The Cheesecake Factory Incorporated · NASDAQ:CAKE
The Cheesecake Factory — Q2 2025 Earnings Presentation
37 slides from The Cheesecake Factory's earnings presentation, Jul 29, 2025
Slide 1: Investor Presentation
INVESTOR PRESENTATION July 29, 2025
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT 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. This includes, without limitation, financial guidance and projections, includin
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 • Differentiation and str
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 $3.2B $3.6B We own and operate 363 restaurants(3) across the US and Canada including: Our nearly 48,000 staff members • 216 The Cheesecake Factory locations recently helped us become one of t
Slide 6: Chica
Chica "Factory.
Slide 7: Global Footprint
GLOBAL FOOTPRINT Asia Company-Owned: 216 Middle East Shanghai (3) (Including Toronto, Canada) UAE (6) Saudi Arabia (4) Beijing (1) Kuwait (3) Chengdu (1) Qatar (3) Hong Kong (1) Macau (1) Latin America Bahrain (1) Thailand (1) Mexico City (5) Monterrey (1) Guadalajara (1) 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 57 Bakery Varieties of Impressive Level of Dessert Sales production cheesecakes & facilities desserts 16% FY 2019(1) 17% FY 2024(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 $2.7 million per restaurant (1) 25% 22% 21% 22% 21% 16% Exceptional Value 11% • Extensive menu with over 225 items made from scratch dai
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 / $M Sales Instagram Followers Followers(1) (in thousands) 0 200 400 600 800 1,000 1,200 Leveraging the STRENGTH OF CAKE Maggiano's OUR BRAND across social media Out
Slide 14: Broad Appeal and Brand Affinity
BROAD APPEAL AND BRAND AFFINITY Diverse Extensive Special Signature Appeal Menu Occasions Desserts Across a broad Something for every taste, Seen as a destination for High-quality cheesecakes demographic range every price point experiential dining and desserts Consumers (millennials in particular) r
Slide 15: Cheesecake Rewards
CHEESECAKE REWARDS ® Opportunity to drive incremental traffic PROGRAM A SURPRISE and DELIGHT program To drive incremental sales and support restaurant-level margins OBJECTIVE by leveraging data analytics to more effectively engage guests Published Personalized Marketable Offers Offers Offers To supp
Slide 16: Driving the Highest Unit Volumes in the Industry With a Moderate Average Check
Driving the Highest Unit Volumes in the Industry (1) ($ in millions) $12.3 $9.8 $9.7 $8.5 $6.2 $5.6 $4.9 $4.0 $3.6 $3.6 $3.2 Maggiano's Yard Texas BJ's Olive LongHorn Outback Chili's Carrabba's Bonefish House Roadhouse Garden With a Moderate Average Check (1) $36 $36 $35 $31 $29 $28 $26 $23 $23 $23
Slide 17: 17
17
Slide 18: North Italia concept overview
• 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 19: North Italia comp sales and growth potential
• Potential for 200 domestic locations over time • Currently have 46 locations in 16 states & Washington D.C. Comp Sales • Italian is one of the most popular ethnic cuisines 2Q25 (vs. 2Q24): (1)% in the United States FY ‘24 (vs. FY ‘23): 2% • Targeting ~20% average annual unit growth • Attractive re
Slide 20: Flower Child
FLOWER CHILD {; eae ji HEALTHY FOOD FOR A HAPPY WORLD 7q it FLOWER CHILD
Slide 21: 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 • A differentiated concept in the growing fast casual dining segment • 42 locations in 15 states • Targeting ~20% average annual unit growth • A healthy, balan
Slide 22: Fox Restaurant Concepts
FOX RESTAURANT CONCEPTS DouGH Sake . WOPR q (FRc BIRD BLANCO RxN wildflower ARROGANT The Greene House live + ivy E Zinbirger ~I[ENRY Ld uss
Slide 23: Fox Restaurant Concepts (FRC)
