Expansion pressure: A cheesecake factory is planned Opening 26 new restaurants by 2026 (After opening 16/23/25 in 2023-25), today 216 cheese factory units are operating with a long-term domestic goal. 300and measures growth concepts with long-term prospects viz Northern Italy (200) and flower child (700)Marking ~7% Annual unit growth.
Uncertainty and Loyalty Movement: Off-premise now represents about 22% of sales (approx $2.7M per restaurant annually) through an exclusive DoorDash partnership, while the Cheesecake Rewards program — launched in June 2023 — has exceeded expectations and will get a dedicated mobile app in Q2.
Strong cash generation and shareholder returns: The company reported record adjusted EBITDA $354M and >$301M Cash operations in 2025, returned>$206M It increased the purchasing power of the shareholders and increased the dividends, and guides the ~$3.9B Income and a ~5% With a net income margin of ~ for the year$210M Planned in capex.
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Executive from Cheesecake Factory (NASDAQ: Cake) During a presentation at the conference, Raymond James outlined the company’s growth strategy, brand positioning, and financial outlook, emphasizing unit expansion across its portfolio, continued premium sales, and ongoing capital returns to shareholders.
President David Gordon described the company as a leader in “experiential dining,” citing a portfolio anchored by the Cheese Factory brand and supported by growing concepts led by Northern Italy and Flower Child with the Fox Restaurant Concept (FRC) portfolio.
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The company is currently operating 216 Cheesecake Factory Restaurants in the United States and Canada and is looking to reach out 300 domestic locations Over time globally, it has 35 locations under licensing agreements In the Middle East, Latin America and Asia.
To conceptualize its growth, management reiterated long-term domestic potential goals:
Northern Italy: 48 restaurants in 16 states and the possibility of reaching Washington DC 200 domestic locations Over time and plan for approx 20% average annual unit growth.
flower child: Targeting 43 locations in 15 states 20% average annual unit growth and long-term potential 700 domestic locations.
FRC (without flower child): 55 restaurants, positioned as an “incubation engine” for innovative concepts. Gordon explained Leaving the kitchen and Henry As concepts that the company believes can represent future growth potential.
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Gordon said progress has accelerated in recent years 16 will open in 2023, 23 in 2024and 25 in 2025which he characterized as approx 7% unit growth. The company expects to open 26 new restaurants across the portfolio this year.
Gordon built The Cheesecake Factory’s flexibility around four strategic points: menu innovation, operational execution, a high-energy environment with hospitality, and an integrated bakery.
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He said the chain’s menu included More than 225 items Made fresh from scratch in-house, incl Over 70 sauces, dressings and marinades. The company changes its menu twice a year, which Gordon said helps keep the offering relevant without relying on discounts.
He highlighted the recently launched menu category “Skull” and “bite” Citing preliminary results as encouraging, including strong interest and appetite suppression rates. The company also cited its bakery as a key differentiator, citing “industry-leading dessert sales.” 17% and production 58 Cheesecake and other baked desserts For restaurants, international licensees, and retail CPG sales.
Management emphasized operational execution as a foundation for stability, noting that the experienced field operations organization had many cycles. 16 to 37 years. Gordon also addressed employee retention and workplace recognition, including 12 consecutive years In luck 100 Best Companies to Work For List and identification of a 2025 Black Box Intelligence Staff Choice In high food.
Regarding marketing, Gordon said the brand has historically not relied on traditional paid advertising, instead building awareness through word of mouth and organic buzz. He added that the company continues to build social media and wider media exposure, describing its Instagram following as larger than any other major casual food brand.
Gordon said the company has grown “meaningfully and incrementally” off-base, supported by a differentiated positioning and value proposition. Delivery is available at restaurants through exclusive national partnerships DoorDash. Off-premise now represents approx 22% of saleswhich he said is about equal $2.7 million per restaurant per year.
The company also provided updates on Cheesecake Rewardslaunched in June 2023 as a “Surprise and Delight” membership program. Gordon said performance is exceeding expectations with strong engagement and satisfaction scores, and that the program is driving incremental visits from existing guests while attracting new guests. Management expects to start Second quarter dedicated Cheesecake Rewards mobile app To create a more seamless experience.
CFO Matt Clark said the company had delivered comparable sales growth in several years, which he said translated into Record Adjusted EBITDA of $354 million by 2025. He added that the company will produce in 2025 Over $301 million in operating cash flowopened 25 new restaurantsand returned More than $206 million to shareholders through dividends and repurchases.
Clark also noted that the company Increased share buyback authority and Use your quarterly profit In the first quarter, confidence in the business and an orderly approach to capital allocation were revealed.
In a 2025 concept-level performance, Clark reported:
Cheesecake Factory Restaurants: All sold out 1% year after year; $12.4 million in AUVs.
Northern Italy:15% overall sales growth; AUVs for $7.6 million.
Reviewing assumptions previously discussed for the company’s February earnings call, Clark said that based on current trends and assuming any material headwinds, the company expects Approximately $3.9 billion in total revenue for the year and aims to measure inflation with menu prices. Under these assumptions, he said the company would expect a Full year net income rate of approximately 5%. The company has plans for this 26 new restaurants to open in 2026 And almost expected $210 million in cash capital expenditures Supporting development and maintenance.
Looking longer term, Clark said management expects productivity 7% long-term annual unit growth Based on the projected roadmap for each brand, with diversification across restaurant segments, price points, real estate, and operating models. He also said that the company’s expansion could create opportunities Over $5 billion in additional revenue on the scale, while mentioning concepts such as the kitchen drop-out and Henry above.
The Cheesecake Factory (NASDAQ: CAKE) is an American restaurant company and distributor known for its full-service casual dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under the Cheesecake Factory® brand in the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other food service operators.
The brand’s origins date back to a small cheesecake bakery in Detroit in the 1940s.
Article “26 cheese factory openings, opening moves and big buys at Raymond James Conf.” Originally published by MarketBeat.
