BJRI

MKT CAP $1.2BP/E 30.4DIV YIELD —FCF YIELD 3.81%REV TTM $1.4B +3.5%NET INCOME $40.9M +48.8%NET DEBT $29.6M52W 28.69 – 74.26SEC XBRL · TTM TO Invalid Date

How BJRI rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

67%

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Risk Factors.” Throughout this Form 10-K, our fiscal years ended December 30, 2025, December 31, 2024, and January 2, 2024, are referred to as fiscal years 2025, 2024, and 2023, respectively.
All fiscal years presented in this Form 10-K consisted of 52 weeks.
Additionally, all quarters consisted of 13 weeks.
BJ’s is a national restaurant chain that, as of February 27, 2026, owns and operates 219 restaurants located in 31 states.
Today our restaurants feature a broad menu with approximately 90 menu items designed to offer something for everyone including: slow roasted entrees and wings, EnLIGHTened Entrees® such as our Cherry Chipotle Glazed Salmon, our original signature deep-dish pizza, and the world-famous Pizookie® dessert.
We believe that by delivering upon this commitment to our guests, while continuing our restaurant expansion program, we create the best opportunity to generate significant repeat business and capture additional market share.
Since 2022, we have been engaged in a remodel initiative to ensure that our restaurants maintain their contemporary look and feel.
The initiative has several different remodel iterations depending on the age and condition of the restaurant. • Broad and Distinctive Menu – BJ’s culinary and menu strategy centers around serving guests craveable food and beverage items that are familiar yet add a brewhouse twist that makes them unique and differentiated.
Our concept includes menu options that meet our guests’ preferences for any dining occasion, and our menu items are created by our talented culinary team and prepared to order in our restaurants using high-quality ingredients.
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.
These product enhancements were supported by updated training procedures to ensure consistent execution.
We believe the initiative will strengthen a core brand pillar, elevate the guest experience, and reinforce our commitment to quality and innovation.
While we have reimaged our deep-dish pizza, we still continue to offer almost 20 signature flavors and made-to-order combinations in both our tavern-cut and deep-dish styles.
In addition to our pizza, we also offer slow roast large format proteins including prime rib, wings, double bone-in pork chops and tri-tip sirloin, as well as our better-for-you EnLIGHTened Entrees®. • Award Winning, Proprietary Craft Beer – All of our restaurants feature BJ’s award-winning craft beer, which showcases the quality and care of the ingredients used at BJ’s.
Our high-quality, craft beer further differentiates BJ’s from many other restaurant concepts and complements our broad menu.
Since 1996, our beers have earned 275 medals at different beer festivals and events, including 39 medals at the Great American Beer Festival and 13 medals at the World Beer Cup.
In 2025, with the addition of our hard root beer and hard lemonade, we now offer 14 year-round signature BJ’s beers and “beyond beer” options as well as one or more rotating seasonal BJ’s beers on tap at any one time.
We also offer approximately 20 domestic, imported and “guest” craft beers on tap, in addition to a selection of bottled beers.
Our menu entrées, excluding our promotional specials, generally range in price from $8.99 to $35.99.
These packages start at $50.00, make it easy to order for a family or larger group, and further enhance our value proposition. • A Culture Committed to WOW Hospitality and Service – Completely satisfying dining experiences start with engaged, knowledgeable, and hospitable people.
We have invested carefully to recruit, select, train, and retain employees, referred to as “team members,” who can take care of our guests with WOW-level hospitality and consistently and efficiently execute our recipes and steps of service.
In addition to hiring quality team members, we continue to invest in productivity and hospitality programs to enhance our ability to consistently deliver the high standards of operational performance we promise our guests.
HUMAN CAPITAL As of December 30, 2025, we employed approximately 22,000 team members at our 219 restaurants.
Approximately 18% of our hourly restaurant team members provide their services on a full-time basis, as defined by the Affordable Care Act.
We strive to be an inclusive brand that reflects the diversity of our communities and provides equal opportunity and access for all of our team members to develop and advance within our Company.
As of December 30, 2025, approximately 48% of our team members are female and, of our team members who indicated a racial or ethnic identity, or whose racial or ethnic identity can otherwise be determined, approximately 57% are from under-represented racial or ethnic communities.
This includes health and life assistance programs to our team members to provide counseling services, advocacy and billing support, and referrals, discounted fitness memberships, among other services.
Team Member Safety Throughout fiscal 2025, we have continued to comply with state and local government regulations and health recommendations, as applicable, to promote guest and team member wellness and to maintain clean restaurants.
Our Foundation, led by an eight-person Board of Directors, is committed to supporting humanitarian causes, exemplified by our “Cookies for Kids” program, which was created in 1998, and continues to be at the heart of BJ’s continued financial support of the Cystic Fibrosis Foundation (“CFF”), to which millions of dollars have been donated throughout the years.
More information on our environmental stewardship efforts is available on our website at: https://investors.bjsrestaurants.com/governance/governance-documents/default.aspx.
EXECUTIVE OFFICERS The following table sets forth certain information concerning our executive officers and other members of the executive leadership team as of February 27, 2026: Name Age Position Lyle D.
Tick Chief Executive Officer, President and Director Jennifer A.
Jaffe Executive Vice President and Chief People Officer Brian S.
Pinsak Executive Vice President and Chief Operating Officer J.
Todd Wilson Executive Vice President and Chief Financial Officer Thomas M.
Kowalski Senior Vice President and Chief Supply Chain Officer Alexander M.
Puchner Senior Vice President, Brewing Operations Heidi E.
Rogers Senior Vice President and Chief Marketing Officer LYLE D.
TICK has served as our Chief Executive Officer and President since June 2025.
He previously served as our President and Chief Concept Officer from September 2024 to June 2025.

