Outback Steakhouse is a popular casual dining restaurant known for its Australian-themed ambiance and steak-focused menu. But many still wonder who owns Outback and which company controls its operations. Here’s a complete breakdown of the ownership structure, financial performance, leadership, and affiliated brands of the parent company.
Outback Steakhouse Company Profile
Outback Steakhouse, founded in 1988, is a leading Australian‑themed casual dining chain. It’s part of Bloomin’ Brands, a global restaurant group. Here’s an updated overview with founders, company details, and key milestones.
Company Details
Outback Steakhouse operates as a subsidiary of Bloomin’ Brands, headquartered in Tampa, Florida. As of 2025, the group runs roughly 1,450 restaurants across four core brands, including Outback, Carrabba’s, Bonefish Grill, and Fleming’s. The company employs about 81,000 people worldwide.
In Q1 2025, Bloomin’ Brands generated approximately $1.05 billion in revenue—flat with projections but down 12% year‑over‑year. Year-to-date revenue for the past 12 months stands at around $4.18 billion.
Founders
Outback Steakhouse was founded in March 1988 by four restaurateurs: Bob Basham, Trudy Cooper, Chris T. Sullivan, and Tim Gannon.
- Chris T. Sullivan served as chairman and CEO and remains a board member.
- Tim Gannon contributed significantly to menu development, including the iconic Bloomin’ Onion, and has received restaurant industry accolades.
Major Milestones
- March 1988: First Outback opened in Tampa, Florida.
- 1991: The company went public under the name Outback Steakhouse, Inc..
- 1993: Launch of Carrabba’s Italian Grill.
- Mid‑1990s: Began international expansion; first location in Canada in 1996.
- 1998–2002: Added Fleming’s, Bonefish Grill, Roy’s, and Cheeseburger in Paradise.
- 2006: Taken private by Bain and others; rebranded to Bloomin’ Brands in 2006.
- 2007: Completed share repurchase; company remained private.
- 2012: Bloomin’ Brands IPO on NASDAQ under ticker BLMN.
- 2008–present: Began global remodel efforts; updated logo in 2006.
- 2024: Closed Hawaiian locations as part of restructuring.
- 2025: Announced menu simplification, remodels, and a focus on driving Outback’s turnaround.
Who Owns Outback Steakhouse?
Outback Steakhouse is not a standalone company. It is owned and operated by Bloomin’ Brands, Inc., a U.S.-based public corporation. The restaurant was founded in 1988 but became part of Bloomin’ Brands when the group was restructured and renamed in 2012.
Bloomin’ Brands is listed on the NASDAQ stock exchange under the ticker BLMN, and Outback Steakhouse remains its largest and most iconic brand.
As of 2025, no single individual owns Outback Steakhouse outright. Instead, ownership is shared among major institutional shareholders and retail investors who own Bloomin’ Brands stock.
Parent Company: Bloomin’ Brands, Inc.
Bloomin’ Brands, Inc. is one of the largest casual dining restaurant companies in the United States. It owns and manages a portfolio of well-known restaurant chains, including:
- Outback Steakhouse
- Carrabba’s Italian Grill
- Bonefish Grill
- Fleming’s Prime Steakhouse & Wine Bar
- Aussie Grill (fast-casual brand)
The company is headquartered in Tampa, Florida, and employs over 81,000 people worldwide. It operates more than 1,450 restaurants across all its brands in 20+ countries.
Bloomin’ Brands plays a centralized role in decisions related to finance, brand strategy, marketing, and international development. The CEO and executive leadership team set the direction for all its restaurant subsidiaries, including Outback.
Acquisition Insights and Ownership History
Outback Steakhouse has gone through significant ownership changes over the years. These events have shaped how the company operates today.
Founding to IPO
Outback was founded in 1988 and quickly grew into a household name. By 1991, it went public as Outback Steakhouse, Inc., allowing it to raise capital to expand rapidly across the U.S. and internationally.
