Cheesecake Factory (CAKE) financial statements
Cheesecake Factory reported revenue of $3.8B in fiscal 2025, up 5.7% a year over 9 years.
Net income was $148M and the operating margin 5.0%, against 8.8% in 2016.
Free cash flow was $155M, and the company returned $52M in dividends and $154M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cheesecake Factory's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.3B | $2.3B | $2.5B | $2.0B | $2.9B | $3.3B | $3.4B | $3.6B | $3.8B |
| Cost of revenue | $527M | $519M | $533M | $562M | $458M | $653M | — | — | — | — |
| Gross profit | $1.7B | $1.7B | $1.8B | $1.9B | $1.5B | $2.3B | — | — | — | — |
| Selling, general and admin | $146M | $142M | $155M | $160M | $158M | $186M | $206M | $217M | $229M | $245M |
| Operating income | $201M | $153M | $119M | $104M | -$347M | $82M | $39M | $109M | $178M | $187M |
| Pre-tax income | $192M | $146M | $107M | $140M | -$356M | $72M | $33M | $100M | $171M | $163M |
| Income tax | $52M | -$11M | $8M | $13M | -$103M | -$753,000 | -$10M | -$1M | $14M | $14M |
| Net income | $139M | $157M | $99M | $127M | -$253M | $72M | $43M | $101M | $157M | $148M |
| EPS (diluted) | $2.83 | $3.27 | $2.14 | $2.86 | -$6.32 | $1.01 | $0.86 | $2.07 | $3.20 | $3.06 |
| Diluted shares | 49M | 48M | 46M | 45M | 44M | 49M | 50M | 49M | 49M | 49M |
| Gross margin | 76.9% | 77.0% | 77.2% | 77.4% | 76.9% | 77.7% | — | — | — | — |
| Operating margin | 8.8% | 6.8% | 5.1% | 4.2% | -17.5% | 2.8% | 1.2% | 3.2% | 5.0% | 5.0% |
| Net margin | 6.1% | 7.0% | 4.2% | 5.1% | -12.8% | 2.5% | 1.3% | 2.9% | 4.4% | 4.0% |
Balance sheet
Fiscal years, from Cheesecake Factory's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $54M | $6M | $27M | $58M | $154M | $190M | $115M | $56M | $84M | $216M |
| Receivables | $16M | $20M | $21M | $26M | — | — | — | — | — | — |
| Inventory | $35M | $43M | $39M | $47M | $39M | $43M | $56M | $58M | $65M | $54M |
| Total current assets | $221M | $209M | $195M | $245M | $341M | $406M | $346M | $301M | $333M | $455M |
| Property, plant and equipment | $910M | $935M | $140M | $832M | $774M | $742M | $746M | $791M | $841M | $870M |
| Goodwill | — | — | — | $78M | $1M | $1M | $1M | $1M | $1M | $1M |
| Total assets | $1.3B | $1.3B | $1.3B | $2.8B | $2.7B | $2.8B | $2.8B | $2.8B | $3.0B | $3.3B |
| Total current liabilities | $377M | $398M | $416M | $615M | $586M | $636M | $657M | $661M | $711M | $777M |
| Long-term debt | — | $10M | $10M | $290M | $280M | $466M | $468M | $470M | $452M | $561M |
| Total liabilities | $690M | $720M | $743M | $2.3B | $2.5B | $2.5B | $2.5B | $2.5B | $2.6B | $2.8B |
| Shareholders' equity | $603M | $614M | $571M | $572M | $289M | $330M | $292M | $318M | $443M | $436M |
| Net debt | -$54M | $4M | -$17M | $232M | $126M | $276M | $353M | $414M | $368M | $414M |
Cash flow
Fiscal years, from Cheesecake Factory's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $316M | $239M | $291M | $219M | $3M | $213M | $162M | $218M | $268M | $301M |
| Capital spending | $116M | $121M | $103M | $74M | $50M | $67M | $112M | $152M | $160M | $146M |
| Free cash flow | $201M | $118M | $188M | $145M | -$47M | $146M | $49M | $67M | $108M | $155M |
| Stock-based compensation | $21M | $16M | $20M | $19M | $21M | $23M | $24M | $26M | $30M | $27M |
| Dividends paid | $42M | $50M | $56M | $61M | $16M | $337,000 | $42M | $53M | $53M | $52M |
| Share buybacks (net) | -$146M | -$123M | -$109M | -$51M | -$4M | -$6M | -$63M | -$46M | -$18M | -$154M |
| Free cash flow margin | 8.8% | 5.2% | 8.1% | 5.8% | -2.4% | 5.0% | 1.5% | 1.9% | 3.0% | 4.1% |
| Dividends per share | $0.86 | $1.04 | $1.22 | $1.36 | $0.36 | $0.01 | $0.84 | $1.08 | $1.08 | $1.07 |
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Open CAKE in InvestinglyQuestions
What was Cheesecake Factory's revenue in 2025?
$3.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Cheesecake Factory generate?
$155M in fiscal 2025 (operating cash flow minus capital spending).
From Cheesecake Factory's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.