Bloomin’ Brands surges as Q1 earnings beat estimates

Bloomin’ Brands (NASDAQ:BLMN) reported first-quarter 2026 results that exceeded Wall Street estimates, sending shares higher as the company’s turnaround strategy showed signs of operational stabilization.

The Tampa-based parent company of Outback Steakhouse and Bonefish Grill reported adjusted diluted earnings per share (EPS) of $0.67, comfortably beating the analyst consensus of $0.57.

Total revenues for the quarter ended March 29, 2026, rose 1% to $1,059.7 million, compared to $1,049.6 million in the first quarter of 2025.

The revenue increase was supported by higher average checks and pricing actions, which helped mitigate a 1.8% decline in U.S. customer traffic.

Combined U.S. comparable restaurant sales grew by 0.9% for the quarter.

Performance across the company's portfolio was mixed.

Bonefish Grill emerged as the standout performer with a 6.1% increase in comparable restaurant sales.

Carrabba’s Italian Grill and Fleming’s Prime Steakhouse & Wine Bar also posted gains of 1.3% and 0.8%, respectively.

However, the company’s largest brand, Outback Steakhouse, saw a slight decline in U.S. comparable sales of 0.3%, though management noted that brand scores and food quality metrics continue to trend upward.

Profitability metrics showed resilience against ongoing inflationary pressures.

The restaurant-level operating margin improved to 14% from 13.9% a year ago.

Gains from cost-saving initiatives and lower advertising expenses were partially offset by higher commodity, labor, and operating costs.

GAAP net income attributable to the company from continuing operations rose to $55.2 million, or $0.64 per diluted share.

Bloomin’ Brands ended the quarter with a total debt of $752.6 million, down from $787.4 million at the end of fiscal 2025.