Form 8-K/A
8-K/A — CHEESECAKE FACTORY INC
Accession: 0001104659-26-087720
Filed: 2026-07-29
Period: 2026-07-29
CIK: 0000887596
SIC: 5812 (RETAIL-EATING PLACES)
Item: Regulation FD Disclosure
Item: Financial Statements and Exhibits
Documents
8-K/A — tm2621325d2_8ka.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (tm2621325d2_ex99-1.htm)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 29, 2026
THE CHEESECAKE
FACTORY INCORPORATED
(Exact name of registrant as specified in its
charter)
Delaware
0-20574
51-0340466
(State
or other jurisdiction
(Commission
(IRS
Employer
of
incorporation)
File
Number)
Identification
No.)
26901
Malibu Hills Road
Calabasas Hills,
California
91301
(Address
of principal executive offices)
(Zip
Code)
Registrant’s telephone number, including
area code (818) 871-3000
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading
Symbol(s)
Name of each exchange on which registered:
Common
Stock, par value $.01 per share
CAKE
The
Nasdaq Stock Market LLC
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
The following information under Item 7.01 of
Form 8-K, “Regulation FD Disclosure” is intended to be furnished. This information shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by
reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this
report, regardless of any general incorporation language in the filing.
EXPLANATORY NOTE
On July 28, 2026, the Company furnished a Current
Report on Form 8-K (the “Original Report”) to the Securities and Exchange Commission announcing its financial results for
its second quarter of fiscal 2026, ended June 30, 2026, which Original Report included an updated Investor Presentation (the “Original
Presentation”) as Exhibit 99.2.
This Current Report on Form 8-K/A (this “Amendment”)
amends the Original Report to furnish a revised version of the Original Presentation (the “Revised Presentation”). Other than
correcting a typographical error in the Revised Presentation, all other information included in the Original Report is unchanged. The
Revised Presentation is furnished with this Amendment as Exhibit 99.1 hereto.
ITEM 7.01 REGULATION FD DISCLOSURE
On
July 29, 2026, the Company posted the Revised Presentation on the Company’s Investor Relations website at investors.thecheesecakefactory.com
to correct a typographical error on slide 31 where the fiscal year 2026 net income margin target was reported as 5% instead of 5.4%. A
copy of the presentation is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)
Exhibits
99.1
The Cheesecake Factory Investor
Presentation dated July 29, 2026 (as revised)
104.1
Cover Page Interactive Data
File (embedded within the inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 29, 2026
THE CHEESECAKE FACTORY INCORPORATED
By:
/s/ Matthew E. Clark
Matthew E. Clark
Executive Vice President and Chief Financial Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: tm2621325d2_ex99-1.htm · Sequence: 2
Exhibit 99.1
INVESTOR
PRESENTATION
July 29, 2026
SAFE HARBOR STATEMENT / NON-GAAP INFORMATION
2
Cautionary Statement Regarding Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This
includes, without limitation, financial guidance and projections, including underlying assumptions, and statements with respect to expectations of the Company’s future financial condition, results of operations, cash
flows, share repurchases, dividends, objectives, growth potential, engines and opportunities, expected growth rates and targets, market potential and total addressable market runway; growth outlook; industry-leading comparable sales growth, retention and competitive position; quality control and supply chain efficiencies; operational execution and retention; annualized average unit volume; the Company’s
differentiation in the off-premise channel; the opportunity for additional domestic and foreign locations and licensees and territories; target returns for new restaurant openings; international expansion; North Italia
and Fox Restaurant Concepts (“FRC”) as growth drivers and FRC as an incubation engine; new restaurant targeted ranges and unit growth rates.
