Revenue growth is nearly flat at 1.3% YoY in 2026Q2, while gross margin volatility (70.2% in 2025Q4 vs. 14.0% in 2026Q2) and operating margin of 3.8% in 2026Q2 highlight structural cost pressures and lack of operating leverage.
Bloomin' Brands, Inc. (BLMN) annual income statement — 15-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 4B | 3.96B | 3.95B | 4.17B | 4.01B | 4.12B | 3.17B | 4.14B | 4.13B | 4.21B | 4.25B | 4.38B | 4.44B | 4.13B | 3.99B | 3.84B |
| Revenue Growth % | 11.65% | 0.14% | -5.22% | 3.96% | -2.74% | 30.02% | -23.41% | 0.31% | -2.06% | -0.92% | -2.86% | -1.46% | 7.59% | 3.55% | 3.81% | - |
| Cost of Goods Sold | 3.45B | 3.43B | 3.35B | 3.45B | 3.33B | 3.39B | 2.83B | 3.47B | 3.46B | 3.52B | 3.56B | 3.63B | 3.7B | 3.46B | 3.32B | 1.23B |
| COGS % of Revenue | - | 86.69% | 84.84% | 82.75% | 83.17% | 82.25% | 89.4% | 83.76% | 83.85% | 83.44% | 83.68% | 82.97% | 83.36% | 83.69% | 83.18% | 31.92% |
| Gross Profit | 548.53M | 526.56M | 599.06M | 719.17M | 674.88M | 731.7M | 336M | 672.23M | 666.43M | 697.66M | 694.05M | 745.61M | 739.34M | 673.49M | 670.65M | 2.62B |
| Gross Margin % | 13.73% | 13.31% | 15.16% | 17.25% | 16.83% | 17.75% | 10.6% | 16.24% | 16.15% | 16.56% | 16.32% | 17.03% | 16.64% | 16.31% | 16.82% | 68.08% |
| Gross Profit Growth % | - | -12.1% | -16.7% | 6.56% | -7.77% | 117.77% | -50.02% | 0.87% | -4.48% | 0.52% | -6.91% | 0.85% | 9.78% | 0.42% | -74.36% | - |
| Operating Expenses | 445.88M | 489.4M | 459.25M | 436.4M | 368.8M | 422.74M | 510.97M | 481.13M | 484.31M | 499.24M | 461.82M | 478.01M | 495.29M | 433.02M | 481.95M | 2.4B |
| OpEx % of Revenue | - | 12.37% | 11.63% | 10.47% | 9.2% | 10.25% | 16.12% | 11.62% | 11.74% | 11.85% | 10.86% | 10.92% | 11.15% | 10.49% | 12.09% | 62.52% |
| Selling, General & Admin | 218.62M | 238.4M | 219.38M | 233.56M | 212.93M | 245.62M | 254.36M | 275.24M | 282.72M | 306.96M | 267.98M | 287.61M | 304.38M | 268.93M | 326.47M | 2.28B |
| SG&A % of Revenue | - | 6.03% | 5.55% | 5.6% | 5.31% | 5.96% | 8.02% | 6.65% | 6.85% | 7.29% | 6.3% | 6.57% | 6.85% | 6.51% | 8.19% | 59.23% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.8M | 3.9M | 5.2M | 6.5M | 5.8M | 6.4M | 7.3M | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.09% | 0.09% | 0.12% | 0.15% | 0.13% | 0.15% | 0.18% | - |
| Other Operating Expenses | 4M | 251M | 239.87M | 202.84M | 155.86M | 177.13M | 256.62M | 205.9M | -11K | 14.91M | 1.61M | -939K | -1.24M | -246K | -128K | 126.47M |
| Operating Income | 102.65M | 37.16M | 139.81M | 282.77M | 306.08M | 308.96M | -174.97M | 191.09M | 145.25M | 146.09M | 127.61M | 230.93M | 191.96M | 225.36M | 181.14M | 213.45M |
| Operating Margin % | 2.57% | 0.94% | 3.54% | 6.78% | 7.63% | 7.49% | -5.52% | 4.62% | 3.52% | 3.47% | 3% | 5.28% | 4.32% | 5.46% | 4.54% | 5.56% |
| Operating Income Growth % | - | -73.42% | -50.56% | -7.62% | -0.93% | 276.57% | -191.57% | 31.56% | -0.57% | 14.49% | -44.74% | 20.3% | -14.82% | 24.41% | -15.14% | - |
| EBITDA | 283.06M | 214.84M | 315.39M | 452.04M | 455.98M | 472.35M | 5.29M | 461.26M | 346.85M | 338.37M | 321.44M | 421.32M | 382.88M | 389.45M | 336.62M | 367.14M |
| EBITDA Margin % | 7.09% | 5.43% | 7.98% | 10.85% | 11.37% | 11.46% | 0.17% | 11.14% | 8.41% | 8.03% | 7.56% | 9.62% | 8.62% | 9.43% | 8.44% | 9.56% |
| EBITDA Growth % | 34.86% | -31.88% | -30.23% | -0.87% | -3.46% | 8832.47% | -98.85% | 32.99% | 2.5% | 5.27% | -23.71% | 10.04% | -1.69% | 15.69% | -8.31% | - |
