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Cheesecake Factory Inc (CAKE) stock

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NASDAQ: CAKE Nasdaq Restaurants Next results ~January 25, 2027

B Fundamentals grade

Cheesecake Factory Inc is a US-listed company in the restaurants industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$38

Cash-flow model

Base case. Range ~$25–$57 across our lower- and higher-growth cases (1.5%–11.5% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 66% below it.

Price used: $112.96, November 2, 2026

Cheesecake Factory Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 9 selling0 purchases and 22 sales by directors and officers, last 12 monthsInsider trades
  • Funds158 adding, 157 cuttingOf 50 active managers that changed their stake, 21 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cheesecake Factory files

10-Q filed November 2: Cheesecake Factory

Model value +2.5%

Revenue for the twelve months to September 2026 was $4.00bn, up 7.9% on a year earlier, faster than the 5.7% growth a quarter earlier. Free-cash-flow margin rose to 5.5% from 4.3% a year earlier. Its fundamentals grade moves from C+ to B. Our model value rises from $37.48 to $38.43 a share, against a share price of $113. The rating stays Sell. At that price, our model says the market is pricing in about 22.2% a year of cash-flow growth for five years, faster than the 6.5% a year revenue growth it has delivered.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Cheesecake Factory stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.88bn, up 5.7% on a year earlier, faster than the 5.1% growth a quarter earlier. Free-cash-flow margin rose to 5.3% from 3.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 6 financial-health checks. Our cash-flow model value is $37.48 a share, against a share price of $109. At that price, our model says the market is pricing in about 23.2% a year of cash-flow growth for five years, faster than the 5.8% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 25, 2027 (estimated)

Cheesecake Factory Inc's trailing-twelve-month revenue grew 7.9% year on year, with a free-cash-flow margin of 5.5%. Where it stands out: change in growth rate of +2.2pp ranks 8 of 44 restaurants companies we cover.

Our discounted-cash-flow model values the business at ~$38 per share in the base case (~$25–$57 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 7.9% (+2.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 5.5% over 90 days.

Things to watch

  • Priced above our value. The share price of $112.96 is 66% above our value per share of $38.
  • Insiders selling. 9 insiders sold $33M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Heavily shorted. 40.0% of the shares available to trade are sold short (7.8 days of average volume to cover).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$1.02 against an average estimate of $0.96: beat by 6.6%
Revenue
$1.03bn, up 13.9% on a year earlier
Share reaction
-4.0% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
new restaurant openings 26 (fiscal 2026)
Next report
October 27, 2026; average EPS estimate $1.22

Cheesecake Factory's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week+2.6%
  • 1 month+3.0%
  • This year+126.6%
  • 1 year+131.0%
  • 5 years+197.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4B
Operating margin
6.0%
Net margin
5.2%
EPS (TTM, diluted)
$4.23

Growth

Revenue growth
+7.9%
Change in growth rate
+2.2 pts
Share count change
+0.6%

Cash

Free cash flow (TTM)
$218M
FCF margin
5.5%
Stock pay % of revenue
0.7%

Earnings

Last results
October 27, 2026
Next results (est.)
January 25, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Our research
  3. Results
  4. Guidance
  5. Announcement
  6. Announcement
  7. Announcement
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Results
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cheesecake Factory Inc valuation models and calculator

What the price is pricing in

The share price implies about 22.3% a year of cash-flow growth for five years.That is faster than the 6.5% a year revenue growth Cheesecake Factory has delivered.

