Texas Roadhouse
Texas Roadhouse signs leases at the corporate level and has very little debt, so despite having no rating it is widely seen as one of the strongest casual-dining credits. Unit volumes are industry-leading (~$9M), and ground leases are favored by 1031 buyers.
- US units
- 693
- Q2 2026 (domestic Texas Roadhouse brand)
- 3Y net growth
- +12.9%
- vs. FY2022
- Credit rating
- NR
- No public rating
- Typical term
- 15–20 yr
- Ground lease or NNN (corporate)
- Model
- Corporate
- Public
Unit count
Texas Roadhouse in the news
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Texas Roadhouse net lease FAQ
What is Texas Roadhouse's credit rating?
Texas Roadhouse does not carry a public S&P issuer credit rating (NR). Landlords underwrite it on unit-level performance, the guarantor named in the lease and, for public companies, reported financials.
How many Texas Roadhouse locations are there in the US?
Texas Roadhouse reported about 693 US locations as of Q2 2026 (domestic Texas Roadhouse brand). That is +12.9% versus 614 in FY2022.
What does a typical Texas Roadhouse net lease look like?
Lease type: Ground lease or NNN (corporate). Initial term: 15–20 yr. Rent increases: 10% every 5 yrs. These are market-typical terms; actual deals vary by vintage, location and whether the lease is corporate or franchisee-signed.
Is Texas Roadhouse corporate or franchised?
Operating model: Corporate (~95% of domestic units company-operated). For net lease investors this determines whether rent is backed by the corporate parent or by a franchisee.