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 government shutdowns, 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 our restaurants and potential reputational damage to us or any of our brands; pandemics and related containment measures, including the potential for quarantines or
restrictions on in-person dining; acceptance and success of The Cheesecake Factory in international markets; acceptance and success of North Italia, Flower Child and other FRC 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 our landlords and other tenants in retail centers in which our restaurants are located, and our ability to successfully manage our lease arrangements with landlords; the economic health of
suppliers, licensees, vendors and other third parties providing goods or services to us; the timing of our 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
changes in tax laws; changes in laws impacting our business; adverse weather conditions and natural disasters in regions in which our 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.
Non-GAAP Financial Measures
In addition to the results provided in accordance with the Generally Accepted Accounting Principles (“GAAP”) in this presentation, the Company is providing non-GAAP measurements which present free cash flow,
adjusted net income, adjusted diluted net income per common share, adjusted net income margin and adjusted earnings before interest, tax, depreciation and amortization (“EBITDA”). The non-GAAP
measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. The Company believes that the presentation of these items provides additional information
to facilitate the comparison of past and present financial results. These non-GAAP measures may not be comparable to similarly-titled measures used by other companies and should not be considered in isolation
or as a substitute for measures of performance prepared in accordance with GAAP. We calculate these non-GAAP measures by eliminating from cash flow from operations, net income, diluted net income per
common share, net income margin and EBITDA the impact of items we do not consider indicative of our ongoing operations. Additionally, free cash flow, EBITDA and adjusted EBITDA exclude the impact of certain
non-cash transactions. We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our inclusion of these adjusted measures
should not be construed as an indication that our future results will be unaffected by unusual or infrequent items. In the future, we may incur expenses or generate income similar to the adjusted items. Please refer
to the Appendix of this presentation for a reconciliation of non-GAAP measures to the most directly comparable financial measures prepared in accordance with GAAP.
COMPANY
OVERVIEW
INVESTMENT HIGHLIGHTS
4
• Experiential dining category leader with diversified growth engines
• Best-in-class operational execution and industry-leading retention
• Significant growth opportunities driving one of the highest expected growth rates
in the casual dining industry
• Strong free cash flow generation supporting consistent shareholder returns
through dividends and opportunistic share repurchases
CAKE AT A GLANCE
5
(1) Market data as of June 30, 2026.
(2) Represents fiscal year 2025 revenue for the twelve months ended December 30, 2025.
(3) Locations as of July 28, 2026.
From Fortune. ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited
are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.
We own and operate 375 restaurants(3) across
the US and Canada including:
• 217 The Cheesecake Factory locations
• 51 North Italia locations
• 44 Flower Child locations
• 57 Fox Restaurant Concepts locations
Our more than 48,000 staff members
helped us become one of the Fortune
“100 Best Companies to Work For®”
for the 13th consecutive year
36
International
CCF Locations
China
Thailand
Mexico
Bahrain
Kuwait
Saudi Arabia
Qatar | UAE
FOUNDED
1972
IPO
1992
TICKER
CAKE
REVENUE(2)
$3.8B
HEADQUARTERS
CALABASAS HILLS, CA
MARKET CAP(1)
$4.0B
PORTFOLIO OF EXPERIENTIAL DINING CONCEPTS
6
GLOBAL FOOTPRINT
7
Company-Owned: 217
(Including Toronto, Canada)
Latin America
Mexico City (5)
Monterrey (1)
Guadalajara (2)
Querétaro (1)
Puebla (1)
Metepec (1)
Asia
Shanghai (3)
Beijing (1)
Chengdu (1)
Hong Kong (1)
Macau (1)
Thailand (1)
Middle East
UAE (6)
Saudi Arabia (4)
Kuwait (3)
Qatar (3)
Bahrain (1)
International – Licensed: 36
Opportunity for 300
Domestic Locations
Long runway for growth as
we continue to open in new
and existing markets
Continued International
Expansion
In existing and new markets with
current licensees and evaluating
new markets
High-quality, High-profile
Locations Worldwide
Strong presence in premier
markets with attractive consumer
demographics
8
High-Energy Atmosphere
Contemporary Décor
Distinct, High-Quality
Cheesecakes and Desserts
Best-in-Class Execution
Exceptional Service
Menu Breadth and Innovation
Made Fresh From Scratch
MENU OPERATIONS AMBIANCE BAKERY
A HIGHLY DIFFERENTIATED CONCEPT
9
INTEGRATED BAKERY – THE “CHEESECAKE” MAGIC
Enables creativity, quality control and
supply chain efficiencies
58 Varieties of
cheesecakes & 2 desserts
Bakery
production
facilities
17%
FY 2025(1)
1
FY 2019
6%
(1)
(1) Percent of total sales.
