US Market News
2月前
The Cheesecake Factory Reports Results for First Quarter of Fiscal 2026April 29, 2026 4:15 PM
Business Wire
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2026, which ended on March 31, 2026.
Total revenues were $978.8 million in the first quarter of fiscal 2026 compared to $927.2 million in the first quarter of fiscal 2025. Net income and diluted net income per share were $49.5 million and $1.02, respectively, in the first quarter of fiscal 2026.
The Company recorded a pre-tax net expense of $2.0 million related to impairment of assets and lease termination expenses, and Fox Restaurant Concepts (“FRC”) acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted diluted net income per share for the first quarter of fiscal 2026 were $51.1 million and $1.05, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants increased 1.6% year-over-year in the first quarter of fiscal 2026.
“We delivered strong first quarter results, with revenue, margins and earnings finishing above our expectations,” said David Overton, Chairman and Chief Executive Officer. “Our top-line performance was led by comparable sales growth at The Cheesecake Factory restaurants, which outperformed the broader casual dining industry in the quarter. These results, delivered in a competitive environment and despite significant weather-related impacts, reflect the resilient demand for the distinct, high-quality dining experiences we provide our guests and strong affinity for our namesake concept. At the same time, execution within our restaurants was excellent, with operators driving year-over-year improvements in labor productivity and food efficiency, supporting solid flow-through to profitability.”
Mr. Overton continued, “For more than four decades, our approach has been grounded in a commitment to taking care of our guests and each other, delivering exceptional hospitality and memorable dining experiences that set our concepts apart. We are honored to be recognized on the Fortune magazine ‘100 Best Companies to Work For’ list for the 13th consecutive year, a distinction that reflects the strength of our culture, how our teams bring our values to life across our restaurants every day, and reinforces our position as an employer of choice.”
Development
During the first quarter of fiscal 2026, the Company opened one North Italia, one Flower Child, one FRC restaurant, and one The Cheesecake Factory restaurant opened internationally under a licensing agreement in Guadalajara, Mexico. Subsequent to quarter-end, the Company opened one North Italia location.
The Company continues to expect to open as many as 26 new restaurants in fiscal 2026, including as many as six The Cheesecake Factory restaurants, six to seven North Italia locations, six to seven Flower Child locations and as many as seven FRC restaurants.
Liquidity and Capital Allocation
As of March 31, 2026, the Company had total available liquidity of $601.6 million, including a cash balance of $235.1 million and $366.5 million of availability on its revolving credit facility with no outstanding balance. Total principal amount of debt outstanding was $644.0 million, including $69.0 million in principal amount of 0.375% convertible senior notes due 2026 and $575.0 million in principal amount of 2.00% convertible senior notes due 2030.
During the first quarter of fiscal 2026, the Company repurchased approximately 332,000 shares of its stock at a cost of $19.2 million. In addition, the Company’s Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on May 26, 2026, to shareholders of record at the close of business on May 13, 2026.
Conference Call and Webcast
The Company will hold a conference call to review its results for the first quarter of fiscal 2026 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company’s website at investors.thecheesecakefactory.com.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people—this defines who we are and where we are going. We currently own and operate 371 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia®, Flower Child® and a collection of other FRC brands. Internationally, 36 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2026, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the thirteenth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com, www.iamaflowerchild.com and www.foxrc.com.
From Fortune. ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the Company’s operations, growth, restaurant development and other objectives. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: economic, public health and political conditions that impact consumer confidence and spending, including government shutdowns, trade policy, interest rate fluctuations, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia, Flower Child and Other Fox Restaurant Concepts restaurants; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located, and the Company’s ability to successfully manage its lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of changes in tax laws; changes in laws impacting the Company’s business; adverse weather conditions and natural disasters in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.
