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Item 1. Business

2026-02-25 compared with 2025-02-26 · 104 added, 138 removed, 176 unchanged (58% of the section changed)

Red Robin Gourmet Burgers, Inc., together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for serving more than 20 craveable, high-quality burgers with Bottomless Steak Fries ® and sides in a fun environment welcoming to Guests of all ages.

Red Robin Gourmet Burgers, Inc., a Delaware corporation, is the parent company for Red Robin International, Inc., a Nevada corporation, that, together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for serving more than 20 craveable, high-quality burgers with Bottomless Steak Fries ® and sides in a fun environment welcoming to guests of all ages.

We opened the first Red Robin ® restaurant in Seattle, Washington in September 1969.

In 1979, the first franchised Red Robin restaurant was opened in Yakima, Washington.

In 2001, we formed Red Robin Gourmet Burgers, Inc., a Delaware corporation, and consummated a reorganization of the company.

Since that time, Red Robin Gourmet Burgers, Inc.

has owned, either directly or indirectly, all of the outstanding capital stock or membership interests, respectively, of Red Robin International, Inc.

and our other operating subsidiaries through which we operate our Company-owned restaurants.

In 2001, we formed Red Robin Gourmet Burgers, Inc.

and consummated a reorganization of the Company.

In 2002, we completed our initial public offering, listing on The Nasdaq Global Select Market.

Unless otherwise provided in this Annual Report on Form 10-K, references to "Red Robin," "we," "us," "our", or the "Company" refer to Red Robin Gourmet Burgers, Inc.

and our consolidated subsidiaries.

As of the end of our fiscal year on December 29, 2024, there were 498 Red Robin restaurants, of which 407 were Company-owned and 91 were operated by franchisees.

and its consolidated subsidiaries.

As of the end of our fiscal year on December 28, 2025, there were 475 Red Robin locations in North America.

As of December 28, 2025, the Company owned 385 restaurants located in 39 states, and had 90 franchised restaurants in 13 states and one Canadian province.

Our franchisees are independent organizations to whom we provide certain support.

See "Restaurant Franchise and Licensing Arrangements" for additional information about our franchise program.

As of December 29, 2024, there were Red Robin restaurants in 39 states and one Canadian province.

The Company operates its business as one operating and one reportable segment.

Financial information for our operating segment is included in the Notes to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

Financial information for our operating segment is included in the Notes to the Consolidated Financial Statements in Part II, Item 8 Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

The Company's fiscal year is 52 or 53 weeks ending the last Sunday of the calendar year.

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Business Strategy

In January of 2023, the Company released its North Star five-point plan designed to enhance the Company's competitive positioning.

The North Star five-point plan consists of the following:

• Transform to an Operations Focused Restaurant Company:

◦ Empower decision making by operators at the unit level

◦ Incentivize and reward operators to drive business growth and results

◦ Restructured support organization

• Elevate the Guest Experience:

◦ Invest in people, food quality, and the restaurant facility

◦ New cooking platform to fully deliver on our commitment of Gourmet Burgers

◦ Menu refresh adding variety of both offerings and price points

• Remove Costs and Complexity:

◦ Optimize the supply chain to reduce costs and ensure consistent delivery of high-quality product

◦ Evaluate vendors for need, performance, and competitive costs

◦ Implement ongoing process to reduce costs through actions that uphold our commitment to a great Guest experience

• Optimize Guest Engagement:

◦ Engage and support local communities in which we operate

◦ Enhance the off-premises experience

◦ Further build and engage Guests through Red Robin Royalty ® loyalty program

• Drive Growth in Comparable Restaurant Revenue & Unit Level Profitability, and Deliver Financial Commitments:

◦ Regain credibility with the investment community

◦ Drive performance in the existing base of restaurants, earning the right to resume new unit growth

◦ Deliver financial guidance commitments

In July of 2025, the Company released its First Choice strategic plan, which is designed to drive long-term stockholder value and make Red Robin the "first choice" for guests, team members, and investors.

