# CRACKER BARREL OLD COUNTRY STORE, INC (CBRL) Informational only - not investment advice. CIK: 0001067294 SIC: 5812 Retail-Eating Places SIC breadcrumb: [Retail Trade](/division/G/) > [Eating And Drinking Places](/major-group/58/) > [SIC 5812 Retail-Eating Places](/industry/5812/) Latest 10-K filed: 2025-09-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1067294 Filing source: https://www.sec.gov/Archives/edgar/data/1067294/000110465925093663/cbrl-20250801x10k.htm ## At a glance FY2025 · period end 2025-08-01 · filed 2025-09-26 · accession 0001104659-25-093663 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001067294.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 3,483,684,000 USD | 2025 | verified | | Net income | 46,379,000 USD | 2025 | verified | | Assets | 2,161,884,000 USD | 2025 | verified | | Free cash flow | 59,755,000 USD | 2025 | computed | | Net margin | 1.33% | 2025 | computed | | Operating margin | 1.58% | 2025 | computed | | Revenue YoY | +0.37% | 2025 | computed | | ROE | 10.05% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. Peer groups: [Restaurants and food-service operators](/compare/restaurants/) · SIC 5812 Retail-Eating Places No market price, no rating, no forecast on this site. Not investment advice. ## Peer comparisons including CBRL - Restaurants and food-service operators: [peer review](/compare/restaurants/) · [market-risk page](/compare/restaurants/risk/) ### Peer percentile fingerprint | Ratio | CBRL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 1.3% | 3.5% | 25 | 25 | | Operating margin | 1.6% | 5.0% | 18 | 23 | | Revenue growth | 0.4% | 5.4% | 21 | 25 | | FCF margin | 1.7% | 5.1% | 21 | 25 | | ROE | 10.0% | 8.6% | 59 | 18 | | ROA | 2.1% | 3.6% | 42 | 25 | | Liabilities / equity | 3.68 | 1.98 | 71 | 18 | | Current ratio | 0.50 | 0.81 | 38 | 25 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5812 Retail-Eating Places, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 3483684000 | USD | 2025 | 2025-09-26 | | Net income | 46379000 | USD | 2025 | 2025-09-26 | | Assets | 2161884000 | USD | 2025 | 2025-09-26 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-09-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001067294.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 2,926,289,000 | 3,030,445,000 | 3,071,951,000 | 2,522,792,000 | 2,821,444,000 | 3,267,786,000 | 3,442,808,000 | 3,470,762,000 | 3,483,684,000 | | Net income | 189,299,000 | 201,899,000 | 247,620,000 | 223,401,000 | -32,475,000 | 254,513,000 | 131,880,000 | 99,050,000 | 40,930,000 | 46,379,000 | | Operating income | 280,471,000 | 313,158,000 | 293,592,000 | 282,844,000 | 103,611,000 | 366,659,000 | 153,003,000 | 120,617,000 | 45,119,000 | 55,029,000 | | Diluted EPS | 7.86 | 8.37 | 10.29 | 9.27 | -1.36 | 10.71 | 5.67 | 4.45 | 1.83 | 2.06 | | Operating cash flow | 271,378,000 | 320,767,000 | 330,620,000 | 362,796,000 | 161,002,000 | 301,903,000 | 205,253,000 | 250,457,000 | 168,980,000 | 218,899,000 | | Capital expenditures | 114,022,000 | 110,591,000 | 152,249,000 | 138,293,000 | 297,328,000 | 71,409,000 | 98,341,000 | 126,987,000 | 128,295,000 | 159,144,000 | | Dividends paid | 255,546,000 | 196,867,000 | 207,155,000 | 193,475,000 | 94,544,000 | 31,667,000 | 114,829,000 | 116,075,000 | 116,082,000 | 23,098,000 | | Assets | 1,497,664,000 | 1,521,942,000 | 1,527,355,000 | 1,581,225,000 | 2,544,258,000 | 2,391,694,000 | 2,294,911,000 | 2,218,094,000 | 2,161,494,000 | 2,161,884,000 | | Stockholders' equity | 526,443,000 | 544,507,000 | 581,781,000 | 604,710,000 | 418,389,000 | 663,633,000 | 511,479,000 | 483,825,000 | 440,149,000 | 461,689,000 | | Cash and cash equivalents | 150,966,000 | 161,001,000 | 114,656,000 | 36,884,000 | 436,996,000 | 144,593,000 | 45,105,000 | 25,147,000 | 12,035,000 | 39,643,000 | | Free cash flow | 157,356,000 | 210,176,000 | 178,371,000 | 224,503,000 | -136,326,000 | 230,494,000 | 106,912,000 | 123,470,000 | 40,685,000 | 59,755,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 6.90% | 8.17% | 7.27% | -1.29% | 9.02% | 4.04% | 2.88% | 1.18% | 1.33% | | Operating margin | | 10.70% | 9.69% | 9.21% | 4.11% | 13.00% | 4.68% | 3.50% | 1.30% | 1.58% | | Return on equity | 35.96% | 37.08% | 42.56% | 36.94% | -7.76% | 38.35% | 25.78% | 20.47% | 9.30% | 10.05% | | Return on assets | 12.64% | 13.27% | 16.21% | 14.13% | -1.28% | 10.64% | 5.75% | 4.47% | 1.89% | 2.15% | | Liabilities / equity | 1.84 | 1.80 | 1.63 | 1.61 | 5.08 | 2.60 | 3.49 | 3.58 | 3.91 | 3.68 | | Current ratio | 0.96 | 0.95 | 0.84 | 0.62 | 1.43 | 0.76 | 0.63 | 0.58 | 0.61 | 0.50 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001067294.