The Cheesecake Factory Incorporated · NASDAQ:CAKE
The Cheesecake Factory — Q2 2026 Earnings Presentation
37 slides from The Cheesecake Factory's earnings presentation, Jul 28, 2026
Slide 1: Investor Presentation
INVESTOR PRESENTATION July 28, 2026
Slide 2: Safe Harbor Statement / Non-GAAP Information
SAFE HARBOR STATEMENT / NON-GAAP INFORMATION Cautionary Statement Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS • Experiential dining category leader with diversified growth engines • Best-in-class operational execution and industry-leading retention • Significant growth opportunities driving one of the highest expected growth rates in the casual dining industry • Strong free cash flow g
Slide 5: CAKE at a Glance
CAKE AT A GLANCE FOUNDED IPO HEADQUARTERS TICKER MARKET CAP(1) REVENUE(2) 1972 1992 CALABASAS HILLS, CA CAKE $4.0B $3.8B We own and operate 375 restaurants(3) across the US and Canada including: Our more than 48,000 staff members • 217 The Cheesecake Factory locations helped us become one of the For
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Slide 7: Global Footprint
GLOBAL FOOTPRINT Asia Company-Owned: 217 Middle East Shanghai (3) (Including Toronto, Canada) UAE (6) Saudi Arabia (4) Beijing (1) Kuwait (3) Chengdu (1) Qatar (3) Hong Kong (1) Latin America Bahrain (1) Macau (1) Mexico City (5) Thailand (1) Monterrey (1) Guadalajara (2) Querétaro (1) International
Slide 8: A Highly Differentiated Concept
A HIGHLY DIFFERENTIATED CONCEPT MENU OPERATIONS AMBIANCE BAKERY Menu Breadth and Innovation Best-in-Class Execution High-Energy Atmosphere Distinct, High-Quality Made Fresh From Scratch Exceptional Service Contemporary Décor Cheesecakes and Desserts 8
Slide 9: Integrated Bakery – The Cheesecake Magic
INTEGRATED BAKERY – THE “CHEESECAKE” MAGIC 2 58 Bakery Varieties of Impressive Level of Dessert Sales production cheesecakes & facilities desserts 16% FY 2019(1) 17% FY 2025(1) Enables creativity, quality control and supply chain efficiencies (1) Percent of total sales. 9
Slide 10: Best-in-Class Staffing and Operations
BEST-IN-CLASS STAFFING AND OPERATIONS EXCEPTIONAL SERVICE AND OPERATIONAL EXECUTION SUPPORTED BY INDUSTRY-LEADING RETENTION Well-positioned to attract and retain high-quality, experienced staff as an employer of choice • Top-tier recruiting and training programs • Fortune ‘100 Best Companies to Work
Slide 11: Differentiation in Off-Premise
DIFFERENTIATION IN OFF-PREMISE LEVERAGING OUR DIFFERENTIATED POSITIONING TO OFF-PREMISE SALES % OF TOTAL REVENUE DRIVE THE HIGHEST OFF-PREMISE AVERAGE WEEKLY SALES $2.8 million per restaurant (1) 25% 22% 21% 21% 22% 21% 16% Exceptional Value 11% • Extensive menu with over 225 items made from scratch
Slide 12: Iconic Brand and Cult Status
ICONIC BRAND AND CULT STATUS 12
Slide 13: Strong Consumer Engagement
STRONG CAKE has more Instagram followers and significantly outpaces peers in CONSUMER followers relative to sales ENGAGEMENT Followers / $M Sales Instagram Followers Followers(1) (in thousands) - 200 400 600 800 1,000 1,200 CAKE Leveraging the STRENGTH OF Maggiano's OUR BRAND across social media Bon
Slide 14: Expanding Brand Reach