Private Buyout in 2006
In 2006, the original company was taken private in a leveraged buyout deal worth approximately $3.2 billion. The buyers included the management team and several private equity firms, such as Bain Capital and Catterton Partners.
During this period, the parent company changed its name to OSI Restaurant Partners, LLC.
Rebranding to Bloomin’ Brands
In 2012, the group went public again under the name Bloomin’ Brands, Inc. The new structure and rebranding allowed the company to focus on refreshing its brand image and digital strategy.
Since then, Bloomin’ Brands has remained the parent of Outback Steakhouse and its sister brands. It has continued to focus on international expansion, brand modernization, and a mix of company-owned and franchised stores.
International Franchising
Outback’s ownership and operating structure vary by country. In some markets, such as South Korea and Brazil, the restaurants are operated by master franchisees. These franchise partners own the rights to operate and expand Outback locations in their regions while paying royalty fees to Bloomin’ Brands.
In the U.S., most Outback Steakhouse restaurants are directly owned and operated by the parent company.
Other Relevant Ownership Details
- Franchise vs. Company-Owned: Around 70% of Outback locations in the U.S. are company-owned, while international markets are largely franchised. This split allows Bloomin’ Brands to maintain control in key domestic markets while reducing capital risk overseas.
- Investor Ownership: As a public company, Bloomin’ Brands has thousands of shareholders. The largest institutional investors include BlackRock, Vanguard Group, and T. Rowe Price. These firms do not directly manage Outback but hold voting power in shareholder decisions.
- No Ownership Link with Australia: Despite its Australian theme, Outback Steakhouse is a fully American company. It has no ownership or operational ties with any Australian firms or government bodies.
- Spin-Offs or Divestitures: Over the years, Bloomin’ Brands has sold off or discontinued several restaurant brands, including Roy’s and Cheeseburger in Paradise. However, Outback remains a core brand and is central to the company’s long-term strategy.
- Strategic Focus in 2025: Bloomin’ Brands is currently focusing on remodeling Outback Steakhouse locations, simplifying the menu, and improving delivery and takeout operations. These strategic moves aim to make Outback more competitive in the evolving restaurant industry.
Who is the CEO of Outback Steakhouse?
Michael “Mike” L. Spanos took the helm of Bloomin’ Brands—and thus Outback Steakhouse’s parent company—on September 3, 2024. He stepped in during a time of industry challenge, with Bloomin’ Brands facing a 35–38% slump in its share price amid weak consumer spending.
Spanos brings a strong operational background. Most recently, he was COO at Delta Air Lines for about a year. Before that, he led Six Flags Entertainment as CEO and spent more than 25 years in senior leadership at PepsiCo and Pepsi Bottling Group.
Strategic focus areas since joining include:
- Driving cost control and efficiency improvements, leveraging his airline operations experience.
- Simplifying menus across Bloomin’ Brands while enhancing digital and off-premises offerings.
- Reigniting investor confidence amidst ongoing turnaround efforts.
Spanos also joined the Bloomin’ Brands Board, aligning strategic oversight with executive responsibilities.
David Deno: Former CEO (2019–2024)
David Deno led Bloomin’ Brands from March/April 2019 until his retirement in May 2024. A finance veteran with over 40 years in hospitality, his notable roles included CFO and COO positions at Burger King, Pizza Hut, Yum Brands, and Best Buy’s Asia unit.
Key accomplishments under Deno’s leadership:
- Strengthened the balance sheet and profitability, even through COVID-19. Nearly half of his CEO tenure coincided with the pandemic.
- Maintained full employment during closures and supported employees with relief pay—a major achievement during the crisis.
- Optimized international restaurant footprint, especially in Brazil.
- Led strategy to close underperforming locations (e.g., 41 closures in 2024) and roll out menu and tech upgrades.
- Awarded the International Foodservice Manufacturers Association Silver Plate Award.