Impressive Level of Dessert Sales
BEST-IN-CLASS STAFFING AND OPERATIONS
10
Well-positioned to attract and retain high-quality, experienced
staff as an employer of choice
• Top-tier recruiting and training programs
• Fortune ‘100 Best Companies to Work For®’ List for 13 consecutive years
• 2025 Black Box Intelligence Employer of Choice Award in Upscale Casual
• Competitive compensation, benefits and healthcare options
• High sales volume restaurants provide predictability and stability for staff
Average Tenure by Position
37 years
29 years
25 years
23 years
17 years
16 years
Executive VP of Operations
Regional Vice Presidents
Area Directors of Operations
Area Kitchen Operations Managers
General Managers
Executive Kitchen Managers
EXCEPTIONAL SERVICE AND OPERATIONAL EXECUTION SUPPORTED BY INDUSTRY-LEADING RETENTION
2025 PEOPLE’s Companies that Care Logo® is a registered trademark of TI Gotham, Inc., a Dotdash Meredith company. Used under license.
From Fortune. ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Best Companies to Work For® are registered trademarks of Fortune Media IP
Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, The Cheesecake Factory Incorporated.
DIFFERENTIATION IN OFF-PREMISE
11
• Extensive menu with over 225 items made from scratch daily
• Large portions designed for sharing
• Lower incremental delivery pricing versus peers
• Fully integrated systems for better execution
• Separate bakery counter and register for pick-up of orders
Exceptional Value
Operational Execution
• Omni channel ordering – Online | Delivery | Phone | In-person
• Curbside delivery, geo-location and real-time tracking
• Redesigned to-go packaging to improve food quality
Guest Experience and Convenience
11% 16%
25% 22% 21% 21% 22% 21%
OFF-PREMISE SALES % OF TOTAL REVENUE
OFF-PREMISE AWS FOR FY 2025(2)
(1) $2.8 million in off-premise sales per restaurant based on annualized 2Q26.
(2) Company reports and Gordon Haskett Research Advisors.
($ in thousands)
$2.8 million per restaurant (1)
LEVERAGING OUR DIFFERENTIATED POSITIONING TO
DRIVE THE HIGHEST OFF-PREMISE AVERAGE WEEKLY SALES
$10.1
$13.3
$15.5
$19.9
$20.2
$21.6
$22.0
$24.5
$26.3
$50.0
Bonefish
LongHorn
Cracker Barrel
Outback
BJ's Restaurants
Chili's
Texas Roadhouse
Carrabba's
Olive Garden
The Cheesecake Factory
12
ICONIC
BRAND
AND
CULT
STATUS
13
STRONG
CONSUMER
ENGAGEMENT
CAKE has more Instagram followers
and significantly outpaces peers in
followers relative to sales
Leveraging the STRENGTH OF
OUR BRAND across social media
channels to ENGAGE WITH OUR
CONSUMERS and further
ENHANCE BRAND AWARENESS
MILLIONS OF FOLLOWERS
(1) Instagram Follower count as of March 11, 2026.
(2) Sales represent fiscal year 2025 revenue based on latest SEC 10-K filings and company presentations.
