Texas Roadhouse, Inc. (TXRH) Stock Price & How to Invest
Last updated July 2026
Short answer
Texas Roadhouse (NasdaqGS: TXRH) runs a company-owned casual dining steakhouse business of roughly 832 restaurants across three brands, and at ~$203 a share it carries a ~$13.3 billion market value on ~$6.23 billion of trailing revenue. It buys like any US-listed common stock, but the question that matters is whether record restaurant traffic can outrun beef cost inflation.
TXRH stock price
As of 2026-08-25, Texas Roadhouse, Inc. (TXRH) last closed at $203.28, up 16.3% over the past year. Over the past 52 weeks it has traded between $155.88 and $214.28.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Texas Roadhouse, Inc.'s investor relations page. Walnut is informational, not investment advice.
What does Texas Roadhouse, Inc. (TXRH) do?
Texas Roadhouse, Inc. is a Louisville, Kentucky operator of full-service casual dining restaurants, incorporated in Delaware and public on Nasdaq since 2004. The system reached ~832 restaurants at the end of the second quarter of 2026, across 49 states, one US territory and ten foreign countries. Of those, ~732 are company-operated and only ~100 are franchised, the structural fact that shapes everything else about the financials. Three concepts sit inside the company: the flagship Texas Roadhouse steakhouse (~662 company restaurants plus ~93 franchised), the sports-bar-styled Bubba's 33 (~59 company restaurants), and the smaller fast-casual chicken concept Jaggers (~11 company plus ~7 franchised). Texas Roadhouse and Bubba's 33 are the two reportable segments. The company employed ~101,000 people as of the end of fiscal 2025, mostly hourly restaurant staff, none covered by a collective bargaining agreement.
Because the restaurants are owned rather than licensed, almost all of the ~$6.23 billion in trailing twelve month revenue is restaurant sales; royalties and franchise fees came to only ~$7.1 million in the second quarter of 2026 against ~$1.68 billion of total revenue. The income statement therefore carries full food, labor and occupancy cost with no royalty stream to cushion a bad cost year. The second quarter of 2026 showed what that feels like: revenue rose ~11.1% and comparable restaurant sales rose ~6.2%, yet diluted earnings per share slipped ~0.7% to ~$1.85 because commodity inflation ran ~7.0% and pushed restaurant margin down ~66 basis points to ~16.4%. The stock trades near ~32 times trailing earnings, a premium to how casual dining chains have historically been valued, so the central question is whether management's revised full-year commodity inflation assumption of ~5% lets margin recover while the top line keeps compounding.
What's driving Texas Roadhouse, Inc. (TXRH)?
1. Traffic is showing up, and at higher check
Comparable restaurant sales across company restaurants rose ~6.2% in the second quarter of 2026 on top of ~5.8% a year earlier, and average weekly sales hit a record ~$177,252, of which ~$25,369 came from to-go orders. The flagship Texas Roadhouse concept posted comps of ~6.5% and average unit volume of ~$2.38 million, up ~6.0%. Management said comps ran ~6.2% again through the first five weeks of the third quarter, so the demand signal has not faded.
2. Beef inflation is the swing factor on margin
Food and beverage cost reached ~35.4% of restaurant sales in the second quarter of 2026, up ~136 basis points year over year, almost entirely because of protein pricing. The company entered 2026 guiding to ~7% commodity inflation with roughly 45% of forecast costs locked and the rest floating. In August it cut that full-year assumption to ~5%, implying management expects the second half to cost less than the first. If beef markets cooperate, margin percentage stops falling without any change in how the restaurants operate.
3. Unit growth plus buying franchises back
Thirteen company restaurants opened in the first half of 2026 against planned capital expenditures of ~$400 million for the year, with guided store week growth of ~5% to ~6%. Some of that growth is purchased rather than built: the company spent ~$71.8 million acquiring franchise restaurants in the first half, following ~$93.9 million a year earlier, and domestic franchised Texas Roadhouse locations fell from ~39 to ~31. Each acquisition converts a small royalty into full restaurant revenue and full restaurant cost.
4. The second and third concepts are still small
Bubba's 33 has grown to ~59 company restaurants with average unit volume of ~$1.66 million, but comparable sales there rose only ~1.3% in the second quarter of 2026 against ~4.3% a year earlier, a noticeably softer read than the flagship. Jaggers remains tiny at ~11 company and ~7 franchised locations. Neither is large enough yet to move consolidated results, which keeps the story tied to the steakhouse.
