Name: How Texas Roadhouse Keeps Steak at $19 as Beef Prices Soar
Uploaded: 2026-03-06T10:30:00Z
Duration: 6 min 34 s
Description: Texas Roadhouse built a booming business on affordable steak dinners. CEO Jerry Morgan explains how the chain keeps that formula working as beef prices rise.

https://www.barrons.com/client

Topics

Memberships

Tools

Customer Service

Network

Newsstand

For Business

For Education

For Advertisers

Account

About Barron's

bolded

unBolded

“We don’t see technology undermining our existence, we see technology helping us,” says Max Hollein, the CEO of the Metropolitan Museum of Art.

https://m.wsj.net/video/20260325/2a63586d-e782-4dc5-be2e-df80e32a8ed2/1/hls/manifest-hd-wifi.m3u8

Museums in the Age of AI

Max Hollein, the CEO of the Metropolitan Museum of Art, tells Barron’s Andy Serwer why more people are donating to museums and cultural institutions.

https://m.wsj.net/video/20260325/f1104bdd-a20a-46e0-917c-9292190d83a5/1/hls/manifest-hd-wifi.m3u8

The Changing Landscape of Philanthropy

Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

https://m.wsj.net/video/20260320/d4b49c1b-42b9-4eaa-b914-6f227f593d6c/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO Is Going All In on Gold

Max Hollein, the CEO of the Metropolitan Museum of Art, discusses philanthropy, artificial intelligence, museum security, and more.

https://m.wsj.net/video/20260319/1835a4d4-fe5e-422f-b02f-a35b4f6a7272/1/hls/manifest-hd-wifi.m3u8

This CEO Runs One of the Biggest Museums in the World

Jonathan Steinberg, founder and CEO of Wisdom Tree, sat down for an interview with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260312/4427cde3-1850-4fbf-92bc-ec8c7f47f1ae/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO on ETFs, IDing Macro Trends, and More

As remote and hybrid work continues, Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, tell Barron’s Andy Serwer how the firm is adapting to office design post-Covid.

https://m.wsj.net/video/20260310/9eee4aa4-a86b-4762-9860-8fe7dce15ef3/1/hls/manifest-hd-wifi.m3u8

Redesigning the Office As a Destination, Not an Obligation

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, discuss how their leadership model works for their company.

https://m.wsj.net/video/20260310/69de6812-eedd-4c37-8d4c-33823d11fd03/1/hls/manifest-hd-wifi.m3u8

Co-Leading and Collaborating at Gensler

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, sat down with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260306/da75551e-1f3b-4bb6-9d48-1d7eb40aee2a/1/hls/manifest-hd-wifi.m3u8

Gensler Co-CEOs on Nvidia, AI, and 'the 20-Minute City'

At Barron's

"Your 9-5...is just not going to do it," Nick Magguilli, personal finance expert, said on Barron's Streetwise podcast.

https://m.wsj.net/video/20251216/e6897805-d131-4cc4-9c59-ca03b0c0b958/1/hls/manifest-hd-wifi.m3u8

How to Scale Your Net Worth

TJ Thornton, Head of Global Research Product Marketing at BofA Securities, talks to Jack Hough about his favorite stocks outside of AI.

https://m.wsj.net/video/20251210/f9c1a95c-5a0e-4349-9fe4-73b3ac53bfb8/1/hls/manifest-hd-wifi.m3u8

BofA’s Favorite Non-AI Stocks

Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

https://m.wsj.net/video/20251210/8e164ff7-1500-4c2f-8713-e891c640a0f4/1/hls/manifest-hd-wifi.m3u8

Evaluating Investing Opportunities Beyond AI

Steve Quirk, chief brokerage officer at Robinhood, breaks down the value of tokenizing stocks in different markets.

https://m.wsj.net/video/20251126/f86d65ea-bd8b-4777-b6b0-80f7bb12027e/1/hls/manifest-hd-wifi.m3u8

Unpacking Tokenization for Everyday Investors

Jack Hough talks to Steve Quirk, chief brokerage officer at Robinhood, about trends in retail investing.