The Cheesecake Factory Incorporated
Condensed Consolidated Statements of Income
(unaudited; in thousands, except per share data)
13 Weeks Ended
13 Weeks Ended
Consolidated Statements of Income
March 31, 2026
April 1, 2025
Amount
Percent of Revenues
Amount
Percent of Revenues
Revenues
$
978,833
100.0
%
$
927,197
100.0
%
Costs and expenses:
Food and beverage costs
212,250
21.7
%
202,261
21.8
%
Labor expenses
347,769
35.5
%
331,075
35.7
%
Other operating costs and expenses
264,353
27.0
%
246,425
26.6
%
General and administrative expenses
63,931
6.5
%
59,932
6.5
%
Depreciation and amortization expenses
27,984
2.9
%
26,082
2.8
%
Impairment of assets and lease termination expenses
829
0.1
%
378
0.0
%
Acquisition-related contingent consideration, compensation and amortization expenses
1,202
0.1
%
998
0.1
%
Preopening costs
5,470
0.6
%
8,087
0.9
%
Total costs and expenses
923,788
94.4
%
875,238
94.4
%
Income from operations
55,045
5.6
%
51,959
5.6
%
Interest expense, net
(1,995
)
(0.2
)%
(2,328
)
(0.3
)%
Loss on debt extinguishment
-
0.0
%
(15,891
)
(1.7
)%
Other income, net
301
0.1
%
743
0.1
%
Income before income taxes
53,351
5.5
%
34,483
3.7
%
Income tax provision
3,803
0.4
%
1,542
0.1
%
Net income
$
49,548
5.1
%
$
32,941
3.6
%
Basic net income per share
$
1.06
$
0.69
Basic weighted average shares outstanding
46,585
47,526
Diluted net income per share
$
1.02
$
0.67
Diluted weighted average shares outstanding
48,455
49,284
The Cheesecake Factory Incorporated
Selected Segment Information
(unaudited; in thousands)
For the 13 Weeks Ended March 31, 2026
The Cheesecake
Factory
North
Other
restaurants
Italia
FRC
Other
Total
Revenues
$
690,473
$
89,479
$
104,522
$
94,359
$
978,833
Costs and expenses:
Food and beverage costs
151,158
20,264
23,032
17,796
212,250
Labor expenses
238,354
33,421
39,169
36,825
347,769
Other operating costs and expenses
180,297
24,717
30,664
28,675
264,353
General and administrative expenses
-
-
-
63,931
63,931
Depreciation and amortization expenses
17,170
3,194
3,365
4,255
27,984
Impairment of assets and lease terminations expense
557
-
2
270
829
Acquisition-related contingent consideration, compensation and amortization expenses
-
-
316
886
1,202
Preopening costs
1,415
1,914
1,731
410
5,470
Total costs and expenses
588,951
83,510
98,279
153,048
923,788
Income/(loss) from operations
$
101,522
$
5,969
$
6,243
$
(58,689
)
$
55,045
For the 13 Weeks Ended April 1, 2025
The Cheesecake
Factory
North
Other
restaurants
Italia
FRC
Other
Total
Revenues
$
672,734
$
83,410
$
87,424
$
83,629
$
927,197
Costs and expenses:
Food and beverage costs
147,655
18,415
19,149
17,042
202,261
Labor expenses
233,391
31,917
31,562
34,205
331,075
Other operating costs and expenses
174,604
22,620
25,565
23,636
246,425
General and administrative expenses
-
-
-
59,932
59,932
Depreciation and amortization expenses
16,226
2,798
3,035
4,023
26,082
Impairment of assets and lease terminations expenses
75
-
300
3
378
Acquisition-related contingent consideration, compensation and amortization expenses
-
-
316
682
998
Preopening costs
1,350
2,680
2,793
1,264
8,087
Total costs and expenses
573,301
78,430
82,720
140,787
875,238
Income/(loss) from operations
$
99,433
$
4,980
$
4,704
$
(57,158
)
$
51,959
The Cheesecake Factory Incorporated
Selected Operating, Restaurant and Balance Sheet Information
(unaudited; in thousands, except statistical data)
The Cheesecake Factory restaurants operating information:
13 Weeks Ended
March 31, 2026
13 Weeks Ended
April 1, 2025
Comparable restaurant sales vs. prior year
1.6
%
1.0
%
Restaurants opened during period
-
-
Restaurants open at period-end
216
215
Restaurant operating weeks
2,816
2,795
North Italia operating information:
Comparable restaurant sales vs. prior year
(2
)%
(1
)%
Restaurants opened during period
1
3
Restaurants open at period-end
49
45
Restaurant operating weeks
625
560
Other Fox Restaurant Concepts (FRC) operating information:(1)
Restaurants opened during period
1
2
Restaurants open at period-end
56
49
Restaurant operating weeks
720
626
Other operating information:(2)
Restaurants opened during period
1
3
Restaurants open at period-end
49
46
Restaurant operating weeks
639
583
Number of company-owned restaurants:
The Cheesecake Factory
216
North Italia
49
Other FRC
56
Other
49
Total
370
Number of international-licensed restaurants:
The Cheesecake Factory
36
(1) The Other FRC segment includes all FRC brands except Flower Child.
