Bloomin' Brands, Inc.BLMN
Bloomin' Brands, Inc. Revenue Disclosure
Revenue Recognition
The following table includes the disaggregation of Restaurant sales and franchise revenues by restaurant concept and segment for the periods indicated:
| FISCAL YEAR | |||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | RESTAURANT SALES | FRANCHISE REVENUES | RESTAURANT SALES | FRANCHISE REVENUES | RESTAURANT SALES | FRANCHISE REVENUES | |||||||||||||||||||||||||||||
| U.S. | |||||||||||||||||||||||||||||||||||
| Outback Steakhouse | $ | 2,237,333 | $ | 30,243 | $ | 2,219,812 | $ | 31,253 | $ | 2,316,449 | $ | 32,289 | |||||||||||||||||||||||
| Carrabba’s Italian Grill | 706,565 | 2,312 | 693,421 | 2,771 | 721,946 | 3,036 | |||||||||||||||||||||||||||||
| Bonefish Grill | 506,239 | 359 | 523,634 | 479 | 570,578 | 505 | |||||||||||||||||||||||||||||
| Fleming’s Prime Steakhouse & Wine Bar | 395,891 | — | 368,663 | — | 382,729 | — | |||||||||||||||||||||||||||||
| Other | — | — | 7,074 | 120 | 13,351 | 78 | |||||||||||||||||||||||||||||
| U.S. total | 3,846,028 | 32,914 | 3,812,604 | 34,623 | 4,005,053 | 35,908 | |||||||||||||||||||||||||||||
| International Franchise (1) | — | 31,297 | — | 39,490 | — | 41,524 | |||||||||||||||||||||||||||||
| Other (2) | 38,206 | 68 | 53,740 | — | 72,736 | — | |||||||||||||||||||||||||||||
| Total | $ | 3,884,234 | $ | 64,279 | $ | 3,866,344 | $ | 74,113 | $ | 4,077,789 | $ | 77,432 | |||||||||||||||||||||||
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(1)Includes intercompany royalties from Brazil prior to the sale and royalties from Brazil after the sale.
(2)Primarily includes Restaurant sales for Company-owned restaurants in Hong Kong.
The following table includes a detail of assets and liabilities from contracts with customers included on the Company’s Consolidated Balance Sheets as of the periods indicated:
| (dollars in thousands) | DECEMBER 28, 2025 | DECEMBER 29, 2024 | |||||||||
| Other current assets, net | |||||||||||
| Deferred gift card sales commissions | $ | 17,155 | $ | 16,935 | |||||||
| Unearned revenue | |||||||||||
| Deferred gift card revenue | $ | 370,439 | $ | 366,059 | |||||||
| Deferred loyalty revenue | 5,695 | 6,073 | |||||||||
| Deferred franchise fees - current | 544 | 490 | |||||||||
| Other | 1,255 | 1,477 | |||||||||
| Total Unearned revenue | $ | 377,933 | $ | 374,099 | |||||||
| Other long-term liabilities, net | |||||||||||
| Deferred franchise fees - non-current | $ | 4,408 | $ | 3,901 | |||||||
The following table is a rollforward of deferred gift card sales commissions for the periods indicated:
| FISCAL YEAR | |||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Balance, beginning of the period | $ | 16,935 | $ | 18,081 | $ | 17,755 | |||||||||||
| Deferred gift card sales commissions amortization | (21,338) | (22,559) | (23,695) | ||||||||||||||
| Deferred gift card sales commissions capitalization | 24,004 | 24,052 | 26,706 | ||||||||||||||
| Other | (2,446) | (2,639) | (2,685) | ||||||||||||||
| Balance, end of the period | $ | 17,155 | $ | 16,935 | $ | 18,081 | |||||||||||
The following table is a rollforward of unearned gift card revenue for the periods indicated:
| FISCAL YEAR | |||||||||||||||||
| (dollars in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Balance, beginning of the period | $ | 366,059 | $ | 372,551 | $ | 385,444 | |||||||||||
| Gift card sales | 294,104 | 290,481 | 322,291 | ||||||||||||||
| Gift card redemptions | (271,137) | (279,810) | (316,139) | ||||||||||||||
| Gift card breakage | (18,587) | (17,163) | (19,045) | ||||||||||||||
| Balance, end of the period | $ | 370,439 | $ | 366,059 | $ | 372,551 | |||||||||||
Franchisee Deferred Payment Agreement - Effective December 31, 2023, the Company entered into an Amended & Restated Holistic Resolution Agreement (the “2023 Resolution Agreement”) with Cerca Trova Southwest Restaurant Group, LLC (d/b/a Out West Restaurant Group) and certain of its affiliates (collectively, “Out West”), who currently operate 74 franchised Outback Steakhouse restaurants in the western United States, primarily in California. The 2023 Resolution Agreement ends on December 27, 2026 or upon the earlier occurrence of certain specified events, including a default in ongoing franchise payment obligations to the Company or if earnings fall below specified levels, the sale of all or substantially all of the assets or equity of Out West, bankruptcy or a liquidation event. The 2023 Resolution Agreement includes agreements among Out West, the Company and its lenders with respect to (i) deferral and forbearance of the parties’ rights with respect to prior payment defaults, (ii) payment priorities for rents, royalties, national advertising fees and local marketing expenditures, and (iii) mechanisms to settle its obligations with its lenders and provide for capital expenditures, within certain limitations. Upon expiration or earlier termination of the 2023 Resolution Agreement for any reason, the deferred amounts, which include substantial amounts due to Out West’s lenders, will become due and payable and the lenders will have a priority right to pursue remedies for nonpayment including foreclosure on Out West’s assets. Out West may be unable to satisfy the amounts due or reach an alternative solution. In such case, the Company could lose any future revenue stream from the franchised restaurants, incur significant costs under contingent lease obligations or incur support and other costs, which could impact how it funds other initiatives. The Company continues to evaluate alternatives with respect to the expiration or earlier termination of the 2023 Resolution Agreement and could also incur additional expense in connection with such alternatives.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 23, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.