Form 8-K

8-K — CHEESECAKE FACTORY INC

Accession: 0001104659-26-087561

Filed: 2026-07-28

Period: 2026-07-23

CIK: 0000887596

SIC: 5812 (RETAIL-EATING PLACES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — tm2621325d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2621325d1_ex99-1.htm)

EX-99.2 — EXHIBIT 99.2 (tm2621325d1_ex99-2.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

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 23, 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

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 ¨

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 2.02 of

Form 8-K, “Results of Operations and Financial Condition” and 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.

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

In a press release dated July 28, 2026, a copy

of which is furnished as Exhibit 99.1 to this report, The Cheesecake Factory Incorporated (the “Company”) reported financial

results for the second quarter of fiscal 2026, which ended on June 30, 2026.

ITEM 7.01 REGULATION FD DISCLOSURE

Also on July 28, 2026, the Company posted an updated

Investor Presentation on the Company’s Investor Relations website at investors.thecheesecakefactory.com. A copy of the presentation

is furnished as Exhibit 99.2 hereto and is incorporated by reference herein.

ITEM 8.01

OTHER EVENTS

Additionally,

on July 23, 2026, the Board of Directors of the Company (the “Board”) declared a quarterly cash dividend of $0.30 per share

which will be paid on August 25, 2026 to the stockholders of record of each share of the Company’s common stock at the close of

business on August 11, 2026. Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will

depend upon operating performance and other factors.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(d)

Exhibits

99.1

Press

release dated July 28, 2026 entitled “The Cheesecake Factory Reports Results for Second Quarter of Fiscal 2026”

99.2

The

Cheesecake Factory Investor Presentation dated July 28, 2026

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 28, 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: tm2621325d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

FOR IMMEDIATE

RELEASE

Contact: Etienne

Marcus

(818) 871-3000

investorrelations@thecheesecakefactory.com

THE CHEESECAKE

FACTORY REPORTS RESULTS FOR

SECOND QUARTER

OF FISCAL 2026

CALABASAS

HILLS, Calif. – July 28, 2026 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported financial

results for the second quarter of fiscal 2026, which ended on June 30, 2026.

Total revenues were $1,029.6 million in the

second quarter of fiscal 2026 compared to $955.8 million in the second quarter of fiscal 2025. Net income and diluted net income per

share were $68.4 million and $1.41, respectively, in the second quarter of fiscal 2026.

The Company recorded a pre-tax net expense of

$1.4 million related to Fox Restaurant Concepts (“FRC”) acquisition-related items, and impairment of assets and lease termination

expenses. Excluding the after-tax impact of these items and certain other items, adjusted net income and adjusted diluted net income per

share for the second quarter of fiscal 2026 were $69.7 million and $1.44, respectively. Please see the Company’s reconciliation

of non-GAAP financial measures at the end of this press release.

Comparable restaurant sales at The Cheesecake

Factory restaurants increased 5.8% year-over-year in the second quarter of fiscal 2026.

“We built on our strong start to the year

with another quarter of better-than-expected financial results, as revenue, margins and earnings all exceeded our expectations,”

said David Overton, Chairman and Chief Executive Officer. “Our performance was led by The Cheesecake Factory restaurants, with comparable

sales and traffic meaningfully outperforming the broader casual dining industry. Continued momentum from our menu innovation, rewards

program and marketing efforts strengthened consumer awareness and engagement, contributing to our strong top-line performance. At the

same time, our operators remained sharply focused on execution, delivering year-over-year improvements in labor productivity and food

efficiency supporting strong profitability.”

Mr. Overton continued, "Our success

has long been driven by our commitment to delivering the exceptional hospitality, high-quality food and memorable dining experiences our

guests have come to expect. We continue to lean into culinary innovation and our digital capabilities to build on those strengths, ensuring

our concepts evolve and resonate with guests in an increasingly competitive environment. Together with our experienced operators, differentiated

concepts and strong financial foundation, these efforts position us well to continue executing our strategy, delivering profitable growth

and creating shareholder value."

