Texas Roadhouse : 2022 Annual Report and 2023 Proxy Statement

DEAR SHAREHOLDERS,

On February 17, 1993,

Texas Roadhouse opened its doors for business and the dream of our founder, Kent Taylor, became a reality.

Over the past 30 years, the country and the world have come to know and love our commitment to hospitality and service, to crave our made-from-scratch food, and to appreciate our support of local communities. Despite some early hardships, since Day One in 1993, our operators continue to drive sales and consistently deliver on our promise of Legendary Food, Legendary Service® to our guests each and every day.

For the company 2022 was no exception, marked by over $4 billion in revenue and double-digit profit growth despite significant cost pressures. In addition, our operators generated over $130,000 in average weekly sales at company restaurants. We opened 23 company restaurants, seven international franchise restaurants, and acquired eight domestic franchise restaurants.

While many things at Texas Roadhouse have remained the same since 1993, we are and will always be committed to evolving and changing to improve the guest and Roadie experience.

As an example, since 2020, our To-Go business has grown considerably, and our dining room

traffic also continues to increase. In 2022, our stores averaged over

$900,000 per location in To-Go sales. In response to this demand,

we continue to develop processes and technologies to improve the guest experience. We recently launched a guest feedback tool that allows our stores to track their Net Promoter Scores (NPS) on a daily basis, which will help us better execute on To-Go.

In addition, given our increased traffic, we continue to explore and implement new technology to support our in-dining room experience, such as Roadhouse Pay, our pay-at-the-table system.

We successfully rolled out Roadhouse Pay to over 500 locations in 2022. Roadhouse Pay gives our guests more freedom to pay at their convenience and allows us to provide better service to the guest during the 'check-and-change' period of their meal.

Although Kent is no longer with us, his memory lives on as we carry on the mission, vision, and purpose he instilled in all of us. On February 6, 2023, all of our restaurants across the country joined together to raise awareness and make a donation of over $820,000 for the American Tinnitus Association (ATA). The ATA's mission is to promote relief, help prevent, and find cures for tinnitus. As a result of our partnership, we made a huge impact on this organization and those who suffer from tinnitus, which hits close to home for so many Roadies.

On January 30, 2023, we celebrated the opening of our 700th restaurant systemwide in El Paso, Texas. I am proud of Managing Partner, Miro Santiesteban, and team for representing Texas Roadhouse with this milestone opening. The community has embraced our new location in El Paso and I have no doubt that great things are ahead. In a testament to our growth, our 701st restaurant opened just a few hours later in California.

We also continue our strategy of relocating some of our older restaurants with great results.

In 2022, the three restaurants we relocated experienced at least a 20% increase in sales, which is consistent with prior years. Our most recent relocation in Lubbock, Texas, is currently the largest Texas Roadhouse unit at nearly 11,000-square feet!

On the retail front, we launched a new merchandise shop for fans to enjoy and share our brand in new ways. From socks to peanut brittle and a honey cinnamon butter candle, our guests can now shop for branded items on our website. The honey cinnamon butter candle is our most popular item and has received widespread attention on social media and online news.

Our 'Texas Roadhouse		Our 700th restaurant
Rattlesnake Bites™		systemwide in El Paso, Texas.
Seasoning Blend', is now
available nationwide at
all Sam's Club stores.

As we continue to innovate and extend our legendary brand into retail grocery and merchandise spaces, spices are our latest product to hit the shelves. Our 'Texas Roadhouse Rattlesnake Bites™ Seasoning Blend', which is inspired by our famous Rattlesnakes Bites™ appetizer, is now available nationwide at all Sam's Club stores. The acceptance and fanfare we continue to see throughout the retail segment shows the strength our Texas Roadhouse brand has achieved over the course of the last 30 years.

We are also pleased with the progress of our newer concepts, Bubba's 33 and Jaggers.

Bubba's 33, which ended the year with 40 restaurants in 15 states, is celebrating its 10-year anniversary in 2023 and continues to show great potential. We recently completed our first attitude and usage study for Bubba's 33, which will help us better understand and serve our guests moving forward.

Jaggers is experiencing growth in the quick service sector. On the company side, we plan to open three restaurants in 2023 and expect our first franchise units to open later this year. We firmly believe that the food quality, variety, value, and service will continue to set us apart as this brand grows.

Our international business continues to expand as well. We ended 2022 with 38 restaurants in 10 foreign countries. In 2023, we expect our franchise partners to open as many as six locations. We believe we have a strong foundation internationally that will allow us to continue to grow for many years.

We are also growing on the people side of our business with the promotion of Gina Tobin to President in January 2023. Gina most recently held the position of Chief Learning and Culture Officer. In addition

to her current duties overseeing Food, Service, Training, Research & Development, and Diversity & Inclusion, she will take on more day-to-day responsibilities at all levels throughout the Support Center. Gina is a former operator and Managing Partner of the Year, who has contributed to our success as both an operator and executive. With Gina as President, I will be able to spend more time in the field supporting operations for all three concepts.

It's our people and our culture of recognition that are key to our success. In April 2022, we took time to motivate and celebrate all of our operators at our annual Managing Partner Conference. During the event, we named our Managing Partner of the Year, Chad Noble from Fayetteville, North Carolina. What I love most about Chad as a leader is his consistency. Whether it's his focus on food, service, or the

culture in his store, Chad is always committed to legendary standards. A five-time Managing Partner of the Year Finalist, I was proud to present Chad with his $30,000 check. At our annual Support Center Awards, Shelly McGowen was named Roadie of the Year. Throughout her 17-year career, she has been steadfast in her support of the Executive Team. Shelly is a true partner and always the most positive person in the room.

As we celebrate our 30th anniversary, our focus will be on what got us here

• providing our guests a legendary experience each and every shift across all of our concepts. And, what I'm most proud of is that you can still feel the Day One mentality when you taste our made-from-scratch food and see the smiling faces of our Roadies the moment you walk through the door.

We are excited about our continued growth in 2023, which includes the potential to open a record number of systemwide locations across all of our brands. Given our momentum and the passion our Roadies have to deliver on our promise, I have no doubt that we're just gettin' started.

Jerry Morgan

CEO

From socks to peanut brittle and a honey cinnamon butter candle, our guests can now shop for branded items on our website.

Gina Tobin promoted to President.

March 31, 2023

To our Shareholders:

You are cordially invited to attend the 2023 Annual Meeting of Shareholders of Texas Roadhouse, Inc. (the "Company") on Thursday, May 11, 2023. The meeting will be held at the Texas Roadhouse Support Center located at 6040 Dutchmans Lane, Louisville, Kentucky at 9:00 a.m. eastern daylight time.

The official Notice of Annual Meeting, Proxy Statement, and Proxy Card are enclosed with this letter.

Please take the time to read carefully each of the proposals for shareholder action described in the accompanying proxy materials. Whether or not you plan to attend, you can ensure that your shares are represented at the meeting by promptly completing, signing and dating your Proxy Card and returning it in the enclosed postage-paid envelope. Shareholders of record can also vote by touch-tone telephone from the United States, using the toll-free number on the Proxy Card, or by the Internet, using the instructions on the Proxy Card. If you attend the meeting, then you may revoke your proxy and vote your shares in person.

Your interest and participation in the affairs of the Company are greatly appreciated. Thank you for your continued support.

Sincerely,

Gerald L. Morgan

Chief Executive Officer