https://m.wsj.net/video/20251126/a9cbdcc6-f060-4fc9-a15e-396924e25946/1/hls/manifest-hd-wifi.m3u8

How Robinhood Reshaped the Trading Landscape for an Entire Generation

Streetwise host Jack Hough sat down with strategist Scott Wren to discuss how the AI-fueled market run stacks up against the dot-com boom.

https://m.wsj.net/video/20251111/bd2e1a5b-1a6e-4543-8133-dcc63f69b5dc/1/hls/manifest-hd-wifi.m3u8

AI vs. The Dot Com Bubble

Bank of America’s Haim Israel shares what’s next for Nuclear Energy development.

https://m.wsj.net/video/20250930/ab4fc336-af44-4af2-8e40-9ae6f04a445e/1/hls/manifest-hd-wifi.m3u8

The Outlook For Nuclear

Jack talks to Lyft CEO David Risher about growth potential in the company.

https://m.wsj.net/video/20250929/ae62b70e-912b-4ce7-ae63-1b2652628bae/1/hls/manifest-hd-wifi.m3u8

Lyft's Ride to Profit

The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

https://m.wsj.net/video/20250911/9c85e132-d710-4458-9467-aa69d4f25ae0/1/hls/manifest-hd-wifi.m3u8

Dividends and Capital Appreciation

Barron's Streetwise

“They don't want to wait for the advisor to hand them the performance report,” says Mollie Colavita, CEO of J.P. Morgan Advisors. “They want to consume on their terms and then have a conversation about it with you.”

https://m.wsj.net/video/20260310/eafd1ea2-90cf-4e84-89ec-38bf035de8c0/1/hls/manifest-hd-wifi.m3u8

Clients Want Direct Access to Information When They Want It

Interviews with top wealth management professionals about topics including compensation, hiring, marketing, next-gen, and more.

Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

https://m.wsj.net/video/20260311/f79ee94f-8475-4cea-97a7-5c3dcdc6ea53/2/hls/manifest-hd-wifi.m3u8

The Benefits of Having a ‘Personal Board of Directors’

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses the importance of financial advisors adopting a CEO mindset in their practice.

https://m.wsj.net/video/20260310/d371a9d3-65fe-414e-bade-5b3ed915d16d/1/hls/manifest-hd-wifi.m3u8

Why Advisors Should Think and Act Like a CEO

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses how new AI tools are being rapidly adopted by advisors, resulting in improved efficiency and enhanced client relationships.

https://m.wsj.net/video/20260310/595b6817-9225-4f9a-8ae8-b391eeed555b/1/hls/manifest-hd-wifi.m3u8

How AI Tools Can Help Streamline Advisor Workflows

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says that “listening to everybody’s ideas will help make the team great.”

https://m.wsj.net/video/20260224/400c8545-54da-42c8-89a5-e62f8d0ecf8d/1/hls/manifest-hd-wifi.m3u8

‘Leading With Empathy Is the Most Important Thing’

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, discusses activities that are not work related that encourage mingling and engagement across different roles.

https://m.wsj.net/video/20260224/2d52248b-c26d-45c4-b0bf-cf5786f9e9c2/1/hls/manifest-hd-wifi.m3u8

Ways to Foster a Friendlier and Fun Team Culture 

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says her team hosts activities, including nature walks for women, who often become friends and sometimes business partners.

https://m.wsj.net/video/20260224/743c8742-df59-4b75-8c6d-e272e7e366cb/2/hls/manifest-hd-wifi.m3u8

Be More Intentional About Business Development

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says COOs must ensure that compliance, human resources, business development, marketing, and team culture are all in sync.

https://m.wsj.net/video/20260224/f894db37-780d-4063-8455-46acc418d2ad/1/hls/manifest-hd-wifi.m3u8

How the COO Role Is Similar to Being an Orchestra Conductor

Nancy Daoud, CEO of Opus: Advice First, a private wealth advisory practice of Ameriprise Financial Services, says that alts have become “one of the most important components of portfolios in more recent years, probably in the last eight to 10 years.”

