BJ's Restaurants, Inc. Reports Fiscal Fourth Quarter and Fiscal Year 2025 Results

Issues 2026 Financial Outlook

HUNTINGTON BEACH, Calif., Feb. 25, 2026 (GLOBE NEWSWIRE) -- BJ’s Restaurants, Inc. (NASDAQ: BJRI) today reported financial results for its fiscal 2025 fourth quarter and year ended December 30, 2025.
        
Fiscal Fourth Quarter 2025 Compared to Fourth Quarter 2024

• Total revenues increased 3.2% to $355.4 million
• Comparable restaurant sales increased 2.6%
• Restaurant level operating profit
  (
  1)
  was $57.2 million, an increase of 8.2%, with restaurant level operating profit margin of 16.1%, an increase of 70 basis points
• Diluted net income per share was $0.58, from diluted net loss per share of $0.23
• Adjusted diluted net income per share
  (
  1)
  was $0.66, an increase of 39.2% from $0.47
• Adjusted EBITDA
  (
  1)
  was $35.6 million, an increase of 7.4% from $33.1 million
• The Company repurchased and retired approximately 167,000 shares of its common stock at a cost of approximately $5.4 million
  

(1) Adjusted diluted net income per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.

Fiscal 2025 Compared to Fiscal 2024

• Total revenues increased 3.1% to $1.4 billion
• Comparable restaurant sales increased 2.0%
• Restaurant level operating profit
  (
  1)
  was $216.2 million, an increase of 10.6%, with restaurant level operating profit margin of 15.5%, an increase of 110 basis points
• Diluted net income per share was $2.16, a 207.3% increase from $0.70
• Adjusted diluted net income per share
  (
  1)
  was $2.26, an increase of 46.8% from $1.54
• Adjusted EBITDA
  (
  1)
  was $134.1 million, an increase of 14.5% from $117.1 million
• The Company repurchased and retired approximately 2.0 million shares of its common stock at a cost of approximately $67.8 million
  

(1) Adjusted diluted net income per share, restaurant level operating profit and Adjusted EBITDA are non-GAAP measures. Reconciliations to GAAP measures and further information are set forth below.

“During the fourth quarter, we continued to deliver on our mission to create a stronger and more consistent BJ’s with our 6

consecutive quarter of comparable restaurant sales and traffic growth along with our 5 consecutive quarter of restaurant level operating profit margin expansion,” commented Lyle Tick, Chief Executive Officer and President. “We continue to focus on putting the guest and team member experience at the center of everything we do. This, combined with strong and improving operational fundamentals, compelling value and product news, allowed us to increase traffic by over 4% during the quarter.

“Looking at the full year, I am proud of the progress we have made, thankful for the commitment and passion our teams bring every day and pleased with the results we delivered as we executed across all pillars of our strategic plan,” Tick continued. “As we look ahead to 2026, we will build on the progress we have made, guided by our four strategic priorities - Investing in Our People and Our Handcrafted Food and Beverage, Delivering WOW Hospitality, and Keeping Our Atmosphere Fresh. We believe these strategic priorities will continue to position BJ’s for sustainable growth and deliver long-term value to our shareholders,” concluded Tick.

Share Repurchase Program

During the fourth quarter of 2025, the Company repurchased and retired approximately 167,000 shares of its common stock at a cost of approximately $5.4 million. As of February 25, 2026, the Company had approximately $93.2 million available under its authorized share repurchase program.

2026 Financial Outlook

For fiscal 2026, management anticipates the following:

• Comparable restaurant sales growth of 1% to 3%
• Restaurant level operating profit of $221 million to $233 million
• Adjusted EBITDA of $140 million to $150 million
• Capital expenditures of $85 million to $95 million
• Share repurchases up to $50 million, depending on market conditions
  

Actual results may differ materially from the 2026 Financial Outlook set forth above as a result of, among other things, the factors described under “Forward-Looking Statements Disclaimer” below.

Investor Conference Call and Webcast

BJ’s Restaurants, Inc. will conduct a conference call on its fourth quarter and fiscal year 2025 earnings release today, February 25, 2026, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Management will discuss the financial results and host a question-and-answer session. In addition, a live audio webcast of the call will be accessible to the public on the “Investors” page of the Company’s website, and a recording of the webcast will be archived on the site for 30 days following the live event. Please allow 15 minutes to register and download and install any necessary software.

