BRINKER

BRINKER

I N T E R N A T I O N A L?

Annual Report 2019

Dear Shareholders,

Fiscal 2019 was a year of sound growth for Brinker, centered on bringing Guests back into our restaurants through quality, convenience and value. Our strategy to increase sales and profits, while maintaining our focus on improving the Guest experience, proved successful and has set us up for continued momentum. As Norman Brinker said it best, "nothing is sacred other than the Guest returns."

Our Guests did return, again and again. We delivered positive sales and traffic and ended the year with 2.1% growth in both. Chili's outperformed the industry in traffic by almost 400 basis points and stole share from the competition. Guest measurements on service, quality and value have never been better. In growing both sales and profits in 2019, we generated $3.2 billion in total revenue and paid $60 million in dividends. Earnings per share, adjusted for special items, increased by 12% from the prior year1, and we reduced diluted weighted average shares by 15.5%. I'm proud to look back and confidently say we delivered on our promises to Guests, Team Members and shareholders in 2019.

Here are a few highlights from the year, and a look at the exciting future of Brinker and its brands.

Chili's Grill & Bar - continued confidence in our strategy

? Best-in-class operations: we will continue efforts on creating systems and simplifying execution so

restaurant operators can focus on serving bold food and great Guest experiences. Additionally, our teams are focused on improving Team Member experiences and retention through award-winning training and development, or unique programs such as the Certified Shift Leader program which provides a career path from hourly Team Member to restaurant leader.

? Strengthen the value proposition: we introduced 3 for $10 as a permanent offer on the menu, which

drove traffic to Chili's. In fiscal 2020, we plan to lean on this powerful, everyday value Guests can count on.

? Industry leading technology: we continue to leverage our industry leading technology platform to improve

the Guest and Team Member experience. We've built a strong loyalty program allowing us to market directly to Guests and provide personalization to drive repeat visits next year and years to come.

? Off-premise as a growth opportunity: Proven by the double digit growth in to-go sales in fiscal 2019,

there's no denying our Guests are looking for ways to bring Chili's into their homes and lives on the go. In fiscal 2019, we entered into an agreement with DoorDash as our exclusive third-party delivery partner because of its vision of technology innovation, ability to seamlessly integrate into our operations and fast growth in the markets where our restaurants are located. In fiscal 2020, we plan to innovate our off-premise strategy, including providing the ability for Guests to order delivery directly through our app and website.

? An opportunistic acquisition: we welcomed 116 Chili's restaurants to Brinker as our new Midwest region

in September of fiscal 2020. This purchase of our formerly franchised restaurants is a great opportunity to grow our scale with $300 million in additional annual revenue and an opportunity to generate additional earnings per share and cash flow accretion.

? Reimage: we reimaged a significant number of restaurants in fiscal 2019, and we'll continue to update our

restaurant atmosphere in fiscal 2020 to stay relevant to our Guests.

Maggiano's Little Italy ? strong brand focused on growth

? Consistent growth: fiscal 2019 was the second year of positive top line growth, with same store sales for

fiscal 2019 ending at +0.6%. Guest traffic outperformed the segment by 150 basis points.

? Strong Guest affinity: through both internal and third-party measurements, there is strong brand love for

Maggiano's, and we continue to see Guest metrics grow. In fact, Maggiano's was recently voted America's favorite casual dining restaurant.

? New opportunity: we opened the first franchise restaurant in the DFW airport in fiscal 2019 and a second

location is scheduled to open at the Dallas Love Field airport in spring 2020. This is an exciting new franchise growth vehicle for Maggiano's.

1 Earnings per share, adjusted for special items, represents a Non-GAAP measure. For a reconciliation to our GAAP results, see the Company's Press Release dated August 13, 2019 and furnished to the SEC on Form 8-K on August 13, 2019.

? Looking ahead: the long-term focus is to continue to drive top and bottom line growth. Our fiscal 2020

strategic focus includes: O Operating fundamentals and execution O Further leveraging the chef driven kitchens to enhance the menu O Guest loyalty, personalization and communication with broader data capture O Continuing to grow the off-premise business

Global Business Development ? strategic partnerships to unlock new opportunities Our international business had another strong year with 18 new restaurant openings, including our first in China which kicked off our growth strategy in Asia. The team is scheduled to open an industry leading 27-32 international restaurants next year while continuing great partnerships with strong franchise partners. With all that said, we believe Brinker is on a solid growth trajectory by making key investments needed to accelerate future top and bottom line growth. I believe in the direction and future of Brinker and our brands and look forward to continuing our journey with you. Thank you for contributing to our recent successes and bringing our passion of making people feel special to life in restaurants around the world. Sincerely,

Wyman T. Roberts President and Chief Executive Officer

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 26, 2019 Commission file number 1-10275

BRINKER INTERNATIONAL, INC.

(Exact name of registrant as specified in its charter)

DELAWARE

(State or other jurisdiction of incorporation or organization)

75-1914582

(I.R.S. Employer Identification No.)

3000 OLYMPUS BLVD, DALLAS, TEXAS

(Address of principal executive offices)

75019

(Zip Code)

Registrant's telephone number, including area code (972) 980-9917

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of exchange on which registered

Common Stock, $0.10 par value

EAT

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ? No ` Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ` No ?

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ? No `

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ? No `

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

?

Non-accelerated filer

`

Accelerated filer

`

Smaller reporting company

`

Emerging growth company

`

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ` No ?

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter: $1,649.4 million.

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

Class Common Stock, $0.10 par value

Outstanding at August 12, 2019 37.5 million shares

DOCUMENTS INCORPORATED BY REFERENCE

We have incorporated portions of our Annual Report to Shareholders for the fiscal year ended June 26, 2019 into Part II hereof, to the extent indicated herein. We have also incorporated by reference portions of our Proxy Statement for our annual meeting of shareholders expected to be held on November 20, 2019 into Part III hereof, to the extent indicated herein.

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