# Brinker International, Inc. (EAT)

> Source: Nexqual · https://nexqual.com/EAT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Brinker International, Inc. (EAT), nexqual.com/EAT" · informational, not investment advice.

**Price:** USD 190.11 (+1.09% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 188.06 · day 183.77–190.17 · 52w 100.3–254.99 · market cap $7.96B · NYQ

## Key facts
- Last four reported quarters (through Jun 24, 2026): revenue $5.81B, net income $487M (8.4% margin), free cash flow $558M (SEC filings).
- Valuation: P/E 16.3x (avg 19.5x at the last 3 fiscal year-ends), net debt $310M.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $42.5M; 15 not under a Rule 10b5-1 plan ($22.9M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.09 on a 1–5 scale) (23 analysts), mean target USD 257.95 (range 151–310).
- Total return with dividends: 1Y +50.4% vs S&P 500 +14.9%; 5Y +326.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 2.43, revenue estimate $1.45B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.80B | $4.13B | $4.42B | $5.38B | $5.81B | $5.81B |
| Operating income | $160M | $144M | $230M | $512M | $620M | $620M |
| Net income | $118M | $103M | $155M | $383M | $487M | $487M |
| EPS (diluted) | $2.58 | $2.28 | $3.40 | $8.32 | $10.87 | — |
| Free cash flow | $102M | $71.4M | $223M | $414M | $558M | $558M |
| Operating margin | 4.2% | 3.5% | 5.2% | 9.5% | 10.7% | 10.7% |
| Net margin | 3.1% | 2.5% | 3.5% | 7.1% | 8.4% | 8.4% |
| Revenue growth | +14.0% | +8.7% | +6.8% | +21.9% | +7.9% | — |
| Cash + short-term investments | $13.5M | $15.1M | $64.6M | $18.9M | $110M | — |
| Total debt | $989M | $912M | $786M | $426M | $420M | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 24, 2026)
P/E 16.3x · P/S 1.4x · EV/Sales 1.4x · P/FCF 14.3x · P/B 17.9x · FCF yield 7.00% · Earnings yield 6.12% · Buyback yield (TTM) 5.58% · Net debt $310M · EV $8.27B
P/E at fiscal year-ends: Jun 2026 15.5x, Jun 2025 21.7x, Jun 2024 21.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-09 | Katzman James C | Director | 650 | $143K | 2.5% | Yes (adopted June 5, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-04 | Allen Frances L. | Director | 500 | $117K | 3.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-01 | Ware Michaela M | EVP, Chief Financial Officer | 3,030 | $707K | 12.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-28 | Depinto Joseph Michael | Director | 25,000 | $5.8M | 24.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Fuller Daniel S | SVP, Chief Legal Officer | 1,909 | $484K | 5.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-21 | Butler James M | SVP Chief Supply Chain Officer | 10,000 | $2.4M | 52.5% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-17 | Fuller Daniel S | SVP, Chief Legal Officer | 9,960 | $2.4M | 23.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-17 | Hochman Kevin | Pres. & CEO | 40,000 | $9.7M | 21.7% | Yes (adopted May 4, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13…2026-08-17 | Fuller Daniel S | SVP, Chief Legal Officer | 5,801 | $1.4M | 12.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-14 | Comings Douglas N. | SVP & COO, Chili's | 5,000 | $1.2M | 20.4% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-14 | Felix George S | EVP, Chief Marketing Officer | 14,349 | $3.4M | 69.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-14 | White Aaron M | EVP, COO and CPO | 16,220 | $3.8M | 27.5% | No | Too little history (no open-market trades in 2023) |
| 2026-08-13 | Davis Cindy L | Director | 1,775 | $442K | 16.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13 | Hochman Kevin | Pres. & CEO | 40,000 | $9.7M | 17.8% | Yes (adopted March 4, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-08 | Allen Frances L. | Director | 1,999 | $287K | 13.3% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-04 | Allen Frances L. | Director | 1,000 | $144K | 6.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-02 | Allen Frances L. | Director | 1,300 | $181K | 7.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-15 | Allen Frances L. | Director | 1,000 | $136K | 5.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-14 | Katzman James C | Director | 547 | $70K | 1.8% | Yes (adopted June 5, 2025) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.09 on a 1–5 scale), 23 analysts; mean target USD 257.95 (low 151, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Wells Fargo | Target lowered | Overweight | $280 → $270 |
| 2026-10-19 | Citigroup | Target lowered | Buy | $282 → $270 |
| 2026-10-16 | Raymond James | Upgrade | Outperform → Strong Buy | $270 → $260 |
| 2026-10-16 | TD Cowen | Target lowered | Buy | $270 → $250 |
| 2026-10-14 | Jefferies | Upgrade | Hold → Buy | $230 → $255 |
| 2026-09-22 | Northcoast Research | Upgrade | Neutral → Buy | $275 |
| 2026-09-21 | DA Davidson | Target lowered | Neutral | $240 → $210 |
| 2026-09-18 | Freedom Capital Markets | Maintained | Buy | $285 |
| 2026-09-18 | TD Cowen | Reiterated | Buy | $270 |
| 2026-09-18 | Stephens & Co. | Reiterated | Overweight | $300 |
| 2026-09-16 | Seaport Global | Initiated | Buy | $230 |
| 2026-09-11 | DA Davidson | Target lowered | Neutral | $260 → $240 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.4% | +326.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.6% | +33.5% |
| Volatility (annualized) | 49.3% | 48.5% |
| Max drawdown | -27.0% (Aug 2026→Oct 2026) | -49.4% (Nov 2021→Jun 2022) |