https://m.wsj.net/video/20260210/0f15cdfa-d2c2-466d-9a75-7f02d1b92ddb/1/hls/manifest-hd-wifi.m3u8

The Growing Importance of Alternative Investments

Barron's Advisor The Way Forward

A “willingness to roll up your sleeves and understand the issues that your clients are facing, not just from an investment perspective,” is common among the industry’s most successful, says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260319/318adb2f-a888-4f30-b182-c791e27f98ab/1/hls/manifest-hd-wifi.m3u8

Best Advice for Someone Considering Wealth Management as a Career

Kelly Gaur, a Mercer Advisors regional vice president, says she was drawn to working for a registered investment advisor partly because they generally offer a more personalized, modern approach to wealth management.

https://m.wsj.net/video/20260318/5575e9ca-0b48-4fb9-8e43-82aae1b3e3fc/1/hls/manifest-hd-wifi.m3u8

The Appeal of Working for an RIA

“The best client development professionals are those who have served clients in some capacity,” says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260318/c1638929-6b21-4573-9deb-4f78e1ffa1d7/1/hls/manifest-hd-wifi.m3u8

Client-Facing Experience Can Help Advance Your Career

The Mercer Advisors regional vice president discusses her business development role and tips for breaking into the industry and gaining valuable experience in a non-advisory capacity.

https://m.wsj.net/video/20260318/f2c2c9a5-cb67-4167-a48b-7fe4a9285615/1/hls/manifest-hd-wifi.m3u8

Kelly Gaur: Tips for Pursuing Non-Advisor Roles in Wealth Management

“You want to make sure that everybody's excited and prepared and that you're all pulling the rope in the same direction,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/20285ef5-c115-435f-9291-e4f2d5b166a9/1/hls/manifest-hd-wifi.m3u8

A Successful Transition Requires Honesty and a ‘Heavy Lift’

Young advisors considering a succession plan should maximize engagement with clients because “it can take a long time to gain that trust and build those relationships,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/236fdaa2-5acb-48e9-b16d-e20b58846487/1/hls/manifest-hd-wifi.m3u8

Succession Planning and Establishing Trust With Clients

The Carson Wealth managing director and wealth advisor says his decision to partner with the firm was driven by the need for increased capacity for holistic services and a clear succession plan for his retiring father.

https://m.wsj.net/video/20260305/33bb1217-c8be-4358-ba17-6238cbab6fa1/1/hls/manifest-hd-wifi.m3u8

Nate Fisher: Lessons Learned From a Successful Partnership

As trust grows, advisors tend to spend less time discussing investments and more time on clients’ families and well-being, says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/d2d3903a-994f-4ae7-82be-706929930b3d/1/hls/manifest-hd-wifi.m3u8

Trusted Advisors Focus Less on Investments, More on Clients' Lives 

Serving tech founders is a full-time, long-term effort that often requires significant upfront work before a successful, revenue-generating relationship is established, says Katie Partridge, a Morgan Stanley private wealth advisor.

https://m.wsj.net/video/20260219/abc63bad-4c7a-474b-b4a8-b4feae461375/1/hls/manifest-hd-wifi.m3u8

Landing Founders as Clients Requires Patience and Hard Work

Barron's Advisor Next Generation

The capture of Venezuela’s Nicolás Maduro and Middle East tensions are reshaping oil supply expectations. The U.S. is intervening in energy markets in decades-unseen ways. Experts break down what’s next for oil, gas and energy stocks.

https://m.wsj.net/video/20260212/9779ec13-602a-4a38-bb73-495ff464a24f/1/hls/manifest-hd-wifi.m3u8

Oil and Gas in a Volatile World

For the first time in decades, U.S. power demand is rising - driven by AI data centers, EVs and electrification. Utility and clean-energy stocks are climbing, but costly buildouts threaten affordability. We explore what’s next for the power trade.

https://m.wsj.net/video/20260212/81a81fdd-47b4-44f6-93d1-7597a7fab032/1/hls/manifest-hd-wifi.m3u8

