CHEESECAKE FACTORY (CAKE) Company Report

The Cheesecake Factory provides 2026 guidance for 4%-5% revenue growth, supported by low single-digit 1%-2% comparable sales growth, and approximately 5% net income growth.
The company anticipates 25-35 basis points of restaurant margin accretion for 2025 and another 25 basis points for 2026, targeting 16%-18% for the total company long-term.
For 2026, the outlook for both commodity and labor costs is low to mid-single digit, with wage inflation at 3% to 4%.
Capital allocation plans for 2026 include $200 million-$210 million in CapEx, with the company generating approximately $350 million in adjusted EBITDA this year, supporting potential dividend increases, opportunistic share buybacks, and extinguishing a convertible bond due in June 2026.

Dec 3, 2025, 4:15 PM

Transcript

The Cheesecake Factory Provides 2026 Guidance and Strategic Updates

CAKE

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

The Cheesecake Factory projects 4%-5% revenue growth and 5% net income growth for 2026, supported by 1%-2% comparable sales growth.
The company plans to open 25 restaurants in 2025 and 26 in 2026 across its portfolio, with long-term domestic potential for 300 Cheesecake Factories, 200 North Italias, and 700 Flower Child units.
Four-wall margins for The Cheesecake Factory brand are in the mid-17s today, with a total company target of 16%-18% long-term, and an additional 25 basis points margin expansion expected for 2026.
For 2026, capital expenditures are projected to be $200 million-$210 million, with an estimated $350 million in adjusted EBITDA for 2025, and a leverage ratio of 1 to 1.5 times adjusted debt EBITDA.
Strategic initiatives include the continued development of a rewards program, which has led to higher check averages and frequency, and the planned rollout of a new app in the first half of 2026 to enhance the guest experience.

Dec 3, 2025, 4:15 PM

Transcript

The Cheesecake Factory Provides 2026 Guidance and Strategic Updates

CAKE

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

The Cheesecake Factory provided 2026 guidance, projecting 4%-5% revenue growth, 1%-2% comparable sales growth, and 5% net income growth.
The company plans significant unit expansion, with 25 new restaurants in 2025 and 26 planned for 2026, contributing to 6%-7% annual net unit growth across its portfolio.
Strategic initiatives for 2026 include continued menu innovation and the launch of a rewards program app in the first half of the year, aimed at enhancing guest experience and driving visit frequency.
The company anticipates delivering an additional 25 basis points on four-wall margins in 2026, with Cheesecake Factory brand margins currently in the mid-17s and a long-term total company target of 16%-18%.
Capital allocation for 2026 is projected at $200 million-$210 million in CapEx, supported by an estimated $350 million in adjusted EBITDA for 2025, allowing for potential dividend increases and opportunistic share buybacks.

Dec 3, 2025, 4:15 PM

Transcript

Cheesecake Factory Reports Q3 2025 Results and Provides 2026 Outlook

CAKE

Earnings

Guidance Update

New Projects/Investments

The Cheesecake Factory reported Q3 2025 revenue of $907.2 million and a net income of $31.9 million, with diluted net income per share at $0.66.
For Q4 2025, the company anticipates a slight revenue dip of about 1% but forecasts an adjusted net income margin of approximately 5.1%.
The company projects a 4% to 5% revenue increase and a net income margin target around 5% for 2026.
The Cheesecake Factory continues its expansion, opening four new restaurants in Q3 2025 and planning seven additional openings in Q4 2025, supported by a strong liquidity position of $556.5 million.

