BRINKER INTERNATIONAL, INC
For the period ended Mar 25, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 25, 2026 · Filed Apr 29, 2026
EAT$206.57-2.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-24; filed 2026-01-28.
0000703351-26-000006
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-25; filed 2026-04-29.
0000703351-26-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 106 previous paragraphs and 105 current paragraphs.
55 unchanged; 38 reworded; 12 added; 12 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 32 previous and 32 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Thirteen and Thirty-Nine Week Periods Ended March 25, 2026 compared to March 26, 2025
Current report
•Food and beverage costs were unfavorable 0.6%, due to and 1.3% of unfavorable commodity costs primarily driven by higher meat, seafood, and poultry and 0.5% of unfavorable menu item mix, partially offset by 1.2% from favorable menu pricing.
Current report
•Restaurant labor was favorable 0.6%, due to 0.5% of sales leverage, 0.4% of lower hourly labor, 0.2% of lower manager bonus, and 0.1% of lower other labor expenses, partially offset by 0.4% of higher manager salaries and 0.2% of higher health insurance.
Current report
Depreciation and amortization increased $0.3 million as follows:
Current report
•Restaurant expenses were favorable 0.2%, due to 1.5% of sales leverage, partially offset by 0.3% of higher advertising, 0.2% of higher delivery fees and to-go supplies, 0.2% of higher repairs and maintenance, 0.2% of higher rent, 0.1% of higher workers' compensation and general liability insurance, and 0.3% of higher other restaurant expenses.
Current report
Depreciation and amortization increased $14.5 million as follows:
Current report
•Chili’s Restaurant labor was favorable 0.8%, due to 0.8% of sales leverage, 0.3% of lower hourly labor, and 0.3% of lower other labor expenses, partially offset by 0.4% of higher manager salaries and 0.2% of higher health insurance.
Current report
•Chili’s Restaurant expenses were unfavorable 0.5%, due to 0.4% of higher repairs and maintenance, 0.3% of higher delivery fees and to-go supplies, 0.2% of higher rent, and 0.4% of higher other restaurant expenses, partially offset by 0.7% of sales leverage and 0.1% of lower workers' compensation and general liability insurance.
Current report
Chili’s Depreciation and amortization increased $1.3 million as follows:
Current report
Chili’s Depreciation and amortization increased $10.6 million as follows:
Current report
•Maggiano’s Restaurant expenses were unfavorable 2.6%, due to 2.5% of sales deleverage, 0.5% of higher delivery fees and to-go supplies, partially offset by 0.3% of lower workers' compensation and general liability insurance and 0.1% of lower other restaurant expenses.
Current report
As of March 25, 2026, the Company had $350.0 million principal amount of 8.25% senior notes which mature in fiscal 2031. The notes are callable beginning July 15, 2026 at the Company’s option, at a redemption price equal to 100.0% of the principal amount redeemed plus an applicable premium if redeemed prior to July 15, 2028 ranging from 4.125% to 2.063%, and accrued and unpaid interest. Management is actively assessing the potential for an early redemption of the notes and may pursue such a transaction in the near term, subject to prevailing market conditions, available liquidity, and the Company’s strategic objectives.
Removed paragraphs (12)
Previous report
Thirteen and Twenty-Six Week Periods Ended December 24, 2025 compared to December 25, 2024
Previous report
•Food and beverage costs were unfavorable 0.2%, due to 1.2% of unfavorable menu item mix and 0.2% of unfavorable commodity costs primarily driven by higher meat and seafood, partially offset by lower poultry and 1.2% from favorable menu pricing.
Previous report
•Restaurant expenses were unfavorable 0.4%, due to 0.6% of higher advertising, 0.4% of higher repairs and maintenance, 0.4% of higher delivery fees and to-go supplies, 0.2% of higher workers' compensation and general liability insurance, and 0.1% of higher rent, partially offset by 1.1% of sales leverage and 0.2% lower other restaurant expenses.
Previous report
Depreciation and amortization increased $6.9 million as follows:
Previous report
•Restaurant expenses were favorable 0.7%, due to 2.0% of sales leverage and 0.1% of lower other restaurant expenses, partially offset by 0.5% of higher advertising, 0.5% of higher delivery fees and to-go supplies, 0.2% of higher workers' compensation and general liability insurance, and 0.2% of higher rent.
