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Restaurants · Consumer Cyclical · Fiscal year ends Dec 30
Cheesecake Factory reported revenue of $3.8B in the fiscal year ended Dec 2025, up 4.7% from the year before. Operating income was $187M, an operating margin of 5.0%, and net income was $148M. Operating cash flow of $301M less capital expenditure of $146M left free cash flow of $155M. Net debt was $414M.
Ranks among the 15 restaurants companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,928 | 3,303 | 3,440 | 3,582 | 3,752 |
| Cost of revenue | 653 | – | – | – | – |
| Gross profit | 2,274 | – | – | – | – |
| Operating income | 82.3 | 38.9 | 109 | 178 | 187 |
| Pre-tax income | 71.6 | 32.9 | 100 | 171 | 163 |
| Income tax | −0.8 | −10.2 | −1.3 | 14.3 | 14.5 |
| Net income | 72.4 | 43.1 | 101 | 157 | 148 |
| Diluted EPS | 1.01 | 0.86 | 2.07 | 3.20 | 3.06 |
| Diluted shares | 48.5 | 50.4 | 49.1 | 49.0 | 48.6 |
| Fiscal year | Dec 2021 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 190 | 115 | 56.3 | 84.2 | 216 |
| Receivables | 101 | 106 | 103 | 113 | 110 |
| Inventory | 42.8 | 55.6 | 57.7 | 64.5 | 54.0 |
| Current assets | 406 | 346 | 301 | 333 | 455 |
| Net PP&E | 742 | 746 | 791 | 841 | 870 |
| Goodwill | 1.5 | 1.5 | 1.5 | 1.5 | 1.5 |
| Total assets | 2,798 | 2,775 | 2,840 | 3,042 | 3,262 |
| Payables | 54.1 | 66.6 | 63.2 | 62.1 | 62.7 |
| Deferred revenue | 211 | 220 | 223 | 227 | 213 |
| Current liabilities | 636 | 657 | 661 | 711 | 777 |
| Short-term debt | – | – | – | – | 68.8 |
| Long-term debt | 466 | 468 | 470 | 452 | 561 |
| Total liabilities | 2,468 | 2,483 | 2,522 | 2,598 | 2,825 |
| Shareholders' equity | 330 | 292 | 318 | 443 | 436 |
| Fiscal year | Dec 2021 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 213 | 162 | 218 | 268 | 301 |
| Capital expenditure | 66.9 | 112 | 152 | 160 | 146 |
| Free cash flow | 146 | 49.5 | 66.8 | 108 | 155 |
| Depreciation & amortisation | 89.7 | 92.4 | 93.1 | 101 | 109 |
| Stock-based compensation | 23.0 | 24.4 | 25.8 | 30.0 | 27.2 |
| Share buybacks | 5.8 | 63.1 | 46.1 | 18.2 | 154 |
| Dividends paid | 0.3 | 42.3 | 53.2 | 53.0 | 52.2 |
| Dividend per share | 0.36 | 0.81 | 1.08 | 1.08 | 1.08 |
| Fiscal year | Dec 2021 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.8% | 4.1% | 4.1% | 4.7% |
| Operating income growth (YoY) | – | −52.7% | 178.8% | 64.2% | 5.0% |
| EPS growth (YoY) | – | −14.9% | 140.7% | 54.6% | −4.4% |
| Gross margin | 77.7% | – | – | – | – |
| Operating margin | 2.8% | 1.2% | 3.2% | 5.0% | 5.0% |
| Net margin | 2.5% | 1.3% | 2.9% | 4.4% | 4.0% |
| Return on equityBlank when equity is negative | 21.9% | 14.8% | 31.9% | 35.4% | 34.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.8% | 1.8% | 5.0% | 7.7% | 7.5% |
| Free cash flow margin | 5.0% | 1.5% | 1.9% | 3.0% | 4.1% |
| Cash conversion (CFO ÷ net income) | 2.94x | 3.75x | 2.15x | 1.71x | 2.03x |
| Receivable days | 13 | 12 | 11 | 11 | 11 |
| Inventory days | 24 | – | – | – | – |
| Payable days | 30 | – | – | – | – |
| Debt ÷ equity | 1.41x | 1.60x | 1.48x | 1.02x | 1.44x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 276 | 353 | 414 | 368 | 414 |
| Current ratio | 0.64x | 0.53x | 0.46x | 0.47x | 0.59x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.