The Gold Rush in Electricity

Will Nvidia and other technology companies keep powering the stock market in 2026? We'll speak with two veteran money managers about their views on tech and their favorite stocks for the coming year.

https://m.wsj.net/video/20251212/5683d7a0-ed1f-4e3c-b913-bb3367ea3abd/1/hls/manifest-hd-wifi.m3u8

Finding Bargains in a Pricey Market

Explore what could go right for investors, and what could go wrong, in a year that will see the AI trade evolve, the Fed's leadership change, and global competition for resources increase in this 2026 Outlook.

https://m.wsj.net/video/20251212/573f5954-c4ab-43e9-804d-f1ea93fbb70c/1/hls/manifest-hd-wifi.m3u8

Meeting the Challenge

Stocks are expensive, risks abound, and AI is about to change the world. Other than that, building a calamity-proof retirement portfolio should be a cinch. Tune in as two veteran money managers size up the markets and share their investment ideas.

https://m.wsj.net/video/20250211/17a5e7d6-7c36-44b0-a35e-bf5ac3a24194/1/hls/manifest-hd-wifi.m3u8

Saving for a Sunny Day

Research shows that people greatly underestimate the healthcare costs they’ll face in retirement. Learn from experts how to estimate those costs, prepare for potential long-term care needs, and manage healthcare expenses in retirement.

https://m.wsj.net/video/20250211/e7c022d9-badf-4e95-8e7c-0b6fce9f7823/1/hls/manifest-hd-wifi.m3u8

Are You Fiscally Fit?

Surging power demand, new energy sources, and growing competition have spurred the utility industry to become more innovative than ever before. Our panelists will unpack the changes afoot and explore what lies ahead for companies, customers, and investors.

https://m.wsj.net/video/20240917/001ea098-1fcc-4da5-9f0e-a3b149bbb2fb/1/hls/manifest-hd-wifi.m3u8

Not Your Father's Utility

Modernizing America's grid will take creativity and money -- lots of money. Learn how players across the power sector can achieve their electrification goals and serve new customers without breaking the bank for consumers.

https://m.wsj.net/video/20240917/bd6bd43a-bb07-4b7f-9d1c-6ae04220bea9/1/hls/manifest-hd-wifi.m3u8

Ready for a Revamp?

The launch this year of Bitcoin ETFs has made it easier for investors to buy and trade the cryptocurrency. But is that a wise move, and if so, how much crypto should you own?

https://m.wsj.net/video/20240529/cbb77f15-ef70-445d-85ae-5f02c24ea1ef/1/hls/manifest-hd-wifi.m3u8

Investing in Cryptocurrencies

Barron's Roundtable

Whether you're leading a transition, building a scalable team, or just trying to stay ahead of the curve, this episode will give you practical insights to lead smarter and grow stronger.

https://m.wsj.net/video/20251010/fd26d60b-d1e6-409b-b51b-101da4aaa368/1/hls/manifest-hd-wifi.m3u8

Next-Gen Leadership Meets Smart Innovation

Electric vehicles sales are growing but not at the pace some expected. Some would-be buyers worry about the range of EV charging, and others are swayed by politics. But innovators from Detroit to Silicon Valley still envision a dramatic shift in how we get around. What’s going on and what’s next?

https://m.wsj.net/video/20240603/5784fa60-791c-47ad-9740-42e4553de5c4/1/hls/manifest-hd-wifi.m3u8

Forces Shaping EV Adoption and the Future of Driving

Success in improving the power grid to accommodate the electricity demands of the future will be a boon for companies doing the work and utilities that succeed. Explore the investing risks and opportunities.

https://m.wsj.net/video/20240522/2b825c69-2687-4d88-923b-0c8f523a2f67/1/hls/manifest-hd-wifi.m3u8

How to Invest in Initiatives to Bolster the Power Grid

Joanna Rotenberg, Fidelity's president of personal investing, discusses ways to make investing more accessible and how to bolster your own financial security.

https://m.wsj.net/video/20231025/8ad733df-ac90-41fd-9655-7761b3e0532c/2/hls/manifest-hd-wifi.m3u8

