NASDAQ : CAKE
The Cheesecake Factory Incorporated — Financial statements
Consumer Discretionary · Restaurants · United States
Last price 113.12 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 5.63B
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Financial statements
The Cheesecake Factory Incorporated (CAKE) reported revenue of 4.00B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.00B | 3.75B | 3.58B | 3.44B | 3.30B | 2.93B |
| Cost of Revenue | 2.36B | 2.24B | 2.17B | 2.13B | 2.11B | 1.73B |
| Gross Profit | 1.65B | 1.52B | 1.41B | 1.31B | 1.19B | 1.20B |
| Selling, General & Admin | 524.84M | 506.37M | 473.81M | 450.41M | 427.81M | 392.16M |
| Other Operating Expenses | 706.65M | 641.69M | 609.95M | 589.65M | 570.15M | 585.97M |
| Operating Expenses | 1.38B | 1.29B | 1.21B | 1.16B | 1.11B | 1.08B |
| Operating Income | 266.29M | 224.72M | 194.39M | 149.72M | 83.69M | 119.97M |
| Interest Expense | -9.04M | -10.45M | -10.11M | -10.16M | -7.49M | -10.70M |
| Other Non Operating Income (Expenses) | 1.64M | 1.95M | 2.84M | 1.61M | 1.45M | |
| EBT Excluding Unusual Items | 258.89M | 216.22M | 187.12M | 141.16M | 77.65M | 109.27M |
| Asset Writedown | -23.45M | -22.99M | -13.65M | -29.46M | -31.39M | -18.14M |
| Other Unusual Items | -1.08M | -30.34M | -2.43M | -11.69M | -13.37M | -19.51M |
| Pretax Income | 234.36M | 162.90M | 171.05M | 100.01M | 32.89M | 71.62M |
| Income Tax Expense | 26.34M | 14.47M | 14.26M | -1.34M | -10.23M | -753.00K |
| Net Income | 208.02M | 148.43M | 156.78M | 101.35M | 43.12M | 72.37M |
| Preferred Dividends & Other Adjustments | 23.24M | |||||
| Net Income to Common | 208.02M | 148.43M | 156.78M | 101.35M | 43.12M | 49.13M |
| Shares Outstanding (Basic) | 46.65M | 46.79M | 47.79M | 48.32M | 49.81M | 47.53M |
| Shares Outstanding (Diluted) | 49.19M | 48.55M | 48.97M | 49.05M | 50.41M | 48.51M |
| EPS (Basic) | 4.46 | 3.17 | 3.28 | 2.10 | 0.87 | 1.03 |
| EPS (Diluted) | 4.23 | 3.06 | 3.20 | 2.07 | 0.86 | 1.01 |
| Free Cash Flow | 155.08M | 107.96M | 66.84M | 49.46M | 146.06M | |
| Free Cash Flow Per Share | 3.19 | 2.20 | 1.36 | 0.98 | 3.01 | |
| Dividend Per Share | 1.17 | 1.08 | 1.08 | 1.08 | 0.81 | |
| Gross Margin | 41.12% | 40.39% | 39.30% | 38.05% | 36.06% | 41.05% |
| Operating Margin | 6.65% | 5.99% | 5.43% | 4.35% | 2.53% | 4.10% |
| Profit Margin | 5.20% | 3.96% | 4.38% | 2.95% | 1.31% | 1.68% |
| Free Cash Flow Margin | 4.13% | 3.01% | 1.94% | 1.50% | 4.99% | |
| EBITDA | 381.67M | 333.15M | 295.44M | 243.25M | 174.47M | 208.52M |
| EBITDA Margin | 9.53% | 8.88% | 8.25% | 7.07% | 5.28% | 7.12% |
| D&A For EBITDA | 115.38M | 108.43M | 101.05M | 93.54M | 90.78M | 88.55M |
| EBIT | 266.29M | 224.72M | 194.39M | 149.72M | 83.69M | 119.97M |
| EBIT Margin | 6.65% | 5.99% | 5.43% | 4.35% | 2.53% | 4.10% |
| Effective Tax Rate | 11.24% | 8.88% | 8.34% | |||
