The Cheesecake Factory Earnings Call Transcripts
Fiscal Year 2026
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Q1 results surpassed expectations with strong revenue, margin, and EPS growth, led by robust performance at The Cheesecake Factory and Flower Child. Guidance for 2026 anticipates continued growth, margin expansion, and up to 26 new restaurant openings, supported by menu innovation and digital engagement.
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The group leverages a diverse portfolio and strong brand engagement to drive industry-leading growth, with ambitious expansion plans for its core concepts and robust financial performance in 2025. Continued investment in innovation, digital engagement, and operational excellence supports a positive outlook for 2026.
Fiscal Year 2025
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Q4 and FY2025 saw record revenue and adjusted EPS, driven by strong new unit growth and operational execution. Margin expansion was achieved across all core brands, with robust liquidity and increased shareholder returns. FY2026 guidance anticipates continued growth and margin stability.
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The company is accelerating unit growth across a diverse portfolio, with strong new restaurant openings and robust menu innovation. Margin expansion is driven by labor productivity and stable costs, while a new app and rewards program are set to boost guest engagement. Capital allocation remains disciplined, supporting both growth and shareholder returns.
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Q3 2025 revenues and profitability exceeded expectations, driven by menu innovation, margin improvements, and strong performance at Flower Child. Guidance anticipates cautious Q4 and early 2026 due to macro softness, but continued growth in new units and stable margins is expected.
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Q2 2025 delivered record revenues and adjusted EPS, driven by strong sales, margin expansion, and operational excellence across all brands. New menu innovations and targeted rewards boosted engagement, while robust unit growth and steady industry conditions support a positive outlook.
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Q1 2025 saw strong revenue and margin growth, with adjusted EPS up 27% year-over-year and robust performance across all brands. Guidance for 2025 is cautious due to macro uncertainty and tariffs, but margin outlook remains solid, supported by operational improvements and stable consumer demand.
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Management highlighted strong brand differentiation, robust unit growth plans, and record 2024 financial results, with continued expansion for Cheesecake Factory, North Italia, and Flower Child. Off-premise sales and digital engagement remain key growth drivers.
Fiscal Year 2024
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Q4 and full-year 2024 results exceeded guidance with record revenues, strong margin expansion, and robust unit growth across all concepts. 2025 guidance anticipates continued revenue and unit growth, stable margins, and disciplined capital allocation, with no signs of consumer weakness or price sensitivity.
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2024 has been stable with flat traffic and strong labor retention, setting up for accelerated demand and margin expansion in 2025. Growth is focused on North Italia, Flower Child, and Culinary Dropout, with robust capital allocation toward new units and shareholder returns.
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Q3 2024 saw strong revenue and margin growth, with all major brands outperforming industry benchmarks. The company is on track for record new unit openings, robust liquidity, and continued margin expansion, with stable consumer trends and a successful rewards program driving incremental traffic.
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Q2 2024 saw revenues and profitability exceed expectations, with adjusted EPS up 24% year-over-year and strong operational execution driving record margins. Core brands outperformed the industry, new unit openings remained robust, and the rewards program fueled guest engagement.
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The company is accelerating unit growth across its flagship and emerging brands, targeting 7% annual expansion and projecting $3.6 billion in 2024 revenue. Strong brand loyalty, menu innovation, and operational excellence drive industry outperformance and robust financial health.