(2) The Other segment includes the Flower Child and Grand Lux Cafe concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs.
Selected Consolidated Balance Sheet Information
March 31, 2026
December 30, 2025
Cash and cash equivalents
$
235,090
$
215,729
Current and long-term debt, net of issuance costs (1)
630,993
630,074
(1) Includes $68.9 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $69 million less $0.1 million in unamortized issuance costs) and $562.1 million net balance of 2.00% convertible senior notes due 2030 (principal amount of $575 million less $12.9 million in unamortized issuance costs). The unamortized issuance costs were recorded as a contra-liability and netted with current and long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.
Reconciliation of Non-GAAP Results to GAAP Results
In addition to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in this press release, the Company is providing non-GAAP measurements which present net income and net income per share excluding the impact of certain items. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. These non-GAAP measures are calculated by eliminating from net income and diluted net income per share the impact of items the Company does not consider indicative of its ongoing operations. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.
The Cheesecake Factory Incorporated
Reconciliation of Non-GAAP Financial Measures
(unaudited; in thousands, except per share data)
13 Weeks Ended
13 Weeks Ended
March 31, 2026
April 1, 2025
Net income (GAAP)
$
49,548
$
32,941
Impairment of assets and lease termination expenses(1)
829
378
Acquisition-related contingent consideration, compensation and amortization expenses(2)
1,202
998
Loss on extinguishment of debt(3)
-
15,891
Tax effect of adjustments(4)
(529
)
(4,489
)
Adjusted net income (non-GAAP)
$
51,050
$
45,719
Diluted net income per share (GAAP)
$
1.02
$
0.67
Impairment of assets and lease termination expenses(1)
0.02
0.01
Acquisition-related contingent consideration, compensation and amortization expenses(2)
0.02
0.02
Loss on extinguishment of debt(3)
-
0.32
Tax effect of adjustments(4)
(0.01
)
(0.09
)
Adjusted diluted net income per share (non-GAAP)(5)
$
1.05
$
0.93
(1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the thirteen weeks ended March 31, 2026 and April 1, 2025 can be found in the Selected Segment Information table.
(2) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.
(3) Represents premium paid and acceleration of previously unamortized deferred financing costs as a result of partial redemption of our convertible senior notes due 2026.
(4) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a 26% tax rate for the fiscal 2026 and 2025 periods.
(5) Adjusted net income per share may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260429668073/en/
Etienne Marcus
(818) 871-3000
investorrelations@thecheesecakefactory.com
Original: The Cheesecake Factory Reports Results for First Quarter of Fiscal 2026
US Market News
4月前
The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2025February 18, 2026 4:15 PM
Business Wire
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the fourth quarter of fiscal 2025, which ended on December 30, 2025.
Total revenues were $961.6 million in the fourth quarter of fiscal 2025 compared to $921.0 million in the fourth quarter of fiscal 2024. Fourth quarter fiscal 2025 includes $17.3 million of gift card breakage revenue as a result of a change in historical redemption patterns. Net income and diluted net income per share were $28.8 million and $0.60, respectively, in the fourth quarter of fiscal 2025.
The Company recorded a pre-tax net expense of $24.6 million related to impairment of assets and lease termination expenses, Fox Restaurant Concepts (“FRC”) acquisition-related items, gift card breakage and gift card inventory adjustments. Excluding the after-tax impact of these and certain other items, adjusted net income and adjusted diluted net income per share for the fourth quarter of fiscal 2025 were $48.3 million and $1.00, respectively. Please see the Company’s reconciliation of non-GAAP financial measures at the end of this press release.
Comparable restaurant sales at The Cheesecake Factory restaurants declined 2.2% year-over-year in the fourth quarter of fiscal 2025.
“We delivered solid fourth quarter and full-year results in 2025, generating record annual revenue supported by 25 new restaurant openings for the year,” said David Overton, Chairman and Chief Executive Officer. “Despite a more challenging operating environment across the restaurant industry, including weather-related impacts, revenue for the quarter finished within our expected range. Margins and adjusted diluted net income per share finished toward the higher end of our expectations, reflecting the resilience of our business and strong operational execution. Our operators remained focused on the factors within their control, delivering year-over-year improvements in labor productivity, wage management, hourly staff and manager retention, and guest satisfaction.
