BLMN

Bloomin' Brands, Inc.

NASDAQ · CONSUMER DISCRETIONARY · RETAIL-EATING PLACES

9.20

−1.07 −10.42%

USD · close Oct 23

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Work order

FLAG · shorts 28

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

0 / 0

no disclosures naming it

Big money

0 / 15

none of the tracked funds disclose it

Calls on record

nobody we score has called it yet

MKT CAP $787.7MP/E 28.7DIV YIELD —FCF YIELD 19.67%REV TTM $4B +1.2%NET INCOME $27.7MNET DEBT $636.2M52W 5.26 – 11.85SEC XBRL · TTM TO Invalid Date

How BLMN rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

54%

of sentences unchanged

Added

140

new sentences

Dropped

134

sentences removed

Length

+372

words, now 13,650

New in FY2025

Advertising and Marketing - We advertise through a diverse set of media channels including, but not limited to, national and spot television, radio, social media, search engines and other digital tactics.
We leverage data insights and analytics to develop guest segmentation to inform personalization, guest relationship management and enhance our digital advertising to be more effective, efficient and relevant.
In 2025, Outback Steakhouse added the Aussie Three Course as a menu offering, reinforcing value, casual craveability and the spirit of the “No Rules, Just Right” iconic brand positioning.
Our U.S. loyalty program, Dine Rewards, is designed to engage with our loyal guest base and drive incremental traffic.
We continue to drive recruitment and loyalty through this targeted marketing lever.
Restaurant Management - The Restaurant Managing Partner has primary responsibility for the day-to-day operation of each restaurant and is required to follow Company-established operating standards.
Joint Venture Partners for Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, as well as Directors of Operations for Fleming’s Prime Steakhouse & Wine Bar (collectively, “Area Operating Partners”), are responsible for overseeing restaurant operations and the Restaurant Managing Partners within their specific regions.
For Outback Steakhouse, Carrabba’s Italian Grill and Bonefish Grill, Market Vice Presidents oversee multiple Area Operating Partner regions.
In addition to base salary, Restaurant Managing Partners, Chef Partners for Fleming’s Prime Steakhouse & Wine Bar, Area Operating Partners and Market Vice Presidents generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income or other factors.
Customer traffic patterns for our established U.S. restaurants are generally highest in the first quarter of the year and lowest in the third quarter of the year.
International customer traffic patterns vary by market.
Holidays may affect sales volumes in some of our markets.
We also offer alcohol to-go at certain locations from each of our restaurant concepts.
Our restaurant operations are also subject to federal, state and local laws and regulations for such matters as: • immigration, employment, minimum wage, overtime, tip credits, paid and unpaid leave, safety standards, worker conditions and health care; • menu labeling, traceability requirements, and food safety; • environmental, sustainability, waste management, energy usage, and climate-related regulations, covering things such as climate-related disclosures, gas appliance restrictions, and single use packaging; • the Americans with Disabilities Act, which, among other things, requires our restaurants to meet federally mandated requirements for the disabled; and • information security, data privacy, anti-corruption/anti-bribery, cashless payments and gift cards.
HUMAN CAPITAL RESOURCES Employees - As of December 28, 2025, we employed approximately 64,000 Team Members, of which approximately 500 are Restaurant Support Center (“RSC”) employees.
Team Members, including the following as of the period indicated: DECEMBER 28, 2025 KEY STATISTICS WOMEN PEOPLE OF COLOR (1) Restaurant Support Center 61% 23% Operations Leadership (2) 39% 34% Hourly Team Members 50% 47% _________________ (1) Denotes U.S.
