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We are culinary forward and relentlessly focused on hospitality.
−Removed: We currently own and operate 352 restaurants throughout the United States and Canada under brands including The Cheesecake Factory ® (215 locations), North Italia ® (43 locations), Flower Child ® (38 locations) and additional brands within our Fox Restaurant Concepts (“Other FRC”) portfolio (49 locations).
+Added: As of February 23, 2026, we owned and operated 368 restaurants throughout the United States and Canada under brands including The Cheesecake Factory ® (216 locations), North Italia ® (48 locations), Flower Child ® (43 locations) and additional brands within our Fox Restaurant Concepts (“Other FRC”) portfolio (55 locations).
Internationally, 35 The Cheesecake Factory ® restaurants operate under licensing agreements.
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Our executive offices are located at 26901 Malibu Hills Road, Calabasas Hills, California 91301, and our telephone number is (818) 871-3000.
−Removed: We maintain a general website at www.thecheesecakefactory.com, as well as websites for our bakery and other subsidiaries, including www.northitalia.com , www.iamaflowerchild.com and www.foxrc.com.
+Added: We maintain a general website at www.thecheesecakefactory.com , as well as websites for our bakery and other brands, including www.northitalia.com , www.iamaflowerchild.
+Added: com and www.foxrc.com .
Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, all amendments to those reports and our proxy statements are available on our general website at no charge, as soon as reasonably practicable after these materials are filed with or furnished to the SEC.
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Fiscal years 2025, 2024 and 2023 each consisted of 52 weeks.
−Removed: Fiscal year 2022 consisted of 53 weeks.
Fiscal year 2026 will consist of 52 weeks.
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Our commodity and wage inflationary environment began returning to more historical levels in fiscal 2024.
−Removed: The impact of ongoing geopolitical and macroeconomic events could lead to further wage inflation, product and services cost inflation, disruptions in the supply chain, staffing challenges, shifts in consumer behavior, and delays in new restaurant openings.
+Added: The impact of ongoing geopolitical and macroeconomic events, including evolving government policies and global trade and tariff dynamics, could lead to further wage inflation, product and services cost inflation, disruptions in the supply chain, staffing challenges, shifts in consumer behavior, and delays in new restaurant openings.
Adverse weather conditions and natural disasters may further exacerbate a number of these factors.
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The Cheesecake Factory menu features approximately 225 items, exclusive of beverage and dessert items and including items presented on supplemental menus, such as our SkinnyLicious ® menu that offers innovative items at 590 calories or less.
−Removed: offerings include appetizers, pizza, seafood, steaks, chicken, burgers, small plates, pastas, salads, sandwiches and omelettes, including a selection of vegan and gluten-free items.
+Added: Our menu offerings include appetizers, pizza, seafood, steaks, chicken, burgers, bowls, bites, small plates, pastas, salads, sandwiches and omelettes, including a selection of vegan and gluten-free items.
Our ability to create, promote and attractively display our unique line of desserts is also important to the competitive positioning and financial success of our restaurants.
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We believe one of our competitive strengths is our ability to anticipate customer preferences and adapt our expansive menu to the latest trends.
−Removed: We regularly update our ingredients and cooking methods, as well as create new menu items and new categories of food offerings at our restaurants, further enhancing the variety, quality and price points offered and keeping our menu relevant to our customers.
+Added: We regularly update our ingredients and cooking techniques, as well as create new menu items and new categories of food offerings at our restaurants, further enhancing the variety, quality and price points offered and keeping our menu relevant to our customers.
All new menu items are selected based on anticipated sales popularity and profitability.
We also regularly introduce new and innovative cheesecakes and other baked desserts.
−Removed: In 2024, we launched the Triple Berry Bliss Cheesecake in conjunction with National Cheesecake Day.
+Added: In 2025, we launched the Peach Perfect with Raspberry Drizzle Cheesecake in conjunction with National Cheesecake Day.
We generally update The Cheesecake Factory menus twice each year, and our philosophy is to use price increases to help offset key operating cost increases in a manner that balances supporting both our margin objectives and customer traffic levels.
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Value Proposition.
