What changed in this filing

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Item 1. Financial Statements

2025-11-06 compared with 2025-08-07 · 251 added, 193 removed, 614 unchanged (42% of the section changed)

2 unchanged sentences

(IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

JUNE 29, 2025 DECEMBER 29, 2024

SEPTEMBER 28, 2025 DECEMBER 29, 2024

Current assets

31 unchanged sentences

Preferred stock, $ 0.01 par value, 25,000,000 shares authorized;

no shares issued and outstanding as of June 29, 2025 and December 29, 2024

no shares issued and outstanding as of September 28, 2025 and December 29, 2024

Common stock, $ 0.01 par value, 475,000,000 shares authorized;

85,062,439 and 84,854,768 shares issued and outstanding as of June 29, 2025 and December 29, 2024, respectively

85,166,769 and 84,854,768 shares issued and outstanding as of September 28, 2025 and December 29, 2024, respectively

Additional paid-in capital 1,239,678 1,273,288

7 unchanged sentences

BLOOMIN’ BRANDS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME

(IN THOUSANDS, EXCEPT PER SHARE DATA, UNAUDITED)

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Restaurant sales $ 911,920 $ 889,784 $ 2,926,208 $ 2,914,253

9 unchanged sentences

Total costs and expenses 965,233 901,371 2,930,312 2,854,844

Income from operations 29,650 44,052 86,881 114,969

(Loss) income from operations ( 36,420 ) 8,642 50,461 123,611

Loss on extinguishment of debt — ( 225 ) — ( 136,022 )

Interest expense, net ( 11,112 ) ( 16,483 ) ( 32,998 ) ( 45,455 )

Income (loss) before (benefit) provision for income taxes 18,951 28,756 64,995 ( 49,800 )

(Loss) income before (benefit) provision for income taxes ( 47,532 ) ( 8,066 ) 17,463 ( 57,866 )

(Benefit) provision for income taxes ( 2,404 ) ( 8,030 ) ( 10,249 ) 1,392

Loss from equity method investment, net of tax ( 337 ) — ( 3,434 ) —

Net income (loss) from continuing operations 25,893 25,976 69,743 ( 59,222 )

Net (loss) income from continuing operations ( 45,465 ) ( 36 ) 24,278 ( 59,258 )

Net income from discontinued operations, net of tax 189 7,577 714 14,140

Net income (loss) 26,672 29,631 70,268 ( 52,659 )

Net (loss) income ( 45,276 ) 7,541 24,992 ( 45,118 )

net income attributable to noncontrolling interests 583 629 3,280 3,439

Net income (loss) attributable to Bloomin’ Brands

Net (loss) income attributable to Bloomin’ Brands

$ ( 45,859 ) $ 6,912 $ 21,712 $ ( 48,557 )

Net income (loss) $ 26,672 $ 29,631 $ 70,268 $ ( 52,659 )

Other comprehensive income (loss):

Net (loss) income $ ( 45,276 ) $ 7,541 $ 24,992 $ ( 45,118 )

Other comprehensive (loss) income:

Foreign currency translation adjustment 3,367 ( 11,849 ) 2,745 ( 23,638 )

Reclassification of foreign currency translation adjustments into earnings due to sale of business — — 217,548 —

Net gain on derivatives, net of tax 290 330 113 1,487

Comprehensive income (loss) 28,693 20,103 287,307 ( 62,961 )

Net gain (loss) on derivatives, net of tax 67 ( 3,474 ) 180 ( 1,987 )

Comprehensive (loss) income ( 41,842 ) ( 7,782 ) 245,465 ( 70,743 )

comprehensive income attributable to noncontrolling interests 583 629 3,280 3,439

Comprehensive income (loss) attributable to Bloomin’ Brands $ 27,440 $ 18,875 $ 284,610 $ ( 65,771 )

Basic earnings (loss) per share:

Comprehensive (loss) income attributable to Bloomin’ Brands $ ( 42,425 ) $ ( 8,411 ) $ 242,185 $ ( 74,182 )

Basic (loss) earnings per share:

Continuing operations $ ( 0.54 ) $ ( 0.01 ) $ 0.25 $ ( 0.73 )

Discontinued operations — 0.09 0.01 0.16

Net basic earnings (loss) per share $ 0.30 $ 0.33 $ 0.80 $ ( 0.64 )

Diluted earnings (loss) per share:

Net basic (loss) earnings per share $ ( 0.54 ) $ 0.08 $ 0.26 $ ( 0.56 )

Diluted (loss) earnings per share:

Continuing operations $ ( 0.54 ) $ ( 0.01 ) $ 0.25 $ ( 0.73 )

Discontinued operations — 0.09 0.01 0.16

Net diluted earnings (loss) per share $ 0.30 $ 0.32 $ 0.79 $ ( 0.64 )

Net diluted (loss) earnings per share $ ( 0.54 ) $ 0.08 $ 0.25 $ ( 0.56 )

Weighted average common shares outstanding:

2 unchanged sentences

Th e accompanying notes are an integral part of these unaudited consolidated financial statements.

Amounts may not add due to rounding.

BLOOMIN’ BRANDS, INC.

6 unchanged sentences

SHARES AMOUNT

March 30, 2025 84,987 $ 850 $ 1,261,204 $ ( 883,682 ) $ 2,225 $ 4,253 $ 384,850

Net income — — — 25,419 — 1,253 26,672

June 29, 2025 85,062 $ 851 $ 1,250,403 $ ( 858,263 ) $ 4,246 $ 4,057 $ 401,294

Net (loss) income — — — ( 45,859 ) — 583 ( 45,276 )

Other comprehensive income, net of tax — — — — 3,434 — 3,434

5 unchanged sentences

Contributions from noncontrolling interests — — — — — 265 265

Retirement of warrants — — ( 399 ) — — — ( 399 )

June 29, 2025 85,062 $ 851 $ 1,250,403 $ ( 858,263 ) $ 4,246 $ 4,057 $ 401,294

September 28, 2025 85,167 $ 852 $ 1,239,678 $ ( 904,122 ) $ 7,680 $ 3,919 $ 348,007

December 29, 2024 84,855 $ 849 $ 1,273,288 $ ( 925,834 ) $ ( 212,793 ) $ 3,936 $ 139,446

8 unchanged sentences

Retirement of warrants — — ( 399 ) — — — ( 399 )

June 29, 2025 85,062 $ 851 $ 1,250,403 $ ( 858,263 ) $ 4,246 $ 4,057 $ 401,294

September 28, 2025 85,167 $ 852 $ 1,239,678 $ ( 904,122 ) $ 7,680 $ 3,919 $ 348,007

(CONTINUED...)