- 200 400 600 800 1,000 1,200
$0 $75 $150 $225 $300 $375 $450
Texas Roadhouse
LongHorn
Carrabba's
BJ's Restaurants
Cracker Barrel
Chili's
Olive Garden
Yard House
Outback
Bonefish
Maggiano's
CAKE
Followers(1) (in thousands)
Followers / $M Sales(2)
Followers / $M Sales Instagram Followers
BROADER, MORE STRATEGIC MARKETING EFFORTS ARE STRENGTHENING
BRAND AWARENESS AND SUPPORTING TRAFFIC
EXPANDING BRAND REACH
14
BOLDER CREATIVE CULTURALLY RELEVANT ENGAGEMENT HIGH-IMPACT MEDIA COVERAGE
Bringing our brand personality, menu
innovation and signature offerings to life
Leveraging timely cultural moments to
amplify brand visibility
Showcasing the quality, scale and
differentiation of the concept
The Golden Girls
OUR MENU BREADTH, QUALITY, VALUE AND DIFFERENTIATED EXPERIENCE SUPPORT
CONTINUED RELEVANCE, SUSTAINED DEMAND AND REPEAT VISITS 15
Diverse Appeal
Relevant across generations
and dining preferences
Menu Relevance
Something for every taste and
price point
Supported by innovation and
made-from-scratch quality
Brand Hallmarks
Iconic cheesecakes and
signature desserts
Generous portions and
compelling value
Multiple Occasions
A go-to destination for everyday
meals, celebrations and group
gatherings
A distinct, experiential dining
experience
BROAD APPEAL AND BRAND AFFINITY
CHEESECAKE REWARDS®
16
Published
Offers
To support
member
acquisition and
consistent
engagement
Offered to all
rewards members
Personalized
Offers
Tailored offers based on
guest behavior and
preferences — designed
to surprise, engage, and
increase frequency
Tailored rewards offered
to all members
Marketable
Offers
Tied to cultural and brand
moments (April Fools’,
National Cheesecake Day)
that drive excitement and
broad engagement
Offered to all rewards
members
Opportunity to drive incremental traffic
To drive incremental sales and support restaurant-level margins
by leveraging data analytics to more effectively engage guests
PROGRAM
OBJECTIVE
A SURPRISE and DELIGHT program
APP BUILDS ON OUR REWARDS PLATFORM BY
MAKING IT EASIER FOR GUESTS TO ENGAGE
WITH OUR BRAND ACROSS EVERY VISIT
CHEESECAKE
REWARDS® APP
Seamless Digital Experience
Integrates rewards, reservations and online ordering into one app
Personalized Guest Engagement
Delivers tailored offers, rewards and communications to drive engagement
Strong Early Momentum
Encouraging guest adoption and engagement following the launch
Foundation for Future Growth
Expands our ability to connect with guests and evolve the Rewards
experience over time
$39 $37 $36 $32 $29 $28 $27 $24 $24 $23 $22
$15
Maggiano's Bonefish Yard House The
Cheesecake
Factory
Outback LongHorn Carrabba's Texas
Roadhouse
Olive
Garden
BJ's
Restaurants
Chili's Cracker
Barrel
With a Moderate Average Check(1)
Driving the Highest Unit Volumes in the Industry(1)
($ in millions)
18 (1) Latest SEC 10-K filings and company presentations for FY 2025.
(2) Average check for The Cheesecake Factory defined as on-premise average check for FY 2025.
$12.4
$10.0 $9.9 $8.7
$6.4 $5.6 $5.2 $4.5 $4.2 $4.0 $3.7 $3.1
The
Cheesecake
Factory
Yard House Maggiano's Texas
Roadhouse
BJ's
Restaurants
Olive Garden LongHorn Chili's Cracker
Barrel
Outback Carrabba's Bonefish
(2)
19
20
• Filling White Space for an On-Trend, Contemporary Italian Offering
• Menu features classic Italian favorites with a fresh twist from hand-tossed pizzas and
homemade pastas to crave-worthy appetizers, salads and seasonal entrees
• Unique menu items tailored to local markets
• All dishes handmade from scratch daily
• Serving lunch, dinner, weekend brunch & weekday happy hour
• Robust selection of wine, beer and craft cocktails driving ~25% alcohol mix
• Average check of mid $30s for lunch and mid $40s for dinner
21
• Potential for 200 domestic locations over time
• Currently have 51 locations in 16 states &
Washington D.C.
