The earnings call highlighted strong revenue growth and improved profitability, driven by successful new restaurant openings and operational excellence. However, there were challenges in traffic metrics and a slight decline in comparable sales for North Italia. Overall, the positive aspects outweighed the negative, indicating a solid financial performance and strategic positioning.

Company Guidance -

Q3 2025

During The Cheesecake Factory's Q2 2025 earnings call, the company reported strong financial performance with consolidated revenues reaching $956 million and adjusted net income margin at 5.8%, both exceeding expectations. Comparable sales at The Cheesecake Factory restaurants increased by 1.2%, with average weekly sales climbing to record highs. The company also saw significant improvements in profitability, with their 4-wall restaurant margin rising to 18.5%, up 80 basis points year-over-year. They successfully opened eight new restaurants in the quarter, contributing to a strategic plan to open up to 25 new restaurants in 2025. Flower Child showed notable growth, with comparable sales rising by 4% and average weekly sales now at $91,400, achieving an annualized AUV of over $4.8 million. North Italia's annualized AUVs increased by 2%, even as comparable sales declined slightly by 1%. Looking ahead, the company anticipates total revenues for fiscal 2025 to be approximately $3.76 billion, with inflation and labor costs expected to be in the low to mid-single-digit range. The call highlighted the company's operational excellence, strategic menu innovation, and a robust development pipeline as pivotal to sustaining growth and enhancing shareholder value.

Record-Breaking Revenue and Growth

Consolidated revenues and adjusted earnings per share exceeded expectations, setting new milestones for the company. Total revenues were $956 million, with Cheesecake Factory restaurants contributing $683.3 million, up 1% from the prior year.

Improved Profitability and Margins

Cheesecake Factory's 4-wall restaurant margin increased to 18.5%, up 80 basis points year-over-year, the highest level recorded in 8 years. Adjusted net income margin was 5.8%, beating expectations.

Successful New Restaurant Openings

Eight new restaurants opened in Q2, including two Cheesecake Factory locations, contributing to strong unit growth. Additional openings are expected, with a target of 25 new restaurants in 2025.

Flower Child Segment Outperformance

Flower Child comparable sales increased 4%, significantly outperforming the fast casual dining index, with restaurant-level profit margin for mature locations reaching 20.4%.

Strong Liquidity Position

The company ended the quarter with total available liquidity of approximately $515.3 million, including a cash balance of $148.8 million.

Cheesecake Factory (CAKE) Earnings, Revenues Date & History

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CAKE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	0.60 / -	0.58	―	―	―
Jul 29, 2025	2025 (Q2)	1.06 / 1.16	1.09	6.42% (+0.07)
Apr 30, 2025	2025 (Q1)	0.82 / 0.93	0.73	27.40% (+0.20)
Feb 19, 2025	2024 (Q4)	0.92 / 1.04	0.8	30.00% (+0.24)
Oct 29, 2024	2024 (Q3)	0.51 / 0.58	0.39	48.72% (+0.19)
Jul 31, 2024	2024 (Q2)	1.00 / 1.09	0.88	23.86% (+0.21)
May 08, 2024	2024 (Q1)	0.63 / 0.73	0.61	19.67% (+0.12)
Feb 21, 2024	2023 (Q4)	0.73 / 0.80	0.56	42.86% (+0.24)
Nov 01, 2023	2023 (Q3)	0.42 / 0.39	-0.03	1400.00% (+0.42)
Aug 02, 2023	2023 (Q2)	0.82 / 0.88	0.52	69.23% (+0.36)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CAKE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 29, 2025	$63.18	$66.47	+5.21%
Apr 30, 2025	$50.12	$47.92	-4.39%
Feb 19, 2025	$53.73	$54.40	+1.25%
Oct 29, 2024	$42.18	$45.90	+8.82%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.