Cash generation remains robust with an OCF/NI ratio of 1.81, supporting a disciplined capital expenditure profile that has declined to 3.5% of revenue.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 757.8M | 679M | 421.9M | 256.3M | 252.2M | 369.7M | 245M | 212.7M | 284.45M | 312.89M | 394.7M | 368.61M | 359.84M | 290.69M | 303.44M | 259.99M | 336.44M | 274.54M | 361.54M | 484.98M | 475.55M | 443.48M | 481.22M | 448.87M | 390.03M | 246.81M | 268.99M | 193.2M | 200.9M | 138.3M | 114.9M |
| Operating CF Margin % | - | 12.61% | 9.56% | 6.2% | 6.63% | 11.08% | 7.96% | 6.61% | 9.07% | 9.93% | 12.12% | 12.28% | 12.37% | 10.2% | 10.76% | 9.42% | 11.77% | 8.38% | 8.54% | 11.08% | 11.46% | 11.83% | 12.98% | 13.66% | 13.51% | 9.98% | 12.45% | 10.33% | 12.76% | 10.36% | 9.88% |
| Operating CF Growth % | 133.61% | 60.94% | 64.61% | 1.63% | -31.78% | 50.9% | 15.19% | -25.22% | -9.09% | -20.73% | 7.08% | 2.44% | 23.79% | -4.2% | 16.71% | -22.72% | 22.55% | -24.07% | -25.45% | 1.98% | 7.23% | -7.84% | 7.21% | 15.09% | 58.03% | -8.25% | 39.23% | -3.83% | 45.26% | 20.37% | 13.09% |
| Net Income | 462.9M | 383.1M | 155.3M | 102.6M | 117.6M | 131.6M | 24.4M | 154.9M | 125.88M | 150.82M | 200.75M | 196.69M | 154.04M | 163.36M | 151.23M | 141.06M | 103.72M | 79.17M | 51.72M | 230.05M | 212.4M | 160.22M | 153.96M | 168.64M | 152.71M | 145.15M | 117.84M | 85.2M | 69.1M | 60.5M | 34.4M |
| Depreciation & Amortization | 221.1M | 206.6M | 170.8M | 168.5M | 164.4M | 150.2M | 162.3M | 147.6M | 151.39M | 156.41M | 156.37M | 145.24M | 136.08M | 131.48M | 125.05M | 128.45M | 135.83M | 161.8M | 165.51M | 189.03M | 190.17M | 195.25M | 184.77M | 169.87M | 138.35M | 101.37M | 92.77M | 82.4M | 86.4M | 78.8M | 64.6M |
| Stock-Based Compensation | 24.3M | 31.4M | 25.9M | 14.4M | 18.6M | 0 | 0 | 16.4M | 0 | 0 | 15.16M | 14.8M | 16.07M | 15.91M | 13.46M | 12.79M | 0 | 0 | 16.58M | 0 | 0 | 0 | 0 | 0 | 0 | 1.31M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 24.5M | 12.6M | -20.6M | -30.9M | -11.7M | -12.5M | 8.6M | -75.8M | 3.42M | -22.7M | 23.9M | 13.14M | -23.04M | -4.79M | 11.81M | 15.28M | -25.52M | 40.92M | -68.06M | -18.82M | -34.22M | -14.85M | 3.33M | 39.19M | 24.17M | 3.21M | 1.99M | 2M | -1.2M | 4.7M | -8.3M |
| Other Non-Cash Items | 40.5M | 40M | 35M | 28.5M | 26.7M | 31.7M | 47.7M | -3.6M | 40.95M | 31.61M | 18.88M | 10.04M | 53.57M | 5.73M | 13.04M | 6.63M | 45.01M | 130.22M | 196.55M | 22.34M | 14.83M | 59.03M | 71.78M | 29.15M | 8.72M | -920K | 0 | 0 | -200K | 200K | 2.2M |
| Working Capital Changes | -15.5M | 5.3M | 55.5M | -26.8M | -63.4M | 68.7M | 2M | -26.8M | -37.19M | -1.03M | -20.23M | -11.31M | 23.12M | -21M | -11.15M | -44.21M | 38.36M | -154.47M | -470K | 62.24M | 85.73M | 42.82M | 67.38M | 42.02M | 66.08M | -3.31M | 56.4M | 23.6M | 46.8M | -5.9M | -18.7M |