  • Priced in22.3%
  • Last 12 months7.9%
  • 3 years a year5.0%
  • 5 years a year6.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($113.17, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$38
Price used
$113.17close November 3, 2026
Implied change
▼ 66%
Uncertainty
High

How we got here: a discounted-cash-flow model of Cheesecake Factory Inc's free cash flow after stock-based pay with after-tax interest added back ($127M, FY2026 Q3 TTM), growing 7.8% and 7.1% in the next two years (forecasts, guidance and its record), then back to 6.5% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$25–~$57 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Cheesecake Factory Inc's free cash flow after stock-based pay ( $127M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Cheesecake Factory Inc as an operating company, with every model that fits that kind of business. Cost of equity 8.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.86 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$38 ~$25–$57 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$87 ~$75–$160 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$70 ~$52–$97 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$57 ~$48–$69 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$58 ~$38–$87 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cheesecake Factory Inc with Restaurants in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −30%
  • Revenue growth 5 points higher ▲ +39%
  • Free-cash-flow margin 1 point lower ▼ −22%
  • Last year's free-cash-flow margin change, if it persists ▲ +36%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $19$32$50$73$103$142
8.5% $11$20$33$49$71$98
10% $5$13$22$35$51$72

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$37.47$48.38$41.00$37.08$34.17$32.90$35.28$29.48$32.34$45.90$49.39$112.96
Market value$1.9bn$2.4bn$2.0bn$1.7bn$1.5bn$1.4bn$1.7bn$1.5bn$1.6bn$2.2bn$2.4bn$5.6bn
+ Net debt (− = net cash)−$19m−$54m$4m−$17m$232m$126m$276m$353m$414m$368m$414m$877m
Enterprise value$1.9bn$2.3bn$2.0bn$1.7bn$1.8bn$1.6bn$2.0bn$1.8bn$2.0bn$2.6bn$2.8bn$6.4bn
Multiples
Price / sales 0.9x1.0x0.9x0.7x0.6x0.7x0.6x0.4x0.5x0.6x0.6x1.4x
Price / earnings 16.3x17.1x12.5x17.3x12.0x—23.6x34.5x15.6x14.3x16.2x26.7x
Price / free cash flow 20.2x11.9x16.7x9.1x10.5x—11.7x30.1x23.7x20.8x15.5x25.3x
EV / EBITDA 7.5x8.1x8.1x7.9x9.1x—11.6x14.0x9.9x9.4x9.5x18.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

51 /100

Moderate moat

How hard Cheesecake Factory's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.2% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 76.8%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 4.4%; its worst year was -14.2%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.9% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.7% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.70 +25% $4.1bn +9%
Next $5.20 +11% $4.4bn +8%

Next year's EPS estimate has moved +5.5% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.6% on 90 days ago. In the last 30 days, 3 analysts raised Cheesecake Factory Inc's forecast and 0 cut it.

Consensus EPS forecast Cheesecake Factory Inc, last 90 days
$4.40 $4.60 $4.80 $5.00 $5.20 $5.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.49 Current fiscal year, 60 days ago: $4.51 Current fiscal year, 30 days ago: $4.53 Current fiscal year, 7 days ago: $4.61 Current fiscal year, Now: $4.70 $4.70 Next fiscal year, 90 days ago: $4.93 Next fiscal year, 60 days ago: $4.96 Next fiscal year, 30 days ago: $5.00 Next fiscal year, 7 days ago: $5.12 Next fiscal year, Now: $5.20 $5.20

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.49$4.93
60 days ago $4.51$4.96
30 days ago $4.53$5.00
7 days ago $4.61$5.12
Now $4.70$5.20

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.96 $1.02 +6.6%
Jun 2026 $1.18 $1.44 +21.9%
Mar 2026 $1.01 $1.05 +3.5%
Dec 2025 $0.99 $1.00 +1.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • new restaurant openings fiscal 2026 — Maintained
    “The Company continues to expect to open as many as 26 new restaurants in fiscal 2026, including as many as five The Cheesecake Factory restaurants, eight North Italia locations, seven Flower Child locations and as many as six FRC restaurants.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cheesecake Factory Inc's revenue by +7.8% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.5%, weight 69%) and the company's own record (+6.5%, weight 31%) . How the weights are set.

Analyst recommendations

19 analysts, Oct 2026
Buy421%
Hold1368%
Sell211%

Monthly trend

  1. Oct 202641319
  2. Sep 202641318
  3. Aug 202641419
  4. Jul 202641419

Counts of recommendations published by analysts covering Cheesecake Factory Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
40.0%
of tradable shares
Days to cover
7.81
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
7.5%
of shares
Employees
48,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +131.0%

$48.91 on October 31, 2025 to $112.96

ThenNowEffect
Revenue (last 12 months) $3.7bn $3.9bn +5.7%
Net margin 4.3% 4.6% +6.4%
P/E multiple 15.1x 30.6x +103.3%
Share count 49m 48m +1.1%

Biggest factor: p/e multiple.

