Texas Roadhouse, Inc.

Previous wording

Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the Company in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 792 restaurants in 49 states, one U.S. territory, and ten foreign countries. As of April 1, 2025, our 792 restaurants included:

Current wording

Texas Roadhouse, Inc. is a growing restaurant company operating predominantly in the casual dining segment. Our late founder, W. Kent Taylor, started the Company in 1993 with the opening of the first Texas Roadhouse restaurant in Clarksville, Indiana. Since then, we have grown to three concepts with 797 restaurants in 49 states, one U.S. territory, and ten foreign countries. As of July 1, 2025, our 797 restaurants included:

Previous wording

We have contractual arrangements that grant us the right to acquire at pre-determined formulas the equity interests in 17 of the 19 majority-owned company restaurants and 41 of the 46 systemwide domestic franchise restaurants.

Current wording

We have contractual arrangements that grant us the right to acquire at pre-determined formulas the equity interests in 17 of the 19 majority-owned company restaurants and 39 of the 44 systemwide domestic franchise restaurants.

Previous wording

Throughout this report, the 13 weeks ended April 1, 2025 and March 26, 2024, are referred to as Q1 2025 and Q1 2024, respectively. Fiscal year 2025 will be 52 weeks in length, with the quarters 13 weeks in length. Fiscal year 2024 was 53 weeks in length, with the fourth quarter 14 weeks in length.

Current wording

Throughout this report, the 13 weeks ended July 1, 2025 and June 25, 2024, are referred to as Q2 2025 and Q2 2024, respectively. The 26 weeks ended July 1, 2025 and June 25, 2024, are referred to as 2025 YTD and 2024 YTD, respectively. Fiscal year 2025 will be 52 weeks in length, with the quarters 13 weeks in length. Fiscal year 2024 was 53 weeks in length, with the fourth quarter 14 weeks in length.

Previous wording

expense related to executive officers and Support Center employees, salary and share-based compensation expense related to market partners, software hosting fees, professional fees, group insurance, and the realized and unrealized holding gains and losses related to the investments in our deferred compensation plan.

Current wording

infrastructure to support future growth. This includes salary, incentive-based, and share-based compensation expense related to executive officers and Support Center employees, salary and share-based compensation expense related to market partners, software hosting fees, professional fees, group insurance, and the realized and unrealized holding gains and losses related to the investments in our deferred compensation plan.

Previous wording

Total revenue increased $126.4 million or 9.6% to $1,447.6 million in Q1 2025 compared to $1,321.2 million in Q1 2024 primarily due to an increase in store weeks and comparable restaurant sales. Store weeks and comparable restaurant sales increased 7.1% and 3.5%, respectively, at company restaurants in Q1 2025 compared to Q1 2024. The increase in store weeks was due to the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was due to an increase in our per person average check along with an increase in guest traffic.

Current wording

Total revenue increased $170.9 million or 12.7% to $1,512.1 million in Q2 2025 compared to $1,341.2 million in Q2 2024 primarily due to an increase in store weeks and comparable restaurant sales. Store weeks and comparable restaurant sales increased 7.2% and 5.8%, respectively, at company restaurants in Q2 2025 compared to Q2 2024. The increase in store weeks was due to the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was due to an increase in guest traffic along with an increase in per person average check.

Previous wording

Net income increased $0.5 million or 0.4% to $113.7 million in Q1 2025 compared to $113.2 million in Q1 2024 primarily due to higher restaurant margin dollars, as described below, partially offset by higher depreciation and amortization expenses and higher general and administrative expenses. Diluted earnings per share increased 1.0% to $1.70 in Q1 2025 from $1.69 in Q1 2024 due to the increase in net income and the impact of share repurchases.

Current wording

Net income increased $3.9 million or 3.3% to $124.1 million in Q2 2025 compared to $120.1 million in Q2 2024 primarily due to higher restaurant margin dollars, as described below, partially offset by higher depreciation and amortization expenses and higher general and administrative expenses. Diluted earnings per share increased 4.0% to $1.86 in Q2 2025 from $1.79 in Q2 2024 due to the increase in net income and the impact of share repurchases.