The First Choice plan consists of the following:

• Hold Serve - Protect and build on the established foundation:

◦ Maintain and improve operational efficiencies and effectiveness

◦ Deliver quality food and hospitality every time

◦ Sustain and extend restaurant level financial performance and expense management

• Drive Traffic - Creatively engage with guests and inspire visitation:

◦ Identify and remove barriers to trial and repeat visits

◦ Implement the First Choice marketing plan to inspire new and returning guests

◦ Deliver value for the money to every guest in a family friendly environment

• Find Money - Manage expenses and assets to reduce debt and allow for critical investments:

◦ Deliver consistent financial performance

◦ Reduce expenses across the system

◦ Tactically refranchise select Company owned restaurants and markets

◦ Reduce debt and refinance to deliver interest savings through strategic refinancing

• Fix Restaurants - Invest in the physical estate to improve the overall dining experience:

◦ Address deferred maintenance needs to achieve a competitive standard

◦ Improve guest facing surroundings to reduce barriers to trial and repeat visitation

◦ Invest in new technology

• Win Together - Create a high-performance environment that attracts and retains the best industry talent:

◦ Create a "guest facing" culture

◦ Cultivate an ownership mentality

◦ Reward performance

◦ Develop leaders

◦ "Do the right thing"

The Red Robin vision is to be the most loved restaurant brand in the communities we serve.

Restaurant Concept

With our menu of Gourmet Burgers and American favorites, creative beverage menu, over 30 bottomless items, energetic atmosphere, and playful environment that connects families of all kinds, our brand not only carries great memories for our most loyal Guests but also appeals to a broad demographic.

With our menu of hand-pressed, craft burgers and American favorites, creative beverage menu, over 30 bottomless items, energetic atmosphere, and playful environment that connects families of all kinds, our brand not only carries great memories for our most loyal guests but also appeals to a broad demographic.

Our guests enjoy the playful spirit of our experience and the comfort they feel with friends and family across a diverse and multi-generational demographic.

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We offer a selection of buns, including gluten free, sesame, brioche, and lettuce wraps, with a variety of toppings, including house-made sauces, crispy onion straws, sautéed mushrooms, several cheese choices, and a sunny-side up egg.

All of our burgers are served with a choice from eight bottomless sides including steak fries, broccoli, garlic fries and more.

All of our burgers are served with a choice from nine bottomless sides including steak fries, broccoli, garlic fries and more.

We specialize in customizing our menu items to meet our guests' dietary needs and preferences and have received recognition from experts in the allergen community.

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We strive to customize the pace of the experience for our guests based on their occasion, from accommodating time-pressured meals to offering a place to relax and connect with family and friends.

We call this the “gift of time.” Red Robin also has an extraordinary approach to Guest service, and we have cataloged thousands of stories of Red Robin Team Members who live our values.

We call this the "gift of time".

Red Robin also has an extraordinary approach to guest service, and we have cataloged thousands of stories of Red Robin team members who live our values.

Many examples can be found on our website, www.redrobin.com .

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We also strive to provide our guests with exceptional dining value and the ability to customize their experience.

In fiscal 2024, we had an average check per Guest of $17.81.

Average check per Guest increased 4.6% compared to fiscal 2023.

We believe our price-to-value relationship, featuring our innovative array of quality burgers, "instaworthy" burgers and beverages, and over 30 bottomless items, differentiates us from our casual dining competitors and allows us to appeal to a broad base of middle income, multi-generational consumers.

To build on our value proposition, Red Robin released the Big Yummm Burger Deal in fiscal 2025 to deliver a compelling, affordable meal option that reinforces Red Robin's commitment to great taste and value.

In fiscal 2025, we had an average check per guest of $18.76, which was a 5.3% increase compared to fiscal 2024.

We believe our price-to-value relationship, featuring our innovative array of quality, "instaworthy" burgers and beverages, and over 30 bottomless items, differentiates us from our casual dining competitors and allows us to appeal to a broad base of middle income, multi-generational consumers.

Corporate Responsibility

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we strive to impact guests, team members, communities, and our planet for the better.

In fiscal 2024, we published our third sustainability report and Sustainability Accounting Standards Board (the "SASB") Restaurant Industry disclosures, which is available on our website at ir.redrobin.com.

In fiscal 2025, we published our fourth sustainability report and Sustainability Accounting Standards Board (the "SASB") Restaurant Industry disclosures, which is available on our website at ir.redrobin.com.

The contents of the sustainability report, our SASB Restaurant Industry disclosures and our website are not incorporated by reference into this Form 10-K.

