A new report from Brand Finance reiterates what many of us have been seeing for some time now – Texas Roadhouse is on a tear. The brand valuation consultancy company’s annual report on the most valuable and strongest restaurant brands shows that the Louisville, Ky.-based casual dining chain has experienced a 56% increase in brand value in 2023 and is now estimated to be worth $2.3 billion.
This pace puts the chain atop Brand Finance’s ranking of fastest-growing companies. Brand Finance attributes Texas Roadhouse’s value increase to its expansion strategy, including into smaller markets. It currently operates about 700 restaurants and is targeting 900 units in the near term. The company also expects continued revenue growth as it expands. During its most recent earnings call, CEO Jerry Morgan said 2022 marked the first time Texas Roadhouse’s annual revenue surpassed $4 billion and he expects this momentum to continue. For context, Texas Roadhouse’s total revenues in 2021 were about $3.4 billion. In 2019, they were about $2.75 billion.