Cheesecake Factory Inc 10-Q for FY2026 Q3

Cheesecake Factory Inc (CAKE)

10-Q 2026-11-02 For: 2026-09-29

Added on November 02, 2026

About this 10-Q

Cheesecake Factory Inc filed this 10-Q on November 2, 2026, covering the quarter ended September 29, 2026 (FY2026 Q3).

The Cheesecake Factory Incorporated reported third-quarter revenue of $1,033.4 million, up 13.9%, and adjusted EBITDA of $98,722 thousand. The Cheesecake Factory comparable sales rose 15.2%, while North Italia comparable sales decreased approximately 3%. AI summary

Headline figures

Quarter ended September 29, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.03B; up 13.9% from $907.23M a year earlier
Net income: $61.3M; up 92.2% from net income of $31.9M a year earlier
Diluted EPS: $1.19; up 80.3% from $0.66 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →



Delaware		51-0340466
(State or other jurisdiction		(I.R.S. Employer
of incorporation or organization)		Identification No.)




26901 Malibu Hills Road
Calabasas Hills, California		91301
(Address of principal executive offices)		(Zip Code)



Title of Each Class		Trading Symbol		Name of Each Exchange on which Registered
Common Stock, par value $.01 per share		CAKE		The Nasdaq Stock Market LLC



Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐

		Emerging growth company	☐


			Page Number

PART I	FINANCIAL INFORMATION
	Item 1.	Financial Statements:
		Condensed Consolidated Balance Sheets (Unaudited)	1
		Condensed Consolidated Statements of Income (Unaudited)	2
		Condensed Consolidated Statements of Comprehensive Income (Unaudited)	3
		Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	4
		Condensed Consolidated Statements of Cash Flows (Unaudited)	6
		Notes to Condensed Consolidated Financial Statements (Unaudited)	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
	Item 4.	Controls and Procedures	33

PART II	OTHER INFORMATION
	Item 1.	Legal Proceedings	34
	Item 1A.	Risk Factors	34
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
	Item 5.	Other Information	35
	Item 6.	Exhibits	36

Signatures			37



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



	September 29,			December 30,
	2026			2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	249,269		$	215,729
Accounts and other receivables		86,120			109,718
Income taxes receivable		30,658			20,702
Inventories		51,868			53,969
Prepaid expenses		51,165			54,710
Total current assets		469,080			454,828
Property and equipment, net		937,230			869,696
Other assets:
Intangible assets, net		252,046			251,806
Operating lease assets		1,548,650			1,444,753
Other		242,404			240,589
Total other assets		2,043,100			1,937,148
Total assets	$	3,449,410		$	3,261,672

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	80,694		$	62,714
Gift card liabilities		176,386			212,859
Operating lease liabilities		177,084			167,348
Other accrued expenses		320,832			265,275
Current portion of long-term debt		563,713			68,815
Total current liabilities		1,318,709			777,011

Long-term debt		—			561,259
Operating lease liabilities		1,404,351			1,332,413
Other noncurrent liabilities		152,284			154,562
Total liabilities		2,875,344			2,825,245
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued		—			—
Common stock, $.01 par value, 250,000,000 shares authorized; 110,267,614 shares issued and 49,836,356 shares outstanding at September 29, 2026 and 109,546,812 shares issued and 49,635,893 shares outstanding at December 30, 2025		1,103			1,095
Additional paid-in capital		1,042,404			1,008,155
Retained earnings		1,547,613			1,412,942
Treasury stock inclusive of excise tax, 60,431,258 and 59,910,919 shares at cost at September 29, 2026 and December 30, 2025, respectively		(2,015,649)			(1,984,722)
Accumulated other comprehensive loss		(1,405)			(1,043)
Total stockholders’ equity		574,066			436,427
Total liabilities and stockholders’ equity	$	3,449,410		$	3,261,672



		Thirteen		Thirteen		Thirty-Nine		Thirty-Nine
		Weeks Ended		Weeks Ended		Weeks Ended		Weeks Ended
		September 29, 2026		September 30, 2025		September 29, 2026		September 30, 2025