Previous wording

Restaurant margin dollars increased $10.8 million or 4.7% to $239.3 million in Q1 2025 compared to $228.4 million in Q1 2024 primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased to 16.6% in Q1 2025 compared to 17.4% in Q1 2024. The decrease in restaurant margin, as a percentage of restaurant and other sales, was primarily due to commodity inflation of 2.1% and wage and other labor inflation of 4.6% partially offset by higher sales.

Current wording

Restaurant margin dollars increased $14.7 million or 6.1% to $257.3 million in Q2 2025 compared to $242.6 million in Q2 2024 primarily due to higher sales. Restaurant margin, as a percentage of restaurant and other sales, decreased to 17.1% in Q2 2025 compared to 18.2% in Q2 2024. The decrease in restaurant margin, as a percentage of restaurant and other sales, was primarily due to commodity inflation of 5.2% and wage and other labor inflation of 3.8% partially offset by higher sales.

Previous wording

In addition, during the 13 weeks ended April 1, 2025, capital allocation spend included capital expenditures of $77.4 million, franchise acquisitions of $78.3 million, dividends of $45.2 million, and repurchases of common stock of $50.2 million.

Current wording

In addition, during the 13 weeks ended July 1, 2025, capital allocation spend included capital expenditures of $92.5 million, franchise acquisitions of $15.5 million, dividends of $45.1 million, and repurchases of common stock of $9.8 million.

Previous wording

Restaurant and other sales increased 9.6% in Q1 2025 compared to Q1 2024. The following table summarizes certain key drivers and/or attributes of restaurant sales at company restaurants for the periods presented. Company restaurant count activity is shown in the restaurant unit activity table above.

Current wording

Restaurant and other sales increased 12.8% in Q2 2025 compared to Q2 2024 and 11.2% in 2025 YTD compared to 2024 YTD. The following table summarizes certain key drivers and/or attributes of restaurant sales at company restaurants for the periods presented. Company restaurant count activity is shown in the restaurant unit activity table above.

Previous wording

The increase in restaurant sales for Q1 2025 was primarily due to an increase in store weeks and an increase in comparable restaurant sales. The increase in store weeks was driven by the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was driven by an increase in our per person average check along with an increase in guest traffic counts as shown in the table below.

Current wording

The increase in restaurant sales for Q2 2025 and 2025 YTD was primarily due to an increase in store weeks and an increase in comparable restaurant sales. The increase in store weeks was driven by the acquisition of franchise restaurants and new store openings. The increase in comparable restaurant sales was driven by an increase in guest traffic counts along with an increase in our per person average check as shown in the table below.

Previous wording

To-go sales as a percentage of restaurant sales were 13.6% in Q1 2025 compared to 13.1% in Q1 2024.

Current wording

To-go sales as a percentage of restaurant sales were 13.3% in Q2 2025 compared to 12.6% in Q2 2024. To-go sales as a percentage of restaurant sales were 13.4% in 2025 YTD compared to 12.8% in 2024 YTD.

Previous wording

Per person average check includes the benefit of menu price increases of approximately 2.2% and 0.9% implemented in Q2 2024 and Q4 2024, respectively. In addition, we implemented a menu price increase of approximately 1.4% in April 2025.

Current wording

Per person average check includes the benefit of a menu price increase of approximately 1.4% implemented in Q2 2025 and menu price increases of approximately 2.2% and 0.9% implemented in Q2 2024 and Q4 2024, respectively.

Previous wording

In Q1 2025, we opened seven Texas Roadhouse company restaurants and one Bubba’s 33 company restaurant. In 2025, we expect store week growth of approximately 5% across all concepts, including a benefit of 2% from the acquisition of 14 domestic franchise restaurants in Q1 2025, offset by the lapping of the additional week in 2024.

Current wording

In 2025 YTD, we opened nine Texas Roadhouse company restaurants and three Bubba’s 33 company restaurants. In 2025, we expect store week growth of approximately 5% across all concepts, including a benefit of approximately 2% from the acquisitions of 17 domestic franchise restaurants in 2025 YTD, offset by the lapping of the additional week in 2024.

