BJRI earnings analysis
What we found in BJRI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
BJ's Restaurants, Inc. reported a modest revenue increase of 2.9% in Q1 2026, totaling $358.1 million, while diluted EPS came in at $0.57, falling short of consensus estimates. The company maintained a comparable restaurant sales growth of 2.4%, but faced challenges with rising costs, leading to a decline in operating profit margins and increased depreciation and amortization expenses.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue increased by $10.1 million, or 2.9%, from $348 million in Q1 2025.
- Comparable Sales Growth
- Comparable restaurant sales grew by 2.4%, contributing $8.1 million to revenue.
- Strong Operating Cash Flow
- Net cash provided by operating activities rose to $42.983 million, up from $4.621 million in Q1 2025.
- Cost Management Improvements
- Despite increased costs, occupancy and operating expenses as a percentage of revenues decreased to 22.7% from 23.0%.
- Reduction in Interest Expense
- Interest expense decreased to $1.1 million from $1.2 million year-over-year.
- Reiterated Financial Outlook
- The company reiterated its guidance for 2026 with comparable restaurant sales growth between 1% and 3%.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Operating Margin
- Operating margin fell to 3.0% from 4.3% year-over-year, indicating profitability challenges.
- Increased Depreciation Costs
- Depreciation and amortization expenses rose by 24.8%, increasing to $22.8 million in Q1 2026.
- Inventory and Working Capital Issues
- Net working capital worsened, decreasing to -$133.088 million from -$112.850 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.57
- Operating margin
- 3.0%
What they said about what is next.
Management expects comparable restaurant sales growth of 1% to 3% and total restaurant operating profit of $221 million to $233 million for 2026.
The filing reads about the same as the one before it.
What came before.
- 10-K · March 2, 2026
- BJ’s positions itself as a differentiated full-service restaurant chain focused on a high-energy dining experience, proprietary craft beer and a ‘Gold Standard of Operational Excellence’ while pursuing restaurant…
- 10-Q · November 5, 2025
- BJ’s reported quarterly revenue of $330,157,000, up $4,455,000 (≈1.4%) versus the year-ago quarter, with gross margin roughly stable at ~74.3%. The quarter produced a small GAAP net income of $465,000 (diluted EPS…
- 10-K · February 26, 2025
- BJ’s Restaurants positions itself as a differentiated full-service concept focused on a high-energy atmosphere, a broad menu and award-winning proprietary craft beer while pursuing national expansion and restaurant…
- 10-Q · May 6, 2024
- BJ’s reported revenue of $337,334,000 for the thirteen weeks ended April 2, 2024, down slightly from $341,280,000 a year earlier, while operating income improved to $8,258,000 (from $2,616,000) and net income rose to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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