Last 3 years +289.4%

$29.01 on November 3, 2023 to $112.96

ThenNowEffect
Revenue (last 12 months) $3.4bn $3.9bn +13.7%
Net margin 1.9% 4.6% +141.5%
P/E multiple 22.1x 30.6x +38.3%
Share count 50m 48m +2.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CAKE+6%−17%+14%+39%+9%+127%
Industry peers (median)+16%−15%+16%−1%−10%+2%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CAKE58%33%50%67%50%82%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CAKE−42%−39%−29%−16%−36%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 76% from May 3, 2017 to April 2, 2020. Getting back needed a 308% gain, reached on March 12, 2021, 344 days after the low.

Price behaviour

52-week range
$42.61 – $117.29
From 52-week high
−3.7%
vs 50-day average
+4.6%
vs 200-day average
+41.8%
Volatility (1 year)
39%
Beta vs S&P 500
0.47

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.7%
After a week
6 up, 5 down
typical move ±8.8%
After a month
7 up, 4 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −4.0% +0.9% — —
July 28, 2026 +16.2% −1.3% +21.6% +32.9%
April 29, 2026 +0.3% +1.0% −3.3% +5.9%
February 18, 2026 −0.2% +0.2% +5.4% −8.1%
October 28, 2025 −9.9% +0.3% −14.6% −14.1%
July 29, 2025 +0.9% −0.4% −6.5% −5.6%
April 30, 2025 −3.0% +0.7% +0.9% +11.7%
February 19, 2025 −1.5% −0.2% −3.8% −12.5%
October 29, 2024 +7.8% −0.1% +8.0% +15.7%
July 31, 2024 −5.3% +0.2% −11.2% +1.7%
May 8, 2024 +6.0% +0.6% +20.5% +14.9%
February 21, 2024 +1.6% +2.2% +1.3% +2.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Cheesecake Factory Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Cheesecake Factory Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cheesecake Factory Inc
$3.4B $3.6B $3.8B $4B $4.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $3.4B Revenue (TTM), FY24 Q1: $3.5B Revenue (TTM), FY24 Q2: $3.5B Revenue (TTM), FY24 Q3: $3.5B Revenue (TTM), FY24 Q4: $3.6B Revenue (TTM), FY25 Q1: $3.6B Revenue (TTM), FY25 Q2: $3.7B Revenue (TTM), FY25 Q3: $3.7B Revenue (TTM), FY25 Q4: $3.8B Revenue (TTM), FY26 Q1: $3.8B Revenue (TTM), FY26 Q2: $3.9B Revenue (TTM), FY26 Q3: $4B $4B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $3.4B
FY24 Q1 $3.5B
FY24 Q2 $3.5B
FY24 Q3 $3.5B
FY24 Q4 $3.6B
FY25 Q1 $3.6B
FY25 Q2 $3.7B
FY25 Q3 $3.7B
FY25 Q4 $3.8B
FY26 Q1 $3.8B
FY26 Q2 $3.9B
FY26 Q3 $4B
Revenue growth, TTM YoY Cheesecake Factory Inc