## Peers (Restaurants)
BROS (Dutch Bros Inc.) USD 41.75 -1.21% · CAVA (CAVA Group, Inc.) USD 54.68 -0.58% · DPZ (Domino's Pizza Inc) USD 317.7 +2.11% · CAKE (The Cheesecake Factory Incorpor) USD 112.44 -1.70% · TXRH (Texas Roadhouse, Inc.) USD 172.78 +2.96% · JMKE (Jersey Mike's Subs Inc.) USD 17.69 +0.17%

## More
Full page: https://nexqual.com/EAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in EAT's own 10-K filed 2026-08-19 (https://www.sec.gov/Archives/edgar/data/703351/000070335126000029/eat-20260624.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | DoorDash, Inc. (DASH) | "Our To-Go menu is available through the Chili's mobile app, chilis.com, our delivery partners DoorDash, Uber Eats, and Grubhub, Google Food Ordering or by calling the restaurant directly." |
| Partner | Uber (UBER) | "Our To-Go menu is available through the Chili's mobile app, chilis.com, our delivery partners DoorDash, Uber Eats, and Grubhub, Google Food Ordering or by calling the restaurant directly." |
| Partner | Alphabet (Google) (GOOGL) | "Our To-Go menu is available through the Chili's mobile app, chilis.com, our delivery partners DoorDash, Uber Eats, and Grubhub, Google Food Ordering or by calling the restaurant directly." |

## Revenue by business segment (quarter ended 2026-06-24)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Chili's Restaurants | $1.42B | 92.7% | +6.2% | $214.2M | 15.1% |
| Maggiano's Restaurants | $112.8M | 7.3% | -7.8% | $1.0M | 0.9% |
| Total revenue | $1.54B | 100% | — | $167.0M | 10.9% |

## Revenue by product line (quarter ended 2026-06-24)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Companysales | $1.52B | 99.0% | +5.0% |
| Franchise Revenues | $14.6M | 1.0% | +12.3% |
| Total revenue | $1.54B | 100% | — |

## Company outlook (8-K filed 2026-08-12)

- "We are providing the following select financial guidance for fiscal 2027 which includes a 53 rd operating week in the fourth quarter."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.43 | $2.27 | +7.3% | $1.45B | 20 |
| Next quarter (ends 2026-12-31) | $3.37 | $3.27 | +3.1% | $1.54B | 20 |
| Current fiscal year (ends 2027-06-30) | $13.27 | $12.48 | +6.4% | $6.29B | 22 |
| Next fiscal year (ends 2028-06-30) | $14.55 | $13.57 | +7.2% | $6.47B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±13.3%; last 8 reports averaged ±10.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 59.5% | ±13.3% |
| 2026-12-18 | 56 | 53.5% | ±16.8% |
| 2027-01-15 | 84 | 49.8% | ±19.1% |
| 2027-04-16 | 175 | 49.0% | ±26.9% |
| 2027-05-21 | 210 | 49.8% | ±29.9% |
| 2027-08-20 | 301 | 49.5% | ±35.4% |