CHEESECAKE FACTORY INC 10-Q

Item 1. Financial Statements. THE CHEESECAKE FACTORY INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ (Unaudited) ​ ​ ASSETS ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 195,170 ​ $ 215,729 Accounts and other receivables ​ ​ 86,444 ​ ​ 109,718 Income taxes receivable ​ 28,047 ​ 20,702 Inventories ​ 50,514 ​ 53,969 Prepaid expenses ​ 58,611 ​ 54,710 Total current assets ​ 418,786 ​ 454,828 Property and equipment, net ​ 903,980 ​ 869,696 Other assets: ​ ​ ​ ​ ​ ​ Intangible assets, net ​ 252,036 ​ 251,806 Operating lease assets ​ 1,470,804 ​ 1,444,753 Other ​ ​ 248,568 ​ ​ 240,589 Total other assets ​ ​ 1,971,408 ​ ​ 1,937,148 Total assets ​ $ 3,294,174 ​ $ 3,261,672 ​ ​ ​ ​ ​ ​ ​ LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 70,672 ​ $ 62,714 Gift card liabilities ​ 183,451 ​ 212,859 Operating lease liabilities ​ ​ 172,029 ​ ​ 167,348 Other accrued expenses ​ ​ 287,424 ​ ​ 265,275 Current portion of long-term debt ​ ​ — ​ ​ 68,815 Total current liabilities ​ ​ 713,576 ​ ​ 777,011 ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ 562,895 ​ 561,259 Operating lease liabilities ​ 1,346,092 ​ 1,332,413 Other noncurrent liabilities ​ ​ 152,653 ​ ​ 154,562 Total liabilities ​ ​ 2,775,216 ​ ​ 2,825,245 Commitments and contingencies (Note 7) ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ ​ ​ ​ Preferred stock, $ .01 par value, 5,000,000 shares authorized; none issued ​ ​ — ​ ​ — Common stock, $ .01 par value, 250,000,000 shares authorized; 110,177,029 shares issued and 49,775,548 shares outstanding at June 30, 2026 and 109,546,812 shares issued and 49,635,893 shares outstanding at December 30, 2025 ​ ​ 1,102 ​ ​ 1,095 Additional paid-in capital ​ 1,031,324 ​ 1,008,155 Retained earnings ​ 1,501,233 ​ 1,412,942 Treasury stock inclusive of excise tax, 60,401,481 and 59,910,919 shares at cost at June 30, 2026 and December 30, 2025, respectively ​ ( 2,013,212 ) ​ ( 1,984,722 ) Accumulated other comprehensive loss ​ ( 1,489 ) ​ ( 1,043 ) Total stockholders’ equity ​ 518,958 ​ 436,427 Total liabilities and stockholders’ equity ​ $ 3,294,174 ​ $ 3,261,672 ​ See the accompanying notes to the condensed consolidated financial statements. 1 Table of Contents THE CHEESECAKE FACTORY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ June 30, 2026 ​ July 1, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 1,029,633 ​ $ 955,825 ​ $ 2,008,466 ​ $ 1,883,022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Food and beverage costs ​ 223,847 ​ 205,843 ​ ​ 436,097 ​ ​ 408,104 Labor expenses ​ 351,475 ​ 333,519 ​ ​ 699,244 ​ ​ 664,594 Other operating costs and expenses ​ 272,688 ​ 255,722 ​ ​ 537,041 ​ ​ 502,147 General and administrative expenses ​ 65,592 ​ 58,778 ​ ​ 129,523 ​ ​ 118,710 Depreciation and amortization expenses ​ 29,103 ​ 26,860 ​ ​ 57,087 ​ ​ 52,942 Impairment of assets and lease termination expenses ​ ​ 124 ​ ​ 222 ​ ​ 953 ​ ​ 600 Acquisition-related contingent consideration, compensation and amortization expenses ​ ​ 1,235 ​ ​ 1,012 ​ ​ 2,437 ​ ​ 2,010 Preopening costs ​ 6,961 ​ 9,047 ​ ​ 12,431 ​ ​ 17,134 Total costs and expenses ​ 951,025 ​ 891,003 ​ ​ 1,874,813 ​ ​ 1,766,241 Income from operations ​ 78,608 ​ 64,822 ​ ​ 133,653 ​ ​ 116,781 Interest expense, net ​ ( 2,057 ) ​ ( 2,873 ) ​ ​ ( 4,052 ) ​ ​ ( 5,201 ) Loss on extinguishment of debt ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 15,891 ) Other income, net ​ ​ 352 ​ ​ 280 ​ ​ 653 ​ ​ 1,023 Income before income taxes ​ 76,903 ​ 62,229 ​ ​ 130,254 ​ ​ 96,712 Income tax provision ​ 8,509 ​ 7,417 ​ ​ 12,312 ​ ​ 8,959 Net income ​ $ 68,394 ​ $ 54,812 ​ $ 117,942 ​ $ 87,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 1.47 ​ $ 1.18 ​ $ 2.53 ​ $ 1.87 Diluted (Note 10) ​ $ 1.41 ​ $ 1.14 ​ $ 2.43 ​ $ 1.80 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ 46,628 ​ 46,391 ​ ​ 46,606 ​ ​ 46,958 Diluted ​ 48,490 ​ 48,102 ​ ​ 48,446 ​ ​ 48,679 ​ See the accompanying notes to the condensed consolidated financial statements. ​ 2 Table of Contents THE CHEESECAKE FACTORY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ ​ Weeks Ended ​ ​ Weeks Ended ​ Weeks Ended ​ ​ ​ Weeks Ended ​ ​ June 30, 2026 ​ July 1, 2025 ​ ​ June 30, 2026 ​ ​ July 1, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 68,394 ​ $ 54,812 ​ $ 117,942 ​ $ 87,753 Other comprehensive (loss)/gain: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ( 243 ) ​ 616 ​ ​ ( 446 ) ​ ​ 626 Other comprehensive (loss)/gain ​ ( 243 ) ​ 616 ​ ​ ( 446 ) ​ ​ 626 Total comprehensive income ​ $ 68,151 ​ $ 55,428 ​ $ 117,496 ​ $ 88,379 ​ See the accompanying notes to the condensed consolidated financial statements. ​ 3 Table of Contents THE CHEESECAKE FACTORY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In thousands, except per share data) (Unaudited) For the twenty-six weeks ended June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ Other ​ ​ ​ ​ Common Stock ​ Paid-in ​ Retained ​ Treasury ​ Comprehensive ​ ​ ​ ​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Capital ​ ​ ​ Earnings ​ ​ ​ Stock ​ ​ ​ Loss ​ ​ ​ Total Balance, December 30, 2025 ​ 109,547 ​ $ 1,095 ​ $ 1,008,155 ​ $ 1,412,942 ​ $ ( 1,984,722 ) ​ $ ( 1,043 ) ​ $ 436,427 Net income ​ — ​ ​ — ​ ​ — ​ ​ 49,548 ​ ​ — ​ ​ — ​ ​ 49,548 Foreign currency translation adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 203 ) ​ ​ ( 203 ) Cash dividends declared common stock, net of forfeitures, $ 0.30 per share ​ — ​ ​ — ​ ​ — ​ ​ ( 14,685 ) ​ ​ — ​ ​ — ​ ​ ( 14,685 ) Stock-based compensation ​ 472 ​ ​ 5 ​ ​ 7,062 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,067 Common stock issued under stock-based compensation plans ​ 6 ​ ​ — ​ ​ 241 ​ ​ — ​ ​ — ​ ​ — ​ ​ 241 Treasury stock purchases, inclusive of excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 19,169 ) ​ ​ — ​ ​ ( 19,169 ) Balance, March 31, 2026 ​ 110,025 ​ $ 1,100 ​ $ 1,015,458 ​ $ 1,447,805 ​ $ ( 2,003,891 ) ​ $ ( 1,246 ) ​ $ 459,226 Net income ​ — ​ ​ — ​ ​ — ​ ​ 68,394 ​ ​ — ​ ​ — ​ ​ 68,394 Foreign currency translation adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 243 ) ​ ​ ( 243 ) Cash dividends declared common stock, net of forfeitures, $ 0.30 per share ​ — ​ ​ — ​ ​ — ​ ​ ( 14,966 ) ​ ​ — ​ ​ — ​ ​ ( 14,966 ) Stock-based compensation, net of forfeitures ​ ( 3 ) ​ ​ — ​ ​ 8,815 ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,815 Common stock issued under stock-based compensation plans ​ 155 ​ ​ 2 ​ ​ 7,042 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,044 Treasury stock purchases, inclusive of excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 9,321 ) ​ ​ — ​ ​ ( 9,321 ) Other ​ — ​ ​ — ​ ​ 9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 9 Balance, June 30, 2026 ​ 110,177 ​ $ 1,102 ​ $ 1,031,324 ​ $ 1,501,233 ​ $ ( 2,013,212 ) ​ $ ( 1,489 ) ​ $ 518,958 ​ For the twenty-six weeks ended July 1, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ Common Stock ​ Paid-in ​ Retained ​ Treasury ​ Comprehensive ​ ​ ​ ​ ​ Shares ​ ​ ​ Amount ​ Capital ​ Earnings ​ Stock ​ (Loss)/Income ​ Total Balance, December 31, 2024 ​ 108,388 ​ $ 1,084 ​ $ 956,107 ​ $ 1,317,828 ​ $ ( 1,829,953 ) ​ $ ( 1,611 ) ​ $ 443,455 Net income ​ — ​ ​ — ​ ​ — ​ ​ 32,941 ​ ​ — ​ ​ — ​ ​ 32,941 Foreign currency translation adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 10 ​ ​ 10 Cash dividends declared common stock, net of forfeitures, $ 0.27 per share ​ — ​ ​ — ​ ​ — ​ ​ ( 13,081 ) ​ ​ — ​ ​ — ​ ​ ( 13,081 ) Stock-based compensation ​ 574 ​ ​ 6 ​ ​ 7,629 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,635 Common stock issued under stock-based compensation plans ​ 230 ​ ​ 2 ​ ​ 10,801 ​ ​ — ​ ​ — ​ ​ — ​ ​ 10,803 Treasury stock purchases, inclusive of excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ( 142,358 ) ​ ​ — ​ ​ ( 142,358 ) Balance, April 1, 2025 ​ 109,192 ​ $ 1,092 ​ $ 974,537 ​ $ 1,337,688 ​ $ ( 1,972,311 ) ​ $ ( 1,601 ) ​ $ 339,405 Net income ​ — ​ ​ — ​ ​ — ​ ​ 54,812 ​ ​ — ​ ​ — ​ ​ 54,812 Foreign currency translation adjustment ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 616 ​ ​ 616 Cash dividends declared common stock, net of forfeitures, $ 0.27 per share ​ — ​ ​ — ​ ​ — ​ ​ ( 13,338 ) ​ ​ — ​ ​ — ​ ​ ( 13,338 ) Stock-based compensation, net of forfeitures ​ ( 17 ) ​ ​ — ​ ​ 7,248 ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,248 Common stock issued under stock-based compensation plans ​ 274 ​ ​ 2 ​ ​ 12,178 ​ ​ — ​ ​ — ​ ​ — ​ ​ 12,180 Treasury stock purchases, inclusive of excise tax ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 25 ​ ​ — ​ ​ 25 Balance, July 1, 2025 ​ 109,449 ​ $ 1,094 ​ $ 993,963 ​ $ 1,379,162 ​ $ ( 1,972,286 ) ​ $ ( 985 ) ​ $ 400,948 ​ See the accompanying notes to the condensed consolidated financial statements. ​ ​ 4 Table of Contents THE CHEESECAKE FACTORY INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 Cash flows from operating activities: ​ ​ ​ ​ ​ ​ Net income ​ $ 117,942 ​ $ 87,753 Adjustments to reconcile net income to cash provided by operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization expenses ​ ​ 57,087 ​ ​ 52,942 Impairment of assets and lease termination expenses ​ 344 ​ 236 Loss on debt extinguishment ​ ​ — ​ ​ 15,891 Deferred income taxes ​ 8,144 ​ 2,239 Stock-based compensation ​ ​ 15,775 ​ ​ 14,770 Payment of deferred consideration and compensation in excess of acquisition-date fair value ​ ​ ( 13,229 ) ​ ​ ( 8,714 ) Changes in assets and liabilities: ​ ​ ​ ​ ​ ​ Accounts and other receivables ​ ​ 32,330 ​ ​ 25,127 Income taxes receivable/payable ​ ( 7,345 ) ​ 1,910 Inventories ​ 3,451 ​ ( 1,882 ) Prepaid expenses ​ ( 3,931 ) ​ ( 3,503 ) Operating lease assets/liabilities ​ ( 7,612 ) ​ ( 18,021 ) Other assets ​ ​ ( 14,530 ) ​ ​ ( 8,294 ) Accounts payable ​ 6,371 ​ ( 2,165 ) Gift card liabilities ​ ( 29,403 ) ​ ( 30,523 ) Other accrued expenses ​ ​ 23,536 ​ ​ 7,997 Cash provided by operating activities ​ 188,930 ​ 135,763 Cash flows from investing activities: ​ ​ ​ ​ ​ ​ Additions to property and equipment ​ ( 86,307 ) ​ ( 84,365 ) Additions to intangible assets ​ ( 588 ) ​ ( 537 ) Cash used in investing activities ​ ( 86,895 ) ​ ( 84,902 ) Cash flows from financing activities: ​ ​ ​ ​ ​ ​ Repayments on credit facility ​ ​ — ​ ​ ( 110,000 ) Proceeds from long-term convertible debt ​ ​ — ​ ​ 575,000 Repayment on long-term convertible debt, including premium on extinguishment ​ ​ ( 68,992 ) ​ ​ ( 289,800 ) Issuance costs associated with long-term debt ​ ​ ( 1,350 ) ​ ​ ( 16,503 ) Proceeds from exercise of stock options ​ ​ 7,285 ​ ​ 22,983 Common stock dividends paid ​ ( 29,914 ) ​ ( 26,810 ) Treasury stock purchases, inclusive of excise tax ​ ( 29,364 ) ​ ( 141,490 ) Cash (used in)/provided by financing activities ​ ( 122,335 ) ​ 13,380 Foreign currency translation adjustment ​ ( 259 ) ​ 346 Net change in cash and cash equivalents ​ ​ ( 20,559 ) ​ ​ 64,587 Cash and cash equivalents at beginning of period ​ 215,729 ​ 84,176 Cash and cash equivalents at end of period ​ $ 195,170 ​ $ 148,763 ​ ​ ​ ​ ​ ​ ​ Supplemental disclosures: ​ ​ ​ ​ ​ ​ Interest paid ​ $ 6,567 ​ $ 2,184 Income taxes paid (1) ​ $ 16,479 ​ $ 5,373 Construction payable ​ $ 31,370 ​ $ 19,443 (1) Pursuant to ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, income taxes paid for fiscal 2026 are presented net of refunds received. Prior year disclosures are presented under previous guidance. ​ See the accompanying notes to the condensed consolidated financial statements. ​ ​ 5 Table of Contents THE CHEESECAKE FACTORY INCORPORATED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of The Cheesecake Factory Incorporated and its wholly owned subsidiaries (referred to herein collectively as the “Company,” “we,” “us” and “our”) and are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All intercompany accounts and transactions for the periods presented have been eliminated in consolidation. The unaudited financial statements presented herein include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for the fair statement of the financial condition, results of operations and cash flows for the period. However, these results are not necessarily indicative of results that may be achieved for any other interim period or for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 30, 2025 (“Annual Report”) filed with the SEC on February 23, 2026. We utilize a 52/53-week fiscal year ending on the Tuesday closest to December 31 for financial reporting purposes. Fiscal year 2026 consists of 52 weeks and will end on December 29, 2026. Fiscal year 2025 ended on December 30, 2025 and was also a 52 -week year. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from these estimates. Geopolitical and Other Macroeconomic Impacts to our Operating Environment In recent years, our operating results have been impacted by geopolitical and macroeconomic events, causing supply chain challenges and significantly increased commodity and wage inflation. Our commodity and wage inflationary environment began returning to more historical levels in fiscal 2024. The impact of ongoing geopolitical and macroeconomic events, including evolving government policies and global trade and tariff dynamics, could lead to issues such as 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. For more information regarding the risks to our business relating to the geopolitical and macroeconomic events, see Part II, Item 1A of this report “Risk Factors,” and “Risk Factors” in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 30, 2025. Recent Accounting Pronouncements Recently Adopted Accounting Standards In November 2024, the FASB issued ASU 2024-04, Debt - Debt with Conversion and Other Options (Topic 470): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The ASU also clarifies that the induced conversion guidance applies to a convertible debt instrument that is not currently convertible as long as it had a substantive conversion feature as of both its issuance date and the date the inducement offer is accepted. The amendment is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The amendment should be applied prospectively. However, retrospective application is permitted. We adopted this ASU in the first quarter of fiscal 2026 using the prospective transition method, and adoption did not have a material impact on our consolidated financial statements. 