We review our corporate responsibilities, at the stakeholder, Board, and management level and incorporate corporate responsibility initiatives into our strategic planning.

We review our corporate responsibilities, at the stakeholder, Board of Directors, and management level and incorporate corporate responsibility initiatives into our strategic planning.

Human Capital Management

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We nurture this by providing our team members with a clear understanding of what is expected, and our goal is that people love working for our brand.

We strive to provide our people with a great place to

work, opportunities for growth, and competitive compensation for their contributions.

We strive to provide our people with a great place to work, opportunities for growth, and competitive compensation for their contributions.

Our values empower and motivate our team members and create a Company culture that we collectively take pride in every day.

We also provide our Team Members the opportunity to grow and develop, promote health and safety, and value inclusion, belonging, and engagement.

As part of our human capital management strategy, we focus on the following areas:

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We leverage our rewards to motivate our team members to do what is necessary in our mission to deliver a best-in-class guest experience.

For our operations leaders, beginning in fiscal 2024, we utilize a performance-based compensation program.

For our operations leaders, we utilize a performance-based compensation program.

Our individual restaurant managers and multi-restaurant operators are referred to as "Managing Partners" and "Market Partners," respectively (and collectively, "Partners").

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By respecting and supporting our team members, our guests, and our communities, we all win together.

We have a successful Women's Excellence program, a Company-wide resource group to support and inspire Team Members through development, networking, leadership, and other resources while fueling a culture of opportunity and diversity.

In 2022, we established an Inclusion and Belonging Committee to develop a mission and vision for inclusion and belonging from a Team Member’s point of view.

In 2023, we established a Steering Council made up of senior leaders of the organization to establish an overarching long-term strategy and plan for our Company.

The Inclusion and Belonging Committee meets routinely to spotlight and celebrate the diverse experiences of our Team Members, to share these across the Company and to assess opportunities for the Company to improve its efforts to create a best-in-class work environment that thrives on inclusion and diversity of thought.

Restaurant Management

Our typical restaurant management team consists of a Managing Partner, an Assistant General Manager, and a Kitchen Manager.

Depending on restaurant sales volume and other factors, we may also utilize Service Managers, Associate Managers, and/or Shift Supervisors.

Depending on restaurant sales volume and other factors, we may also utilize multi-unit Managing Partners, Service Managers, Associate Managers, and/or Shift Supervisors.

The restaurant management team is responsible for the day-to-day operations, operating results, and other matters including hiring, training, and staffing.

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For example, we expect restaurant management teams to engage in meaningful activities at the local level.

The compensation plan for restaurant management teams is currently linked to restaurant-level operating profit in the form of a monthly bonus.

Our expectation is this variable compensation approach will help to drive meaningful results in traffic, sales, and profitability consistent with the Company's financial plans.

Learning and Development

We strive to maintain quality and consistency in each of our restaurants through the training and development of Team Members and the establishment of, and adherence to, high standards relating to Team Member performance, Guest satisfaction, food and beverage preparation, and the appearance of our restaurants.

We strive to maintain quality and consistency in each of our restaurants through the training and development of team members and the establishment of, and adherence to, high performance standards, guest satisfaction, food and beverage preparation, and the appearance of our restaurants.

Our training programs are anchored in a blended learning design, combining digital content with on-the-job training supported by a restaurant team of Certified Learning Coaches under the leadership of a Head Learning Coach and the restaurant's Managing Partner.

This approach, culminating in a final skills certification, sets our new Team Members up for immediate success as they start their Red Robin career.

This approach, culminating in a final skills certification, sets our

new team members up for immediate success as they start their Red Robin career.

Team members seeking advancement have the opportunity to further their career as a Shift Supervisor through our Management training program.

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New restaurant managers participate in our eight-week Management Foundations training program.

This program hones each manager's skills, specifically in two areas:

flawless shift execution and effective coaching of Team Members.

This program develops each manager's skills, with emphasis on three areas:

knowledge of Red Robin's standards and processes, flawless shift execution to deliver a great guest experience, and effective coaching of team members.

These learning and development practices at the restaurants support our talent pipeline to develop and promote our restaurant management team members from within.

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We welcome open, candid feedback to promote team members feeling heard and engaged and to better support the experience of our team members.

We accomplish this through a variety of programs and forums, including Team Member engagement surveys, one-on-one coaching, Town Hall meetings, leadership conferences, and onboarding and exit interviews.