Previous report
Depreciation and amortization increased $14.2 million as follows:
Previous report
•Chili’s Restaurant labor was favorable 0.4%, due to 1.6% of sales leverage, partially offset by 0.6% of higher hourly labor driven by increased staffing levels and wage rates, 0.3% of higher manager salaries, and 0.3% of higher health insurance.
Previous report
Chili’s Depreciation and amortization increased $5.7 million as follows:
Previous report
•Chili’s Restaurant labor was favorable 0.9%, due to 2.6% of sales leverage, partially offset by 1.2% of higher hourly labor driven by increased staffing levels and wage rates, 0.3% of higher manager salaries, and 0.2% of higher health insurance.
Previous report
Chili’s Depreciation and amortization increased $11.9 million as follows:
Previous report
•Maggiano’s Restaurant expenses were unfavorable 4.3%, due to 1.8% of sales deleverage, 0.9% of higher delivery fees and to-go supplies, 0.6% of higher advertising, 0.5% of higher workers' compensation and general liability insurance, 0.4% of higher repairs and maintenance, and 0.1% of higher other restaurant expenses.
Previous report
Cash Flows from Financing Activities
Reworded paragraphs (38)
Previous wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand our Company, our operations and our current operating environment. For an understanding of the significant factors that influenced our performance during the thirteen and twenty-six week periods ended December 24, 2025 and December 25, 2024. The MD&A should be read in conjunction with the Consolidated Financial Statements (Unaudited) and related Notes to Consolidated Financial Statements (Unaudited) included in this quarterly report. All amounts within the MD&A are presented in millions unless otherwise specified.
Current wording
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand our Company, our operations and our current operating environment. For an understanding of the significant factors that influenced our performance during the thirteen and thirty-nine week periods ended March 25, 2026 and March 26, 2025. The MD&A should be read in conjunction with the Consolidated Financial Statements (Unaudited) and related Notes to Consolidated Financial Statements (Unaudited) included in this quarterly report. All amounts within the MD&A are presented in millions unless otherwise specified.
Previous wording
We own, develop, operate and franchise the Chili’s® Grill & Bar (“Chili’s”) and Maggiano’s Little Italy® (“Maggiano’s”) restaurant brands. As of December 24, 2025, we owned, operated or franchised 1,627 restaurants, consisting of 1,160 Company-owned restaurants and 467 franchised restaurants, located in the United States, 27 other countries and two United States territories. Our operating segments are Chili’s and Maggiano’s.
Current wording
We own, develop, operate and franchise the Chili’s® Grill & Bar (“Chili’s”) and Maggiano’s Little Italy® (“Maggiano’s”) restaurant brands. As of March 25, 2026, we owned, operated or franchised 1,632 restaurants, consisting of 1,162 Company-owned restaurants and 470 franchised restaurants, located in the United States, 28 other countries and two United States territories. Our operating segments are Chili’s and Maggiano’s.
Previous wording
Franchise Partnerships -During the twenty-six week period ended December 24, 2025, there were 10 new franchise restaurant openings and one new development agreement. We plan to strategically pursue expansion of Chili’s internationally through development agreements with new and existing franchise partners.
Current wording
Franchise Partnerships -During the thirty-nine week period ended March 25, 2026, there were 20 new franchise restaurant openings and two new development agreements. We plan to strategically pursue expansion of Chili’s internationally through development agreements with new and existing franchise partners.
Previous wording
Company Development - The following table details the number of restaurant openings during the thirteen and twenty-six week periods ended December 24, 2025 and December 25, 2024, respectively, total full year projected openings in fiscal 2026 and the total restaurants open at each period end:
Current wording
Company Development - The following table details the number of restaurant openings during the thirteen and thirty-nine week periods ended March 25, 2026 and March 26, 2025, respectively, total full year projected openings in fiscal 2026 and the total restaurants open at each period end:
Previous wording
During the thirteen week period ended December 24, 2025, we purchased the land and buildings for one restaurant that was previously leased. As of December 24, 2025, we own property for 55 of the 1,160 Company-owned restaurants and one closed restaurant. The net book values associated with these restaurants included land of $45.2 million and buildings of $19.6 million.
Current wording
During the thirty-nine week period ended March 25, 2026, we purchased the land and buildings for two restaurants that were previously leased. As of March 25, 2026, we own property for 56 of the 1,162 Company-owned restaurants and one closed restaurant. The net book values associated with these restaurants included land of $46.0 million and buildings of $24.5 million.