Mind the Gap: Demystifying Investing

Reshma Kapadia sits down with Cozy Wittman of College Inside Track to discuss how to tackle all things college, from what admission officers are seeking today, to navigating the different ways to funding higher education and evaluating the ROIs.

https://m.wsj.net/video/20230515/b7229011-05cc-42ec-9c16-1d7752ec668d/1/hls/manifest-hd-wifi.m3u8

Decoding the College Search and Financing Puzzle

Nicole Webb, financial advisor and SVP at Wealth Enhancement Group, shares ways to navigate the real estate market this spring whether you are a first-time buyer, a retiree downsizing or someone who is relocating or looking for a second home.

https://m.wsj.net/video/20230424/93eb00e1-caf0-4e83-9fc7-b502a57dc546/1/hls/manifest-hd-wifi.m3u8

Pro Tips on Buying and Selling a Home

Reggie Fils-Aimé, former president and COO of Nintendo of America, joins Barron's deputy editor Alex Eule to discuss his unlikely rise to the top, and the risks he took once there to beat the odds and achieve success.

https://m.wsj.net/video/20220630/61e2296d-ab1a-4216-ae65-24676447c616/1/hls/manifest-hd-wifi.m3u8

How Nintendo's Former President Disrupted the Gaming Industry

2050 Wealth Planners co-CEO Lazetta Rainey Braxton, Sequoia Financial Planners vice president Elizabeth Scheiderer, and MoneyZen founder Manisha Thakor offer tips on how to prepare for recession, inflation, caregiving needs.

https://m.wsj.net/video/20220617/a71025ce-518b-49b9-b098-21417863f8ce/1/hls/manifest-hd-wifi.m3u8

Financial Advice for the Inflation-Weary

Families and advisors have a lot to navigate when it comes to generational wealth transfer. Add sustainable investing to the list. Examine strategies to help close the generational divide. From the Dow Jones Energy & Sustainability event series.

https://m.wsj.net/video/20230210/85cbf3f9-b5ab-4bfa-93c6-f8e8a247d386/1/hls/manifest-hd-wifi.m3u8

Sustainable Investing and the Wealth Transfer

Barron's Events

Level Up

Barron's Explains

Back to Business

Great Investors

MarketWatch

Video Center - Barron's home

Texas Roadhouse built a booming business on affordable steak dinners. CEO Jerry Morgan explains how the chain keeps that formula working as beef prices rise. Photo: Poste Golden for WSJ

https://m.wsj.net/video/20260304/291d938e-ab04-4797-98e9-c2014132eeec/1/hls/manifest-hd-wifi.m3u8

Texas Roadhouse built a booming business on affordable steak dinners. CEO Jerry Morgan explains how the chain keeps that formula working as beef prices rise.

How Texas Roadhouse Keeps Steak at $19 as Beef Prices Soar

Loud and proud, right? Texas.

Restaurant Employees: Roadhouse.

You could spend a lot of money at Texas Roadhouse, but you can also be very value-oriented because everything comes with a protein and two side dishes and free bread and free peanuts.

Heather: In 2024, Texas Roadhouse overtook Olive Garden in sales for the first time. Today, it's the largest casual dining chain in the US by sales, despite having fewer locations than some of its rivals. The key to Texas Roadhouse's recent success has been this man, CEO Jerry Morgan.

We've got a little bit of this rowdy energy that goes with our honky tonk.

People: Yeehaw!

But Beef, the core of its menu, has grown more expensive amid a years-long cattle shortage. And even some fans say they'd visit less if menu prices climb too high. What do your customers tell you about why they love Roadhouse? Why do they come to you?

Well, the fresh baked bread I hear is real popular and the honey cinnamon butter and the peanuts, right? And then the friendliness of our people. They talk about all of these things before they even talk about our stakes. So I think it's really about the energy that we provide. We do have kind of a casual country music-style, and as casual as we are on one side, extremely focused on the other side of being hospitable to our guests.