Previous wording

Other sales primarily include the net impact of the amortization of third-party gift card fees and gift card breakage income and content revenue related to our tabletop kiosk devices. The net impact of these amounts was a $6.1 million reduction to other sales in both Q1 2025 and Q1 2024.

Current wording

Other sales primarily include the net impact of the amortization of third-party gift card fees and gift card breakage income and content revenue related to our tabletop kiosk devices. The net impact of these amounts was a $3.9 million and $3.1 million reduction to other sales in Q2 2025 and Q2 2024, respectively, and a $10.0 million and $9.2 million reduction to other sales in 2025 YTD and 2024 YTD, respectively.

Previous wording

Royalties and franchise fees increased by $0.2 million or 3.4% in Q1 2025 compared to Q1 2024. The increase was due to increased royalties related to our royalty-based retail products and comparable franchise restaurant sales growth partially offset by decreased royalties related to the franchise stores that were acquired.

Current wording

Royalties and franchise fees increased by $0.5 million or 6.9% in Q2 2025 compared to Q2 2024 and increased by $0.8 million or 5.2% in 2025 YTD compared to 2024 YTD. The increases were due to increased royalties related to our royalty-based retail products and comparable franchise restaurant sales growth partially offset by decreased royalties related to the franchise stores that were acquired.

Previous wording

Food and beverage costs, as a percentage of restaurant and other sales, increased to 34.1% in Q1 2025 compared to 33.9% in Q1 2024. The increase was primarily driven by commodity inflation of 2.1%, primarily driven by higher beef costs, partially offset by the benefit of a higher average guest check.

Current wording

Food and beverage costs, as a percentage of restaurant and other sales, increased to 34.0% in Q2 2025 compared to 32.7% in Q2 2024 andincreased to 34.0% in 2025 YTD compared to 33.3% in 2024 YTD. The increases were primarily driven by commodity inflation of 5.2% in Q2 2025 and 3.7% in 2025 YTD, primarily driven by higher beef costs, and unfavorable shifts within the menu, partially offset by the benefit of a higher average guest check.

Previous wording

In 2025, we expect commodity inflation of approximately 4%, including the estimated impact of tariffs, with prices locked for approximately 50% of our remaining forecasted costs and the remainder subject to floating market rates.

Current wording

In 2025, we expect commodity inflation of approximately 5%, including the estimated impact of tariffs, with prices locked for approximately 65% of our remaining forecasted costs and the remainder subject to market rates.

Previous wording

Restaurant labor expenses, as a percentage of restaurant and other sales, increased to 33.3% in Q1 2025 compared to 32.5% in Q1 2024. The increase was primarily driven by wage and other labor inflation of 4.6% partially offset by the benefit of a higher average guest check. Wage and other labor inflation was driven by higher wage and benefit expense due to labor market pressures along with increases in state-mandated minimum and tipped wage rates and increased investment in our people.

Current wording

Restaurant labor expenses, as a percentage of restaurant and other sales, increased to 32.9% in Q2 2025 compared to 32.8% in Q2 2024 and increased to 33.1% in 2025 YTD compared to 32.7% in 2024 YTD. The increases were primarily driven by wage and other labor inflation of 3.8% in Q2 2025 and 4.2% in 2025 YTD partially offset by the benefit of a higher average guest check and labor productivity. Wage and other labor inflation was driven by higher wage and benefit expense due to labor market pressures along with increases in state-mandated minimum and tipped wage rates and increased investment in our people.

Previous wording

In 2025, we expect our labor costs will continue to be pressured by wage and other labor inflation of 4% to 5%.

Current wording

In 2025, we expect our labor costs to be pressured by wage and other labor inflation of approximately 4%.

Previous wording

Restaurant rent expense, as a percentage of restaurant and other sales, increased to 1.6% in Q1 2025 compared to 1.5% in Q1 2024. In Q1 2025, higher rent expense at our recently acquired restaurants and newer restaurants was partially offset by the increase in average unit volume.

Current wording

Restaurant rent expense, as a percentage of restaurant and other sales, was 1.5% for all periods presented. In Q2 2025 and 2025 YTD, higher rent expense at our recently acquired restaurants and newer restaurants was offset by the increase in average unit volume.

