Skip to content
stoqly

Cheesecake Factory

CAKE Nasdaq Restaurants Financials FY2016–FY2025

Cheesecake Factory's revenue rose 4.8% to $3.8 billion in fiscal 2025. Its operating margin was 5.0%, about the same as 5.0% a year earlier. Free cash flow was $155 million, up 43.6%. It paid out $206 million in dividends and buybacks, 133% of free cash flow. The diluted share count fell 0.9%.

Last close · Oct 23, 2026

$108.37

3.6%
Value it Compare
Revenue Total sales reported in the income statement.
$3.8B
4.7% vs prior year
Operating margin Operating income as a share of revenue.
5.0%
0.0 pts
Net income Profit after all expenses, interest and tax.
$148M
5.4%
Free cash flow Cash from operations minus capital spending.
$155M
43.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
20.5%
0.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$5.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.4x
On $3.69 EPS (TTM)

What Cheesecake Factory does

Cheesecake Factory owns and operates restaurants in the United States and Canada. As of February 23, 2026, it ran 368 restaurants: 216 The Cheesecake Factory, 48 North Italia, 43 Flower Child and 55 other restaurants from its Fox Restaurant Concepts group. Another 35 The Cheesecake Factory restaurants operate abroad under licensing agreements. It also runs two bakeries that make cheesecakes and other baked goods for its restaurants, international licensees and outside customers.

Most of its revenue comes from restaurant sales. The Cheesecake Factory restaurants offer moderate prices, a menu of approximately 225 items and a full-service bar. In fiscal 2025, alcoholic drinks were 11% of sales at those restaurants, and food and drinks taken off the premises were approximately 21%. It uses a third party for delivery and offers online ordering for to-go sales.

The company warns that wage and commodity inflation, tariffs and supply chain problems could raise its costs or delay new restaurant openings. Its business started in 1972 as a small bakery, and the first restaurant opened in Beverly Hills, California, in 1978.

Legal name
THE CHEESECAKE FACTORY INCORPORATED
Fiscal year ends
December 30, 2025
Latest annual report
10-K · Feb 23, 2026
Accession · CIK
0001104659-26-018643
0000887596

Revenue and margins

Cheesecake Factory had $3.8B of revenue in fiscal 2025, up 4.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 0.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $155M in fiscal 2025, 4.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Cheesecake Factory returned $206M to shareholders in fiscal 2025, 133% of free cash flow. The diluted share count fell 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Cheesecake Factory yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$414M and divides by 48.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.4x · peers 21.9x · sector 17.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Cheesecake Factory can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $190M$115M$56.3M$84.2M$216M
Debt incl. finance leases $466M$468M$470M$452M$630M
Net debt / EBITDA 1.6x2.7x2.1x1.3x1.4x
Debt / equity 1.4x1.6x1.5x1.0x1.4x
Interest coverage 8.6x5.4x11.1x13.8x21.6x
Current ratio 0.6x0.5x0.5x0.5x0.6x
Quick ratio 0.6x0.4x0.4x0.4x0.5x
Total assets $2.8B$2.8B$2.8B$3.0B$3.3B
Total liabilities $2.5B$2.5B$2.5B$2.6B$2.8B
Shareholders' equity $330M$292M$318M$444M$436M
Net debt (− = net cash) $276M$353M$414M$368M$414M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$22.5M