0% 2% 4% 6% 8% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 4.1% Revenue growth, TTM YoY, FY24 Q1: 2.6% Revenue growth, TTM YoY, FY24 Q2: 2.7% Revenue growth, TTM YoY, FY24 Q3: 2.4% Revenue growth, TTM YoY, FY24 Q4: 4.1% Revenue growth, TTM YoY, FY25 Q1: 4.4% Revenue growth, TTM YoY, FY25 Q2: 4.8% Revenue growth, TTM YoY, FY25 Q3: 4.9% Revenue growth, TTM YoY, FY25 Q4: 4.7% Revenue growth, TTM YoY, FY26 Q1: 5.1% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 4.1%
FY24 Q1 2.6%
FY24 Q2 2.7%
FY24 Q3 2.4%
FY24 Q4 4.1%
FY25 Q1 4.4%
FY25 Q2 4.8%
FY25 Q3 4.9%
FY25 Q4 4.7%
FY26 Q1 5.1%
FY26 Q2 5.7%
FY26 Q3 7.9%
Operating margin (TTM) Cheesecake Factory Inc
3% 4% 5% 6% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 3.2% Operating margin (TTM), FY24 Q1: 3.3% Operating margin (TTM), FY24 Q2: 3.6% Operating margin (TTM), FY24 Q3: 4.0% Operating margin (TTM), FY24 Q4: 5.0% Operating margin (TTM), FY25 Q1: 5.3% Operating margin (TTM), FY25 Q2: 5.4% Operating margin (TTM), FY25 Q3: 5.4% Operating margin (TTM), FY25 Q4: 5.0% Operating margin (TTM), FY26 Q1: 5.0% Operating margin (TTM), FY26 Q2: 5.3% Operating margin (TTM), FY26 Q3: 6.0% 6.0%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 3.2%
FY24 Q1 3.3%
FY24 Q2 3.6%
FY24 Q3 4.0%
FY24 Q4 5.0%
FY25 Q1 5.3%
FY25 Q2 5.4%
FY25 Q3 5.4%
FY25 Q4 5.0%
FY26 Q1 5.0%
FY26 Q2 5.3%
FY26 Q3 6.0%
FCF margin (TTM) Cheesecake Factory Inc
0% 2% 4% 6% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 1.9% FCF margin (TTM), FY24 Q1: 2.0% FCF margin (TTM), FY24 Q2: 1.5% FCF margin (TTM), FY24 Q3: 1.9% FCF margin (TTM), FY24 Q4: 3.0% FCF margin (TTM), FY25 Q1: 3.1% FCF margin (TTM), FY25 Q2: 3.6% FCF margin (TTM), FY25 Q3: 4.3% FCF margin (TTM), FY25 Q4: 4.1% FCF margin (TTM), FY26 Q1: 4.5% FCF margin (TTM), FY26 Q2: 5.3% FCF margin (TTM), FY26 Q3: 5.5% 5.5%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 1.9%
FY24 Q1 2.0%
FY24 Q2 1.5%
FY24 Q3 1.9%
FY24 Q4 3.0%
FY25 Q1 3.1%
FY25 Q2 3.6%
FY25 Q3 4.3%
FY25 Q4 4.1%
FY26 Q1 4.5%
FY26 Q2 5.3%
FY26 Q3 5.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Cheesecake Factory took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.8B
  2. Selling, general and admin $245M · 6.5%
  3. Other operating costs $3.3B · 88.5%
  4. Operating income $187M · 5.0%
  5. Interest and other $24.4M · 0.7%
  6. Net income $148M · 4.0%