EXPANDING BRAND REACH BOLDER CREATIVE CULTURALLY RELEVANT ENGAGEMENT HIGH-IMPACT MEDIA COVERAGE Bringing our brand personality, menu Leveraging timely cultural moments to Showcasing the quality, scale and innovation and signature offerings to life amplify brand visibility differentiation of the conc
Slide 15: Broad Appeal and Brand Affinity
BROAD APPEAL AND BRAND AFFINITY Diverse Appeal Menu Relevance Multiple Occasions Brand Hallmarks Relevant across generations Something for every taste and A go-to destination for everyday Iconic cheesecakes and and dining preferences price point meals, celebrations and group signature desserts gathe
Slide 16: Cheesecake Rewards
® CHEESECAKE REWARDS Opportunity to drive incremental traffic PROGRAM A SURPRISE and DELIGHT program To drive incremental sales and support restaurant-level margins OBJECTIVE by leveraging data analytics to more effectively engage guests Published Personalized Marketable Offers Offers Offers To supp
Slide 17: Cheesecake Rewards App
CHEESECAKE REWARDS APP ® Seamless Digital Experience Integrates rewards, reservations and online ordering into one app Personalized Guest Engagement Delivers tailored offers, rewards and communications to drive engagement Strong Early Momentum Encouraging guest adoption and engagement following the
Slide 18: Driving the Highest Unit Volumes in the Industry With a Moderate Average Check
Driving the Highest Unit Volumes in the Industry (1) ($ in millions) $12.4 $10.0 $9.9 $8.7 $6.4 $5.6 $5.2 $4.5 $4.2 $4.0 $3.7 $3.1 The Yard House Maggiano's Texas BJ's Olive Garden LongHorn Chili's Cracker Outback Carrabba's Bonefish Cheesecake Roadhouse Restaurants Barrel Factory With a Moderate Av
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Slide 20: Filling White Space for an On-Trend, Contemporary Italian Offering
• Filling White Space for an On-Trend, Contemporary Italian Offering • Menu features classic Italian favorites with a fresh twist from hand-tossed pizzas and homemade pastas to crave-worthy appetizers, salads and seasonal entrees • Unique menu items tailored to local markets • All dishes handmade fr
Slide 21: North Italia Comp Sales and Growth
• Potential for 200 domestic locations over time • Currently have 51 locations in 16 states & Washington D.C. Comp Sales • Italian is one of the most popular ethnic cuisines 2Q26 (vs. 2Q25): (3)% in the United States FY25 (vs. FY24): (2)% • Targeting ~20% average annual unit growth • Attractive retu
Slide 22: Flower Child
FLOWER CHILD #Eithies . 4 HEALTHY FOOD FOR A HAPPY WORLD 7q i FLOWER CHILD
Slide 23: Flower Child Mission and Growth Potential
On a simple, soul-satisfying mission to spread positively delicious vibes and healthy food. • Potential for 700 domestic locations over time Comp Sales • A differentiated concept in the growing fast casual segment 2Q26 (vs. 2Q25): 13% • 44 locations in 16 states • Targeting ~20% average annual unit
Slide 24: Restaurant Concepts
RESTAURANT CONCEPTS re) BIRD BLANCO
Slide 25: Fox Restaurant Concepts (FRC)
FOX RESTAURANT CONCEPTS (FRC) FRC serves as an incubator, innovating new food, dining and hospitality experiences to create fresh, exciting concepts for the future FRC’s experiential concepts are designed to deliver unique guest experiences across different industry segments, occasions, square foota
Slide 26: Diversifying Our Portfolio Across Experiential for Growth