(2) Includes restaurant managers, Restaurant Managing Partners, Chef Partners, Area Operating Partners and Market Vice Presidents.
In addition to gender, racial and ethnic diversity, our U.S.
Team Members are also diverse in age, comprised of five generations: Traditionalists, Baby Boomers, Generation X, Millennials and Generation Z.
In 2025, approximately 90% of promotions to our Managing Partner in Training program and to Restaurant Managing Partner were internal.
During 2025, our turnover rates for U.S. hourly restaurant Team Members and U.S. restaurant management were 81% and 20%, respectively.
We provide annual training to our Restaurant Managing Partners, Chef Partners, Area Operating Partners, Market Vice Presidents and RSC Team Members on our Code of Conduct, Preventing Discrimination and Harassment and Anti-Bribery and Anti-Corruption.
We support words with actions by engaging with organizations dedicated to cultivating more inclusive communities.
Additionally, we offer a well-rounded benefits package that includes the following, along with other benefits: • Comprehensive health insurance coverage for Team Members working an average of 30 or more hours each week.
This program includes wellness programs intended to proactively support healthcare and access to a health savings account that is fully portable. • An employee assistance program provided at no cost to all Team Members and their family members which includes virtual therapy sessions, free counseling and tools and resources in order to improve mental health and the well-being of our Team Members. • All salaried Team Members are eligible to participate in company sponsored retirement plans with access to financial wellness resources.
Eligible Team Members participating in the 401(k) receive matching contributions. • Eligible employees receive discounts when dining at our brands. • All levels of the organization, including hourly Team Members that meet certain service criteria, can qualify for paid time off for the purpose of rest, relaxation and planned time away from the workplace.
Since 2017, the Trust has paid approximately $2.8 million to the benefit of over 2,100 Team Members who applied for support, including Team Members impacted by hurricanes and other natural disasters.
We embrace the communities we serve, from feeding first responders to supporting non-profit organizations, especially in the Tampa Bay area of Florida, home to our RSC.
To facilitate this community engagement, field Team Members volunteer within their communities and RSC Team Members participate in an annual Community Service Day.
In 2025, its 17th year, Team Members volunteered over 500 hours of service at 13 non-profit organizations in the Tampa Bay area.
Roundtable for Sustainable Beef • Boys & Girls Clubs • Clean Energy Buyers Association • Feeding America (Tampa Bay) • Animal Agriculture Alliance • Meals on Wheels • Habitat for Humanity BLOOMIN’ BRANDS, INC.
Information About Our Executive Officers - Below is a list of the names, ages, positions and a brief description of the business experience of each of our executive officers as of February 20, 2026: NAME AGE TITLE AND RECENT BUSINESS EXPERIENCE Michael Spanos 61 Chief Executive Officer and member of the Board of Directors since September 2024.
Eric Christel 53 Executive Vice President, Chief Financial Officer since September 2025, Executive Vice President, Chief Financial Officer-Elect August 2025 to September 2025.
Chief Financial Officer, Snacks Division at Campbells Company from January 2022 to July 2025.
Chief Financial Officer at Americas at Dentsu from January 2020 to January 2022.
Lissette Gonzalez 52 Executive Vice President, Chief Commercial Officer since February 2025.
In December 2025, the Company announced Ms.
Gonzalez’s planned departure from the Company at the end of Q1 2026.
Pat Hafner 52 Executive Vice President, President of Outback Steakhouse since January 2025.
Kelly Lefferts 59 Executive Vice President, Chief Legal Officer and Secretary since July 2019.