About BJ’s Restaurants, Inc.

BJ’s Restaurants, Inc. is a national casual dining brand with brewhouse roots. Founded in 1978, BJ’s owns and operates over 200 restaurants across 31 states, combining high-quality ingredients, bold flavors, sincere service, moderate prices and a fresh atmosphere. The brand’s chef-crafted menu offers something for everyone, from its signature deep-dish pizzas and slow-roasted entrees and wings to its often imitated but never replicated world-famous Pizookie® dessert. As the most decorated restaurant-brewery in the country and winner of the 2025 Vibe Vista Award for Best Beer Program and 2024 Best Overall Beverage Program, BJ’s has been a pioneer in craft brewing since 1996, serving award-winning proprietary handcrafted beers brewed at operations in four states and by independent third-party craft brewers. All BJ’s locations offer dine in, take out, delivery and large party catering, providing guests with multiple ways to enjoy the experience at BJ’s. Whether you’re gathering with family for dinner, catching the game with friends or celebrating life’s special moments, BJ’s creates the perfect backdrop for connection and community.

BJ’s Restaurants, Inc.

Unaudited Consolidated Statements of Operations

(Dollars in thousands except for per share data)

Percentages reflected above may not reconcile due to rounding.

BJ’s Restaurants, Inc.
Selected Consolidated Balance Sheet Information
(Dollars in thousands)
	December 30, 2025 (unaudited)			December 31, 2024
Cash and cash equivalents	$	23,781		$	26,096
Total assets	$	1,015,455		$	1,041,064
Total debt	$	85,000		$	66,500
Shareholders’ equity	$	366,193		$	370,017

        

BJ’s Restaurants, Inc.
Unaudited Supplemental Information
(Dollars in thousands)
	Fourth Quarter Ended														Fiscal Year Ended
	December 30, 2025						December 31, 2024								December 30, 2025							December 31, 2024
Stock-based compensation ( 1)
Labor and benefits	$517			0.1		%	$689					0.2	%		$2,407				0.2		%	$2,452				0.2	%
General and administrative		1,508		0.4				1,785				0.5				5,708			0.4				6,177			0.5
Total stock-based compensation	$2,025			0.6		%	$2,474					0.7	%		$8,115				0.6		%	$8,629				0.6	%
Operating Data
Comparable restaurant sales % change		2.6	%					5.5			%					2.0		%					1.2		%
Restaurants opened during period		-						-								1							3
Restaurants open at period-end		219						218								219						218 ( 2 )
Restaurant operating weeks		2,847						2,834								11,376							11,274
(1)   Percentages represent percent of total revenues and may not reconcile due to rounding.
(2)   During the period, one restaurant was permanently closed.

Reconciliation of Non-GAAP Financial Measures

The Company is reporting certain non-GAAP financial results and related reconciliations to the corresponding GAAP financial measures. These non-GAAP measures are not in accordance with, or a substitute for, measures prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. These measures should only be used to evaluate the Company’s results of operations in conjunction with corresponding GAAP measures.

Adjusted diluted net income per share is a non-GAAP financial measure that represents net income (loss) excluding adjustments intended to provide greater transparency of underlying performance and to allow investors to evaluate our business on the same basis as our management.

Restaurant level operating profit is equal to the revenues generated by our restaurants less their direct operating costs which consist of cost of sales, labor and benefits, and occupancy and operating costs. This performance measure primarily includes the costs that restaurant-level managers can directly control and excludes other operating costs that are essential to conduct the Company’s business, as detailed in the table below. Management uses restaurant level operating profit as a supplemental measure of restaurant performance. Management believes restaurant level operating profit is useful to investors in that it highlights trends in the operating results of our business that may not otherwise be apparent to investors when relying solely on GAAP financial measures.

Adjusted EBITDA is a non-GAAP financial measure that represents the sum of net income (loss) adjusted for certain expenses and gains/losses detailed within the reconciliation below. Management uses Adjusted EBITDA as a supplemental measure of our performance. Management believes these measures are useful to investors in that they highlight cash flow and trends in the operating results of our business that may not otherwise be apparent to investors when relying solely on GAAP financial measures.

