Bloomin' Brands operates a portfolio of four casual and fine dining restaurant brands: Outback Steakhouse (casual steakhouse, ~$29 average check), Carrabba's Italian Grill (casual Italian, ~$27), Bonefish Grill (polished casual seafood, ~$37), and Fleming's Prime Steakhouse & Wine Bar (fine dining, ~$110). Outback is by far the largest and most important brand, with 666 U.S. locations. System-wide, Bloomin' owns and operates 967 restaurants and franchises an additional 493 across 46 U.S. states and 12 countries. The company earns the vast majority of revenue from company-owned restaurants — selling food and beverages to dine-in and off-premises guests — with a smaller, higher-margin franchise royalty stream. Restaurant-level profitability is driven by guest traffic, average check, and cost management across beef (the largest and most volatile input), labor, and operating expenses. Bloomin' is in the early stages of a multi-year turnaround centered on Outback, which has lost market share since 2023 due to menu complexity, inconsistent execution, and weakened value perception. The turnaround plan involves roughly $75M in investments over 2026–2028, targeting steak quality upgrades, an improved service model, marketing spending shifts toward digital, and a near-full refresh of Outback's restaurant base. These investments are partially offset by ~$80M in non-guest-facing productivity savings. Capital allocation priorities are reinvestment in the business, debt reduction, and then shareholder returns — the dividend has been suspended to fund the turnaround.