CHEESECAKE FACTORY INC
For the period ended Jul 23, 2025. Filed Jul 29, 2025.
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Jul 23, 2025 · Filed Jul 29, 2025
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Contents
EX-99.1 · Safe Harbor Statement
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 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 tax reform legislation, including the provisions of H.R. I enacted on July 4, 2025; changes in laws impacting the Company’s business; adverse weather conditions 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.
The Cheesecake Factory Incorporated **
Condensed Consolidated Statements of Income** **
(unaudited; in thousands, except per share data)
| 13 Weeks Ended · 13 Weeks Ended · 26 Weeks Ended · 26 Weeks Ended | ||||||||
|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Income | July 1, 2025 | July 2, 2024 | July 1, 2025 | July 2, 2024 | ||||
| Amount | Percent of Revenues | Amount | Percent of Revenues | Amount | Percent of Revenues | Amount | Percent of Revenues | |
| Revenues | $955,825 | 100.0% | $904,042 | 100.0% | $1,883,022 | 100.0% | $1,795,265 | 100.0% |
| Costs and expenses: | ||||||||
| Food and beverage costs | 205,843 | 21.6% | 201,694 | 22.3% | 408,104 | 21.7% | 404,947 | 22.6% |
| Labor expenses | 333,519 | 34.9% | 317,282 | 35.1% | 664,594 | 35.3% | 638,212 | 35.5% |
| Other operating costs and expenses | 255,722 | 26.8% | 239,097 | 26.4% | 502,147 | 26.7% | 472,638 | 26.3% |
| General and administrative expenses | 58,778 | 6.1% | 54,384 | 6.0% | 118,710 | 6.3% | 114,750 | 6.4% |
| Depreciation and amortization expenses | 26,860 | 2.8% | 24,960 | 2.8% | 52,942 | 2.8% | 49,716 | 2.8% |
| Impairment of assets and lease termination expenses/(income) | 222 | 0.0% | (188) | 0.0% | 600 | 0.0% | 1,895 | 0.1% |
| Acquisition-related contingent consideration, compensation and amortization expenses | 1,012 | 0.1% | 1,146 | 0.1% | 2,010 | 0.1% | 2,267 | 0.1% |
| Preopening costs | 9,047 | 0.9% | 6,975 | 0.8% | 17,134 | 0.9% | 12,855 | 0.7% |
| Total costs and expenses | 891,003 | 93.2% | 845,350 | 93.5% | 1,766,241 | 93.8% | 1,697,280 | 94.5% |
| Income from operations | 64,822 | 6.8% | 58,692 | 6.5% | 116,781 | 6.2% | 97,985 | 5.5% |
| Interest expense, net | (2,873) | (0.3)% | (2,761) | (0.3)% | (5,201) | (0.3)% | (5,539) | (0.3)% |
| Loss on debt extinguishment | - | 0.0% | - | 0.0% | (15,891) | (0.8)% | - | 0.0% |
| Other income, net | 280 | 0.0% | 413 | 0.0% | 1,023 | 0.0% | 1,430 | 0.0% |
| Income before income taxes | 62,229 | 6.5% | 56,344 | 6.2% | 96,712 | 5.1% | 93,876 | 5.2% |
| Income tax provision | 7,417 | 0.8% | 3,900 | 0.4% | 8,959 | 0.4% | 8,241 | 0.4% |
| Net income | $54,812 | 5.7% | $52,444 | 5.8% | $87,753 | 4.7% | $85,635 | 4.8% |
| Basic net income per share | $1.18 | $1.10 | $1.87 | $1.79 | ||||
| Basic weighted average shares outstanding | 46,391 | 47,702 | 46,958 | 47,726 | ||||
| Diluted net income per share | $1.14 | $1.08 | $1.80 | $1.76 | ||||
| Diluted weighted average shares outstanding | 48,102 | 48,775 | 48,679 | 48,685 | ||||
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