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q1 | 2022-10-28 | | | 0.77 | reported discrete quarter | | 2023-Q2 | 2023-01-27 | | | 1.37 | reported discrete quarter | | 2023-Q3 | 2023-04-28 | | | 0.63 | reported discrete quarter | | 2023-Q4 | 2023-07-28 | 836,732,000 | 37,462,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-10-27 | 823,839,000 | 5,456,000 | 0.25 | reported discrete quarter | | 2024-Q2 | 2023-10-27 | | 5,456,000 | | reported discrete quarter | | 2024-Q2 | 2024-01-26 | 935,401,000 | | 1.19 | reported discrete quarter | | 2024-Q3 | 2024-01-26 | | 26,534,000 | | reported discrete quarter | | 2024-Q3 | 2024-04-26 | 817,135,000 | | -0.41 | reported discrete quarter | | 2024-Q4 | 2024-08-02 | 894,387,000 | 18,139,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-11-01 | 845,089,000 | 4,844,000 | 0.22 | reported discrete quarter | | 2025-Q2 | 2024-11-01 | | 4,844,000 | | reported discrete quarter | | 2025-Q2 | 2025-01-31 | 949,439,000 | | 0.99 | reported discrete quarter | | 2025-Q3 | 2025-01-31 | | 22,207,000 | | reported discrete quarter | | 2025-Q3 | 2025-05-02 | 821,147,000 | | 0.56 | reported discrete quarter | | 2025-Q4 | 2025-08-01 | 868,009,000 | 6,754,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-10-31 | 797,188,000 | -24,622,000 | -1.10 | reported discrete quarter | | 2026-Q2 | 2025-10-31 | | -24,622,000 | | reported discrete quarter | | 2026-Q2 | 2026-01-30 | 874,817,000 | | 0.06 | reported discrete quarter | | 2026-Q3 | 2026-01-30 | | 1,282,000 | | reported discrete quarter | | 2026-Q3 | 2026-05-01 | 797,367,000 | | 1.90 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from CBRL's latest 10-K: [/company/CBRL/business/](/company/CBRL/business/). ## Risk Factors Verbatim Item 1A Risk Factors from CBRL's latest 10-K: [/company/CBRL/risk-factors/](/company/CBRL/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1067294/000110465926071825/cbrl-20260501x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-06-09 Report date: 2026-05-01 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ​ Cracker Barrel Old Country Store, Inc., and its subsidiaries (collectively, the “Company,” “our” or “we”) are principally engaged in the operation and development in the United States of the Cracker Barrel Old Country StoreÒ (“Cracker Barrel”) concept. As of May 01, 2026, we operated 657 Cracker Barrel stores in 43 states and 52 Maple Street Biscuit Company (“MSBC”) locations in ten states. All dollar amounts reported or discussed in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) are shown in thousands, except per share amounts and certain statistical information (e.g., number of stores). References to years in MD&A are to our fiscal year unless otherwise noted. MD&A provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. MD&A should be read in conjunction with the (i) condensed consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q and (ii) audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 01, 2025 (the “2025 Form 10-K”). Except for specific historical information, many of the matters discussed in this report may express or imply projections of items such as revenues or expenditures, estimated capital expenditures, compliance with debt covenants, plans and objectives for future operations, store economics, inventory shrinkage, growth or initiatives, expected future economic performance or the expected outcome or impact of pending or threatened litigation. These and similar statements regarding events or results which we expect will or may occur in the future are forward-looking statements concerning matters that involve risks, uncertainties and other factors which may cause our actual results and performance to differ materially from those expressed or implied by such statements. All forward-looking information is provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 and should be evaluated in the context of these risks, uncertainties and other factors. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “trends,” “assumptions,” “target,” “guidance,” “outlook,” “opportunity,” “future,” “plans,” “goals,” “objectives,” “expectations,” “near-term,” “long-term,” “projection,” “may,” “will,” “would,” “could,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “potential,” “regular,” “should,” “projects,” “forecasts” or “continue”  (or the negative or other derivatives of each of these terms) or similar terminology. We believe the assumptions underlying any forward-looking statements are reasonable; however, any of the assumptions could be inaccurate, and therefore, actual results may differ materially from those projected in or implied by the forward-looking statements. In addition to the risks of ordinary business operations, and those discussed or described in this report or in information incorporated by reference into this report, factors and risks that may result in actual results differing from this forward-looking information include, but are not limited to risks and uncertainties associated with inflationary conditions with respect to the price of commodities, ingredients, transportation, distribution and labor; disruptions to our restaurant or retail supply chain; effects of changes in international, national, regional and local economic and market conditions (such