BJ‘s Restaurants, Inc. (BJRI.O): Setting the Table for 2Q26: Expect Beat and Raise

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BJ‘s Restaurants, Inc. (BJRI.O): Setting the Table for 2Q26: Expect Beat and Raise

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17 Jul 2026 16:48:11 ET │ 15 pages

BJ's Restaurants, Inc. (BJRI.O)

Setting the Table for 2Q26: Expect Beat and Raise

CITI'S TAKE

2Q26 comps likely exceed Street expectations (+5.5%/+2.4%, Citi/Street)

and should prompt BJRI to boost its FY26 top- and bottom-line guidance.

Stronger top-line growth was driven by a mix of strong everyday value Neutral / High Risk

options (e.g., Pizookie Meal Deal), new product news (e.g., Wagyu burger), Price (17 Jul 26 16:00) US$67.49

and tailwinds from the World Cup. The new chicken sandwich platform (and

World Cup) should support continued top-line momentum into F3Q, with Target price US$68.00↑

ops initiatives supporting restaurant profit and EBITDA growth, which sets from US$47.00

the stage well for ramping store growth into ‘27. The stock’s strong YTD Expected share price return 0.8%performance suggests investors are increasingly buying into the idea that

BJRI can deliver top-line growth (comps + units) alongside steady margin Expected dividend yield 0.0%

expansion, which we think remains critical to further multiple Expected total return 0.8%

expansion/relative price outperformance. Market Cap US$1,418M

Key topics/questions for the call — 2Q26 EPS expected 7/30 AMC, call 5:00PM

ET. (1) How has the new chicken sandwich lineup (inc. the PMD addition) performed

relative to expectations? Any meaningful improvements in handheld mix, attach

Price Performancerates, or incremental traffic post-launch? (2) As PMD evolves, has BJRI settled on its

LT pricing architecture? Is maintaining the sub-$20 price point still the objective? Is (RIC: BJRI.O, BB: BJRI US)

BJRI encouraging consumers to trade up to more premium menu offerings? (3) Any