Texas Roadhouse, Inc. Revenue Disclosure
(3) Revenue
The following table disaggregates our revenue by major source:
Fiscal Year Ended | ||||||||
December 30, 2025 | December 31, 2024 | December 26, 2023 | ||||||
Restaurant and other sales | $ | 5,847,234 | $ | 5,341,853 | $ | 4,604,554 | ||
Royalties | 28,183 | 28,342 | 24,169 | |||||
Franchise fees | 2,658 | 3,137 | 2,949 | |||||
Total revenue | $ | 5,878,075 | $ | 5,373,332 | $ | 4,631,672 | ||
The following table presents a rollforward of deferred revenue-gift cards:
Fiscal Year Ended | ||||||
December 30, 2025 | December 31, 2024 | |||||
Beginning balance | $ | 401,198 | $ | 373,913 | ||
Gift card activations, net of third-party fees | 514,276 | 479,244 | ||||
Gift card redemptions and breakage | (466,730) | (451,959) | ||||
Ending balance | $ | 448,744 | $ | 401,198 | ||
We recognized restaurant sales of $253.2 million for the year ended December 30, 2025 related to amounts in deferred revenue as of December 31, 2024. We recognized restaurant sales of $234.0 million for the year ended December 31, 2024 related to amounts in deferred revenue as of December 26, 2023.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 22, 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.