Bloomin' Brands, Inc. (BLMN) · Nov 6, 2026 · Earnings
Beat — Diluted EPS -$0.03 vs ~$0.24 loss consensus
Bloomin’ Brands earnings beat Q3 expectations and lifted full-year EPS guidance, but traffic declined and underlying restaurant margins softened.
Bloomin’ Brands is midway through an Outback-led turnaround: management is trying to rebuild guest satisfaction and traffic while funding the effort through pricing, productivity and cost control. Earlier 2026 guidance already assumed modest sales growth and a still-loss-making third quarter, while the turnaround itself was established before this release.
The quarter beat the earnings bar, but not because demand suddenly broke out. Diluted EPS was a $0.03 loss versus a published consensus near a $0.24 loss, while revenue of $944.3 million exceeded consensus near $925 million. The revenue beat was helped partly by a gift-card breakage accounting estimate change, not solely by restaurant momentum.
| Metric | Q3 2026 | Q3 2025 | Consensus / prior outlook |
|---|---|---|---|
| Total revenue (Table One) | $944.3M (+1.7%) | $928.8M | ~$925.2M consensus |
| Diluted EPS (Table One) | -$0.03 | -$0.54 | ~-$0.24 consensus |
| Adjusted diluted EPS (Table Six) | -$0.17 | -$0.03 | -$0.27 to -$0.22 outlook |
| U.S. comparable sales (Table Eight) | 1.9% | 1.2% | 1.0% to 2.0% outlook |
| Adjusted restaurant-level margin (Table Four) | 9.3% | 9.5% | — |
| FY adjusted EPS outlook (Financial Outlook) | $0.97-$1.02 | — | $0.90-$1.00 prior outlook |
The operating turnaround is progressing, but the quality of the beat is mixed. Combined U.S. comparable sales rose 1.9%, led by Bonefish and Outback, but traffic declined 1.8% as a 3.7% increase in average check carried sales. Adjusted restaurant-level margin slipped to 9.3% from 9.5%, showing that pricing and productivity were largely offset by inflation and higher advertising costs.
Management raised the full-year EPS outlook while lowering the sales-growth range. Full-year U.S. comparable sales guidance narrowed to 1.0%-1.5% from 1%-2%, but diluted EPS rose to $1.06-$1.11 and adjusted EPS to $0.97-$1.02. That combination implies the company is getting more earnings from cost actions, mix and accounting effects than from a stronger customer traffic trend. The CEO said the company had achieved five consecutive quarters of year-over-year improvement in Outback guest scores, but the current quarter still showed negative traffic.
Bottom line: This is a modest earnings beat and a higher profit outlook, but the underlying restaurant engine is not yet fully repaired. The filing advances the turnaround story, while weaker traffic and slightly lower adjusted margins keep it from being a clean positive read.
Q4 report: whether traffic stabilizes and the 2026 guide holds
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