10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended April 1, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to ______

Commission file number 0-21423

BJ’S RESTAURANTS, INC.

(Exact name of registrant as specified in its charter)

     California

     33-0485615

     (State or other jurisdiction of
incorporation or organization)

     (I.R.S. Employer
Identification Number)

7755 Center Avenue, Suite 300

Huntington Beach, California 92647

(714) 500-2400

Securities registered pursuant to Section 12(b) of the Act:

     Title of Each Class

     Trading
Symbol

     Name of each exchange on which registered

     Common Stock, No Par Value

     BJRI

     NASDAQ Global Select Market

(Address, including zip code, and telephone number, including

area code, of registrant’s principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every interactive data file required to be submitted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


☑	Large accelerated filer	☐	Accelerated filer
☐	Non-accelerated filer	☐	Smaller reporting company
☐	Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

As of May 2, 2025, there were 22,115,837 shares of Common Stock of the Registrant outstanding.

BJ’S RESTAURANTS, INC.

TABLE OF CONTENTS


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements	1

	Consolidated Balance Sheets – April 1, 2025 (Unaudited) and December 31, 2024	1

	Unaudited Consolidated Statements of Operations – Thirteen Weeks Ended April 1, 2025 and April 2, 2024	2
	Unaudited Consolidated Statements of Shareholders’ Equity – Thirteen Weeks Ended April 1, 2025 and April 2, 2024	3
	Unaudited Consolidated Statements of Cash Flows – Thirteen Weeks Ended April 1, 2025 and April 2, 2024	4

	Notes to Unaudited Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	17

Item 4.	Controls and Procedures	18

Item 5.	Other Information	18

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	18

Item 1A.	Risk Factors	18

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	18

Item 6.	Exhibits	20


	SIGNATURES	21

PART I. FINANCIAL INFORMATION

Item 1. CONSOLIDATED FINANCIAL STATEMENTS

BJ’S RESTAURANTS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)


	April 1, 2025		December 31, 2024
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	19,002	$	26,096
Accounts and other receivables, net		16,320		20,402
Inventories, net		12,357		12,768
Prepaid expenses and other current assets		16,400		20,299
Total current assets		64,079		79,565

Property and equipment, net		510,105		510,581
Operating lease assets		331,189		336,936
Goodwill		4,673		4,673
Equity method investment		4,107		4,266
Deferred income taxes, net		63,736		62,318
Other assets, net		41,958		42,725
Total assets	$	1,019,847	$	1,041,064

Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	20,368	$	51,011
Accrued expenses		108,386		105,316
Current operating lease obligations		35,704		39,982
Total current liabilities		164,458		196,309

Long-term operating lease obligations		385,377		394,129
Long-term debt		85,500		66,500
Other liabilities		13,031		14,109
Total liabilities		648,366		671,047

Commitments and contingencies

Shareholders’ equity:
Preferred stock, 5,000 shares authorized, none issued or outstanding		—		—
Common stock, no par value, 125,000 shares authorized and 22,436 and 22,697 shares issued and outstanding as of April 1, 2025 and December 31, 2024, respectively		—		—
Capital surplus		74,061		77,576
Retained earnings		297,420		292,441
Total shareholders’ equity		371,481		370,017
Total liabilities and shareholders’ equity	$	1,019,847	$	1,041,064

See accompanying notes to unaudited consolidated financial statements.

BJ’S RESTAURANTS, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)


	For the Thirteen Weeks Ended
	April 1, 2025		April 2, 2024
Revenues	$	347,973	$	337,334
Restaurant operating costs (excluding depreciation and amortization):
Cost of sales		86,820		84,953
Labor and benefits		125,652		125,021
Occupancy and operating		79,911		76,858
General and administrative		21,752		22,997
Depreciation and amortization		18,277		17,873
Restaurant opening		438

SEC Form 10-Q filed by BJ's Restaurants Inc.