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Retirement Plans
 12 Months Ended
Sep. 28, 2025
Retirement Benefits [Abstract]  
Retirement Plans RETIREMENT PLANS
We sponsor programs that provide retirement benefits to our employees. These programs include defined contribution plans, defined benefit pension plans, and postretirement healthcare plans.
Defined contribution plans — We maintain a qualified savings plan pursuant to Section 401(k) of the Internal Revenue Code (“IRC”) called the Jack in the Box Inc. Easy$aver Plus Plan. Previously, we also maintained the Del Taco Savings Plan which was merged into the Easy$aver Plus Plan effective January 1, 2024. The plan allows all employees who meet certain age and minimum service requirements to defer a percentage of their pay on a pre-tax basis. Our contributions under these plans were $3.4 million, $3.3 million, and $2.3 million in each fiscal years 2025, 2024 and 2023, respectively.
We also maintain an unfunded, non-qualified deferred compensation plan for key executives and other members of management whose compensation deferrals or company matching contributions to the qualified savings plan are limited due to IRC rules. Effective January 1, 2016, this non-qualified plan was amended to replace the company matching contribution with an annual restoration match that is intended to “restore” up to the full match for participants whose elective deferrals (and related company matching contributions) to the qualified savings plan were limited due to IRC rules. A participant’s right to the Company restoration match vests immediately. This plan allows participants to defer up to 50% of their salary and 85% of their bonus, on a pre-tax basis. Our contributions under the non-qualified deferred compensation plan were $0.1 million in fiscal year 2025, $0.2 million in fiscal year 2024, and $0.1 million in fiscal year 2023.
Defined benefit pension plans — We sponsor two defined benefit pension plans, a “Qualified Plan” covering substantially all full-time employees hired prior to January 1, 2011, and an unfunded supplemental executive retirement plan (“SERP”) which provides certain employees additional pension benefits and was closed to new participants effective January 1, 2007. In fiscal 2011, the Board of Directors approved changes to our Qualified Plan whereby participants no longer accrue benefits effective December 31, 2015. Benefits under both plans are based on the employees’ years of service and compensation over defined periods of employment.
In the fourth quarter of fiscal 2023, the Company amended its Qualified Plan to purchase certain annuity contracts from a third-party company, relieving the Company of its related obligation for future payment (the “Annuity Purchase Agreement”). As a result of the Annuity Purchase Agreement, the Company’s Qualified Plan paid $14.4 million from its plan assets to the third-party, thereby reducing the plan’s pension benefit obligation (“PBO”).
Postretirement healthcare plans — We also sponsor two healthcare plans, closed to new participants, that provide postretirement medical benefits to certain employees who have met minimum age and service requirements. The plans are contributory, with retiree contributions adjusted annually, and contain other cost-sharing features such as deductibles and coinsurance.
