# The Cheesecake Factory (CAKE) Q2 2025 Financial Results Summary
CALABASAS HILLS, Calif. – July 29, 2025 – The Cheesecake Factory Incorporated (NASDAQ: CAKE) today reported its financial results for the second quarter of fiscal 2025, which ended on July 1, 2025.
## Financial Highlights
– **Total Revenues:**
– $955.8 million in Q2 fiscal 2025, compared to $904.0 million in Q2 fiscal 2024.
– This reflects a **growth of 5.7%** year-over-year.
– **Net Income:**
– $54.8 million, an increase from $52.4 million in the same quarter last year, showing a **growth of 5.7%**.
– **Diluted Net Income per Share:**
– $1.14 for Q2 fiscal 2025, up from $1.08 in Q2 fiscal 2024, marking a **growth of 5.6%**.
– **Adjusted Net Income:**
– Excluding specific acquisition-related and other expenses, adjusted net income was $55.7 million, compared to $53.2 million in Q2 fiscal 2024, a **growth of 4.2%**.
– Adjusted diluted net income per share was $1.16, compared to $1.09, which is a **growth of 6.4%**.
– **Comparable Restaurant Sales:**
– Increased by **1.2%** year-over-year for the second quarter of fiscal 2025, compared to **1.4%** growth in Q2 fiscal 2024.
## Operational Achievements
– **Restaurant Expansions:**
– Opened **eight new restaurants** during the quarter:
– 2 Cheesecake Factory locations
– 1 North Italia
– 3 Flower Child locations
– 2 Fox Restaurant Concepts (FRC) locations
– Total restaurant count stands at **363 company-owned locations** as of the end of Q2 fiscal 2025.
– **Development Pipeline:**
– The company plans to open **25 new restaurants** throughout fiscal 2025, which includes:
– Up to 4 Cheesecake Factory restaurants
– 6 North Italia locations
– 6 Flower Child locations
– 9 FRC locations
## Financial Position
– **Liquidity:**
– Total available liquidity reached **$515.3 million**, composed of:
– Cash balance: $148.8 million
– Revolving credit facility availability: $366.5 million
– **Debt:**
– Total outstanding debt stood at **$644.0 million**, which includes:
– $69.0 million in convertible senior notes due 2026
– $575.0 million in convertible senior notes due 2030
## Shareholder Returns
– **Share Repurchase:**
– Approximately **2,500 shares** were repurchased at a cost of $0.1 million during the quarter.
– **Quarterly Dividend:**
– The Board of Directors declared a quarterly dividend of **$0.27 per share**, scheduled for payment on August 26, 2025, to shareholders of record on August 12, 2025.
## Conference Call
– A conference call to discuss the results was held on the same day at 2:00 p.m. Pacific Time and was webcast on the company’s investor relations website.
## Summary of Key Financial Metrics
### Q2 Fiscal 2025 vs. Q2 Fiscal 2024
– **Total Revenues:** +5.7%
– **Net Income:** +5.7%
– **Diluted Net Income per Share:** +5.6%
– **Adjusted Net Income:** +4.2%
– **Adjusted Diluted Net Income per Share:** +6.4%
– **Comparable Restaurant Sales:** +1.2%
### Restaurant Development Details
– **New Restaurants Opened:** 8
– **Expected New Restaurants for Fiscal 2025:** Up to 25
### Cash and Debt Summary
– **Cash and Cash Equivalents:** $148.8 million
– **Total Debt:** $644.0 million
The Cheesecake Factory’s continued growth and effective management illustrate its commitment to profitability and expansion in the competitive dining industry.
For more details, visit [investors.thecheesecakefactory.com](https://investors.thecheesecakefactory.com).
| 13 Weeks Ended | 13 Weeks Ended | 26 Weeks Ended | 26 Weeks Ended | |
|---|---|---|---|---|
| July 1, 2025 | July 2, 2024 | July 1, 2025 | July 2, 2024 | |
| Revenues | $955,500 | $904,000 | $1,881,800 | $1,792,000 |
| Cost of food and beverage costs | 205,843 | 201,694 | 408,104 | 404,947 |
| Labor expenses | 333,519 | 317,282 | 664,594 | 638,212 |
| Other operating costs and expenses | 255,722 | 239,097 | 502,147 | 472,638 |
| General and administrative expenses | 58,778 | 54,384 | 118,710 | 114,750 |
| Depreciation and amortization expenses | 26,860 | 24,960 | 52,942 | 49,716 |
| Impairment of assets and lease termination expenses | 222 | (188) | 600 | 1,895 |
| Acquisition-related contingent consideration, compensation and amortization expenses | 1,012 | 1,146 | 2,010 | 2,267 |
| Preopening costs | 9,047 | 6,975 | 17,134 | 12,855 |
| Total costs and expenses | 891,003 | 845,350 | 1,766,241 | 1,697,280 |
| Income from operations | 64,822 | 58,692 | 116,781 | 97,985 |
| Interest expense | (2,880) | (2,736) | (5,287) | (5,529) |
| Other income | 280 | 413 | 1,023 | 1,430 |
| Income before income tax | 62,222 | 56,369 | 96,717 | 93,886 |
| Income tax expense | 7,417 | 3,900 | 8,959 | 8,241 |
| Net income | $54,805 | $52,469 | $87,758 | $85,645 |
| Basic net income per share | $1.18 | $1.10 | $1.87 | $1.79 |
| Diluted net income per share | $1.14 | $1.08 | $1.80 | $1.76 |
| July 1, 2025 | December 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $148,763 | $84,176 |
| Current and long-term debt, net of issuance costs (1) | 628,237 | 452,062 |
(1) Includes $68.6 million net balance of 0.375% convertible senior notes due 2026 (principal amount of $69 million less $0.4 million in unamortized issuance costs) and $559.6 million net balance of 2.00% convertible senior notes due 2030 (principal amount of $575 million less $15.4 million in unamortized issuance costs). The unamortized issuance costs were recorded as a contra-liability and netted with current and long-term debt on the Condensed Consolidated Balance Sheet and are being amortized as interest expense.