as the imposition of trade barriers or other changes in trade policy) on our business; our ability to manage retail inventory and merchandise mix; our ability to sustain or the effects of plans intended to improve operational or marketing execution and performance or liquidity; the impact of adverse or extreme weather events on sales and customer travel; the effects of increased competition at our locations on sales and on labor recruiting, cost, and retention; consumer behavior based on negative publicity or changes in consumer health or dietary trends or safety aspects of our food or products or those of the restaurant industry in general, including concerns about outbreaks of infectious disease; the effects of our indebtedness and associated restrictions on our financial and operating flexibility and ability to execute or pursue our operating plans and objectives; changes in interest rates, increases in borrowed capital or capital market conditions affecting our financing costs and ability to refinance our indebtedness, in whole or in part; our reliance on a single distribution facility and certain significant vendors, particularly for foreign-sourced retail products; information technology, disruptions and data privacy and information security breaches, whether as a result of infrastructure failures, employee or vendor errors, or actions of third parties; our compliance with privacy and data protection laws; changes in or implementation of additional governmental or regulatory rules, regulations and interpretations affecting tax, health and safety, animal welfare, pensions, insurance or other undeterminable areas; the actual results of pending, future or threatened litigation or governmental investigations; our ability to manage the impact of negative social media attention and the costs and effects of negative publicity; the impact of activist shareholders; our ability to achieve aspirations, goals and projections related to our sustainability initiatives; our ability to enter successfully into new geographic markets that may be less familiar to us; changes in land, building materials and construction costs; the availability and cost of suitable sites for restaurant development and our ability to identify those sites; our ability to retain key personnel; the ability of and cost to us to recruit, train, and retain qualified hourly and management employees; uncertain performance of acquired businesses, strategic investments and other initiatives that we may pursue from time to time; the effects of business trends on the outlook for individual restaurant locations and the effect on the carrying value of those locations; general or regional economic weakness, business and societal conditions; discretionary income or personal expenditure activity of our customers; implementation of new or changes in interpretation of existing accounting principles generally accepted in the United States of America (“GAAP”), and those factors contained in Part I, Item 1A of the 2025 Form 10-K, as well as other factors described from time to time in our filings with the Securities and Exchange Commission (“SEC”), press releases and other communications. 21 Table of Contents Readers are cautioned not to place undue reliance on forward-looking statements made in this report because the statements speak only as of the report’s date. Except as may be required by law, we have no obligation or intention to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this report or to reflect the occurrence of unanticipated events. Readers are advised, however, to consult any future public disclosures that we may make on related subjects in reports that we file with or furnish to the SEC or in our other public disclosures. Overview We believe that Cracker Barrel’s brand remains one of the strongest and most differentiated brands in the restaurant industry, and we plan to continue to leverage and build on that strength as a core competitive component of our business strategy. Our long-term strategy is anchored on three overarching business imperatives: driving relevancy, delivering food and experiences guests love, and growing profitability. We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued inflation volatility, high consumer debt levels and lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and global trade, among other factors. During  2026, we have faced challenges related to negative publicity from brand initiatives, including the launch of a new logo and modern test store remodels, to which we responded by returning to our former logo and discontinuing the modern test store remodels during the first quarter of 2026. Our strategy is focused on improving the guest experience to drive an improvement in our traffic and includes enhancing our operations, deepening our connection with guests through our menu, marketing and value proposition, and improving profitability. Key Performance Indicators Management uses