We accomplish this through a variety of programs and forums, including team member engagement surveys, one-on-one coaching, Town Hall meetings, leadership conferences, and onboarding and exit surveys.

In addition to these structured programs and forums, we maintain an open-door policy at all levels of the Company.

In fiscal 2023, we launched a new Team Member engagement survey to all field Team Members.

In fiscal 2024 we gathered additional field Team Member feedback and extended the engagement survey tool to our Restaurant Support Center Team Members.

In fiscal 2025, we conducted two team member period pulse surveys to gather feedback from each team member.

We utilize the surveys to gather insights from our team member population and create action plans from this data to continue to enhance our workplace.

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The certifications must comply with the Global Food Safety Initiative, if applicable.

In addition, our beef suppliers must perform a Red Robin Beef Standard third party audit.

Our restaurant leaders must pass and maintain an accredited manager-level food safety and sanitation certification.

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As of December 28, 2025, approximately 53% of our estimated annual food and beverage purchases were covered by fixed price contracts, most of which are scheduled to expire at various times through the end of fiscal 2026.

Restaurant Development, Remodels, and Donatos ®

We have prioritized investments to maintain our restaurants and technology infrastructure.

We plan to evaluate a restaurant refresh and remodel program to inform our design criteria, investment level and pace of refreshes and remodels going forward.

We are not currently pursuing new restaurant development but may in the future as our efforts under the North Star Plan progress.

In 2020, we announced our partnership with Donatos ® , a high-quality pizza brand "nested" inside of Red Robin restaurants.

Through this partnership, our restaurants prepare and serve Donatos ® branded pizzas to our dine-in and off-premises Guests.

Restaurant Investments

Under our First Choice plan, we have begun, and plan to continue, investing in our restaurants by addressing critical deferred maintenance needs, such as flooring updates, internal finishings, furniture repairs, and exterior improvements that directly impact guest perceptions and experience, as well as in new technology.

In 2020, we launched our partnership with Donatos ® , a high-quality pizza brand "nested" inside a portion of Red Robin restaurants.

Through this partnership, these restaurants prepare and serve Donatos ® branded pizzas to our dine-in and off-premises guests.

Pursuant to a licensing arrangement, we pay royalties on sales of Donatos ® pizza products to Donatos ® .

As of December 29, 2024, we have introduced Donatos ® pizzas to 269 restaurants.

As of December 28, 2025, we offer Donatos pizza at 260 restaurants.

Restaurant Franchise and Licensing Arrangements

As of December 28, 2025, our franchisees operated 90 restaurants in 13 states and British Columbia, Canada.

Our two largest franchisees own 42 restaurants located in Eastern and Central Pennsylvania, Michigan and Ohio.

Our two largest franchisees owned a total of 46 restaurants located in Pennsylvania, Michigan, Ohio, and Texas.

Franchise revenue primarily includes royalty income and advertising fund contributions, which are calculated as a percentage of sales for each franchisee.

Franchise Compliance Assurance

We actively work with and monitor our franchisees' performance to help them develop and operate their restaurants in compliance with Red Robin's standards, systems, and procedures.

During the restaurant development phase, we review the franchisee's site selection and provide the franchisee with our prototype building plans.

We provide trainers to assist the franchisee in opening the restaurant for business.

We advise the franchisee on all menu items, management training, and equipment and food purchases.

We may provide advice to franchisees on menu items, training, and equipment and food purchases.

We also exchange best operating practices with our franchisees as we strive to improve our operating systems while attaining a high level of franchisee participation.

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In our restaurants, these technologies are designed to facilitate operational efficiency and support the guest experience.

These technologies include (but are not limited to) food waste and labor management systems, sales and forecasting tools, inventory management, and operational execution technologies.

These technologies include food waste and labor management systems, sales and forecasting tools, inventory management, and operational execution technologies.

These technologies are integrated with our point-of-sale system to provide daily, weekly, and period-to-date reporting that is important for our operators to run an efficient and high-performing restaurant.

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We believe these combined tools are important in analyzing and improving our operations, profit margins, and monitoring other key business metrics.

In fiscal 2024, we began infrastructure modernization efforts to improve performance, stability, and security of current technology solutions.