Oct 28, 2025, 11:23 PM

Morningstar

Cheesecake Factory Reports Q3 2025 Results and Provides Outlook

CAKE

Earnings

Guidance Update

Demand Weakening

The Cheesecake Factory reported Q3 2025 total revenues of $907 million and adjusted diluted net income per share of $0.68, with consolidated revenues within guidance and earnings above expectations.
Comparable sales increased by 0.3% at The Cheesecake Factory restaurants, while North Italia saw a 3% decline and Flower Child experienced a 7% increase. Restaurant-level profit margins improved year-over-year for The Cheesecake Factory (16.3%) and North Italia (15.7%).
For Q4 2025, total revenues are anticipated to be between $940 million and $955 million, and the full-year 2025 net income margin outlook of 4.9% remains intact.
The company plans to open as many as 25 new restaurants in 2025 and 26 new restaurants in 2026, targeting total revenue growth of 4%-5% for 2026 over full year 2025, with an expected full-year 2026 net income margin of approximately 5%.
The company returned $13.8 million to shareholders in Q3 2025 through dividends and stock repurchases.

Oct 28, 2025, 9:00 PM

Transcript

The Cheesecake Factory Reports Q3 2025 Results and Provides Q4 2025 and FY 2026 Outlook

CAKE

Earnings

Guidance Update

Demand Weakening

For Q3 2025, total revenues reached $907 million, with adjusted diluted net income per share at $0.68.
Comparable sales in Q3 2025 showed mixed performance, with The Cheesecake Factory up 0.3%, North Italia down 3%, and Flower Child significantly up 7%.
The company provided Q4 2025 total revenue guidance of $940 million to $955 million, expecting an adjusted net income margin of approximately 5.1% at the midpoint of the sales range.
Looking to fiscal year 2026, the company targets total revenue growth of 4% to 5% over full year 2025, with an anticipated full-year net income margin of approximately 5%.
In Q3 2025, $13.8 million was returned to shareholders through dividends and stock repurchases.

Oct 28, 2025, 9:00 PM

Transcript

Cheesecake Factory (CAKE) Reports Solid Q3 2025 Results and Provides Q4 2025 and FY 2026 Outlook

CAKE

Earnings

Guidance Update

Demand Weakening

The Cheesecake Factory (CAKE) reported solid Q3 2025 results, with consolidated revenues within guidance and earnings/profitability above expectations, including total revenues of $907 million and adjusted diluted net income per share of $0.68.
Comparable sales for The Cheesecake Factory restaurants increased 0.3%, while North Italia declined 3%, and Flower Child saw a strong increase of 7%.
For Q4 2025, CAKE anticipates total revenues between $940 million and $955 million, with an expected adjusted net income margin of approximately 5.1% at the midpoint of the sales range.
The company plans to open as many as 25 new restaurants in 2025 and accelerate development to as many as 26 new restaurants in 2026, targeting total revenue growth of 4% to 5% for 2026 over full year 2025.
Management noted a softer macro and consumer environment, primarily due to a drop-off in traffic, and expects a 1% lower traffic run rate in Q4 2025.

Oct 28, 2025, 9:00 PM

Transcript

The Cheesecake Factory Reports Q3 2025 Financial Results

CAKE

Earnings

Dividends

Share Buyback

The Cheesecake Factory reported total revenues of $907.2 million for the third quarter of fiscal 2025, compared to $865.5 million in the prior year period.
Net income and diluted net income per share for Q3 2025 were $31.9 million and $0.66, respectively. Adjusted diluted net income per share was $0.68.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.3% year-over-year in the third quarter of fiscal 2025.
As of September 30, 2025, the company had total available liquidity of $556.5 million, including a cash balance of $190.0 million. The company repurchased approximately 18,900 shares at a cost of $1.2 million and declared a quarterly dividend of $0.27 per share.

Oct 28, 2025, 8:30 PM

8-K

Cheesecake Factory Reports Q3 2025 Results with Revenue Growth and Increased Earnings

CAKE

Earnings

Dividends

Share Buyback

The Cheesecake Factory reported total revenues of $907.2 million and net income of $31.9 million for the third quarter of fiscal 2025, with diluted net income per share of $0.66 and adjusted diluted net income per share of $0.68.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 0.3% year-over-year in the third quarter of fiscal 2025.
As of September 30, 2025, the company had $556.5 million in total available liquidity, including a cash balance of $190.0 million, and repurchased 18,900 shares for $1.2 million during the quarter.