Shares of revenue. Source: Cheesecake Factory's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Jan 2012 2012 Jan 2013 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Jan 2017 2017 Jan 2018 2018 Jan 2019 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Jan 2023 2023 Jan 2024 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,602 1,659 1,758 1,809 1,878 1,977 2,101 2,276 2,261 2,332 2,483 1,983 2,928 3,303 3,440 3,582 3,752 4,003
Gross profit 1,208 1,247 1,309 1,359 1,422 1,486 1,597 1,749 1,741 1,799 1,921 1,525 2,274 — — — — —
EBITDA 149 200 205 213 240 228 251 289 246 215 192 −256 172 131 202 280 296 357
Operating income 74 128 133 139 161 145 165 201 153 119 104 −347 82 39 109 178 187 242
Net income 43 82 96 98 114 101 117 139 157 99 127 −253 72 43 101 157 148 208
Diluted EPS $0.71 $1.35 $1.64 $1.78 $2.10 $1.96 $2.30 $2.83 $3.27 $2.14 $2.86 −$6.32 $1.01 $0.86 $2.07 $3.20 $3.06 $4.23
Growth (year on year)
Revenue −0.3% +3.6% +5.9% +2.9% +3.8% +5.3% +6.3% +8.3% −0.7% +3.2% +6.4% −20.1% +47.6% +12.8% +4.1% +4.1% +4.7% +7.9%
EBITDA −7.2% +34.6% +2.5% +3.8% +12.4% −5.0% +10.2% +15.2% −15.0% −12.5% −10.8% −233.5% — −23.6% +53.6% +38.7% +5.9% +16.0%
Operating income −15.4% +73.9% +4.1% +3.9% +16.0% −10.1% +14.2% +21.6% −24.0% −22.2% −12.9% −435.4% — −52.7% — +64.2% +5.0% +20.5%
Net income −18.1% +90.8% +17.1% +2.8% +16.2% −11.4% +15.1% +19.7% +12.8% −37.1% +28.5% −299.0% — −40.4% — +54.7% −5.3% +29.4%
Diluted EPS −13.4% +90.1% +21.5% +8.5% +18.0% −6.7% +17.3% +23.0% +15.5% −34.6% +33.6% −321.0% — −14.9% — +54.6% −4.4% +28.6%
Margins
Gross margin 75.4% 75.1% 74.5% 75.1% 75.7% 75.2% 76.0% 76.9% 77.0% 77.2% 77.4% 76.9% 77.7% — — — — —
EBITDA margin 9.3% 12.1% 11.7% 11.8% 12.8% 11.5% 11.9% 12.7% 10.9% 9.2% 7.7% −12.9% 5.9% 4.0% 5.9% 7.8% 7.9% 8.9%
Operating margin 4.6% 7.7% 7.6% 7.7% 8.6% 7.3% 7.9% 8.8% 6.8% 5.1% 4.2% −17.5% 2.8% 1.2% 3.2% 5.0% 5.0% 6.0%
Net margin 2.7% 4.9% 5.4% 5.4% 6.1% 5.1% 5.5% 6.1% 7.0% 4.2% 5.1% −12.8% 2.5% 1.3% 2.9% 4.4% 4.0% 5.2%
Free-cash-flow margin 10.0% 7.4% 6.8% 6.0% 5.2% 6.4% 4.5% 8.8% 5.2% 8.1% 5.8% −2.4% 5.0% 1.5% 1.9% 3.0% 4.1% 5.5%
Cash flow
Cash from operations 197 165 196 195 205 240 248 316 239 291 219 3 213 162 218 268 301 389
Capital spending 37 42 77 86 106 114 154 116 121 103 74 50 67 112 152 160 146 169
Free cash flow 160 123 119 109 98 126 94 201 118 188 145 −47 146 49 67 108 155 219
Stock-based pay 15 11 10 11 14 17 20 21 16 20 19 21 23 24 26 30 27 30
Free cash flow after stock pay 145 112 110 98 84 109 74 179 102 168 126 −69 123 25 41 78 128 190
Balance sheet
Cash 74 82 48 84 62 58 44 54 6 27 58 154 190 115 56 84 216 249
Total debt 100 40 0 0 0 25 25 0 10 10 290 280 466 468 470 452 630 1,127
Net debt (negative = net cash) 26 −42 −48 −84 −62 −33 −19 −54 4 −17 232 126 276 353 414 368 414 877
Diluted shares 60m 60m 58m 55m 54m 52m 51m 49m 48m 46m 45m 44m 49m 50m 49m 49m 49m 49m
Returned to shareholders
Dividends — — — 13 27 30 36 42 50 56 61 16 0 42 53 53 52 57
Buybacks — 52 172 101 184 140 109 146 123 109 51 4 6 63 46 18 154 43
Total returned — 52 172 114 211 171 145 189 173 166 112 19 6 105 99 71 206 100