7 unchanged sentences

SHARES AMOUNT

March 31, 2024 87,811 $ 878 $ 1,290,765 $ ( 809,880 ) $ ( 179,078 ) $ 2,750 $ 305,435

June 30, 2024 85,776 $ 858 $ 1,309,482 $ ( 834,926 ) $ ( 188,606 ) $ 2,885 $ 289,693

Net income — — — 6,912 — 629 7,541

8 unchanged sentences

Contributions from noncontrolling interests — — — — — 420 420

June 30, 2024 85,776 $ 858 $ 1,309,482 $ ( 834,926 ) $ ( 188,606 ) $ 2,885 $ 289,693

September 29, 2024 84,830 $ 848 $ 1,291,576 $ ( 846,376 ) $ ( 203,929 ) $ 2,852 $ 244,971

December 31, 2023 86,969 $ 870 $ 1,115,387 $ ( 528,831 ) $ ( 178,304 ) $ 2,881 $ 412,003

12 unchanged sentences

Retirement of warrants — — ( 102,213 ) — — — ( 102,213 )

June 30, 2024 85,776 $ 858 $ 1,309,482 $ ( 834,926 ) $ ( 188,606 ) $ 2,885 $ 289,693

September 29, 2024 84,830 $ 848 $ 1,291,576 $ ( 846,376 ) $ ( 203,929 ) $ 2,852 $ 244,971

________________

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN THOUSANDS, UNAUDITED)

TWENTY-SIX WEEKS ENDED

JUNE 29, 2025 JUNE 30, 2024

(IN THOUSANDS, UNAUDITED)

THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Cash flows provided by operating activities:

4 unchanged sentences

Depreciation and amortization 133,492 130,434

Amortization of debt discounts and issuance costs 1,533 1,353

Amortization of deferred gift card sales commissions 16,027 17,155

9 unchanged sentences

Net cash provided by operating activities of continuing operations 155,168 114,543

Net cash provided by operating activities of discontinued operations 2,443 24,098

Net cash provided by (used in) operating activities of discontinued operations 2,385 ( 6,161 )

Net cash provided by operating activities $ 157,553 $ 108,382

4 unchanged sentences

Other investments, net 1,340 2,192

Net cash provided by (used in) investing activities of continuing operations 420 ( 107,956 )

Net cash used in investing activities of continuing operations ( 48,364 ) ( 165,523 )

Net cash used in investing activities of discontinued operations ( 1,623 ) ( 30,953 )

3 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN THOUSANDS, UNAUDITED)

TWENTY-SIX WEEKS ENDED

JUNE 29, 2025 JUNE 30, 2024

(IN THOUSANDS, UNAUDITED)

THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Cash flows (used in) provided by financing activities:

1 unchanged sentence

Repayments of borrowings on revolving credit facilities ( 1,145,000 ) ( 1,646,000 )

Financing fees — ( 6,945 )

Repayments of finance lease obligations ( 2,040 ) ( 1,309 )

12 unchanged sentences

Effect of exchange rate changes on cash and cash equivalents ( 325 ) ( 8,206 )

Net (decrease) increase in cash and cash equivalents ( 19,748 ) 3,546

Net decrease in cash and cash equivalents ( 3,577 ) ( 30,741 )

Cash and cash equivalents as of the beginning of the period 70,056 114,373

4 unchanged sentences

Supplemental disclosures of non-cash activities:

Leased assets obtained in exchange for new operating lease liabilities $ 42,892 $ 47,846

Leased assets obtained in exchange for new finance lease liabilities $ 5,629 $ 7

Capital expenditures included in current liabilities $ 27,840 $ 40,031

1 unchanged sentence

Shares received and retired on exercise of call option under bond hedge upon settlement of convertible senior notes $ — $ ( 8,346 )

Financing fees in accrued liabilities $ — $ 2,040

The accompanying notes are an integral part of these unaudited consolidated financial statements.

2 unchanged sentences

Description of the Business and Basis of Presentation

Description of the Business - Bloomin’ Brands (“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants.

Description of the Business - Bloomin’ Brands, Inc.

(“Bloomin’ Brands” or the “Company”) owns and operates casual, upscale casual and fine dining restaurants.

OSI Restaurant Partners, LLC (“OSI”) is the Company’s primary operating entity.

4 unchanged sentences

GAAP”) for complete financial statements.

The Company utilizes a 52-53-week year ending on the last Sunday in December and its fiscal year ending December 28, 2025 will contain 52 weeks.

In the opinion of the Company, all adjustments necessary for fair statement of results for the periods presented have been included and are of a normal, recurring nature.

2 unchanged sentences

These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2024.

The preparation of the accompanying consolidated financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.

Actual results could differ from those estimated.

Reclassifications - The Company reclassified certain immaterial amounts in prior period financial statements to conform to the current period’s presentation.

These reclassifications had no effect on previously reported Net (loss) income.

Recently Adopted Financial Accounting Standards - Effective June 30, 2025, the Company elected to early adopt ASU No.

2025-05, “Financial Instruments - Credit Losses (Topic 326):

Measurement of Credit Losses for Accounts Receivable and Contract Assets,” (“ASU No.

2025-05”) on a prospective basis.

2025-05 provides a practical expedient permitting an entity to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets.

The adoption did not have a material impact on the consolidated financial statements or the related notes.

Recently Issued Financial Accounting Standards Not Yet Adopted - In December 2023, the FASB issued ASU No.

3 unchanged sentences

2023-09 is effective for the Company beginning with the 2025 Form 10-K, with early adoption permitted, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented.

The Company is currently evaluating the impact ASU No.

2023-09 will have on its disclosures.

The Company will adopt this standard in its 2025 Form 10-K on a prospective basis.

While the adoption is expected to primarily affect income tax disclosures, it is not anticipated to have a material impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU No.

2 unchanged sentences

2024-03”) which requires detailed disclosures in the notes to financial statements of expense categories within relevant income statement captions including purchases of inventory, employee compensation, depreciation and intangible asset amortization.

2024-03 is effective for the Company beginning with the 2027 Form 10-K, with early adoption permitted, and may be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented.

2024-03 is effective for the Company beginning with the 2027 Form 10-K, with early adoption permitted, and may

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

be applied either prospectively for reporting periods after the effective date or retrospectively to prior periods presented.

