What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-28 · 147 added, 107 removed, 305 unchanged (45% of the section changed)

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territory, and ten foreign countries.

Our mission statement is "Legendary Food, Legendary Service ® " and our core values are "Passion, Partnership, Integrity, and Fun with Purpose." Our operating strategy is designed to position each of our casual dining restaurants as the local hometown favorite for a broad segment of consumers seeking high quality, affordable meals served with friendly, attentive service.

Our mission statement is "Legendary Food, Legendary Service ® " and our core values are "Passion, Partnership, Integrity, and Fun with Purpose." Our operating strategy is designed to position each of our restaurants as the local hometown favorite for a broad segment of consumers seeking high quality, affordable meals served with friendly, attentive service.

This strategy guides our purpose statement of "Serving Communities Across America and the World."

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As of December 30, 2025, we owned and operated 714 restaurants and franchised an additional 102 restaurants.

Of the 666 restaurants we owned and operated, we operated 608 as Texas Roadhouse restaurants, 49 as Bubba’s 33 restaurants, and nine as Jaggers restaurants.

Of the 118 franchise restaurants, 56 were domestic Texas Roadhouse restaurants, four were domestic Jaggers restaurants, 57 were international Texas Roadhouse restaurants, including one restaurant in a U.S.

Of the 714 restaurants we owned and operated, we operated 648 as Texas Roadhouse restaurants, 56 as Bubba’s 33 restaurants, and ten as Jaggers restaurants.

Of the 102 franchise restaurants, 36 were domestic Texas Roadhouse restaurants, five were domestic Jaggers restaurants, 60 were international Texas Roadhouse restaurants, including two restaurants in a U.S.

territory, and one was an international Jaggers restaurant.

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Our menu features burgers, pizza, and wings as well as a wide variety of appetizers, sandwiches, and dinner entrées.

Bubba’s 33 is open for daily lunch and dinner service and delivery services are offered at a majority of locations.

Bubba’s 33 is open for daily lunch and dinner service and delivery is offered at a majority of locations.

Our first Bubba’s 33 restaurant opened in May 2013 in Fayetteville, North Carolina.

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Jaggers offers drive-thru, carry-out, and dine-in service options.

We also offer delivery services at a majority of locations.

We also offer delivery at a majority of locations.

Our first Jaggers restaurant opened in December 2014 in Noblesville, Indiana.

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Segment Information

We manage our restaurant and franchising operations by concept and as a result have identified Texas Roadhouse, Bubba’s 33, Jaggers, and retail initiatives as separate operating segments.

In addition, we have identified Texas Roadhouse and Bubba's 33 as reportable segments.

We manage our restaurant and franchising operations by concept and as a result have identified Texas Roadhouse, Bubba’s 33, and Jaggers as separate operating segments.

In addition, we have identified our retail initiatives as a separate operating segment.

Finally, we have identified Texas Roadhouse and Bubba's 33 as reportable segments.

Operating Strategy

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We place a great deal of emphasis on providing our guests with high quality, freshly prepared food.

As part of our process, we have developed proprietary recipes to provide consistency in quality and taste throughout all restaurants.

As part of our process, we have developed proprietary recipes to provide

consistency in quality and taste throughout all restaurants.

We expect a management level employee to inspect every entrée before it leaves the kitchen to confirm it matches the guest’s order and meets our standards for quality, portion size, appearance, and presentation.

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Additionally, our restaurants continuously play upbeat country hits.

Our Bubba’s 33 restaurants feature walls lined with televisions playing sporting events and music videos and are decorated with sports jerseys, neon signs, and other local flair.

Our fast-casual concept, Jaggers, offers both drive-thru and dining room service in a modern design featuring a contemporary exterior and a comfortable and inviting dining room.

Our Bubba’s 33 restaurants feature walls lined with televisions airing sporting events and music videos and are decorated with sports jerseys, neon signs, and other local flair.

Jaggers offers both drive-thru and dining room service in a modern design featuring a contemporary exterior and a comfortable and inviting dining room.

● Owner-operator partnership model.

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When we evaluate menu pricing, we focus on remaining disciplined as we balance short-term pressures with long-term growth while always keeping our guest top of mind.

Prices are reviewed individually in each local market and are offered at moderate price points that we believe are as low as or lower than those offered by our competitors without sacrificing food quality.

Prices are reviewed individually in each local market and are offered at moderate price points without sacrificing food quality.

Within each menu category, we offer a choice of several price points with the goal of fulfilling each guest’s budget and value expectations.

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● Focusing on dinner.

In nearly all of our Texas Roadhouse restaurants, we limit our operating hours to dinner only during the weekdays with approximately one half of our restaurants offering lunch on Friday.

In nearly all of our Texas Roadhouse restaurants, we limit our operating hours to dinner only during the weekdays with over 60% of our restaurants offering lunch on Friday.