Previous wording

Restaurant other operating expenses, as a percentage of restaurant and other sales, decreased to 14.4% in Q1 2025 compared to 14.7% in Q1 2024. The decrease in Q1 2025 was driven by a decrease in general liability insurance expense of $3.3 million, as compared to the prior year period, lower incentive compensation expense, and the increase in average unit volume partially offset by an increase in utilities expense and an increase in credit card fee expense.

Current wording

Restaurant other operating expenses, as a percentage of restaurant and other sales, decreased to 14.5% in Q2 2025 compared to 14.8% in Q2 2024 and decreased to 14.5% in 2025 YTD compared to 14.7% in 2024 YTD. The decreases were driven by lower general liability insurance expense of $1.8 million and $5.1 million in Q2 2025 and 2025 YTD, respectively, as compared to the prior year period, as well as lower incentive compensation expense and the increase in average unit volume. The decreases were partially offset by increases in utilities expense and credit card fee expense.

Previous wording

Pre-opening expenses were $6.8 million in Q1 2025 compared to $8.1 million in Q1 2024. Pre-opening costs will fluctuate from quarter to quarter based on specific pre-opening costs incurred for each restaurant, the number and timing of restaurant openings, and the number and timing of restaurant managers hired.

Current wording

Pre-opening expenses were $5.5 million in Q2 2025 compared to $6.2 million in Q2 2024 and $12.3 million in 2025 YTD compared to $14.3 million in 2024 YTD. Pre-opening costs will fluctuate from quarter to quarter based on specific pre-opening costs incurred for each restaurant, the number and timing of restaurant openings, and the number and timing of restaurant managers hired.

Previous wording

Depreciation and amortization expense, as a percentage of total revenue, increased to 3.4% in Q1 2025 compared to 3.1% in Q1 2024. The increase in Q1 2025 was driven by an increase in depreciation expense at our newer restaurants and an increase in intangible asset amortization expense related to the acquisition of 14 franchise restaurants partially offset by the increase in average unit volume.

Current wording

Depreciation and amortization expenses, as a percentage of total revenue, increased to 3.4% in Q2 2025 compared to 3.2% in Q2 2024 and increased to 3.4% in 2025 YTD compared to 3.2% in 2024 YTD. The increases were driven by an increase in depreciation expense at our newer restaurants and an increase in intangible asset amortization expense related to the acquisition of franchise restaurants partially offset by the increase in average unit volume.

Previous wording

Impairment and closure costs, net was not significant in Q1 2025 and was $0.2 million in Q1 2024. In Q1 2024, impairment and closure costs, net included closure costs related to a relocated restaurant.

Current wording

Impairment and closure costs, net were $0.1 million in both Q2 2025 and Q2 2024 and were $0.1 million in 2025 YTD compared to $0.3 million in 2024 YTD. Impairment and closure costs, net in all periods presented included closure costs related to restaurant relocations.

Previous wording

General and administrative expenses, as a percentage of total revenue, decreased to 3.9% in Q1 2025 compared to 4.0% in Q1 2024. In Q1 2025, the increase in average unit volume and lower incentive compensation expense were partially offset by higher restricted stock expense due to the long-term grant of performance based restricted stock to our executive team and a shift in the timing of our restricted stock grants from quarterly to annually.

Current wording

General and administrative expenses, as a percentage of total revenue, decreased to 4.2% in Q2 2025 compared to 4.3% in Q2 2024 and decreased to 4.0% in 2025 YTD compared to 4.2% in 2024 YTD. The decreases were driven by the increase in average unit volume and lower incentive compensation expense partially offset by higher restricted stock expense due to the long-term grant of performance based restricted stock to our executive team and a favorable legal settlement received in Q2 2024.

Previous wording

Interest income, net was $1.3 million and $1.4 million in Q1 2025 and Q1 2024, respectively. The decrease in Q1 2025 was driven by decreased earnings on our cash and cash equivalents.

Current wording

Interest income, net was $1.0 million and $1.7 million in Q2 2025 and Q2 2024, respectively, and was $2.3 million and $3.1 million in 2025 YTD and 2024 YTD, respectively. The decreases were driven by decreased earnings on our cash and cash equivalents.

