The Cheesecake Factory

CAKERetail-Eating PlacesNasdaq
Revenue (FY2025)$3.75B
Net margin4%
Revenue growth+4.7%
Dividend / share$1.08
Held by ETFs72
1 week-7.6%
1 month+0.5%
3 months+19.1%
6 months+70.0%
YTD+112.1%
1 year+98.2%
3 years*+55.9%
5 years*+23.6%
10 years*+9.4%

Total returns with dividends reinvested; * a year. Prices as of Oct 28, 2026 · filings through Sep 29, 2026 · page updated Nov 3, 2026

At a glance

The Cheesecake Factory is worth $5.27B, about 35 times its fiscal 2025 earnings. Revenue grew 4.7% to $3.75B in fiscal 2025, with 4.0% kept as profit; over 5 years it has grown 13.6% a year. It pays a 1.11% dividend yield, and returned $488.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +98.2% over the past year with dividends reinvested and +23.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 62.4% in the 2020 crash (S&P 500: 33.7%) and 38.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 23 months after the lows.

The business in plain English

The Cheesecake Factory Incorporated runs restaurants and a bakery business. It began as a small Los Angeles-area bakery in 1972 and opened its first restaurant in Beverly Hills in 1978. As of February 23, 2026, it owned and operated 368 restaurants in the US and Canada. That count included 216 The Cheesecake Factory, 48 North Italia, 43 Flower Child and 55 under other Fox Restaurant Concepts brands. Another 35 The Cheesecake Factory restaurants outside those two countries run under licensing deals with other companies.

Most of the money comes from restaurant meals and drinks. The flagship brand competes in upscale casual dining. That is a step above typical casual chains, with standards closer to fine dining but moderate prices. Its menu lists about 225 items, and the average check per guest was about $31.79 in fiscal 2025. That year, desserts made up about 17% of the brand's sales, alcohol 11%, and takeout and delivery about 21%. Two company bakeries make cheesecakes for its restaurants, its licensees and outside customers.

In fiscal 2025, which ended December 30, 2025, revenue totaled about $3.75 billion. The Cheesecake Factory segment produced 71.7% of it. Other Fox Restaurant Concepts brands added 9.5%, North Italia 9.2% and all remaining segments combined 9.7%. That leaves the company heavily dependent on its original brand.

Price history

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CAKE +98.2% over the year to Oct 28, 2026, total return with dividends reinvested.

Prices through Oct 28, 2026. Total return: the price with dividends reinvested.

How it makes money

By business segment

The Cheesecake Factory$2.69B71.7%
All Other Segments$362.1M9.7%
Other Fox Restaurant Concepts Llc$355.1M9.5%
North Italia$345.9M9.2%
Fiscal year ended Dec 30, 2025, from the 10-K's XBRL data; shares of total revenue ($3.75B).

Latest results

  • In Q3 FY2026 (ended Sep 29, 2026), revenue was $1.03B, up 13.9% from a year earlier, and net income was $61.3M (+92.2%).
  • For fiscal 2025, revenue was $3.75B (+4.7% year over year; +13.6% a year from FY2020 to FY2025) with a 4% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+13.6% good
Operating margin5% watch
Free cash flow margin4.1% watch
Return on equity (FY2025)34% good
Return on assets (FY2025)4.6% watch
Net cash (cash minus debt)$-313.6M weak
Fiscal yearRevenueNet incomeFree cash flow
FY2020$1.98B$-253.4M$-47.4M
FY2021$2.93B$72.4M$146.1M
FY2022$3.30B$43.1M$49.5M
FY2023$3.44B$101.4M$66.8M
FY2024$3.58B$156.8M$108.0M
FY2025$3.75B$148.4M$155.1M

Cash returned to shareholders

  • Over FY2021–FY2025: $287.1M in buybacks and $201.0M in dividends.
  • Regular dividends per share grew +24.6% a year over 5 years (FY2020–FY2025).
  • Dividends took 35.2% of earnings and 33.7% of free cash flow in the latest fiscal year.
  • Shares outstanding changed -4.4% from Oct 27, 2021 to Oct 26, 2026.
$1.062016$1.062017$1.242018$1.382019$0.362020$0.362021$0.812022$1.082023$1.082024$1.082025
$1.062016$1.062017$1.242018$1.382019$0.362020$0.362021$0.812022$1.082023$1.082024$1.082025
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2025$1.080.0%
FY2024$1.080.0%
FY2023$1.08+33.3%
FY2022$0.81+125.0%
FY2021$0.360.0%
FY2020$0.36-73.9%
FY2019$1.38+11.3%
FY2018$1.24+17.0%
FY2017$1.060.0%
FY2016$1.06