FOX RESTAURANT CONCEPTS (FRC) FRC serves as an incubator, innovating new food, dining and hospitality experiences “Great hospitality, every time.” to create fresh, exciting concepts for the future - Sam Fox FRC’s experiential concepts are designed to deliver unique guest experiences across different
Slide 24: 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 24
Slide 25: Accelerating Unit Growth
ACCELERATING Accelerating UNIT GROWTH Unit Growth AS MANY AS 25 NEW UNITS IN 2025 17 NROs YTD As of July 29, 2025 North Flower Houston, TX Southlake, TX The Cheesecake Colorado Mills, CO Tempe, AZ Riverton, UT Tempe, AZ Sarasota, FL Factory Naperville, IL Italia Birkdale, NC Meridian, ID Child India
Slide 26: Financial Performance
FINANCIAL PERFORMANCE
Slide 27: Driving Strong Sales Growth
DRIVING STRONG SALES GROWTH FY 2024 Q2 2025 COMP SALES COMP SALES AVERAGE WEEKLY SALES vs 2023 vs 2Q24 ~$245,300 Equates to $12.8M 1.0% 1.2% Annualized AUV(1) ~$153,700 2% (1)% Equates to $8.0M Annualized AUV(1) FY 2024 Q2 2025 AVERAGE WEEKLY SALES (2) AVERAGE WEEKLY SALES (2) vs 2023 vs 2Q24 ~$136,
Slide 28: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS (1) Total Revenue Adjusted EBITDA Adjusted EPS $956M $100M $1.16 Up 6% from PY Up 9% from PY Up 6% from PY Restaurant Count(2) Capital Allocation Unit Growth 8 NROs 362 $42M $14M Up 6% from 340 CapEx Dividends in PY (1) A reconciliation of Non-GAAP measures can be found in the app
Slide 29: 2025 Underlying Key Assumptions
2025 UNDERLYING KEY ASSUMPTIONS (1) Consolidated Sales Approximately $3.76 Billion CCF AUVs Approximately $12.5 Million Net Income Margin Targeting approximately 4.9% at the stated sales level As many as 25 New Restaurant Openings • 4 The Cheesecake Factory locations New Unit Growth • 6 North Italia
Slide 30: 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 31: Market Potential Large TAM Runway
MARKET POTENTIAL LARGE TAM RUNWAY FY 2024 AUVS # OF LOCATIONS(1) MARKET POTENTIAL $5B REVENUE GROWTH POTENTIAL $12.3M 216 300 ~$8.5B $4.4M 42 700 $7.7M 46 200 ~$3.1B NOTABLE UPSIDE POTENTIAL FROM OTHER GROWTH CONCEPTS FY 2024 FUTURE REVENUE OPPORTUNITY (1) Locations as of July 29, 2025. 31
Slide 32: History of Outperforming the Industry
HISTORY OF OUTPERFORMING THE INDUSTRY Comparable Sales - Historical(1),(2) 2019 2020 2021 2022 2023 2024 13.9% 14.9% 11.8% 10.5% 10.3% 6.5% 2.5% 3.3% 1.4% (0.9)% Geographical discrepancies in dining restrictions & Comparison to pre-pandemic sales (2019) reopening timelines (24.0)% (27.4)% Knapp-Trac
Slide 33: Financial Strength to Support Growth and Returns
FINANCIAL STRENGTH TO SUPPORT GROWTH AND RETURNS (1) ($ in millions except per share data) Adjusted Earnings/(Loss) Per Common Share Free Cash Flow $3.44 $146 $2.61 $2.69 $120 $107 $2.13 $1.51 $67 $50 '19 '20 '21 '22 '23 '24 '19 '20 '21 '22 '23 '24 ($1.49) $(47) Adjusted EBITDA Capital Allocation De
Slide 34: Appendix
APPENDIX
Slide 35: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS In addition to the results provided in accordance with the Generally Accepted Accounting Principles (“GAAP”) in this presentation, the Company is providing non-GAAP measurements which present free cash flow, adjusted net income/(loss), adjusted diluted net income/(loss) per
Slide 36: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Fiscal Year Fiscal Quarter 2019 2020 2021 2022 2023 2024 2Q24 2Q25 Net income/(loss) $ 127,293 $(253,365) $ 72,373 $ 43,123 $ 101,351 $ 156,783 $ 52,444 $ 54,812 Depreciation and amortization expenses 88,133 91,415 89,654 92,380 93,136 101,450 24,960 26,860 Interest expense,
Slide 37: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS ($ in thousands, except per share data) Fiscal Year Fiscal Quarter 2019 2020 2021 2022 2023 2024 2Q24 2Q25 Net income/(loss) (1) $127,293 $(277,10) $49,131 $43,123 $101,351 $156,783 $ 52,444 $ 54,812 Impairment of assets and lease termination expenses(2) 18,247 219,333 18,13
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