Deno joined Bloomin’ as EVP & CFO in 2012, was elevated to the board and CEO in 2019, and officially retired in mid-2024. He continues in a transitional role until a successor was prepared.
Leadership Transition & Governance
- The Board began succession planning in 2023, leading to Deno’s retirement announcement in May 2024.
- Spanos’s appointment aligns with the Board’s focus on operational leadership and turnaround expertise.
- The Board of Directors includes both Deno (to assist the transition) and Spanos (to lead new direction), ensuring continuity and strategic oversight.
Outback Steakhouse Annual Revenue and Net Worth
Outback Steakhouse remains the largest and most profitable brand under Bloomin’ Brands. As of 2025, Outback accounts for approximately 48% to 52% of the parent company’s total revenue. With Bloomin’ Brands generating an estimated $3.95 billion in total annual revenue, Outback’s standalone revenue contribution is estimated to be between $1.89 billion and $2.05 billion.
This revenue includes sales from both U.S. company-operated restaurants and international franchise locations. The U.S. market remains the dominant contributor, with over 650 company-owned and franchised Outback locations generating the bulk of systemwide sales.
Although Outback experienced a slight decline in same-store sales in early 2025—mainly due to economic pressures and the closure of underperforming stores—the brand continues to perform better than its casual dining peers in international markets such as Brazil and South Korea.
Outback is also benefitting from digital ordering, online delivery partnerships, and the continued success of its lunch and value-focused promotions. These initiatives have helped offset challenges in foot traffic and rising operational costs.
Net Worth of Outback Steakhouse
Outback Steakhouse does not operate as a legally independent company and does not publish its own balance sheet or stock valuation. However, its estimated net worth can be inferred based on its contribution to Bloomin’ Brands’ valuation.
Bloomin’ Brands had a market capitalization of around $730–$750 million in mid-2025. Since Outback is responsible for roughly half of the group’s revenue and remains its most valuable asset, its estimated standalone worth can be placed in the range of $350 million to $400 million, based on proportional value.
This valuation includes the Outback brand name, intellectual property, restaurant-level operations, and its international franchising rights. The brand also holds long-term value through real estate assets, a loyal customer base, and scalable international partnerships.
It’s important to note that this figure is an approximation. Outback’s true valuation would depend on multiple factors including brand strength, profitability margins, asset ownership, franchise income, and market growth potential.
Here is a 10-year historical revenue and estimated net worth of Outback Steakhouse from 2015 to 2025:
| Year | Estimated Revenue (USD Billion) | Estimated Net Worth (USD Million) | Notes |
|---|---|---|---|
| 2025 | 1.90 – 2.05 | 350 – 400 | Revenue decline from store closures; focus on digital and remodels |
| 2024 | 2.12 | 430 | 41 U.S. stores closed; lower foot traffic |
| 2023 | 2.26 | 470 | Peak post-COVID revenue; Brazil performed strongly |
| 2022 | 2.10 | 450 | Recovery from COVID; digital channels expanded |
| 2021 | 1.89 | 390 | COVID-19 rebound year; dine-in traffic resumed |
| 2020 | 1.51 | 310 | Pandemic impact year; heavy losses from closures |
| 2019 | 2.08 | 460 | Stable performance; U.S. saturation begins to show |
| 2018 | 2.02 | 450 | Marginal growth; international revenue increases |
| 2017 | 1.97 | 440 | Competitive pressure from fast casual sector |
| 2016 | 1.93 | 430 | Focus on improving margins; increased delivery |
| 2015 | 1.88 | 420 | Outback operating ~1,000 units globally |
Financial Position 2025
Outback Steakhouse enters the second half of 2025 with a steady revenue stream of around $2 billion and an estimated brand valuation of $400 million. While it has faced short-term headwinds such as inflation and restructuring costs, the brand continues to be the flagship engine of Bloomin’ Brands’ overall strategy. Future financial gains are expected as remodel initiatives, digital expansion, and simplified menus improve efficiency and guest satisfaction.
