Executive Summary

Q1 2026 results press release (8‑K 2.02) and earnings call transcript are not yet available in the document set; below is a pre‑recap anchored on the last two reported quarters (Q2–Q3 2025) and S&P Global consensus for Q1 2026, with updates to guidance and capital allocation through Q3 2025 .
Momentum exiting Q3 2025: 5th straight quarter of sales/traffic growth; comps +0.5% in Q3 with traffic accelerating into Q4 (~~+3.5% in the trailing six weeks), restaurant-level margin +80 bps YoY to 12.5%, and Adj. EBITDA +14% YoY; FY25 comp guidance (~~+2%) reiterated .
Value platform and product catalysts: Pizookie Meal Deal is sustaining weekday traffic with healthy checks; pizza refresh launched in November expected to layer incremental trial and add-ons over time (tests saw ~10% pizza incident uplift and slightly higher checks) .
Capital return stepped up: $33.2M repurchased in Q3 (996k shares) and authorization increased by $75M; FY25 buyback outlook raised to $65–$80M, providing a continuing EPS support/catalyst into early 2026 .

What Went Well and What Went Wrong

What Went Well

Traffic-led comp growth and outperformance vs benchmarks, with guest frequency up across income/age cohorts; trailing six weeks’ traffic ~+3.5% YoY into Q4 and reiterated FY25 ~+2% comps .
Margin expansion from “table stakes” ops, simplification, and outlier management: Q3 restaurant-level margin +80 bps YoY to 12.5% and Adj. EBITDA margin +70 bps to 6.4%; cost of sales -90 bps YoY despite ~2% food inflation .
Value and product engines scaling: PMD driving traffic with healthy attachments; social/influencer push saw >300% earned media and 350% engagement growth; pizza refresh test delivered +10–15% pizza incidents and neutral-to-slightly positive checks .

What Went Wrong

Average check/mix pressure persisted, driven by PMD mix, late-night (lower check) growth, and softer alcohol attachment; management is building add-ons/trade-ups to mitigate .
Labor remained 37.1% of sales in Q3 (flat YoY); benefits across hourly/management leverage were offset by higher medical cost inflation accruals/workers’ comp .
Marketing and asset write-downs offset some leverage: occupancy & operating held at 24.7% with ~10 bps marketing increase and ~40 bps asset write-down headwind on restaurant-level line .

Financial Results

Recent performance and momentum entering Q1 2026

Metric	Q2 2025	Q3 2025	Q1 2026 (Actual)
Revenue ($USD Millions)	$365.6	$330.2	TBD
Diluted EPS ($)	$0.97	$0.02	TBD
Adjusted Diluted EPS ($)	$0.97	$0.04	TBD
Restaurant-Level Operating Profit ($MM)	$62.1	$41.3	TBD
Restaurant-Level Margin (%)	17.0%	12.5%	TBD
Adjusted EBITDA ($MM)	$42.1	$21.1	TBD
Comparable Restaurant Sales (%)	+2.9%	+0.5%	TBD

KPIs

KPI	Q2 2025	Q3 2025
Restaurant Count (period-end)	219	219 (one closure noted)
Cost of Sales (% of revenue)	24.8%	25.7%
Labor & Benefits (% of revenue)	35.4%	37.1%
Occupancy & Operating (% of revenue)	22.8%	24.7%

Estimates versus Actual (Q1 2026)

Metric	Q1 2026 Consensus	Q1 2026 Actual
Revenue ($USD Millions)	$357.06*	TBD
EPS ($)	$0.634*	TBD
EBITDA ($MM)	$37.03*	TBD
EPS Estimates (Count)	8*	—
Revenue Estimates (Count)	7*	—

Values marked with * retrieved from S&P Global.

Segment breakdown: Not applicable; BJ’s reports as a single concept in these materials.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Comparable Restaurant Sales	FY2025	~+2% (Q2 update)	~+2% (reiterated Q3)	Maintained
Restaurant-Level Operating Profit	FY2025	$211–$219MM (Q2)	$211–$219MM (Q3)	Maintained
Adjusted EBITDA	FY2025	$132–$140MM (Q2)	$132–$140MM (Q3)	Maintained
Capital Expenditures	FY2025	$65–$75MM (Q2)	$65–$75MM (Q3)	Maintained
Share Repurchases	FY2025	$45–$55MM (Q2)	$65–$80MM (Q3)	Raised
Repurchase Authorization	N/A	Remaining ~$56.7MM at 7/1/25	+$75MM authorization increase (10/30/25)	Increased