and 67 more.

Gone since FY2024

Risk Factors.” Throughout this Form 10-K, our fiscal years ended December 31, 2024, January 2, 2024, and January 3, 2023, are referred to as fiscal years 2024, 2023, and 2022, respectively.
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.
Today our restaurants feature a broad menu with approximately 100 menu items designed to offer something for everyone including: slow roasted entrees such as prime rib, EnLIGHTened Entrees® such as our Cherry Chipotle Glazed Salmon, our original signature deep-dish pizza, and the world-famous Pizookie® dessert.
We believe that by delivering upon this commitment to our guests, while continuing our national restaurant expansion program, we create the best opportunity to generate significant repeat business and capture additional market share.
In 2022, we started a remodel initiative to ensure that our restaurants maintain their contemporary look and feel.
The initiative has several different remodel iterations depending on the age and condition of the restaurant.
To date, we have remodeled approximately 70 of our older restaurants, and we plan to continue remodeling selected restaurants in 2025. • Broad and Distinctive Menu – BJ’s culinary and menu strategy centers around serving guests craveable food and beverage items that are familiar, yet add a brewhouse twist that makes them unique and differentiated.
Our concept includes menu options that meet our guest’s preferences for any dining occasion, and our menu items are created by our talented culinary team and prepared to order in our restaurants using high-quality ingredients.
Building on our early pizza legacy, we offer almost 20 signature flavors of pizza and made-to-order combinations in tavern-cut and deep-dish styles.
Our hand-pressed deep-dish pizza dough is double proofed – which means it rises twice – elevating its presentation and taste.
We also offer slow roast large format proteins including prime rib, double bone-in pork chops and tri-tip sirloin, as well as our better-for-you EnLIGHTened Entrees®. • Award Winning, Proprietary Craft Beer – All of our restaurants feature BJ’s award-winning craft beer, which showcases the quality and care of the ingredients used at BJ’s.
Our high-quality, craft beer further elevates BJ’s from many other restaurant concepts and complements our broad menu.
Since 1996, our beers have earned 267 medals at different beer festivals and events, including 39 medals at the Great American Beer Festival and 13 medals at the World Beer Cup.
We offer 12 year-round signature BJ’s beers and one or more rotating seasonal BJ’s beers on tap at any one time.
We also offer a signature hard cider and approximately 20 domestic, imported and “guest” craft beers on tap, in addition to a selection of bottled beers.
Our menu entrées, excluding our promotional specials, generally range in price from $8.99 to $34.99.
These packages start at $45.00, make it easy to order for a family or larger group, and further enhance our value proposition.
Our average per-guest check during fiscal 2024, including beverages, increased from approximately $21.50 in 2023 to approximately $22.50 in 2024, and was impacted by changes in our sales mix, higher item incidence per guest and menu price increases to help mitigate higher costs from inflationary pressures. • A Culture Committed to Gracious Service and Hospitality – Completely satisfying dining experiences start with engaged, knowledgeable and hospitable people.
We have invested carefully to recruit, select, train and retain employees, referred to as “team members,” who can take care of our guests with gracious hospitality and consistently and efficiently execute our recipes and steps of service.