8 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 17, 2026 Janice L. MeyerDirector Sold 1,958 $109.36 $0.2M Form 4
Aug 10, 2026 David M GordonPresident Sold 31,950 $110.03 $3.5M Form 4
Aug 10, 2026 Edie A AmesDirector Sold 3,000 $106.95 $0.3M Form 4
Aug 5, 2026 David OvertonChairman and C.e.o., Director Sold 94,145 $106.27 $10.0M Form 4
Aug 4, 2026 Alexander L CappelloDirector Sold 64 $106.08 $0.0M Form 4
Aug 3, 2026 Alexander L CappelloDirector Sold 59 $104.20 $0.0M Form 4
Jul 31, 2026 Alexander L CappelloDirector Sold 100 $103.04 $0.0M Form 4
Jul 31, 2026 Scarlett MayEVP, General Counsel Sold 7,978 $102.66 $0.8M Form 4
Jul 30, 2026 Alexander L CappelloDirector Sold 2,095 $101.50 $0.2M Form 4
Jul 30, 2026 Ashley W HanscomPrincipal Accounting Officer Sold 3,500 $100.00 $0.4M Form 4
Jul 30, 2026 Matthew Eliot ClarkExec VP, CFO Sold 68,900 $99.30 $6.8M Form 4
Jun 2, 2026 Alexander L CappelloDirector Sold 2,490 $64.90 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✕
F-score 7 / 88 / 85 / 8
Accruals ratio −4.2%−3.8%−4.9%
Altman Z'' 0.951.171.31

