The Cheesecake Factory Reports Results for First Quarter of Fiscal 2026
CAKE
Published on 04/29/2026 at 04:18 pm EDT
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial results for the first quarter of fiscal 2026, which ended on March 31, 2026.
Total revenues were $978.8 million in the first quarter of fiscal 2026 compared to $927.2 million in the first quarter of fiscal 2025. Net income and diluted net income per share were $49.5 million and $1.02, respectively, in the first quarter of fiscal 2026.
The Company recorded a pre-tax net expense of $2.0 million related to impairment of assets and lease termination expenses, and Fox Restaurant Concepts (“FRC”) acquisition-related items. Excluding the after-tax impact of these items, adjusted net income and adjusted diluted net income per share for the first quarter of fiscal 2026 were $51.1 million and $1.05, 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 1.6% year-over-year in the first quarter of fiscal 2026.
“We delivered strong first quarter results, with revenue, margins and earnings finishing above our expectations,” said David Overton, Chairman and Chief Executive Officer. “Our top-line performance was led by comparable sales growth at The Cheesecake Factory restaurants, which outperformed the broader casual dining industry in the quarter. These results, delivered in a competitive environment and despite significant weather-related impacts, reflect the resilient demand for the distinct, high-quality dining experiences we provide our guests and strong affinity for our namesake concept. At the same time, execution within our restaurants was excellent, with operators driving year-over-year improvements in labor productivity and food efficiency, supporting solid flow-through to profitability.”
Mr. Overton continued, “For more than four decades, our approach has been grounded in a commitment to taking care of our guests and each other, delivering exceptional hospitality and memorable dining experiences that set our concepts apart. We are honored to be recognized on the Fortune magazine ‘100 Best Companies to Work For’ list for the 13th consecutive year, a distinction that reflects the strength of our culture, how our teams bring our values to life across our restaurants every day, and reinforces our position as an employer of choice.”
Development
During the first quarter of fiscal 2026, the Company opened one North Italia, one Flower Child, one FRC restaurant, and one The Cheesecake Factory restaurant opened internationally under a licensing agreement in Guadalajara, Mexico. Subsequent to quarter-end, the Company opened one North Italia location.
The Company continues to expect to open as many as 26 new restaurants in fiscal 2026, including as many as six The Cheesecake Factory restaurants, six to seven North Italia locations, six to seven Flower Child locations and as many as seven FRC restaurants.
Liquidity and Capital Allocation
As of March 31, 2026, the Company had total available liquidity of $601.6 million, including a cash balance of $235.1 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.
During the first quarter of fiscal 2026, the Company repurchased approximately 332,000 shares of its stock at a cost of $19.2 million. In addition, the Company’s Board of Directors has declared a quarterly dividend of $0.30 per share to be paid on May 26, 2026, to shareholders of record at the close of business on May 13, 2026.
Conference Call and Webcast
The Company will hold a conference call to review its results for the first quarter of fiscal 2026 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 371 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, 36 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 2026, we were named to the FORTUNE Magazine “100 Best Companies to Work For®” list for the thirteenth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com, www.iamaflowerchild.com and www.foxrc.com.
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.
Amount
Percent of Revenues
Amount
Percent of Revenues
$
978,833
100.0
%
$
927,197
100.0
%
212,250
21.7
%
202,261
21.8
%
347,769
35.5
%
331,075
35.7
%
264,353
27.0
%
246,425
26.6
%
63,931
6.5
%
59,932
6.5
%
27,984
2.9
%
26,082
2.8
%
829
0.1
%
378
0.0
%
1,202
0.1
%
998
0.1
%
5,470
0.6
%
8,087
0.9
%
923,788
94.4
%
875,238
94.4
%
55,045
5.6
%
51,959
5.6
%
(1,995
)
(0.2
)%
(2,328
)
(0.3
)%
-
0.0
%
(15,891
)
(1.7
)%
301
0.1
%
743
0.1
%
53,351
5.5
%
34,483
3.7
%
3,803
0.4
%
1,542
0.1
%
$
49,548
5.1
%
$
32,941
3.6
%
$
1.06
$
0.69
46,585
47,526
$
1.02
$
0.67
48,455
49,284
$
690,473
$
89,479
$
104,522
$
94,359
$
978,833
151,158
20,264
23,032
17,796
212,250
238,354
33,421
39,169
36,825
347,769
180,297
24,717
30,664
28,675
264,353
-
-
-
63,931
63,931
17,170
3,194
3,365
4,255
27,984
557
-
2
270
829
-
-
316
886
1,202
1,415
1,914
1,731
410
5,470
588,951
83,510
98,279
153,048
923,788
$
101,522
$
5,969
$
6,243
$
(58,689
)
$
55,045
$
672,734
$
83,410
$
87,424
$
83,629
$
927,197
147,655
18,415
19,149
17,042
202,261
233,391
31,917
31,562
34,205
331,075
174,604
22,620
25,565
23,636
246,425
-
-
-
59,932
59,932
16,226
2,798
3,035
4,023
26,082
75
-
300
3
378
-
-
316
682
998
1,350
2,680
2,793
1,264
8,087
573,301
78,430
82,720
140,787
875,238
$
99,433
$
4,980
$
4,704
$
(57,158
)
$
51,959
1.6
%
1.0
%
-
-
216
215
2,816
2,795
(2
)%
(1
)%
1
3
49
45
625
560
1
2
56
49
720
626
1
3
49
46
639
583
216
49
56
49
370
36
$
235,090
$
215,729
630,993
630,074
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.
$
49,548
$
32,941
829
378
1,202
998
-
15,891
(529
)
(4,489
)
$
51,050
$
45,719
$
1.02
$
0.67
0.02
0.01
0.02
0.02
-
0.32
(0.01
)
(0.09
)
$
1.05
$
0.93
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