| Advertising Expenses | 44.30M | 37.30M | 34.00M | 24.00M | 19.90M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 215.73M | 84.18M | 56.29M | 114.78M | 189.63M | |
| Cash & Short-Term Investments | 195.17M | 215.73M | 84.18M | 56.29M | 114.78M | 189.63M |
| Accounts Receivable | 89.17M | 89.42M | 79.43M | 82.30M | 75.90M | |
| Other Receivables | 41.25M | 40.50M | 44.34M | 44.74M | 60.78M | |
| Receivables | 130.42M | 129.92M | 123.76M | 127.03M | 136.68M | |
| Inventory | 53.97M | 64.53M | 57.65M | 55.56M | 42.84M | |
| Prepaid Expenses | 54.71M | 54.69M | 63.09M | 48.40M | 36.45M | |
| Total Current Assets | 454.83M | 333.31M | 300.80M | 345.77M | 405.59M | |
| Property, Plant & Equipment | 2.31B | 2.24B | 2.09B | 2.02B | 1.98B | |
| Goodwill | 1.45M | 1.45M | 1.45M | 1.45M | 1.45M | |
| Other Intangible Assets | 250.35M | 250.34M | 250.28M | 250.07M | 250.25M | |
| Long-Term Deferred Tax Assets | 104.60M | 97.85M | 91.94M | 76.25M | 57.63M | |
| Other Long-Term Assets | 135.99M | 117.68M | 102.67M | 86.65M | 100.22M | |
| Total Assets | 3.26B | 3.04B | 2.84B | 2.78B | 2.80B | |
| Accounts Payable | 62.71M | 62.09M | 63.15M | 66.64M | 54.09M | |
| Accrued Expenses | 240.65M | 245.22M | 214.20M | 220.38M | 227.94M | |
| Current Portion of Long-Term Debt | 68.81M | |||||
| Current Portion of Leases | 167.35M | 157.14M | 134.91M | 139.10M | 131.82M | |
| Current Unearned Revenue | 212.86M | 226.81M | 222.91M | 219.81M | 211.18M | |
| Other Current Liabilities | 24.63M | 20.16M | 25.50M | 10.75M | 11.25M | |
| Total Current Liabilities | 777.01M | 711.42M | 660.67M | 656.68M | 636.27M | |
| Long-Term Debt | 561.26M | 452.06M | 470.05M | 468.03M | 466.02M | |
| Long-Term Leases | 1.33B | 1.30B | 1.25B | 1.23B | 1.22B | |
| Other Long-Term Liabilities | 154.56M | 135.80M | 136.65M | 125.01M | 147.40M | |
| Total Liabilities | 2.83B | 2.60B | 2.52B | 2.48B | 2.47B | |
| Common Stock | 1.09M | 1.08M | 1.07M | 1.06M | 1.05M | |
| Additional Paid-In Capital | 1.01B | 956.11M | 913.44M | 887.49M | 862.76M | |
| Retained Earnings | 1.41B | 1.32B | 1.22B | 1.17B | 1.17B | |
| Treasury Stock | -1.98B | -1.83B | -1.81B | -1.77B | -1.70B | |
| Comprehensive Income & Other | -1.04M | -1.61M | -694.00K | -982.00K | -287.00K | |
| Total Common Equity | 518.96M | 436.43M | 443.45M | 318.06M | 292.00M | 330.17M |
| Shareholders' Equity | 518.96M | 436.43M | 443.45M | 318.06M | 292.00M | 330.17M |
| Total Liabilities & Equity | 3.26B | 3.04B | 2.84B | 2.78B | 2.80B | |
| Total Debt | 2.08B | 2.13B | 1.91B | 1.86B | 1.84B | 1.82B |
| Net Cash (Debt) | -1.89B | -1.91B | -1.82B | -1.80B | -1.73B | -1.63B |
| Net Cash Per Share | -38.34 | -39.42 | -37.25 | -36.77 | -34.23 | -33.53 |
| Filing Date Shares Outstanding | 46.77M | 49.86M | 51.64M | 51.12M | 51.65M | 52.74M |
| Total Common Shares Outstanding | 46.77M | 49.64M | 51.33M | 50.65M | 51.17M | 52.23M |