−Removed: We believe our restaurants are recognized by customers for offering value with a large variety of freshly prepared menu items across a broad array of price points and generous portions at moderate prices.
+Added: We believe our restaurants are recognized by customers for offering value with a large variety of freshly prepared menu items across a broad array of price points and generous portions.
The average check for each customer, including beverages and desserts, was approximately $31.79 during fiscal 2025.
Commitment to Excellent Service and Hospitality through the Selection, Training and Retention of High-Quality Staff Members.
−Removed: Our mission is to “create an environment where absolute guest satisfaction is our highest priority.” We strive to consistently exceed the expectations of our customers in all aspects of their experiences in our restaurants.
+Added: Our mission is to “create an environment where absolute guest satisfaction is our highest priority.” We strive to deliver a unique and experiential guest experience through our extensive menu, upscale-casual atmosphere, high-energy environment and strong focus on hospitality and operational excellence.
One of the most important aspects of delivering a consistent and dependable level of service is having a team of experienced managers who can successfully operate our high-volume, complex restaurants.
−Removed: Our recruitment, selection, training, retention and internal promotion programs are among the most comprehensive in the restaurant industry, helping us to attract and retain qualified staff members who are motivated to consistently provide excellence in restauranteuring and customer hospitality.
−Removed: By providing extensive training, our goal is to encourage our staff members to develop a sense of personal commitment to our core values and culture of excellence.
−Removed: (See “Restaurant Operations, Development and Training” below.) Our commitment to people-focused programs and creating a great workplace for all of our staff and managers contributed to The Cheesecake Factory being named to Fortune magazine’s list of “100 Best Companies to Work For ® ” in 2024, for the eleventh consecutive year.
+Added: Our recruitment, selection, training, retention and internal promotion programs are among the most comprehensive in the restaurant industry, helping us to attract and retain qualified staff members who we encourage to develop a sense of personal commitment to our core values and culture of excellence.
+Added: (See “Restaurant Operations, Development and Training” below.) Our commitment to people-focused programs and creating a great workplace for all of our staff and managers contributed to The Cheesecake Factory being named to Fortune magazine’s list of “100 Best Companies to Work For ® ” in 2025, for the twelfth consecutive year.
High-Quality, High-Profile Restaurant Locations and Flexible Site Layouts.
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However, our restaurants have historically generated annual sales per square foot that are also typically higher than our competitors.
−Removed: Total construction costs to build our restaurant premises average approximately $1,100 per interior square foot.
+Added: Total construction costs to build our restaurant premises average approximately $1,100 to $1,200 per interior square foot.
However, these costs vary depending on a number of factors, including geography, the complexity of our build-out, site characteristics, governmental fees and permits, labor and material conditions in the local market, weather and the amount, if any, of construction contributions obtained from our landlords for structural additions and other leasehold improvements.
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We believe that the high average sales volumes and popularity of our restaurants allow us to attract and retain high-quality, experienced restaurant-level management and other operational personnel.
−Removed: Each restaurant is generally staffed with a General Manager (“GM”) and an Executive Kitchen Manager (“EKM”), who possess an average of more than ten years of experience with the Company.
+Added: Each restaurant is generally staffed with a General Manager (“GM”) and an Executive Kitchen Manager (“EKM”) who possess an average of more than 15 years of experience with the Company.
We believe this tenure and knowledge drive our high productivity and contribute to our ability to deliver an exceptional customer experience.
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Restaurant-level preopening costs are generally higher for larger restaurants and initial entry into new markets and lower when we relocate a restaurant within its local market.
−Removed: We have typically incurred the most significant portion of restaurant-level preopening costs within the two months immediately preceding and the month of a restaurant’s opening.
+Added: We have typically incurred the most significant portion of restaurant-level preopening costs during the three-month period including the month of a restaurant’s opening and two prior months.
Licensed Locations
−Removed: We currently have licensing agreements with three restaurant operators to develop and operate The Cheesecake Factory ® brand restaurants in selected international markets.
−Removed: Our licensees invest their capital to build and operate the restaurants, and we receive initial development fees, site and design fees and ongoing royalties based on our licensees’ restaurant sales.