“During the fourth quarter, we opened seven new restaurants and delivered approximately 7% unit growth for the year. Looking ahead, we expect to open as many as 26 restaurants this year, and with a strong pipeline in place we remain confident in our ability to achieve our development goal.
“Underscoring our confidence in the strength and consistency of the business, we also announced an increase of 5.0 million shares to our repurchase authorization and raised our quarterly dividend to $0.30 per share. While the operating environment remains competitive, our strong operational execution, continued menu innovation, and portfolio of high-quality concepts differentiate our business and position us well for long-term growth and shareholder value creation.”
Development
During the fourth quarter of fiscal 2025, the Company opened two Cheesecake Factory, two North Italia, and three FRC restaurants. Subsequent to quarter-end, the Company opened one Flower Child location and closed four restaurants, including two Cheesecake Factory restaurants, one Grand Lux Cafe, and one FRC location.
The Company now expects to open as many as 26 new restaurants in fiscal 2026, including as many as six The Cheesecake Factory restaurants, six to seven North Italia locations, six to seven Flower Child locations and as many as eight FRC restaurants.
Liquidity and Capital Allocation
As of December 30, 2025, the Company had total available liquidity of $582.2 million, including a cash balance of $215.7 million and $366.5 million of availability on its revolving credit facility with no outstanding balance. Total principal amount of debt outstanding was $644.0 million, including $69.0 million in principal amount of 0.375% convertible senior notes due 2026 and $575.0 million in principal amount of 2.00% convertible senior notes due 2030.
During the fourth quarter of fiscal 2025, the Company repurchased approximately 228,100 shares of its stock at a cost of $11.2 million. On February 12, 2026, the Company’s Board of Directors approved an increase of 5.0 million shares to the existing repurchase program raising the total authorization to 66 million shares, of which approximately 6.0 million shares remain available for repurchase following the increase.
Also on February 12, 2026, the Board approved a $0.03 increase in the quarterly dividend to $0.30 per share to be paid on March 17, 2026, to shareholders of record at the close of business on March 4, 2026.
Conference Call and Webcast
The Company will hold a conference call to review its results for the fourth quarter of fiscal 2025 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the Company’s website at investors.thecheesecakefactory.com.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by passionate people—this defines who we are and where we are going. We currently own and operate 368 restaurants throughout the United States and Canada under brands including The Cheesecake Factory®, North Italia®, Flower Child® and a collection of other FRC brands. Internationally, 35 The Cheesecake Factory® restaurants operate under licensing agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants, international licensees and third-party bakery customers. In 2025, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the twelfth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com, www.iamaflowerchild.com and www.foxrc.com.
From Fortune. ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, without limitation, statements regarding the Company’s operations, growth, restaurant development and other objectives. Such forward-looking statements include all other statements that are not historical facts, as well as statements that are preceded by, followed by or that include words or phrases such as “believe,” “plan,” “will likely result,” “expect,” “intend,” “will continue,” “is anticipated,” “estimate,” “project,” “may,” “could,” “would,” “should” and similar expressions. These statements are based on current expectations and involve risks and uncertainties which may cause results to differ materially from those set forth in such statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and that undue reliance should not be placed on such statements. These forward-looking statements may be affected by various factors including: economic, public health and political conditions that impact consumer confidence and spending, including government shutdowns, trade policy, interest rate fluctuations, periods of heightened inflation and market instability, and armed conflicts; supply chain disruptions; demonstrations, political unrest, potential damage to or closure of the Company’s restaurants and potential reputational damage to the Company or any of its brands; pandemics and related containment measures, including the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia, Flower Child and Other Fox Restaurant Concepts restaurants; the risks of doing business abroad through Company-owned restaurants and/or licensees; foreign exchange rates, tariffs and cross border taxation; changes in unemployment rates; increases in minimum wages and benefit costs; the economic health of the Company’s landlords and other tenants in retail centers in which its restaurants are located, and the Company’s ability to successfully manage its lease arrangements with landlords; the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of new unit development and related permitting; compliance with debt covenants; strategic capital allocation decisions including with respect to share repurchases or dividends; the ability to achieve projected financial results; the resolution of uncertain tax positions with the Internal Revenue Service and the impact of changes in tax laws; changes in laws impacting the Company’s business; adverse weather conditions and natural disasters in regions in which the Company’s restaurants are located; factors that are under the control of government agencies, landlords and other third parties; the risks, costs and uncertainties associated with opening new restaurants; and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Forward-looking statements speak only as of the dates on which they are made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by law. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s latest Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K as filed with the SEC, which are available at www.sec.gov.