Valuation snapshot

Market value$5.27B
P/E ratio34.6
Dividend yield1.11%
As of Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $2.84B$2.8B2016End of 2017: $2.21B$2.2B2017End of 2018: $1.97B$2.0B2018End of 2019: $1.73B$1.7B2019End of 2020: $1.69B$1.7B2020End of 2021: $2.04B$2.0B2021End of 2022: $1.63B$1.6B2022End of 2023: $1.78B$1.8B2023End of 2024: $2.42B$2.4B2024End of 2025: $2.52B$2.5B2025Oct 28, 2026: $5.27B$5.3BNow
End of 2021: $2.04B$2.0B2021End of 2022: $1.63B$1.6B2022End of 2023: $1.78B$1.8B2023End of 2024: $2.42B$2.4B2024End of 2025: $2.52B$2.5B2025Oct 28, 2026: $5.27B$5.3BNow

The Cheesecake Factory’s market value went from $2.84B at the end of 2016 to $5.27B on Oct 28, 2026, up 86%; since the end of 2025 it is up 110%.

Show as a table
Year endMarket valueChange
Oct 28, 2026$5.27B+109.5%
2025$2.52B+3.9%
2024$2.42B+36.2%
2023$1.78B+9.0%
2022$1.63B-20.2%
2021$2.04B+20.9%
2020$1.69B-2.6%
2019$1.73B-12.1%
2018$1.97B-10.6%
2017$2.21B-22.3%
2016$2.84B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)40.2%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-22.7%3 years: -36.4% · all history: -86.2%
Beta vs S&P 5000.45moves less than the market
Sharpe ratio (1 year)2.34return above cash per unit of risk
Since price data starts+6.8%a year over 21.3 years
Total over 5 years+189%10 years: +146%
52-week range$43.14 – $117.29
Last price $105.73 on Oct 28, 2026, 9.9% below the 52-week high · above its 200-day average ($78.96).
YTD1 yr3 yr5 yr10 yr
CAKE price data to Oct 28, 2026+112.1%+98.2%+55.9%+23.6%+9.4%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
-4%2007-57%2008114%200942%2010-4%201112%201249%20136%2014-7%201532%2016-18%2017-7%2018-8%2019-4%20206%2021-17%202214%202339%20249%2025112%2026*
-18%2017-7%2018-8%2019-4%20206%2021-17%202214%202339%20249%2025112%2026*
Calendar-year total returns from price data, dividends reinvested (last 20 years; all in the table). * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)+112.1%
2025+8.6%
2024+39.3%
2023+13.9%
2022-17.0%
2021+5.6%
2020-3.5%
2019-7.8%
2018-7.5%
2017-17.9%
2016+32.1%
2015-7.0%
2014+5.7%
2013+49.4%
2012+12.3%
2011-4.3%
2010+42.0%
2009+113.8%
2008-57.4%
2007-3.6%
2006-34.2%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Lost 70.5% over that stretch · deepest drop along the way 78.6%, back to its old high 15.4 months after the low
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 61.1% over that stretch · deepest drop along the way 62.4%, back to its old high 10 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 15.3% over that stretch · deepest drop along the way 38.5%, back to its old high 22.5 months after the low

Insider activity

Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($25K) and 19 sales ($32.5M).

DateInsiderTypeValue
Aug 5, 2026David Overton CHAIRMAN AND C.E.O., Directorsell$10.0M
Jul 30, 2026Matthew Eliot Clark EXEC VP, CFOsell$6.8M
May 1, 2026David Overton CHAIRMAN AND C.E.O., Directorsell$6.3M
Oct 29, 2026Matthew Eliot Clark EXEC VP, CFOsell$2.7M
Aug 10, 2026David M Gordon PRESIDENTsell$1.9M

Who owns it

Large shareholders (13G filings)

BlackRock, Inc.13.6%Mar 31, 2025
FMR LLC7%Jul 31, 2026
David Overton6.7%Mar 31, 2025
Vanguard Portfolio Management5.64%Mar 31, 2026
Kayne Anderson Rudnick Investment Management, LLC4.8%Dec 31, 2025
EARNEST PARTNERS LLC4.8%Jun 30, 2025
Wellington Management Group LLP4.4%Sep 30, 2025
Invesco Ltd.3.4%Jun 30, 2025

ETFs with the most weight in CAKE

FDLS Inspire Fidelis Multi Factor ETF1.06%
DGRS WisdomTree US Smallcap Quality Dividend Growth Fund0.92%
FFND One Global ETF0.68%
XSMO Invesco S&P SmallCap Momentum ETF0.63%
MMSC First Trust Multi-Manager Small Cap Opportunities ETF0.48%
FLQS Franklin U.S. Small Cap Multifactor Index ETF0.47%
HAPS Harbor Human Capital Factor US Small Cap ETF0.45%
QSML WisdomTree U.S. SmallCap Quality Growth Fund0.36%
Held by 72 ETFs in our database.