6 Table of Contents In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This ASU is effective for annual reporting periods beginning after December 15, 2025, and for interim periods within those annual reporting periods, with early adoption permitted. The amendments in the ASU should be applied prospectively. We adopted this ASU in the first quarter of fiscal 2026 using the practical expedient, and adoption did not have a material impact on our consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which amends certain aspects of the accounting and disclosure for internal-use software costs. The ASU removes all references to prescriptive and sequential software development stages. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project and it is probable that the project will be completed and the software will be used for its intended purpose. The amendments in this ASU are effective for fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments can be applied prospectively, retrospectively, or via a modified prospective transition method. We adopted this ASU in the first quarter of fiscal 2026 using the prospective transition method and adoption did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires more detailed disclosures of certain categories of expenses such as inventory purchases, employee compensation and depreciation that are components of existing expense captions presented on the face of the income statement. The amendment is effective for fiscal years beginning after December 15, 2026. Early adoption is permitted. The amendment should be applied prospectively. However, retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on our disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The standard is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. Management is currently evaluating this ASU to determine its impact on our disclosures. In May 2026, the FASB issued ASU 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which is intended to improve the accounting for and disclosure of environmental credits and related obligations by establishing consistent guidance for recognition, measurement, presentation, and disclosure. The ASU introduces a comprehensive model and requires enhanced disclosures to improve transparency and comparability. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and for interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period and should be applied on a retrospective basis. Management is currently evaluating this ASU to determine its impact on our consolidated financial statements. ​ 2. Fair Value Measurements Fair value measurements are estimated based on valuation techniques and inputs categorized as follows: ● Level 1: Quoted prices in active markets for identical assets or liabilities ● Level 2: Observable inputs other than quoted prices in active markets for identical assets and liabilities ● Level 3: Unobservable inputs in which little or no market activity exists, therefore requiring us to develop our own assumptions 7 Table of Contents The following tables present the components and classification of our assets and liabilities that are measured at fair value on a recurring basis (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 Assets/(Liabilities) ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified deferred compensation assets ​ $ 140,556 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ ​ ( 140,413 ) ​ ​ — ​ ​ — Acquisition-related contingent consideration and compensation liabilities ​ ​ — ​ ​ — ​ ​ ( 13,205 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 30, 2025 ​ ​ ​ ​ Level 1 ​ ​ ​ Level 2 ​ ​ ​ Level 3 Assets/(Liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-qualified deferred compensation assets ​ $ 126,142 ​ $ — ​ $ — Non-qualified deferred compensation liabilities ​ ​ ( 125,208 ) ​ ​ — ​ ​ — Acquisition-related contingent consideration and compensation liabilities ​ ​ — ​ ​ — ​ ​ ( 24,628 ) ​ The following table presents a reconciliation of the beginning and ending amounts of the fair value of the acquisition-related contingent consideration and compensation liabilities categorized as Level 3 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 24,628 ​ $ 20,155 Payment ​ ​ ( 13,229 ) ​ ​ ( 8,714 ) Change in fair value ​ 1,806 ​ 1,380 Ending balance ​ $ 13,205 ​ $ 12,821 ​ The fair value of the acquisition-related contingent consideration and compensation liability was based on estimated future revenues, margins and probability of achievement, recent performance, discount rate and has no minimum or maximum payment. During the first six months of fiscal 2026 and 2025, we made payments of $ 13.2 million and $ 8.7 million, respectively, per the Fox Restaurant Concepts LLC (“FRC”) acquisition agreement. The fair values of our cash and cash equivalents, accounts and other receivables, income taxes receivable, prepaid expenses, accounts payable, income taxes payable and other accrued liabilities approximate their carrying amounts due to their short duration. The fair value of our Revolver Facility (as defined below) approximates carrying value due to the variable interest rate. As of June 30, 2026, we had $ 575.0 million aggregate principal amount of convertible senior notes due 2030 (“2030 Notes”) outstanding. The estimated fair value of the 2030 Notes based on a market approach as of June 30, 2026, was approximately $ 731.4 million and was determined based on the estimated or actual bids and offers of the 2030 Notes in an over-the-counter market on the last business day of the reporting period. The increase in the fair value of the 2030 Notes was primarily due to an increase in our stock price from the date of the issuance of the 2030 Notes. See Note 5 for further discussion of the 2030 Notes. ​ 3. Inventories Inventories consisted of (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 30, 2025 Restaurant food and supplies ​ $ 26,685 ​ $ 28,736 Bakery finished goods and work in progress ​ 13,085 ​ 14,896 Bakery raw materials and supplies ​ 10,744 ​ 10,337 Total ​ $ 50,514 ​ $ 53,969 ​ ​ 8 Table of Contents 4. Gift Cards The following tables present information related to gift cards (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 Gift card liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 187,715 $ 199,855 ​ $ 212,859 $ 226,810 Activations ​ ​ 27,186 ​ ​ 29,471 ​ ​ 44,162 ​ ​ 50,144 Redemptions and breakage ​ ​ ( 31,450 ) ​ ​ ( 33,033 ) ​ ​ ( 73,570 ) ​ ​ ( 80,661 ) Ending balance $ 183,451 $ 196,293 ​ $ 183,451 $ 196,293 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 Gift card contract assets: (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance $ 16,833 $ 17,080 ​ $ 17,958 $ 18,447 Deferrals ​ ​ 2,592 ​ ​ 2,833 ​ ​ 4,943 ​ ​ 5,201 Amortization ​ ​ ( 3,510 ) ​ ​ ( 3,624 ) ​ ​ ( 6,986 ) ​ ​ ( 7,359 ) Ending balance $ 15,915 $ 16,289 ​ $ 15,915 $ 16,289 (1) Included in prepaid expenses on the condensed consolidated balance sheets. ​ 5. Debt Revolving Credit Facility On March 26, 2026, we entered into a Fifth Amended and Restated Loan Agreement (the “Loan Agreement” and the revolving credit facility provided thereunder, the “Revolver Facility”). The Revolver Facility, which matures on March 26, 2031, provides us with revolving loan commitments that total $ 400 million, of which $ 85 million may be used for issuances of letters of credit and $ 10 million for swingline loans. The Revolver Facility contains (i) a commitment increase feature