CHEESECAKE FACTORY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CHEESECAKE FACTORY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Revenue	2,276	2,261	2,332	2,483	1,983	2,928	3,303	3,440	3,582	3,752
Cost of revenue	527	519	533	562	458	653
Gross profit	1,749	1,741	1,799	1,921	1,525	2,274
General and administrative	146	142	155	160	158	186	206	217	229	245
Operating income	201	153	119	104	-347	82.3	38.9	109	178	187
Other non-operating income							1.45	1.61	2.84	1.95
Pre-tax income	192	146	107	140	-356	71.6	32.9	100	171	163
Income tax	52.3	-10.9	8.38	13	-103	-0.75	-10.2	-1.34	14.3	14.5
Net income	139	157	99	127	-253	72.4	43.1	101	157	148
EBITDA	289	246	215	192	-256	172	131	202	280	296
EPS, basic	2.91	3.35	2.19	2.90	-6.32	1.03	0.87	2.10	3.28	3.17
EPS, diluted	2.83	3.27	2.14	2.86	-6.32	1.01	0.86	2.07	3.20	3.06
Shares, basic (weighted)	48	46.9	45.3	43.9	43.9	47.5	49.8	48.3	47.8	46.8
Shares, diluted (weighted)	49.4	48.2	46.2	44.5	43.9	48.5	50.4	49.1	49	48.6
Dividend per share	1.06	1.06	1.24	1.38	0.36	0.36	0.81	1.08	1.08	1.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Cash and equivalents	53.8	6.01	26.6	58.4	154	190	115	56.3	84.2	216
Receivables	15.6	19.9	20.9	25.6
Inventory	34.9	42.6	38.9	47.2	39.3	42.8	55.6	57.7	64.5	54
Other current assets	52.4	57.7	40.6	43.9	35.3	36.4	48.4	63.1	54.7	54.7
Total current assets	221	209	195	245	341	406	346	301	333	455
Property, plant and equipment	910	935	140	832	774	742	746	791	841	870
Lease right-of-use assets				1,241	1,251	1,241	1,269	1,302	1,400	1,445
Goodwill				78.4	1.45	1.45	1.45	1.45	1.45	1.45
Intangible assets	23.1	24.1	6.2	437	253	252	252	252	252	252
Other non-current assets	96.5	66.4	64.7	86.3	127	158	163	195	216	241
Total assets	1,293	1,333	1,314	2,841	2,747	2,798	2,775	2,840	3,042	3,262
Accounts payable	41.6	51	49.1	61.9	58.4	54.1	66.6	63.2	62.1	62.7
Accrued liabilities	179	183	194	237	210	239	231	240	265	265
Deferred revenue		164	172	188	185	211	220	223	227	213
Short-term debt										68.8
Total current liabilities	377	398	417	615	586	636	657	661	711	777
Long-term debt		10	10	290	280	466	468	470	452	561
Lease liabilities				1,190	1,224	1,218	1,233	1,255	1,299	1,332
Other non-current liabilities	59	71	71.7	141	150	147	125	137	136	155
Total liabilities	690	720	743	2,269	2,458	2,468	2,483	2,522	2,598	2,825
Total debt		10	10	290	280	466	468	470	452	630
Paid-in capital	774	800	829	856	878	863	887	913	956	1,008
Retained earnings	1,238	1,346	1,384	1,408	1,110	1,169	1,170	1,216	1,318	1,413
Treasury stock	-1,410	-1,533	-1,642	-1,693	-1,697	-1,703	-1,766	-1,812	-1,830	-1,985
Other comprehensive income		-0.09	-0.94	-0.44	-3.79	-0.29	-0.98	-0.69	-1.61	-1.04
Shareholders' equity	603	614	571	572	289	330	292	318	443	436
Total equity	603	614	571	572	289	330	292	318	443	436
Total liabilities and equity	1,293	1,333	1,314	2,841	2,747	2,798	2,775	2,840	3,042	3,262
Shares outstanding							51.2	50.7	51.3	49.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Net income	139	157	99	127	-253	72.4	43.1	101	157	148
Depreciation and amortization	88	92.7	96	88.1	91.4	89.7	92.4	93.1	101	109
Stock-based compensation	21.5	16.5	20	19.4	21.4	23	24.4	25.8	30	27.2
Deferred income tax	-1.01	-25.2	-5.51	-2.2	-67.2	-20.8	-18.6	-15.7	-6.06	-6.71
Change in receivables	-1.47	-4.23	-1.02
Change in inventory	-0.92	-7.63	3.67	-5.77	7.92	-3.48	-12.7	-2.09	-6.88	10.6
Change in payables	0.75	3.77	5.6	2.33	-2.01	-3.68	17.6	3.97	-1.83	1.7
Cash from operations	316	239	291	219	2.91	213	162	218	268	301
Capital expenditures	-116	-121	-103	-73.8	-50.3	-66.9	-112	-152	-160	-146
Acquisitions				-262
Cash from investing	-159	-140	-130	-363	-50.9	-68.6	-113	-153	-161	-147
Stock issued	28.4	9.04	8.58	7.72	0.61	175	0.08		12.5	24.6
Share buybacks	-146	-123	-109	-51	-3.62	-5.77	-63.1	-46.1	-18.2	-154
Dividends paid	-42.4	-49.9	-56.3	-60.7	-15.8	-0.34	-42.3	-53.2	-53	-52.2
Cash from financing	-147	-146	-140	176	144	-109	-124	-124	-78.8	-22.8
Exchange rate effect		-0.1	-0.07	0.12	-0.02	-0.03
Net change in cash	9.99	-47.8	20.6	31.8	95.7	35.5	-74.9	-58.5	27.9	132
Free cash flow	201	118	188	145	-47.4	146	49.5	66.8	108	155
