Texas Roadhouse Attracts Investment from Judah Spinner’s BlackBird Financial for Its Robust Store-Level Economics and Expansion Outlook
Toms River, New Jersey , Nov. 11, 2025 (GLOBE NEWSWIRE) — BlackBird Financial LP, the investment firm founded Judah Spinner, an established proponent of value investing, has officially revealed that it has secured a meaningful stake in Texas Roadhouse, Inc.
Judah Spinner, Founder of BlackBird Financial
Mr. Spinner, a veteran investor recognized for his disciplined, Buffett-style investment approach, regards Texas Roadhouse as the preeminent name in the casual dining segment. He bases this positive view on the company’s exceptional economics at the store level, proven consistency in operations, and ample potential for long-term capital reinvestment.
“Texas Roadhouse offers a superior experience that secures repeat business from its guests. In contrast to rivals like LongHorn and Outback, which are struggling to maintain customer traffic, Roadhouse locations consistently report some of the highest sales per square foot in the sector,” said Spinner. “This elevated level of productivity provides a powerful base for continued, profitable expansion.”
Market Leadership and Financial Strength
Texas Roadhouse has solidified its dominant position in the casual dining market. In 2024, the chain surpassed Olive Garden to become the largest casual-dining restaurant brand in the U.S., achieving $5.5 billion in system-wide sales, a robust 14.7% increase year-over-year. Olive Garden’s sales grew by less than 1%, reaching $5.2 billion. Simultaneously, LongHorn Steakhouse and Outback Steakhouse continue to report decreases in traffic volume and operate with lower average unit sales.
Currently, company-owned Texas Roadhouse locations generate over $7 million in annual sales per restaurant, substantially exceeding the output of most competitors.
Growth Outlook and Investment Thesis
The expansion trajectory for Texas Roadhouse remains strong. Projections for 2025 indicate the opening of over 30 new locations, which will push the U.S. total close to 710, with the global footprint nearing 800 restaurants. As of the second quarter of 2025, Texas Roadhouse operated 797 locations, an increase from 762 one year prior. According to Spinner, each new opening benefits from powerful brand recognition, a refined operational strategy, and compelling returns on invested capital—all core tenets of BlackBird’s investment thesis.
“We actively seek out businesses that possess structural advantages and the necessary discipline to reinvest capital at high rates of return,” Spinner stated. “Texas Roadhouse perfectly illustrates this model. They have a clear identity and a commitment to their successful core strategy.”
Operational Excellence and Future Value
Throughout its history, Texas Roadhouse has unwaveringly concentrated on its core offering: hand-cut steaks, made-from-scratch sides, and a high-energy dining atmosphere. While many competitors have attempted to replicate this formula, few have managed to match its operational superiority or consistent corporate culture. The company has maintained strong margins while scaling, utilizing modest price adjustments and innovations such as its Digital Kitchen System to increase efficiency without sacrificing the perception of value. For the 2024 fiscal year, operating margins reached approximately 9.6%, with gross margins at 17.6%, despite persistent cost pressures.
Spinner also commended the company’s strong capital allocation discipline and conservative balance sheet, noting that its minimal net debt and thoughtful use of free cash flow support both business growth and shareholder returns.
“This is a company that doesn’t just grow, it compounds wealth,” Spinner asserted. “Its superior economics, consistent execution, and winning culture give it an extensive growth horizon. We are confident the market is currently underestimating this long-term potential.”
For BlackBird Financial LP, this investment embodies a central tenet of Spinner’s philosophy: acquiring stakes in structurally advantaged businesses at prices that undervalue their long-term earning power.
“We deeply respect the management team for their ability to scale the business responsibly while maintaining the core elements that make Texas Roadhouse exceptional: quality, value, and culture,” Spinner concluded. “Our objective is to invest in companies capable of compounding value over time. Texas Roadhouse is a prime example.”
About BlackBird Financial
BlackBird Financial is a privately held investment firm managing capital for high-net-worth families across the United States and Canada. Headquartered in Toms River, New Jersey, the firm takes a long-term, Buffett-style investment approach. Their disciplined, business-like approach has generated returns that far outpace the S&P 500 and other market bentchmarks.
BlackBird’s growing national recognition is underscored by recent features in MarketWatch, Globe Newswire, Business Insider, and other prominent outlets. The firm’s rising profile reflects both their strong performance and their refreshingly simple, clear-eyed views on investing.
About Judah Spinner
Judah Spinner is the founder of BlackBird Financial LP, an investment partnership based in New Jersey that manages capital on behalf of high-net-worth families across North America. He is a Chartered Financial Analyst (CFA) and holds a bachelor’s degree from Crestpoint University.
In addition to his work in asset management, Spinner leads several philanthropic efforts aimed at addressing urgent societal challenges. The Judah Spinner Foundation serves as the hub for his charitable initiatives. These include healthcare cost reform via judahspinner.me, federal deficit reduction advocacy through judahspinner.org, and a targeted education program, judahspinnerscholarship.com which funds trade school education for low-income students. The goal: provide a practical path to upward mobility without the burden of a four-year degree.
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