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2025)	Previous Mentions (Q3 2025)	Current Period (Q1 2026)	Trend
Value platform (Pizookie Meal Deal)	Driving weekday traffic and frequency; healthy checks; upgrades/trade-ups tested	Continued growth; check compression partly from PMD mix; add-ons in development	Not yet reported	Stable/Scaling
Product refresh (Pizza)	Systemwide launch in Q4 planned; strong test feedback	Launching in November; tests show +10–15% incidents and slight check lift	Not yet reported	Positive build
AI/Tech (activity-based labor model)	22-store test; expanding to ~20% of system by Q4; improves hospitality and throughput	Rolling to ~30% by start of 2026; groundwork for future use cases	Not yet reported	Scaling
Supply chain/commodities	~2% food inflation; beef/seafood up, wings down	~2% inflation; cost of sales -90 bps YoY	Not yet reported	Moderating inflation, mix-managed
Off-premise/digital	2026 focus to reduce friction/M&I; optimize digital merchandising	End-to-end improvements sequenced for 2026	Not yet reported	Planned revamp
Capital allocation	Buybacks ongoing; net debt reduced	Big Q3 buyback; authorization +$75M; target $65–$80M FY25	Not yet reported	More aggressive buybacks

Management Commentary

“Q3 marks our fifth consecutive quarter of sales and traffic growth, along with our fourth consecutive quarter of profit expansion… This momentum… gives us confidence to reiterate full-year top-line guidance of approximately 2%.” .
“Our earned media impressions are up over 300% year-on-year… engagement [is] up 350%… codifying the role of seasonal Pizookies as both a buzz and traffic driver.” .
On pizza refresh: “I would expect [it] to build over time… tests [showed] a little bit of an uptick in our average check… about a 10% uplift in our pizza incidents overall.” .
On capital returns: “We repurchased and retired 996,000 common shares for $33.2 million… authorization… for an additional $75 million… updated our 2025 annual share repurchase expectations to $65–$80 million.” .

Q&A Highlights

Traffic acceleration vs benchmarks: management attributes to foundational ops improvements, PMD momentum, and social/influencer buzz (e.g., Spooky Pizookie); frequency rising across cohorts despite check compression .
Pricing and mix: focus on value-equation and category revenue management to create trade-ups while preserving weekday PMD entry points; selective pricing power expected but used judiciously .
Unit growth/remodels: 20 remodels in 2025, refreshed prototype to pilot in 2H26; build pipeline in concentric circles around existing markets; potential for reacceleration in 2027–2028 .
Buyback leverage philosophy: ample capacity; keep “dry powder” for NROs/remodels but continue buying at attractive prices .

Estimates Context

Q1 2026 S&P Global consensus: Revenue $357.06M*, EPS $0.634*, EBITDA $37.03M*; 8 EPS estimates and 7 revenue estimates in the set.*
Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

Set-up into Q1 2026 is constructive: BJRI exited Q3 with accelerating traffic and reiterated FY25 comp guide, supported by value platform and new product cadence; watch whether this momentum carries into Q1 seasonality and compares .
Mix pressure remains the balancing act: late-night growth, PMD mix, and alcohol softness weigh on check; successful add-ons/trade-ups and pizza-driven attachments are key to margin resilience in Q1 2026 .
Margin durability is improving: sustained ops discipline drove multi-quarter margin gains; monitor cost of sales and labor lines for further leverage vs modest inflation into early 2026 .
Capital return as EPS lever: stepped-up buybacks (+$75M authorization; $65–$80M FY25) provide ongoing support; track cash generation vs remodel/NRO cadence in 2026 .
Catalysts: pizza refresh adoption, PMD add-on roadmap, AI-driven labor scheduling rollout, and any commentary on reacceleration of unit growth pipeline in 2H26 .
Risk checks: alcohol attachment softness, macro/tariff costs (~bps headwinds), and medical cost inflation accruals affecting labor; watch for any change in commentary in the Q1 2026 call .

Note on availability: As of now, we did not find BJRI’s Q1 2026 8‑K 2.02 press release or the Q1 2026 earnings call transcript in the document corpus; this recap relies on Q2–Q3 2025 primary documents and S&P Global consensus for Q1 2026 and will be updated once Q1 2026 filings/transcripts are posted [List search: earnings-call-transcript 2026 H1 found none; press-releases 2026 H1 found none].

Sources: Q3 2025 8‑K and press release ; Q3 2025 call transcript ; Q2 2025 8‑K and press release ; Q2 2025 call transcript . S&P Global consensus for Q1 2026 marked with asterisks.

BJs RESTAURANTS INC (BJRI)·Q1 2026 Earnings Summary