that, subject to certain conditions precedent, could provide for an additional $ 200 million in revolving loan commitments and (ii) a feature that permits the letter of credit issuers thereunder to increase their letter of credit sublimits by $ 25 million in the aggregate. Our obligations under the Revolver Facility are unsecured. Certain of our material subsidiaries have guaranteed our obligations under the Revolver Facility on an unsecured basis. As of December 30, 2025, we had net availability for borrowings of $ 366.5 million, based on no outstanding debt balance and $ 33.5 million in standby letters of credit under the Revolver Facility. As of June 30, 2026, we had net availability for borrowings of $ 366.5 million, based on no outstanding debt balance and $ 33.5 million in standby letters of credit under the Revolver Facility. Under the Revolver Facility, we are subject to the following financial covenants as of the last day of each fiscal quarter: (i) a maximum ratio of net adjusted debt to earnings before interest, tax, depreciation and amortization and rent (“EBITDAR”) (the “Net Adjusted Leverage Ratio”) of 4.25 to 1.00 and (ii) a minimum ratio of EBITDAR to interest and rent expense (“EBITDAR Ratio”) of 1.90 to 1.00 . The Net Adjusted Leverage Ratio includes a rental expense multiplier of six . As of June 30, 2026, we were in compliance with all the foregoing covenants in effect at that date. Borrowings under the Loan Agreement bear interest, at the Company’s option, at a per annum rate equal to either: (i) (A) the forward-looking term rate based on secured overnight financing rate (“SOFR”) that is published by CME Group Benchmark Administration Limited (the “Term SOFR Rate”) plus (B) an applicable margin based on the Net Adjusted Leverage Ratio, ranging from 1.00 % to 1.50 %, or (ii) the sum of (A) the highest of (x) the rate of interest last quoted by The Wall Street Journal as the prime rate in effect in the United States, (y) the greater of the rate calculated by the Federal Reserve Bank of New York as the federal funds effective rate or the rate that is published by the Federal Reserve Bank of New York as the overnight bank funding rate, in either case, plus 0.50 %, and (z) the one-month Term SOFR Rate plus 1.00 %, plus (B) an applicable margin based on the Net Adjusted Leverage Ratio, ranging from 0.00 % to 0.50 %. The Company will also pay a variable fee based on the Net Adjusted Leverage Ratio, ranging 9 Table of Contents from 0.125 % to 0.225 %, on the daily amount of unused commitments under the Loan Agreement. Letters of credit bear fees that are equivalent to the interest rate margin that is applicable to revolving loans that bear interest at the Term SOFR Rate plus other customary fees charged by the issuing bank. We paid certain customary fees in conjunction with the Loan Agreement. We are also subject to customary events of default that, if triggered, could result in acceleration of the maturity of the Revolver Facility. Subject to certain exceptions, the Loan Agreement contains a number of covenants and restrictions that, among other things, restrict the Company’s and its subsidiaries’ ability to incur additional debt, pay dividends and make distributions, make certain investments and acquisitions, create liens, enter into agreements with affiliates, sell material assets, and merge or consolidate. 2030 Convertible Senior Notes On February 28, 2025, we issued $ 575.0 million of 2030 Notes. The net proceeds from the sale of the 2030 Notes were approximately $ 558.5 million after deducting issuance costs of $ 16.5 million. The 2030 Notes are senior, unsecured obligations and are (i) equal in right of payment with our existing and future senior, unsecured indebtedness; (ii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated to the 2030 Notes; (iii) effectively subordinated to our existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The 2030 Notes were issued pursuant to, and are governed by, an indenture (the “2030 Indenture”), dated as of February 28, 2025, between us and U.S. Bank Trust Company, National Association, as trustee (the “2030 Note Trustee”). The 2030 Notes accrue interest at a rate of 2.00 % per annum, payable semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2025. The 2030 Notes will mature on March 15, 2030, unless earlier repurchased, redeemed or converted. Before November 15, 2029, noteholders will have the right to convert their 2030 Notes only upon the occurrence of certain events, including but not limited to, the Company’s common stock trading above 130 % of the conversion price for a specific period, the 2030 Notes per $ 1,000 in principal amount trading below 98 % of the product of the trading price of the Company’s common stock and the conversion rate for a specific period, and certain fundamental changes to corporate structure. From and after November 15, 2029, noteholders may convert their 2030 Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. We will have the right to elect to settle conversions either entirely in cash or in a combination of cash and shares of our common stock. The kind and amount of consideration due upon conversion will be determined based on the conversion value of the 2030 Notes, measured proportionately for each trading day in an “Observation Period” (as defined in the 2030 Indenture) consisting of 35 trading days, and settled following the completion of that Observation Period. The consideration due in respect of each trading day in the Observation Period will consist of cash, up to at least the proportional amount of the principal amount being converted, and any excess of the proportional conversion value for that trading day that will not be settled in cash will be settled in shares of our common stock. The initial conversion rate is 14.1377 shares of our common stock per $ 1,000 principal amount of 2030 Notes, which represents an initial conversion price of approximately $ 70.73 per share of our common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events but will not be adjusted for regular quarterly dividends that do not exceed the dividend threshold (initially equal to $ 0.27 per share of common stock as defined in the 2030 Indenture). In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the 2030 Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. As of June 30, 2026, the conversion rate for the 2030 Notes was 14.1514 shares of common stock per $ 1,000 principal amount of the 2030 Notes, which represents a conversion price of approximately $ 70.66 per share of common stock. In connection with the cash dividend that was declared by our Board of Directors (“Board”) on July 23, 2026, we will, on August 11, 2026, adjust the conversion rate (which is expected to increase) and the conversion price (which is expected to decrease) of the 2030 Notes in accordance with the terms. The 2030 Notes are redeemable, in whole or in part (subject to certain limitations described below), at our option at any time, and from time to time, on or after March 20, 2028 and on or before the 35th scheduled trading day immediately before the maturity date, but only if (i) the notes are “Freely Tradable” (as defined in the 2030 Indenture), and all accrued and unpaid additional interest, if