What are the risks to Texas Roadhouse, Inc. (TXRH)?
The clearest risk is already visible in the numbers: revenue grew ~11.1% in the second quarter of 2026 and earnings per share still went backwards, so operating leverage is running the wrong way while protein costs stay elevated, and the company-operated model has no franchise royalty buffer to soften that. Casual dining is discretionary, so a guest who trades down to grocery or fast casual takes the whole check with them, while ~101,000 employees means wage inflation of ~3% to ~4% compounds on a very large base. The effective tax rate of roughly ~14% also leans heavily on FICA tip credits, so a change in that treatment would cut reported earnings without any change in the business. Texas Roadhouse additionally faces consumer class action litigation, including a data breach case and a proposed suit over seafood menu descriptions, none of which are securities fraud claims but any of which can carry cost and publicity.
What is the Texas Roadhouse, Inc. (TXRH) forecast?
23 analysts publish price targets on TXRH, averaging $217.74 against a $203.28 price as of August 2026, or +7.1%. The published targets run from $125.00 to $276.00, a moderate spread, and the ratings split 14 buy, 13 hold, 1 sell. Over the last six months there have been 12 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full TXRH forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is TXRH a buy or a sell?
We give no verdict on Texas Roadhouse, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Traffic is showing up, and at higher check. Comparable restaurant sales across company restaurants rose ~6.2% in the second quarter of 2026 on top of ~5.8% a year earlier, and average weekly sales hit a record ~$177,252, of which ~$25,369 came from to-go orders. The most optimistic published target, $276.00, assumes this works close to its best case.
The case against. The clearest risk is already visible in the numbers: revenue grew ~11.1% in the second quarter of 2026 and earnings per share still went backwards, so operating leverage is running the wrong way while protein costs stay elevated, and the company-operated model has no franchise royalty buffer to soften that. The most pessimistic target, $125.00, is roughly what TXRH is worth if this bites instead.
Read the full bull and bear case on TXRH, including what would have to change to break either one. Walnut is not an investment adviser.
How is Texas Roadhouse, Inc. (TXRH) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Texas Roadhouse, Inc.'s investor relations page or your broker.
- Revenue (TTM): ~$6.23B
- Net income (TTM): ~$413M
- Diluted EPS (TTM): ~$6.24
- Price / earnings (TTM): ~32x
- Restaurant margin (Q2 2026): ~16.4%
- Market capitalization: ~$13.3B
Fiscal 2025 revenue was ~$5.88 billion, up ~9.4%, and the trailing twelve months through June 2026 add up to ~$6.23 billion. Profitability has not kept pace: trailing net income of ~$413 million against a ~$13.3 billion market value works out to roughly ~32 times earnings, well above where casual dining chains have typically changed hands. The balance sheet is conservative by comparison, with ~$202 million of cash, ~$50 million drawn on the revolver, and ~$439 million of operating cash flow in the first half of 2026 covering ~$179 million of capital spending, ~$99 million of dividends and ~$71 million of buybacks.
Who competes with Texas Roadhouse, Inc. (TXRH)?
Casual dining steak and full-service chains
The direct comparison is Darden Restaurants, whose LongHorn Steakhouse targets the same guest at a similar price point, and Bloomin' Brands, which runs Outback Steakhouse and Fleming's. Brinker International's Chili's has been taking casual dining share on value messaging, and Cracker Barrel competes for the same suburban dinner traffic. These operators buy the same beef in the same market, so relative margin performance tends to come down to pricing discipline and average unit volume rather than access to supply.
Fast casual and the trade-down alternatives
When a household decides a sit-down steak dinner is too expensive, the money usually goes to fast casual or to the grocery store rather than to another steakhouse. Chipotle, Cava, Wingstop and the value menus at large quick-service chains all compete for that displaced occasion at a fraction of the check. This matters more here than for a fine-dining operator because the whole Texas Roadhouse positioning is generous portions at moderate price points, a value promise a competitor can attack directly on price.
Independent steakhouses and regional operators
Much of the full-service steak market is still local: single-location and small-chain steakhouses competing on familiarity and often on price. They are invisible in public company data but they set the ceiling on how much menu pricing a national chain can take in any given market. Texas Roadhouse reviews prices market by market for that reason, which is part of why menu pricing has generally trailed the commodity inflation it absorbs.