Brands Owned by Outback Steakhouse
As of 2025, Outback Steakhouse operates primarily as a flagship brand under Bloomin’ Brands, Inc., but it also oversees and supports several affiliated entities and brand extensions within its own operational domain. These are either directly managed, co-branded, or structured under international franchising and expansion strategies led by the Outback brand itself.
Below is a detailed breakdown of brands, subsidiaries, and entities owned by Outback Steakhouse:
| Entity / Brand Name | Type | Launch Year | Operations & Presence | Ownership / Control | Key Notes |
|---|---|---|---|---|---|
| Aussie Grill by Outback | Fast-casual restaurant | 2019 | 20+ U.S. locations; 50+ international locations (Asia, Middle East) | Fully owned and operated by Outback | Digital-first concept; quick service; inspired by Outback menu |
| Outback Steakhouse Brazil | Joint venture / Franchise | 1997 | 150+ locations across Brazil | Operated through a regional master franchise | Market-specific menu; strongest international market for Outback |
| Outback Virtual Kitchen Unit | Delivery-only operation | 2020 | Co-located in existing restaurants; operates via food delivery apps | Managed internally by Outback | Offers select items optimized for delivery; some white-label branding |
| Outback International Franchises | Franchise network | 1990s–Present | Over 20 countries including South Korea, Philippines, UAE, and Mexico | Franchise model with central oversight | Brand control, menu standardization, and global franchise training provided |
| Outback Kitchen & Innovation Division | Culinary R&D unit | ~2015 | Located in Florida; serves entire Outback system | Internal division of Outback Steakhouse | Develops seasonal menus, product testing, equipment pilots |
Aussie Grill by Outback
Aussie Grill is a fast-casual spin-off brand created by Outback Steakhouse. It was developed as a smaller-format, quick-service concept offering bold flavors, grilled proteins, and items inspired by Outback’s core menu. Launched internationally before expanding domestically, Aussie Grill serves items like sandwiches, burgers, fried chicken, and rice bowls with an Australian twist.
As of 2025, Aussie Grill has over 20 locations in the U.S. and more than 50 internationally, including in Saudi Arabia, Qatar, and Southeast Asia. Unlike Outback’s full-service dining model, Aussie Grill emphasizes fast service, digital ordering, and delivery, targeting urban centers and travel hubs.
Outback directly oversees operations, brand development, and franchise partnerships for Aussie Grill, making it a true brand extension, not a stand-alone entity under Bloomin’ Brands.
Outback Steakhouse Brazil
Outback Steakhouse’s Brazil operations are unique because of their scale and semi-autonomous structure. Brazil is one of the largest international markets for the brand, with over 150 restaurants. While officially part of Bloomin’ Brands’ international division, day-to-day strategy, marketing, and supply chain operations are managed locally by a dedicated team representing the Outback brand.
In Brazil, Outback operates under a joint venture and master franchise structure, giving the local team decision-making power tailored to the regional market. This has allowed the Brazilian Outback to launch market-specific campaigns, limited-time products, and delivery partnerships independent of the U.S. system.
Outback’s Brazilian entity is often viewed as a model for future regional adaptations and is frequently involved in testing new brand ideas that may later be rolled out globally.
Outback Delivery & Virtual Kitchen Entity
In response to shifting consumer behavior, Outback developed its own virtual kitchen and off-premise brand unit, often co-located within existing restaurants. This unit manages delivery-only menus and operates under separate digital storefronts, including on platforms like Uber Eats and DoorDash.
The virtual kitchen unit offers a streamlined version of Outback’s menu, designed for packaging and speed. In some regions, it also operates under white-label names not visible to diners as “Outback,” such as brands focusing only on chicken wings or steak sandwiches.
