Business Description

Overview Red Robin Gourmet Burgers, Inc., a Delaware corporation, is the parent company for Red Robin International, Inc., a Nevada corporation, that, together with its subsidiaries, primarily operates, franchises, and develops casual dining restaurants in North America famous for serving more than 20 craveable, high-quality burgers with Bottomless Steak Fries ® and sides in a fun environment welcoming to guests of all ages. We opened the first Red Robin ® restaurant in Seattle, Washington in September 1969. In 1979, the first franchised Red Robin restaurant was opened in Yakima, Washington. In 2001, we formed Red Robin Gourmet Burgers, Inc. and consummated a reorganization of the Company. In 2002, we completed our initial public offering, listing on The Nasdaq Global Select Market. Unless otherwise provided in this Annual Report on Form 10-K, references to "Red Robin," "we," "us," "our", or the "Company" refer to Red Robin Gourmet Burgers, Inc. and its consolidated subsidiaries. As of the end of our fiscal year on December 28, 2025, there were 475 Red Robin locations in North America. As of December 28, 2025, the Company owned 385 restaurants located in 39 states, and had 90 franchised restaurants in 13 states and one Canadian province. Our franchisees are independent organizations to whom we provide certain support. See "Restaurant Franchise and Licensing Arrangements" for additional information about our franchise program. The Company operates its business as one operating and one reportable segment. Financial information for our operating segment is included in the Notes to the Consolidated Financial Statements in Part II, Item 8 Financial Statements and Supplementary Data of this Annual Report on Form 10-K. The Company's fiscal year is 52 or 53 weeks ending the last Sunday of the calendar year. We refer to our fiscal years as 2025, 2024, and 2023 throughout this Annual Report on Form 10-K. Our fiscal years, fiscal year end dates, and the number of weeks in each period are summarized in the table below: Fiscal Year Year End Date Number of Weeks in Fiscal Year Current and Prior Fiscal Years: 2025 December 28, 2025 52 2024 December 29, 2024 52 2023 December 31, 2023 53 Upcoming Fiscal Years: 2026 December 27, 2026 52 2027 December 26, 2027 52 Business Strategy In July of 2025, the Company released its First Choice strategic plan, which is designed to drive long-term stockholder value and make Red Robin the "first choice" for guests, team members, and investors. The First Choice plan consists of the following: • Hold Serve - Protect and build on the established foundation: ◦ Maintain and improve operational efficiencies and effectiveness ◦ Deliver quality food and hospitality every time ◦ Sustain and extend restaurant level financial performance and expense management • Drive Traffic - Creatively engage with guests and inspire visitation: ◦ Identify and remove barriers to trial and repeat visits ◦ Implement the First Choice marketing plan to inspire new and returning guests ◦ Deliver value for the money to every guest in a family friendly environment • Find Money - Manage expenses and assets to reduce debt and allow for critical investments: ◦ Deliver consistent financial performance ◦ Reduce expenses across the system ◦ Tactically refranchise select Company owned restaurants and markets ◦ Reduce debt and refinance to deliver interest savings through strategic refinancing 1 Table of Contents • Fix Restaurants - Invest in the physical estate to improve the overall dining experience: ◦ Address deferred maintenance needs to achieve a competitive standard ◦ Improve guest facing surroundings to reduce barriers to trial and repeat visitation ◦ Invest in new technology • Win Together - Create a high-performance environment that attracts and retains the best industry talent: ◦ Create a "guest facing" culture ◦ Cultivate an ownership mentality ◦ Reward performance ◦ Develop leaders ◦ "Do the right thing" The Red Robin vision is to be the most loved restaurant brand in the communities we serve. Restaurant Concept With our menu of hand-pressed, craft burgers and American favorites, creative beverage menu, over 30 bottomless items, energetic atmosphere, and playful environment that connects families of all kinds, our brand not only carries great memories for our most loyal guests but also appeals to a broad demographic.…