's Premier Rewards Plus® loyalty program. Technology platforms include handheld ordering tablets, a mobile application for ordering, waitlist, payment, and loyalty management, as well as QR code and Wi-Fi geolocation for touchless experiences.
BJ's reaches guests through dine-in, takeout, delivery (via third-party partners), catering, curbside pickup, and online ordering. The company leverages its mobile app and website for off-premise orders, with contactless curbside pickup using SMS/email notifications. To-go alcohol sales are available where legally permitted. No key customers or customer concentration are disclosed.
The domestic restaurant industry is highly competitive. BJ's competes with full-service, fast casual, and quick-service chains, as well as local restaurants and grocery/convenience meal options. Many major full-service competitors have greater brand awareness, capital, and marketing resources. BJ's differentiates through higher quality food and beverages at moderate prices with superior service in a distinctive dining environment.
BJ's strategy focuses on seven pillars: (1) High-Energy Atmosphere and Facilities – distinctive design with remodel initiatives since 2022; (2) Broad and Distinctive Menu – continuous evaluation and limited-time offerings, including a reimagined deep-dish pizza in November 2025; (3) Award Winning Proprietary Craft Beer – 275 medals and a subscription club; (4) Everyday Value Proposition – diverse price points and specials; (5) A Culture Committed to WOW Hospitality and Service – rigorous training and guest feedback programs; (6) Technology at the Right Time – handheld tablets and mobile app; (7) Bringing the Brewhome to Our Guests – off-premise channel investments including third-party delivery and curbside pickup.
As of December 30, 2025, BJ's employed approximately 22,000 restaurant team members and 230 at the Restaurant Support Center. Approximately 48% of team members are female; of those indicating race/ethnicity, about 57% are from under-represented communities. The company offers benefits to part-time and full-time staff, career development programs, and a focus on inclusion through its Inclusion, Diversity and Equity Alliance (IDEA) and Women's Career Advancement Network (WeCAN). No unions are present.
Fiscal 2025 revenues increased 3.1% to $1.4 billion, driven by a 2.0% rise in comparable restaurant sales (2.8% guest traffic growth offset by a 0.8% average check decline) and a $16.0 million contribution from new restaurants not yet in the comparable base. Net income surged to $48.8 million from $16.7 million, reflecting a 192.5% increase, as operating income improved to $46.3 million (3.3% of revenue) from $14.1 million (1.0%). Restaurant-level operating profit margin expanded 110 basis points to 15.5%, supported by menu price increases and cost savings initiatives. Adjusted EBITDA grew 14.5% to $134.1 million (9.6% of revenue) versus $117.1 million (8.6%) in 2024.
Cost of sales improved to 25.3% of revenue (from 25.8%) due to pricing and efficiency gains, partially offset by higher commodity costs. Labor and benefits declined to 36.1% (from 36.5%) from sales leverage and improved productivity. Occupancy and operating expenses fell to 23.2% (from 23.3%), while general and administrative expenses remained flat at 6.5%.
BJ's operates a single segment: company-owned restaurants. The revenue mix is driven entirely by food and beverage sales, with take-out and delivery available at all locations. Comparable restaurant sales—the key performance metric—rose 2.0%, with guest traffic up 2.8% but average check down 0.8% due to mix shifts toward lower-check dayparts and promotional platforms like the Pizookie Meal Deal. The company opened one new restaurant in fiscal 2025 (versus multiple in prior years), causing restaurant opening expenses to drop 68.2% to $0.7 million. Capital expenditures shifted toward restaurant maintenance and remodels ($59.8 million) versus new restaurant construction ($8.5 million).
Management's outlook focuses on sales growth initiatives to build guest loyalty, increase visit frequency, and grow off-premise sales. They aim to expand restaurant margins through sales leverage, cost savings, and menu strategies. Although no specific numerical guidance is provided, the known trends section highlights the impact of inflation on operations and construction costs, with a strategy to offset inflation via gradual menu price increases and productivity improvements. The company expects to fund capital expenditures with cash on hand, operating cash flows, and credit facility availability. Strategic priorities include returning capital to shareholders through share repurchases (evidenced by increased financing cash outflows) and optimizing new restaurant prototypes.
As of December 30, 2025, the balance sheet shows $85.0M in long-term debt under the revolving credit facility, with $109.8M of additional borrowing capacity after accounting for $20.2M in standby letters of credit. The weighted-average interest rate on borrowings was approximately 5.8% in fiscal 2025, down from 6.7% in 2024. Net debt (total debt minus cash) is not disclosed, but the company maintains a strong liquidity position.
Purchase obligations totaled $63.6M as of year-end, comprising inventory purchases, equipment, information technology, and other commitments. These are primarily due within three years. Operating lease obligations have a total undiscounted cash flow of $546.8M, with a present value of $405.8M; the weighted-average remaining lease term is 9.6 years at a discount rate of 5.9%. Standby letters of credit of $20.2M support self-insurance programs.
During fiscal 2025, BJRI repurchased 2.0 million shares for $67.8M at an average price of $33.80. The Board authorized a $75M increase in the repurchase program in October 2025, leaving $93.2M available under the $675M total authorization. No cash dividends were paid in fiscal 2025; the company remains focused on share repurchases as the primary capital return vehicle. Debt increased by $18.5M from $66.5M to $85.0M, reflecting net borrowing activity. Capital expenditures are not explicitly disclosed in the Notes but are visible in the cash flow statement (not part of Notes).
The company operates a single reportable segment: full-service company-owned restaurants, entirely within the United States. Segment revenue was $1,399.1M in fiscal 2025, up 3.1% from $1,357.3M in 2024, with income from operations of $46.3M (3.3% margin). The segment faces no other significant geographic or product diversification.
The provided document excerpt does not contain the actual Consolidated Statements of Cash Flows. It only lists the table of contents and exhibits. Therefore, no cash flow data is available to analyze CFO trends, capex intensity, or free cash flow coverage of capital returns. To perform a thorough analysis, the full cash flow statement for the fiscal years ended December 30, 2025, December 31, 2024, and January 2, 2024, is required.