Texas Roadhouse is a casual dining restaurant chain built around moderately priced, full-service steakhouse meals. The core Texas Roadhouse concept centers on hand-cut, aged steaks cooked over open grills, served alongside made-from-scratch sides, with signature free peanuts and yeast rolls for every table. The brand deliberately prices below the casual dining segment average and avoids national advertising, relying instead on local store marketing and word of mouth to build presence in each market. Texas Roadhouse operates 648 company-owned and 96 franchised locations under its core brand, and is targeting roughly 900 domestic locations long-term. The company also operates Bubba's 33, a 56-location sports bar concept serving burgers, pizza, and wings, targeting 200 locations over time. Jaggers is a small, early-stage fast-casual concept with 16 locations. Revenue comes primarily from company-owned restaurants, with the key profit metric being restaurant-level margin (revenue minus food, labor, and operating costs). Beef is the dominant cost input, representing over half the food basket, making the company highly exposed to cattle price cycles. Labor is managed through an owner-operator model where managing partners earn a share of their restaurant's pre-tax income, aligning incentives with performance. New restaurant development is funded entirely through operating cash flow, with no external financing needed.