Obligations and funded status — The following table provides a reconciliation of the changes in benefit obligations, plan assets, and funded status of our retirement plans for each fiscal year (in thousands):
Qualified PlanSERPPostretirement Health Plans
202520242025202420252024
Change in benefit obligation:
Obligation at beginning of year$297,920 $266,345 $57,097 $53,513 $12,654 $11,891 
Interest cost14,825 15,791 2,778 3,188 615 711 
Participant contributions— — — — 103 102 
Actuarial (gain) loss(17,080)29,769 (3,572)5,199 320 1,186 
Benefits paid(14,275)(13,985)(5,169)(4,803)(1,445)(1,268)
Settlements and other— — — — 116 32 
Obligation at end of year$281,390 $297,920 $51,134 $57,097 $12,363 $12,654 
Change in plan assets:
Fair value at beginning of year$302,439 $275,143 $— $— $— $— 
Actual return on plan assets2,405 41,281 — — — — 
Participant contributions— — — — 103 102 
Employer contributions— — 5,169 4,803 1,226 1,134 
Benefits paid(14,275)(13,985)(5,169)(4,803)(1,445)(1,268)
Settlements and other— — — — 116 32 
Fair value at end of year$290,569 $302,439 $— $— $— $— 
Funded (unfunded) status at end of year$9,179 $4,519 $(51,134)$(57,097)$(12,363)$(12,654)
Amounts recognized on the balance sheet:
Noncurrent assets$9,179 $4,519 $— $— $— $— 
Current liabilities— — (4,814)(5,124)(1,140)(1,111)
Noncurrent liabilities— — (46,320)(51,973)(11,223)(11,543)
Total asset (liability) recognized$9,179 $4,519 $(51,134)$(57,097)$(12,363)$(12,654)
Amounts in AOCI not yet reflected in net periodic benefit cost:
Unamortized actuarial loss (gain), net$94,069 $100,938 $13,980 $18,542 $(7,034)$(8,132)
Unamortized prior service cost— — — — — — 
Total$94,069 $100,938 $13,980 $18,542 $(7,034)$(8,132)
Other changes in plan assets and benefit obligations recognized in OCI:
Net actuarial loss (gain)$(4,453)$3,470 $(3,572)$5,199 $320 $1,186 
Amortization of actuarial (loss) gain(2,416)(2,403)(990)(632)778 914 
Amortization of prior service cost— — — (14)— — 
Total recognized in OCI(6,869)1,067 (4,562)4,553 1,098 2,100 
Net periodic benefit (credit) cost2,209 3,212 3,768 3,834 (163)(203)
Total recognized in comprehensive income$(4,660)$4,279 $(794)$8,387 $935 $1,897 
The net actuarial gain arising in the current year for the benefit obligations was primarily due to an increase in the discount rate on the qualified plan from the prior year.
Additional year-end pension plan information — The PBO represents the actuarial present value of benefits attributable to employee service rendered to date, including the effects of estimated future pay increases. The accumulated benefit obligation (“ABO”) also reflects the actuarial present value of benefits attributable to employee service rendered to date but does not include the effects of estimated future pay increases. Therefore, the ABO as compared to plan assets is an indication of the assets currently available to fund vested and nonvested benefits accrued through the end of the fiscal year. The funded status is measured as the difference between the fair value of a plan’s assets and its PBO. Since the Qualified Plan is frozen and the SERP has no active participants, the PBO and ABO are equal.
As of September 28, 2025 and September 29, 2024, respectively, the Qualified Plan’s ABO was less than the fair value of its plan assets. The SERP is an unfunded plan and, as such, had no plan assets as of September 28, 2025 and September 29, 2024. The following sets forth the PBO, ABO, and fair value of plan assets of our pension plans as of the measurement date in each fiscal year (in thousands):
20252024
Qualified Plan:
Projected benefit obligation$281,390 $297,920 
Accumulated benefit obligation$281,390 $297,920 
Fair value of plan assets$290,569 $302,439 
SERP:
Projected benefit obligation$51,134 $57,097 
Accumulated benefit obligation$51,134 $57,097 
Fair value of plan assets$— $— 
Net periodic benefit cost — The components of the fiscal year net periodic benefit cost were as follows (in thousands):
202520242023
Qualified Plan:
Interest cost$14,825 $15,791 $16,068 
Expected return on plan assets (15,032)(14,982)(15,105)
Actuarial loss2,416 2,403 2,349 
Net periodic benefit cost$2,209 $3,212 $3,312 
SERP:
Interest cost$2,778 $3,188 $3,149 
Actuarial loss990 632 718 
Amortization of unrecognized prior service cost— 14 19 
Net periodic benefit cost$3,768 $3,834 $3,886 
Postretirement health plans:
Interest cost$615 $711 $700 
Actuarial (gain) loss(778)(914)(932)
Net periodic benefit (credit) cost$(163)$(203)$(232)
Prior service costs are amortized on a straight-line basis from date of participation to full eligibility. Unrecognized gains or losses are amortized using the “corridor approach” under which the net gain or loss in excess of 10% of the greater of the PBO or the market-related value of the assets, if applicable, is amortized. For our Qualified Plan, actuarial losses are amortized over the average future expected lifetime of all participants expected to receive benefits. For our SERP, actuarial losses are amortized over the expected remaining future lifetime for inactive participants, and for our postretirement health plans, actuarial losses are amortized over the expected remaining future lifetime of inactive participants expected to receive benefits.