In addition to hiring quality team members, we continue to invest in productivity and hospitality programs to enhance our ability to consistently deliver the Gold Standard of Operational Excellence we promise our guests.
Through our digital order tracker, contactless curbside pickup with short message service (“SMS”) text, email technology, and automated wait list we keep our guests informed of their menu order and allow them to notify the restaurant when they arrive.
HUMAN CAPITAL As of December 31, 2024, we employed approximately 21,000 team members at our 218 restaurants.
Approximately 17% of our hourly restaurant team members provide their services on a full-time basis, as defined by the Affordable Care Act.
A key component of our strategic plan is to CRAFT a People-First Hospitality Culture.
We provide each of our team members with a card explaining CRAFT and our expectations for them and our guests as a tangible reminder of our commitment.
Our values are focused on CRAFTing an engaging experience for our team members through: C onnection R espect A dvancement F un T rust We strive to be an inclusive brand that reflects the diversity of our communities and provides equal opportunity and access for all of our team members to develop and advance within our Company.
As of December 31, 2024, approximately 47% of our team members are female and, of our team members who indicated a racial or ethnic identity, or whose racial or ethnic identity can otherwise be determined, approximately 61% are from under-represented racial or ethnic communities.
In addition, IDEA hosts periodic educational meetings with outside expert speakers and has created a resource center and an internal intranet page for team members designed to support education and awareness and to celebrate our differences.
This includes health and life assistance programs to our team members to provide counseling services, advocacy and billing support, and referrals, discounted fitness memberships, and an on-site fitness center at our Restaurant Support Center, among other services.
Team Member Safety Throughout fiscal 2024, we have continued to comply with state and local government regulations and health recommendations, as applicable, to promote guest and team member wellness and to maintain clean restaurants.
We remain vigilant and may reinstate any of the additional safety or health and wellness precautions that were instituted during the pandemic if public health conditions worsen in any of our service areas or future government regulations require us to do so.
Three of our current executive officers, our former Chairman of the Board of Directors, and our retired Executive Vice President of Operations serve on the Foundation’s eight-person Board of Directors.
Our commitment to supporting humanitarian causes is exemplified by our “Cookies for Kids” program, which was created in 1998 and continues to be the heart of BJ’s continued financial support of the Cystic Fibrosis Foundation (“CFF”), to which millions of dollars have been donated throughout the years.
Additionally, in 2024, we brought back our craft beer for a cause, BJ’s CureVeza TM Mexican-Style lager.
This year, we partnered with Pediatric Cancer Research Foundation and, once again, donated 25 cents for every pint brewed.
More information on our environmental stewardship efforts is available on our website at: https://investors.bjsrestaurants.com/governance/governance-documents/default.aspx EXECUTIVE OFFICERS The following table sets forth certain information concerning our executive officers and other members of the executive leadership team as of February 26, 2025: Name Age Position C.
Bradford Richmond Interim Chief Executive Officer and Director Lyle D.

and 76 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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