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

Development

During the second quarter of fiscal 2026, the

Company opened four new restaurants, including two North Italia’s, one Flower Child and one FRC restaurant. Subsequent to quarter-end,

the Company opened one The Cheesecake Factory location.

The Company continues to expect to open as many

as 26 new restaurants in fiscal 2026, including as many as five to six The Cheesecake Factory restaurants, six to seven North Italia locations,

seven Flower Child locations and as many as seven FRC restaurants.

Liquidity and Capital Allocation

As of June 30, 2026, the Company had total

available liquidity of $561.7 million, including a cash balance of $195.2 million and $366.5 million of availability on its revolving

credit facility with no outstanding balance. During the quarter, the Company repaid the remaining $69.0 million principal amount of 0.375%

convertible senior notes due 2026. As of June 30, 2026, total principal amount of debt outstanding was $575 million, representing

the principal amount of 2.00% convertible senior notes due 2030.

During the second quarter of fiscal 2026, the

Company repurchased approximately 158,600 shares of its stock at a cost of $9.3 million. In addition, the Company’s Board of Directors

has declared a quarterly dividend of $0.30 per share to be paid on August 25, 2026, to shareholders of record at the close of business

on August 11, 2026.

Conference Call and Webcast

The Company will hold a conference call to review

its results for the second quarter of fiscal 2026 today at 2:00 p.m. Pacific Time. The conference call will be webcast live on the

Company’s website at investors.thecheesecakefactory.com.

About The Cheesecake Factory Incorporated

The Cheesecake Factory Incorporated is a leader

in experiential dining. We are culinary forward and relentlessly focused on hospitality. Delicious, memorable experiences created by

passionate people—this defines who we are and where we are going. We currently own and operate 375 restaurants throughout the United

States and Canada under brands including The Cheesecake Factory®, North Italia®, Flower Child®

and a collection of other FRC brands. Internationally, 36 The Cheesecake Factory® restaurants operate under licensing

agreements. Our bakery division operates two facilities that produce quality cheesecakes and other baked products for our restaurants,

international licensees and third-party bakery customers. In 2026, we were named to the FORTUNE Magazine “100 Best Companies to

Work For®” list for the thirteenth consecutive year. To learn more, visit www.thecheesecakefactory.com, www.northitalia.com,

www.iamaflowerchild.com and www.foxrc.com.

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.

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

Safe Harbor Statement

This press release

contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as codified in Section 27A

of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include,

without limitation, statements regarding the Company’s operations, growth, restaurant development and other objectives. 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 the Company’s

restaurants and potential reputational damage to the Company or any of its brands; pandemics and related containment measures, including

the potential for quarantines or restriction on in-person dining; acceptance and success of The Cheesecake Factory in international markets;

acceptance and success of North Italia, Flower Child and Other Fox Restaurant Concepts 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 the Company’s landlords and other tenants in retail

centers in which its restaurants are located, and the Company’s ability to successfully manage its lease arrangements with landlords;

the economic health of suppliers, licensees, vendors and other third parties providing goods or services to the Company; the timing of

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 the

Company’s business; adverse weather conditions and natural disasters in regions in which the Company’s 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.

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

The Cheesecake Factory Incorporated

Condensed Consolidated Statements of Income

(unaudited; in thousands, except per share data)

Weeks Ended

June 30, 2026

Weeks Ended

July 1, 2025

Weeks Ended

June 30, 2026

Weeks Ended

July 1, 2025

Consolidated

Statements of Income

Amount

Percent

Revenues

Amount

Percent

Revenues

Amount

Percent

Revenues

Amount

Percent

Revenues

$ 1,029,633

100.0 %

$ 955,825

100.0 %

$ 2,008,466

100.0 %

$ 1,883,022

100.0 %

Costs and expenses:

Food and

beverage costs

223,847

21.8 %

205,843

21.6 %

436,097

21.7 %

408,104

21.7 %

Labor expenses

351,475

34.1 %

333,519

34.9 %

699,244

34.8 %

664,594

35.3 %

Other operating

costs and expenses

272,688

26.5 %

255,722

26.8 %

537,041

26.8 %

502,147

26.7 %

General

and administrative expenses

65,592

6.4 %

58,778

6.1 %

129,523

6.5 %

118,710

6.3 %

Depreciation

and amortization expenses

29,103

2.8 %

26,860

2.8 %

57,087

2.8 %

52,942

2.8 %

Impairment

of assets and lease terminations

124

0.0 %

222

0.0 %

953

0.0 %

600

0.0 %

Acquisition-related

contingent consideration, compensation and amortization expenses

1,235

0.1 %

1,012

0.1 %

2,437

0.1 %

2,010

0.1 %

Preopening

costs

6,961

0.7 %

9,047

0.9 %

12,431

0.6 %

17,134

0.9 %

Total

costs and expenses

951,025

92.4 %

891,003

93.2 %

1,874,813

93.3 %

1,766,241

93.8 %

Income from operations

78,608

7.6 %

64,822

6.8 %

133,653

6.7 %

116,781

6.2 %

Interest expense, net

(2,057 )

(0.1 )%

(2,873 )

(0.3 )%

(4,052 )

(0.2 )%

(5,201 )

(0.3 )%

Loss on debt extinguishment

0.0 %

(15,891 )

(0.8 )%

Other income,

net

352

0.0 %

280

0.0 %

653

0.0 %

1,023

0.0 %

Income before income taxes

76,903

7.5 %

62,229

6.5 %

130,254

6.5 %

96,712

5.1 %

Income tax

provision

8,509

0.9 %

7,417

0.8 %

12,312

0.6 %

8,959

0.4 %

Net income

$ 68,394

6.6 %

$ 54,812

5.7 %

$ 117,942

5.9 %

$ 87,753

4.7 %

Basic net income per share

$ 1.47

$ 1.18

$ 2.53

$ 1.87

Basic

weighted average shares outstanding

46,628

46,391

46,606

46,958

Diluted net income per share

$ 1.41

$ 1.14

$ 2.43

$ 1.80

Diluted

weighted average shares outstanding

48,490

48,102

48,446

48,679

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

The Cheesecake Factory Incorporated

Selected Segment Information

(unaudited; in thousands)

For the 13 Weeks Ended June 30, 2026

The Cheesecake

Factory

North

Other

restaurants

Italia

FRC

Other

Total

Revenues

$ 729,476

$ 98,440

$ 104,032

$ 97,685

$ 1,029,633

Costs and expenses:

Food and beverage costs

158,674

22,301

23,187

19,685

223,847

Labor expenses

237,383

37,134

39,319

37,639

351,475

Other operating costs and expenses

186,371

26,386

31,242

28,689

272,688

General and administrative expenses

65,592

Depreciation and amortization expenses

17,526

3,624

3,598

4,355

29,103

Impairment of assets and lease terminations expenses

110

124

Acquisition-related contingent consideration, compensation and amortization expenses

315

920

1,235

Preopening costs

1,509

2,255

2,412

785

6,961

Total costs and expenses

601,474

91,700

100,076

157,775

951,025

Income/(loss) from operations

$ 128,002

$ 6,740

$ 3,956

$ (60,090 )

$ 78,608

For the 13 Weeks Ended July 1, 2025

The Cheesecake

Factory

North

Other

restaurants

Italia

FRC

Other

Total

Revenues

$ 683,257

$ 90,830

$ 90,178

$ 91,560

$ 955,825

Costs and expenses:

Food and beverage costs

147,377

19,835

19,794

18,837

205,843

Labor expenses

231,241

33,519

33,445

35,314

333,519

Other operating costs and expenses

178,142

24,057

27,229

26,294

255,722

General and administrative expenses

58,778

Depreciation and amortization expenses

16,196

3,074

3,264

4,326

26,860

Impairment of assets and lease terminations expenses

196

222

Acquisition-related contingent consideration, compensation and amortization expenses

315

697

1,012

Preopening costs

3,558

1,946

2,202

1,341

9,047

Total costs and expenses

576,710

82,431

86,264

145,598

891,003

Income/(loss) from operations

$ 106,547

$ 8,399

$ 3,914

$ (54,038 )