any, has been paid in full, as of the date we send the related redemption notice; and (ii) the last reported sale price per share of our common stock exceeds 130 % of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date we send such redemption notice; and (2) the trading day immediately before the date we send such redemption notice. However, we may not redeem less than all of the outstanding 2030 Notes unless at least $ 150.0 million aggregate principal amount of 2030 Notes are outstanding and not called for 10 Table of Contents redemption as of the time we send the related redemption notice. The redemption price will be a cash amount equal to the principal amount of the 2030 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. In addition, calling any 2030 Note for redemption will constitute a Make-Whole Fundamental Change with respect to that 2030 Note, in which case the conversion rate applicable to the conversion of that 2030 Note will be increased in certain circumstances if it is converted after it is called for redemption. If certain corporate events that constitute a “Fundamental Change” (as defined in the 2030 Indenture) occur, then, subject to a limited exception for certain cash mergers, noteholders may require us to repurchase their 2030 Notes at a cash repurchase price equal to the principal amount of the 2030 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. The definition of Fundamental Change includes certain business combination transactions involving us and certain de-listing events with respect to our common stock. The 2030 Notes have customary provisions relating to the occurrence of “Events of Default” (as defined in the 2030 Indenture), which include the following: (i) certain payment defaults on the 2030 Notes (which, in the case of a default in the payment of interest on the 2030 Notes, will be subject to a 30-day cure period); (ii) our failure to send certain notices under the 2030 Indenture within specified periods of time; (iii) our failure to comply with certain covenants in the 2030 Indenture relating to our ability to consolidate with or merge with or into, or sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of our assets and our subsidiaries, taken as a whole, to another person; (iv) a default by us in our other obligations or agreements under the 2030 Indenture or the 2030 Notes if such default is not cured or waived within 60 days after notice is given in accordance with the 2030 Indenture; (v) certain defaults by us or any of our significant subsidiaries with respect to indebtedness for borrowed money of at least $ 20.0 million; (vi) the rendering of certain judgments against us or any of our significant subsidiaries for the payment of at least $ 50.0 million, where such judgments are not discharged or stayed within 60 days after the date on which the right to appeal has expired or on which all rights to appeal have been extinguished; and (vii) certain events of bankruptcy, insolvency and reorganization involving us or our significant subsidiaries. If an Event of Default involving bankruptcy, insolvency or reorganization events with respect to us (and not solely with respect to our significant subsidiary) occurs, then the principal amount of, and all accrued and unpaid interest on, all of the 2030 Notes then outstanding will immediately become due and payable without any further action or notice by any person. If any other Event of Default occurs and is continuing, then, the 2030 Note Trustee, by notice to us, or noteholders of at least 25 % of the aggregate principal amount of 2030 Notes then outstanding, by notice to us and the 2030 Note Trustee, may declare the principal amount of, and all accrued and unpaid interest on, all of the 2030 Notes then outstanding to become due and payable immediately. However, notwithstanding the foregoing, we may elect, at our option, that the sole remedy for an Event of Default relating to certain failures by us to comply with certain reporting covenants in the 2030 Indenture consists exclusively of the right of the noteholders to receive special interest on the 2030 Notes for up to 180 days at a specified rate per annum not exceeding 0.50 % on the principal amount of the 2030 Notes. As of June 30, 2026, the 2030 Notes had a gross principal balance of $ 575.0 million and a balance of $ 562.9 million, net of unamortized issuance costs of $ 12.1 million. The net carrying value of the 2030 Notes is included in long-term debt within total liabilities on the condensed consolidated balance sheet. Total amortization expense was $ 0.8 million and $ 1.6 million during the thirteen and twenty-six weeks ended June 30, 2026, respectively, and was included in interest expense, net in the condensed consolidated statements of income. Total amortization expense was $ 0.8 million and $ 1.1 million during the thirteen and twenty-six weeks ended July 1, 2025, respectively. The effective interest rate for the 2030 Notes was 2.57 % as of June 30, 2026. 2026 Convertible Senior Notes On June 15, 2021, we issued $ 345.0 million of aggregate principal amount of convertible senior notes due 2026 (“2026 Notes”). The net proceeds from the sale of the 2026 Notes were approximately $ 334.9 million after deducting issuance costs of $ 10.1 million. On February 28, 2025, we used part of the net proceeds from the issuance of the 2030 Notes to repurchase approximately $ 276.0 million aggregate principal amount of the 2026 Notes in a privately-negotiated transaction for aggregate consideration of $ 289.8 million (the “2026 Note Repurchase Transaction”). The 2026 Note Repurchase Transaction was accounted for as a debt extinguishment. The 2026 Note Repurchase Transaction resulted in a $ 15.9 million loss on early debt extinguishment in the first quarter of fiscal 2025, of which $ 2.1 million consisted of unamortized issuance costs. During the second quarter of fiscal 2026, noteholders converted $ 0.1 million aggregate principal amount of the 2026 Notes, which we settled in cash, including payment of accrued interest. The 2026 Notes matured on June 15, 2026, and we repaid in cash the remaining outstanding principal balance of $ 68.9 million, together with all accrued interest. 