The Cheesecake Factory Incorporated
Condensed Consolidated Statements of Income
(unaudited; in thousands, except per share data)
13 Weeks Ended
13 Weeks Ended
52 Weeks Ended
52 Weeks Ended
Consolidated Statements of Income
December 30, 2025
December 31, 2024
December 30, 2025
December 31, 2024
Amount
Percent of
Revenues
Amount
Percent of
Revenues
Amount
Percent of
Revenues
Amount
Percent of
Revenues
Revenues
$
961,558
100.0
%
$
920,963
100.0
%
$
3,751,806
100.0
%
$
3,581,699
100.0
%
Costs and expenses:
Food and beverage costs
207,389
21.6
%
205,768
22.3
%
813,147
21.7
%
806,021
22.5
%
Labor expenses
325,526
33.8
%
315,231
34.2
%
1,312,894
35.0
%
1,264,382
35.3
%
Other operating costs and expenses
256,144
26.6
%
247,113
26.8
%
1,014,015
27.0
%
959,221
26.7
%
General and administrative expenses
67,209
7.0
%
57,783
6.3
%
244,915
6.5
%
228,737
6.4
%
Depreciation and amortization expenses
28,670
3.0
%
26,435
2.9
%
109,031
2.9
%
101,450
2.8
%
Impairment of assets and lease termination expenses
22,494
2.3
%
15,224
1.7
%
22,990
0.6
%
13,647
0.4
%
Acquisition-related contingent consideration, compensation
and amortization expense/(income)
11,529
1.2
%
(858
)
(0.1
)%
14,449
0.4
%
2,429
0.1
%
Preopening costs
9,362
1.0
%
7,635
0.8
%
33,080
0.9
%
27,495
0.8
%
Total costs and expenses
928,323
96.5
%
874,331
94.9
%
3,564,521
95.0
%
3,403,382
95.0
%
Income from operations
33,235
3.5
%
46,632
5.1
%
187,285
5.0
%
178,317
5.0
%
Interest expense, net
(3,000
)
(0.3
)%
(2,137
)
(0.2
)%
(10,448
)
(0.3
)%
(10,107
)
(0.3
)%
Loss on debt extinguishment
-
0.0
%
-
0.0
%
(15,891
)
(0.4
)%
-
0.0
%
Other income, net
467
0.0
%
841
0.0
%
1,949
0.0
%
2,837
0.1
%
Income before income taxes
30,702
3.2
%
45,336
4.9
%
162,895
4.3
%
171,047
4.8
%
Income tax provision
1,927
0.2
%
4,182
0.4
%
14,468
0.3
%
14,264
0.4
%
Net income
$
28,775
3.0
%
$
41,154
4.5
%
$
148,427
4.0
%
$
156,783
4.4
%
Basic net income per share
$
0.62
$
0.86
$
3.17
$
3.28
Basic weighted average shares outstanding
46,620
47,953
46,786
47,789
Diluted net income per share
$
0.60
$
0.83
$
3.06
$
3.20
Diluted weighted average shares outstanding
48,346
49,645
48,551
48,974
The Cheesecake Factory Incorporated
Selected Segment Information
(unaudited; in thousands)
For the 13 Weeks Ended December 30, 2025
The Cheesecake
Factory
restaurants
North
Italia
Other
FRC
Other
Total
Revenues
$
681,431
$
88,174
$
99,441
$
92,512
$
961,558
Costs and expenses:
Food and beverage costs
145,373
20,266
21,682
20,068
207,389
Labor expenses
222,484
31,431
36,885
34,726
325,526
Other operating costs and expenses
176,743
23,923
29,216
26,262
256,144
General and administrative expenses
-
-
-
67,209
67,209
Depreciation and amortization expenses
17,470
3,325
3,628
4,247
28,670
Impairment of assets and lease terminations expenses
201
7,869
9,466
4,958
22,494
Acquisition-related contingent consideration, compensation and amortization expenses
-
-
315
11,214
11,529
Preopening costs
3,735
2,288
2,926
413
9,362
Total costs and expenses
566,006
89,102
104,118
169,097
928,323
Income/(loss) from operations
$
115,425
$
(928
)
$
(4,677
)
$
(76,585
)
$
33,235
For the 13 Weeks Ended December 31, 2024
The Cheesecake
Factory
restaurants
North
Italia
Other
FRC
Other
Total
Revenues
$
669,382
$
81,309
$
85,119
$
85,153
$
920,963
Costs and expenses:
Food and beverage costs
149,130
18,371
18,346
19,921
205,768
Labor expenses
221,494
29,559
29,941
34,237
315,231
Other operating costs and expenses
175,382
21,598
25,090
25,043
247,113
General and administrative expenses
-
-
-
57,783
57,783
Depreciation and amortization expenses
16,768
2,591
3,143
3,933