| Change in Receivables | -32.1M | -12.9M | -600K | 700K | 3.4M | -9.9M | 4.1M | -3M | -3.28M | 3.49M | -3.68M | 1.93M | -5.37M | 5.4M | 608K | 1.25M | 6.08M | -800K | -972K | 3.39M | -8.95M | -5.82M | 0 | 0 | 0 | -7.44M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.9M | -3.5M | -1.5M | -1.1M | -7.1M | -3.2M | -4M | 400K | -1.22M | -1.56M | -1.64M | 475K | 912K | 908K | -15K | 1.34M | 6.54M | -1.68M | -6.64M | 3.23M | 8.47M | -12.5M | -14.05M | -2.63M | 2.86M | -9.73M | -1.4M | -1.3M | -700K | -1.9M | -1.2M |
| Change in Payables | 17.9M | -7.6M | 30.8M | -5.8M | 200K | 21.1M | 9.8M | -4.1M | 1.57M | 2.98M | -5.78M | 1.12M | 3.76M | -9.34M | 12.19M | -21.52M | -9.96M | -43.51M | 13.32M | -1.98M | 18.12M | 27.3M | 0 | 0 | 0 | 1.71M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -250.7M | -263.4M | -192.2M | -174.2M | -234.2M | -90.9M | -194M | 321.3M | -77.79M | -99.42M | -214.11M | -138.31M | -160.18M | -137.84M | -123.4M | -64.56M | 163.47M | -10.71M | -188.2M | -243.57M | -265.29M | -111.1M | -285.88M | -320.9M | -439.16M | -298.89M | -166.35M | -204.9M | -56.3M | -164.8M | -149.9M |
| Capital Expenditures | -253.4M | -265.3M | -198.9M | -184.9M | -150.3M | -94M | -104.5M | -167.6M | -101.28M | -102.57M | -112.79M | -140.26M | -161.07M | -131.53M | -125.23M | -70.36M | -60.88M | -88.15M | -270.41M | -430.53M | -354.61M | -322.71M | -305.86M | -326.52M | -431.54M | -297.43M | -165.4M | -181.1M | -169.8M | -191.2M | -187.1M |
| CapEx % of Revenue | 4.42% | 4.93% | 4.5% | 4.47% | 3.95% | 2.82% | 3.39% | 5.21% | 3.23% | 3.26% | 3.46% | 4.67% | 5.54% | 4.62% | 4.44% | 2.55% | 2.13% | 2.69% | 6.38% | 9.84% | 8.54% | 8.61% | 8.25% | 9.94% | 14.95% | 12.02% | 7.66% | 9.68% | 10.79% | 14.32% | 16.09% |
| Acquisitions | 1.3M | 1M | 4.7M | 5.5M | -106.5M | 1.6M | -93.4M | -1.5M | 19.87M | 3.16M | -101.32M | 1.95M | 888K | -7.46M | 4.99M | 8.7M | 26.6M | 81.86M | 127.78M | 180.97M | 25.37M | 38.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.4M | 900K | 2M | 5.2M | 22.6M | 1.5M | 3.9M | 490.4M | 3.61M | 0 | 0 | 0 | 0 | 1.15M | 0 | 0 | 236.78M | 40.72M | -36.85M | 0 | 67.89M | 4.85M | 19.98M | 5.62M | -7.61M | -1.47M | -954K | -23.9M | 89.5M | -15.9M | 73.5M |
| Cash from Financing | -467.5M | -461.3M | -180.2M | -80.5M | -28.4M | -298.8M | -20.5M | -531.5M | -204.85M | -235.85M | -204.27M | -232.86M | -201.35M | -152.58M | -202.92M | -458.06M | -249.44M | -224.38M | -203.45M | -211.62M | -196.5M | -337.56M | -2.07M | -104.57M | 45.9M | 53.05M | -102.9M | 14.9M | -136.7M | 22.6M | 17.1M |
| Debt Issued (Net) | -121.1M | -379.4M | -182.1M | -87.4M | 73.2M | -323.8M | -71.4M | -306.5M | 166.08M | 197.95M | 143.1M | 112.07M | 53.48M | 187.18M | 89.63M | -16.13M | -194.66M | -180.49M | 74.64M | 325.21M | 78.72M | -238.46M | 278.95M | -80.39M | 144.18M | 79.97M | -72.83M | 35.9M | -133.4M | 169.7M | 13.5M |
| Equity Issued (Net) | -346.4M | -81.9M | 2.1M | 7.5M | -100.5M | 26.5M | 108.3M | -164.7M | -300.92M | -365.26M | -278.76M | -290M | -210.3M | -292.19M | -243.88M | -389.04M | -20.47M | 911K | -235.51M | -503.06M | -251.91M | -99.1M | -281.03M | -24.18M | -98.28M | -26.91M | -30.06M | -21M | -3.4M | -147.1M | 3.7M |
