BJ’s Restaurants’ third quarter generated a positive response from the market, despite revenue coming in slightly below Wall Street’s expectations. Management pointed to the success of its Pizookie Meal Deal and increased social media engagement as key drivers supporting traffic gains and improved restaurant-level profitability. CEO Lyle Tick credited foundational operational changes and heightened guest satisfaction for “increasing momentum and strong traffic-driven growth year-on-year.” The company also cited effective cost controls and double-digit improvements in core operational metrics as crucial supports for margin expansion.

Is now the time to buy BJRI? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From BJ's’s Q3 Earnings Call

• Alexander Slagle (Jefferies) asked about the drivers behind recent traffic acceleration, with CEO Lyle Tick crediting foundational guest experience improvements and increased marketing around the Pizookie Meal Deal.
• Brian Bittner (Oppenheimer) questioned whether BJ’s is insulated from broader consumer pullback, and Tick responded that frequency is rising across all age and income cohorts, offsetting check compression.
• Jeffrey Bernstein (Barclays) inquired about returns on remodel investment and future pace, with Tick confirming strong returns and a plan to continue at a moderated pace in 2026 before re-accelerating.
• Sharon Zackfia (William Blair) asked about changes in the new restaurant prototype and the expected impact of the pizza refresh, with management highlighting design flexibility and early positive results from test markets.
• Todd Brooks (Benchmark) probed on next steps for brand offensive strategy, and Tick pointed to continued menu innovation and new prototype development as key areas of focus.

Catalysts in Upcoming Quarters

Going forward, the StockStory team will be closely monitoring (1) the impact of the pizza refresh and new seasonal menu items on guest frequency and check averages, (2) execution and return on investment from ongoing remodels and the launch of new restaurant prototypes, and (3) the effectiveness of social media-driven marketing in sustaining traffic growth. Further improvements in off-premise digital offerings and expansion within existing markets will also be important signposts for progress.

BJ's currently trades at $35.79, up from $28.77 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members).

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