• Italian is one of the most popular ethnic cuisines
in the United States
• Targeting ~20% average annual unit growth
• Attractive return profile and sales growth
Comp Sales
2Q26 (vs. 2Q25): (3)%
FY25 (vs. FY24): (2)%
22
• Potential for 700 domestic locations over time
• A differentiated concept in the growing fast casual segment
• 44 locations in 16 states
• Targeting ~20% average annual unit growth
• Attractive consumer demographic
• A healthy, balanced dining experience with organic, gluten-free and vegan dishes
• All dishes handmade from scratch daily
• Menu features customizable bowls, wraps, salads, veggies and healthy proteins
• Significant off-premise volumes - averaging over 50% of sales
On a simple, soul-satisfying mission to spread positively delicious vibes and healthy food.
23
Comp Sales
2Q26 (vs. 2Q25): 13%
FY25 (vs. FY24): 5%
24
FOX RESTAURANT CONCEPTS (FRC)
25
FRC HIGHLIGHTS
• Locations: 57
• Geographies 11 states
• FY 2025 Revenue(1) $355M
(1) Fiscal year 2025 revenue represents revenue for the twelve months ended December 30, 2025 and excludes revenue for Flower Child.
FRC serves as an incubator, innovating new food, dining and hospitality experiences
to create fresh, exciting concepts for the future
FRC’s experiential concepts are designed to deliver unique guest experiences across
different industry segments, occasions, square footage and geographies
Provides Diversification | Accretive Unit Growth | Value Creation Opportunities
Culinary forward. First class hospitality. Concepts like no other.
DIVERSIFYING OUR PORTFOLIO ACROSS
EXPERIENTIAL FOR GROWTH
26
National
Expansion
Boutique
Brands
Incubation
Stage
Testing
Growth
Global
Footprint
ACCELERATING UNIT GROWTH Accelerating Unit Growth
AS MANY AS 26 NEW UNITS IN 2026 8 NROs YTD As of July 28, 2026
North Italia Flower Child Riverton, UT
Omaha, NE The Henry Scottsdale, AZ
Wilmette, IL
Walnut Creek, CA
Brea, CA
Katy, TX
The Cheesecake
Factory
Forsyth, GA
FINANCIAL
PERFORMANCE
29
DRIVING STRONG SALES GROWTH
(1) 2Q26 Average Unit Volumes (AUV) annualized based on average weekly sales.
(2) FRC excludes Flower Child.
FY 2025
COMP SALES
AVERAGE WEEKLY
SALES (2)
FY 2025
AVERAGE WEEKLY SALES
Q2 2026
COMP SALES
AVERAGE WEEKLY SALES (2)
Q2 2026
vs 2024
0.1%
(2)%
vs 2024
0%
vs 2Q25
5.8%
(3)%
vs 2Q25
4%
~$259,800
Equates to $13.5M
Annualized AUV(1)
~$151,400
Equates to $7.9M
Annualized AUV(1)
~$142,100
Equates to $7.4M
Annualized AUV(1)
REVENUES
$2,689M
Up 1% from PY
$346M
Up 15% from PY
REVENUES
$355M
Up 18% from PY
Q2 2026 HIGHLIGHTS(1)
30
Total Revenue
$1.0B
Up 8% from PY
Capital Allocation
Adjusted Diluted Net
Income Per Share(1)
$1.44
Up 24% from PY
$43M
CapEx(3)
$16M
Dividends
Unit Growth
4 NROs
Restaurant
Count(2)
374
Up 3% from
362 in PY
Adjusted
EBITDA(1)
$118M
Up 18% from PY
Net Income
$69M
Up 25% from PY
Diluted Net
Income Per Share
$1.41
Up 24% from PY
$9M
Repurchases
(1) A reconciliation of Non-GAAP measures to the most directly comparable GAAP measure can be found in the appendix.