This focus on dinner allows our restaurant teams to prepare for and manage only one shift per day during the week and to prepare for the significant volumes of sales our restaurants generate.

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We design our restaurant prototypes to provide a relaxed atmosphere for our guests, while also focusing on restaurant-level returns over time.

Our current prototypical Texas Roadhouse restaurant consists of a freestanding building with approximately 8,000 square feet with seating for approximately 270 to 325 guests and parking for approximately 180 vehicles either on-site or in combination with some form of off-site cross parking arrangement.

Our current prototypes are adaptable to in-line and end-cap locations and/or spaces within an enclosed mall or a shopping center.

Our current prototypical Texas Roadhouse restaurant consists of a freestanding

building with approximately 8,000 square feet with seating for approximately 270 to 325 guests and parking for approximately 180 vehicles either on-site or in combination with some form of off-site cross parking arrangement.

Our current prototypical Bubba’s 33 restaurant consists of a freestanding building with approximately 7,600 square feet with seating for approximately 270 to 330 guests.

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Parking is targeted for approximately 180 vehicles either on-site or in combination with some form of off-site cross parking arrangement.

In 2026, we expect to also utilize a smaller prototype which will be approximately 6,700 square feet.

Our capital investment for new restaurants, which includes an estimate of pre-opening expense and a 10x initial base rent factor for those sites that are leased, varies significantly depending on a number of factors.

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the concept, square footage, layout, scope of required site work, geographical location, supply chain costs, type of construction labor (union or non-union), local permitting requirements, our ability to negotiate with landowners and/or landlords, cost of liquor and other licenses, and pre-opening expense.

In 2024 and 2023, our average capital investment for Texas Roadhouse restaurants was approximately $8.0 million.

In 2024, an increase in building and furniture, fixtures, and equipment costs was offset by a decrease in site work and liquor license costs.

We expect our average capital investment for restaurants to be opened in 2025 to increase to approximately $8.6 million primarily due to increased site work costs and increased rent.

In 2025 and 2024, our average capital investment for Texas Roadhouse restaurants was approximately $8.3 million and $8.0 million, respectively.

In 2025, the increase was primarily due to higher rent and building costs.

We expect our average capital investment for restaurants to be opened in 2026 to increase to approximately $8.9 million primarily due to higher rent and building costs.

In 2025 and 2024, our average capital investment for Bubba’s 33 restaurants was $9.0 million and $8.6 million, respectively.

The increase in our 2024 average capital investment was primarily due to an increase in site work costs partially offset by a decrease in pre-opening costs.

We expect our average capital investment for restaurants to be opened in 2025 to be approximately $8.6 million.

In 2025, the increase was primarily due to higher building and sitework costs.

We expect our average capital investment for restaurants to be opened in 2026 to decrease to approximately $8.5 million primarily due to lower building and sitework costs associated with the smaller prototype, partially offset by higher rent.

Existing Restaurant Locations

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Entrée prices include roasted in-shell peanuts, fresh baked yeast rolls, and most include the choice of two made-from-scratch sides.

Other menu items include specialty appetizers such as the "Cactus Blossom ® " and "Rattlesnake Bites".

We also provide a "12 & Under" menu for children that includes a selection of smaller-sized entrées served with one side item and a beverage.

Other menu items include specialty appetizers such as the "Cactus Blossom ® " and "Rattlesnake Bites." We also provide a "12 & Under" menu for children that includes a selection of smaller-sized entrées served with one side item and a beverage.

At Bubba’s 33 restaurants, we offer a broad assortment of burgers, pizza, and wings as well as a wide variety of appetizers, sandwiches, and dinner entrées.

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Most of our full-service restaurants feature a full bar that offers a selection of draft and bottled beer, major brands of liquor and wine, as well as made in-house margaritas and signature cocktails.

Managing partners are encouraged to tailor their beer selection to include regional and local brands.

In 2025, alcoholic beverages at all company restaurants accounted for 8.8% of restaurant sales.

Managing partners are encouraged to tailor their beer selection to include regional and local brands.

We have also expanded our beverage offerings with a new selection of handcrafted mocktails, along with $5 all-day every-day beer and margarita specials.

We always strive to maintain a consistent menu at our restaurants.

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Food safety and sanitation is of utmost importance to us.

We currently utilize several additional programs to help facilitate adherence to proper food preparation procedures and food safety standards including temperature monitoring at vendor distribution centers and our daily taste and temperature procedures within each restaurant.

We currently utilize several additional programs to help facilitate adherence to proper food preparation procedures and food safety standards.

We have a food team whose function, in conjunction with our product coaches, is to develop, enforce, and maintain programs designed to promote compliance with food safety guidelines.

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The food team also has incorporated technology in the food safety program which includes the use of electronic checklists that can capture and report trends and digital temperature monitoring and cooling automation.

We perform regular food safety and sanitation audits on our restaurants and these results are reviewed by various members of operations and management.

