SCHEDULE 13G/A: BlackRock Amends Jack in the Box Stake, Reports 14.5% Passive Ownership

BlackRock, Inc. has filed an amended Schedule 13G, disclosing a 14.5% beneficial ownership stake in Jack in the Box Inc. common stock as of June 30, 2025.

Summary

• BlackRock, Inc. filed an Amendment No. 21 to Schedule 13G regarding its beneficial ownership in JACK IN THE BOX INC.
• As of June 30, 2025, BlackRock, Inc. beneficially owns 2,744,798 shares of JACK IN THE BOX INC. common stock.
• This represents 14.5% of the total outstanding common stock.
• BlackRock, Inc. holds sole voting power over 2,708,578 shares and sole dispositive power over 2,744,798 shares.
• No shared voting or dispositive power is reported.
• The filing certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• iShares Core S&P Small-Cap ETF, a BlackRock entity, is identified as holding more than 5% of the total outstanding common stock of JACK IN THE BOX INC.
• Other BlackRock subsidiaries identified as relevant for Item 7 include BlackRock Advisors, LLC, BlackRock Asset Management Canada Limited, BlackRock (Netherlands) B.V., BlackRock Asset Management Ireland Limited, BlackRock Institutional Trust Company, National Association, BlackRock Financial Management, Inc., BlackRock Fund Managers Ltd, BlackRock Asset Management Schweiz AG, and BlackRock Investment Management, LLC, with BlackRock Fund Advisors specifically noted as beneficially owning 5% or greater.

Sentiment

Score: 6

Explanation: The document is a neutral, routine regulatory filing. The continued significant passive ownership by a major institutional investor like BlackRock can be seen as a minor positive signal of stability, but it does not convey strong positive or negative sentiment regarding the company's performance or outlook.

Positives

• BlackRock, a major institutional investor, maintains a significant passive stake (14.5%) in Jack in the Box Inc., indicating continued confidence in the company as an investment.
• The filing confirms the stake is held in the ordinary course of business and not for control purposes, suggesting stability in the ownership structure.

Future Outlook

No forward-looking statements or guidance are provided in this ownership disclosure filing.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing is a routine disclosure by a large asset manager, BlackRock, regarding its passive investment in a restaurant company, Jack in the Box. It reflects BlackRock's ongoing portfolio management activities and its role as a significant institutional holder across various industries, including the quick-service restaurant sector. It does not provide specific insights into broader industry trends beyond confirming continued institutional interest in established companies.

Comparison to Industry Standards

• BlackRock's 14.5% stake in Jack in the Box Inc. is a substantial passive investment, typical for large index fund managers like BlackRock who hold significant positions across numerous publicly traded companies to mirror market indices.
• Comparable institutional holdings exist for other major restaurant chains, where large asset managers like Vanguard, State Street, or Fidelity often hold similar passive stakes (e.g., McDonald's, Yum! Brands, Restaurant Brands International).
• The certification that the stake is held in the ordinary course of business and not for control purposes aligns with the standard passive investment strategy of such large asset managers, differentiating it from activist investor filings (Schedule 13D).

Stakeholder Impact

• Shareholders: Provides transparency on a significant institutional holder's stake, confirming a large passive investment.
• Management: Awareness of a major passive shareholder, but no direct impact on operations or strategy as the stake is not for control purposes.

Next Steps

• BlackRock, Inc. will continue to monitor its investment in Jack in the Box Inc.
• Future Schedule 13G amendments will be filed if there are significant changes in beneficial ownership (e.g., a change of 1% or more).

Key Dates

Recommendation

Keywords

BlackRock, Jack in the Box, Schedule 13G, Beneficial Ownership, Institutional Investor, Common Stock, Passive Investment, SEC Filing, Ownership Disclosure, Investment Management