Interest paid	6.04	7.13	8.16	1.65	13	9.59	7.23	9.76	12.9	8.68
Income taxes paid	17.9	31.6	10.1	20.8	2.97	13	14.7	14.5	19.1	22.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $104.49 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	5.3%	Operating income / revenue.
EBITDA margin	8.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	5.1%	Pre-tax income / revenue.
Net margin	4.6%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.1%	Cash from operations / revenue.
Effective tax rate	9.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	34.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	20.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	2.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	5.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	68.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	31.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-5.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	51.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-4.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	52.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	12.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	153.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	43.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	46.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	10.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	24.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.59x	Current assets / current liabilities.
Quick ratio	0.27x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	17.1%	Total debt / total assets.
Liabilities / assets	84.2%	Total liabilities / total assets.
Net debt	$367.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.16x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$294.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$266.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.18x	Revenue / average total assets.
Fixed asset turnover	4.29x	Revenue / average property, plant and equipment.
FCF conversion	115.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	41.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.68	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$79.96	Revenue / diluted weighted shares.
FCF per share	$4.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.31	Cash from operations / diluted weighted shares.
Book value per share	$10.43	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.36	Tangible book value / shares outstanding.
Cash per share	$3.92	(Cash + short-term investments) / shares outstanding.
Payout ratio	31.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	26.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	20.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.20B	Share price x shares outstanding.
Enterprise value	$5.57B	Market cap + total debt - cash - short-term investments.
P/E	29.1x	Market cap / net income. Only when net income is positive.
P/S	1.34x	Market cap / revenue.
P/B	10.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	19.5x	Market cap / tangible book value, when positive.
P/FCF	25.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.7x	Market cap / cash from operations, when positive.
EV/Sales	1.44x	Enterprise value / revenue.
EV/EBIT	27.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	1.1%	Dividends paid over the period / market cap.
Shareholder yield	1.9%	(Dividends paid + share buybacks) / market cap.
PEG	0.55x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CHEESECAKE FACTORY INC's revenue in fiscal 2025?

CHEESECAKE FACTORY INC reported revenue of $3.75B for fiscal 2025, 4.7% higher than the year before.

Was CHEESECAKE FACTORY INC profitable in fiscal 2025?

Yes. Net income was $148.4M, a net margin of 4%.

How much free cash flow did CHEESECAKE FACTORY INC generate in fiscal 2025?

Cash from operations of $301.3M minus capital expenditures of $146.2M left free cash flow of $155.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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