(2) Represents total company owned and operated restaurants across the US and Canada as of June 30, 2026.
(3) CapEx excludes some new restaurant construction expenses, which may be classified as operating lease assets instead of additions to property and equipment in the statement of cash flows.
2026 UNDERLYING KEY ASSUMPTIONS(1)
31
(1) Assumes no material operating or consumer disruptions as well as assumptions with respect to future decisions, which are subject to change. Actual results will vary and those
variations may be material.
(2) Future decisions to pay or to increase or decrease dividends or to repurchase shares are at the discretion of the Board and will be dependent on several factors.
Consolidated Sales Approximately $4.0 Billion
CCF AUVs Approximately $12.9 Million
Net Income Margin Targeting approximately 5.4% at the stated sales level
New Unit Growth
As many as 26 New Restaurant Openings
• 5-6 The Cheesecake Factory locations
• 6-7 North Italia locations
• 7 Flower Child locations
• ~7 FRC restaurants
Cash Capital Expenditures Approximately $210 Million
Dividend Program Q3 2026 dividend of $0.30 per share(2)
Share Repurchase Program Offset dilution, over time, from employee stock-based
compensation and support EPS(2)
QUALITY GROWTH OPPORTUNITY
32
New Unit Growth Targets(1)(2)
Size(3) Sales per Sq Ft(3) Annual Unit
Growth
7,000 -10,000 ~$1,100 - $1,200 ~2% - 3%
6,000 -7,000 ~$1,100 - $1,200 ~20%
3,000 -4,000 ~$1,100 - $1,200 ~20%
6,000 -8,000 ~$1,100 ~10% - 15%
Diversified Portfolio
Differentiated experiential concepts
diversified across industry segment, price
point, cuisine, occasion and real estate
Value Creation Opportunities
Leveraging brand power, operational
excellence, scale, supply chain and real
estate development expertise
Attractive Growth Potential
Significant runway for future development
across portfolio of concepts to drive
accretive growth over time
(1) Illustrative example of new restaurant openings targeted size, sales per square foot and annual unit growth; Targets represent steady-state and typically are reached after 3 years of operations.
(2) Targets are forward-looking and are based upon assumptions that there are no material operating or consumer disruptions as well as assumptions with respect to future decisions, which are subject to change. Actual results
will vary and those variations may be material.
(3) Target size and sales per square foot are an average based on productive square feet defined as all interior square footage plus seasonally adjusted exterior patio square footage.
1% - 2%
Comparable Sales Growth
GROWTH OUTLOOK(2)
AVERAGE ANNUAL GROWTH TARGETS
7% - 8%
Top-line Revenue Growth
MARKET POTENTIAL LARGE TAM RUNWAY
33
# OF
LOCATIONS(1)
FY 2025
AUVS
$12.4M 217
$7.6M 51
$4.6M 44
MARKET
POTENTIAL
300
200
700
(1) Locations as of July 28, 2026.
~$3.2B
~$8.5B
FUTURE
REVENUE
OPPORTUNITY
REVENUE
GROWTH $5BPOTENTIAL
NOTABLE UPSIDE POTENTIAL
FROM OTHER GROWTH
CONCEPTS FY 2025
$146
$49 $67 $108 $155
$67
$112
$152
$160
$146
$213
$162
$218
$268 $301
'21 '22 '23 '24 '25
FINANCIAL STRENGTH TO SUPPORT
GROWTH AND RETURNS(1)
34
Capital Allocation Detail
Cash Flow
'20
(1) A reconciliation of Non-GAAP measures to the most directly comparable GAAP measure can be found in the appendix.