a number of key performance measures to evaluate our operational and financial performance, including the following: [[GREPCENT_TABLE]] [["","\u25cf","Comparable store restaurant sales increase/(decrease): To calculate comparable store restaurant sales increase/(decrease), we determine total restaurant sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store restaurant sales for the current year period from total comparable store restaurant sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store restaurant sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store restaurant sales for the historical period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Comparable store retail sales increase/(decrease): To calculate comparable store retail sales increase/(decrease), we determine total retail sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store retail sales for the current year period from total comparable store retail sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store retail sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store retail sales for the historical period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Comparable store restaurant and retail sales increase/(decrease): To calculate comparable store restaurant and retail sales increase/(decrease), we determine total restaurant and retail sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store restaurant and retail sales for the current year period from total comparable store restaurant and retail sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store restaurant and retail sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store restaurant and retail sales for the historical period."]] [[/GREPCENT_TABLE]] 22 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Average check increase per guest: To calculate average check per guest, we determine comparable store restaurant sales, as described above, and divide by comparable guest traffic (as described below). We then subtract average check per guest for the current year period from average check per guest for the applicable historical period to calculate the absolute dollar change. The absolute dollar change is divided by the prior year average check number to calculate average check increase per guest, which we express as a percentage."]] [[/GREPCENT_TABLE]] [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1067294/000110465925093663/cbrl-20250801x10k.htm Complete FY 2025 MD&A: /company/CBRL/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2025-09-26 Report date: 2025-08-01 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides information which management believes is relevant to an assessment and understanding of our consolidated results of operations and financial condition. MD&A should be read in conjunction with the Consolidated Financial Statements and notes thereto. Readers should also carefully review the information presented under the section entitled “Risk Factors” and other cautionary statements in this report. All dollar amounts (other than per share amounts) reported or discussed in this MD&A are shown in thousands. References in MD&A to a year or quarter are to our fiscal year or quarter unless expressly noted or the context clearly indicates otherwise. This overview summarizes the MD&A, which includes the following sections: [[GREPCENT_TABLE]] [["","\u25cf","Executive Overview \u2013 a general description of our business, the restaurant and retail industries, our strategic priorities and our key performance indicators."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Results of Operations \u2013 an analysis of our consolidated statements of income presented in our Consolidated Financial Statements."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Liquidity and Capital Resources \u2013 an analysis of our primary sources of liquidity, capital expenditures and material commitments."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Critical Accounting Estimates \u2013 a discussion of accounting policies that require critical judgments and estimates."]] [[/GREPCENT_TABLE]] 38 Table of Contents The following MD&A includes a discussion of 2025 and 2024 items and year-to-year comparisons between the years ended August 01, 2025 and August 02, 2024. Discussion of 2023 items and year-to-year comparisons between the years ended August 02, 2024 and July 28, 2023 that are not included in this MD&A can be found in “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our annual report on Form 10-K for the year ended August 02, 2024, filed with the SEC on September 27, 2024. EXECUTIVE OVERVIEW Cracker Barrel Old Country Store, Inc. (the “Company,” “our” or “we”) is a publicly traded (Nasdaq: CBRL) company that, through its operations and those of certain subsidiaries, is principally engaged in the operation and development of the Cracker Barrel Old Country Store® (“Cracker Barrel”) concept. Each Cracker Barrel store