We perform regular food safety and sanitation audits of our restaurants and these results are reviewed by various members of operations and management.

To maximize adherence to food safety protocols, we have incorporated Hazard Analysis Critical Control Points principles and critical procedures (such as hand washing) in each recipe.

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In addition, product coaches and certain food team members are required to obtain their Certified Professional-Food Safety designation from the National Environmental Health Association.

All health department reports are entered into our database and reviewed by the food safety team, with trend analyses used to support corrective actions.

We have also partnered with a vendor to support compliance with the Food Safety Modernization Act traceability requirements for designated products.

The required infrastructure is in place and we are receiving data feeds from distributors following implementation.

Our procurement philosophy is designed to supply fresh, quality products to our restaurants at competitive prices while maximizing operating efficiencies.

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Food and supplies are ordered by and shipped directly to our domestic restaurants.

Most food products used in the operation of our restaurants are distributed to individual restaurants through a national distribution company.

Most food products used in the operation of our restaurants are distributed to individual restaurants through national distribution companies.

We strive to qualify more than one supplier for all key food items and believe that beef of comparable quality as well as all other essential food and beverage products are available, upon short notice, from alternative qualified suppliers.

As a requirement of our quality assurance process, primary food items are purchased from qualified vendors who are regularly audited by reputable, outside inspection services confirming compliance with United States Food and Drug Administration and United States Department of Agriculture guidelines, the results of which are reviewed by our food safety team.

We are committed to building long-term partnerships with suppliers who are dedicated to delivering and producing safe, high-quality ingredients and products in a sustainable, ethical, and humane manner.

We are committed to building long-term partnerships with suppliers who are dedicated to delivering and producing safe, high-quality ingredients and products.

All suppliers are expected to comply with our Vendor Partner Expectations that outlines our standards for vendors, which include without limitation, adherence to our food safety standards, how they conduct their business, how they treat their employees, and an expectation that our suppliers will comply with all applicable laws and regulations.

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Guest Satisfaction.

We receive valuable feedback from our guests through the use of guest surveys, our various websites including "texasroadhouse.com," "bubbas33.com" or "eatjaggers.com," a toll- free guest response telephone line, tabletop kiosks in the restaurant, emails, letters, social media, and personal interaction in the restaurant.

We receive valuable feedback from our guests through the use of guest surveys, our various websites including "texasroadhouse.com," "bubbas33.com," or "eatjaggers.com," a toll- free guest response telephone line, emails, letters, social media, and personal interaction in the restaurant.

We have implemented several programs to evaluate guest satisfaction, with particular attention given to food, beverage, and service quality, cleanliness, staff attitude and teamwork, and manager visibility and interaction.

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The interiors feature wood walls and stained concrete floors and are decorated with hand-painted murals, neon signs, southwestern prints, rugs, and artifacts.

The restaurants continuously play upbeat country hits.

The restaurants continuously play upbeat country music hits.

Guests may also view a display-baking area, where our fresh baked yeast rolls are prepared, and a meat cooler displaying fresh cut steaks.

Once seated at a table, guests can enjoy free fresh baked yeast rolls along with roasted in-shell peanuts.

Our Bubba’s 33 restaurants feature walls lined with televisions playing a variety of sports events and music videos and are decorated with sports jerseys, neon signs, and other local flair.

Our fast-casual concept, Jaggers, offers both drive-thru

and dining room service in a modern design featuring a contemporary exterior and a comfortable and inviting dining room.

Bubba’s 33 restaurants feature walls lined with televisions playing a variety of sports events and music videos and are decorated with sports jerseys, neon signs, and other local flair.

Jaggers offers both drive-thru and dining room service in a modern design featuring a contemporary exterior and a comfortable and inviting dining room.

Management Personnel.

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All restaurant employees are required to complete varying degrees of training before and during employment.

Our comprehensive training program emphasizes our operating strategy, procedures, and standards, including responsible alcohol service, and is typically conducted individually at our restaurants or in groups throughout the country.

Our comprehensive training program emphasizes our operating strategy, procedures, and standards, including responsible alcohol service and food safety, and is typically conducted individually at our restaurants or in groups throughout the country.

Our managing and market partners are generally required to have significant experience in the full-service restaurant industry and are generally hired at a minimum of nine months before their placement in a new or existing restaurant to allow time to fully train in all aspects of restaurant operations.

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For new restaurant openings, a full team of designated trainers, each specializing in a specific restaurant position, is deployed to the restaurant at least ten days before opening.

Formal employee training begins seven days before opening and follows a uniform, comprehensive training course as directed by a service coach.

Formal employee training begins seven days before opening and follows a uniform, comprehensive training course as directed by a training manager.

Our marketing strategy aims to promote our brands while retaining a localized focus.