| Working Capital | -322.18M | -378.11M | -359.87M | -310.91M | -230.68M | |
| Book Value Per Share | 10.43 | 8.79 | 8.64 | 6.28 | 5.71 | 6.32 |
| Tangible Book Value | 266.92M | 184.62M | 191.67M | 66.33M | 40.48M | 78.47M |
| Tangible Book Value Per Share | 5.36 | 3.72 | 3.73 | 1.31 | 0.79 | 1.50 |
| Land | 17.45M | 17.30M | 15.85M | 15.85M | 15.85M | |
| Buildings | 44.98M | 44.53M | 44.18M | 44.14M | 44.05M | |
| Machinery | 718.32M | 658.06M | 625.93M | 584.92M | 550.42M | |
| Construction In Progress | 43.63M | 75.43M | 58.07M | 36.67M | 35.07M | |
| Leasehold Improvements | 1.40B | 1.33B | 1.29B | 1.23B | 1.19B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 148.43M | 156.78M | 101.35M | 43.12M | 72.37M | |
| Depreciation & Amortization | 108.43M | 101.05M | 93.54M | 90.78M | 88.55M | |
| Loss (Gain) From Sale of Assets | 600.00K | 400.00K | -400.00K | 1.60M | 1.10M | |
| Asset Writedown & Restructuring Costs | 19.32M | 12.77M | 27.00M | 31.33M | 17.94M | |
| Stock-Based Compensation | 27.23M | 29.96M | 25.78M | 24.43M | 22.99M | |
| Other Operating Activities | 472.00K | -12.57M | -15.71M | -18.65M | -20.85M | |
| Change in Accounts Receivable | -4.08M | -1.72M | -98.00K | -12.27M | -24.82M | |
| Change in Inventory | 10.56M | -6.88M | -2.09M | -12.72M | -3.48M | |
| Change in Accounts Payable | 1.70M | -1.83M | 3.97M | 17.59M | -3.68M | |
| Change in Unearned Revenue | -13.96M | 3.90M | 3.10M | 8.63M | 26.53M | |
| Change in Income Taxes | -3.29M | 3.25M | 852.00K | 14.65M | 715.00K | |
| Change in Other Net Operating Assets | 5.86M | -16.80M | -18.89M | -26.56M | 35.63M | |
| Operating Cash Flow | 301.28M | 268.32M | 218.40M | 161.93M | 213.01M | |
| Capital Expenditures | -146.20M | -160.36M | -151.56M | -112.46M | -66.94M | |
| Sale (Purchase) of Intangibles | -1.06M | -1.05M | -1.66M | -680.00K | -606.00K | |
| Other Investing Activities | 321.00K | -274.00K | 329.00K | -1.06M | ||
| Investing Cash Flow | -147.26M | -161.10M | -153.50M | -112.81M | -68.61M | |
| Long-Term Debt Issued | 575.00M | 15.00M | 130.00M | 345.00M | ||
| Long-Term Debt Repaid | -399.80M | -20.00M | -15.00M | -130.00M | -150.00M | |
| Net Debt Issued (Repaid) | 175.20M | -20.00M | 195.00M | |||
| Issuance of Common Stock | 24.61M | 12.47M | 84.00K | 199.79M | ||
| Repurchase of Common Stock | -153.90M | -18.23M | -46.09M | -63.13M | -5.77M | |
| Preferred Dividends Paid | -18.66M | |||||
| Common Dividends Paid | -52.19M | -53.04M | -53.21M | -42.27M | -337.00K | |
| Dividends Paid | -52.19M | -53.04M | -53.21M | -42.27M | -19.00M | |
| Other Financing Activities | -16.50M | -24.24M | -18.32M | -35.10M | ||
| Financing Cash Flow | -22.78M | -78.79M | -123.53M | -123.64M | -108.83M | |
| Foreign Exchange Rate Adjustments | 315.00K | -548.00K | 144.00K | -325.00K | -27.00K | |
| Net Cash Flow | 131.55M | 27.89M | -58.49M | -74.85M | 35.54M | |