(2) Due to impact of COVID-19 pandemic on results 2021, 2022, 2023, 2024 and 2025 compare against 2019.
(3) Free cash flow, Cash Flow from Operations, Net Income and Adjusted EBITDA may not add due to rounding.
(4) CapEx excludes some new restaurant construction expenses, which may be classified as operating lease assets instead of additions to property and equipment in the statement of cash flows.
.
Net Income and Adjusted EBITDA(3)
'20
($ in millions)
Cash Flow From Ops Capex / Investment(4)
Free Cash Flow(3)
$72 $43 $101 $157 $148
$166 $159
$169
$172 $205
$238 $202
$270
$329 $354
'21 '22 '23 '24 '25
Adjusted EBITDA(3) Adjustments Net Income (3)
3.3%
10.5%
13.9% 14.9% 15.0%
'21 '22 '23 '24 '25
$67 $112 $152 $160 $146 $6 $63 $46 $18
$154
$0
$42 $53 $53
$52
48,510 50,414 49,050 48,974 48,550
$0
$100
$200
$300
$400
$500
$600
'21 '22 '23 '24 '25
Capex / Investment Share Repurchases Dividends WASO
Comparable Sales(2)
(4)
APPENDIX
NON-GAAP RECONCILIATIONS
36
(1) CapEx excludes some new restaurant construction expenses, which may be classified as operating lease assets instead of additions to property and equipment in the statement of cash flows.
(2) Free cash flow, EBITDA and Adjusted EBITDA may not add due to rounding.
(3) A detailed breakdown of impairment of assets and lease termination expenses recorded can be found in the Selected Segment Information table in the 10-K and 10-Q.
(4) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.
(5) Represents gift card breakage revenue of $17.3 million as a result of a change in historical redemption patterns, partially offset by a non-recurring $7.9 million write-down of gift card inventory.
(6) Represents premium paid and acceleration of previously unamortized deferred financing costs as a result of partial redemption of our convertible senior notes due 2026.
(7) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment.
($ in thousands) Fiscal Year Fiscal Quarter
2021 2022 2023 2024 2025 2Q25 2Q26
Net income $ 72,373 $ 43,123 $ 101,351 $ 156,783 $ 148,427 $ 54,812 $ 68,394
Depreciation and amortization expenses 89,654 92,380 93,136 101,450 109,031 26,860 29,103
Interest expense, net 11,625 7,488 10,160 10,107 10,448 2,873 2,057
Income tax (benefit)/provision (753) (10,231) (1,337) 14,264 14,468 7,417 8,509
EBITDA(2) $ 172,899 $ 132,760 $ 203,310 $ 282,604 $ 282,374 $ 91,962 $ 108,063
Impairment of assets and lease termination expenses(3) $ 18,139 $ 31,387 $ 29,464 $ 13,647 $ 22,990 $ 222 $ 124
Acquisition-related contingent consideration, compensation and amortization
expenses(4) 19,510 13,368 11,686 2,429 14,449 1,012 1,235
Gift card adjustment, net(5) - - - - (9,396) - -
Loss on debt extinguishment(6) - - - - 15,891 - -
Stock-based compensation 22,988 24,426 25,781 29,962 27,234 7,189 8,761
COVID-19 related costs(7) 4,917 - - - - - -
Adjusted EBITDA(2) $ 238,453 $ 201,941 $ 270,241 $ 328,642 $ 353,542 $ 100,385 $ 118,183
($ in thousands) Fiscal Year
2021 2022 2023 2024 2025
Cash flow from operations $ 213,006 $ 161,926 $ 218,401 $ 268,325 $ 301,281
Capital expenditures / investments(1) 66,943 112,464 151,565 160,364 146,204
Free cash flow(2) $ 146,063 $ 49,462 $ 66,836 $ 107,961 $ 155,077
NON-GAAP RECONCILIATIONS
37
(1) Net income presented for 2021 includes adjustments related to Series A Preferred Stock.