We strive to increase comparable restaurant sales by increasing the frequency of visits by our current guests and attracting new guests to our restaurants and also by communicating and promoting our concepts’ food quality, the guest experience, and community support.

We strive to increase comparable restaurant sales by increasing the frequency of visits by our current guests and attracting new guests to our

restaurants and also by communicating and promoting our concepts’ food quality, the guest experience, and community support.

We accomplish these objectives through three major initiatives.

Local Restaurant Marketing.

Given our strategy to be a neighborhood destination, local restaurant marketing is integral in developing brand awareness in each market.

Local Store Marketing.

Given our strategy to be a neighborhood destination, local store marketing is integral in developing brand awareness in each market, for each restaurant.

Managing Partners are encouraged to participate in creative, community-based marketing.

We also engage in a variety of promotional activities, such as contributing time, money, and complimentary meals to charitable, civic, and community events.

We employ marketing coordinators at the restaurant level and marketing coaches at the market level to develop and execute the majority of the local marketing strategies.

We also engage in a variety of promotional activities, such as contributing time and complimentary meals to charitable, civic, and cultural events.

We employ local store marketers at the restaurant level and marketing coaches at the market level to develop and execute the majority of the local marketing strategies.

In-restaurant Marketing.

A significant portion of our marketing fund is spent communicating with our guests inside our restaurants through point of purchase materials.

We believe special promotions such as Valentine’s Day, Mother’s Day, and Veterans Day drive notable repeat business.

Our eight-week holiday gift card campaign is one of our most impactful promotions.

We believe special campaigns such as Valentine’s Day, Mother’s Day, Father’s Day, and Veterans Day drive notable repeat business.

Our eight-week holiday gift card campaign is one of our most impactful campaigns.

Our restaurants do not rely on national television or print advertising to promote our brands.

Earned local media is a critical part of our strategy that features our products and people in local television, print, and radio.

Earned local media is a critical part of our strategy that highlights our food, people and community involvement via local television, print, and radio features.

Our restaurants use a permission-based email loyalty program, as well as social media and digital marketing, to promote the brand and engage with our guests.

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Additionally, we continue to look for ways through various strategic initiatives to drive awareness and guest engagement with our brands.

This includes the introduction of branded food and retail products that are available for purchase online or in select retailers.

These products include non-royalty based food and accessories as well as licensing arrangements for frozen rolls, honey cinnamon butter, steak sauces, steak seasonings, and certain non-alcoholic beverages.

This includes the inclusion of branded food and retail products that are available for purchase online and in select retailers.

These products include non-royalty based food and accessories as well as licensing arrangements for frozen rolls, whipped buttery spreads, beef jerky, and steak sauces and seasonings.

We also have branded bagged peanuts in stadiums across the United States.

Restaurant Franchise Arrangements

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Internationally, we have entered into area development and franchise agreements for the development and operation of Texas Roadhouse restaurants in several foreign countries and one U.S.

For the existing international agreements, the franchisee is generally required to pay us a development fee for our grant of development rights in the named countries, a franchise fee for each restaurant to be opened, and royalties based on a percentage of gross sales.

We have also entered into area development and franchise agreements for Jaggers, our fast-casual concept.

Our standard Jaggers domestic franchise agreement has a term of ten years with two renewal options for an additional five years each if certain conditions are satisfied.

For the existing international agreements, the franchisee is generally required to pay us a development fee for our grant of development rights in specified defined territories located within all or certain parts of named countries, a franchise fee for each restaurant to be opened, and royalties based on a percentage of gross sales.

We have also entered into area development and franchise agreements for Jaggers for both domestic and international franchise locations.

Our standard Jaggers franchise agreement has a term of ten years with two renewal options for an additional five years each if certain conditions are satisfied.

Currently, we have area development agreements in place that allow for the development and operation of Jaggers restaurants both domestically and internationally.

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Additionally, all of our Texas Roadhouse and Jaggers franchise agreements contain a pre-determined radius restriction prohibiting us from opening a competing restaurant within such radius.

Our area development or franchise agreements, whether domestic or international, may be terminated if the franchisee defaults in the performance of any of its obligations under the development or franchise agreement, including its obligations to develop the territory or operate its restaurants in accordance with our standards and specifications.

A franchise agreement may also be terminated if a franchisee becomes insolvent, fails to make its required payments, creates a threat to the public health or safety, ceases to operate the restaurant, or misuses our trademarks.

its obligations to develop the territory or operate its restaurants in accordance with our standards and specifications.

A franchise agreement may also be terminated, among other things, if a franchisee becomes insolvent, fails to make its required payments, creates a threat to the public health or safety, ceases to operate the restaurant, or misuses our trademarks.

Franchise Compliance Assurance.

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Additionally, we use a risk-based approach to create and implement a detailed set of information security policies and procedures to protect against cybersecurity threats.

In addition to cash, we accept credit cards, debit cards, and gift cards as payment at our restaurants.

