CAKE

MKT CAP:$3B

The Cheesecake Factory Incorporated

Market Cap

$3B

Consumer Cyclical·Restaurants·🇺🇸 United States·NASDAQ

Consumer Cyc.·Restaurants·🇺🇸·NASDAQ

Stock Price

$62.25+$9.44 (+17.87%)

Apr 23, 2026

Company Details

The Cheesecake Factory Incorporated operates restaurants. It operates two bakeries that produces cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators...

CEO

David Overton

IPO Date

Sep 18, 1992

Website

www.thecheesecakefactory.com

Key Metrics TTM

Revenue

$3.8B

+4.7% YoY

Net Income

$148M

EPS (Diluted)

$3.07

Free Cash Flow

$155M

Revenue / Share

$77.60

Gross Margin

78.3%

Operating Margin

5.0%

Net Margin

4.0%

FCF Margin

4.1%

P/S

0.8x

P/E

20.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 23, 2026

$3.8B+4.7%EPS $3.07

Q4 2025

Feb 23, 2026

$962M+4.4%EPS $0.60

Q3 2025

Nov 3, 2025

$907M+4.8%EPS $0.66

Q2 2025

Aug 4, 2025

$956M+5.7%EPS $1.14

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$794M	$309M	$28M
Q2 22	$833M	$324M	$28M
Q3 22	$784M	$293M	-$2M
Q4 22	$893M	$354M	-$15M
Q1 23	$866M	$348M	$34M
Q2 23	$866M	$359M	$47M
Q3 23	$830M	$334M	$19M
Q4 23	$877M	$268M	$8M
Q1 24	$891M	$367M	$39M
Q2 24	$904M	$385M	$59M
Q3 24	$865M	$359M	$34M
Q4 24	$921M	$400M	$47M
Q1 25	$927M	$725M	$52M
Q2 25	$956M	$750M	$65M
Q3 25	$907M	$710M	$37M
Q4 25	$962M	$754M	$33M

Valuation

Quarter	P/S	P/E
Q1 22	1.0x	33.7x
Q2 22	1.0x	37.0x
Q3 22	1.0x	63.7x
Q4 22	0.9x	71.7x
Q1 23	0.9x	64.4x
Q2 23	0.9x	47.6x
Q3 23	0.9x	36.2x
Q4 23	0.9x	30.5x
Q1 24	0.9x	29.0x
Q2 24	0.9x	26.6x
Q3 24	0.9x	24.1x
Q4 24	0.9x	19.7x
Q1 25	0.9x	19.8x
Q2 25	0.8x	19.5x
Q3 25	0.8x	19.2x
Q4 25	0.8x	20.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$34M	$4M
Q2 22	$54M	$37M
Q3 22	$11M	-$20M
Q4 22	$63M	$28M
Q1 23	$65M	$27M
Q2 23	$36M	$12M
Q3 23	$49M	$12M
Q4 23	$68M	$15M
Q1 24	$67M	$29M
Q2 24	$28M	-$2M
Q3 24	$80M	$26M
Q4 24	$94M	$54M
Q1 25	$79M	$36M
Q2 25	$57M	$15M
Q3 25	$91M	$54M
Q4 25	$75M	$50M