Revenues		$	1,033,440	$	907,226	$	3,041,906	$	2,790,248

Costs and expenses:
Food and beverage costs			218,919		197,654		655,016		605,758
Labor expenses			359,758		322,774		1,059,002		987,368
Other operating costs and expenses			285,791		255,724		822,832		757,871
General and administrative expenses			66,645		58,996		196,168		177,706
Depreciation and amortization expenses			29,175		27,419		86,262		80,361
Impairment of assets and lease termination expenses/(income)			8		(104)		961		496
Acquisition-related contingent consideration, compensation and amortization (income)/expenses			(12,889)		910		(10,452)		2,920
Preopening costs			11,160		6,584		23,591		23,718
Total costs and expenses			958,567		869,957		2,833,380		2,636,198
Income from operations			74,873		37,269		208,526		154,050
Interest expense, net			(1,988)		(2,247)		(6,040)		(7,448)
Loss on extinguishment of debt			—		—		—		(15,891)
Other income, net			520		459		1,173		1,482
Income before income taxes			73,405		35,481		203,659		132,193
Income tax provision			12,105		3,582		24,417		12,541
Net income		$	61,300	$	31,899	$	179,242	$	119,652

Net income per share:
Basic		$	1.31	$	0.68	$	3.84	$	2.55
Diluted (Note 10)		$	1.19	$	0.66	$	3.62	$	2.46

Weighted-average shares outstanding:
Basic			46,775		46,608		46,663		46,842
Diluted			51,473		48,616		49,487		48,633



																Accumulated
							Additional									Other
		Common Stock					Paid-in			Retained			Treasury			Comprehensive
		Shares		Amount			Capital			Earnings			Stock			Loss			Total
Balance, December 30, 2025		109,547		$	1,095		$	1,008,155		$	1,412,942		$	(1,984,722)		$	(1,043)		$	436,427
Net income		—			—			—			49,548			—			—			49,548
Foreign currency translation adjustment		—			—			—			—			—			(203)			(203)
Cash dividends declared common stock, net of forfeitures, $0.30 per share		—			—			—			(14,685)			—			—			(14,685)
Stock-based compensation		472			5			7,062			—			—			—			7,067
Common stock issued under stock-based compensation plans		6			—			241			—			—			—			241
Treasury stock purchases, inclusive of excise tax		—			—			—			—			(19,169)			—			(19,169)
Balance, March 31, 2026		110,025		$	1,100		$	1,015,458		$	1,447,805		$	(2,003,891)		$	(1,246)		$	459,226
Net income		—			—			—			68,394			—			—			68,394
Foreign currency translation adjustment		—			—			—			—			—			(243)			(243)
Cash dividends declared common stock, net of forfeitures, $0.30 per share		—			—			—			(14,966)			—			—			(14,966)
Stock-based compensation, net of forfeitures		(3)			—			8,815			—			—			—			8,815
Common stock issued under stock-based compensation plans		155			2			7,042			—			—			—			7,044
Treasury stock purchases, inclusive of excise tax		—			—			—			—			(9,321)			—			(9,321)
Other		—			—			9			—			—			—			9
Balance, June 30, 2026		110,177		$	1,102		$	1,031,324		$	1,501,233		$	(2,013,212)		$	(1,489)		$	518,958
Net income		—			—			—			61,300			—			—			61,300
Foreign currency translation adjustment		—			—			—			—			—			84			84
Cash dividends declared common stock, net of forfeitures, $0.30 per share		—			—			—			(14,920)			—			—			(14,920)
Stock-based compensation, net of forfeitures		(9)			—			7,089			—			—			—			7,089
Common stock issued under stock-based compensation plans		100			1			3,991			—			—			—			3,992
Treasury stock purchases, inclusive of excise tax		—			—			—			—			(2,437)			—			(2,437)
Balance, September 29, 2026		110,268		$	1,103		$	1,042,404		$	1,547,613		$	(2,015,649)		$	(1,405)		$	574,066



	September 29, 2026
	Level 1		Level 2		Level 3
Assets/(Liabilities)
Non-qualified deferred compensation assets	$	140,169	$	—	$	—
Non-qualified deferred compensation liabilities		(140,095)		—		—
Acquisition-related contingent consideration and compensation liabilities		—		—		—



	December 30, 2025
	Level 1		Level 2		Level 3
Assets/(Liabilities)
Non-qualified deferred compensation assets	$	126,142	$	—	$	—
Non-qualified deferred compensation liabilities		(125,208)		—		—
Acquisition-related contingent consideration and compensation liabilities		—		—		(24,628)



	September 29, 2026		December 30, 2025
Restaurant food and supplies	$	28,220	$	28,736
Bakery finished goods and work in progress		12,822		14,896
Bakery raw materials and supplies		10,826		10,337
Total	$	51,868	$	53,969