We have systems and processes in place that focus on the protection of our guests’ credit and debit card information and other private information that we are required to protect, such as our employees’ personal information.

We accept credit cards, debit cards, gift cards, and cash as payment at our restaurants.

We have systems and processes in place that focus on the protection of our guests’ credit and debit card information and other private information that we are required to protect.

Our systems have been carefully designed and configured to safeguard against data loss or compromise.

We submit our systems to regular audit and review, ensuring compliance with the requirements of Payment Card Industry Data Security Standards and to assess vulnerability in our systems.

See Risk Factors in Item 1A of this Form 10-K for a discussion of risks associated with breaches of security related to confidential guest and/or employee information.

We have made several digital enhancements to improve the guest experience and better support increased volumes at our restaurants.

These enhancements include a fully customized digital experience that allows our guests to get on the waitlist or place an order for pickup or curbside service and has gift card and payment functionality.

We have also implemented texting systems which allows our dine-in guests to wait outside or in their cars and has improved the to-go experience.

In addition, we have implemented systems that enable touchless menus and contactless payments, providing a smoother guest checkout experience and enhanced turnaround times.

Finally, we have implemented digital display

systems in our kitchens that increase kitchen efficiency, allow us to handle increased volumes, and enhance the employee experience.

We have installed this system in nearly half of our domestic restaurants with plans to expand to all domestic restaurants in 2025.

Additionally, in 2024, we implemented a new human capital management system.

This system is an integrated, cloud solution that provides enhanced recruiting, onboarding, time management, absence management, and payroll solutions.

We believe that our current systems and practice of implementing regular updates will position us well to support our current needs and future growth.

Information systems projects are prioritized based on strategic, financial, regulatory, and other business advantage criteria.

We submit our systems to regular independent audits and reviews, as required by the Payment Card Industry Data Security Standards ("PCI DSS") for a level 1 provider status, to validate compliance and assess vulnerabilities in our systems.

See Risk Factors in Item 1A of this Form 10-K for a discussion of risks associated with breaches of security related to confidential guest information.

We have made several digital enhancements to improve the guest experience and support increased volumes at our restaurants.

These enhancements include a fully customized digital platform that lets guests join the waitlist, place pickup or curbside orders, and make payments.

We have also implemented texting systems that allow dine-in guests to wait outside or in their vehicles, improving both convenience and the to-go experience.

In addition, new contactless payment options provide a smoother checkout and faster table turnover.

Our domestic restaurants have implemented digital kitchen display systems that increase efficiency, help manage higher volumes, and enhance the employee and guest experience.

Finally, we have deployed a digital guest management system in all domestic restaurants to more efficiently manage server rotations, floor plans, and both online and in-store waitlists.

We believe that our current systems, together with our practice of implementing regular updates and evaluating potential technological enhancements, position us well to support our current operating needs and anticipated future growth.

Information systems projects, including potential technology updates, are prioritized based on strategic, financial, regulatory, and other business advantage criteria.

Competition in the restaurant industry is intense.

We compete with well-established food service companies on the basis of taste, quality, and price of the food offered, service, atmosphere, location, take-out and delivery options, as well as the overall dining experience.

We compete with well-established food service companies on the basis of taste, quality, price and value of the food offered, service, atmosphere, location, take-out and delivery options, as well as the overall dining experience.

Our competitors include a large and diverse group of restaurant chains and individual restaurants that range from independent local operators that have opened restaurants in various markets to well-capitalized national restaurant chains.

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We derive significant value from the ownership and use of our trademarks, service marks, trade dress, and other intellectual property rights.

We rely on these to market our concepts to consumers, distinguish our brands from other restaurant concepts, establish our unique brands, and prevent consumer confusion with other restaurant concepts.

Accordingly, we have implemented processes to monitor our registrations and identify any infringement of our intellectual property rights.

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The development and operation of restaurants depends on selecting and acquiring suitable sites that satisfy our financial targets, which are subject to zoning, land use, environmental, traffic, and other regulations.

We are also subject to laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content, and menu labeling.

In addition to domestic regulations, our international business exposes us to additional regulations, including antitrust and tax requirements, anti-boycott legislation, import/export and customs regulations and other international trade regulations, the USA Patriot Act, and the Foreign Corrupt Practices Act.

In order to serve alcoholic beverages in our restaurants, we must comply with alcoholic beverage control regulations which require each of our restaurants to apply to a state authority, and, in certain locations, county or

municipal authorities, for a license or permit to sell alcoholic beverages at our restaurants.

We are also subject to laws and regulations relating to the preparation and sale of food, including regulations regarding product safety, nutritional content, consumer protection, and menu labeling.

imposition of tariffs or other trade barriers or restrictions, other international trade regulations, the USA Patriot Act, and the Foreign Corrupt Practices Act.

These licenses or permits must be renewed annually and may be revoked or suspended for cause at any time.

