JACK IN THE BOX (JACK) Company Report

Biglari Capital Corp., the largest stockholder of Jack in the Box with a 9.86% ownership stake, has called for the immediate resignation of Chairman David Goebel following preliminary voting results from the 2026 Annual Meeting of Stockholders.
The proxy contest revealed a clear divide, with active fund managers and retail stockholders voting to hold Chairman Goebel accountable, while ISS, BlackRock, Vanguard, and State Street supported his reelection.
Jack in the Box spent an estimated $5 million to defend Mr. Goebel's reelection, during which time stockholders lost approximately 80% of their investment, or $1.8 billion, over the last five years.
Biglari Capital also stated that JACK made false and misleading statements in its proxy materials and reserves the right to pursue legal remedies.

7 hours ago

Press Release

Biglari Capital Urges Jack in the Box Shareholders to Vote Against Chairman Goebel

JACK

Board Change

Executive Compensation

Dividends

Biglari Capital Corp., the largest shareholder of Jack in the Box (JACK) with a 9.86% ownership stake, is urging shareholders to vote against the re-election of Chairman David Goebel at the annual meeting on February 27, 2026.
The shareholder alleges that under Mr. Goebel's tenure, JACK shareholders have lost approximately $1.8 billion in value, and the company has been forced to suspend dividends and close 150–200 stores.
Biglari Capital highlights that Mr. Goebel collected $1.5 million in compensation over the last five years while the company lost 80% of its value, and JACK is spending $5 million to defend his directorship.

21 hours ago

Press Release

Biglari Capital Urges Vote Against David Goebel Following JACK's Q1 2026 Results

JACK

Earnings

Board Change

Demand Weakening

Biglari Capital, the largest shareholder of Jack in the Box Inc. (JACK), is urging shareholders to vote against the re-election of Chairman David Goebel, citing significant value destruction and declining profitability during his tenure.
JACK's first-quarter fiscal 2026 earnings reported a 6.7% decline in systemwide same-store sales, a 23% year-over-year decrease in Adjusted EBITDA, and EPS from continuing operations falling 54% to $0.75.
Following the Q1 2026 earnings announcement, JACK's share price experienced an additional 18% decline.
Biglari Capital claims that shareholders have lost over $800 million in market value since Mr. Goebel joined the board in 2009, and over $1.2 billion since he became chairman in June 2020.

8 days ago

Press Release

Jack in the Box Provides 'JACK on Track' Plan Update and Reiterates Fiscal 2026 Guidance

JACK

Guidance Update

M&A

Debt Issuance

The "JACK on Track" plan, announced in April 2025, is continuing as expected with updates as of February 18, 2026.
Key actions under the plan include the discontinuation of dividends as of Q2 2025, the sale of Del Taco on December 22, 2025, which contributed $105M to debt paydown, and the closure of 65 underperforming restaurants to date.
Fiscal 2026 guidance, originally issued in November 2025, was reiterated in February 2026, projecting Adjusted EBITDA between $225M and $240M and Capital Expenditures between $45M and $55M.
As of Q1 FY2026, JACK's Net Debt Leverage Ratio was 6.5x, with a Trailing 12 Month Adjusted EBITDA of $232,199 thousand.

8 days ago

Presentation

Jack in the Box Reports Q1 2026 Results, Details Del Taco Sale and Debt Reduction

JACK

Earnings

Debt Issuance

M&A

For Q1 2026, Jack in the Box reported a 6.7% decrease in same-store sales, with GAAP diluted EPS from continuing operations at $0.75 and operating EPS at $1.00. Consolidated adjusted EBITDA was $68.2 million, down from $88.8 million in the prior year.
The company successfully closed the sale of Del Taco in December 2025 and made a $105 million debt prepayment, bringing total debt outstanding to $1.6 billion. They plan to pay down an additional $200 million in debt, including through $50 million-$60 million in real estate sales by the end of fiscal year 2026.
Management stated Q1 results were in line with expectations, with January showing meaningful performance improvements. They are implementing "Jack's Way" initiatives to enhance operations, value, and customer experience, expecting these to drive improved same-store sales through 2026.
Commodity inflation was 7.1% in Q1 2026, largely due to double-digit beef inflation, which is anticipated to moderate later in the year. The company reiterated its guidance from November 2025, expecting steady top-line improvement.