Previous wording

Our effective tax rate was 14.8% in Q1 2025 compared to 13.9% in Q1 2024. The increase in the tax rate in Q1 2025, as compared to Q1 2024, was primarily due to a decrease in the impact of the FICA tip tax credit.

Current wording

Our effective tax rate was 14.9% in Q2 2025 compared to 15.0% in Q2 2024 and was 14.8% in 2025 YTD compared to 14.5% in 2024 YTD. The decrease in the tax rate in Q2 2025, as compared to Q2 2024, was primarily due to an increase in the impact of the FICA tip tax credit partially offset by a reduction in the stock compensation benefit. The increase in 2025 YTD, as compared to 2024 YTD, was primarily due a reduction in the stock compensation benefit.

Previous wording

In 2025, we expect an effective tax rate of 15% to 16% based on forecasted operating results.

Current wording

In 2025, we expect an effective tax rate of approximately 15% based on forecasted operating results.

Previous wording

In our Texas Roadhouse reportable segment, restaurant margin dollars increased $10.1 million or 4.7% in Q1 2025. The increase was due to higher sales partially offset by commodity inflation and wage and other labor inflation. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 16.7% in Q1 2025 from 17.4% in Q1 2024. Restaurant margin percentage was primarily impacted by commodity inflation and wage and other labor inflation which were partially offset by higher sales.

Current wording

In our Texas Roadhouse reportable segment, restaurant margin dollars increased $13.0 million or 5.7% in Q2 2025 and $23.1 million or 5.2% in 2025 YTD. The increases were due to higher sales partially offset by commodity inflation and wage and other labor inflation. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 17.1% in Q2 2025 from 18.3% in Q2 2024 and decreased to 16.9% in 2025 YTD from 17.8% in 2024 YTD. Restaurant margin percentage was primarily impacted by commodity inflation and wage and other labor inflation which was partially offset by higher sales.

Previous wording

In our Bubba’s 33 reportable segment, restaurant margin dollars increased $0.6 million or 5.0% in Q1 2025. The increase was due to higher sales partially offset by commodity inflation and an increase in general liability insurance expense, utilities expense, and supplies expense. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 16.1% in Q1 2025 from 17.2% in Q1 2024. Restaurant margin percentage was primarily impacted by the increased expenses noted above, which were partially offset by higher sales.

Current wording

In our Bubba’s 33 reportable segment, restaurant margin dollars increased $1.8 million or 14.3% in Q2 2025 and $2.4 million or 9.7% in 2025 YTD. The increases were due to higher sales partially offset by commodity inflation and an increase in general liability insurance expense. In addition, restaurant margin, as a percentage of restaurant and other sales, decreased to 16.7% in Q2 2025 from 17.1% in Q2 2024 and decreased to 16.4% in 2025 YTD from 17.2% in 2024

Previous wording

Net cash provided by operating activities was $237.7 million in Q1 2025 compared to $243.4 million in Q1 2024. This decrease was primarily due to an unfavorable change in working capital partially offset by an increase in depreciation and amortization expense.

Current wording

Net cash provided by operating activities was $366.0 million in 2025 YTD compared to $377.3 million in 2024 YTD. This decrease was primarily due to an unfavorable change in working capital partially offset by an increase in depreciation and amortization expense.

Previous wording

Net cash used in investing activities was $155.6 million in Q1 2025 compared to $74.7 million in Q1 2024. The increase was primarily due to the acquisition of 14 franchise restaurants in Q1 2025.

Current wording

Net cash used in investing activities was $259.5 million in 2025 YTD compared to $146.2 million in 2024 YTD. The increase was primarily due to the acquisition of 17 franchise restaurants in 2025 YTD and an increase in restaurant relocations partially offset by a decrease in the timing of new company restaurant spend.

Previous wording

We require capital principally for the development of new company restaurants, the refurbishment or relocation of existing restaurants, and the acquisition of franchise restaurants, as applicable. We either lease our restaurant site locations under operating leases for periods of five to 30 years (including renewal periods) or purchase the land when appropriate. As of April 1, 2025, we had developed 154 of the 688 company restaurants on land that we own.