| Dividends Paid | 0 | 0 | -200K | -600K | -1.1M | -1.5M | -57.4M | -60.3M | -70.01M | -70.77M | -74.07M | -70.83M | -63.4M | -56.34M | -50.08M | -53.19M | -34.45M | -45.35M | -42.91M | -40.91M | -25.42M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -347.3M | -90.2M | -25.8M | -5M | -100.9M | -4.2M | -32.4M | -167.7M | -303.2M | -370.88M | -284.9M | -306.25M | -239.6M | -333.38M | -287.29M | -422.1M | -22.87M | -3.74M | -240.78M | -569.35M | -305.71M | -170.21M | -322.62M | -64.48M | -136.07M | -65.58M | -60.71M | -48.1M | -17.1M | -150.4M | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.46M | 15.89M | 18.87M | 8.78M | 1.41M | 291K | 139K | 551K | 330K | 7.14M | 2.11M | 6.63M | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | -100K |
| Net Change in Cash | 39.6M | -45.7M | 49.5M | 1.6M | -10.4M | -20M | 30.5M | 2.53M | 1.81M | -22.38M | -23.68M | -2.56M | -1.68M | 264K | -22.89M | -262.64M | 220.72M | 34.76M | 3.91M | 29.62M | 55.62M | 41.86M | 193.27M | 23.4M | -3.22M | 969K | -254K | 3.2M | -136.7M | 22.6M | 17.1M |
| Free Cash Flow | 504.4M | 413.7M | 223M | 71.4M | 101.9M | 275.7M | 140.5M | 45.1M | 183.17M | 212.54M | 281.91M | 228.35M | 198.78M | 159.16M | 178.21M | 189.63M | 236.52M | 145.85M | 91.13M | 54.44M | 115.9M | 102.65M | 175.36M | 122.35M | -41.51M | -50.62M | 103.6M | 12.1M | 31.1M | -52.9M | -72.2M |
| FCF Margin % | 8.8% | 7.68% | 5.05% | 1.73% | 2.68% | 8.26% | 4.56% | 1.4% | 5.84% | 6.75% | 8.65% | 7.61% | 6.83% | 5.58% | 6.32% | 6.87% | 8.27% | 4.45% | 2.15% | 1.24% | 2.79% | 2.74% | 4.73% | 3.72% | -1.44% | -2.05% | 4.8% | 0.65% | 1.98% | -3.96% | -6.21% |
| FCF Growth % | 28.97% | 85.52% | 212.32% | -29.93% | -63.04% | 96.23% | 211.53% | -75.38% | -13.82% | -24.61% | 23.46% | 14.88% | 24.89% | -10.69% | -6.02% | -19.83% | 62.16% | 60.06% | 67.38% | -53.02% | 12.91% | -41.46% | 43.33% | 394.74% | 17.99% | -148.86% | 756.17% | -61.09% | 158.79% | 26.73% | 12.27% |
| FCF per Share | 11.33 | 8.97 | 4.88 | 1.59 | 2.23 | 5.92 | 3.61 | 1.15 | 3.96 | 4.15 | 4.80 | 3.55 | 2.92 | 2.15 | 2.21 | 2.05 | 2.30 | 1.42 | 0.87 | 0.44 | 0.89 | 0.73 | 1.11 | 0.76 | -0.28 | -0.33 | 0.68 | 0.08 | 0.20 | -0.31 | -0.41 |
| FCF Conversion (FCF/Net Income) | 1.09x | 1.77x | 2.72x | 2.50x | 2.14x | 2.81x | 10.04x | 1.37x | 2.26x | 2.07x | 1.97x | 1.87x | 2.34x | 1.78x | 2.01x | 1.84x | 2.44x | 3.47x | 6.99x | 2.11x | 2.24x | 2.77x | 3.13x | 2.66x | 2.55x | 1.70x | 2.28x | 2.45x | 2.91x | 2.29x | 3.34x |
| Interest Paid | 23.5M | 55.1M | 50.3M | 51M | 41M | 0 | 0 | 0 | 0 | 39.77M | 28.99M | 26.19M | 25.48M | 41.5M | 24.45M | 25.81M | 23.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -15.9M | 64.3M | 26.1M | 12.4M | 4.7M | 0 | 0 | 0 | 0 | 89.03M | 45.74M | 50.44M | 48.38M | 60.29M | 47.51M | 38.34M | 20.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Labor and Commodity Inflation