The Company is currently evaluating the impact ASU No.

1 unchanged sentence

Recent accounting guidance not discussed herein is not applicable, did not have or is not expected to have a material impact to the Company.

Reclassifications - The Company reclassified certain immaterial amounts in prior period financial statements to conform to the current period’s presentation.

These reclassifications had no effect on previously reported Net income (loss).

Discontinued Operations

2 unchanged sentences

Following the closing, the Brazil restaurants began operating as unconsolidated franchisees.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

The aggregate consideration paid to the Seller consisted of 67 % of the enterprise valuation of the Disposal Group in the amount of R$ 2.06 billion Brazilian Reais, which equaled R$ 1.4 billion Brazilian Reais (approximately $ 225.3 million in U.S.

3 unchanged sentences

The proceeds were applied to the Company’s revolving credit facility during the thirteen weeks ended March 30, 2025.

The second installment payment, representing 48 % of the Purchase Price, is due on the first anniversary of the Closing Date (based on the exchange rate on the date of payment) and will generate interest income based on the interbank deposit rate in Brazil until paid.

The second installment, representing 48 % of the Purchase Price, is due on or before the first anniversary of the Closing Date (based on the exchange rate on the date of payment) and will generate interest income based on the interbank deposit rate in Brazil until paid.

The sale represents a strategic shift to a primarily franchised model for the Company’s international operations.

The assets and liabilities of the Disposal Group were classified as held for sale on the Company’s Consolidated Balance Sheet as of December 29, 2024.

For the thirteen and twenty-six weeks ended June 29, 2025 and June 30, 2024, all sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption titled Net income from discontinued operations, net of tax in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for all periods presented.

As of the Closing Date, the fair value of the Company’s retained interest was $ 59.9 million based on the proportional enterprise valuation of the Disposal Group, adjusted for debt used by the Buyer to fund a portion of the Purchase Price and to be pushed down to the operating entity subsequent to the second installment payment.

For the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024, all sales, direct costs and expenses and income taxes attributable to restaurants classified as discontinued operations have been aggregated to a single caption titled Net income from discontinued operations, net of tax, in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for all periods presented.

See Note 3 - Equity Method Investment for additional details regarding the Company’s retained interest in its Brazil operations.

Net income from discontinued operations, net of tax , in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) includes the following for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Net income from discontinued operations, net of tax , in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income includes the following for the periods indicated:

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Revenues $ — $ 135,372 $ — $ 393,981

Operating costs and expenses (1) — 126,274 — 376,074

— 123,226 — 249,800

Gain on sale of Brazil business (2) 560 — 5,135 —

1,672 — 4,575 —

Income from operations 560 9,098 5,135 17,907

Provision (benefit) for income taxes 893 ( 1,082 ) 4,050 2,246

Provision for income taxes 371 1,521 4,421 3,767

Net income from discontinued operations, net of tax $ 189 $ 7,577 $ 714 $ 14,140

____________________

(1) The thirteen and twenty-six weeks ended June 29, 2025 i nclude $ 1.3 million and $ 2.9 million, respectively, of net foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

(1) Includes royalty expense of $ 6.6 million and $ 19.5 million for the thirteen and thirty-nine weeks ended September 29, 2024, respectively, eliminated in consolidation prior to the Brazil Sale Transaction, with the corresponding royalty revenues recorded within Franchise and other revenues from continuing operations in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income.

(2) The thirteen and thirty-nine weeks ended September 28, 2025 i nclude $ 0.7 million and $ 3.6 million, respectively, of net foreign currency translation gains on contingent consideration assets and indemnification liabilities, as discussed below.

Contingent Consideration Assets and Indemnification Liabilities - On the Closing Date , the Company recognized contingent consideration assets of $ 29.3 million, primarily judicial deposits, and indemnification liabilities of $ 6.9 million, primarily labor and tax exposures, within Other assets, net and Other long-term liabilities, net, respectively, on the Company’s Consolidated Balance Sheet in connection with the Brazil Sale Transaction.

As of June 29, 2025, the Company’s balance of contingent consideration assets and indemnification liabilities, which are denominated in Brazilian Reais, increased to $ 33.1 million and $ 7.8 million, respectively, as a result of fluctuations in foreign exchange rates.

As of September 28, 2025, the Company’s balance of contingent consideration assets and indemnification liabilities, which are denominated in Brazilian Reais, increased to $ 34.0 million and $ 8.0 million, respectively, as a result of fluctuations in foreign exchange rates.

All post-closing adjustments related to contingent consideration assets and indemnification liabilities will be reflected in discontinued operations.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Equity Method Investment

1 unchanged sentence

To ensure timely reporting, the Company records the results of the equity method investment in Brazil on a calendar basis one-month lag.

As of June 29, 2025, the carrying value of the Company’s equity method investment was $ 61.7 million and is recorded in Equity method investment on its Consolidated Balance Sheet.

The Company’s proportionate share of net loss from its equity interest was $ 1.8 million and $ 3.1 million for the thirteen and twenty-six weeks ended June 29, 2025, respectively, and is recorded within Loss from equity method investment, net of tax in the Consolidated Statements of Operations and Comprehensive Income (Loss).

As of September 28, 2025, the carrying value of the Company’s equity method investment was $ 64.7 million and is recorded in Equity method investment on its Consolidated Balance Sheet.

The Company’s proportionate share of net loss from its equity interest was $ 0.3 million and $ 3.4 million for the thirteen and thirty-nine weeks ended September 28, 2025, respectively, and is recorded within Loss from equity method investment, net of tax in the Consolidated Statements of Operations and Comprehensive (Loss) Income.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Revenue Recognition

1 unchanged sentence

THIRTEEN WEEKS ENDED

JUNE 29, 2025 JUNE 30, 2024

SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

(dollars in thousands) RESTAURANT SALES FRANCHISE REVENUES RESTAURANT SALES FRANCHISE REVENUES

8 unchanged sentences

Total $ 911,920 $ 15,116 $ 889,784 $ 18,249

TWENTY-SIX WEEKS ENDED

JUNE 29, 2025 JUNE 30, 2024

THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

(dollars in thousands) RESTAURANT SALES FRANCHISE REVENUES RESTAURANT SALES FRANCHISE REVENUES

10 unchanged sentences

(1) Includes intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.

(2) Includes Restaurant sales for Company-owned restaurants in Hong Kong.

(2) Primarily includes Restaurant sales for Company-owned restaurants in Hong Kong.

BLOOMIN’ BRANDS, INC.