Current wording

We require capital principally for the development of new company restaurants, the refurbishment or relocation of existing restaurants, and the acquisition of franchise restaurants, as applicable. We either lease our restaurant site locations under operating leases for periods of five to 30 years (including renewal periods) or purchase the land when appropriate. As of July 1, 2025, we had developed 155 of the 695 company restaurants on land that we own.

Previous wording

Our future capital requirements will primarily depend on the number and mix of new restaurants we open, the timing of those openings, and the restaurant prototype developed in a given fiscal year. These requirements will include costs directly related to opening, maintaining, or relocating restaurants and may also include costs necessary to ensure that our infrastructure is able to support a larger restaurant base.

Current wording

Our future capital requirements will primarily depend on the number and mix of new restaurants we open, the timing of those openings, the restaurant prototype developed in a given fiscal year, and potential franchise acquisitions. These requirements will include costs directly related to opening, maintaining, or relocating restaurants and may also include costs necessary to ensure that our infrastructure is able to support a larger restaurant base.

Previous wording

Net cash used in financing activities was $106.3 million in Q1 2025 compared to $59.6 million in Q1 2024. The increase is primarily due to an increase in share repurchases and an increase in our quarterly dividend payment in Q1 2025.

Current wording

Net cash used in financing activities was $174.9 million in 2025 YTD compared to $138.0 million in 2024 YTD. The increase is primarily due to an increase in share repurchases and an increase in our quarterly dividend payment in 2025 YTD.

Previous wording

On February 19, 2025, our Board approved the payment of a quarterly cash dividend of $0.68 per share of common stock compared to the quarterly dividend of $0.61 per share of common stock declared in 2024. The payment of quarterly dividends totaled $45.2 million and $40.8 million in Q1 2025 and Q1 2024, respectively.

Current wording

On February 19, 2025, our Board approved the payment of a quarterly cash dividend of $0.68 per share of common stock compared to the quarterly dividend of $0.61 per share of common stock declared in 2024. The payments of quarterly dividends totaled $90.3 million and $81.5 million in 2025 YTD and 2024 YTD, respectively.

Previous wording

On May 7, 2025, our Board approved the payment of the Q2 2025 cash dividend of $0.68 per share of common stock. This payment will be distributed on July 1, 2025, to shareholders of record at the close of business on June 3, 2025.

Current wording

On August 6, 2025, our Board approved the payment of the third quarter 2025 cash dividend of $0.68 per share of common stock. This payment will be distributed on September 30, 2025, to shareholders of record at the close of business on September 2, 2025.

Previous wording

During Q1 2025, we paid $50.2 million, excluding excise taxes, to repurchase 281,091 shares of our common stock. This includes $30.0 million repurchased under our prior authorization and $20.2 million repurchased under our current authorization. During Q1 2024, we paid $8.9 million, excluding excise taxes, to repurchase 60,262 shares of our common stock. As of April 1, 2025, $479.8 million remained under our authorized stock repurchase program.

Current wording

During 2025 YTD, we paid $60.0 million, excluding excise taxes, to repurchase 342,789 shares of our common stock. This includes $30.0 million repurchased under our prior authorization and $30.0 million repurchased under our current authorization. During 2024 YTD, we paid $35.1 million, excluding excise taxes, to repurchase 222,666 shares of our common stock. As of July 1, 2025, $470.0 million remained under our authorized stock repurchase program.

Previous wording

On April 24, 2025, we entered into an agreement for a new revolving credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. This new credit facility supersedes and replaces our previous credit facility.

Current wording

On April 24, 2025, we entered into an agreement for a revolving credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. This credit facility superseded and replaced our previous credit facility.

Previous wording

We maintain a credit facility with a syndicate of commercial lenders led by JPMorgan Chase Bank, N.A. and PNC Bank, N.A. The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $300.0 million with the option to increase by an additional $200.0 million subject to certain limitations, including approval by the syndicate of commercial lenders. The credit facility has a maturity date of May 1, 2026.

Current wording

The credit facility is an unsecured, revolving credit agreement and has a borrowing capacity of up to $450.0 million with the option to increase the capacity by an additional $250.0 million subject to certain limitations, including approval by the syndicate of commercial lenders. The credit facility has a maturity date of April 24, 2030.