As reported in recent financial statements, Brinker's operating cash flow consistently exceeds net income, with an OCF/NI ratio reaching 1.81 in 2026Q3, suggesting that non-cash charges and working capital adjustments are providing a significant, albeit potentially volatile, boost to the company's reported cash generation capabilities.
The persistent gap between net income and operating cash flow indicates that Brinker's earnings quality is heavily influenced by non-cash items, primarily depreciation and amortization. Investors should monitor whether this conversion efficiency remains sustainable or if it reflects aggressive accounting for capital-intensive restaurant operations.
Based on the latest quarterly data, Brinker's free cash flow margin has demonstrated a notable recovery, climbing to 12.3% in 2026Q3 from a low of 0.6% in 2025Q1, which suggests that management's operational efficiency initiatives are successfully translating into improved liquidity for the core business.
The trajectory of free cash flow appears to be strengthening as the company moves past periods of heavy capital investment. This trend warrants further investigation to determine if the margin expansion is driven by sustainable operational improvements or temporary reductions in discretionary spending.
According to recent SEC filings, Brinker's capital expenditure as a percentage of revenue has stabilized near 3.5% in 2026Q3, down from a peak of 5.6% in 2025Q3, indicating a more disciplined approach to reinvestment in restaurant maintenance and technology-driven kitchen upgrades.
The moderation in capital intensity suggests that the company is prioritizing cash preservation over aggressive unit expansion. Analysts should evaluate whether this lower level of investment is sufficient to maintain the competitive quality of the Chili's and Maggiano's footprints over the long term.
As evidenced by recent financial disclosures, Brinker has prioritized share repurchases, allocating $108.4 million in 2026Q3 alone, which highlights a management strategy focused on returning capital to shareholders rather than pursuing significant debt reduction or large-scale acquisitions in the current economic environment.
The heavy reliance on buybacks suggests management's confidence in the company's valuation, yet it may limit the financial flexibility needed to navigate potential industry downturns. Investors should monitor if this capital allocation strategy remains viable if operating cash flow volatility increases in future quarters.
Quick answers to the most common questions about buying EAT stock.
Brinker International, Inc. (EAT) generated $679.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brinker International, Inc. (EAT) generated $413.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Brinker International, Inc. (EAT) spent $265.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Brinker International, Inc. (EAT) spent $90.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.