11 Table of Contents The 2026 Notes were senior, unsecured obligations and were (i) equal in right of payment with our existing and future senior, unsecured indebtedness; (ii) senior in right of payment to our existing and future indebtedness that is expressly subordinated to the 2026 Notes; (iii) effectively subordinated to our existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The 2026 Notes were issued pursuant to, and were governed by, an indenture (the “Base Indenture”) between us and a trustee (“2026 Note Trustee”), dated as of June 15, 2021, as supplemented by a first supplemental indenture (the “Supplemental Indenture,” and the Base Indenture, as supplemented by the Supplemental Indenture, the “2026 Indenture”), dated as of June 15, 2021, between the Company and the 2026 Note Trustee. The 2026 Notes accrued interest at a rate of 0.375 % per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2021. Prior to maturity, the net carrying value of the 2026 Notes was included in current portion of long-term debt within total current liabilities on the condensed consolidated balance sheet. Total amortization expense was $ 0.1 million and $ 0.2 million during the thirteen and twenty-six weeks ended June 30, 2026, respectively. Total amortization expense was $ 0.1 million and $ 0.5 million during the thirteen and twenty-six weeks ended July 1, 2025, respectively. Prior to maturity, the effective interest rate for the 2026 Notes was 0.96 %. ​ 6. Leases Components of lease expense were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 Operating ​ $ 43,990 ​ $ 41,871 ​ $ 87,684 ​ $ 82,983 Variable ​ ​ 25,851 ​ ​ 24,102 ​ ​ 50,090 ​ ​ 46,934 Short-term ​ ​ 42 ​ ​ 43 ​ ​ 80 ​ ​ 82 Total ​ $ 69,883 ​ $ 66,016 ​ $ 137,854 ​ $ 129,999 ​ Supplemental information related to leases (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ ​ ​ June 30, 2026 ​ ​ July 1, 2025 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 86,661 ​ $ 95,254 Right-of-use assets obtained in exchange for new operating lease liabilities ​ ​ 56,034 ​ ​ 59,418 ​ ​ 12 Table of Contents 7. Commitments and Contingencies On December 11, 2023, a former restaurant hourly employee filed a class action lawsuit in the California Superior Court, County of San Diego, alleging that the Company violated the California Labor Code by failing to properly pay hourly wages and overtime, provide meal and rest periods, and furnish compliant wage statements, among other claims. The plaintiff also asserts claims under the California Private Attorneys General Act. Corona v. The Cheesecake Factory Restaurants, Inc., et al., Case No. 37-2023-00053498-CU-OE-CTL. The parties are scheduled to participate in voluntary mediation in September 2026, and if mediation is unsuccessful, we intend to vigorously defend against this action. Based upon the current status of this matter, we have reserved an immaterial amount. On February 16, 2024, a former restaurant hourly employee filed a class action lawsuit in the California Superior Court, County of Los Angeles, alleging that the Company violated the California Labor Code by failing to properly pay hourly wages and overtime, furnish compliant wage statements, and provide meal and rest periods. The plaintiff also asserts claims under the California Private Attorneys General Act. Davis v. North Restaurants, LLC, The Cheesecake Factory, Inc., et al., Case No. 24STCV04020. The parties participated in voluntary mediation on March 27, 2026; however, a resolution was not reached. A similar lawsuit covering a different time period was also filed in Los Angeles County on September 4, 2025. Mejia-Sian v. North Restaurants, LLC, et al., Case No. 25STCV32337. We intend to vigorously defend against these actions. Based upon the current status of this matter, we have reserved an immaterial amount. On June 7, 2024, the Internal Revenue Service issued its examination report for tax years 2015 through 2020 in which it proposed to disallow a portion of our depreciation deductions and domestic production activity deductions and to assess penalties. On August 12, 2024, we submitted protest memoranda indicating our disagreement with a majority of the findings in the examination report, and our case came under the jurisdiction of the Appeals Division (“Appeals”). Appeals conferences were held during fiscal 2025 and the matter was resolved for an immaterial amount in the second quarter of fiscal 2026. On April 27, 2026, the California Privacy Protection Agency filed a Notice of Privacy Act Inquiry with the Company, requesting information about the Company’s online privacy practices with respect to its recruiting website, mobile application tracking and marketing practices (the “Notice”). The Notice seeks information regarding the Company’s compliance with California Consumer Privacy Act and California Privacy Rights Act rights requests, consumer notices and opt-out practices. The Company has responded to the Notice and we intend to vigorously defend against this inquiry. Based upon the current status of this matter, we have reserved an immaterial amount. Within the ordinary course of our business, we are subject to private lawsuits, government audits and investigations, administrative proceedings and other claims. These matters typically involve claims from customers, staff members and others related to operational and employment issues common to the foodservice industry. A number of these claims may exist at any given time, and some of the claims may be pled as class actions. From time to time, we are also involved in lawsuits with respect to infringements of, or challenges to, our registered trademarks and other intellectual property, both domestically and abroad. We could be affected by adverse publicity and litigation costs resulting from such allegations, regardless of whether they are valid or whether we are legally determined to be liable. At this time, we believe that the amount of reasonably possible losses resulting from final disposition of any pending lawsuits, audits, investigations, proceedings and claims will not have a material adverse effect individually or in the aggregate on our financial position, results of operations or liquidity. It is possible, however, that our future results of operations for a particular quarter or fiscal year could be impacted by changes in circumstances relating to lawsuits, audits, proceedings or claims. Legal costs related to such claims are expensed as incurred. ​ 8. Stockholders’ Equity Common Stock – Dividends and Share Repurchases On April 23, 2026 , our Board declared a quarterly cash dividend of $ 0.30 per share which was paid on May 26, 2026 , to the stockholders of record of each share of our common stock at the close of business on May 13, 2026 . Future decisions to pay or to increase or decrease dividends are at the discretion of the Board and will be dependent on our operating performance, financial condition, capital expenditure requirements, limitations on cash distributions pursuant to the terms and conditions of the Loan 13 Table of Contents Agreement and applicable law, and such other factors that the Board considers relevant. (See Notes 5 and 12 for further discussion of our debt and dividends declared subsequent to June 30, 2026, respectively.) On February 12, 2026, our Board increased the authorization to repurchase our common stock by 5.0 million shares to 66.0 million shares. Under this authorization, we have cumulatively repurchased 60.4 million shares at a total cost of $ 2,012.1 million, excluding excise tax, through June 30, 2026, with 0.2 million shares and 0.5 million shares repurchased at a cost of $ 9.3 million and $ 28.5 million, excluding excise tax, during the thirteen and twenty-six weeks ended June 30, 2026, respectively. Our objectives with regard to share repurchases have been to offset the dilution to our shares outstanding that result from equity compensation grants and to supplement our earnings per share growth. Our share repurchase program does not have an expiration date, does not require us to purchase a specific number of shares and may be modified, suspended or terminated at any time. Share repurchases may be made from time to time in open market purchases, privately-negotiated transactions, accelerated share repurchase programs, issuer self-tender offers or