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 2 checks passed · September 29, 2026
What it owns · $3.4bn
Short-term assets $469mLonger-term assets $3.0bn
What it owes, and who funded it · $3.4bn
Short-term liabilities $1.3bnLonger-term liabilities $1.6bnShareholders' equity $574m
  • Short-term assets cover short-term liabilities $469m of assets due within a year against $1.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $469m short-term assets against $1.6bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Cheesecake Factory Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$43M
Dividends (TTM)
$56.9M
Returned to shareholders
46%
of free cash flow
Buybacks, last 3 fiscal years
$218M
Diluted share count
+0.6%
year over year
Total shareholder yield
1.8%
dividends 1.0% + buybacks 0.8% of market value
Dividend payout ratio
27%
of net income paid out

Competitors: side by side with peers

Closest by revenue in restaurants
Last 12 months unless stated CAKE BLMN ARCO CBRL DPZ EAT Median
Revenue, last 12 months $4.0bn $4.0bn $4.7bn $3.3bn $5.1bn $5.9bn $1.4bn
Revenue growth, last 12 months 7.9% 1.2% 4.7% −4.7% 4.5% 6.1% 4.6%
Revenue growth, 3-year average 5.0% 0.7% 5.1% −1.2% 4.3% 12.3% 5.1%
Revenue growth, latest quarter 13.9% 1.3% — −2.2% 3.4% 9.4% 4.5%
Gross margin 75.9% 70.1% 98.1% 69.1% 40.0% 73.1% 68.6%
Operating margin 6.0% 1.2% 7.8% −0.4% 19.7% 11.0% 4.9%
Operating margin, 3-year average 5.1% 3.1% 7.1% 0.8% 19.1% 9.0% 6.9%
Net margin 5.2% 0.7% 4.5% 1.0% 12.0% 8.4% 2.5%
Cash from operations / revenue 9.7% 8.0% 6.3% 6.2% 15.0% 14.1% 11.9%
Free-cash-flow margin 5.5% 3.9% 0.3% 2.7% 12.5% 10.1% 3.4%
Free-cash-flow margin, 3-year average 3.9% 2.5% 2.7% 1.9% 12.1% 7.8% 2.8%
Stock pay / revenue 0.7% 0.3% 0.0% 0.3% 0.9% 0.5% 0.8%
Change in share count 0.6% 1.4% 0.0% 0.4% −2.6% −4.3% 0.2%

Median of all 44 companies we cover in restaurants. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

44 restaurants companies
Measure Company Peer median Rank
Revenue growth Growth 7.9% 4.7% 13 of 44
Change in growth rate Growth +2.2pp +0.3pp 8 of 44
Operating margin Profitability 6.0% 5.2% 20 of 42
Net margin Profitability 5.2% 2.6% 16 of 44
Free-cash-flow margin Cash generation 5.5% 3.6% 19 of 44
Stock pay as % of revenue Cash generation 0.7% 0.8% 19 of 40
Long-term debt as % of assets Balance sheet 17.1% 29.0% 16 of 36
Change in share count Balance sheet 0.6% 0.3% 28 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 30, 2025
Segments
Line of business Revenue Share YoY
The Cheesecake Factory $2.7B 71.7% ▲ 1.0%
All Other Segments $362M 9.7% ▲ 13.0%
Other Fox Restaurant Concepts Llc $355M 9.5% ▲ 18.4%
North Italia $346M 9.2% ▲ 15.5%

From Cheesecake Factory Inc's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.1B
Institutions reporting
340
Shares held vs prior quarter
▲ 0.1%
Positions opened / closed
49 / 42

