BJRIMEDIUM SIGNALOPPORTUNITY10-K

BJRI delivered exceptional operational performance with a 193% increase in net income alongside strategic pizza reformulation and accelerated share buybacks.

The company demonstrated strong operational leverage with operating income surging 229% while expanding its restaurant footprint and investing in product innovation through a comprehensive pizza reformulation in November 2025. The 170% increase in share buybacks to $67.8M signals management confidence in the business turnaround and commitment to returning cash to shareholders.

Comparing 2026-03-02 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

BJRI showed remarkable financial improvement with operating income jumping from $14.1M to $46.3M and net income nearly tripling to $48.8M, demonstrating strong operational leverage and execution. The company significantly increased share buybacks to $67.8M while reducing interest expense by 63%, though total debt increased modestly to $85.0M. This financial profile suggests a company successfully executing a turnaround strategy with improved profitability, disciplined capital allocation, and growing shareholder returns.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+228.9%
$14.1M→$46.3M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+192.5%
$16.7M→$48.8M

Net income grew 192.5% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
+169.7%
$25.1M→$67.8M

Share repurchases increased 169.7% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
-62.5%
$144K→$54K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Total Debt
Balance Sheet
+27.8%
$66.5M→$85.0M

Debt rose 27.8% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-02-26
ADDED
As of Februar y 25, 2026, 21,197,187 sh ares of the common stock of the Registrant were outstanding.
All fiscal years presented in this Form 10-K consisted of 52 weeks.
BJ s is a national restaurant chain that, as of February 27, 2026, owns and operates 219 restaurants located in 31 states.
Since 2022, we have been engaged in a remodel initiative to ensure that our restaurants maintain their contemporary look and feel.
In November 2025, we reimagined our signature deep-dish pizza from the crust up introducing reformulated hand-pressed dough, sauce made with vine-ripened tomatoes, and a new creamy mozzarella blend.
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REMOVED
As of February 24, 20 25, 22,718,160 shares o f the common stock of the Registrant were outstanding.
All fiscal years presented in this Form 10-K, with the exception of fiscal year 2022, consisted of 52 weeks.
Additionally, all quarters, with the exception of the fourth quarter in fiscal year 2022, consisted of 13 weeks.
Fiscal year 2022 consisted of 53 weeks, with a 14-week fourth quarter; therefore, all financial references to fiscal year 2022 assume 53 weeks of operations, unless noted otherwise.
BJ s is a national restaurant chain that, as of February 26, 2025, owns and operates 218 restaurants located in 31 states.
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