Texas Roadhouse, Inc. key statistics and ratios

In fiscal 2025, Texas Roadhouse, Inc. had return on equity of 28.8%, an operating margin of 8.1%, debt equal to 0.0% of equity and a current ratio of 0.50. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Texas Roadhouse, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	8.1%	9.0%	8.6%	8.7%	8.4%	8.2%	8.0%	8.6%	8.4%	7.6%	7.7%	1.0%	8.6%	8.0%	7.6%	9.6%	8.1%	7.7%
Net margin	5.0%	5.8%	5.8%	5.6%	5.7%	5.5%	5.4%	5.8%	5.9%	6.4%	6.3%	1.3%	7.1%	6.7%	6.6%	8.1%	6.9%	6.6%
Free-cash-flow margin	7.4%	7.5%	5.1%	4.8%	4.4%	4.2%	3.0%	4.6%	5.6%	8.0%	5.8%	3.2%	7.7%	6.6%	4.7%	7.4%	5.8%	6.5%
Return on equity	11.2%	12.7%	12.9%	14.0%	14.5%	14.6%	15.2%	16.3%	16.6%	17.7%	18.7%	3.4%	24.7%	26.1%	28.3%	34.7%	28.8%	27.4%
Return on assets	—	8.3%	8.9%	9.3%	9.6%	9.6%	9.8%	10.4%	10.5%	11.3%	10.1%	1.5%	10.1%	10.7%	11.5%	14.5%	12.0%	11.4%
Asset turnover	—	1.43	1.54	1.65	1.70	1.74	1.83	1.80	1.77	1.76	1.60	1.11	1.43	1.59	1.74	1.80	1.74	1.73
Current ratio	—	1.02	0.82	0.77	0.83	0.68	0.52	0.72	0.78	0.90	0.59	1.01	0.94	0.61	0.48	0.62	0.50	0.46
Debt to equity	0.0%	10.5%	12.6%	9.8%	8.7%	8.4%	3.8%	7.0%	6.2%	0.2%	—	25.9%	9.5%	4.9%	0.0%	0.0%	0.0%	3.2%
Interest cover (operating income ÷ interest)	23.2x	33.9x	39.5x	47.1x	54.4x	62.6x	73.8x	137.0x	118.1x	—	—	—	—	—	—	—	—	—
Effective tax rate	32.3%	31.3%	28.7%	32.0%	28.9%	30.0%	29.8%	29.8%	26.1%	12.9%	15.1%	—	13.5%	13.6%	12.5%	15.3%	13.8%	13.3%
Capital spending as % of revenue	4.8%	4.5%	7.2%	6.9%	7.8%	7.9%	9.6%	8.3%	7.3%	6.3%	7.8%	6.4%	5.8%	6.1%	7.5%	6.6%	6.6%	6.4%
Free cash flow ÷ net income	146.6%	128.7%	88.7%	85.8%	77.5%	76.2%	56.2%	79.9%	94.8%	124.4%	91.7%	243.3%	109.3%	98.4%	71.5%	92.1%	84.3%	98.4%
Dividends ÷ net income	—	—	26.6%	34.4%	58.3%	36.0%	47.7%	45.0%	44.2%	43.3%	58.7%	80.0%	34.1%	46.0%	48.3%	37.6%	44.4%	45.7%
Dividends and buybacks ÷ free cash flow	—	—	134.2%	88.3%	95.6%	111.8%	105.7%	60.8%	46.6%	34.8%	151.4%	49.5%	50.5%	126.9%	90.5%	60.8%	96.7%	86.2%

US$ thousands unless shown otherwise. Fiscal quarters.

Texas Roadhouse, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Apr 2025	2025 Q2Jul 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	8.0%	9.6%	9.3%	9.7%	6.7%	6.5%	9.0%	8.5%
Net margin	6.6%	8.1%	7.9%	8.2%	5.8%	5.7%	7.6%	7.3%
Free-cash-flow margin	3.7%	9.0%	11.1%	2.4%	1.0%	8.9%	11.0%	4.8%
Current ratio	0.49	0.62	0.47	0.45	0.36	0.50	0.46	0.46
Debt to equity	—	—	—	—	—	0.0%	3.3%	3.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · June 30, 2026

What it owns · $3.7bn

Short-term assets $362mLonger-term assets $3.3bn

What it owes, and who funded it · $3.7bn

Short-term liabilities $791mLonger-term liabilities $1.3bnShareholders' equity $1.6bn

Short-term assets cover short-term liabilities $362m of assets due within a year against $791m of liabilities due within a year.
Short-term assets cover long-term liabilities $362m short-term assets against $1.3bn of longer-dated liabilities.
More cash than debt $202m of cash against $50m of debt.
Debt below 40% of shareholders' equity Debt is 3% of equity.
Debt burden no higher than five years ago Debt to equity moved from 9% to 3% over five years.
A year's operating cash flow covers at least 20% of debt $803m of operating cash flow against $50m of debt.
Operating profit covers interest at least five times over No material interest expense reported.

From Texas Roadhouse, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

70 /100

Strong moat

How hard Texas Roadhouse's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 18 / 20

Net income has been a median 11.1% of total assets over 10 years.
Durability 6 / 20

Operating margin has been a median 7.9%; its worst year was 2.7%.
Cash conversion 13 / 20

Free cash flow was positive in 10 of 10 years, at a median 6.5% of revenue.
Discipline 19 / 20

The diluted share count fell 5.7% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: EAT vs TXRH DPZ vs TXRH ARCO vs TXRH TXRH vs YUM

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Texas Roadhouse, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Texas Roadhouse, Inc.