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Cheesecake Factory CAKE $5.3B 4.8% 5.0% 4.1% 20.5% 29.4x 5
Cracker Barrel CBRL $1.5B −4.7% −0.4% 2.7% — 48.3x — Compare →
Domino's DPZ $10.4B 5.0% 19.3% 13.6% 92.2% 17.3x 8 Compare →
Brinker International EAT $8.2B 7.9% 10.7% 9.6% 66.0% 16.8x 8 Compare →
Texas Roadhouse TXRH $10.9B 9.4% 8.1% 5.8% 33.0% 26.5x 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $2.3B $2.3B $2.5B $2.0B $2.9B $3.3B $3.4B $3.6B $3.8B
Gross profit $1.7B $1.7B $1.8B $1.9B $1.5B $2.3B — — — —
Operating income $201M $153M $119M $104M −$347M $82.3M $38.9M $109M $178M $187M
Interest expense $6.0M $7.1M $8.2M $1.6M $13.0M $9.6M $7.2M $9.8M $12.9M $8.7M
Pretax income $192M $147M $107M $140M −$356M $71.6M $32.9M $100M $171M $163M
Income tax $52.3M −$10.9M $8.4M $13.0M −$103M −$0.8M −$10.2M −$1.3M $14.3M $14.5M
Net income $140M $157M $99.0M $127M −$253M $72.4M $43.1M $101M $157M $148M
Diluted EPS $2.83 $3.27 $2.14 $2.86 −$6.32 $1.01 $0.86 $2.07 $3.20 $3.06
Diluted shares 0.05B 0.05B 0.05B 0.04B 0.04B 0.05B 0.05B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $316M $239M $291M $219M $2.9M $213M $162M $218M $268M $301M
Capital expenditure $116M $121M $103M $73.8M $50.3M $66.9M $113M $152M $160M $146M
Free cash flow $201M $118M $188M $145M −$47.4M $146M $49.5M $66.8M $108M $155M
Depreciation and amortization $88.0M $92.7M $96.0M $88.1M $91.4M $89.7M $92.4M $93.1M $101M $109M
Stock-based compensation $21.5M $16.5M $20.0M $19.4M $21.3M $23.0M $24.4M $25.8M $30.0M $27.2M
Acquisitions $0.0M $0.0M $0.0M $262M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $147M $123M $109M $51.0M $3.6M $5.8M $63.1M $46.1M $18.2M $154M
Dividends paid $42.4M $49.9M $56.3M $60.7M $15.8M $0.3M $42.3M $53.2M $53.0M $52.2M
Dividends and buybacks $189M $173M $166M $112M $19.4M $6.1M $105M $99.3M $71.3M $206M
Balance sheet
Cash and short-term investments $53.8M $6.0M $26.6M $58.4M $154M $190M $115M $56.3M $84.2M $216M
Total debt — $10.0M $10.0M $290M $280M $466M $468M $470M $452M $630M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $221M $209M $195M $245M $341M $406M $346M $301M $333M $455M
Current liabilities $377M $398M $417M $615M $586M $636M $657M $661M $711M $777M
Inventory $34.9M $42.6M $38.9M $47.2M $39.3M $42.8M $55.6M $57.7M $64.5M $54.0M
Property and equipment, net $910M $935M $140M $832M $774M $742M $746M $791M $841M $870M
Total assets $1.3B $1.3B $1.3B $2.8B $2.7B $2.8B $2.8B $2.8B $3.0B $3.3B
Total liabilities $690M $720M $743M $2.3B $2.5B $2.5B $2.5B $2.5B $2.6B $2.8B
Shareholders' equity $603M $614M $571M $572M $289M $330M $292M $318M $444M $436M
Margins
Gross margin 76.9% 77.0% 77.2% 77.4% 76.9% 77.7% — — — —
Operating margin 8.8% 6.8% 5.1% 4.2% −17.5% 2.8% 1.2% 3.2% 5.0% 5.0%
EBITDA margin 12.7% 10.9% 9.2% 7.7% −12.9% 5.9% 4.0% 5.9% 7.8% 7.9%
Net margin 6.1% 7.0% 4.3% 5.1% −12.8% 2.5% 1.3% 3.0% 4.4% 4.0%
FCF margin 8.8% 5.2% 8.1% 5.8% −2.4% 5.0% 1.5% 1.9% 3.0% 4.1%
Returns
Return on capital — — 18.7% 13.8% −45.1% 16.1% 6.2% 15.8% 21.2% 20.5%
Return on capital employed 22.3% 16.5% 13.0% 6.6% −15.8% 3.8% 1.8% 5.1% 7.9% 7.8%
Return on equity 23.4% 25.9% 16.7% 22.3% −58.9% 23.4% 13.9% 33.2% 41.2% 33.7%
Return on assets 11.0% 12.0% 7.5% 6.1% −9.1% 2.6% 1.6% 3.6% 5.3% 4.7%
Growth
Revenue growth 8.3% −0.7% 3.2% 6.5% −20.1% 47.6% 12.8% 4.1% 4.1% 4.8%
Net income growth 19.7% 12.8% −37.1% 28.5% −299.0% — −40.4% 135.0% 54.7% −5.3%
EPS growth 23.0% 15.6% −34.6% 33.6% −321.0% — −14.9% 140.7% 54.6% −4.4%
FCF growth 113.8% −41.2% 59.6% −23.0% −132.7% — −66.1% 35.1% 61.5% 43.6%
Share count change −2.4% −2.5% −4.0% −3.6% −1.5% 10.6% 3.9% −2.7% −0.2% −0.9%
Financial health
Net debt / EBITDA — 0.0x −0.1x 1.2x — 1.6x 2.7x 2.1x 1.3x 1.4x
Debt / equity — 0.0x 0.0x 0.5x 1.0x 1.4x 1.6x 1.5x 1.0x 1.4x
Interest coverage 33.3x 21.4x 14.6x 62.9x −26.6x 8.6x 5.4x 11.1x 13.8x 21.6x
Current ratio 0.6x 0.5x 0.5x 0.4x 0.6x 0.6x 0.5x 0.5x 0.5x 0.6x
Quick ratio 0.5x 0.4x 0.4x 0.3x 0.5x 0.6x 0.4x 0.4x 0.4x 0.5x
Capital allocation
Capex / revenue 5.1% 5.3% 4.4% 3.0% 2.5% 2.3% 3.4% 4.4% 4.5% 3.9%
Stock comp / revenue 0.9% 0.7% 0.9% 0.8% 1.1% 0.8% 0.7% 0.8% 0.8% 0.7%
Payouts / FCF 94.2% 146.5% 87.9% 77.0% — 4.2% 213.1% 148.6% 66.0% 132.9%
Quality scores
Piotroski F-score — — 7.0 7.0 5.0 7.0 5.0 7.0 8.0 5.0
Altman Z'' 4.3 4.0 3.8 1.3 0.0 1.2 0.9 1.0 1.2 1.3
Accruals ratio −14.0% −6.2% −14.5% −4.4% −9.2% −5.1% −4.3% −4.2% −3.8% −4.9%

Source: SEC EDGAR XBRL filings (CIK 0000887596). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open