2 unchanged sentences

The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Other current assets, net

9 unchanged sentences

The following table is a rollforward of deferred gift card sales commissions for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Balance, beginning of the period $ 12,554 $ 12,650 $ 16,935 $ 18,081

4 unchanged sentences

The following table is a rollforward of unearned gift card revenue for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Balance, beginning of the period $ 299,636 $ 299,090 $ 366,059 $ 372,551

8 unchanged sentences

The components of Provision for impaired assets and restaurant closings are as follows for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Impairment losses

2 unchanged sentences

Total impairment losses $ 32,455 $ 1,268 $ 38,721 $ 15,591

Restaurant closure (benefits) charges

Restaurant closure charges (benefits)

$ 638 $ 615 $ ( 3,032 ) $ 11,834

Other 143 3,714 ( 563 ) 3,729

Total restaurant closure (benefits) charges ( 4,140 ) 2,213 ( 4,376 ) 11,234

Total restaurant closure charges (benefits) 781 4,329 ( 3,595 ) 15,563

Provision for impaired assets and restaurant closings (1)

1 unchanged sentence

________________

(1) For the thirteen and twenty-six weeks ended June 30, 2024, primarily related to the Q2 2024 decision to close nine restaurants in Hong Kong and the closure of 36 predominantly older, underperforming U.S.

(1) For the thirteen and thirty-nine weeks ended September 28, 2025, primarily includes charges related to the 2025 Restaurant Closures, defined below, and $ 12.0 million of asset impairment charges related to five underperforming U.S.

For the thirteen and thirty-nine weeks ended September 29, 2024, primarily includes charges related to the Q2 2024 decision to close nine restaurants in Hong Kong and the closure of 36 predominantly older, underperforming U.S.

restaurants (the “2023 Restaurant Closures”).

2025 Restaurant Closures - During the thirteen and thirty-nine weeks ended September 28, 2025, the Company recognized asset impairments and net closure charges in connection with the decision to close 21 U.S.

restaurants and not renew the leases of 22 U.S.

restaurants, the majority of which expire over the next four years (the “2025 Restaurant Closures”).

The closures of the 21 U.S.

restaurants were completed during October 2025 with an estimated $ 5.0 million to $ 7.0 million of related severance and closure charges to be recorded during the thirteen weeks ended December 28, 2025.

Following is a summary of the 2025 Restaurant Closures expenses recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated (dollars in thousands):

DESCRIPTION CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION THIRTEEN AND THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025

Property, fixtures and equipment impairments Provision for impaired assets and restaurant closings $ 13,858

Lease right-of-use asset impairments and closure charges Provision for impaired assets and restaurant closings 5,740

Total $ 19,598

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

Earnings (Loss) Per Share

The following table presents the computation of basic and diluted earnings (loss) per share for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(in thousands, except per share data) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

Net income (loss) attributable to Bloomin’ Brands $ 25,419 $ 28,403 $ 67,571 $ ( 55,469 )

(Loss) Earnings Per Share

The following table presents the computation of basic and diluted (loss) earnings per share for the periods indicated:

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(in thousands, except per share data) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Net (loss) income attributable to Bloomin’ Brands

$ ( 45,859 ) $ 6,912 $ 21,712 $ ( 48,557 )

Net income from discontinued operations, net of tax 189 7,577 714 14,140

Net income (loss) attributable to Bloomin’ Brands from continuing operations $ 24,640 $ 24,748 $ 67,046 $ ( 62,032 )

Net (loss) income attributable to Bloomin’ Brands from continuing operations $ ( 46,048 ) $ ( 665 ) $ 20,998 $ ( 62,697 )

Basic weighted average common shares outstanding 85,093 85,063 85,012 86,258

1 unchanged sentence

Stock-based compensation awards — — 201 —

Convertible senior notes (1) — 1,005 13 —

Warrants (1) — 649 — —

Convertible senior notes and warrants (1) — — 9 —

Diluted weighted average common shares outstanding 85,093 85,063 85,222 86,258

Basic earnings (loss) per share:

Basic (loss) earnings per share (2):

Continuing operations $ ( 0.54 ) $ ( 0.01 ) $ 0.25 $ ( 0.73 )

Discontinued operations — 0.09 0.01 0.16

Net basic earnings (loss) per share $ 0.30 $ 0.33 $ 0.80 $ ( 0.64 )

Diluted earnings (loss) per share:

Net basic (loss) earnings per share $ ( 0.54 ) $ 0.08 $ 0.26 $ ( 0.56 )

Diluted (loss) earnings per share (2):

Continuing operations $ ( 0.54 ) $ ( 0.01 ) $ 0.25 $ ( 0.73 )

Discontinued operations — 0.09 0.01 0.16

Net diluted earnings (loss) per share $ 0.30 $ 0.32 $ 0.79 $ ( 0.64 )

Net diluted (loss) earnings per share $ ( 0.54 ) $ 0.08 $ 0.25 $ ( 0.56 )

Antidilutive stock-based compensation awards 1,881 2,239 1,828 1,541

1 unchanged sentence

________________

(1) During the thirteen weeks ended June 29, 2025, the 2025 Notes matured and were settled in cash and the proportional warrants were terminated.

(1) During the thirty-nine weeks ended September 28, 2025, the 2025 Notes matured and were settled in cash and the remaining warrants were terminated.

See Note 9 - Convertible Senior Notes for additional details.

(2) For the thirteen and twenty-six weeks ended June 29, 2025, the Company’s share price was lower than the conversion and strike price related to the 2025 Notes and related warrants, respectively, which resulted in antidilutive shares.

For the twenty-six weeks ended June 30, 2024, as a result of the loss from continuing operations, securities are classified as antidilutive.

(2) Amounts may not add due to rounding.

BLOOMIN’ BRANDS, INC.

10 unchanged sentences

Forfeited ( 188 ) ( 198 ) $ 26.30 $ 19.13

Outstanding as of June 29, 2025 629 1,546 $ 18.13 $ 11.75 $ 5,445 $ 13,387

Expected to vest as of June 29, 2025 (4) 309 1,546 $ 2,678 $ 13,387

Outstanding as of September 28, 2025 617 1,621 $ 18.32 $ 10.38 $ 4,468 $ 11,738

Expected to vest as of September 28, 2025 (4) 298 1,621 $ 2,154 $ 11,738

________________

(1) Based on the $ 12.27 and $ 8.66 share price of the Company’s common stock on December 27, 2024 and June 27, 2025, the last trading day of the year ended December 29, 2024 and the twenty-six weeks ended June 29, 2025, respectively.