Assumptions — We determine our actuarial assumptions on an annual basis. In determining the present values of our benefit obligations and net periodic benefit costs as of and for the fiscal years ended September 28, 2025, September 29, 2024, and October 1, 2023, we used the following weighted-average assumptions:
202520242023
Assumptions used to determine benefit obligations (1) (2):
Qualified Plan:
Discount rate5.63%5.11%6.10%
SERP:
Discount rate5.45%5.09%6.26%
Postretirement health plans:
Discount rate5.39%5.09%6.27%
Assumptions used to determine net periodic benefit cost (2) (3):
Qualified Plan:
Discount rate5.11%6.10%5.63%
Long-term rate of return on assets5.10%5.60%5.10%
SERP:
Discount rate5.09%6.26%5.80%
Postretirement health plans:
Discount rate5.09%6.27%5.82%
________________________
(1)Determined as of end of year.
(2)There is no assumed rate of increase, as there are no active employees in any of the fiscal years presented.
(3)Determined as of beginning of year.
The assumed discount rates were determined by considering the average of pension yield curves constructed of a population of high-quality bonds with a Moody’s or Standard and Poor’s rating of “AA” or better whose cash flow from coupons and maturities match the year-by-year projected benefit payments from the plans. As benefit payments typically extend beyond the date of the longest maturing bond, cash flows beyond 30 years were discounted back to the 30th year and then matched like any other payment.
The assumed expected long-term rate of return on assets is the weighted-average rate of earnings expected on the funds invested or to be invested to provide for the pension obligations. The long-term rate of return on assets was determined taking into consideration our projected asset allocation and economic forecasts prepared with the assistance of our actuarial consultants.
The assumed discount rate and expected long-term rate of return on assets have a significant effect on amounts reported for our pension and postretirement plans. If the discount rate and expected rate of return on assets used were to decrease by 0.25%, fiscal 2025 earnings before income taxes would have decreased by less than $0.1 million and decreased by $0.7 million, respectively.
For measurement purposes, the weighted-average assumed health care cost trend rates for our postretirement health plans were as follows for each fiscal year:
202520242023
Healthcare cost trend rate for next year:
Participants under age 656.50%6.25%6.25%
Participants age 65 or older6.50%6.25%6.25%
Rate to which the cost trend rate is assumed to decline:
Participants under age 654.50%4.50%4.50%
Participants age 65 or older4.50%4.50%4.50%
Year the rate reaches the ultimate trend rate:
Participants under age 65203220312031
Participants age 65 or older203220312031
The assumed healthcare cost trend rate represents our estimate of the annual rates of change in the costs of the healthcare benefits currently provided by our postretirement plans. The healthcare cost trend rate implicitly considers estimates of healthcare inflation, changes in healthcare utilization and delivery patterns, technological advances and changes in the health status of the plan participants. The healthcare cost trend rate assumption has a significant effect on the amounts reported.