Previous wording
(2)Franchise revenues increased in the thirteen and twenty-six week periods ended December 24, 2025 compared to December 25, 2024 primarily because of higher royalties. The table below presents sales from our franchisees:
Current wording
(2)Franchise revenues increased in the thirteen and thirty-nine week periods ended March 25, 2026 compared to March 26, 2025 primarily because of higher royalties. The table below presents sales from our franchisees:
Previous wording
The table below presents the percentage change in comparable restaurant sales and restaurant capacity for the thirteen and twenty-six week periods ended December 24, 2025 compared to December 25, 2024:
Current wording
The table below presents the percentage change in comparable restaurant sales and restaurant capacity for the thirteen and thirty-nine week periods ended March 25, 2026 compared to March 26, 2025:
Previous wording
•Chili’s Restaurant expenses were unfavorable 0.1%, due to 0.6% of higher advertising, 0.4% of higher repairs and maintenance, 0.3% of higher delivery fees and to-go supplies, and 0.3% of higher rent, partially offset by 1.5% of sales leverage.
Current wording
•Restaurant expenses were unfavorable 0.5%, due to 0.3% of higher repairs and maintenance, 0.3% of higher delivery fees and to-go supplies, 0.2% of higher rent, and 0.2% higher other restaurant expenses, partially offset by 0.5% of sales leverage.
Previous wording
General and administrative expenses increased $6.6 million as follows:
Current wording
General and administrative expenses increased $0.1 million as follows:
Previous wording
Interest expenses decreased $4.0 million primarily due to the lower average revolver balance during the current year.
Current wording
Interest expenses decreased $3.1 million primarily due to the lower average revolver balance during the current year.
Previous wording
•Food and beverage costs were unfavorable 0.4%, due to 1.2% of unfavorable menu item mix and 0.3% of unfavorable commodity costs primarily driven by meat and seafood, partially offset by 1.1% favorable menu pricing.
Current wording
•Food and beverage costs were unfavorable 0.5%, due to 0.9% of unfavorable menu item mix and 0.7% of unfavorable commodity costs primarily driven by meat and seafood, partially offset by 1.1% favorable menu pricing.
Previous wording
•Restaurant labor was favorable 0.7%, due to 2.2% of sales leverage and 0.1% of lower other labor expenses, partially offset by 1.1% of higher hourly labor driven by increased staffing levels and wage rates, 0.3% of higher manager salaries, and 0.2% of higher health insurance.
Current wording
•Restaurant labor was favorable 0.7%, due to 1.5% of sales leverage, 0.1% of lower manager bonus, and 0.2% of lower other labor expenses, partially offset by 0.5% of higher hourly labor, 0.4% of higher manager salaries, and 0.2% of higher health insurance.
Previous wording
General and administrative expenses increased $12.0 million as follows:
Current wording
General and administrative expenses increased $12.1 million as follows:
Previous wording
Interest expenses decreased $7.8 million primarily due to the lower average outstanding debt balances.
Current wording
Interest expenses decreased $10.9 million primarily due to the lower average outstanding debt balances.
Previous wording
The federal statutory tax rate was 21.0% for the thirteen and twenty-six week periods ended December 24, 2025 and December 25, 2024.
Current wording
The federal statutory tax rate was 21.0% for the thirteen and thirty-nine week periods ended March 25, 2026 and March 26, 2025.
Previous wording
The change in the effective income tax rate in the thirteen week period ended December 24, 2025 to the thirteen week period ended December 25, 2024 is primarily due to higher Income before income taxes and resulting deleverage of the FICA tip tax credit. The change in the effective income tax rate in the twenty-six week period ended December 24, 2025 to the twenty-six week period ended December 25, 2024 is primarily due to significantly higher excess tax benefits from stock based compensation of $11.9 million in fiscal 2026, partially offset by higher Income before income taxes and resulting deleverage of the FICA tip tax credit.
Current wording
The change in the effective income tax rate in the thirteen week period ended March 25, 2026 to the thirteen week period ended March 26, 2025 is primarily due to higher Income before income taxes and resulting deleverage of the FICA tip tax credit. The change in the effective income tax rate in the thirty-nine week period ended March 25, 2026 to the thirty-nine week period ended March 26, 2025 is primarily due to significantly higher excess tax benefits from stock based compensation of $12.4 million in fiscal 2026, partially offset by higher Income before income taxes and resulting deleverage of the FICA tip tax credit.
