Brinker International Inc (EAT)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Dec 23, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 460,000 | 385,800 | 295,900 | 200,000 | 164,900 | 151,700 | 148,400 | 129,700 | 90,800 | 80,000 | 68,100 | 70,100 | 115,200 | 169,600 | 169,300 | 148,400 | 143,200 | 65,000 | 36,800 | -39,500 |
| Revenue (ttm) | US$ in thousands | 5,384,200 | 5,130,500 | 4,825,700 | 4,541,600 | 4,415,100 | 4,282,400 | 4,245,300 | 4,190,200 | 4,133,200 | 4,079,200 | 3,976,400 | 3,883,200 | 3,804,100 | 3,791,200 | 3,639,200 | 3,474,100 | 3,358,400 | 3,089,900 | 3,001,600 | 2,804,100 |
| Pretax margin | 8.54% | 7.52% | 6.13% | 4.40% | 3.73% | 3.54% | 3.50% | 3.10% | 2.20% | 1.96% | 1.71% | 1.81% | 3.03% | 4.47% | 4.65% | 4.27% | 4.26% | 2.10% | 1.23% | -1.41% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $460,000K ÷ $5,384,200K
= 8.54%
The pretax margin of Brinker International Inc. exhibits notable fluctuations over the analyzed period, reflecting evolving financial performance and operational conditions. In the fiscal year ending December 2020, the pretax margin declined sharply from a positive 1.23% as of December 31, 2020, to a negative -1.41% observed earlier in December 2020, indicating initial challenges in profitability. This negative trend aligns with broader economic disruptions experienced during that period, possibly exacerbated by impacts such as the COVID-19 pandemic.
Subsequently, from March 31, 2021, onwards, the pretax margin generally recovered and increased steadily, reaching a peak of 4.65% by the end of December 2021. This upward trajectory suggests improved operational efficiency and a rebound in profitability, likely driven by recovery efforts and increased customer activity.
During the first half of 2022, the pretax margin experienced a decline, dropping from 4.47% on March 31, 2022, to 1.81% as of September 30, 2022. Such decrease may reflect rising costs, competitive pressures, or other operational challenges. The margin remained relatively modest through the end of 2022, at around 1.71%, before showing slight improvement in 2023, standing at 1.96% in March and 2.20% in June, with subsequent increases.
From September 2023 onward, a clear upward trend is observed; the pretax margin improved from 3.10% to 3.50% at year-end, continuing to increase to 3.54% in March 2024, 3.73% in June 2024, and notably reaching 4.40% by September 2024. This pattern indicates a sustained enhancement in profitability margins. Projections for late 2024 and into 2025 show continued growth, with estimated pretax margins advancing to 6.13% in December 2024, and further increasing to 7.52% in March 2025 and 8.54% by June 2025.
Overall, the pretax margin of Brinker International Inc. has demonstrated a trend of initial decline during the early stages of the pandemic period, followed by a resilient recovery characterized by gradual and sustained improvement. The recent and projected increases suggest ongoing operational improvements, possibly due to strategic initiatives, cost management, or favorable market conditions contributing to enhanced profitability before taxation.
Peer comparison
Jun 30, 2025