Top buyers and sellers, Q2 2026: 158 institutions bought and 157 sold ; the biggest buyer was Goldman Sachs Group Inc (+1.2M shares) and the biggest seller Bank Of America Corp (−747K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $555M 7.0M 13.7% ▲ 4.5%
FMR LLC $485M 6.1M 12.0% ▲ 3.1%
Vanguard Portfolio Management LLC $227M 2.9M 5.6% ▲ 2.8%
Vanguard Capital Management LLC $161M 2.0M 4.0% ▲ 0.3%
Earnest Partners LLC $160M 2.0M 3.9% ▼ 3.6%
American Century Companies Inc $159M 2.0M 3.9% ▲ 13.0%
D. E. Shaw & Co., Inc. $159M 2.0M 3.9% ▲ 58.2%
State Street Corp $149M 1.9M 3.7% ▲ 3.7%
Kayne Anderson Rudnick Investment Management LLC $143M 1.8M 3.5% ▼ 10.0%
Goldman Sachs Group Inc $131M 1.6M 3.2% ▲ 272.9%
Invesco Ltd. $131M 1.6M 3.2% ▼ 18.3%
Dimensional Fund Advisors LP $100M 1.3M 2.5% ▲ 1.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cheesecake Factory Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $33.2M 22 trades by 9 insiders · 0% under pre-set plans
Net ▼ $33.2M net selling
Insider Date Trade Shares Price Value
May Scarlett EVP, GENERAL COUNSEL October 29, 2026 Sell 2,939 $114.12 $335,402
Cappello Alexander L Director October 29, 2026 Sell 425 $113.71 $48,327
Clark Matthew Eliot EXEC VP, CFO October 29, 2026 Sell 23,832 $113.31 $2.7M
Meyer Janice L. Director August 17, 2026 Sell 1,958 $109.36 $214,127
Ames Edie A Director August 10, 2026 Sell 3,000 $106.95 $320,850
Gordon David M PRESIDENT August 10, 2026 Sell 16,866 $109.98 $1.9M
Gordon David M PRESIDENT August 10, 2026 Sell 15,084 $110.08 $1.7M
Overton David CHAIRMAN AND C.E.O. August 5, 2026 Sell 94,145 $106.27 $10M
Cappello Alexander L Director August 4, 2026 Sell 64 $106.08 $6,789
Cappello Alexander L Director August 3, 2026 Sell 59 $104.20 $6,148
May Scarlett EVP, GENERAL COUNSEL July 31, 2026 Sell 7,978 $102.66 $819,021
Cappello Alexander L Director July 31, 2026 Sell 100 $103.04 $10,304

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 25, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 29, 2026
  • February 18, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Cheesecake Factory Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cheesecake Factory Inc in brief

What does Cheesecake Factory Inc do?
Cheesecake Factory Inc is a US-listed company in the restaurants industry. Its financial year ends in December.
What is Cheesecake Factory Inc's stock ticker?
Cheesecake Factory Inc trades under the ticker CAKE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cheesecake Factory Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cheesecake Factory Inc reported revenue of $4B, 7.9% higher than a year earlier, according to its SEC filings.
What is Cheesecake Factory Inc's free cash flow?
Cheesecake Factory Inc's free-cash-flow margin is 5.5% of revenue over the trailing twelve months, ranking 19 of the 44 restaurants companies we cover.
What is Cheesecake Factory Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Cheesecake Factory Inc's free cash flow after stock-based pay gives ~$38 per share in the base case, and ~$25–$57 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Cheesecake Factory Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cheesecake Factory Inc buying back stock, and does it pay a dividend?
Cheesecake Factory Inc spent $43M on share repurchases over the trailing twelve months, and its diluted share count still rose 0.6% over the year.
What is Cheesecake Factory Inc's market cap?
On November 2, 2026, Cheesecake Factory Inc's market capitalisation was about $5.6B, with a price-to-earnings ratio of 26.7 and net debt of $877M. Market figures come from third-party market data and may be delayed.
Does Cheesecake Factory Inc pay a dividend?
Yes: Cheesecake Factory Inc paid $56.9M in dividends over the trailing twelve months, a dividend yield of 1.01% and a payout ratio of 27.4%.
Who are Cheesecake Factory Inc's competitors?
In our Restaurants peer group, the companies closest to Cheesecake Factory Inc are Bloomin' Brands, Inc., Arcos Dorados Holdings Inc., Cracker Barrel OLD Country Store, Inc, Domino's and Brinker International, Inc. The side-by-side comparison below sets their revenue, margins and growth against Cheesecake Factory Inc's.
Are insiders buying or selling Cheesecake Factory Inc stock?
Over the last 12 months, Cheesecake Factory Inc's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Cheesecake Factory Inc's next earnings date?
Around January 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cheesecake Factory Inc announces its own schedule.