CHEESECAKE FACTORY INC
For the period ended Dec 30, 2025. Filed Feb 23, 2026.
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FY2025 · Filed Feb 23, 2026
CAKE$108.80-1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS** **
(In thousands)
| | | | | | | | | | |
|---|---|---|---|---|---|---|---|---|---|
| · · Fiscal Year | |||||||||
| · · 2025 · · 2024 · · 2023 | |||||||||
| Cash flows from operating activities: | | | | | | | | | |
| Net income | | $148,427 | | $156,783 | | $101,351 | |||
| | | | | | | | | | |
| Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | | | |
| Depreciation and amortization expenses | | | 109,031 | | | 101,450 | | | 93,136 |
| Impairment of assets and lease termination expenses | | 19,325 | | 12,769 | | 26,998 | |||
| Loss on extinguishment of debt | | | 15,891 | | | — | | | — |
| Deferred income taxes | | | (6,705) | | | (6,062) | | | (15,715) |
| Stock-based compensation | | 27,234 | | 29,962 | | 25,781 | |||
| Payment of deferred consideration and compensation in excess of acquisition-date fair value | | | (8,714) | | | (6,506) | | | — |
| Changes in assets and liabilities: | | | | | | | | | |
| Accounts and other receivables | | | (4,083) | | | (1,719) | | | (98) |
| Income taxes receivable/payable | | (3,285) | | 3,253 | | 852 | |||
| Inventories | | 10,561 | | (6,883) | | (2,092) | |||
| Prepaid expenses | | (30) | | 8,347 | | (14,694) | |||
| Operating lease assets/liabilities | | (9,825) | | (32,303) | | (27,113) | |||
| Other assets | | | (17,810) | | | (13,995) | | | (14,504) |
| Accounts payable | | 1,695 | | (1,827) | | 3,971 | |||
| Gift card liabilities | | (13,956) | | 3,904 | | 3,104 | |||
| Other accrued expenses | | | 33,525 | | | 21,152 | | | 37,424 |
| Cash provided by operating activities | | 301,281 | | 268,325 | | 218,401 | |||
| | | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | | |
| Additions to property and equipment | | (146,204) | | (160,364) | | (151,565) | |||
| Additions to intangible assets | | (1,056) | | (1,054) | | (1,658) | |||
| Other | | | — | | | 321 | | | (274) |
| Cash used in investing activities | | (147,260) | | (161,097) | | (153,497) | |||
| | | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | | |
| Acquisition-related deferred consideration and compensation | | | — | | | — | | | (24,243) |
| Borrowings on credit facility | | | — | | | — | | | 15,000 |
| Repayments on credit facility | | | (110,000) | | | (20,000) | | | (15,000) |
| Proceeds from long-term convertible debt | | | 575,000 | | | — | | | — |
| Repayment on long-term convertible debt, including premium on extinguishment | | | (289,800) | | | — | | | — |
| Issuance costs associated with long-term debt | | | (16,503) | | | — | | | — |
| Proceeds from exercise of stock options | | 24,608 | | | 12,475 | | | — | |
| Common stock dividends paid | | (52,192) | | (53,041) | | (53,207) | |||
| Treasury stock purchases, inclusive of excise tax | | (153,896) | | (18,228) | | (46,085) | |||
| Cash used in financing activities | | (22,783) | | (78,794) | | (123,535) | |||
| Foreign currency translation adjustment | | | 315 | | (548) | | 144 | ||
| Net change in cash and cash equivalents | | 131,553 | | | 27,886 | | | (58,487) | |
| Cash and cash equivalents at beginning of period | | 84,176 | | 56,290 | | 114,777 | |||
| Cash and cash equivalents at end of period | | $215,729 | | $84,176 | | $56,290 | |||
| | | | | | | | | | |
| Supplemental disclosures: | | | | | | | | | |
| Interest paid | | $8,682 | | $12,891 | | $9,764 | |||
| Income taxes paid (1) | | $22,779 | | $19,119 | | $14,473 | |||
| Construction payable | | $16,863 | | $24,252 | | $16,815 | |||
| (1) | Pursuant to ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, income taxes paid for fiscal 2025 are presented net of refunds received. See Note 17 for a summary of income taxes paid in fiscal 2025 by category and jurisdiction. Prior year disclosures are presented under previous guidance. |
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