| D&A (Non-Cash Add-back) | 180.41M | 177.68M | 175.58M | 169.27M | 149.9M | 163.39M | 180.26M | 270.17M | 201.59M | 192.28M | 193.84M | 190.4M | 190.91M | 164.09M | 155.48M | 153.69M |
| EBIT | 101.65M | 32.42M | 3.79M | 283.36M | 180.77M | 306.88M | -175.08M | 190.95M | 145.24M | 152.53M | 98.36M | 227.03M | 179.63M | 240.87M | 160.05M | 214.28M |
| Net Interest Income | -48.63M | -45.35M | -62.59M | -52.17M | -53.36M | -57.59M | -64.44M | -49.26M | -44.94M | -41.39M | -45.73M | -56.18M | -59.66M | -74.77M | -86.64M | -83.39M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 48.63M | 45.35M | 62.59M | 52.17M | 53.36M | 57.59M | 64.44M | 49.26M | 44.94M | 41.39M | 45.73M | 56.18M | 59.66M | 74.77M | 86.64M | 83.39M |
| Other Income/Expense | -49.64M | -50.1M | -198.62M | -51.58M | -178.68M | -59.66M | -64.55M | -49.4M | -44.95M | -27.55M | -67.26M | -60.07M | -71.99M | -53M | -112.08M | -82.56M |
| Pretax Income | 53.02M | -12.93M | -58.81M | 231.19M | 127.4M | 249.3M | -239.52M | 141.69M | 100.31M | 118.54M | 56.49M | 170.85M | 119.97M | 172.36M | 73.41M | 130.9M |
| Pretax Margin % | 1.33% | -0.33% | -1.49% | 5.55% | 3.18% | 6.05% | -7.55% | 3.42% | 2.43% | 2.81% | 1.33% | 3.9% | 2.7% | 4.17% | 1.84% | 3.41% |
| Income Tax | -21.88M | -26.7M | -12.13M | 18.4M | 34.25M | 26.38M | -80.73M | 7.57M | -9.23M | 15.98M | 10.14M | 39.29M | 24.04M | -42.21M | 12.11M | 21.72M |
| Effective Tax Rate % | -41.27% | 206.44% | 20.63% | 7.96% | 26.89% | 10.58% | 33.7% | 5.34% | -9.2% | 13.48% | 17.96% | 23% | 20.04% | -24.49% | 16.49% | 16.59% |
| Net Income | 71.34M | 8.24M | -128.02M | 247.39M | 101.91M | 215.56M | -158.72M | 130.57M | 107.1M | 100.24M | 41.75M | 127.33M | 91.09M | 208.37M | 49.97M | 100M |
| Net Margin % | 1.79% | 0.21% | -3.24% | 5.94% | 2.54% | 5.23% | -5.01% | 3.15% | 2.6% | 2.38% | 0.98% | 2.91% | 2.05% | 5.05% | 1.25% | 2.6% |
| Net Income Growth % | 223.54% | 106.43% | -151.75% | 142.76% | -52.72% | 235.81% | -221.55% | 21.92% | 6.84% | 140.11% | -67.21% | 39.78% | -56.28% | 316.98% | -50.03% | - |
| Net Income (Continuing) | 74.9M | 13.77M | -46.67M | 212.78M | 93.15M | 222.91M | -158.79M | 134.12M | 109.54M | 103.61M | 46.35M | 131.56M | 95.93M | 214.57M | 61.3M | 109.18M |
| Discontinued Operations | -213K | -537K | -75.98M | 41.63M | 16.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.17M | 3.56M | 3.94M | 2.88M | 2.54M | 6.39M | 6.81M | 7.14M | 9.09M | 10.89M | 12.65M | 13.57M | 5.1M | 4.33M | 5.92M | 9.45M |
| EPS (Diluted) | 0.83 | 0.10 | -1.49 | 2.56 | 1.03 | 2.00 | -1.82 | 1.45 | 1.14 | 1.02 | 0.34 | 1.01 | 0.71 | 1.63 | 0.44 | 0.93 |
| EPS Growth % | 220.59% | 106.48% | -158.2% | 148.54% | -48.5% | 209.89% | -225.52% | 27.19% | 11.76% | 200% | -66.34% | 42.25% | -56.44% | 270.45% | -52.69% | - |
| EPS (Basic) | - | 0.10 | -1.49 | 2.84 | 1.15 | 2.42 | -1.82 | 1.47 | 1.16 | 1.05 | 0.35 | 1.04 | 0.73 | 1.69 | 0.45 | 0.94 |
| Diluted Shares Outstanding | 85.64M | 85.31M | 85.91M | 96.45M | 98.51M | 107.8M | 87.47M | 89.78M | 94.08M | 99.71M | 114.31M | 125.58M | 128.32M | 128.07M | 114.82M | 107.25M |
| Basic Shares Outstanding | 85.64M | 85.06M | 85.91M | 87.23M | 88.85M | 88.98M | 87.47M | 88.84M | 92.04M | 96.36M | 111.38M | 122.35M | 125.14M | 122.97M | 112M | 106.36M |
| Dividend Payout Ratio | - | 464.56% | - | 33.85% | 48.81% | - | - | 27.37% | 31.1% | 30.91% | 75.16% | 23.04% | - | - | - | - |
Quick answers to the most common questions about buying BLMN stock.