What could go wrong

  1. Heavy reliance on one flagship brand. The Cheesecake Factory segment produced 71.7% of fiscal 2025 revenue. A food-safety scare, a social media backlash or other damage to that brand's reputation could hurt sales across the company.
  2. Newer restaurant brands may not pay off. Growth plans include North Italia, Flower Child and other Fox Restaurant Concepts brands. If these smaller chains fail to grow profitably, results could suffer and weak locations may need costly write-downs.
  3. Debt and convertible notes. Debt totaled about $563 million as of June 30, 2026, against about $195 million in cash and investments. Convertible notes could turn into new shares, diluting owners, and noteholder hedging could pressure the stock.
  4. Menu price increases could drive diners away. To offset inflation, the company raised menu prices faster than its old target of 2% to 3% a year. If guests push back, they may visit less or order cheaper items, hurting sales at established restaurants.
  5. Rising wages and union organizing. Restaurants need many trained staff, and wage inflation has pushed costs up before. Union organizing could add pressure. Operating profit was about 5 cents per sales dollar in fiscal 2025, so small cost rises matter.
  6. Diners cut back when budgets tighten. Eating out is optional spending. Job losses, higher interest rates or falling stock and home values can mean fewer visits and smaller checks. Tariffs and trade shifts could also raise food and supply costs.

Recent events

  • Quarterly results released; Investor presentation or announcement; Other company announcement
  • Quarterly results released; Investor presentation or announcement; Other company announcement
  • Shareholder vote results
  • Quarterly results released; Investor presentation or announcement; Other company announcement
  • Major agreement signed; New debt or financial obligation
  • Quarterly results released; Investor presentation or announcement; Other company announcement

For income and retirement investors

Cheesecake Factory pays a modest dividend. The yield was 1.11% as of October 28, 2026. Dividends per share were $1.08 in each of fiscal 2023, 2024 and 2025, with no increase in that span. In fiscal 2025, dividends took about 35% of earnings and 34% of free cash flow (cash left after running and investing in the business). Buybacks were larger: $287 million over fiscal 2021–2025, against $201 million in dividends. Shares outstanding fell 4.6% from October 2021 to July 2026.

The stock has fallen hard in downturns. It dropped 78.6% from October 2007 to November 2008 and got back to that peak by March 2010. In the 2020 COVID crash it fell 62.4% in about a month and recovered by January 2021. In 2022 it fell 38.5% and took until May 2024 to recover. Anyone forced to sell during slumps like these would lock in steep losses. A single stock carries more risk than a diversified fund.

Questions investors ask

How does Cheesecake Factory make money?

Mostly by selling food and drinks in restaurants it owns and operates. As of February 23, 2026, it ran 368 restaurants in the US and Canada, including 216 The Cheesecake Factory locations, 48 North Italia and 43 Flower Child. The Cheesecake Factory segment produced 71.7% of fiscal 2025 revenue of about $3.75 billion. The company also has 35 licensed restaurants abroad and bakeries that sell cheesecakes to licensees and outside customers.

Does Cheesecake Factory raise its dividend every year?

No. Dividends per share were $1.08 in each of fiscal 2023, 2024 and 2025, after rising from $0.81 in fiscal 2022, so there was no streak of yearly increases through fiscal 2025. The dividend yield was 1.11% as of October 28, 2026. In fiscal 2025, dividends used about 35% of earnings and 34% of free cash flow. The company spent more on buybacks, $153.9 million that year. It warns that its stock could suffer if it cannot pay or raise dividends.

How has Cheesecake Factory stock performed?

Very well in the year to October 28, 2026. The share price rose 98.2% over one year and 112.1% from the start of 2026. Over 10 years it gained an average of 9.4% a year. The path has been rough: it fell in 2017, 2018, 2019, 2020 and 2022. Its worst drop in about 21 years of price history was 86.2%. As of October 28, 2026, the price-to-earnings (P/E) ratio was 34.6, based on fiscal 2025 earnings.

How much debt does Cheesecake Factory have?

About $563 million in total debt as of June 30, 2026, against about $195 million in cash and investments. That left net debt (debt minus cash) of roughly $368 million. The borrowing includes convertible notes, which can turn into shares. The company warns that conversion or hedging by noteholders could weigh on the stock. It also warns that it may lack the cash to repurchase the notes in some cases, and that its credit facility has financial covenants (loan conditions) it must meet.

Are Cheesecake Factory executives selling stock?

Yes, and sales far outweighed purchases. Insider filings covering October 29, 2025, to October 29, 2026, include 18 sales worth about $30.1 million and one purchase of about $25,000. Chairman and CEO David Overton sold about $10.0 million on August 5, 2026, and $6.3 million on May 1, 2026. Chief financial officer Matthew Clark sold about $6.8 million on July 30, 2026. None was reported as part of a preset trading plan. Insiders sell for many reasons, such as taxes or diversification.

Sources

  • SEC company facts (XBRL financial data), filed Nov 2, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 23, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Oct 28, 2026

For education only, not investment advice. Past performance does not predict future results.