+Added: We currently maintain licensing agreements with three restaurant operators to develop and operate The Cheesecake Factory ® branded restaurants in selected international markets.
+Added: Our licensees invest their capital to build and operate these restaurants, and we receive initial development fees, site and design fees and ongoing royalties based on our licensees’ restaurant sales.
In addition, these licensees purchase bakery products branded under The Cheesecake Factory ® mark from us.
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Consumer Packaged Goods
−Removed: Given the strong affinity for The Cheesecake Factory ® brand, we leverage opportunities in the consumer packaged goods channel by partnering with various third-party manufacturers to offer a variety of products marketed under The Cheesecake Factory At Home ® mark, including our Famous “Brown Bread,” which is available in select retail stores nationwide.
+Added: Given the strong affinity for The Cheesecake Factory ® brand, we leverage opportunities in the consumer packaged goods channel by partnering with third-party manufacturers to offer products marketed under The Cheesecake Factory At Home ® mark, including our Famous “Brown Bread,” which is available in select retail stores nationwide.
North Italia is a modern interpretation of Italian cooking in the upscale casual dining segment.
North Italia strives to be a modern Italian restaurant with a neighborhood feel, offering classic Italian favorites with a fresh twist made from scratch daily.
−Removed: Contemporary design and décor elements including large dining rooms, high ceilings and open kitchen layouts coupled with a focus on exceptional hospitality and high-quality, personalized service creates a warm, lively atmosphere for guests to create memorable experiences.
+Added: Contemporary design and décor elements including large dining rooms, high ceilings and open kitchen layouts combined with a focus on exceptional hospitality and high-quality, personalized service creates a warm, lively atmosphere for guests to create memorable experiences.
The menu features a broad selection of delicious, handcrafted dishes including appetizers, salads, fresh pastas, pizzas and entrees, and each restaurant includes unique menu items tailored to local markets.
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The average check for each customer, including beverages and desserts, for fiscal 2025 averaged approximately $35.60 for lunch and approximately $45.21 for dinner.
−Removed: Our North Italia restaurants are generally open seven days a week for lunch, dinner and offer weekend brunch.
−Removed: Currently, we operate 43 North Italia restaurants.
+Added: Sales through the off-premise channel comprised approximately 13% of North Italia restaurant sales during fiscal 2025.
+Added: Our North Italia restaurants are generally open seven days a week for lunch and dinner and offer weekend brunch.
+Added: As of February 23, 2026, we operated 48 North Italia restaurants.
With Italian cuisine being one of the most popular ethnic food categories in the United States, coupled with strong national reception of the North Italia concept to-date, we believe there is potential for approximately 200 domestic locations over time, which supports our plan for approximately 20% average annual unit growth.
Average sales per location open for the full year for North Italia restaurants were approximately $7.6 million for fiscal 2025, or approximately $1,100 per productive square foot.
−Removed: We target an average North Italia unit size of 6,000 to 7,000 interior square feet and average total construction costs of approximately $800 per interior square foot.
−Removed: In fiscal years 2023 and 2024, we incurred higher construction costs, however we anticipate future costs to return to our targeted levels.
−Removed: Restaurant-level preopening costs for a typical location in an established market average approximately $0.6 million to $0.8 million and include all costs to relocate and compensate restaurant management staff members during the preopening period, costs to recruit and train hourly restaurant staff members, and wages, travel and lodging costs for our opening training team and other support staff members.
+Added: We target an average North Italia unit size of 6,000 to 7,000 interior square feet and average total construction costs of approximately $750 to $850 per interior square foot.
+Added: Restaurant-level preopening costs for a typical location in an established market average approximately $0.6 million to $0.8 million.
Flower Child operates in the fast casual dining segment, offering a customizable menu, made fresh from scratch, featuring locally-sourced, all-natural and organic ingredients.
−Removed: We believe Flower Child provides us an opportunity to diversify our portfolio in a strong and growing niche.
−Removed: Currently, we operate 38 Flower Child locations and believe there is potential for approximately 700 domestic locations over time, which supports our plan for approximately 20% average annual unit growth for this concept.
+Added: We believe Flower Child provides us an opportunity to diversify our portfolio in a strong and growing segment.