We also launched a new loyalty program, transitioning to a points-based system that allows Guests to earn a reward faster and enjoy new perks and member exclusives.

In fiscal 2025, we completed infrastructure modernization efforts to improve performance, stability, and security of current technology solutions, including upgrades to the kitchen display system and other restaurant information technology.

Red Robin accepts electronic payment cards from guests and collects personal information from both guests and team members.

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We monitor risks of sensitive information compromise at our business partners where relevant and reevaluate these risks on a periodic basis.

We also perform annual and ongoing cybersecurity awareness training for our restaurant management and support center Team Members.

In addition, our systems undergo annual

assessment to ensure certain levels of system security and procedures are in place to protect our Guests' credit card and other personal information in accordance with Payment Card Industry (PCI) guidelines.

We also perform annual and ongoing cybersecurity awareness training for our restaurant management and Restaurant Support Center team members.

In addition, our systems undergo an annual assessment to ensure certain levels of system security and procedures are in place to protect our guests' credit card and other personal information in accordance with Payment Card Industry ("PCI") guidelines.

We engage external security assessors and consultants to review and advise us on our other data security practices with respect to protection of other sensitive personal information that we obtain from guests and team members.

Marketing and Advertising

Our marketing strategy is designed to foster awareness, elevate brand equity, encourage consideration, and ultimately drive increases in Guest traffic and sales.

Our approach encompasses a blend of highly targeted and efficient paid, owned, and earned media channels, including paid search, programmatic digital, social media, creators, reputation management, search engine optimization, social community management, loyalty programs, personalized email marketing, local restaurant marketing, public relations, and investor relations.

Our digital footprint extends across platforms such as RedRobin.com, our mobile application, and a dedicated catering site.

Funding for these initiatives is primarily derived from cooperative creative development efforts and national marketing funds.

Beginning in 2023, we initiated a strategic realignment, optimizing the allocation of resources across paid and earned media, and local marketing endeavors.

This realignment emphasizes personalized Guest engagement within the communities we serve, with a focused objective to enhance the dine-in experience.

In fiscal 2024, we completed an extensive consumer research initiative, coupled with a segmentation study, to deepen our understanding of today's Guests.

This research informed our growth targets, reinforced the distinctive essence of our brand, and guides our commitment to delivering on our promise to Guests.

Additionally, we utilize Guest satisfaction tools in our restaurants and gather feedback to identify areas for improvement, enhance restaurant performance and track progress.

Our marketing strategy aims to position Red Robin as the first choice for casual dining in the communities we serve.

We leverage data-driven marketing capabilities, creative advertising and craveable products to demonstrate relevance, foster awareness, elevate brand equity, encourage and build consideration, and ultimately drive increases in guest traffic and sales.

Our approach encompasses a blend of highly targeted and efficient paid, owned, and earned media channels, including paid search, programmatic digital media, social media, search engine optimization, influencer marketing, public relations and reputation management, social community management, loyalty programs, personalized email marketing, local restaurant marketing, and catering sales.

Our digital footprint extends across platforms such as RedRobin.com, our mobile application, social media pages, and availability on select third-party delivery platforms.

Funding for these marketing initiatives is primarily derived from cooperative creative development efforts and national marketing funds.

In fiscal 2025, we began deploying a new data-driven marketing initiative, incorporating micro-targeting capabilities to allow us to engage guests more personally, precisely and efficiently than traditional broad-based messaging.

This approach to marketing is intended to more efficiently and effectively reach guests.

These unique and internally developed algorithms are intended to help us understand guests’ decision-making behaviors and, as a result, allow us to specifically target messaging and promotions in ways that resonate more directly with each guest, through paid media, loyalty and other marketing levers.

Additionally, we utilize guest surveys and satisfaction tools to gather feedback to identify areas for improvement, enhance restaurant performance and track progress.

Continuous performance monitoring relative to industry peers, coupled with testing potential business drivers among current and potential guests, promotes our adaptability and responsiveness to market dynamics.

Leveraging our expansive Red Robin Royalty TM database, comprising approximately 14.9 million members, and our new Customer Data Platform (CDP), we gain valuable insights into Guest behavior, frequency, and purchase patterns and are able to deliver targeted offers to drive engagement.

