Not Immune From Quick Service Burger Challenges

研报英文原文证据摘录

Not Immune From Quick Service Burger Challenges

Restaurants

Jack In The Box

TD SECURITIES (USA) LLC ESTIMATE CHANGES

May 13, 2026

Price: $12.79 (05/13/2026) Not Immune From Quick Service Burger

Price Target: $12.00 Challenges

HOLD (2)

ESG SCORE: 54/100

Andrew M. Charles, CFA THE TD COWEN INSIGHT

646 562 1332

Within lowered 2026 SSS guidance of -LSD%, management is embedding a 2H recovery

andrew.charles@tdsecurities.com

from operational improvement and marketing while lapping easier comparisons. We are

Agnes Lim encouraged by progress with Jack on Track on lowering the leverage ratio and pruning

646 562 1365 underperforming stores that should benefit the system health longer term, though the

agnes.lim@tdsecurities.com

company still has its work cut out.

Zach Ogden, CFA

646 562 1355 Lowering F2026 Same Store Sales to -2.8% From -2.0%

zach.ogden@tdsecurities.com

Jack lowered 2026 SSS guidance to -LSD%, from -1% to +1% previously, following 2Q's miss.

Key Data Mgmt noted flattish QTD SSS with expectation for a positive exit rate into 4Q. We note

Symbol NYSE: JACK

pre-release consensus 3Q and 4Q were at 1.7% and 2.7% respectively. Encouragingly, 2Q's

Beta: 1.47 negative transaction growth improved throughout the quarter. Meanwhile, Jack will roll over

52-Week Range: $25.67-$9.40 value efforts in F3Q25 that mgmt expects will benefit 3Q check growth.

Market Cap: $243.5MM

We lower our 3Q and 4Q SSS to Flat and 1%, from 1.9% and 2.5% previously. Mgmt noted

Net Debt (MM): $2,530.6

2H26 SSS inflection will mainly be driven by operational improvement, demand during 3Q's

Cash/Share: $(0.51)

World Cup, bringing back of Jibbies merchandise, upcoming Hot Ones promotions and an

Dil. Shares Out (MM): 19.2

undisclosed collaboration in F4Q that mgmt expects to be impactful.