Brinker International
EAT on NYSE. Brinker International sells food and drinks to people at its restaurants. Market value $8.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $7.01 of spare cash in the past 12 months. A savings account pays about $4.
You pay 13.4 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 23 cents a year. Above 10 is good.
Quality score: 86 of 100. Price score: 97 of 100. Our list needs 70 on quality and 60 on price.
$190.44 a share, 90% above its 1-year low
Over the past year the price has ranged from $100.30 to $254.99.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $3.8bn | $4.1bn | $4.4bn | $5.4bn | $5.8bn |
| Operating margin | |||||
| Operating margin | 4.2% | 3.5% | 5.2% | 9.5% | 10.7% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 20.44 | 1.21 | 1.01 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)No
- Debt1.01× equity
- Revenue growth, five yearsStrong, 11.8% a year
- Buying back its own sharesYes, 6% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.5 billion last quarter, about the same as a year ago.
- Profit: $131 million, up 23% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, up from 10 cents a year earlier.
- Spare cash over the past 12 months: $558 million, up from $414 million.
- Debt is $338 million more than cash, down from $429 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $1.4bn |
| March 2025 | $1.4bn |
| June 2025 | $1.5bn |
| September 2025 | $1.3bn |
| December 2025 | $1.5bn |
| March 2026 | $1.5bn |
| June 2026 | $1.5bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $39m |
| December 2024 | $119m |
| March 2025 | $119m |
| June 2025 | $107m |
| September 2025 | $100m |
| December 2025 | $129m |
| March 2026 | $128m |
| June 2026 | $131m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 August 2026
- Next quarterly (estimated, 10-Q)
- 29 July 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 508 funds in all.
- Orbis Investment ManagementOrbis team (Allan Gray lineage)
- Value
- $157m
- Share of fund
- 0.5%
- LSV Asset ManagementJosef Lakonishok
- Value
- $857,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $157m | 0.5% | |
| Boston PartnersBoston Partners team | $37m | <0.1% | New |
| Gotham Asset ManagementJoel Greenblatt | $4m | <0.1% | Added |
| LSV Asset ManagementJosef Lakonishok | $857,000 | <0.1% |
Sold out this quarter
- Royce & AssociatesChuck RoyceSold out
Largest holders overall
- BlackRock$1.1bnAdded
- FMR$1.1bn
- Vanguard Portfolio Management$422mAdded
- Vanguard Capital Management$325m
- State Street$294mAdded
- Capital World Investors$198mAdded
- Geode Capital Management$187mAdded
- Holocene Advisors, LP$186mCut
- Arrowstreet Capital, Limited Partnership$179mCut
- Orbis Investment Management$157m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- FMR LLCPassive investorat least 15.0%+3.3 pts(filed with 1 related holder)Since 31 March 2026
- BlackRock, Inc.Passive investor14.7%−2.8 ptsSince 31 March 2025
- Vanguard Portfolio ManagementPassive investor5.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorat least 4.2%(filed with 1 related holder)Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 15.0%+3.3 pts (filed with 1 related holder) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 14.7%−2.8 pts | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 5.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | at least 4.2% (filed with 1 related holder) | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 14 sold $59m, $20m of it under preset trading plans.
- Katzman James CDirectorSoldunder a preset trading plan
- Date
- 9 September 2026
- Shares
- 650
- Price
- $220.09
- Value
- $143,059
- Allen Frances L.DirectorSold
- Date
- 4 September 2026
- Shares
- 500
- Price
- $234.50
- Value
- $117,250
- Ware Michaela MEVP, Chief Financial OfficerSold
- Date
- 1 September 2026
- Shares
- 3,030
- Price
- $233.48
- Value
- $707,444
- DePinto Joseph MichaelDirectorSold
- Date
- 28 August 2026
- Shares
- 25,000
- Price
- $230.39
- Value
- $6m
- Fuller Daniel SSVP, Chief Legal OfficerSold
- Date
- 25 August 2026
- Shares
- 1,909
- Price
- $253.54
- Value
- $484,008
- Butler James MSVP Chief Supply Chain OfficerSold
- Date
- 21 August 2026
- Shares
- 10,000
- Price
- $240.37
- Value
- $2m
- Fuller Daniel SSVP, Chief Legal OfficerSold
- Date
- 17 August 2026
- Shares
- 9,960
- Price
- $243.43
- Value
- $2m
- Hochman KevinPres. & CEO, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 40,000
- Price
- $243.15
- Value
- $10m
- Fuller Daniel SSVP, Chief Legal OfficerSold
- Date
- 17 August 2026
- Shares
- 1,837
- Price
- $245.86
- Value
- $451,645
- Comings Douglas N.SVP & COO, Chili'sSold
- Date
- 14 August 2026
- Shares
- 5,000
- Price
- $236.29
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 9 September 2026 | Katzman James C Director | Sold under a preset trading plan | 650 | $220.09 | $143,059 |
| 4 September 2026 | Allen Frances L. Director | Sold | 500 | $234.50 | $117,250 |
| 1 September 2026 | Ware Michaela M EVP, Chief Financial Officer | Sold | 3,030 | $233.48 | $707,444 |
| 28 August 2026 | DePinto Joseph Michael Director | Sold | 25,000 | $230.39 | $6m |
| 25 August 2026 | Fuller Daniel S SVP, Chief Legal Officer | Sold | 1,909 | $253.54 | $484,008 |
| 21 August 2026 | Butler James M SVP Chief Supply Chain Officer | Sold | 10,000 | $240.37 | $2m |
| 17 August 2026 | Fuller Daniel S SVP, Chief Legal Officer | Sold | 9,960 | $243.43 | $2m |
| 17 August 2026 | Hochman Kevin Pres. & CEO, Director | Sold under a preset trading plan | 40,000 | $243.15 | $10m |
| 17 August 2026 | Fuller Daniel S SVP, Chief Legal Officer | Sold | 1,837 | $245.86 | $451,645 |
| 14 August 2026 | Comings Douglas N. SVP & COO, Chili's | Sold | 5,000 | $236.29 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Aug 2026, plus 1 later 8-K.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.