The Cheesecake Factory Incorporated Earnings Recaps
Q1 2026
Apr 30, 2026
Cheesecake Factory’s first quarter print was largely in line with expectations, with shares finishing nearly flat (+0.3%) after the report. Results reflected modest comp sales growth, ongoing menu innovation, and generally stable margins, with no material surprises in guidance or outlook.
Key takeaways
- Cheesecake Factory comparable sales increased 1.6%, with annualized unit volumes reaching $12.8 million—a new high for the brand.
- Restaurant-level profit margins at The Cheesecake Factory improved 10bps year-over-year to 17.5%; North Italia margins declined to 14.8% (from 16.6%) due to sales deleverage and higher operating costs.
- North Italia saw a 2% decline in first quarter comparable sales, though management pointed to positive trends at recent openings and a menu refresh targeting lunch traffic.
- 3 new restaurants opened in the quarter across the portfolio, with guidance unchanged for as many as 26 new openings this year.
- Early performance and engagement on the newly launched Cheesecake Rewards app have been above initial expectations, with high download activity and positive guest feedback.
Q3 2025
Oct 29, 2025
The Cheesecake Factory delivered solid third-quarter results, achieving consolidated revenues within guidance and exceeding earnings expectations, highlighting the resilience of its brand amid a challenging environment.
Key takeaways
- Comparable sales at the Cheesecake Factory restaurants increased by 0.3%, with robust annualized unit volumes over $12 million.
- Restaurant-level profit margin improved by 60 basis points year-over-year to 16.3%, driven by enhanced labor productivity and wage management.
- The company opened 2 new FRC restaurants and 2 Cheesecake locations in Mexico, staying on track to meet its goal of up to 25 new openings in 2025.
- Significant progress in the Cheesecake Rewards program, with strong membership growth and high customer satisfaction, supports increased guest engagement.
- North Italia faced a 3% decline in comparable sales but improved adjusted profit margins, affirming operational resilience in a competitive landscape.