consists of a restaurant with a gift shop. The restaurants serve breakfast, lunch and dinner. The gift shop offers a variety of decorative and functional items specializing in rocking chairs, holiday gifts, toys, apparel and foods. As of September 12, 2025, the Company operated 657 Cracker Barrel stores located in 43 states. The Company also owns Maple Street Biscuit Company (“MSBC”), a breakfast and lunch fast casual concept. As of September 12, 2025, the Company operated 68 MSBC locations in ten states. Strategic Priorities Management believes that the Cracker Barrel brand remains one of the strongest and most differentiated brands in the restaurant industry, and we plan to continue to leverage and build on that strength as a core competitive component of our business strategy. Our long-term strategy is anchored on three overarching business imperatives: driving relevancy, delivering food and experiences guests love, and growing profitability. We believe there are significant challenges in the macroeconomic outlook for the coming quarters, including continued volatility of inflation and interest rates, higher consumer debt levels and lower savings rates, as well as the potential uncertainty associated with the geopolitical environment and global trade among other factors. However, despite these challenges, we remain focused on delivering long-term growth and returns for shareholders. In 2024, we announced our multi-year strategic plan. The multi-year strategic plan is built on five pillars which have progressed over 2025. The five pillars are as follows: [[GREPCENT_TABLE]] [["","\u25cf","Refining the brand: We established an updated brand identity anchored on \u201cthe goodness of country hospitality\u201d, which has been applied in our marketing, products (food and retail) and physical content and assets. We have also refined our partnership strategy \u2013 partnering with NASCAR, for example \u2013 and expanded our use of additional marketing channels."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Enhancing the menu: We developed a robust product pipeline and introduced new craveable menu items such as Hashbrown Casserole Shepard\u2019s Pie and a refined and reintroduced Campfire Meals platform."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Evolving the store and guest experience: We improved several operational speed metrics and implemented a new allocation software package to improve retail product management. Additionally, numerous retail floor layouts and store remodel packages were tested to enhance guests\u2019 browsing and shopping experience. The Remodel Program has been suspended based on guest feedback gathered through this testing."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Winning in digital and off-premise: We further leveraged our loyalty program by employing advanced technologies to deliver offers tailored to individual guests and optimized and expanded our off-premise business by updating our holiday and catering programs and improving our third-party sales strategies."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Elevating the employee experience: We rolled out a new Employee Value Proposition that we believe will drive better recruiting and retention and rolled out technology designed to improve the store manager experience."]] [[/GREPCENT_TABLE]] ​ 39 Table of Contents Trade Policy and Tariffs ​ In the fourth quarter of 2025, we incurred approximately $2,400 related to newly imposed tariffs and recent changes in trade policy. This impact was partially offset by proactive mitigation efforts, including vendor negotiations, alternative sourcing strategies, pricing adjustments and accelerating initiatives such as stock keeping unit (“SKU”) reduction. These measures have proven effective, and we currently expect to nearly offset the impact of tariffs in 2026. However, any further changes in tariff rates or trade policy could materially affect our operating results and financial condition, and the ongoing uncertainty introduces additional volatility and risk to our operations and financial condition and may affect consumer demand in ways that are difficult to predict. Key Performance Indicators Management uses a number of key performance indicators to evaluate our operational and financial performance, including the following: [[GREPCENT_TABLE]] [["","\u25cf","Comparable store restaurant sales increase/(decrease): To calculate comparable store restaurant sales increase/(decrease), we determine total restaurant sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store restaurant sales for the current year period from total comparable store restaurant sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store restaurant sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store restaurant sales for the historical period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Comparable store retail sales increase/(decrease): To calculate comparable