We are also subject in certain states to "dram shop" statutes, which generally provide a person injured by an intoxicated person the right to recover damages from an establishment that served alcoholic beverages to the intoxicated person.

Consistent with industry standards, we focus on responsible alcohol service training and carry liquor liability coverage as part of our existing comprehensive general liability insurance as well as excess umbrella coverage.

Additionally, and as part of our enterprise risk management program, we have a cross-functional risk subcommittee focused solely on responsible alcohol service.

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We base our FICA tax reporting on the disclosures provided to us by our tipped employees.

Since 2002, we have had a Tip Rate Alternative Commitment agreement with the Internal Revenue Service.

We maintain a Tip Rate Alternative Commitment agreement with the Internal Revenue Service.

By complying with educational and other requirements of the agreement, we reduce the likelihood of potential employer-only FICA assessments for unreported or underreported tips.

Our restaurants are also subject to other federal and state labor laws and regulations governing such matters as health benefits, leaves of absence, unemployment taxes, workers’ compensation, work authorization and eligibility requirements, working conditions, safety standards, equal employment opportunities, anti-discrimination and harassment, reasonable accommodation, and other similar legal requirements.

Our restaurants are also subject to other federal and state labor laws and regulations governing such matters as health benefits, leaves of absence, unemployment taxes, workers’ compensation, work authorization and eligibility requirements and enforcement, working conditions, safety standards, equal employment opportunities, anti-discrimination and harassment, reasonable accommodation, and other similar legal requirements.

Our restaurants must comply with the applicable requirements of the Americans with Disabilities Act of 1990 ("ADA") and related state accessibility statutes.

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Our business is subject to seasonal fluctuations.

Historically, sales in most of our restaurants have been higher during the winter months of each year.

Historically, sales in most of our restaurants have been higher during the first half of each year.

Holidays, changes in weather, severe weather, and similar conditions may impact sales volumes seasonally in some operating regions.

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None of our employees are covered by a collective bargaining agreement and we consider our employee relations to be good.

Our business relies on our ability to attract and retain talented employees.

To attract and retain talent, we cast a wide net, sourcing qualified candidates through multiple channels, and maintain our People-First culture through shared core values and a performance-based compensation program supported by competitive benefits and health programs.

Further, our training and development programs are designed to provide our employees with ample opportunities to grow and develop in their careers.

Additionally, we believe that diversity of talent and experience and inclusion of all Roadies is what makes us truly Legendary.

We value and welcome employees of all walks of life to share their gifts, strengths, voices, talents, and inspiration with us while working in our restaurants and Support Center, as we strive to reflect the communities we are

proud to serve.

We are passionate about treating everyone with respect, appreciation, and fairness every day to ensure that we remain a legendary place to work.

As a result, we are committed to attracting, retaining, engaging, recognizing, and developing a workforce that mirrors the diversity of our guests and is committed to upholding our shared values.

The table below shows the gender and racial and ethnic diversity of our employees as of December 31, 2024:

Our business relies on our ability to attract, retain, engage, recognize, train, and develop talented employees.

To attract and retain a broad range of talent and experience, we focus on casting a wide net, sourcing qualified candidates through multiple channels, and maintaining our People-First culture through shared core values and a performance-

based compensation program supported by competitive benefits and health programs.

Further, our training and development programs are designed to provide our employees at all levels the tools to succeed at their current job as well as ample opportunities for continuous learning, networking, growth, and development.

Additionally, we believe that diversity of talent and experience, employee engagement, and inclusion of all Roadies are vital parts of our culture and what makes us truly Legendary.

We are committed to treating everyone with respect, appreciation, and fairness every day to ensure that we remain a legendary place to work.

As a result, we are committed to attracting, retaining, engaging, recognizing, training, and developing a workforce that has a variety of talents and experiences and is committed to upholding our shared values.

The table below shows the gender and racial and ethnic makeup of our employees as of December 30, 2025:

December 30, 2025

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By providing our partners with a significant stake in the success of our restaurants, we believe that we are able to attract and retain talented, experienced, and highly motivated managing and market partners.

We also support our employees by offering competitive wages and benefits for eligible employees.

In addition to salaries, these programs (which vary by employee level) include, among other items, bonuses, stock awards, retirement savings plans with employer matching contributions, healthcare and insurance benefits, health savings and flexible spending accounts, tuition reimbursement, paid time off, paid parental leave, and various employee assistance programs.

Personal Development.

Beyond our partner programs, we support our employees by offering competitive wages and a comprehensive benefits package to eligible employees.

As part of our total rewards packages and consistent with our partnership mentality, thousands of our employees share in the financial success of Texas Roadhouse through bonuses and stock awards, which vary by employee level.

In addition to competitive pay, our benefits programs (which also vary by employee level) include, among other items, retirement savings plans with employer matching contributions, healthcare and insurance benefits, health savings and flexible spending accounts, tuition reimbursement, paid time off, paid parental leave, discounts in our restaurants, and a variety of employee assistance and wellness programs.