							Weighted-
							Average
				Weighted-			Remaining
				Average			Contractual		Aggregate
		Shares		Exercise Price			Term		Intrinsic Value ⁽¹⁾
		(In thousands)		(Per share)			(In years)		(In thousands)
Outstanding at December 30, 2025		471		$	41.08		4.1		$	4,203.7
Granted		—			—
Exercised		(261)			43.14
Forfeited or cancelled		—			—
Outstanding at September 29, 2026		210		$	38.49		5.3		$	14,405.8

Exercisable at September 29, 2026		145		$	39.49		4.4		$	9,806.2



		The
		Cheesecake
		Factory			North			Other
		Restaurants			Italia			FRC			Other			Total
Revenues		$	754,374		$	92,993		$	90,313		$	95,760		$	1,033,440

Costs and expenses:
Food and beverage costs			162,224			20,461			19,932			16,302			218,919
Labor expenses			250,934			35,770			36,366			36,688			359,758
Other operating costs and expenses			200,495			26,825			29,848			28,623			285,791
General and administrative expenses			—			—			—			66,645			66,645
Depreciation and amortization expenses			17,357			3,620			3,697			4,501			29,175
Impairment of assets and lease termination expenses			—			—			—			8			8
Acquisition-related contingent consideration, compensation and amortization expenses/(income)			—			—			316			(13,205)			(12,889)
Preopening costs			3,762			2,235			3,749			1,414			11,160
Total costs and expenses			634,772			88,911			93,908			140,976			958,567
Income/(loss) from operations		$	119,602		$	4,082		$	(3,595)		$	(45,216)		$	74,873

Capital expenditures		$	27,997		$	11,211		$	9,896		$	8,827		$	57,931



	Thirty-Nine		Thirty-Nine
	Weeks Ended		Weeks Ended
	September 29, 2026		September 30, 2025

Beginning balance	$	24,628	$	20,155
Payment		(13,229)		(8,714)
Change in fair value		(11,399)		1,973
Ending balance	$	—	$	13,414



				Total Number of	Maximum Number
				Shares Purchased	of Shares that May
	Total Number			as Part of Publicly	Yet be Purchased
	of Shares	Average Price		Announced Plans	Under the Plans or
Period	Purchased ⁽¹⁾	Paid per Share ⁽²⁾		or Programs	Programs
July 1 — August 4, 2026	29	$	81.85	—	5,565
August 5 — September 1, 2026	—		—	—	5,565
September 2 — September 29, 2026	—		—	—	5,565
Total	29			—

Exhibit No.	Item	Form	File Number	Incorporated by Reference from Exhibit Number	Filed/ Furnished with SEC


3.1	Restated Certificate of Incorporation of The Cheesecake Factory Incorporated	8-K	000-20574	3.1	6/4/24
3.2	Certificate of Designations of The Cheesecake Factory Incorporated, dated April 20, 2020	8-K	000-20574	3.1	4/20/20
3.3	Bylaws of The Cheesecake Factory Incorporated, amended and restated on October 26,2022	8-K	000-20574	3.1	11/1/22
31.1	Rule 13a-14(a)/15d-14(a) Certification of the Principal Executive Officer	—	—	—	Filed herewith
31.2	Rule 13a-14(a)/15d-14(a) Certification of the Principal Financial Officer	—	—	—	Filed herewith
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer	—	—	—	Furnished herewith
32.2	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer	—	—	—	Furnished herewith
101.SCH	Inline XBRL Taxonomy Extension Schema Document	—	—	—	Filed herewith
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	—	—	—	Filed herewith
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	—	—	—	Filed herewith
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	—	—	—	Filed herewith
101.PRE	Inline XBRL Taxonomy Extension Label Linkbase Document	—	—	—	Filed herewith
104	The cover page of The Cheesecake Factory Incorporated’s Quarterly Report on Form 10-Q for the quarter ended September 29, 2026 formatted in iXBRL (included with Exhibit 101)	—	—	—	Filed herewith


Date: November 2, 2026	THE CHEESECAKE FACTORY INCORPORATED

	By:	/s/ DAVID OVERTON
		David Overton
		Chairman of the Board and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ MATTHEW E. CLARK
		Matthew E. Clark
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

Date:	November 2, 2026	/s/ DAVID OVERTON
		David Overton
		Chairman of the Board and Chief Executive Officer
		(Principal Executive Officer)