Plan assets — Our investment philosophy is to invest assets in a prudent manner to meet the obligation of providing benefits to Plan participants and their beneficiaries in accordance with the time horizon appropriate for the Plan while employing asset diversification to minimize the risk of large losses. Our asset allocation strategy utilizes multiple investment managers in order to maximize the plan’s return while minimizing risk. We regularly monitor our asset allocation, and senior financial management and the Board of Directors review performance results quarterly. We continually review our target asset allocation for our Qualified Plan and when changes are made, we reallocate our plan assets over a period of time, as deemed appropriate by senior financial management, to achieve our target asset allocation. Our plan asset allocation at the end of each fiscal 2025 and 2024 and respective target allocations were as follows:
2025TargetMinimumMaximum
Cash & cash equivalents2%—%—%—%
Global equity12%12%7%17%
Alternative credit11%9%4%14%
Real assets9%9%4%14%
Liability-hedging assets66%70%60%80%
100%100%
2024TargetMinimumMaximum
Cash & cash equivalents1%—%—%—%
Global equity13%12%7%17%
Alternative credit11%9%4%14%
Real assets9%9%4%14%
Liability-hedging assets66%70%60%80%
100%100%
The Company measures its defined benefit plan assets and obligations as of the month-end date closest to its fiscal year end, which is a practical expedient under FASB authoritative guidance. The fair values of the Qualified Plan’s assets by asset category are as follows (in thousands):
Total
Other
(i.e., NAV Assets)
(3)
Quoted Prices
in Active
Markets for
Identical
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Fair Value at September 30, 2025:
Cash and cash equivalents(1)$5,793 $— $— $5,793 $— 
Equity:
Global equity(2)35,961 35,961 — — — 
Fixed income:
Liability-hedging assets(4)190,685 87,111 — 103,574 — 
Alternative credit(5)31,629 31,629 — — — 
Real assets(6)26,501 26,501 — — — 
$290,569 $181,202 $— $109,367 $— 
Fair Value at September 30, 2024:
Cash and cash equivalents(1)$2,933 $— $— $2,933 $— 
Equity:
Global equity(2)40,193 40,193 — — — 
Fixed income:
Liability-hedging assets(4)200,675 86,089 — 114,586 — 
Alternative credit(5)32,100 32,100 — — — 
Real assets(6)26,538 26,538 — — — 
$302,439 $184,920 $— $117,519 $— 
________________________
(1)Cash and cash equivalents are comprised of commercial paper, short-term bills and notes, and short-term investment funds, which are valued at quoted prices in active markets for similar securities.
(2)Global equity is comprised of investments in publicly traded common stocks and other equity-type securities issued by companies throughout the world, including convertible securities, preferred stock, rights and warrants.
(3)Certain investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) practical expedient are not categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(4)Liability-hedging assets are comprised of investments in fixed income securities or derivatives thereof that are intended to mitigate interest rate risk or reduce the interest rate duration mismatch between the assets and liabilities of the Plan.
(5)Alternative credit includes investments in a range of public and private credit securities, including below investment grade rated bonds and loans, securitized credit, and emerging market debt.
(6)Real assets are investments in public and private debt and equity investments, including but not limited to real estate, infrastructure, timberland and agriculture/farmland.

Future cash flows — Our policy is to fund our plans at or above the minimum required by law. As of the date of our last actuarial funding valuation, the minimum required contribution is $1.6 million and must be satisfied by September 15, 2026. At this time, we do not anticipate making any contributions to our Qualified Plan in fiscal 2026 as this requirement may also be satisfied by application of the available funding balances. Contributions expected to be paid in the next fiscal year, the projected benefit payments for each of the next five fiscal years, and the total aggregate amount for the subsequent five fiscal years are as follows (in thousands):
Defined Benefit PlansPostretirement
Health Plans
Estimated net contributions during fiscal 2026
$4,814 $1,170 
Estimated future year benefit payments during fiscal years:
2026$20,915 $1,170 
2027$21,246 $1,182 
2028$21,635 $1,186 
2029$22,056 $1,180 
2030$22,455 $1,165 
2031-2035$117,352 $5,296 
We will continue to evaluate contributions to our Qualified Plan based on changes in pension assets as a result of asset performance in the current market and economic environment. Expected benefit payments are based on the same assumptions used to measure our benefit obligations at September 28, 2025.