The Cheesecake Factory Reports Results for Third Quarter of Fiscal 2025

CALABASAS HILLS, Calif.--( BUSINESS WIRE)--The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the third quarter of fiscal 2025, which ended on September 30, 2025.

Total revenues were $907.2 million in the third quarter of fiscal 2025 compared to $865.5 million in the third quarter of fiscal 2024. Net income and diluted net income per share were $31.9 million and $0.66, respectively, in the third quarter of fiscal 2025.

The Company recorded a pre-tax net expense of $0.8 million primarily related to Fox Restaurant Concepts (“FRC”) acquisition-related expenses. Excluding the after-tax impact of these and certain other items, adjusted net income and adjusted diluted net income per share for the third quarter of fiscal 2025 were $33.2 million and $0.68, 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 0.3% year-over-year in the third quarter of fiscal 2025.

“We delivered another quarter of solid results, with revenue within our guidance range and earnings and profitability finishing above the high end of our expectations,” said David Overton, Chairman and Chief Executive Officer. “Performance was led by The Cheesecake Factory restaurants, delivering positive comparable sales results amid a more challenging and competitive environment, underscoring the strength and resilience of our namesake concept. Our operators once again executed exceptionally well, delivering year-over-year improvements in labor productivity, wage management, and hourly staff and manager retention, supporting healthy margin performance. New restaurant openings continue to perform well, and with two openings in the third quarter we remain on track to achieve our unit growth objective for the year.”

Overton continued, “While the restaurant industry is navigating a softer environment, we remain confident in our ability to manage through it while continuing to execute our long-term strategy. Our focus on delivering delicious, memorable dining experiences and ongoing menu innovation continues to resonate with guests, reflected in steady sales trends and positive early results from our latest menu updates. With our scale, operational discipline, and the enduring appeal of our high-quality, experiential concepts, we believe we are well-positioned to drive performance, long-term growth and shareholder value.”

Development

During the third quarter of fiscal 2025, the Company opened two new FRC restaurants, and two Cheesecake Factory restaurants opened internationally under a licensing agreement in Mexico. Subsequent to quarter-end, the Company opened one new FRC restaurant.

The Company continues to expect to open as many as 25 new restaurants in fiscal 2025, including as many as four The Cheesecake Factory restaurants, six North Italia locations, six Flower Child locations and nine FRC restaurants.

Liquidity and Capital Allocation

As of September 30, 2025, the Company had total available liquidity of $556.5 million, including a cash balance of $190.0 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.

The Company repurchased approximately 18,900 shares of its stock at a cost of $1.2 million in the third quarter of fiscal 2025. In addition, the Company’s Board of Directors has declared a quarterly dividend of $0.27 per share to be paid on November 25, 2025, to shareholders of record at the close of business on November 11, 2025.

Conference Call and Webcast

The Company will hold a conference call to review its results for the third 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 365 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. ©2025 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.

13 Weeks Ended

39 Weeks Ended

September 30, 2025

October 1, 2024

September 30, 2025

October 1, 2024

Amount

Percent of

Revenues

Amount

Percent of

Revenues

Amount

Percent of

Revenues

Amount

Percent of

Revenues

907,226

100.0

865,471

100.0

2,790,248

100.0

2,660,736

100.0

197,654

21.8

195,306

22.6

605,758

21.7

600,253

22.6

322,774

35.6

310,939

35.9

987,368

35.4

949,151

35.7

255,724

28.2

239,470

27.7

757,871

27.2

712,108

26.9

58,996

6.5

56,204

6.5

177,706

6.4

170,954

6.4

27,419

3.0

25,299

2.9

80,361

2.9

75,015

2.8

(104

)

0.0

(3,472

)

(0.4

496

0.0

(1,577

)

(0.1

910

0.1

1,020

0.1

2,920

0.1

3,287

0.1

6,584

0.7

7,005

0.8

23,718

0.8

19,860

0.7

869,957

95.9

831,771

96.1

2,636,198

94.5

2,529,051

95.1

37,269

4.1

33,700

3.9

154,050

5.5

131,685

4.9

(2,247

)

(0.3

(2,431

)

(0.3

(7,448

)

(0.2

(7,970

)

(0.2

–

(15,891

)

(0.6

–

459

0.1

566

0.1

1,482

0.0

1,996

0.0

35,481

3.9

31,835

3.7

132,193

4.7

125,711

4.7

3,582

0.4

1,841

0.2

12,541

0.4

10,082

0.4

31,899

3.5

29,994

3.5

119,652

4.3

115,629

4.3

0.68

0.63

2.55

2.42

46,608

47,750

46,842

47,734

0.66

0.61

2.46

2.37

48,616

48,946

48,633

48,751

651,375

83,482

78,017

94,352

907,226

140,859

18,091

17,360

21,344

197,654

225,885

31,312

30,885

34,692

322,774

178,249

24,100

25,926

27,449

255,724

58,996

16,841

3,060

3,288

4,230

27,419

(178

)

(104

)

316

594

910

1,610

1,003

3,623

348

6,584

563,477

77,566

81,220

147,694

869,957

87,898

5,916

(3,203

)

(53,342

)

37,269

647,754

71,878

66,984

78,855

865,471

145,431

16,685

15,085

18,105

195,306

226,203

26,534

25,580

32,622

310,939

174,531

20,126

21,444

23,369

239,470

56,204

16,142

2,360

3,031

3,766

25,299

(3,858

)

386

(3,472

)

316

704

1,020

1,483

1,765

2,900

857

7,005

559,932

67,470

68,356

136,013

831,771

87,822

4,408

(1,372

)

(57,158

)

33,700

2,007,366

257,722

255,619

269,541

2,790,248

435,891

56,341

56,303

57,223

605,758

690,517

96,748

95,892

104,211

987,368

530,995

70,777

78,720

77,379

757,871

177,706

49,263

8,932

9,587

12,579

80,361

304

137

496

947

1,973

2,920

6,518

5,629

8,618

2,953

23,718

1,713,488

238,427

250,204

434,079

2,636,198

293,878

19,295

5,415

(164,538

)

154,050

1,992,245

218,266

214,850

235,375

2,660,736

450,769

51,134

48,319

50,031

600,253

692,066

81,523

78,436

97,126

949,151

521,357

60,692

63,582

66,477

712,108

170,954

49,242

6,653

8,246

10,874

75,015

(1,732

)

155

(1,577

)

947

2,340

3,287

5,615

5,179

6,810

2,256

19,860

1,717,317

205,181

206,340

400,213

2,529,051

274,928

13,085

8,510

(164,838

)

131,685

0.3

1.6

0.9

0.8

216

215

216

215

2,808

2,804

8,388

8,419

598

507

1,749

1,486

675

575

1,960

1,654

637

526

1,840

1,562

216

364

189,978

84,176

629,156

452,062

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.

31,899

29,994

119,652

115,629

(104

)

(3,472

)

496

(1,577

)

910

1,020

2,920

3,287

15,891

717

(210

)

638

(5,020

)

(445

)

33,212

28,180

134,656

116,894

0.66

0.61

2.46

2.37

(0.00

)

(0.07

)

0.01

(0.03

)

0.02

0.06

0.07

0.33

0.01

(0.00

)

0.01

(0.10

)

(0.01

)

0.68

0.58

2.77

2.40