DIVERSIFYING OUR PORTFOLIO ACROSS EXPERIENTIAL FOR GROWTH Culinary forward. First class hospitality. Concepts like no other. Global Footprint National Expansion Testing Growth Boutique Brands Incubation Stage 26
Slide 27: Accelerating Unit Growth
Accelerating Unit ACCELERATING UNITGrowth GROWTH AS MANY AS 26 NEW UNITS IN 2026 8 NROs YTD As of July 28, 2026 The Cheesecake Walnut Creek, CA Riverton, UT Scottsdale, AZ Forsyth, GA North Italia Brea, CA Flower Child The Henry Wilmette, IL Factory Katy, TX Omaha, NE
Slide 28: Financial Performance
FINANCIAL PERFORMANCE
Slide 29: Driving Strong Sales Growth
DRIVING STRONG SALES GROWTH FY 2025 Q2 2026 REVENUES COMP SALES COMP SALES AVERAGE WEEKLY SALES $2,689M vs 2024 vs 2Q25 ~$259,800 Equates to $13.5M Up 1% from PY 0.1% 5.8% Annualized AUV(1) $346M ~$151,400 (2)% (3)% Equates to $7.9M Up 15% from PY Annualized AUV(1) FY 2025 Q2 2026 AVERAGE WEEKLY REV
Slide 30: Q2 2026 Highlights
Q2 2026 HIGHLIGHTS (1) Adjusted Diluted Net Adjusted Diluted Net Total Revenue Net Income EBITDA(1) Income Per Share Income Per Share(1) $1.0B $69M $118M $1.41 $1.44 Up 8% from PY Up 25% from PY Up 18% from PY Up 24% from PY Up 24% from PY Restaurant Capital Allocation Unit Growth Count(2) 4 NROs 37
Slide 31: 2026 Underlying Key Assumptions
2026 UNDERLYING KEY ASSUMPTIONS (1) Consolidated Sales Approximately $4.0 Billion CCF AUVs Approximately $12.9 Million Net Income Margin Targeting approximately 5.4% at the stated sales level As many as 26 New Restaurant Openings • 5-6 The Cheesecake Factory locations New Unit Growth • 6-7 North Ita
Slide 32: Quality Growth Opportunity
QUALITY GROWTH OPPORTUNITY Diversified Portfolio Attractive Growth Potential Value Creation Opportunities Differentiated experiential concepts Significant runway for future development Leveraging brand power, operational diversified across industry segment, price across portfolio of concepts to driv
Slide 33: Market Potential Large TAM Runway
MARKET POTENTIAL LARGE TAM RUNWAY FY 2025 AUVS # OF LOCATIONS (1) MARKET POTENTIAL $5B REVENUE GROWTH POTENTIAL $12.4M 217 300 ~$8.5B $4.6M 44 700 $7.6M 51 200 ~$3.2B NOTABLE UPSIDE POTENTIAL FROM OTHER GROWTH CONCEPTS FY 2025 FUTURE REVENUE OPPORTUNITY (1) Locations as of July 28, 2026. 33
Slide 34: Financial Strength to Support Growth and Returns
FINANCIAL STRENGTH TO SUPPORT GROWTH AND RETURNS (1) ($ in millions) Comparable Sales(2) Cash Flow Cash Flow From Ops Capex / Investment(4) Free Cash Flow(3) $268 $301 13.9% 14.9% 15.0% $218 $213 10.5% $162 $146 $67 $160 $152 3.3% $112 $146 $155 $108 '20 $49 $67 '21 '22 '23 '24 '25 '21 '22 '23 '24 '
Slide 35: Appendix
APPENDIX
Slide 36: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS ($ in thousands) Fiscal Year 2021 2022 2023 2024 2025 Cash flow from operations $ 213,006 $ 161,926 $ 218,401 $ 268,325 $ 301,281 Capital expenditures / investments(1) 66,943 112,464 151,565 160,364 146,204 Free cash flow(2) $ 146,063 $ 49,462 $ 66,836 $ 107,961 $ 155,077 ($
Slide 37: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Fiscal Year Fiscal Quarter 2021 2022 2023 2024 2025 2Q25 2Q26 Net income (1) $ 49,131 $ 43,123 $ 101,351 $ 156,783 $ 148,427 $ 54,812 $ 68,394 Impairment of assets and lease termination expenses(2) 18,139 31,387 29,464 13,647 22,990 22
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