+Added: As of February 23, 2026, we operated 43 Flower Child locations and believe there is potential for approximately 700 domestic locations over time, which supports our plan for approximately 20% average annual unit growth for this concept.
Average sales per location open for the full year for the Flower Child restaurants were approximately $4.7 million for fiscal 2025, or approximately $1,300 per interior square foot.
−Removed: We target an average Flower Child unit size of 3,000 to 4,000 interior square feet and average total construction costs of approximately $750 per interior square foot.
+Added: We target an average Flower Child unit size of 3,000 to 4,000 interior square feet and average total construction costs of approximately $700 to $800 per interior square foot.
+Added: Sales through the off-premise channel comprised approximately 55% of Flower Child restaurant sales during fiscal 2025.
Fox Restaurant Concepts (“FRC”)
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Other FRC potential growth concepts include Culinary Dropout, The Henry and Blanco, which together with the other FRC brands, serve as an ecosystem for talent, menu and design development.
−Removed: Currently, we operate 49 Other FRC locations.
+Added: As of February 23, 2026, we operated 55 Other FRC locations.
We target approximately 10% to 15% average annual unit growth for the aggregate Other FRC portfolio, complemented by additional market tests of the potential growth concepts.
Average sales per location open for the full year for the Other FRC restaurants were approximately $6.7 million for fiscal 2025, or approximately $1,000 per interior square foot.
−Removed: We target an average FRC unit size of 3,500 to 15,000 interior square feet and average total construction costs of approximately $700 per interior square foot, depending on the concept.
+Added: We target an average FRC unit size of 6,000 to 8,000 interior square feet and average total construction costs of approximately $700 to $800 per interior square foot, depending on the concept.
Bakery Operations
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Our facility in California accommodates both production operations and corporate support personnel, while our facility in North Carolina houses production operations and a distribution center.
−Removed: We are evaluating beginning construction on a third bakery production facility in Charlestown, Indiana in fiscal 2025 or fiscal 2026.
+Added: We continue to evaluate a third bakery production facility in Charlestown, Indiana.
We produce approximately 60 varieties of proprietary cheesecakes and other baked desserts using high-quality ingredients for The Cheesecake Factory restaurants and for international licensees and third-party customers.
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We also leverage The Cheesecake Factory brand identity and utilize our bakery production capacity by selling cheesecakes and other baked products to external foodservice operators, retailers and distributors.
−Removed: Current large-account customers include retail and supermarkets, foodservice distributors and operators, a national retail bookstore, other restaurants and national warehouse clubs.
−Removed: Items produced for outside accounts are marketed under The Cheesecake Factory At Home ® and The Cheesecake Factory Bakery ® marks, as well as private labels.
+Added: Current customers include retail and supermarkets, foodservice distributors and operators, a national retail bookstore, other restaurants and national warehouse clubs.
+Added: We produce retail and foodservices items for outside accounts, which are marketed under The Cheesecake Factory At Home ® and The Cheesecake Factory Bakery ® marks, as well as private labels.
We sell baked goods internationally in approximately 25 countries under The Cheesecake Factory At Home ® mark.
−Removed: Offering our cheesecakes and other baked desserts internationally is important to our branding, creating awareness and driving demand for both our bakery products and the international expansion of our restaurants.
Human Capital
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We believe our efforts to build and maintain a strong culture have contributed to two notable recognitions in 2025.
−Removed: We were named to the FORTUNE 100 Best Companies to Work For ® list for an eleventh consecutive year and the PEOPLE Companies that Care ® list for a fourth consecutive year.
+Added: We were named to the FORTUNE 100 Best Companies to Work For ® list for a twelfth consecutive year and the PEOPLE Companies that Care ® list for a fifth consecutive year.
Development and Training
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Total Rewards
−Removed: We offer healthcare benefits to our hourly staff members who work a minimum of 25 hours per week, on average.
−Removed: We provide a competitive suite of benefits and wellness offerings.
+Added: We offer healthcare benefits to our hourly staff members who work a minimum of 25 hours per week, on average, providing a competitive suite of benefits and wellness offerings.
