Item 1A. RISK FACTORS

For a description of risk factors that could impact our business, including risks and uncertainties related to consumer sentiment and changes in discretionary spending; potential increases in the costs of ingredients and restaurant equipment, including due to tariffs, trade sanctions or taxes; competitor discounting; and macroeconomic and geopolitical conditions, see Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer

The table below reflects shares of common stock we repurchased during the third quarter of 2025.


Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2)
Purchased 7/1 through 7/31	2,591,908	$	47.45	2,591,908	$	715,777,142
Purchased 8/1 through 8/31	7,358,682	42.81		7,358,682	$	400,779,756
Purchased 9/1 through 9/30	6,243,407	39.81		6,243,407	$	652,253,799
Total	16,193,997	$	42.39	16,193,997

(1)Shares were repurchased pursuant to repurchase authorizations announced on December 17, 2024, April 23, 2025, and July 23, 2025.

(2)The September total includes $500 million in additional authorizations approved by our Board of Directors on September 3, 2025, and announced on September 15, 2025. There is no expiration date for this program. The authorization to repurchase shares will end when we have repurchased the maximum amount of shares authorized, or we have determined to discontinue such repurchases.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

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