Training & Development.

We motivate and develop our employees by providing them with opportunities for increased responsibilities and advancement.

As a part of our overall People-First strategy, we are committed to providing training and development opportunities through a variety of in-person and virtual programs and classes that are offered to restaurant employees, operators, and Support Center employees, all of which are designed to give employees at all levels the tools to succeed at their current job as well as opportunities for continuous learning, networking, growth, and development.

With thousands of leadership positions across our restaurants, we provide a pathway and training for thousands of individuals across the country to advance from entry-level jobs into management roles.

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We value the diverse thoughts, opinions, and feedback from our employees at all levels across the Company, which means engaging and listening as a management team to what our employees have to say.

We take an expansive and strategic approach to the manner in which we solicit and receive feedback utilizing a variety of methods from in-person focus groups to large-scale surveys.

We take an expansive and strategic approach to the manner in which we solicit and receive feedback utilizing a variety of methods from in-person focus groups to large-scale surveys, as well as our annual "Fall Tour" listening sessions.

Through this employee engagement, we believe these listening sessions and tools allow us a better opportunity to constructively engage with and understand our employees’ strengths, opportunities, and challenges as we continue to work to evaluate and develop ways to leverage or address opportunities in our business.

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Andy’s Outreach .

Founded in 2005, Andy’s Outreach is a non-profit, tax-exempt organization whose mission is to provide financial support to employees of Texas Roadhouse and their families in times of severe hardship or crisis and in cases of tragic or catastrophic need.

Andy’s Outreach is a non-profit, tax-exempt organization whose mission is to provide financial support to employees of Texas Roadhouse and their families in times of severe hardship or crisis and in cases of tragic or catastrophic need.

Andy’s Outreach is mainly funded by the support of Texas Roadhouse employees through payroll contributions, a domestic franchise store that is owned by Andy’s Outreach, and other fundraising efforts.

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Corporate Sustainability

Our corporate sustainability mission is to leave every community better than we found it by focusing on four pillars – food, community, employees, and conservation.

Our corporate sustainability mission is to leave every community better than we found it by focusing on four pillars consisting of food, community, employees, and conservation.

As we test and roll out new programs, we continue to build champions who are invested in furthering our sustainability efforts.

10 unchanged sentences

Christopher C.

Chief Legal and Administrative Officer

Chief Business and Administrative Officer

Chief Technology Officer

Christopher Monroe

Chief Financial Officer

Chief Communications Officer

Morgan is Chief Executive Officer of the Company, having been appointed to this position in March 2021.

Paul Marshall

Chief Growth Officer

Chief Financial Officer

Chief Accounting and Financial Services Officer

General Counsel

Morgan is Chief Executive Officer and Executive Vice Chairman of the Company.

Morgan was appointed Chief Executive Officer in March 2021 and subsequently appointed Executive Vice Chairman of the Company in August 2025 while remaining as Chief Executive Officer.

Morgan joined the Company in 1997, during which time he has held the positions of Managing Partner, Market Partner, and Regional Market Partner.

1 unchanged sentence

Tobin’s appointment to President in January 2023.

Morgan has nearly 40 years of restaurant management experience with Texas Roadhouse, Bennigan’s Restaurants, and Burger King.

Morgan has 40 years of restaurant management experience with Texas Roadhouse, Bennigan’s Restaurants, and Burger King.

Tobin is President of the Company, having been appointed to this position in January 2023.

Tobin previously served as the Company’s Chief Learning and Culture Officer, a position she held from June 2021 through her appointment to President.

Tobin joined the Company in 1996, during which time she has held the positions of Managing Partner, Market Partner, and Vice President of Training.

Tobin has nearly 40 years of restaurant industry experience.

Tobin joined the Company in 1996, during which time she has held the positions of Managing Partner at our first prototype store in Louisville, KY, Market Partner in Southwest Florida, and Vice President of Training.

Before joining Texas Roadhouse, Ms.

Tobin was a multi-unit operator with Chi-Chi’s.

Tobin has 40 years of restaurant industry experience.

Christopher C.

Colson is Chief Legal and Administrative Officer and Corporate Secretary of the Company, having been appointed to Chief Legal and Administrative Officer in January 2023 and Corporate Secretary in August 2019.

Colson previously served as the Company’s General Counsel, a position he held from March 2021 through his appointment to Chief Legal and Administrative Officer.

Colson is Chief Business and Administrative Officer and Corporate Secretary of the Company, having been appointed to Chief Business and Administrative Officer in August 2025 and Corporate Secretary in August 2019.

Colson previously served as the Company’s Chief Legal and Administrative Officer, a position he held from January 2023 through his appointment to Chief Business and Administrative Officer, and as General Counsel, a position he held from March 2021 until January 2023.