$ 64,822

For the 26 Weeks Ended June 30, 2026

The Cheesecake

Factory

North

Other

restaurants

Italia

FRC

Other

Total

Revenues

$ 1,419,949

$ 187,919

$ 208,554

$ 192,044

$ 2,008,466

Costs and expenses:

Food and beverage costs

309,832

42,565

46,219

37,481

436,097

Labor expenses

475,737

70,555

78,488

74,464

699,244

Other operating costs and expenses

366,668

51,103

61,906

57,364

537,041

General and administrative expenses

129,523

Depreciation and amortization expenses

34,696

6,818

6,963

8,610

57,087

Impairment of assets and lease terminations expenses

568

380

953

Acquisition-related contingent consideration, compensation and amortization expenses

631

1,806

2,437

Preopening costs

2,924

4,169

4,143

1,195

12,431

Total costs and expenses

1,190,425

175,210

198,355

310,823

1,874,813

Income/(loss) from operations

$ 229,524

$ 12,709

$ 10,199

$ (118,779 )

$ 133,653

For the 26 Weeks Ended July 1, 2025

The Cheesecake

Factory

North

Other

restaurants

Italia

FRC

Other

Total

Revenues

$ 1,355,991

$ 174,240

$ 177,602

$ 175,189

$ 1,883,022

Costs and expenses:

Food and beverage costs

295,032

38,250

38,943

35,879

408,104

Labor expenses

464,632

65,436

65,007

69,519

664,594

Other operating costs and expenses

352,746

46,677

52,794

49,930

502,147

General and administrative expenses

118,710

Depreciation and amortization expenses

32,422

5,872

6,299

8,349

52,942

Impairment of assets and lease terminations expenses

271

315

600

Acquisition-related contingent consideration, compensation and amortization expenses

631

1,379

2,010

Preopening costs

4,908

4,626

4,995

2,605

17,134

Total costs and expenses

1,150,011

160,861

168,984

286,385

1,766,241

Income/(loss) from operations

$ 205,980

$ 13,379

$ 8,618

$ (111,196 )

$ 116,781

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

The Cheesecake Factory Incorporated

Selected Operating, Restaurant and Balance Sheet Information

(unaudited; in thousands, except statistical data)

13 Weeks

Ended

13 Weeks

Ended

26 Weeks

Ended

26 Weeks

Ended

The Cheesecake

Factory restaurants operating information:

June 30,

2026

July 1,

2025

June 30,

2026

July 1,

2025

Comparable

restaurant sales vs. prior year

5.8 %

1.2 %

3.7 %

1.1 %

Restaurants

opened during period

Restaurants

open at period-end

216

Restaurant

operating weeks

2,808

2,794

5,624

5,589

North

Italia operating information:

Comparable

restaurant sales vs. prior year

(3 )%

(1 )%

(3 )%

(1 )%

Restaurants

opened during period

Restaurants

open at period-end

Restaurant

operating weeks

650

590

1,275

1,150

Other

Fox Restaurant Concepts (FRC) operating information:(1)

Restaurants

opened during period

Restaurants

open at period-end

Restaurant

operating weeks

732

659

1,452

1,285

Other

operating information:(2)

Restaurants

opened during period

Restaurants

open at period-end

Restaurant

operating weeks

637

618

1,276

1,201

Number

of company-owned restaurants:

The Cheesecake

Factory

216

North

Italia

Other

FRC

Other

Total

374

Number of international-licensed

restaurants:

The

Cheesecake Factory

(1) The Other FRC segment includes all FRC brands except Flower Child.

(2) The Other segment includes the Flower Child and Grand Lux Cafe concepts, as well as the Company's third-party bakery, international and consumer packaged goods businesses, unallocated corporate expenses and gift card costs.

