Brinker (EAT) Meeting Takeaways…

Research evidence excerpt

Brinker (EAT) Meeting Takeaways…

Consumer

BRINKER INTERNATIONAL (EAT) May 18, 2026

Brinker (EAT) Meeting Takeaways… Rating:

OutperformWe caught up with Brinker's Kim Sanders (Head of IR) and had the following key Price:

takeaways. $137.22

Price Target:

●The Big Crispy chicken sandwich is exceeding expectations, selling more $184

units post-launch vs. pre-launch and outpacing both the prior launches in % Upside:

volume. 34.1%

●New guests are being retained at an accelerating rate, with visit frequency Source: FactSet, Wolfe Research

quickly mirroring that of existing guests. Triple Dipper mix has held steady Priced as of 05/15/26

at ~16% despite lapping large comparisons, and management sees no signs

of the customer base leaking out the bottom of the funnel.

●Remodel returns are encouraging, with the lower-cost package producing

equivalent or better sales lifts vs. the more expensive version, supporting a

ramp to 60-80 units in FY27.

Margaret-May Binshtok

mbinshtok@wolferesearch.com

The Big Crispy is driving traffic without cannibalizing mix. The chicken sandwich (646) 582-9348 View EAT Model

launched onto the $10.99 Three for Me tier, replacing the Big Smasher, which

was moved up to $12.99 - a transition guests have largely followed. Management Greg Badishkanian

gbadishkanian@wolferesearch.com

deliberately limits the $10.99 tier to ~2 items to control mix, and sauced and deluxe (646) 582-9340

versions on the core menu support trade-up. The sandwich is performing ahead View Greg’s Research

of test market results, with management attributing the upside to second-week Catherine Lee

marketing support and a macro environment where value resonates. The social rollout clee@wolferesearch.com

is structured in three waves: (1) an abundance vs.