Leveraging our expansive Red Robin Royalty TM database, comprising approximately 16.4 million members, and our Customer Data Platform ("CDP"), we gain valuable insights into guest behavior, frequency, and purchase patterns and are able to deliver targeted messaging and offers to drive engagement.

Our brand creative and messaging celebrate the shared values and playful spirit of both our guests and our brand, seamlessly extending across craveable food, distinctive positioning, dine-in experience, and emotional connections with guests.

Central to our vision for future growth is a layered strategic approach that prioritizes increased engagement and visitation of our current Guests via the personalization and benefits of our loyalty program, as well as new Guest acquisition demonstrating the breadth and quality of our gourmet burgers and everyday value we provide across owned, earned, paid and local restaurant marketing efforts.

We firmly believe that this holistic approach positions us for growth in the dynamic landscape of our industry.

Central to our vision for future growth is a layered strategic approach that prioritizes increased engagement and visitation of our current guests via the personalization and benefits of our loyalty program, as well as new guest acquisition demonstrating the breadth and quality of our menu and everyday value we provide across all marketing efforts.

We firmly believe that this strategic approach positions us for growth in the dynamic landscape of our industry.

Executive Officers

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Name Age Position

Hart 67 President, Chief Executive Officer, and Member of the Board of Directors

Todd Wilson 47 Chief Financial Officer

66 President, Chief Executive Officer, and Member of the Board of Directors

Christopher Meyer

54 Interim Chief Financial Officer

Sarah Mussetter 47 Chief Legal Officer and Secretary

Meghan Spuler 44 Chief People Officer

Hart joined Red Robin as President and Chief Executive Officer in September 2022.

He has served as a director of the Company since August 2019.

Hart previously served as Chief Executive Officer of Torchy’s Tacos from 2018 until 2021.

Prior to that, he served as the Executive Chairman and Chief Executive Officer of California Pizza Kitchen from 2011 to 2018.

From 2000 to 2011, Mr.

Hart served as President of Texas Roadhouse Holdings, LLC and as Chief Executive Officer and member of the board from 2004 to 2011.

Hart also held leadership positions at Al Copeland Investments, TriFoods International, New Zealand Lamb Company, and Shenandoah Valley Poultry earlier in his career.

Wilson joined Red Robin as Chief Financial Officer in November 2022.

Wilson previously served as Chief Financial Officer at Hopdoddy Burger Bar and Hibar Hospitality from 2018 until 2022.

Prior to that, he was Vice President of Finance for Jamba Juice from 2016 until 2018.

Humera Kassem

49 Chief People Officer

Jesse Griffith

56 Chief Operations Officer

David Pace has served as our President and Chief Executive Officer since April 2025 and as a director since August 2019.

Prior to his appointment to the role of President and Chief Executive Officer, he served as the Chair of our Board of Directors.

From 2020 to 2024, Mr.

Wilson served as Division CFO and Vice President of Finance at Bloomin’ Brands.

Sarah Mussetter.

Mussetter joined Red Robin as Chief Legal Officer and Secretary in December 2022.

Pace served as Co-Chief Executive Officer and director of Tastemaker Acquisition Corporation, a special purpose acquisition company focused on the restaurant, hospitality, and related technology and service sectors.

Prior to that, he served as Chief Executive Officer and director of Jamba Juice and President of Carrabba's Italian Grill.

He has also held senior leadership roles at Bloomin' Brands, Starbucks, PepsiCo., and Yum!

Pace currently serves as the independent Chair of the board of directors of Farmer Bros.

Co., a publicly traded company.

Christopher Meyer has served as our Interim Chief Financial Officer since December 2025.

Meyer previously served in roles of increasing responsibility at Bloomin' Brands, Inc, from 2004 to April 2024, including most recently as Executive Vice President, Chief Financial Officer from April 2019 to April 2024, when he retired.

Sarah Mussetter has served as our Chief Legal Officer and Secretary since December 2022.

She previously held the roles of Associate General Counsel and Vice President, Deputy General Counsel for the Company from 2011 to 2021.

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Mussetter was SVP Deputy General Counsel for Skillsoft Corp from September 2021 to December 2022.

Meghan Spuler.

Spuler joined Red Robin as Chief People Officer in December 2023.

Prior to joining the Company, she served as Chief People Officer of Eckerd Connects from 2021 to 2023.

From 2016 to 2021, Ms.