otherwise. Future decisions to repurchase shares are at the discretion of the Board and are based on several factors, including current and forecasted operating cash flows, capital needs associated with new restaurant development and maintenance of existing locations, dividend payments, debt levels and cost of borrowing, obligations associated with the FRC acquisition agreement, our share price and current market conditions. The timing and number of shares repurchased are also subject to legal constraints and covenants under the Loan Agreement that limit share repurchases based on a defined ratio. (See Note 5 for further discussion of our debt.) ​ 9. Stock-Based Compensation We maintain stock-based incentive plans under which incentive stock options, non-qualified stock options, stock appreciation rights, restricted shares and restricted share units may be granted to staff members, consultants and non-employee directors. On March 26, 2025, our Board approved an amendment to our The Cheesecake Factory Incorporated Stock Incentive Plan (the “Plan”) to increase the number of shares of common stock authorized for issuance under the Plan by 6.0 million shares to 13.15 million shares from 7.15 million shares (the “Plan Amendment”). This Plan Amendment was approved by our stockholders at our 2025 annual meeting held on May 22, 2025. The following table presents information related to stock-based compensation, net of forfeitures (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Labor expenses ​ $ 2,852 ​ $ 2,542 ​ $ 5,625 ​ $ 4,979 Other operating costs and expenses ​ ​ 100 ​ ​ 101 ​ ​ 198 ​ ​ 200 General and administrative expenses ​ ​ 5,809 ​ ​ 4,546 ​ ​ 9,952 ​ ​ 9,591 Total stock-based compensation ​ ​ 8,761 ​ ​ 7,189 ​ ​ 15,775 ​ ​ 14,770 Income tax benefit ​ ​ 2,158 ​ ​ 1,759 ​ ​ 3,888 ​ ​ 3,629 Total stock-based compensation, net of taxes ​ $ 6,603 ​ $ 5,430 ​ $ 11,887 ​ $ 11,141 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capitalized stock-based compensation (1) ​ $ 54 ​ $ 59 ​ $ 107 ​ $ 113 (1) It is our policy to capitalize the portion of stock-based compensation costs for our internal development department that relates to capitalizable activities such as the design and construction of new restaurants, remodeling existing locations and equipment installation. Capitalized stock-based compensation is included in property and equipment, net on the consolidated balance sheets. 14 Table of Contents Stock Options We did not issue any stock options during the second quarter of fiscal 2026 and fiscal 2025. Stock option activity during the twenty-six weeks ended June 30, 2026 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ ​ Weighted- ​ Remaining ​ ​ ​ ​ ​ ​ Average ​ Contractual ​ Aggregate ​ ​ ​ ​ Shares ​ ​ ​ Exercise Price ​ ​ ​ Term ​ ​ ​ Intrinsic Value (1) ​ ​ (In thousands) ​ (Per share) ​ (In years) ​ (In thousands) Outstanding at December 30, 2025 ​ 471 ​ $ 41.08 ​ 4.1 ​ $ 4,203.7 Granted — ​ ​ — ​ ​ ​ ​ ​ Exercised ( 161 ) ​ ​ 45.19 ​ ​ ​ ​ ​ Forfeited or cancelled — ​ ​ — ​ ​ ​ ​ ​ Outstanding at June 30, 2026 ​ 310 ​ $ 38.93 ​ 5.0 ​ $ 12,562.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at June 30, 2026 245 ​ $ 39.64 ​ 4.4 ​ $ 9,762.7 (1) Aggregate intrinsic value is calculated as the difference between our closing stock price at fiscal period end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised their options on the fiscal period-end date. The total intrinsic value of options exercised during the thirteen and twenty-six weeks ended June 30, 2026 was $ 2.7 million and $ 2.8 million, respectively. The total intrinsic value of options exercised during the thirteen and twenty-six weeks ended July 1, 2025 was $ 2.8 million and $ 4.3 million, respectively. As June 30, 2026, total unrecognized stock-based compensation expense related to unvested stock options was $ 0.7 million, which we expect to recognize over a weighted-average period of approximately 2.4 years. Restricted Shares and Restricted Share Units Restricted share and restricted share unit activity during the twenty-six weeks ended June 30, 2026 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Average ​ ​ ​ ​ Shares ​ ​ ​ Fair Value ​ ​ (In thousands) ​ (Per share) Outstanding at December 30, 2025 3,176 ​ $ 41.31 Granted 527 ​ ​ 60.40 Vested ( 566 ) ​ ​ 42.82 Forfeited ( 58 ) ​ ​ 40.60 Outstanding at June 30, 2026 3,079 ​ $ 44.31 ​ Fair value of our restricted shares and restricted share units is based on our closing stock price on the date of grant. The weighted average fair value for restricted shares and restricted share units issued during the second quarter of fiscal 2026 and 2025 was $ 64.26 and $ 52.35 , respectively. The fair value of shares that vested during the thirteen and twenty-six weeks ended June 30, 2026 was $ 3.6 million and $ 24.2 million, respectively. The fair value of shares that vested during the thirteen and twenty-six weeks ended July 1, 2025 was $ 2.0 million and $ 24.4 million, respectively. As of June 30, 2026, total unrecognized stock-based compensation expense related to unvested restricted shares and restricted share units was $ 77.2 million, which we expect to recognize over a weighted-average period of approximately 2.8 years. ​ 15 Table of Contents 10. Net Income Per Share Basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period, reduced by unvested restricted stock awards. As of June 30, 2026 and July 1, 2025, an aggregate of 3.1 million and 3.2 million shares, of restricted stock and restricted stock units issued were unvested, respectively, and, therefore, excluded from the calculation of basic earnings per share for the fiscal periods ended on those dates. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock equivalents outstanding for the period. Common stock equivalents for the 2026 Notes and 2030 Notes are determined by application of the if-converted method, and common stock equivalents for outstanding stock options, restricted stock and restricted stock units are determined by application of the treasury stock method. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirteen ​ Thirteen ​ Twenty-Six ​ Twenty-Six ​ ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ Weeks Ended ​ ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ ​ June 30, 2026 ​ ​ ​ July 1, 2025 ​ ​ (In thousands, except per share data) Net income ​ $ 68,394 ​ $ 54,812 ​ $ 117,942 ​ $ 87,753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted-average shares outstanding ​ ​ 46,628 ​ ​ 46,391 ​ ​ 46,606 ​ ​ 46,958 Dilutive effect of equity awards (1) ​ ​ 1,862 ​ ​ 1,711 ​ ​ 1,840 ​ ​ 1,721 Diluted weighted-average shares outstanding ​ ​ 48,490 ​ ​ 48,102 ​ ​ 48,446 ​ ​ 48,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic net income per share ​ $ 1.47 ​ $ 1.18 ​ $ 2.53 ​ $ 1.87 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted net income per share ​ $ 1.41 ​ $ 1.14 ​ $ 2.43 ​ $ 1.80 (1) Shares of common stock equivalents related to outstanding stock options, restricted stock and restricted stock units of 0.5 million and 0.8 million for June 30, 2026, and July 1, 2025, respectively, were excluded from the diluted calculation due to their anti-dilutive effect. No shares of common stock equivalents related to the 2026 Notes or 2030 Notes