Feb 18, 2026, 10:00 PM

Transcript

Jack in the Box Reports Q1 2026 Results, Completes Del Taco Sale, and Reiterates Guidance

JACK

Earnings

M&A

Demand Weakening

Feb 18, 2026, 10:00 PM

Transcript

Jack in the Box Reports Q1 2026 Results and Provides Business Update

JACK

Earnings

Guidance Update

M&A

Jack in the Box reported a 6.7% decrease in same-store sales for Q1 2026, with restaurant level margin declining to 16.1% from 23.2% in the prior year, driven by 7.1% commodity inflation and higher labor costs. GAAP diluted EPS from continuing operations was $0.75, down from $1.61 year-over-year.
The company completed the sale of Del Taco in December 2025 and used proceeds for a $105 million partial prepayment on debt, committing to an additional $200 million paydown. They also expect to generate $50 million-$60 million from real estate sales by the end of fiscal year 2026 for further debt reduction.
Management reiterated its guidance from November 2025, noting early Q2 2026 same-store sales trends improved by 200 basis points compared to Q1, and over 400 basis points excluding weather impacts. Strategic initiatives include cost-effective restaurant refreshes showing low single-digit sales lifts and leveraging new technology systems.

Feb 18, 2026, 10:00 PM

Transcript

Jack in the Box Reports Weak Quarterly Results Amid Cost Pressures and Activist Battle

JACK

Earnings

Demand Weakening

Proxy Vote Outcomes

Jack in the Box reported a weak quarter with same-store sales down 6.7% and systemwide sales falling roughly 7.1%, while revenue came in at about $349.5 million.
GAAP net income fell to $14.4 million (about $0.75/share), with adjusted EBITDA around $68.2 million, and adjusted earnings at $1.00 per share.
The company faced significant cost pressures, with food and packaging costs representing 29.7% of sales (up 380 basis points) and labor costs rising to 35.3% of sales (up 200 basis points).
Management is deploying new POS/back-office systems and testing a "mini refresh" program that produced a low single-digit sales lift, while the company experienced a net decrease of eight restaurants.
These results occurred amid an intensifying proxy battle led by activist Sardar Biglari and shareholder recommendations to withhold votes from several directors.

Feb 18, 2026, 9:18 PM

Morningstar

Jack in the Box Inc. Reports Q1 2026 Earnings, Del Taco Sale, and Reiterates Guidance

JACK

Earnings

Guidance Update

M&A

Jack in the Box Inc. reported diluted EPS from continuing operations of $0.75 and Operating EPS of $1.00 for the first quarter ended January 18, 2026.
Same-store sales decreased by 6.7% in the first quarter, with systemwide sales decreasing by 7.1%.
The company completed the sale of Del Taco Holdings Inc. on December 22, 2025, resulting in losses from discontinued operations of $16.8 million for the first quarter of 2026.
Jack in the Box reiterated its fiscal year 2026 guidance, projecting same-store sales of -1% to +1% and Adjusted EBITDA of $225 million to $240 million, and has discontinued its dividend and share repurchase program.

Feb 18, 2026, 9:11 PM

8-K

Jack in the Box Reports Q1 2026 Earnings with Sales Decline and Reaffirms FY26 Guidance

JACK

Earnings

Guidance Update

Demand Weakening

Jack in the Box Inc. reported diluted EPS from continuing operations of $0.75 and Operating EPS of $1.00 for the first quarter ended January 18, 2026.
Same-store sales for Jack in the Box decreased by 6.7%, leading to a 5.8% decrease in total revenues to $349.5 million for the quarter.
The company completed the sale of Del Taco on December 22, 2025, which resulted in losses from discontinued operations of $16.8 million for Q1 2026.
Management reiterated its fiscal year 2026 guidance, projecting same-store sales between -1% and +1% and Adjusted EBITDA between $225 million and $240 million.
The company discontinued its dividend and share repurchase program, with no shares repurchased in the first quarter, though $175.0 million remains authorized for buybacks.

Feb 18, 2026, 9:05 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for JACK IN THE BOX.

Q1 2026

Feb 18, 2026

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Q4 2025

Nov 19, 2025

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Q3 2025

Aug 6, 2025

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Executives

Lance Tucker

Dawn Hooper

Doug Cook

Ryan Ostrom

Sarah Super

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David Goebel

Enrique Ramirez

Guillermo Diaz, Jr.

James Myers

Madeleine Kleiner

Mark King

Michael Murphy

Vivien Yeung

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Arian Razai

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