Spuler served as Director of Human Resources, Senior Director of Human Resources, and Vice President of Human Resources for Bloomin' Brands.

Humera Kassem has served as our Chief People Officer since September 2025.

Prior to joining the Company, she served as Chief People Officer of Dave & Buster's from December 2023 to September 2025.

From January 2019 to December 2023, she served as an Executive Human Resources Consultant.

Prior to that, she held senior human resource roles with companies including Coca-Cola, Delta Airlines, and JCPenney.

Jesse Griffith has served as our Chief Operations Officer since November 2025.

He joined the Company in March 2023 as Senior Vice President, Operations.

From February 2020 to February 2023, Mr.

Griffith served in senior operations roles with Torchy's Tacos.

Prior to that, he held senior operations roles with companies including California Pizza Kitchen and Texas Roadhouse.

The restaurant industry is highly competitive, and our guests may choose to purchase food at supermarkets or other food retailers.

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We compete on the basis of taste, quality, price of food and related guest value, guest service, ambiance, location, and overall dining experience.

We believe our Guest demographics, strong brand recognition, Gourmet Burger concept, family friendly atmosphere, attractive price-value relationship, and the quality of our food and service differentiate us from our casual dining competitors.

We believe our guest demographics, strong brand recognition, gourmet burgers concept, family friendly atmosphere, attractive price-value relationship, and the quality of our food and service differentiate us from our casual dining competitors.

Our competitors include well-established national chains that have more substantial marketing resources.

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Our website and the information contained on or connected to our website are not incorporated by reference herein, and our web address is included as an inactive textual reference only.

Forward-Looking Statements

Certain information and statements contained in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "PSLRA") codified at Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Exchange Act.

Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts.

These statements may be identified, without limitation, by the use of forward-looking terminology such as "anticipate," "assume," "believe," "could," "estimate," "expect," "future," "intend," "may," "plan," "project," "will," "would," and similar expressions.

Forward-looking statements may relate to, among other things:

(i) our business objectives and strategic plans, including projected or anticipated growth, including in Guest traffic and revenue, growth strategies, planned improvements in operational efficiencies, gross margins, and expense management and enhancements to our restaurant environments and Guest engagement, including the anticipated impacts of innovations, improvements, marketing and branding strategies, and our loyalty program;

(ii) our expectations about pricing strategy and average check size;

(iii) our expectations of the competitiveness of the labor market and our ability to hire, train, and retain Team Members, as well as the success of our Managing Partner and Market Partner compensation program;

(iv) anticipated capital investments and the results of such investments, including the evaluation of our restaurant refresh and remodel program, and our digital ecosystem, information technology systems, our restaurant development program, and the anticipated related benefits, as well as anticipated changes to our restaurant portfolio;

(v) our expectations about restaurant operating costs, including commodity and food prices and labor and energy costs;

(vi) anticipated legislation and other regulation of our business;

(vii) anticipated continued investments in our partnership with Donatos®;

(viii) our expectations about anticipated uses of, and risks associated with future cash flows, liquidity, future capital expenditures and other capital deployment opportunities, and taxes;

(ix) our expectations regarding competition;

and (x) our expectations regarding demand, consumer preferences, and consumer discretionary spending;

(xi) our expectations regarding the implementation and anticipated benefits of our corporate responsibility initiatives;

(xii) our ability to successfully implement our food safety

programs, (xiii) our ability to successfully implement our health and safety initiatives;

(xiv) the seasonality of our business;

(xv) our ability to successfully implement, and our expectations regarding, our North Star five-point plan to enhance the Company’s competitive positioning;

(xvi) our expectations and other statements regarding interest rates, commodity prices and other factors;

and (xvii) the risks discussed under Risk Factors below.

Although we believe the expectations reflected in our forward-looking statements are based on reasonable assumptions, such expectations may prove to be materially incorrect due to known and unknown risks and uncertainties.

In some cases, information regarding certain important factors that could cause actual results to differ materially from a forward-looking statement appears together with such statement.

Factors that could cause or contribute to such differences include those described under “Part I - Item 1A.

Risk Factors” of this Annual Report on Form 10-K.

These factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements included in this and other reports we file with the SEC.

All forward-looking statements speak only as of the date made.

All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements.

Except as required by law, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.

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-K

Item 1. Business