store retail sales increase/(decrease), we determine total retail sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store retail sales for the current year period from total comparable store retail sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store retail sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store retail sales for the historical period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Comparable store restaurant and retail sales increase/(decrease): To calculate comparable store restaurant and retail sales increase/(decrease), we determine total restaurant and retail sales of stores open at least six full quarters before the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total comparable store restaurant and retail sales for the current year period from total comparable store retail sales for the applicable historical period to calculate the absolute dollar change. To calculate comparable store restaurant and retail sales increase/(decrease), which we express as a percentage, we divide the absolute dollar change by the comparable store restaurant and retail sales for the historical period."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Average check increase per guest: To calculate average check per guest, we determine comparable store restaurant sales, as described above, and divide by comparable restaurant guest traffic, as described below. We then subtract average check per guest for the current year period from average check per guest for the applicable historical period to calculate the absolute dollar change. The absolute dollar change is divided by the prior year average check number to calculate average check increase per guest, which we express as a percentage."]] [[/GREPCENT_TABLE]] 40 Table of Contents [[GREPCENT_TABLE]] [["","\u25cf","Comparable restaurant guest traffic increase/(decrease): To calculate comparable restaurant guest traffic increase/(decrease), we determine the number of entrees sold in our dine-in and off-premise business from stores open at least six full quarters at the beginning of the applicable period, measured on comparable calendar weeks. We then subtract total entrees sold for the current year period from total entrees sold for the applicable historical period to calculate the absolute numerical change. To calculate comparable restaurant guest traffic increase/(decrease), which we express as a percentage, we divide the absolute numerical change by the total entrees sold for the historical period."]] [[/GREPCENT_TABLE]] These performance indicators exclude the impact of new store openings and sales related to MSBC. We use comparable store sales metrics as indicators of sales growth to evaluate how our established stores have performed over time. We use comparable restaurant guest traffic increase/(decrease) to evaluate how established stores have performed over time, excluding growth achieved through menu price and sales mix change. Finally, we use average check per guest to identify trends in guest preferences, as well as the effectiveness of menu changes. We believe these key performance indicators are useful for investors to provide a consistent comparison of sales results and trends across comparable periods within our core, established store base, unaffected by results of store openings, closings, and other transitional changes. Restaurant and Retail Industries Our stores operate in both the restaurant and retail industries in the United States. The restaurant and retail industries are highly competitive with respect to quality, variety and price of the food products, availability of carryout and home delivery, internet and mobile ordering capabilities and retail merchandise offered. We compete with a significant number of national and regional restaurant and retail ch [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/CBRL/mda/fy2025/ All MD&A years: /company/CBRL/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/CBRL/mda/fy2024/): filed 2024-09-27; accession 0001558370-24-013061 (https://www.sec.gov/Archives/edgar/data/1067294/000155837024013061/tmb-20240802x10k.htm) - [FY 2023 MD&A](/company/CBRL/mda/fy2023/): filed 2023-09-26; accession 0001140361-23-045201 (https://www.sec.gov/Archives/edgar/data/1067294/000114036123045201/brhc20058683_10k.htm) - [FY 2022 MD&A](/company/CBRL/mda/fy2022/): filed 2022-09-27; accession 0001140361-22-034827 (https://www.sec.gov/Archives/edgar/data/1067294/000114036122034827/brhc10042146_10k.htm) - [FY 2021 MD&A](/company/CBRL/mda/fy2021/): filed 2021-09-24; accession 0001140361-21-032472 (https://www.sec.gov/Archives/edgar/data/1067294/000114036121032472/brhc10029140_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5812 Retail-Eating Places) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/CBRL.md · JSON record: /company/CBRL.json · verified financials: /company/CBRL/financials.json / /company/CBRL/financials.csv · machine TOC for the whole site: /llms.txt