(1) Based on the $ 12.27 and $ 7.24 share price of the Company’s common stock on December 27, 2024 and September 26, 2025, the last trading day of the year ended December 29, 2024 and the thirty-nine weeks ended September 28, 2025, respectively.

(2) The weighted average dividend yield was 6.40 % and 7.03 % for PSUs and RSUs, respectively.

3 unchanged sentences

(4) For PSUs, the estimated number of units to be issued upon the vesting of outstanding PSUs is based on Company performance projections of performance criteria set forth in the 2023, 2024 and 2025 PSU award agreements.

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of June 29, 2025:

The following represents unrecognized stock-based compensation expense and the remaining weighted average recognition period as of September 28, 2025:

UNRECOGNIZED COMPENSATION EXPENSE

4 unchanged sentences

Other current assets, net , consisted of the following as of the periods indicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Prepaid expenses $ 34,071 $ 23,102

7 unchanged sentences

$ 225,592 $ 158,775

________________

(1) Represents second installment related to Brazil Sale Transaction which includes interest income and foreign currency translation gains.

See Note 2 - Discontinued Operations for additional details.

BLOOMIN’ BRANDS, INC.

10 unchanged sentences

Similar to the goodwill analysis, the fair value of the Outback Steakhouse trade name decreased primarily due to lower projected system-wide sales and an increased discount rate.

Fair value determinations require considerable judgement and are sensitive to changes in underlying assumptions, estimates and market factors.

Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions, estimates and market factors.

Key assumptions include cash flow estimates (including sales and operating profit), long-term growth rates, discount rates, royalty rates, market multiples and other market factors.

3 unchanged sentences

Other assets, net , consisted of the following as of the periods indicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Company-owned life insurance $ 34,468 $ 31,971

5 unchanged sentences

________________

(1) Net of accumulated amortization of $ 1.8 million and $ 0.6 million as of June 29, 2025 and December 29, 2024, respectively.

(1) Net of accumulated amortization of $ 2.3 million and $ 0.6 million as of September 28, 2025 and December 29, 2024, respectively.

Accrued and other current liabilities consisted of the following as of the periods indicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Accrued payroll and other compensation $ 48,973 $ 64,522

6 unchanged sentences

Other long-term liabilities, net , consisted of the following as of the periods indicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Accrued insurance $ 40,946 $ 33,519

6 unchanged sentences

Long-term debt, net , consisted of the following as of the periods indicated:

JUNE 29, 2025 DECEMBER 29, 2024

SEPTEMBER 28, 2025 DECEMBER 29, 2024

(dollars in thousands) OUTSTANDING BALANCE INTEREST RATE OUTSTANDING BALANCE INTEREST RATE

7 unchanged sentences

(1) Interest rate represents the weighted average interest rate as of the respective periods.

(2) On May 1, 2025, the 2025 Notes were settled primarily using borrowings from the revolving credit facility.

Debt Covenants - As of June 29, 2025 and December 29, 2024, the Company was in compliance with its debt c ovenants.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

(2) On May 1, 2025, the 2025 Notes were settled using borrowings from the revolving credit facility.

Debt Covenants - As of September 28, 2025 and December 29, 2024, the Company was in compliance with its debt c ovenants.

Convertible Senior Notes

1 unchanged sentence

In connection with the maturity of the 2025 Notes, the related convertible note hedges entered into with certain purchasers of the 2025 Notes and/or their respective affiliates and other financial institutions expired.

On May 16, 2025, the Company terminated the remaining proportional warrants in cash for $ 0.4 million.

The following table includes the outstanding principal amount and carrying value of the 2025 Notes as of the period indicated:

(dollars in thousands) DECEMBER 29, 2024

Principal $ 20,724

unamortized debt issuance costs ( 56 )

Net carrying amount $ 20,668

Following is a summary of interest expense for the 2025 Notes by component for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

Coupon interest $ 86 $ 259 $ 345 $ 1,265

Debt issuance cost amortization 14 40 56 198

Total interest expense (1) $ 100 $ 299 $ 401 $ 1,463

________________

(1) The effective rate of the 2025 Notes was 5.85 %.

On May 16, 2025, the Company terminated the remaining warrants in cash for $ 0.4 million.

Stockholders’ Equity

3 unchanged sentences

Second fiscal quarter 0.15 12,759

Third fiscal quarter 0.15 12,760

Total cash dividends declared and paid $ 0.45 $ 38,266

In July 2025, the Company’s Board of directors (the “Board”) declared a quarterly cash dividend of $ 0.15 per share, payable on September 3, 2025 to shareholders of record at the close of business on August 19, 2025.

In October 2025, the Company’s Board of Directors (the “Board”) suspended the dividend as a component of the Company’s turnaround strategy.

BLOOMIN’ BRANDS, INC.

2 unchanged sentences

Accumulated Other Comprehensive Income (Loss) - The following table is a rollforward of the components of Accumulated Other Comprehensive Income (Loss) for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Foreign currency translation:

8 unchanged sentences

Change in fair value of derivatives, net of tax 45 ( 2,917 ) 108 ( 584 )

Reclassification realized in Net income (loss), net of tax 27 ( 568 ) 50 ( 846 )

Reclassification realized in Net (loss) income, net of tax 22 ( 557 ) 72 ( 1,403 )

Balance, end of the period $ ( 441 ) $ ( 2,602 ) $ ( 441 ) $ ( 2,602 )

4 unchanged sentences

____________________

(1) For the thirteen and twenty-six weeks ended June 29, 2025, represents foreign currency translation adjustments primarily related to the Company’s equity method investment.

(1) For the thirteen and thirty-nine weeks ended September 28, 2025, represents foreign currency translation adjustments primarily related to the Company’s equity method investment.

Derivative Instruments and Hedging Activities

15 unchanged sentences

The following table presents the fair value and classification of the Company’s swap agreements as of the periods indicated:

(dollars in thousands) CONSOLIDATED BALANCE SHEETS CLASSIFICATION JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) CONSOLIDATED BALANCE SHEETS CLASSIFICATION SEPTEMBER 28, 2025 DECEMBER 29, 2024

Interest rate swaps - liability Accrued and other current liabilities $ 593 $ 579

6 unchanged sentences

The Company continually assesses the creditworthiness of its counterparties.

As of June 29, 2025, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

As of September 28, 2025, all counterparties to the Swap Transactions performed in accordance with their contractual obligations.