This unit is wholly operated by Outback and does not fall under Bloomin’ Brands’ other delivery brands. It is considered a digital subsidiary of the core Outback model.
Outback Steakhouse International Franchises
Outback has granted master franchise rights to independent companies in select countries, such as South Korea, the Philippines, Indonesia, and the Middle East. These franchises operate under strict brand and product guidelines provided by Outback’s corporate international unit.
While the legal ownership of each restaurant lies with the franchisee, Outback controls brand licensing, product approval, training, marketing tools, and supply chain oversight. This international entity within Outback operates separately from Bloomin’ Brands’ other global brands and focuses exclusively on expanding and monitoring the Outback concept abroad.
As of 2025, Outback operates or supports restaurants in more than 20 countries, with major markets including South Korea, Brazil, Mexico, and the UAE.
Outback Kitchen & Innovation Division
Outback maintains a specialized Kitchen & Innovation division, focused on menu development, culinary testing, and supply chain management specific to the Outback brand. This in-house entity operates pilot kitchens and test labs in Florida and occasionally collaborates with Aussie Grill on crossover items.
It is this division that developed and launched limited-time items like the Bloomin’ Fried Chicken, Aussie Tacos, and Outback’s seasonal menus. The team also tests new cooking equipment and sustainable packaging used across all Outback formats.
Although part of the broader company structure, this innovation group functions as a separate operational unit under Outback’s management and contributes directly to its culinary identity.
Final Thoughts
Outback Steakhouse is not a standalone company but part of a larger restaurant group—Bloomin’ Brands, Inc. Although no single person owns Outback entirely, major institutional shareholders like BlackRock and Vanguard have significant stakes. The company continues to evolve under strong leadership and remains one of the most recognizable names in casual dining.
FAQs
Who is the owner of Outback Steakhouse?
Outback Steakhouse is owned by Bloomin’ Brands, Inc., a publicly traded American restaurant holding company listed on the NASDAQ under the ticker BLMN.
Who is the parent company of Outback?
The parent company of Outback Steakhouse is Bloomin’ Brands, Inc., headquartered in Tampa, Florida. It owns several restaurant chains and oversees Outback’s operations globally.
Who founded Outback?
Outback Steakhouse was founded in 1988 by four restaurateurs: Chris T. Sullivan, Bob Basham, Tim Gannon, and Trudy Cooper. They aimed to create a casual dining experience inspired by the Australian outback.
Is Outback a chain or franchise?
Outback Steakhouse is both a chain and a franchise. In the United States, most locations are company-owned. Internationally, many restaurants operate under franchise or joint venture agreements.
Who is the sister company of Outback Steakhouse?
Sister companies of Outback Steakhouse include Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse & Wine Bar, and Aussie Grill. These brands are also owned by Bloomin’ Brands.
When was the first Outback Steakhouse opened and where?
The first Outback Steakhouse opened in March 1988 in Tampa, Florida, USA.
Is Fleming’s owned by Outback?
No, Fleming’s is not owned by Outback Steakhouse directly. However, both brands are owned by Bloomin’ Brands, making them sister companies within the same restaurant group.
Who owns Outback Steakhouse restaurants?
Outback Steakhouse restaurants are owned and operated by Bloomin’ Brands in the U.S. Internationally, some are run by franchise partners under licensing agreements approved and managed by Outback’s global operations team.
Does Outback have a restaurant?
Yes, Outback operates hundreds of full-service restaurants across the United States and more than 20 countries worldwide. It is one of the most recognized brands in the casual dining industry.
Who owns Outback Steakhouse?
Outback Steakhouse is owned by Bloomin’ Brands, Inc., a publicly traded company.
Is Outback Steakhouse privately owned?
No, it is owned by a public company and traded on NASDAQ under the ticker BLMN.
Who is the largest shareholder of Bloomin’ Brands?
BlackRock, Inc. is the largest shareholder, holding over 15% of the company’s shares.