Colson joined the Company in 2005, during which time he has held the positions of Senior Counsel, Associate General Counsel, and Executive Director of the Global Development Group.

Colson has over 25 years of restaurant industry experience with Texas Roadhouse, Frost Brown Todd (serving as outside counsel to the Company), Yum!

Brands, and as assurance staff at KPMG.

Brands Inc., and as assurance staff at KPMG.

Mujica is Chief Technology Officer of the Company, having been appointed to this position in January 2023.

4 unchanged sentences

Mujica has over 30 years of experience in both industry and consulting roles.

Christopher Monroe.

Monroe is Chief Financial Officer of the Company, having been appointed to this position in June 2023 upon joining the Company.

In this role, Mr.

Monroe is responsible for overseeing the Company’s accounting, financial reporting, investor relations, tax, treasury, internal audit, and finance functions, as well as serving as the Company’s principal financial officer.

Prior to joining the Company, Mr.

Monroe served in various positions at Southwest Airlines, including Director of Corporate Finance, Assistant Treasurer, and Vice President Treasurer, until his promotion in 2017 to Senior Vice President of Finance and Treasurer.

As Senior Vice President of Finance and Treasurer, he oversaw the overall capital strategy, planning, and structure for Southwest Airlines with responsibility for corporate insurance and risk management, as well as supply chain management and corporate sustainability.

Monroe has over 35 years of finance experience.

Doster is Chief Communications Officer of the Company, having been appointed to this position in November 2023.

4 unchanged sentences

Doster has over 30 years of media, public relations, and industry experience.

Paul Marshall.

Marshall is Chief Growth Officer of the Company, having been appointed to this position in August 2025.

In this role, he leads the Bubba’s 33 concept while also supporting the oversight of the construction, design, real estate, development, and facilities functions across all concepts.

Marshall joined Texas Roadhouse in 1997 as the Managing Partner in Killeen, Texas.

He was promoted to Market Partner in 2003 and then subsequently promoted to Vice President of Operations – Bubba’s 33 in 2021.

Before joining Texas Roadhouse, Mr.

Marshall was a multi-unit operator with Landry’s Seafood.

Marshall has over 35 years of restaurant industry experience .

Lenihan is Chief Financial Officer of the Company, having been appointed to this position in December 2025 upon joining the Company.

In this role, Mr.

Lenihan is responsible for overseeing the Company’s accounting, financial reporting, investor relations, tax, treasury, internal audit, and finance functions, as well as serving as the Company’s principal financial officer.

Prior to joining the Company, Mr.

Lenihan served as the Chief Financial Officer and Chief U.S.

Development Officer for CKE Restaurants Holdings, Inc.

from September 2023 to October 2025, where he led finance and U.S.

development of the Hardee’s and Carl’s Jr.

Prior to joining CKE Restaurants, Mr.

Lenihan was with Yum!

from 2003 through 2023 where he served in various positions for Yum!

corporate and the Pizza Hut and KFC brands.

Lenihan has nearly 30 years of finance experience.

Humpich is Chief Accounting and Financial Services Officer of the Company, having been appointed to this position in December 2025.

In this role, he supports the Company’s accounting, SEC reporting, investor relations, tax, treasury, internal audit, and financial analysis functions, as well as continues to serve as the Company’s principal accounting officer.

Humpich joined the Company in February 2005 as the Director, then Senior Director, of Internal Audit, which he served until his promotion to Vice President of Finance in 2021, overseeing the Company’s financial reporting, tax, treasury, internal audit, and financial analysis functions.

Humpich was appointed the Company’s principal accounting officer in January 2023 and also began overseeing the accounting function at that time.

Humpich previously served as interim Chief Financial Officer of the Company from January 2023 through June 2023, and from June 2025 through December 2025.

Prior to joining the Company, he held several different finance and/or audit positions at Lexmark International and Ernst & Young LLP.

Humpich has over 30 years of accounting, audit, and finance experience.

Renfroe is General Counsel of the Company, having been appointed to this position in December 2025.

In this role, he oversees the legal department including the corporate transactions, franchise, litigation, intellectual property, risk, and liquor license functions.

He joined the Company in May 2013 serving as Senior Counsel, then Associate General Counsel – Corporate Transactions, where he served until his promotion to Vice President of Legal and Deputy General Counsel in May 2024.

In this role, he oversaw the Company’s entire real estate and franchise portfolio from a legal perspective and managed the Company’s corporate transactions functions, as well as performed key legal operations, corporate governance, compliance, and securities services for the Company.

He has also served as Assistant Secretary to the Board since 2017 where he assists the Corporate Secretary with public company and board matters.

Before joining the Company, Mr.

Renfroe worked in private practice in both Atlanta, Georgia and Louisville, Kentucky.

Renfroe has almost 20 years of legal experience with nearly 15 years of restaurant industry experience.

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