Capital Expenditures

Quarter	CapEx
Q1 22	$29M
Q2 22	$17M
Q3 22	$32M
Q4 22	$35M
Q1 23	$38M
Q2 23	$25M
Q3 23	$37M
Q4 23	$53M
Q1 24	$37M
Q2 24	$30M
Q3 24	$54M
Q4 24	$40M
Q1 25	$43M
Q2 25	$42M
Q3 25	$37M
Q4 25	$25M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+26.5%	+23.7%
Q2 22	+8.3%	+10.6%
Q3 22	+3.9%	+8.7%
Q4 22	+14.9%	+17.0%
Q1 23	+9.1%	+8.7%
Q2 23	+4.0%	+1.7%
Q3 23	+5.9%	+3.2%
Q4 23	-1.8%	-4.3%
Q1 24	+2.9%	+2.4%
Q2 24	+4.4%	+3.3%
Q3 24	+4.2%	+2.5%
Q4 24	+5.0%	+0.6%
Q1 25	+4.0%	+2.7%
Q2 25	+5.7%	+5.4%
Q3 25	+4.8%	+4.6%
Q4 25	+4.4%	+6.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$6M	0.7%
Q2 22	$6M	0.7%
Q3 22	$6M	0.7%
Q4 22	$7M	0.8%
Q1 23	$6M	0.7%
Q2 23	$6M	0.7%
Q3 23	$7M	0.8%
Q4 23	$7M	0.8%
Q1 24	$8M	0.9%
Q2 24	$7M	0.8%
Q3 24	$7M	0.8%
Q4 24	$8M	0.9%
Q1 25	$8M	0.8%
Q2 25	$7M	0.8%
Q3 25	$6M	0.6%
Q4 25	$7M	0.7%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$49M	$54M
Q2 22	$50M	$59M
Q3 22	$50M	$59M
Q4 22	$56M	$68M
Q1 23	$54M	$61M
Q2 23	$54M	$64M
Q3 23	$54M	$64M
Q4 23	$55M	$70M
Q1 24	$60M	—
Q2 24	$54M	—
Q3 24	$56M	—
Q4 24	$58M	—
Q1 25	$60M	—
Q2 25	$59M	—
Q3 25	$59M	—
Q4 25	$67M	—

Revenue Segments

Quarter	North Italia	Other FRC	Other Segments	The Cheesecake Factory
Q1 22	$53M	$59M	$72M	$610M
Q2 22	$56M	$60M	$76M	$641M
Q3 22	$54M	$52M	$75M	$603M
Q1 23	$63M	$69M	$78M	$656M
Q2 23	$66M	$66M	$82M	$652M
Q3 23	$62M	$59M	$81M	$628M
Q1 24	$71M	$74M	$78M	$668M
Q2 24	$76M	$74M	$78M	$677M
Q3 24	$72M	$67M	$79M	$648M
Q4 24	$81M	$85M	$85M	$669M
Q1 25	$83M	$87M	$84M	$673M
Q2 25	$91M	$90M	$92M	$683M
Q3 25	$83M	$78M	$94M	$651M
Q4 25	$88M	$99M	$93M	$681M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$184M	$0	$184M
Q2 22	$195M	$0	$195M
Q3 22	$133M	$0	$133M
Q4 22	$115M	$0	$115M
Q1 23	$116M	$0	$116M
Q2 23	$92M	$0	$92M
Q3 23	$64M	$0	$64M
Q4 23	$56M	$0	$56M
Q1 24	$60M	$0	$60M
Q2 24	$41M	$0	$41M
Q3 24	$52M	$0	$52M
Q4 24	$84M	$0	$84M
Q1 25	$135M	$0	$135M
Q2 25	$149M	$0	$149M
Q3 25	$190M	$0	$190M
Q4 25	$216M	$0	$216M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	51M	-0.1%	+15.4%
Q2 22	51M	-0.2%	+8.9%
Q3 22	50M	-2.5%	-2.9%
Q4 22	49M	-1.4%	-4.1%
Q1 23	50M	+1.7%	-2.4%
Q2 23	49M	-1.4%	-3.6%
Q3 23	49M	-0.2%	-1.3%
Q4 23	49M	-0.8%	-0.7%
Q1 24	49M	+0.1%	-2.2%
Q2 24	49M	+0.2%	-0.6%
Q3 24	49M	+0.4%	-0.1%
Q4 24	49M	+0.1%	+0.8%
Q1 25	49M	+0.6%	+1.3%
Q2 25	48M	-2.4%	-1.4%
Q3 25	49M	+1.1%	-0.7%
Q4 25	48M	-0.6%	-1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$17.3K	46K
Q2 22	$18.2K	46K
Q3 22	$17.1K	46K
Q4 22	$19.5K	46K
Q1 23	$18.2K	48K
Q2 23	$18.2K	48K
Q3 23	$17.5K	48K
Q4 23	$18.5K	48K
Q1 24	$18.6K	48K
Q2 24	$18.9K	48K
Q3 24	$18.1K	48K
Q4 24	$19.2K	48K
Q1 25	$19.4K	48K
Q2 25	$20.0K	48K
Q3 25	$18.9K	48K
Q4 25	$19.9K	48K

Revenue / Employee