The Cheesecake Factory and North Italia staff, as well as our bakery and corporate teams, have paid sick time available to them starting at hire and are eligible to earn vacation time.
Employee Engagement
−Removed: As of December 31, 2024, we employed approximately 47,900 people, with approximately 46,350 in our restaurants and the remainder in our corporate support center, FRC headquarters and bakery operations.
+Added: As of December 30, 2025, we employed approximately 48,400 people, with approximately 47,075 in our restaurants and the remainder in our corporate support center, FRC headquarters and bakery facilities.
We believe that engaging our workforce is a key factor in our business success and in turn, have developed programs to promote enthusiasm and commitment.
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Purchasing and Distribution
−Removed: Our purchasing philosophy is designed to procure quality ingredients, supplies and services for our operations from reliable sources consistent with our sustainability goals.
+Added: Our purchasing philosophy is designed to procure quality ingredients, supplies and services from reliable sources consistent with our sustainability goals.
In order to maximize purchasing efficiencies and to obtain the freshest ingredients that meet our required standards, each restaurant’s management determines the quantities of food and supplies needed for their location and orders the items from local, regional, national and international suppliers based upon specifications determined and terms negotiated at a corporate level.
−Removed: We strive to maintain restaurant-level inventories at a minimum dollar level in relation to sales due to
−Removed: the relatively rapid turnover of the perishable commodities we use in our operations, coupled with the limited storage space at our restaurants.
+Added: We strive to maintain restaurant-level inventories at a minimum dollar level in relation to sales due to our relatively rapid use of perishable commodities and limited storage space at our restaurants.
The cost of products and services used in our operations are subject to volatility due to the relative availability of labor and distribution, weather, natural disasters, inventory levels and other supply and/or demand impacting events such as geopolitical events, economic conditions, public health emergencies or other unforeseen circumstances.
−Removed: Adverse weather conditions and natural disasters may further exacerbate a number of these factors.
In recent years, we were impacted by geopolitical and macroeconomic events, causing supply chain challenges and significantly increased commodity prices.
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Historically, we have not used significant paid national advertising through television, radio or print, nor significant discounting for on-premise dining occasions.
−Removed: We utilize a social media and digital marketing strategy that allows us to engage regularly with our customers outside of our restaurants, including communication and paid advertising on social media platforms such as Instagram ® and Facebook ® , influencer marketing, Google advertising and direct email to customers.
+Added: We utilize a social media and digital marketing strategy that allows us to engage regularly with our customers outside of our restaurants, including communication and paid advertising on social media platforms such as Instagram ® and TikTok ® , influencer marketing, Google advertising and direct email to customers.
We launched our Cheesecake Rewards ® program nationally in mid-2023 with the objective to leverage data analytics and insights to engage more effectively with our guests and drive incremental sales while maintaining our restaurant level margins.
+Added: Since launch, the program has supported more targeted guest communications and strengthened our ability to tailor offers to our guests based upon their behaviors.
+Added: We continue to refine the program’s capabilities and analytical tools to enhance its effectiveness and support guest engagement across our digital platforms.
Public relations is another important aspect of our marketing approach, and we frequently appear on local and national television in connection with a variety of promotional opportunities, such as National Cheesecake Day, to perform cooking demonstrations and other brand-building exposure.
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To raise awareness in the off-premise channel, we execute marketing campaigns with our third-party delivery provider and through our online ordering platform.
−Removed: In addition, we work with several premiere third-party gift card distributors,
−Removed: contributing to our brand awareness and gift card sales, as well as our consumer packaged goods licensees on co-branded marketing campaigns.
+Added: In addition, we work with several premiere third-party gift card distributors, contributing to our brand awareness and gift card sales, as well as our consumer packaged goods licensees on co-branded marketing campaigns.
North Italia, Flower Child and Other FRC
−Removed: North Italia, Flower Child and Other FRC execute localized marketing programs focused on awareness, frequency and brand engagement through a variety of channels, including store-level marketing, public relations, in-store events, digital advertising, email programs and social media.
−Removed: Each restaurant is positioned as an individual brand with a neighborhood connection.