What stocks are similar to Texas Roadhouse, Inc. (TXRH)?
Other names that sit close to TXRH: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Texas Roadhouse, Inc. (TXRH)
There are three common ways to get TXRH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TXRH sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where TXRH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Texas Roadhouse, Inc. (TXRH)
Sales at Texas Roadhouse have rarely looked better, and profit per share has stalled anyway, which makes beef costs the single line that decides the next year.
More on Texas Roadhouse, Inc. (TXRH)
Whether TXRH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TXRH a buy or a sell?, and where the stock could go from here in the TXRH stock forecast.
For income investors, whether TXRH pays a dividend and how the payout looks is covered in does TXRH pay a dividend? And to weigh TXRH against a peer, read the full side-by-side comparisons: TXRH vs DRI and TXRH vs EAT.
Wondering how TXRH fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Texas Roadhouse, Inc. with AI
Connect the broker you already use and ask Walnut's AI how TXRH fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Texas Roadhouse actually own and operate?
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As of June 30, 2026 the system had ~832 restaurants, and ~732 of them are company-operated rather than franchised. That splits into ~662 company Texas Roadhouse steakhouses, ~59 Bubba's 33 locations and ~11 Jaggers units, with ~100 franchised restaurants across the three brands including ~62 international Texas Roadhouse locations. The company-owned structure is unusual for a chain this size and is why nearly all revenue is restaurant sales.
What is happening with beef costs?
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Beef drove commodity inflation of ~6.1% in fiscal 2025 and ~7.0% in the second quarter of 2026. Texas Roadhouse locks pricing on roughly 45% of forecast commodity costs and leaves the rest floating, which limits how much of a spike it can absorb in advance. In August 2026 management lowered its full-year commodity inflation expectation to ~5% from ~7%, implying easier comparisons in the back half. That single assumption carries a large share of the 2026 earnings outcome.
How are Bubba's 33 and Jaggers performing?
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Bubba's 33 reached ~59 company restaurants with average unit volume of ~$1.66 million, but comparable sales grew only ~1.3% in the second quarter of 2026 versus ~4.3% in the prior year. Jaggers is much earlier, at ~11 company and ~7 franchised locations. Both are treated as growth vehicles by management, and Bubba's 33 is a separate reportable segment, though at their current size neither materially changes consolidated revenue or margin.
Why is the company buying restaurants back from franchisees?
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Texas Roadhouse spent ~$71.8 million on franchise acquisitions in the first half of 2026 and ~$93.9 million in the same period of 2025, and domestic franchised Texas Roadhouse restaurants fell from ~39 to ~31 over the year. Each acquisition replaces a royalty of a few percent of sales with the full restaurant revenue and the full restaurant cost. It adds meaningfully to reported store week growth, which is why the guided ~5% to ~6% figure is not purely new construction.
Is the dividend covered by cash flow?
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The board declared a quarterly dividend of ~$0.75 per share in August 2026, up from ~$0.68 a year earlier. Dividends paid in the first half of 2026 came to ~$98.7 million against ~$439.2 million of operating cash flow, so coverage is comfortable on a cash basis. The larger call on cash is growth: management guided to ~$400 million of capital expenditures for 2026, alongside ~$70.8 million of buybacks in the first half.
How expensive is TXRH relative to its earnings?
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At roughly ~$203 per share and ~65.6 million shares outstanding, the market value is ~$13.3 billion against trailing net income of ~$413 million, or about ~32 times earnings. That is a premium to the multiples casual dining operators have historically carried, and it embeds an expectation that restaurant margin recovers as commodity inflation eases. If margin percentage keeps drifting down, earnings growth has to come almost entirely from new units and comps.
How would someone invest in Texas Roadhouse?
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TXRH trades on Nasdaq as ordinary common stock, so any US brokerage supporting listed equities can hold it, including brokers that allow fractional share orders. Some investors hold it as a single position and others place it inside a themed grouping such as consumer spending or restaurant operators. Walnut lets you define that grouping with target weights, connect a brokerage account, and track how the position performs against the thesis you wrote. None of this is investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Texas Roadhouse, Inc.'s investor relations page or your broker before making investment decisions.