Previous wording
H.R. 1., also known as the One Big Beautiful Bill Act (OBBBA), was enacted on July 4, 2025. The legislation included several provisions that impact the timing and magnitude of certain tax deductions, including restoring 100% bonus depreciation for qualifying property. We have applied the key provisions impacting our financial position for the thirteen and twenty-six week periods ended December 24, 2025, and will continue to assess the potential impacts on our financial position, results of operations and cash flows as additional guidance from the OBBBA is issued.
Current wording
H.R. 1., also known as the One Big Beautiful Bill Act (OBBBA), was enacted on July 4, 2025. The legislation included several provisions that impact the timing and magnitude of certain tax deductions, including restoring 100% bonus depreciation for qualifying property. We have applied the key provisions impacting our financial position for the thirteen and thirty-nine week periods ended March 25, 2026, and will continue to assess the potential impacts on our financial position, results of operations and cash flows as additional guidance from the OBBBA is issued.
Previous wording
Chili’s Total revenues increased by 9.0% primarily due to favorable comparable restaurant sales driven by menu pricing, higher traffic, and favorable menu item mix. Refer to “Revenues” section above for further details about Chili’s revenues changes.
Current wording
Chili’s Total revenues increased by 4.5% primarily due to favorable comparable restaurant sales driven by menu pricing, partially offset by lower traffic. Refer to “Revenues” section above for further details about Chili’s revenues changes.
Previous wording
•Chili’s Food and beverage costs were favorable 0.1%, due to 1.2% from favorable menu pricing, partially offset by 0.9% of unfavorable menu item mix and 0.2% of unfavorable commodity costs primarily driven by meat and seafood, partially offset by lower poultry.
Current wording
•Chili’s Food and beverage costs were unfavorable 0.6%, due to 1.4% of unfavorable commodity costs primarily driven by meat, seafood, and poultry and 0.4% of unfavorable menu item mix, partially offset by 1.2% from favorable menu pricing.
Previous wording
Chili’s General and administrative increased $2.4 million as follows:
Current wording
Chili’s General and administrative increased $0.5 million as follows:
Previous wording
Chili’s Total revenues increased by 14.6% primarily due to favorable comparable sales driven by higher traffic, menu pricing, and favorable menu item mix. Refer to “Revenues” section above for further details about Chili’s revenues changes.
Current wording
Chili’s Total revenues increased by 10.9% primarily due to favorable comparable sales driven by higher traffic, menu pricing, and favorable menu item mix. Refer to “Revenues” section above for further details about Chili’s revenues changes.
Previous wording
•Chili’s Food and beverage costs were unfavorable 0.1%, due to 0.9% of unfavorable menu item mix and 0.3% of unfavorable commodity costs primarily driven by higher meat and seafood, partially offset by 1.1% from favorable menu pricing.
Current wording
•Chili’s Food and beverage costs were unfavorable 0.3%, due to 0.8% of unfavorable commodity costs primarily driven by higher meat and seafood, 0.6% of unfavorable menu item mix, partially offset by 1.1% from favorable menu pricing.
Previous wording
•Restaurant labor was favorable 0.3%, due to 1.3% of sales leverage and 0.1% of lower other labor expenses, partially offset by 0.6% of higher hourly labor driven by increased staffing levels and wage rates, 0.3% of higher health insurance, and 0.2% of higher manager salaries.
Current wording
•Chili’s Restaurant labor was favorable 0.9%, due to 2.1% of sales leverage and 0.1% of lower other labor expenses, partially offset by 0.6% of higher hourly labor, 0.5% of higher manager salaries, and 0.2% of higher health insurance.
Previous wording
•Chili’s Restaurant expenses were favorable 1.1%, due to 2.5% of sales leverage, partially offset by 0.5% of higher advertising, 0.4% of higher delivery fees and to-go supplies, 0.2% of higher workers' compensation and general liability insurance, 0.2% of higher rent, and 0.1% of higher other restaurant expenses.
