Bloomin' Brands Q1 Earnings Call Highlights Bloomin' Brands logo MarketBeat May 6, 2026 10 min read BLMN Key Points Outback turnaround is showing early traction with guest metrics improving for a third consecutive quarter (brand trust +4 points) even as Outback comps were down 30 bps and traffic down 240 bps; management is rolling out a new steak lineup, a 4-tables-per-server service model, and a refresh program to touch nearly all Outback restaurants by 2028 at about $350–$400K each. Q1 financials and guidance: revenue was $1.06 billion (+1%) and adjusted EPS $0.67 (vs. $0.59 prior year), adjusted operating margin 5.9%; Bloomin' reiterated full-year guidance and provided Q2 targets of U.S. comparable sales +1% to +2% and adjusted EPS $0.27–$0.32, with full-year capex guided to $185–$195 million and net debt of $681 million. Marketing and consumer trends: management plans ~ $10M of incremental Outback marketing in H2 while shifting the mix toward digital (about 60% digital/40% linear), and cites the Aussie 3-Course offer as driving trade-ups and increased frequency across age and income cohorts.
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Bloomin' Brands (NASDAQ:BLMN) executives used the company's fiscal first-quarter 2026 earnings call to highlight early progress in its Outback Steakhouse turnaround efforts, while reiterating full-year guidance and outlining near-term expectations for the second quarter. First-quarter results and sales trends Executive Chairman and CEO Michael Spanos said the turnaround strategy, launched in the fourth quarter of last year, is centered on "consistent execution across food, service, experience, and value" at Outback. He said the focus is beginning to show up in guest sentiment, with Outback guest metric scores improving year-over-year for the third consecutive quarter. → 3 Emerging Markets ETFs to Maximize Exposure to High-Potential Countries Higher Beef Prices Are Here: Best Steakhouse Stocks for 2026 Spanos cited a 4-point increase in brand trust versus the prior-year quarter, alongside higher guest scores in service (+6), value (+5), atmosphere (+5), food (+4), and intent to return (+4).
He added that because the average guest visits about twice per year, the company expects "the cumulative impact of these initiatives to become increasingly visible in traffic momentum" as more guests experience the changes. On the topline, Spanos said U.S. comparable restaurant sales rose 90 basis points in the quarter, while traffic declined 180 basis points. The company estimated weather reduced results by about 240 basis points, compared with a 130-basis-point weather headwind in the prior-year period.
Spanos said Bloomin' Brands trailed the Black Box industry benchmark by 30 basis points on comparable sales and 70 basis points on traffic, but noted the gap has narrowed quarter after quarter. Story Continues Brand-level comparable sales performance → The Real SpaceX Play: 5 Chip Stocks Powering the IPO Before It Launches 3 High-Yield Bargains to Watch in 2025's Second Half Spanos broke out performance across the company's major concepts: Outback Steakhouse: comparable sales down 30 basis points; traffic down 240 basis points. Spanos said the Aussie 3-Course offer continues to drive loyalty and traffic, with about 60% of guests trading up from the $14.99 entry price to higher tiers ($17.99 and $20.99), and about 20% trading up on dessert.
Carrabba's Italian Grill: comparable sales up 130 basis points; traffic down 270 basis points. Spanos said this marked Carrabba's fifth consecutive quarter of positive same-store sales growth, supported by initiatives including wine dinners, a revamped happy hour, and new day-of-week offers. Bonefish Grill: comparable sales up 610 basis points; traffic up 300 basis points.
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