The Swap Transactions contain provisions whereby the Company could be declared in default on its derivative obligations if the repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on indebtedness.

If the Company had breached any of these provisions as of June 29, 2025 and December 29, 2024, it could have been required to settle its obligations under the Swap Transactions at their termination value of $ 0.7 million and $ 0.8 million, respectively.

As of June 29, 2025 and December 29, 2024, the Company has not posted any collateral related to the Swap Transactions.

If the Company had breached any of these provisions as of September 28, 2025 and December 29, 2024, it could have been required to settle its obligations under the Swap Transactions at their termination value of $ 0.6 million and $ 0.8 million, respectively.

As of September 28, 2025 and December 29, 2024, the Company has not posted any collateral related to the Swap Transactions.

In October 2025, subsequent to the thirteen weeks ended September 28, 2025, OSI entered into eight interest rate swap agreements with eight counterparties (the “2025 Swap Transactions”) to manage its exposure to fluctuations in variable interest rates that include 12 - and 21 -month tenors.

The 2025 Swap Transactions have an aggregate notional amount of $ 300.0 million with the following terms:

NOTIONAL AMOUNT WEIGHTED AVERAGE FIXED INTEREST RATE (1) EFFECTIVE DATE TERMINATION DATE

$ 100,000,000 3.37 % December 31, 2025 December 31, 2026

200,000,000 3.18 % March 31, 2026 December 31, 2027

$ 300,000,000 3.24 %

____________________

(1) The weighted average fixed interest rate excludes the term SOFR adjustment and interest rate spread described below .

Upon the effective date, as a result of the 2025 Swap Transactions, the Company effectively converted $ 300.0 million of its outstanding indebtedness from SOFR, plus a term SOFR adjustment of 0.10 % and a spread of 150 to 250 basis points, to the weighted average fixed interest rates within the table above, plus a term SOFR adjustment of 0.10 % and a spread of 150 to 250 basis points.

The 2025 Swap Transactions have an embedded floor of minus 0.10 %.

The 2025 Swap Transactions have been designated and qualify as cash flow hedges, will be recognized on the Company’s Consolidated Balance Sheets at fair value and will be classified based on the instruments’ maturity dates.

Non-Designated Hedges

During the fourth quarter of 2024, the Company entered into foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the Brazilian Reais rate risk associated with the purchase price installment payments from the Brazil Sale Transaction.

As of June 29, 2025, the Company had R$ 720.0 million Brazilian Reais (approximately $ 130.6 million U.S.

Dollars) of outstanding notional amounts related to its foreign currency forward contracts.

The asset related to the foreign exchange forward contracts as of June 29, 2025 and December 29, 2024 is not material as they are short term and typically mature monthly.

As of June 29, 2025 and December 29, 2024, the Company has not posted any collateral related to the foreign currency forward contracts.

The followin g table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 29, 2025

Loss on foreign currency forward contracts (1) General and administrative $ 8,461 $ 18,711

____________________

(1) The loss on foreign currency forward contracts is materially offset within General and administrative expense by the gains on foreign currency exchange related to the installment receivable from the Brazil Sale Transaction.

The Company’s interest rate swaps and foreign currency forward contracts are subject to master netting arrangements.

As of June 29, 2025, the Company elected not to offset derivative positions in its Consolidated Balance Sheet with the same counterparty under the same agreement.

As of September 28, 2025, the Company had R$ 745.9 million Brazilian Reais (approximately $ 138.6 million U.S.

Dollars) of outstanding notional amounts

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

related to its foreign currency forward contracts.

The liability and asset related to the foreign exchange forward contracts as of September 28, 2025 and December 29, 2024, respectively, are not material as they typically mature monthly.

As of September 28, 2025 and December 29, 2024, the Company has not posted any collateral related to the foreign currency forward contracts.

The followin g table summarizes the effects of the Company’s foreign exchange forward contracts on the Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 28, 2025

Loss on foreign currency forward contracts (1) General and administrative $ 6,853 $ 25,564

____________________

(1) The loss on foreign currency forward contracts, which includes costs in connection with the forward contracts, is partially offset within General and administrative expense by foreign currency exchange gains of $ 3.6 million and $ 17.8 million for the thirteen and thirty-nine weeks ended September 28, 2025, respectively, related to the installment receivable from the Brazil Sale Transaction.

The Company’s interest rate swaps and foreign currency forward contracts are subject to master netting arrangements.

As of September 28, 2025, the Company elected not to offset derivative positions in its Consolidated Balance Sheet with the same counterparty under the same agreement.

The following table includes a detail of lease assets and liabilities included on the Company’s Consolidated Balance Sheets as of the periods indicated:

(dollars in thousands) CONSOLIDATED BALANCE SHEETS CLASSIFICATION JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) CONSOLIDATED BALANCE SHEETS CLASSIFICATION SEPTEMBER 28, 2025 DECEMBER 29, 2024

Operating lease right-of-use assets Operating lease right-of-use assets $ 987,871 $ 1,012,857

7 unchanged sentences

________________

(1) Net of accumulated amortization of $ 5.3 million and $ 4.0 million as of June 29, 2025 and December 29, 2024, respectively.

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) CLASSIFICATION THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

(1) Net of accumulated amortization of $ 4.7 million and $ 4.0 million as of September 28, 2025 and December 29, 2024, respectively.

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Following is a summary of expenses and income related to leases recognized in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the periods indicated:

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME CLASSIFICATION THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Operating lease cost (1) Other restaurant operating $ 42,570 $ 42,019 $ 127,498 $ 127,315

6 unchanged sentences

________________

(1) Excludes rent expense for office facilities and closed or subleased properties of $ 3.4 million and $ 3.6 million for the thirteen weeks ended June 29, 2025 and June 30, 2024, respectively, and $ 7.0 million for the twenty-six weeks ended June 29, 2025 and June 30, 2024, which is included in General and administrative expense.

(1) Excludes rent expense for office facilities and closed or subleased properties of $ 3.2 million and $ 3.6 million for the thirteen weeks ended September 28, 2025 and September 29, 2024, respectively, and $ 10.3 million and $ 10.7 million for the thirty-nine weeks ended September 28, 2025 and September 29, 2024, respectively, which is included in General and administrative expense.