The following tables, which provide a reconciliation of non-GAAP financial measures, presented in this release, to the most directly comparable financial measures calculated and presented in accordance with GAAP for the fourth quarter and fiscal year ended December 30, 2025, and December 31, 2024, are set forth below:

BJ’s Restaurants, Inc.
Supplemental Financial Information – Adjusted Diluted Net Income Per Share
(Unaudited, dollars in thousands)
	Fourth Quarter Ended														Fiscal Year Ended
	December 30, 2025							December 31, 2024							December 30, 2025							December 31, 2024
Net income (loss)	$12,643				3.6		%	$(5,266			)	(1.5	)%		$48,808				3.5		%		$16,687				1.2	%
Loss on disposal and impairment of assets, net		744			0.2				15,373			4.5				1,687			0.1				18,414				1.4
Leadership transition expenses, net		1,392			0.4				1,543			0.4				1,392			0.1				3,231				0.2
Warrant extension		-			-				4,622			1.3				-			-				4,622				0.3
Tax effect of adjustments ( 1 )		(517		)	(0.1		)		(5,212		)	(1.5	)			(745		)	(0.1		)		(6,357			)	(0.5	)
After tax effect of adjustments		1,619			0.5				16,326			4.7				2,334			0.2				19,910				1.5
Adjusted net income	$14,262				4.0		%	$11,060				3.2	%		$51,142				3.7		%	$36,597					2.7	%
Diluted weighted average number of shares outstanding:		21,728						23,455 ( 2 )								22,622							23,768
Diluted net income (loss) per share (as reported)	$0.58							$(0.23			)				$2.16							$0.70
Adjusted diluted net income per share	$0.66							$0.47							$2.26							$1.54
Percentages above represent percent of total revenues and may not reconcile due to rounding.
(1)   The tax effect is based on the Company’s annual statutory tax rate of 24.2% for the fiscal years ended December 30, 2025, and December 31, 2024.
(2)   To include potentially dilutive shares in the computation of diluted net income per share, the number of shares noted differs from the number reported on the Unaudited Consolidated Statements of Operations.

BJ’s Restaurants, Inc.
Supplemental Financial Information – Restaurant Level Operating Profit
(Unaudited, dollars in thousands)
	Fourth Quarter Ended										Fiscal Year Ended
	December 30, 2025				December 31, 2024						December 30, 2025				December 31, 2024
Income (loss) from operations	$11,143		3.1	%	$(4,791		)	(1.4	)%		$46,310		3.3	%	$14,080		1.0	%
General and administrative		25,071	7.1			23,711		6.9				91,005	6.5			88,272	6.5
Depreciation and amortization		20,247	5.7			18,516		5.4				76,571	5.5			72,745	5.4
Restaurant opening		-	-			77		-				663	-			2,082	0.2
Loss on disposal and impairment of assets, net		744	0.2			15,373		4.5				1,687	0.1			18,414	1.4
Restaurant level operating profit	$57,205		16.1	%	$52,886			15.4	%		$216,236		15.5	%	$195,593		14.4	%
Percentages above represent percent of total revenues and may not reconcile due to rounding.

BJ’s Restaurants, Inc.
Supplemental Financial Information –Adjusted EBITDA
(Unaudited, dollars in thousands)
	Fourth Quarter Ended											Fiscal Year Ended
	December 30, 2025					December 31, 2024						December 30, 2025					December 31, 2024
Net income (loss)	$12,643			3.6	%	$(5,266		)	(1.5	)%		$48,808			3.5	%	$16,687			1.2	%
Interest expense, net		1,060		0.3			1,472		0.4				4,745		0.3			5,484		0.4
Income tax benefit		(1,773	)	(0.5	)		(5,559	)	(1.6	)			(1,575	)	(0.1	)		(8,422	)	(0.6	)
Depreciation and amortization		20,247		5.7			18,516		5.4				76,571		5.5			72,745		5.4
Leadership transition expenses, net		1,392		0.4			1,543		0.4				1,392		0.1			3,231		0.2
Stock-based compensation expense		2,025		0.6			2,474		0.7				8,115		0.6			8,629		0.6
Other (income) expense, net		(787	)	(0.2	)		4,562		1.3				(5,668	)	(0.4	)		331		-
Loss on disposal and impairment of assets, net		744		0.2			15,373		4.5				1,687		0.1			18,414		1.4
Adjusted EBITDA	$35,551			10.0	%	$33,115			9.6	%		$134,075			9.6	%	$117,099			8.6	%
Percentages above represent percent of total revenues and may not reconcile due to rounding.