Bloomin’ Brands’ third quarter results were met with a negative market reaction, despite the company posting better-than-expected revenue and a narrower non-GAAP loss per share compared to Wall Street consensus. Management attributed performance to ongoing execution of its turnaround strategy, particularly focused on Outback Steakhouse, and highlighted improvements in guest satisfaction metrics. CEO Mike Spanos explained that traffic remained pressured as the company opted not to chase promotional activity at the expense of profitability, noting, "Our focus remains on strengthening the what you get for what you pay for value equation."
Is now the time to buy BLMN? Find out in our full research report (it’s free for active Edge members).
Bloomin' Brands (BLMN) Q3 2026 highlights:
- Revenue $944.3 million vs S&P analyst consensus of $925 million (1.7% year-on-year growth, 2.1% beat)
- Adjusted EPS -$0.17 vs S&P analyst consensus of -$0.24 (28.5% beat)
- Adjusted EPS guidance Management raised its full-year adjusted EPS guidance to $1.00 at the midpoint, a 4.7% increase
- Operating margin 2%, up from -3.9% in the same quarter last year
- Locations 1,452 at quarter end, down from 1,483 in the same quarter last year
- Same-store sales rose 1.9% year on year, in line with the same quarter last year
- Market capitalization $836.1 million
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our top 5 analyst questions from Bloomin' Brands’s Q3 earnings call
- Alex Slagle (Jefferies) asked about the drivers behind the tightened full-year guidance and the rationale for delaying pricing actions. CEO Mike Spanos confirmed that pricing decisions were made to balance inflationary pressures and guest affordability, prioritizing long-term brand health.
- John Ivankoe (JPMorgan) questioned the effectiveness of the 'Best Steaks Ever' campaign and the shift to digital marketing. Spanos responded that initial engagement and returns have been positive, with ongoing optimization to maximize impact among target audiences.
- Brian Harbour (Morgan Stanley) inquired about future pricing strategy and areas of productivity savings. Spanos and CFO Eric Christel stressed a disciplined approach to pricing and highlighted labor scheduling tools, supply chain improvements, and vendor negotiations as sources of productivity.
- Aisling Grueninger (Bank of America) sought clarity on the pace and expected impact of restaurant refreshes. Christel assured that the target for 85 refreshes is on track, and Spanos pointed to early positive trends in guest metrics and traffic at refreshed locations.
- Jeff Farmer (Gordon Haskett) asked about regional or demographic trends and the performance of Out West franchise locations. Spanos described broader consumer caution and noted that the franchisee bankruptcy was an isolated case, unrelated to overall brand performance.
Catalysts in upcoming quarters
The StockStory team will be closely monitoring (1) execution and guest response to ongoing restaurant refreshes, (2) the outcome and integration of the Out West franchise acquisition process, and (3) the company’s ability to maintain traffic and guest satisfaction while exercising pricing discipline. We will also watch for any shifts in consumer sentiment or competitive dynamics that could impact the turnaround trajectory.
Bloomin' Brands currently trades at $9.69, down from $10.47 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free).
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