CHEESECAKE FACTORY INC CAKE
The Cheesecake Factory Incorporated is a leader in experiential dining. We are culinary forward and relentlessly focused on hospitality. As of February 23, 2026, we owned and operated 368 restaurants throughout the United States and Canada under brands including The Cheesecake Factory® (216 locations), North Italia® (48 locations), Flower Child® (43 locations) and additional brands within our Fox Restaurant Concepts ("Other FRC") portfolio (55 locations). 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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.75B | $3.58B | $3.44B | $3.30B | $2.93B | $1.98B | $2.48B | $2.33B | $2.26B | $2.28B |
| Cost of revenue | — | — | — | — | $653.1M | $458.3M | $561.8M | $532.9M | $519.4M | $526.6M |
| Gross profit | — | — | — | — | $2.27B | $1.52B | $1.92B | $1.80B | $1.74B | $1.75B |
| SG&A | $244.9M | $228.7M | $217.4M | $205.8M | $186.1M | $157.6M | $160.2M | $154.8M | $141.5M | $146.0M |
| Total operating expenses | $3.56B | $3.40B | $3.33B | $3.26B | $2.85B | $2.33B | $2.38B | $2.21B | $2.11B | $2.07B |
| Operating income | $187.3M | $178.3M | $108.6M | $38.9M | $82.3M | -$347.4M | $103.6M | $118.9M | $152.8M | $201.0M |
| Pre-tax income | $162.9M | $171.0M | $100.0M | $32.9M | $71.6M | -$356.0M | $140.3M | $107.4M | $146.5M | $191.8M |
| Income tax | $14.5M | $14.3M | $1.3M | $10.2M | $753.0K | $102.7M | $13.0M | $8.4M | $10.9M | $52.3M |
| Net income | $148.0M | $157.0M | $101.0M | $43.0M | $72.0M | -$253.4M | $127.3M | $99.0M | — | — |
| EPS, basic | 3.17 | 3.28 | 2.10 | 0.87 | 1.03 | -6.32 | 2.90 | 2.19 | 3.35 | 2.91 |
| EPS, diluted | 3.06 | 3.20 | 2.07 | 0.86 | 1.01 | -6.32 | 2.86 | 2.14 | 3.27 | 2.83 |
| Shares, diluted (wtd. avg.) | $48.6M | $49.0M | $49.0M | $50.4M | $48.5M | $43.9M | $44.5M | $46.2M | $48.2M | $49.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $215.7M | $84.2M | $56.3M | $114.8M | $189.6M | $154.1M | $58.4M | $26.6M | $6.0M | $53.8M |
| Receivables | — | — | — | — | — | — | $25.6M | $20.9M | $19.9M | $15.6M |
| Inventory | $54.0M | $64.5M | $57.7M | $55.6M | $42.8M | $39.3M | $47.2M | $38.9M | $42.6M | $34.9M |
| Total current assets | $454.8M | $333.3M | $300.8M | $345.8M | $405.6M | $341.4M | $244.5M | $195.2M | $208.6M | $221.4M |
| Property, plant and equipment | $869.7M | $840.8M | $791.1M | $746.1M | $741.7M | $774.1M | $831.6M | $140.2M | $935.0M | $910.1M |
| Goodwill | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $1.5M | $78.4M | — | — | — |
| Other intangibles | $251.8M | $251.8M | $251.7M | $251.5M | $251.7M | $253.2M | $437.2M | $6.2M | $24.1M | $23.1M |
| Total assets | $3.26B | $3.04B | $2.84B | $2.78B | $2.80B | $2.75B | $2.84B | $1.31B | $1.33B | $1.29B |
| Accounts payable | $62.7M | $62.1M | $63.2M | $66.6M | $54.1M | $58.4M | $61.9M | $49.1M | $51.0M | $41.6M |
| Short-term debt | $68.8M | — | — | — | — | — | — | — | — | — |
| Total current liabilities | $777.0M | $711.4M | $660.7M | $656.7M | $636.3M | $586.1M | $614.6M | $416.5M | $398.0M | $376.5M |
| Long-term debt | $561.3M | $452.1M | $470.0M | $468.0M | $466.0M | $280.0M | $290.0M | $10.0M | $10.0M | — |
| Total liabilities | $2.83B | $2.60B | $2.52B | $2.48B | — | — | — | — | — | — |
| Retained earnings | $1.41B | $1.32B | $1.22B | $1.17B | $1.17B | $4.8M | $1.41B | $1.38B | $1.35B | $1.24B |
| Total equity | $436.4M | $443.5M | $318.1M | $292.0M | $330.2M | $288.7M | $571.7M | $571.1M | $613.5M | $603.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $301.3M | $268.3M | $218.4M | $161.9M | $213.0M | $2.9M | $218.8M | $291.3M | $238.8M | $316.4M |
| Depreciation and amortisation | $109.0M | $101.5M | $93.1M | $92.4M | $89.7M | $91.4M | $88.1M | $96.0M | $92.7M | $88.0M |
| Stock-based compensation | $27.2M | $30.0M | $25.8M | $24.4M | $23.0M | $21.4M | $19.4M | $20.0M | $16.5M | $21.5M |
| Capital expenditure | $146.2M | $160.4M | $151.6M | $112.5M | $66.9M | $50.3M | $73.8M | $102.9M | $120.8M | $115.8M |
| Investing cash flow | -$147.3M | -$161.1M | -$153.5M | -$112.8M | -$68.6M | -$50.9M | -$363.1M | -$130.4M | -$140.4M | -$159.5M |
| Financing cash flow | -$22.8M | -$78.8M | -$123.5M | -$123.6M | -$108.8M | $143.7M | $176.0M | -$140.3M | -$146.1M | -$146.9M |
| Dividends paid | $52.2M | $53.0M | $53.2M | $42.3M | $337.0K | $15.8M | $60.7M | $56.3M | $49.9M | $42.4M |
| Buybacks | $153.9M | $18.2M | $46.1M | $63.1M | $5.8M | $3.6M | $51.0M | $109.3M | $123.0M | $146.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-042016.
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