were included in the diluted calculation due to their anti-dilutive effect. ​ 16 Table of Contents 11. Segment Information Our chief operating decision maker (“CODM”) is the Chief Executive Officer, President and Chief Financial Officer. Our CODM allocates resources and evaluates the performance of each operating segment based on the segment’s revenue and income/(loss) from operations, comparing actual results to historical and previously forecasted financial information. Significant expenses are expenses that are regularly provided to the CODM and are included in segment income/(loss). Our operating segments are aligned with our strategic priorities and are the businesses for which our CODM reviews discrete financial information for decision-making purposes. They are comprised of The Cheesecake Factory Restaurants, North Italia, Flower Child, the other FRC brands and our bakery division. Based on quantitative thresholds set forth in ASC 280, “Segment Reporting,” The Cheesecake Factory Restaurants, North Italia and the other FRC brands are the only businesses that meet the criteria of a reportable operating segment . The remaining operating segments (Flower Child and our bakery division) along with our businesses that do not qualify as operating segments are combined in Other. Unallocated corporate expenses, capital expenditures and assets are also combined in Other. Segment information is presented below (in thousands): For the thirteen weeks ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cheesecake ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Factory ​ North ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ Italia ​ ​ ​ FRC ​ ​ ​ Other ​ ​ ​ Total Revenues ​ $ 729,476 ​ $ 98,440 ​ $ 104,032 ​ $ 97,685 ​ $ 1,029,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Food and beverage costs ​ 158,674 ​ ​ 22,301 ​ ​ 23,187 ​ ​ 19,685 ​ ​ 223,847 Labor expenses ​ 237,383 ​ ​ 37,134 ​ ​ 39,319 ​ ​ 37,639 ​ ​ 351,475 Other operating costs and expenses ​ 186,371 ​ ​ 26,386 ​ ​ 31,242 ​ ​ 28,689 ​ ​ 272,688 General and administrative expenses ​ — ​ ​ — ​ ​ — ​ ​ 65,592 ​ ​ 65,592 Depreciation and amortization expenses ​ 17,526 ​ ​ 3,624 ​ ​ 3,598 ​ ​ 4,355 ​ ​ 29,103 Impairment of assets and lease termination expenses ​ 11 ​ ​ — ​ ​ 3 ​ ​ 110 ​ ​ 124 Acquisition-related contingent consideration, compensation and amortization expenses ​ — ​ ​ — ​ ​ 315 ​ ​ 920 ​ ​ 1,235 Preopening costs ​ 1,509 ​ ​ 2,255 ​ ​ 2,412 ​ ​ 785 ​ ​ 6,961 Total costs and expenses ​ 601,474 ​ ​ 91,700 ​ ​ 100,076 ​ ​ 157,775 ​ ​ 951,025 Income/(loss) from operations ​ $ 128,002 ​ $ 6,740 ​ $ 3,956 ​ $ ( 60,090 ) ​ $ 78,608 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 21,513 ​ $ 13,913 ​ $ 2,234 ​ $ 5,270 ​ $ 42,930 ​ 17 Table of Contents For the thirteen weeks ended July 1, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cheesecake ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Factory ​ North ​ Other ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ ​ ​ Italia ​ ​ ​ FRC ​ ​ ​ Other ​ ​ ​ Total Revenues ​ $ 683,257 ​ $ 90,830 ​ $ 90,178 ​ $ 91,560 ​ $ 955,825 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Food and beverage costs ​ 147,377 ​ ​ 19,835 ​ ​ 19,794 ​ ​ 18,837 ​ 205,843 Labor expenses ​ 231,241 ​ ​ 33,519 ​ ​ 33,445 ​ ​ 35,314 ​ 333,519 Other operating costs and expenses ​ 178,142 ​ ​ 24,057 ​ ​ 27,229 ​ ​ 26,294 ​ 255,722 General and administrative expenses ​ — ​ — ​ — ​ 58,778 ​ 58,778 Depreciation and amortization expenses ​ 16,196 ​ 3,074 ​ 3,264 ​ 4,326 ​ 26,860 Impairment of assets and lease termination expenses ​ 196 ​ — ​ 15 ​ 11 ​ 222 Acquisition-related contingent consideration, compensation and amortization expenses ​ — ​ — ​ 315 ​ 697 ​ 1,012 Preopening costs ​ 3,558 ​ 1,946 ​ 2,202 ​ 1,341 ​ 9,047 Total costs and expenses ​ 576,710 ​ 82,431 ​ 86,264 ​ 145,598 ​ 891,003 Income/(loss) from operations ​ $ 106,547 ​ $ 8,399 ​ $ 3,914 ​ $ ( 54,038 ) ​ $ 64,822 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 21,437 ​ $ 4,996 ​ $ 8,068 ​ $ 7,048 ​ $ 41,549 ​ For the twenty-six weeks ended June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cheesecake ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Factory ​ North ​ Other ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ Italia ​ FRC ​ Other ​ Total Revenues ​ $ 1,419,949 ​ $ 187,919 ​ $ 208,554 ​ $ 192,044 ​ $ 2,008,466 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Food and beverage costs ​ 309,832 ​ 42,565 ​ 46,219 ​ 37,481 ​ 436,097 Labor expenses ​ 475,737 ​ 70,555 ​ 78,488 ​ 74,464 ​ 699,244 Other operating costs and expenses ​ 366,668 ​ 51,103 ​ 61,906 ​ 57,364 ​ 537,041 General and administrative expenses ​ — ​ — ​ — ​ 129,523 ​ 129,523 Depreciation and amortization expenses ​ 34,696 ​ 6,818 ​ 6,963 ​ 8,610 ​ 57,087 Impairment of assets and lease termination expenses ​ 568 ​ — ​ 5 ​ 380 ​ 953 Acquisition-related contingent consideration, compensation and amortization expenses ​ — ​ — ​ 631 ​ 1,806 ​ 2,437 Preopening costs ​ 2,924 ​ 4,169 ​ 4,143 ​ 1,195 ​ 12,431 Total costs and expenses ​ 1,190,425 ​ 175,210 ​ 198,355 ​ 310,823 ​ 1,874,813 Income/(loss) from operations ​ $ 229,524 ​ $ 12,709 ​ $ 10,199 ​ $ ( 118,779 ) ​ $ 133,653 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 43,513 ​ $ 21,506 ​ $ 11,025 ​ $ 10,263 ​ $ 86,307 ​ 18 Table of Contents For the twenty-six weeks ended July 1, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cheesecake ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Factory ​ North ​ Other ​ ​ ​ ​ ​ ​ ​ ​ Restaurants ​ Italia ​ FRC ​ Other ​ Total Revenues ​ $ 1,355,991 ​ $ 174,240 ​ $ 177,602 ​ $ 175,189 ​ $ 1,883,022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Costs and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Food and beverage costs ​ 295,032 ​ 38,250 ​ 38,943 ​ 35,879 ​ 408,104 Labor expenses ​ 464,632 ​ 65,436 ​ 65,007 ​ 69,519 ​ 664,594 Other operating costs and expenses ​ 352,746 ​ 46,677 ​ 52,794 ​ 49,930 ​ 502,147 General and administrative expenses ​ — ​ — ​ — ​ 118,710 ​ 118,710 Depreciation and amortization expenses ​ 32,422 ​ 5,872 ​ 6,299 ​ 8,349 ​ 52,942 Impairment of assets and lease termination expenses ​ 271 ​ — ​ 315 ​ 14 ​ 600 Acquisition-related contingent consideration, compensation and amortization expenses ​ — ​ — ​ 631 ​ 1,379 ​ 2,010 Preopening costs ​ 4,908 ​ 4,626 ​ 4,995 ​ 2,605 ​ 17,134 Total costs and expenses ​ 1,150,011 ​ 160,861 ​ 168,984 ​ 286,385 ​ 1,766,241 Income/(loss) from operations ​ $ 205,980 ​ $ 13,379 ​ $ 8,618 ​ $ ( 111,196 ) ​ $ 116,781 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ $ 47,588 ​ $ 11,126 ​ $ 10,748 ​ $ 14,903 ​ $ 84,365 ​ The following table presents information related to segment assets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 30, 2025 Total assets: ​ ​ ​ ​ ​ ​ The Cheesecake Factory Restaurants ​ $ 1,518,985 ​ $ 1,636,027 North Italia ​ ​ 467,198 ​ ​ 441,827 Other FRC ​ 477,440 ​ 447,978 Other ​ 830,551 ​ 735,840 Total ​ $ 3,294,174 ​ $ 3,261,672 ​ ​ 12. Subsequent Events On July 23, 2026 , our Board declared a quarterly cash dividend of $ 0.30 per share to be paid on August 25, 2026 , to the stockholders of record of each share of our common stock at the close of business on August 11, 2026 . ​ ​ ​ 19 Table of Contents