Current wording
•Chili’s Restaurant expenses were favorable 0.5%, due to 1.9% of sales leverage, partially offset by 0.3% of higher advertising, 0.3% of higher delivery fees and to-go supplies, 0.2% of higher repairs and maintenance, 0.2% of higher rent, 0.1% of higher workers' compensation and general liability insurance, and 0.3% of higher other restaurant expenses.
Previous wording
Chili’s General and administrative increased $3.3 million as follows:
Current wording
Chili’s General and administrative increased $3.8 million as follows:
Previous wording
Maggiano’s Total revenues decreased 9.1% primarily due to unfavorable comparable restaurant sales and unfavorable impact of restaurant closures. Unfavorable comparable restaurant sales were driven by lower traffic, partially offset by menu pricing. Refer to “Revenues” section above for further details about Maggiano’s revenues changes.
Current wording
Maggiano’s Total revenues decreased 11.1% primarily due to unfavorable comparable restaurant sales and unfavorable impact of restaurant closures. Unfavorable comparable restaurant sales were driven by lower traffic partially offset by menu pricing. Refer to “Revenues” section above for further details about Maggiano’s revenues changes.
Previous wording
•Maggiano’s Food and beverage costs were unfavorable 2.6%, due to 3.0% unfavorable menu item mix and 0.7% of unfavorable commodity costs primarily driven by meat and seafood, partially offset by lower dairy and 1.1% from favorable menu pricing.
Current wording
•Maggiano’s Food and beverage costs were unfavorable 1.3%, due to 1.5% unfavorable menu item mix and 0.8% of unfavorable commodity costs primarily driven by meat, poultry, and seafood, partially offset by lower dairy and 1.0% from favorable menu pricing.
Previous wording
•Maggiano’s Restaurant labor was unfavorable 0.9%, due to 1.6% of sales deleverage and 0.3% of higher health insurance, partially offset by 0.7% of lower manager bonus and 0.3% of lower other labor expenses.
Current wording
•Maggiano’s Restaurant labor was unfavorable 0.8%, due to 2.1% of sales deleverage and 0.2% of higher health insurance, partially offset by 0.9% of lower hourly labor and 0.6% of lower manager bonus.
Previous wording
Maggiano’s Total revenues decreased 9.7% primarily due to unfavorable impact of restaurant closures and unfavorable comparable restaurant sales driven by lower traffic partially offset by menu pricing. Refer to “Revenues” section above for further details about Maggiano’s revenues changes.
Current wording
Maggiano’s Total revenues decreased 9.8% primarily due to unfavorable comparable restaurant sales and unfavorable impact of restaurant closures. Unfavorable comparable restaurant sales were driven by lower traffic, partially offset by menu pricing. Refer to “Revenues” section above for further details about Maggiano’s revenues changes.
Previous wording
•Maggiano’s Food and beverage costs were unfavorable 2.3%, due to 2.8% of unfavorable menu item mix and 0.6% of unfavorable commodity costs primarily driven by higher meat and seafood, partially offset by lower dairy and 1.1% from favorable menu pricing.
Current wording
•Maggiano’s Food and beverage costs were unfavorable 1.9%, due to 2.5% of unfavorable menu item mix and 0.5% of unfavorable commodity costs primarily driven by higher meat and seafood, partially offset by lower dairy and 1.1% from favorable menu pricing.
Previous wording
•Maggiano’s Restaurant labor was unfavorable 1.9%, due to 1.7% of sales deleverage, 0.2% of higher health insurance, and 0.4% of higher other labor expenses, partially offset by 0.4% of lower manager bonus.
Current wording
•Maggiano’s Restaurant labor was unfavorable 1.5%, due to 1.7% of sales deleverage, 0.2% of higher health insurance, and 0.4% of higher other labor expenses, partially offset by 0.5% of lower manager bonus and 0.3% of lower hourly labor.
Previous wording
•Maggiano’s Restaurant expenses were unfavorable 3.2%, due to 1.8% of sales deleverage, 0.7% of higher delivery fees and to-go supplies, 0.5% of higher workers' compensation and general liability insurance, and 0.3% of higher repairs and maintenance, partially offset by 0.1% of lower other restaurant expenses.
Current wording
•Maggiano’s Restaurant expenses were unfavorable 3.8%, due to 2.0% of sales deleverage, 0.7% of higher delivery fees and to-go supplies, 0.5% of higher advertising, 0.3% of higher workers' compensation and general liability insurance, and 0.3% of higher repairs and maintenance.