26,435
Impairment of assets and lease terminations expenses
330
-
14,893
1
15,224
Acquisition-related contingent consideration, compensation and amortization (income)/expenses
-
-
315
(1,173
)
(858
)
Preopening costs
1,884
2,230
2,396
1,125
7,635
Total costs and expenses
564,988
74,349
94,124
140,870
874,331
Income/(loss) from operations
$
104,394
$
6,960
$
(9,005
)
$
(55,717
)
$
46,632
For the 52 Weeks Ended December 30, 2025
The Cheesecake
Factory
restaurants
North
Italia
Other
FRC
Other
Total
Revenues
$
2,688,797
$
345,896
$
355,060
$
362,053
$
3,751,806
Costs and expenses:
Food and beverage costs
581,264
76,607
77,985
77,291
813,147
Labor expenses
913,001
128,179
132,777
138,937
1,312,894
Other operating costs and expenses
707,738
94,700
107,936
103,641
1,014,015
General and administrative expenses
-
-
-
244,915
244,915
Depreciation and amortization expenses
66,733
12,257
13,215
16,826
109,031
Impairment of assets and lease terminations expenses
505
7,869
9,603
5,013
22,990
Acquisition-related contingent consideration, compensation and amortization expenses
-
-
1,262
13,187
14,449
Preopening costs
10,253
7,917
11,544
3,366
33,080
Total costs and expenses
2,279,494
327,529
354,322
603,176
3,564,521
Income/(loss) from operations
$
409,303
$
18,367
$
738
$
(241,123
)
$
187,285
For the 52 Weeks Ended December 31, 2024
The Cheesecake
Factory
restaurants
North
Italia
Other
FRC
Other
Total
Revenues
$
2,661,627
$
299,575
$
299,969
$
320,528
$
3,581,699
Costs and expenses:
Food and beverage costs
599,899
69,505
66,665
69,952
806,021
Labor expenses
913,560
111,082
108,377
131,363
1,264,382
Other operating costs and expenses
696,739
82,290
88,672
91,520
959,221
General and administrative expenses
-
-
-
228,737
228,737
Depreciation and amortization expenses
66,010
9,244
11,389
14,807
101,450
Impairment of assets and lease terminations (income)/expenses
(1,402
)
-
14,893
156
13,647
Acquisition-related contingent consideration, compensation and amortization expenses
-
-
1,262
1,167
2,429
Preopening costs
7,499
7,409
9,206
3,381
27,495
Total costs and expenses
2,282,305
279,530
300,464
541,083
3,403,382
Income/(loss) from operations
$
379,322
$
20,045
$
(495
)
$
(220,555
)
$
178,317
The Cheesecake Factory Incorporated
Selected Operating, Restaurant and Balance Sheet Information
(unaudited; in thousands, except statistical data)
The Cheesecake Factory restaurants operating information:
13 Weeks Ended
December 30, 2025
13 Weeks Ended
December 31, 2024
52 Weeks Ended
December 30, 2025
52 Weeks Ended
December 31, 2024
Comparable restaurant sales vs. prior year
(2.2
)%
1.7
%
0.1
%
1.0
%
Restaurants opened during period
2
2
4
3
Restaurants open at period-end
218
215
218
215
Restaurant operating weeks
2,821
2,795
11,218
11,214
North Italia operating information:
Comparable restaurant sales vs. prior year
(4
)%
1
%
(2
)%
2
%
Restaurants opened during period
2
3
6
6
Restaurants open at period-end
48
42
48
42
Restaurant operating weeks
606
535
2,355
2,021
Other Fox Restaurant Concepts (FRC) operating information:(1)
Restaurants opened during period
3
2
9
8
Restaurants open at period-end
56
48
56
48
Restaurant operating weeks
715
611
2,675
2,264
Other operating information:(2)
Restaurants opened during period
-
2
6
6
Restaurants open at period-end
49
43
49
43
Restaurant operating weeks
637
551
2,477
2,114
Number of company-owned restaurants:
The Cheesecake Factory
218
North Italia
48
Other FRC
56
Other
49
Total
371
Number of international-licensed restaurants:
The Cheesecake Factory
35
(1) The Other FRC segment includes all FRC brands except Flower Child.