(2) A detailed breakdown of impairment of assets and lease termination expenses recorded can be found in the Selected Segment Information table in the 10-K and 10-Q.
(3) Represents changes in the fair value of the deferred consideration and contingent consideration and compensation liabilities related to the North Italia and FRC acquisition, as well as amortization of acquired definite-lived licensing agreements.
(4) Represents gift card breakage revenue of $17.3 million as a result of a change in historical redemption patterns, partially offset by a non-recurring $7.9 million write-down of gift card inventory.
(5) Represents premium paid and acceleration of previously unamortized deferred financing costs as a result of partial redemption of our convertible senior notes due 2026.
(6) Represents incremental costs associated with COVID-19 such as sick and vaccination pay, healthcare and meal benefits for furloughed staff members, additional sanitation and personal protective equipment.
(7) The tax effect assumes a tax rate based on the federal statutory rate and an estimated blended state tax rate.
(8) Adjusted diluted net income/(loss) per share may not add due to rounding.
($ in thousands, except per share data) Fiscal Year Fiscal Quarter
2021 2022 2023 2024 2025 2Q25 2Q26
Net income (1) $ 49,131 $ 43,123 $ 101,351 $ 156,783 $ 148,427 $ 54,812 $ 68,394
Impairment of assets and lease termination expenses(2) 18,139 31,387 29,464 13,647 22,990 222 124
Termination of interest rate swap 2,354 - - - - - -
Acquisition-related contingent consideration, compensation and amortization expenses(3) 19,510 13,368 11,686 2,429 14,449 1,012 1,235
Gift card adjustment, net (4) - - - - (9,396) - -
Loss on extinguishment of debt (5) - - - - 15,891 - -
Dividends on Series A preferred stock 18,661 - - - - - -
Net income attributable to Series A preferred stock to apply if-converted method 4,581 - - - - - -
COVID-19 related costs (6) 4,917 - - - - - -
Uncertain tax positions 7,139 - - - 2,023 - 310
Tax effect of adjustments (7) (11,679) (11,637) (10,699) (4,180) (11,423) (321) (353)
Adjusted net income $ 112,753 $ 76,241 $ 131,802 $ 168,679 $ 182,961 $ 55,725 $ 69,710
Revenues $ 955,825 $1,029,633
Adjusted net income margin 5.8% 6.8%
Diluted net income per share $ 1.01 $ 0.86 $ 2.07 $ 3.20 $ 3.06 $ 1.14 $ 1.41
Impairment of assets and lease termination expenses(2) 0.34 0.62 0.61 0.28 0.47 0.00 0.00
Termination of interest rate swap 0.04 - - - - - -
Acquisition-related contingent consideration, compensation and amortization expenses(3) 0.37 0.27 0.24 0.05 0.30 0.02 0.03
Gift card adjustment, net (4) - - - - (0.19) - -
Loss on extinguishment of debt (5) - - - - 0.33 - -
Dividends on Series A preferred stock 0.35 - - - - - -
Net income attributable to Series A preferred stock to apply if-converted method 0.09 - - - - - -
Assumed impact of potential conversion of Series A preferred stock into common stock (0.08) - - - - - -
COVID-19 related costs(6) 0.09 - - - - - -
Uncertain tax positions 0.13 - - - 0.04 - 0.01
Tax effect of adjustments(7) (0.22) (0.23) (0.22) (0.09) (0.24) (0.01) (0.01)
Adjusted diluted net income per share(8) $ 2.13 $ 1.51 $ 2.69 $ 3.44 $ 3.77 $ 1.16 $ 1.44
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FACTORY INCORPORATED
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Entity Incorporation, State or Country Code
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Entity Address, Address Line One
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Malibu Hills Road
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- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
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- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
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