The following table is a summary of cash flow impacts to the Company’s Consolidated Financial Statements related to its leases for the periods indicated:

TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024

THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Cash flows from operating activities:

Cash paid for amounts included in the measurement of operating lease liabilities $ 137,116 $ 139,634

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Leased assets obtained in exchange for new operating lease liabilities $ 44,878 $ 79,758

Leased assets obtained in exchange for new finance lease liabilities $ 4,431 $ 1,163

Fair Value Measurements

7 unchanged sentences

MEASUREMENT LEVEL FAIR VALUE

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

Short-term investments Cash and cash equivalents Level 1 $ 5,226 $ 11,868

1 unchanged sentence

Interest rate swaps Accrued and other current liabilities Level 2 $ 593 $ 579

Foreign currency forward contracts Other current liabilities, net Level 2 $ 132 $ —

Interest rate swaps Other long-term liabilities Level 2 $ — $ 255

BLOOMIN’ BRANDS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) - Continued

Fair value of each class of financial instruments is determined based on the following:

7 unchanged sentences

The Company also considers its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.

As of June 29, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

As of September 28, 2025 and December 29, 2024, the Company determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives.

Fair Value Measurements on a Nonrecurring Basis - Assets and liabilities that are measured at fair value on a nonrecurring basis relate primarily to property, fixtures and equipment, operating lease right-of-use assets, goodwill and other intangible assets, which are remeasured when carrying value exceeds fair value.

Carrying value after impairment approximates fair value.

The following table summarizes the Company’s assets measured at fair value by hierarchy level on a nonrecurring basis for the periods indicated:

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

SEPTEMBER 28, 2025 SEPTEMBER 28, 2025

(dollars in thousands) REMAINING CARRYING VALUE

TOTAL IMPAIRMENT REMAINING CARRYING VALUE

TOTAL IMPAIRMENT

Operating lease right-of-use assets (1)

$ 14,237 $ 9,383 $ 20,651 $ 11,107

Property, fixtures and equipment (2)

16,885 23,072 23,445 27,614

$ 31,122 $ 32,455 $ 44,096 $ 38,721

________________

(1) Carrying values measured using discounted cash flow models (Level 3).

(2) Carrying values measured using Level 2 inputs to estimate fair value totaled $ 4.9 million and $ 5.2 million for the thirteen and thirty-nine weeks ended September 28, 2025, respectively.

All other assets were valued using Level 3 inputs.

Third-party market appraisals and executed sales contracts (Level 2) and discounted cash flow models (Level 3) were used to estimate the fair value.

See Note 5 - Impairments and Exit Costs for information regarding impairment charges during the thirteen and thirty-nine weeks ended September 28, 2025.

Projected future cash flows, including discount rate and growth rate assumptions, are derived from current economic conditions, expectations of management and projected trends of current operating results.

As a result, the Company has determined that the majority of the inputs used to value its long-lived assets held and used are unobservable inputs that fall within Level 3 of the fair value hierarchy.

In the assessment of impairment for operating locations, the Company determines the fair values of individual operating locations using an income approach, which requires discounting projected future cash flows.

When determining the stream of projected future cash flows associated with an individual operating location, management makes assumptions, including highest and best use and inputs from restaurant operations, where necessary, and about key variables including the following unobservable inputs:

revenue growth rates, controllable and uncontrollable expenses, and asset residual values.

In order to calculate the present value of those future cash flows, the Company discounts its cash flow estimates at its weighted-average cost of capital applicable to the country in which the measured assets reside.

Interim Disclosures about Fair Value of Financial Instruments - The Company’s non-derivative financial instruments consist of cash equivalents, accounts receivable, accounts payable and long-term debt.

The fair values of cash equivalents, accounts receivable, including the second installment receivable related to the Brazil Sale Transaction, and accounts payable approximate their carrying amounts reported on the Company’s Consolidated Balance Sheets due to their short duration.

The fair values of cash equivalents, accounts receivable, including the second installment related to the Brazil Sale Transaction, and accounts payable approximate their carrying amounts reported on the Company’s Consolidated Balance Sheets due to their short duration.

BLOOMIN’ BRANDS, INC.

4 unchanged sentences

The following table includes the carrying value and fair value of the Company’s debt by hierarchy level as of the periods indicated:

JUNE 29, 2025 DECEMBER 29, 2024

SEPTEMBER 28, 2025 DECEMBER 29, 2024

(dollars in thousands) CARRYING VALUE FAIR VALUE LEVEL 2 CARRYING VALUE FAIR VALUE LEVEL 2

5 unchanged sentences

See Note 9 - Convertible Senior Notes for additional details.

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

Income (loss) before (benefit) provision for income taxes $ 18,951 $ 28,756 $ 64,995 $ ( 49,800 )

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

(Loss) income before (benefit) provision for income taxes $ ( 47,532 ) $ ( 8,066 ) $ 17,463 $ ( 57,866 )

(Benefit) provision for income taxes $ ( 2,404 ) $ ( 8,030 ) $ ( 10,249 ) $ 1,392

Effective income tax rate (NM) 9.7 % ( 12.1 ) % ( 18.9 ) %

Effective income tax rate 5.1 % NM (NM) ( 2.4 ) %

________________

NM Not meaningful.

For the thirteen weeks ended June 29, 2025 and June 30, 2024, the (benefit) provision for income taxes includes the impact of changes to the estimate of forecasted annual pre-tax book income relative to the prior quarter in each respective year and the benefit of FICA tax credits on certain tipped wages.

The effective income tax rate for the twenty-six weeks ended June 29, 2025 includes the benefit of FICA tax credits on certain tipped wages relative to forecasted annual pre-tax book income which resulted in a negative effective income tax rate.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 includes the impact of the non-deductible losses associated with the repurchase of $ 83.6 million of the outstanding 2025 Notes (the “Second 2025 Notes Partial Repurchase”) recorded in the twenty-six weeks ended June 30, 2024, which, relative to a pre-tax book loss, resulted in a negative effective income tax rate.

In the U.S., a restaurant company employer may claim a credit against its federal income taxes for FICA taxes paid on certain tipped wages (the “FICA tax credit”).

The level of FICA tax credits is primarily driven by U .S.

Restaurant sales and is not impacted by costs incurred that may reduce Income (loss) before (benefit) provision for income taxes.

The effective income tax rates for the thirteen weeks ended June 29, 2025 and June 30, 2024 and the twenty-six weeks ended June 29, 2025 were lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the benefit of FICA tax credits on certain tipped wages.

The effective income tax rate for the twenty-six weeks ended June 30, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the impact of the non-deductible losses associated with the Second 2025 Notes Partial Repurchase partially offset by the benefit of FICA tax credits on certain tipped wages, which, relative to a pre-tax book loss, resulted in a negative effective income tax rate.