(2) The Other segment includes the Flower Child, Grand Lux Cafe and Social Monk Asian Kitchen concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs.
Selected Consolidated Balance Sheet Information
December 30, 2025
December 31, 2024
Cash and cash equivalents
$
215,729
$
84,176
Current and long-term debt, net of issuance costs (1)
630,074
452,062
(1) Includes $68.8 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $69 million less $0.2 million in unamortized issuance costs) and $561.3 million net balance of 2.00% convertible senior notes due 2030 (principal amount of $575 million less $13.7 million in unamortized issuance costs). The unamortized issuance costs were recorded as a contra-liability and netted with current and long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.
Reconciliation of Non-GAAP Results to GAAP Results
In addition to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in this press release, the Company is providing non-GAAP measurements which present net income and net income per share excluding the impact of certain items. The non-GAAP measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. These non-GAAP measures are calculated by eliminating from net income and diluted net income per share the impact of items the Company does not consider indicative of its ongoing operations. The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons.
The Cheesecake Factory Incorporated
Reconciliation of Non-GAAP Financial Measures
(unaudited; in thousands, except per share data)
13 Weeks Ended
December 30, 2025
13 Weeks Ended
December 31, 2024
52 Weeks Ended
December 30, 2025
52 Weeks Ended
December 31, 2024
Net income (GAAP)
$
28,775
$
41,154
$
148,427
$
156,783
Impairment of assets and lease termination expenses(1)
22,494
15,224
22,990
13,647
Acquisition-related contingent consideration, compensation and amortization expense/(income)(2)
11,529
(858
)
14,449
2,429
Gift card adjustment, net(3)
(9,396
)
-
(9,396
)
-
Loss on extinguishment of debt(4)
-
-
15,891
-
Uncertain tax positions(5)
1,306
-
2,023
-
Tax effect of adjustments(6)
(6,403
)
(3,735
)
(11,423
)
(4,180
)
Adjusted net income (non-GAAP)
$
48,305
$
51,785
$
182,961
$
168,679
Diluted net income per share (GAAP)
$
0.60
$
0.83
$
3.06
$
3.20
Impairment of assets and lease termination expenses(1)
0.47
0.31
0.47
0.28
Acquisition-related contingent consideration, compensation and amortization expense/(income)(2)
0.24
(0.02
)
0.30
0.05
Gift card adjustment, net(3)
(0.19
)
-
(0.19
)
-
Loss on extinguishment of debt(4)
-
-
0.33
-
Uncertain tax positions(5)
0.03
-
0.04
-
Tax effect of adjustments(6)
(0.13
)
(0.08
)
(0.24
)
(0.09
)
Adjusted diluted net income per share (non-GAAP)(7)
$
1.00
$
1.04
$
3.77
$
3.44
(1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the thirteen and fifty-two weeks ended December 30, 2025 and December 31, 2024 can be found in the Selected Segment Information table.
(2) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.
(3) Represents gift card breakage revenue of $17.3 million as a result of a change in historical redemption patterns, partially offset by a non-recurring $7.9 million write-down of gift card inventory.
(4) Represents premium paid and acceleration of previously unamortized deferred financing costs as a result of partial redemption of our convertible senior notes due 2026.
(5) Represents a reserve for uncertain tax position related to tenant improvements allowances and Section 199 deductions. Uncertain tax positions taken in a tax return are recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by tax authorities based on technical merits, taking into account available administrative remedies and litigation.
(6) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a 26% tax rate for the fiscal 2025 and 2024 periods.
(7) Adjusted net income per share may not add due to rounding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260218792701/en/
Etienne Marcus
(818) 871-3000
investorrelations@thecheesecakefactory.com
Original: The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2025
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