For fiscal year 2025, Bloomin' Brands, Inc. (BLMN) reported total revenue of $3.96B. This represents a 3.0% increase compared to $3.84B in 2011.
Bloomin' Brands, Inc. (BLMN) is profitable, generating $8.2M in net income for the fiscal year ending 2025 with a net profit margin of 0.2%.
Bloomin' Brands, Inc. (BLMN) reported an operating income of $37.2M, resulting in an operating profit margin of 0.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Bloomin' Brands, Inc. (BLMN) generated $526.6M in gross profit for the year, representing a gross profit margin of 13.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High leverage and thin margins
Metrics are mathematically derived from official filings.
Stagnant Revenue Amid Turnaround Efforts
Revenue growth has been nearly flat, with 2026Q2 showing only 1.3% YoY growth, according to recent financial statements, suggesting that price increases may be offsetting traffic declines.
The 0.14% YoY growth in the latest quarter indicates a period of stagnation, with the company likely relying on menu price increases to offset declining guest counts. The raised full-year guidance suggests management expects improvement, but the current trajectory appears fragile. Investors should monitor whether the Outback Turnaround can reaccelerate traffic growth.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 70.2% in 2025Q4 to 14.0% in 2026Q2, as reported in SEC filings, indicating significant accounting classification shifts or commodity cost volatility.
The dramatic swings in gross margin, from 70% to 11-14%, suggest that the company may be reclassifying certain operating expenses between COGS and SG&A, making period-over-period comparisons unreliable. The underlying cost structure appears heavily exposed to beef prices and labor costs, which could compress margins further if commodity costs rise. The 4.11% operating margin leaves little room for error.
Operating Leverage Fails to Materialize
Operating income has been volatile, with 2026Q2 operating margin of 3.8% versus 5.9% in 2026Q1, based on reported figures, indicating that SG&A costs are not scaling down with revenue.
Despite revenue growth of 1.3% in 2026Q2, operating income declined sequentially, suggesting that fixed costs are absorbing any revenue gains. The company's high fixed cost base, including occupancy and labor, means that even modest revenue declines can disproportionately impact profitability. The lack of operating leverage is a concern given the stagnant top line.
EPS Volatility Driven by One-Time Items
Net income swung from a loss of $83.9M in 2024Q1 to a profit of $55.7M in 2026Q1, as per financial statements, indicating significant non-operating items or tax effects.
The large swings in net income, including a -$79.5M loss in 2024Q4, suggest that the company's reported earnings are heavily influenced by one-time charges, impairments, or tax adjustments. Stock-based compensation is modest at $3.6M in 2026Q2, but the overall earnings quality appears low given the volatility. Investors should focus on operating income trends rather than net income.
Cost Structure Dominated by COGS and Labor
Cost of sales averaged over 85% of revenue in recent quarters, as reported in financial statements, highlighting the company's vulnerability to food and labor inflation.
The high variable cost structure, with COGS and labor comprising the bulk of expenses, leaves little room for margin expansion without significant pricing power. The company's ability to pass on cost increases is limited by competitive pressures and consumer sensitivity. Management's expense discipline will be critical to protecting the thin operating margin.
Leverage and Margin Compression Risks
With a debt-to-equity ratio of 9.10 and net margin of 0.1%, as per recent filings, the company is highly vulnerable to interest rate hikes and commodity spikes.
The extremely high leverage, even if partly due to lease capitalization, suggests that debt servicing costs could erode the already thin profitability. The 0.1% net margin provides virtually no cushion for operational errors or unexpected costs. If the Outback Turnaround fails to deliver sustained traffic growth, the company could face a downward spiral of declining revenue and rising interest expenses.