Restaurant sales and is not impacted by costs incurred that may reduce (Loss) income before (benefit) provision for income taxes.

For the thirteen weeks ended September 28, 2025 and September 29, 2024, the benefit for income taxes includes the impact of changes to the estimate of forecasted annual pre-tax book income relative to the respective prior quarter and the benefit of FICA tax credits.

For the thirty-nine weeks ended September 28, 2025, the benefit for income taxes includes the impact of FICA tax credits relative to low forecasted annual pre-tax book income.

For the thirty-nine weeks ended September 29, 2024, the provision for income taxes includes the impact of the non-deductible losses associated with the repurchase of $ 83.6 million of the outstanding 2025 Notes (the “Second 2025 Notes Partial Repurchase”) recorded in the thirty-nine weeks ended September 29, 2024, which, relative to a pre-tax book loss, resulted in a negative effective income tax rate.

The effective income tax rate for the thirteen weeks ended September 28, 2025 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the impact of changes to forecasted pre-tax book income relative to prior quarters.

The effective income tax rate for the thirty-nine weeks ended September 29, 2024 was lower than the Company’s blended federal and state statutory rate of approximately 26 % primarily due to the impact of the non-deductible losses associated with the Second 2025 Notes Partial Repurchase , which, relative to a pre-tax book loss, resulted in a negative effective income tax rate.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S.

with the effective dates of certain provisions in OBBBA beginning in 2025 while other provisions begin after 2025.

The Company has

BLOOMIN’ BRANDS, INC.

1 unchanged sentence

(UNAUDITED) - Continued

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law, which enacted or modified, among other things, several business tax rules.

The Company is currently evaluating the potential impact of the OBBBA and does not anticipate it will have a material impact on the Company’s financial statements.

evaluated the material provisions of OBBBA and estimated its impact on the consolidated financial statements to be immaterial.

As additional guidance is published, the Company will continue evaluating the full impact of these legislative changes.

Commitments and Contingencies

Litigation and Other Matters - The Company recorded reserves of $ 2.1 million and $ 2.3 million for certain of its outstanding legal proceedings as of June 29, 2025 and December 29, 2024, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets.

Litigation and Other Matters - The Company recorded reserves of $ 4.2 million and $ 2.3 million for certain of its outstanding legal proceedings as of September 28, 2025 and December 29, 2024, respectively, within Accrued and other current liabilities on its Consolidated Balance Sheets.

While the Company believes that additional losses beyond these accruals are reasonably possible, it cannot estimate a possible loss contingency or range of reasonably possible loss contingencies beyond these accruals.

1 unchanged sentence

These leases have varying terms, the latest of which expires in 2032.

As of June 29, 2025, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $ 11.3 million.

The present value of these potential payments discounted at the Company’s incremental borrowing rate as of June 29, 2025 was $ 8.7 million.

In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages incurred.

As of June 29, 2025 and December 29, 2024, the Company’s recorded contingent lease liability was $ 1.7 million and $ 1.6 million, respectively.

As of September 28, 2025, the undiscounted payments that the Company could be required to make in the event of non-payment by the primary lessees was $ 11.2 million.

The present value of these potential payments discounted at the Company’s incremental borrowing rate as of September 28, 2025 was $ 8.9 million.

In the event of default, the indemnity clauses in the Company’s purchase and sale agreements generally govern its ability to pursue and recover damages for certain of its assigned leases.

As of September 28, 2025 and December 29, 2024, the Company’s recorded contingent lease liability was $ 1.7 million and $ 1.6 million, respectively.

Segment Reporting

14 unchanged sentences

are certain legal and corporate costs not directly related to the performance of the segment, most stock-based compensation expenses, a portion of insurance expenses and certain bonus expenses.

The below segment disclosures have been recast to include amounts that relate solely to the Company’s continuing operations.

In the tables below, “other” includes amounts related to its Hong Kong subsidiary.

The following segment disclosures have been recast to include amounts that relate solely to the Company’s continuing operations.

In the tables below, “other” primarily includes amounts related to its Hong Kong subsidiary.

BLOOMIN’ BRANDS, INC.

2 unchanged sentences

The following table is a summary of revenues by segment for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

$ 912,276 $ 887,325 $ 2,929,007 $ 2,904,602

4 unchanged sentences

The following table presents segment operating income and significant segment expense information for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Total revenues $ 912,276 $ 887,325 $ 2,929,007 $ 2,904,602

21 unchanged sentences

(UNAUDITED) - Continued

The following table is a reconciliation of segment income from operations to Income (loss) before (benefit) provision for income taxes for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

The following table is a reconciliation of segment income from operations to (Loss) income before (benefit) provision for income taxes for the periods indicated:

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Total segment income from operations $ 8,599 $ 48,406 $ 180,572 $ 244,306

1 unchanged sentence

Other income (loss) from operations 226 ( 4,099 ) 1,324 ( 17,005 )

Total income from operations 29,650 44,052 86,881 114,969

Total (loss) income from operations ( 36,420 ) 8,642 50,461 123,611

Loss on extinguishment of debt — ( 225 ) — ( 136,022 )

Interest expense, net ( 11,112 ) ( 16,483 ) ( 32,998 ) ( 45,455 )

Income (loss) before (benefit) provision for income taxes $ 18,951 $ 28,756 $ 64,995 $ ( 49,800 )

(Loss) income before (benefit) provision for income taxes $ ( 47,532 ) $ ( 8,066 ) $ 17,463 $ ( 57,866 )

The following table is a summary of depreciation and amortization by segment for the periods indicated:

THIRTEEN WEEKS ENDED TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024 JUNE 29, 2025 JUNE 30, 2024

THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024 SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Depreciation and amortization

4 unchanged sentences

The following table is a summary of capital expenditures by segment, excluding non-cash activity, for the periods indicated:

TWENTY-SIX WEEKS ENDED

(dollars in thousands) JUNE 29, 2025 JUNE 30, 2024

THIRTY-NINE WEEKS ENDED

(dollars in thousands) SEPTEMBER 28, 2025 SEPTEMBER 29, 2024

Capital expenditures

3 unchanged sentences

The following table sets forth Total assets by segment as of the periods i ndicated:

(dollars in thousands) JUNE 29, 2025 DECEMBER 29, 2024

(dollars in thousands) SEPTEMBER 28, 2025 DECEMBER 29, 2024

$ 2,574,524 $ 2,735,251

11 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements