Overview

• Fiscal 2026 revenue is now projected at $3.35 billion to $3.45 billion with comparable-store traffic expected to fall 4% to 7%, and Q1 traffic seen down 7% to 8% if recent trends persist.
• The company has restored its classic logo, scrapped its modernization plan, and is reverting the four remodeled test locations to traditional interiors.
• Capital spending is trimmed to $135 million to $150 million with funds redirected toward kitchens, maintenance and marketing, and prior 2027 guidance has been withdrawn.
• Loyalty membership has grown to roughly 9 million with hundreds of thousands of recent sign-ups, and a new “Front Porch Feedback” program will gather post-visit input from guests.
• Shares fell sharply on the guidance cut, and investor Sardar Biglari began a new proxy push targeting leadership, including a Nashville billboard calling to “Fire the CEO.”