Jack in the Box, Inc (JACK.O): Setting The Table for F3Q26: Potentially Drafting Off Disruption

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Jack in the Box, Inc (JACK.O): Setting The Table for F3Q26: Potentially Drafting Off Disruption

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28 Jul 2026 19:26:58 ET │ 16 pages

Jack in the Box, Inc (JACK.O)

Setting The Table for F3Q26: Potentially Drafting Off Disruption

CITI'S TAKE

Through the quarter, shares were increasingly willing to give JACK credit for

another Qtr of improving SSS momentum and the potential for a return to

positive, and more recently JACK appears to be getting a bump from Neutral / High Risk

Cyclospora-driven share gains (outsized geo/demo/menu overlap with Taco Price (28 Jul 26 16:00) US$16.16

Bell). We expect the message continues to be progress on turnaround

initiatives, but we don’t feel the need to chase the more recent run without Target price US$17.00↑

a firmer feeling that the franchisee feedback loop has moved to offense and from US$14.00

out-year numbers are de-risked across multiple fronts (SSS, capital or other Expected share price return 5.2%investments into franchise base, company exposure to unproven markets).

Expected dividend yield 0.0%

Key topics/questions for the call — F3Q26 earnings due 8/12, call 5PM ET. (1) Expected total return 5.2%

What does JACK think the “net” impact of Cyclospora has been, with some data Market Cap US$308M

suggesting it is benefitting from sales declines at TB? What is it doing proactively to

protect its food supply? (2) Updates on CEO search and any potential timelines? (3)

Current performance of Red Bull infusion drinks & how JACK is preparing for a large

competitor to launch beverages with the same partner? (4) Progress on menu

Price Performancesimplification and other BOH initiatives. Is there a way to quantify the benefits to

company/franchise profitability? (5) Cadence of store closures from here. Is JACK (RIC: JACK.O, BB: JACK US)