−Removed: Additionally, the restaurant interiors and exteriors are utilized for brand engagement and messaging through art and graphics, creating an important part of a brand experience for the customer.
+Added: North Italia, Flower Child and the Other FRC concepts utilize a localized marketing approach focused on increasing awareness, frequency and brand engagement through a variety of channels, including store-level marketing, public relations, in-store events, digital advertising, email programs and social media.
+Added: Each restaurant is positioned as an individual brand with a neighborhood connection, which is further reinforced through design elements tailored to each market.
+Added: For example, restaurant interiors and exteriors incorporate art, decor and graphics such as location-specific wall murals to reflect the surrounding community.
+Added: In addition to these design elements, the concepts utilize a range of market-specific efforts, including locally hosted events, targeted regional marketing campaigns across digital and traditional channels and community partnerships aligned with the neighborhoods they serve.
+Added: Marketing programs are managed within brand guidelines that support consistent execution while allowing appropriate flexibility for location-specific initiatives.
+Added: Together, these efforts are intended to deepen guest engagement, strengthen brand affinity and sustain awareness across each market.
Seasonality and Quarterly Results
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Food Safety and Quality Assurance
−Removed: Our food safety processes and systems are designed to mitigate the risk of contamination and illness and to ensure compliance with regulatory requirements as well as industry standards.
+Added: Our food safety processes and systems are designed to mitigate the risk of contamination and illness and to ensure compliance with regulatory requirements, such as nutritional disclosure requirements, as well as industry standards.
Adherence is monitored through routine restaurant management reviews, third-party health inspection/food safety audits and regulatory agency inspections.
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Our restaurants and bakery facilities are subject to regulatory guidelines required for conducting and managing ingredient and product traceability.
−Removed: We utilize a web-based solution to efficiently contact our restaurants and monitor progress in the event of a product withdrawal or recall.
−Removed: Web-based solutions are also used for tracking regulatory compliance and implementing corrective actions
+Added: We utilize a web-based solution that is designed to enable us to efficiently contact our restaurants and monitor progress in the event of a product withdrawal or recall.
+Added: Web-based solutions are also used for tracking internal program performance and implementing corrective actions.
In selecting suppliers, we utilize key performance indicators relating to sanitation, operations and facility management, good manufacturing and agricultural practices, product protection, government inspections and compliance, recovery and food security.
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We are also subject to various environmental regulations governing areas such as water usage, sanitation disposal and transportation mitigation.
−Removed: Our international business exposes us to additional laws and regulations, including, without limitation, antitrust and tax requirements, anti-boycott legislation, import/export and customs regulations and other international trade regulations, privacy laws that may differ from U.S.
−Removed: privacy laws, anti-terrorism laws and anti-corruption laws.
+Added: Our international business exposes us to additional laws and regulations, including, without limitation, antitrust and tax requirements, anti-boycott legislation, import/export and customs regulations and other international trade regulations, privacy laws that may differ from those in the United States, anti-terrorism laws and anti-corruption laws.
As a provider of food products, we are subject to a comprehensive regulatory framework that governs the manufacture (including composition and ingredients), labeling, packaging and safety of food.
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He is also a director of our Foundation.
−Removed: Carango, age 63, serves as President of The Cheesecake Factory Bakery Incorporated, our bakery subsidiary.
−Removed: Carango joined our bakery operations in 1996 to lead manufacturing and provide continuous improvement to the bakery operation.
−Removed: In his most recent role of Senior Vice President and Chief Operating Officer, he oversaw strategic planning, supply chain, manufacturing, distribution, human resources, quality assurance and finance.
−Removed: Prior to joining the Company, he held manufacturing and finance roles at Frito-Lay, Inc.
−Removed: and Prince Foods.
+Added: Alex, age 62, serves as our Executive Vice President Operations of --The Cheesecake Factory Restaurants, Inc.
+Added: Alex joined our Company in 1989 as a restaurant manager and has held operational positions, including General Manager, Area Director of Operations, Regional Vice President, and Senior Vice President of Operations prior to his appointment as Executive Vice President Operations.
Scarlett May, age 59, serves as our Executive Vice President, General Counsel and Secretary.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.