| Free Cash Flow | 155.08M | 107.96M | 66.84M | 49.46M | 146.06M | |
| Free Cash Flow Margin | 4.13% | 3.01% | 1.94% | 1.50% | 4.99% | |
| Free Cash Flow Per Share | 3.19 | 2.20 | 1.36 | 0.98 | 3.01 | |
| Levered Free Cash Flow | 118.93M | 108.66M | 47.99M | 47.78M | 134.51M | |
| Unlevered Free Cash Flow | 125.46M | 114.98M | 54.34M | 52.46M | 141.19M | |
| Cash Interest Paid | 8.68M | 12.89M | 9.76M | 7.23M | 9.59M | |
| Cash Income Tax Paid | 22.78M | 19.12M | 14.47M | 14.69M | 13.03M | |
| Change in Working Capital | -3.21M | -20.07M | -13.15M | -10.68M | 30.90M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.61B | 2.49B | 2.42B | 1.74B | 1.66B | 2.07B |
| Enterprise Value | 7.49B | 4.44B | 4.26B | 3.54B | 3.36B | 3.76B |
| Last Close Price | 112.64 | 49.39 | 45.90 | 32.34 | 29.48 | 35.28 |
| PE Ratio | 26.63 | 16.79 | 15.44 | 17.21 | 38.57 | 42.11 |
| Forward PE | 22.24 | 12.73 | 13.31 | 11.68 | 11.76 | 13.75 |
| PS Ratio | 1.40 | 0.66 | 0.68 | 0.51 | 0.50 | 0.71 |
| PB Ratio | 10.80 | 5.71 | 5.46 | 5.49 | 5.70 | 6.27 |
| P/TBV Ratio | 21.00 | 13.50 | 12.63 | 26.30 | 41.09 | 26.37 |
| P/FCF Ratio | 27.17 | 16.07 | 22.43 | 26.10 | 33.63 | 14.16 |
| P/OCF Ratio | 15.81 | 8.27 | 9.02 | 7.99 | 10.27 | 9.71 |
| PEG Ratio | 1.51 | 1.36 | 1.20 | 0.66 | 1.22 | 2.75 |
| EV/Sales Ratio | 1.87 | 1.18 | 1.19 | 1.03 | 1.02 | 1.29 |
| EV/EBITDA Ratio | 19.63 | 13.33 | 14.41 | 14.56 | 19.26 | 18.05 |
| EV/EBIT Ratio | 28.13 | 19.77 | 21.90 | 23.65 | 40.15 | 31.37 |
| EV/FCF Ratio | 36.31 | 28.64 | 39.44 | 52.99 | 67.94 | 25.77 |
| Debt / Equity Ratio | 4.01 | 4.88 | 4.30 | 5.85 | 6.30 | 5.50 |
| Debt / EBITDA Ratio | 5.45 | 3.58 | 3.53 | 3.91 | 4.64 | 4.38 |
| Debt / FCF Ratio | 13.73 | 17.68 | 27.83 | 37.21 | 12.43 | |
| Net Debt / Equity Ratio | 3.63 | 4.39 | 4.11 | 5.67 | 5.91 | 4.93 |
| Net Debt / EBITDA Ratio | 4.94 | 5.75 | 6.17 | 7.42 | 9.89 | 7.80 |
| Net Debt / FCF Ratio | 12.34 | 16.89 | 26.99 | 34.89 | 11.13 | |
| Asset Turnover | 1.19 | 1.22 | 1.23 | 1.19 | 1.06 | |
| Inventory Turnover | 37.75 | 35.59 | 37.64 | 42.93 | 42.03 | |
| Quick Ratio | 0.45 | 0.30 | 0.27 | 0.37 | 0.51 | |
| Current Ratio | 0.58 | 0.47 | 0.46 | 0.53 | 0.64 | |
| Return on Equity (ROE) | 33.74% | 41.18% | 33.23% | 13.86% | 17.29% | |
| Return on Assets (ROA) | 4.46% | 4.13% | 3.33% | 1.88% | 2.70% | |
| Return on Invested Capital (ROIC) | 9.83% | 8.87% | 8.12% | 7.23% | 4.21% | 6.08% |
| Return on Capital Employed (ROCE) | 9.00% | 8.30% | 6.90% | 4.00% | 5.50% | |
| Earnings Yield | 3.76% | 5.96% | 6.48% | 5.81% | 2.59% | 3.50% |
| FCF Yield | 3.68% | 6.22% | 4.46% | 3.83% | 2.97% | 7.06% |
| Dividend Yield | 1.06% | 2.15% | 2.29% | 3.14% | 2.49% | |
| Payout Ratio | 28.37% | 35.16% | 33.83% | 52.50% | 98.03% | 26.25% |
| Buyback Yield / Dilution | -0.63% | 0.86% | 0.15% | 2.71% | -3.92% | -10.58% |
| Total Shareholder Return | 0.44% | 3.02% | 2.44% | 5.84% | -1.43% | -10.58% |