and 100 more.

Gone since FY2024

Advertising and Marketing - We advertise through a diverse set of media channels including, but not limited to, national/spot television, radio, social media, search engines and other digital tactics.
We focus on data segmentation and personalization, customer relationship management and digital advertising to be more efficient and relevant with our advertising expenditures.
In 2023, Outback Steakhouse brought back our “No Rules, Just Right” campaign that highlights great food, top-quality dining experiences and the spirit of Australia.
“No Rules, Just Right” is more than a marketing platform, it is a philosophy that puts the guest experience at the center of every decision made within Outback Steakhouse.
Our U.S. loyalty program, Dine Rewards, is designed to drive incremental traffic and provide data for customer segmentation and personalization opportunities.
Restaurant Management - The Restaurant Managing Partner has primary responsibility for the day-to-day operation of the restaurant and is required to follow Company-established operating standards.
Area Operating Partners for our casual dining concepts oversee restaurant operations and Restaurant Managing Partners within a specific region.
For our Outback Steakhouse and Carrabba’s Italian Grill brands, Market Vice Presidents oversee multiple Area Operating Partner regions.
In addition to base salary, Restaurant Managing Partners and Chef Partners (“Restaurant Partners”), Area Operating Partners, and Market Vice Presidents generally receive performance-based bonuses for providing management and supervisory services to their restaurants, certain of which may be based on a percentage of their restaurants’ monthly operating results or cash flows and/or total controllable income.
Historically, customer traffic patterns for our established U.S. restaurants are generally highest in the first quarter of the year and lowest in the third quarter of the year.
International customer traffic patterns vary by market with Brazil historically experiencing minimal seasonal traffic fluctuations.
Holidays may affect sales volumes seasonally in some of our markets.
We also offer alcohol to-go from certain locations from each of our restaurant concepts.
Our restaurant operations are also subject to federal, state and local laws and regulations for such matters as: • immigration, employment, minimum wage, overtime, tip credits, paid and unpaid leave, safety standards, worker conditions and health care; • menu labeling and food safety; • the Americans with Disabilities Act, which, among other things, requires our restaurants to meet federally mandated requirements for the disabled; and • information security, data privacy, anti-corruption/anti-bribery, cashless payments and gift cards.
HUMAN CAPITAL RESOURCES Employees - As of December 29, 2024, we employed approximately 81,000 Team Members, of which approximately 800 are Restaurant Support Center (“RSC”) employees.
This total includes approximately 14,000 Team Members in Brazil, of which approximately 250 are Brazil RSC employees.
Team Members, including the following as of the period indicated: DECEMBER 29, 2024 KEY STATISTICS WOMEN PEOPLE OF COLOR (1) Restaurant Support Center 59% 25% Operations Leadership (2) 39% 33% Hourly Team Members 52% 51% _________________ (1) Denotes U.S.
(2) Includes restaurant managers, Chef Partners, Restaurant Managing Partners, Area Operating Partners, Regional Vice Presidents and Market Vice Presidents.
In addition to gender, racial and ethnic diversity, our U.S Team Members are also diverse in age, comprised of five generations: Traditionalists, Baby Boomers, Generation X, Millennials and Generation Z.
In 2024, approximately 91% of promotions to our Manager in Training program and to Restaurant Managing Partner were internal.
During 2024, our turnover rates for U.S. hourly restaurant Team Members and U.S. restaurant management were 84% and 20%, respectively.
We provide annual training to our Restaurant Partners, Area Operating Partners, Market Vice Presidents and RSC Team Members on our Code of Conduct, Preventing Discrimination and Harassment and Anti-Bribery and Anti-Corruption.
We support words with actions by engaging with organizations dedicated to cultivating more diverse and inclusive communities.
Additionally, we offer a well-rounded benefit package that includes the following, along with other benefits: • Comprehensive health insurance coverage for Team Members working an average of 30 or more hours each week.
This program includes wellness programs intended to proactively support healthcare and access to a health savings account that is eligible for employer contributions and is fully portable. • An employee assistance program provided at no cost to all Team Members and their family members which includes virtual therapy sessions, free counseling and tools and resources in order to improve mental health and the well-being of our Team Members. • All salaried Team Members are eligible to participate in company sponsored retirement plans with access to financial wellness resources.
Eligible Team Members participating in the 401(k) receive matching contributions. • Employee discounts when dining at any one of our brands. • All levels of the organization, including hourly Team Members that meet certain service criteria, can qualify for paid time off for the purpose of rest, relaxation and planned time away from the workplace.
Since 2017, the Trust has paid approximately $2.5 million in response to over 1,900 applications from Team Members who applied for support, including Team Members impacted by hurricanes and other natural disasters.
We embrace the communities we serve, from feeding first responders to supporting non-profit organizations, especially in the Tampa Bay area of Florida, home to our U.S.
To facilitate this community engagement, field Team Members volunteer within their communities and U.S.
RSC Team Members participate in an annual Community Service Day.
In 2024, its 16th year, Team Members volunteered over 700 hours of service at 16 non-profit organizations in the Tampa Bay area.
Roundtable for Sustainable Beef • Boys & Girls Clubs • Clean Energy Buyers Association • Feeding America (Tampa Bay) • Animal Agriculture Alliance • Meals on Wheels • Habitat for Humanity In addition, during 2022 we implemented an annual matching gift and volunteer grant program for eligible 501(c)(3) non-profit organizations and provided a limited dollar-for-dollar match or grant for full-time U.S.
RSC Team Members who made a personal charitable donation or volunteered for a minimum of ten hours during non-working hours.
Information About Our Executive Officers - Below is a list of the names, ages, positions and a brief description of the business experience of each of our executive officers as of February 21, 2025: NAME AGE TITLE AND RECENT BUSINESS EXPERIENCE Michael Spanos 60 Chief Executive Officer and member of the Board of Directors since September 2024.
Michael Healy 50 Chief Financial Officer and Executive Vice President, Global Business Development since April 2024.
Executive Vice President, Global Business Development and Strategy from November 2023 to April 2024.
Senior Vice President, President of Bonefish Grill from November 2021 to November 2023.
Senior Vice President, Field Operations and Innovation from April 2021 to November 2021.
Senior Vice President, Global Supply Chain Officer from February 2019 to April 2021.
Group Vice President, Finance for Outback Steakhouse from May 2015 to February 2019.

and 94 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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