Selected Consolidated Balance Sheet Information

June 30, 2026

December 30, 2025

Cash and cash equivalents

$ 195,170

$ 215,729

Long-term debt, net of issuance costs (1)

562,895

630,074

(1) As of June 30, 2026, includes $562.9 million net balance of 2.00% convertible senior notes due 2030 (principal amount of $575 million less $12.1 million in unamortized issuance costs). The unamortized issuance costs were recorded as a contra-liability and netted with long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

Reconciliation of Non-GAAP Results to GAAP Results

In addition to the results provided in accordance

with accounting principles generally accepted in the United States of America (“GAAP”) in this press release, the Company

is providing non-GAAP measurements which present net income and net income per share excluding the impact of certain items. The non-GAAP

measurements are intended to supplement the presentation of the Company’s financial results in accordance with GAAP. These non-GAAP

measures are calculated by eliminating from net income and diluted net income per share the impact of items the Company does not consider

indicative of its ongoing operations. The Company uses these non-GAAP financial measures for financial and operational decision-making

and as a means to evaluate period-to-period comparisons.

The Cheesecake Factory Incorporated

Reconciliation of Non-GAAP Financial Measures

(unaudited; in thousands, except per share data)

13 Weeks Ended

26 Weeks Ended

June 30, 2026

July 1, 2025

June 30, 2026

July 1, 2025

Net income (GAAP)

$ 68,394

$ 54,812

$ 117,942

$ 87,753

Impairment of assets and lease termination expenses(1)

124

222

953

600

Acquisition-related contingent

consideration, compensation and amortization expenses(2)

1,235

1,012

2,437

2,010

Loss on extinguishment of debt(3)

15,891

Uncertain tax positions(4)

310

Tax effect of adjustments(5)

(353 )

(321 )

(882 )

(4,811 )

Adjusted net income (non-GAAP)

$ 69,710

$ 55,725

$ 120,760

$ 101,443

Diluted net income per share (GAAP)

$ 1.41

$ 1.14

$ 2.43

$ 1.80

Impairment of assets and lease termination expenses(1)

0.00

0.02

0.01

Acquisition-related contingent consideration, compensation

and amortization expenses(2)

0.03

0.02

0.05

0.04

Loss on extinguishment of debt(3)

0.33

Uncertain tax positions(4)

0.01

Tax effect of adjustments(5)

(0.01 )

(0.02 )

(0.10 )

Adjusted diluted net income per share (non-GAAP)(6)

$ 1.44

$ 1.16

$ 2.49

$ 2.08

(1) A detailed breakdown of impairment of assets and lease termination expenses recorded in the thirteen and twenty-six weeks ended June 30, 2026 and July 1, 2025 can be found in the Selected Segment Information table.

(2) 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.

(3) Represents premium paid and acceleration of previously unamortized deferred financing costs as a result of partial redemption of our convertible senior notes due 2026.

(4) Represents change to a reserve for uncertain tax positions taken in prior years related to tenant improvements allowances and Section 199 deductions. Uncertain tax positions taken in a tax return are recognized in the financial statements when it is more likely than not that the position will be sustained upon examination by tax authorities based on technical merits, taking into account available administrative remedies and litigation.

(5) Based on the federal statutory rate and an estimated blended state tax rate, the tax effect on all adjustments assumes a 26% tax rate for the fiscal 2026 and 2025 periods.

(6) Adjusted net income per share may not add due to rounding.

26901 Malibu Hills Road, Calabasas Hills, CA 91301· Telephone (818) 871-3000

EX-99.2 — EXHIBIT 99.2

EX-99.2

Filename: tm2621325d1_ex99-2.htm · Sequence: 3

Exhibit 99.2

INVESTOR

PRESENTATION

July 28, 2026

SAFE HARBOR STATEMENT / NON-GAAP INFORMATION

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

• 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

(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

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

GLOBAL FOOTPRINT

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

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

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)

FY 2019

(1)

(1) Percent of total sales.

Impressive Level of Dessert Sales

BEST-IN-CLASS STAFFING AND OPERATIONS

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.

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

• 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

ICONIC

BRAND

AND

CULT

STATUS

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

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®

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)

• 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

• 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)%

• 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.

Comp Sales

2Q26 (vs. 2Q25): 13%

FY25 (vs. FY24): 5%

FOX RESTAURANT CONCEPTS (FRC)

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

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

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

vs 2Q25

5.8%

(3)%

vs 2Q25

~$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)

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)

(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% 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

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

# 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)

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

$42 $53 $53

$52

48,510 50,414 49,050 48,974 48,550

$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

(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

(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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