The Cheesecake Factory (CAKE) investor relations material

Executive summary

• Q1 2026 revenue reached $978.8 million, up 5.6% year-over-year, driven by new restaurant openings, higher comparable sales, and strong demand for differentiated concepts.

• Net income was $49.5 million, with adjusted diluted EPS of $1.05, both up from the prior year; EBITDA rose to $83.3 million, and adjusted EBITDA to $92.4 million.

• Comparable sales at the core brand rose 1.6% year-over-year, outperforming the industry, with average unit volume at $12.8 million.

• Opened three to four new restaurants in Q1, including international expansion, with plans for up to 26 new units in 2026.

• Recognized by Fortune as one of the 100 Best Companies to Work For, reflecting strong employee engagement and retention.

Financial highlights

• Q1 total revenues were $978.8 million, with adjusted net income margin at 5.2% and adjusted diluted EPS at $1.05.

• Net income for Q1 2026 was $49.5 million; operating income was $55.0 million, up from $52.0 million year-over-year.

• Restaurant-level profit margins: Cheesecake Factory 17.5%, North Italia 14.8%, Flower Child 19.6%.

• Cash and cash equivalents at quarter-end were $235.1 million; total available liquidity was $601.6 million; total debt was $644 million.

• Returned $32.6 million to shareholders via dividends and stock repurchases in Q1.

Outlook and guidance

• Q2 revenue expected between $990 million and $1 billion; adjusted net income margin anticipated at 5.5% midpoint.

• FY 2026 revenue projected at $3.91 billion (±1%), with full-year net income margin around 5% and up to 26 new restaurant openings planned.

• $210 million in capital expenditures allocated for 2026 development and maintenance.

• Management expects adequate liquidity for the next 12 months and foreseeable future.

• Menu price increases will continue to be evaluated based on inflation and cost environment.