Well, let's talk about the peanuts and the bread. So everyone gets these. How do you afford to do that?

Well, I mean, it's just part of who we are, and I believe it's the value piece of the menu. And I think when you give a little bit of something to the guest and then you deliver on a food experience and hospitality, then it tells them that you know, that you care enough to be a little creative and a little different.

Thank you very much.

People don't associate a steakhouse with good value. I mean, usually you can go to a steakhouse, you're dropping like 60 bucks on a steak, right? But here at this restaurant, you can get an eight ounce hand-cut steak, plus two sides and the bread and the peanuts, I think it was for $19. How can you afford to sell at that price?

If it's in that sirloin category, you have four options. You can get a six ounce sirloin, an eight ounce sirloin, or 11 ounce sirloin, or 16 ounce. So you can pick what price range you want to be at based on the size of that steak. It's still a quality experience, and a lot of our competitors may only give you one option. So having multiple choices through, whether it be prime rib or ribeye, it allows you to determine how much you're hungry for.

But you can make money on that $19.

Yeah, absolutely.

So during COVID, you had to change, you know, everyone had to change a lot of how you operate. The peanuts that everyone loves and associate all over the place at Texas Roadhouse, you took those away, but now you brought 'em back in bags, which is more expensive to provide, right?

It is a little more expensive to do the bag and the logo, but I will tell you that and what I shared with the operators was where are they taking these bags of peanuts? They're taking 'em home. But where are they gonna end up? They're gonna be at their house when they have their friends over, they're gonna be in their kids' lunchboxes, they're gonna be all over the place and it's got our logo and they're gonna know that they're our peanuts. So it's not a bad thing. To me, it's great community partnership. If we can drive our top line, which means provide a great experience for the guests to get more people to come to our business, we believe that that's more important than necessarily trying to raise prices to cover costs.

Heather: That balance between offering a good value and rising costs is one the company has had to strike as beef prices rise. A pound of sirloin steak was up almost 16% compared to the same time last year.

We do understand that we're heavily invested in the beef portfolio. It is something that you have to share a little bit of that cost, but I think we should absorb some of it also.

What share of your commodity basket is beef?

About 50%.

That's a lot.

It's a lot of our menu. Yes.

So how are you gonna handle this?

Beef prices have cycled over to 30 plus years. They have gone up and they have gone down, and this one seems to be extended on the upside. And so, you know, we continue to look at every option that we can. We're one of the largest buyers out there because of our volume. And so we have great relationships with our packers. The good thing is that there are maybe less cattle, but there's heavier weights on those cattle. So there is plenty of beef available, but that is what's driving some of the cost to stay elevated.

Texas Roadhouse increased prices by roughly 2% late last year, and plans to raise them again by a similar amount in April. How are you gonna control costs in other ways in the restaurants?

Light bulbs. All of the fixed costs. If the more your sales are, utilities can go down. So there's just other ways that we have to do a better job to find those pennies out there, those pennies, nickels and dimes to save and not turn the lights on until you're needed and not turn the fryers on. So we just have to be very disciplined, like you would be managing your own home, your own businesses the same way. You don't turn things on until you need them.

Texas Roadhouse has increased prices before in response to growing costs. You have taken some price increases previously, particularly, you know, since COVID has started, everyone's feeling inflation right now. How have customers responded to those increases?

If you look at our top line, I think they're telling us that they understand and we haven't changed our portion sizes. More importantly, we've not changed anything that we were doing prior to that. We've been probably a little under what most others have done. I think it is important that they know we're being as conservative as we believe is right, and that what's good for both.

So where do you think Texas Roadhouse will be in three years, five years?

Well, I think we're trying to get Texas Roadhouse to over 900 restaurants. We'll continue to build about 20 a year.

So what keeps you up at night? What are the things you worry about most?

A lot of things you could let worry you. Some of the things that you can't control, you can't sit there and fret over. What I want to focus on is the positive energy. We'll deal with all the problems and challenges of the world, right? The politics, whatever that is. But our job is to open these doors and serve customers tonight. The industry itself excites me of what we get to do every day.