Previous wording
Net cash provided by operating activities increased due to an increase in operating income partially offset by an increase in payments of performance-based compensation and the timing of other operational receipts and payments.
Current wording
Net cash provided by operating activities increased due to an increase in operating income and a decrease in interest paid, partially offset by an increase in payments of performance-based compensation and the timing of other operational receipts and payments.
Previous wording
Net cash used in investing activities increased compared to the prior year primarily due to increased spend on construction of new restaurants and spend related to Maggiano’s reimages, partially offset by decreased spend on capital maintenance and equipment.
Current wording
Net cash used in investing activities decreased compared to the prior year primarily due to decreased spend on restaurant and IT equipment and capital maintenance, partially offset by increased spend on Maggiano’s reimages and the construction of new restaurants.
Previous wording
Net cash used in financing activities decreased slightly primarily due to a decrease in net repayments of long-term debt as a result of the prior year payoff of our $350.0 million 5.00% notes, offset by an increase in share repurchase activity in fiscal 2026 compared to fiscal 2025.
Current wording
Net cash used in financing activities increased slightly due to an increase in share repurchase activity in fiscal 2026 compared to fiscal 2025 and a decrease in proceeds received from stock option exercises, partially offset by a decrease in net repayments of long-term debt primarily due to the payoff of our $350.0 million 5.00% notes in the prior year.
Previous wording
Our $1.0 billion revolving credit facility, as amended, matures on May 1, 2030 and bears interest at a rate of SOFR plus an applicable margin of 1.25% to 2.00% and an undrawn commitment fee of 0.20% to 0.30%, both based on a function of our debt-to-cash-flow ratio. As of December 24, 2025, our interest rate was 4.98% consisting of SOFR of 3.73% plus the applicable margin of 1.25%.
Current wording
Our $1.0 billion revolving credit facility, as amended, matures on May 1, 2030 and bears interest at a rate of SOFR plus an applicable margin of 1.25% to 2.00% and an undrawn commitment fee of 0.20% to 0.30%, both based on a function of our debt-to-cash-flow ratio. As of March 25, 2026, our interest rate was 4.93% consisting of SOFR of 3.68% plus the applicable margin of 1.25%. As of March 25, 2026, $969.9 million of credit was available under the revolving credit facility. Availability under the revolving credit facility was reduced by a $30.1 million letter of credit as of March 25, 2026. Refer to Note 7 - Commitments and Contingencies for further information about our letters of credit.
Previous wording
In the twenty-six week period ended December 24, 2025, we repurchased 1.8 million shares of our common stock for $235.0 million, including 1.5 million shares purchased for $192.0 million as part of our share repurchase program and 0.3 million shares purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. As of December 24, 2025, approximately $315.0 million of share repurchase authorization remains under the current share repurchase program.
Current wording
In the thirty-nine week period ended March 25, 2026, we repurchased 2.5 million shares of our common stock for $343.4 million, including 2.2 million shares purchased for $300.0 million as part of our share repurchase program and 0.3 million shares purchased from team members to satisfy tax withholding obligations on the vesting of restricted shares. These withheld shares of common stock are not considered common stock repurchases under our authorized common stock repurchase plan. As of March 25, 2026, approximately $207.0 million of share repurchase authorization remains under the current share repurchase program.
Previous wording
During the first quarter of fiscal 2026, we entered into long-term purchase obligations for various marketing programs, primarily media purchases. Payments remaining under these contracts are $5.5 million in fiscal 2026, $21.2 million in fiscal 2027, $21.1 million in fiscal 2028, and $4.4 million in fiscal 2029.
Current wording
During the first quarter of fiscal 2026, we entered into long-term purchase obligations for various marketing programs, primarily media purchases. Payments remaining under these contracts are $4.5 million in fiscal 2026, $21.2 million in fiscal 2027, $21.1 million in fiscal 2028, and $4.4 million in fiscal 2029.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
During the twenty-six week period ended December 24, 2025, net borrowings of $20.0 million were drawn on the revolving credit facility. Additionally, availability was reduced by a $30.1 million letter of credit as of December 24, 2025. Refer to Note 7 - Commitments and Contingencies for further information about our letters of credit. As of December 24, 2025, $949.9 million of credit was available under the revolving credit facility.