The Cheesecake Factory Incorporated · NASDAQ:CAKE
The Cheesecake Factory — Cheesecake Factory — Q3 2026 Earnings Presentation
37 slides from The Cheesecake Factory's earnings presentation, Oct 27, 2026
Slide 1: Investor Presentation October 27, 2026
INVESTOR PRESENTATION October 27, 2026
Slide 2: Safe Harbor Statement / Non-GAAP Information
SAFE HARBOR STATEMENT / NON-GAAP INFORMATION 2 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 amend
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Investment Highlights
INVESTMENT HIGHLIGHTS 4 • 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
Slide 5: CAKE at a Glance
CAKE AT A GLANCE 5 (1) Market data as of September 29, 2026. (2) Represents fiscal year 2025 revenue for the twelve months ended December 30, 2025. (3) Locations as of October 27, 2026. From Fortune. ©2026 Fortune Media IP Limited. All rights reserved. Used under license. Fortune® and Fortune 100 Be
Slide 6: The Cheesecake Factory
The (b2esecake Factory. (kesecakeFactory. - é
Slide 7: Global Footprint
GLOBAL FOOTPRINT 7 Company-Owned: 218 (Including Toronto, Canada) Latin America Mexico City (5) Monterrey (1) Guadalajara (2) Querétaro (1) Puebla (1) Metepec (1) Asia Shanghai (3) Beijing (1) Hong Kong (1) Macau (1) Thailand (1) Middle East UAE (6) Saudi Arabia (4) Kuwait (3) Qatar (3) Bahrain (1)
Slide 8: A Highly Differentiated Concept
8 High-Energy Atmosphere Contemporary Décor Distinct, High-Quality Cheesecakes and Desserts Best-in-Class Execution Exceptional Service Menu Breadth and Innovation Made Fresh From Scratch MENU OPERATIONS AMBIANCE BAKERY A HIGHLY DIFFERENTIATED CONCEPT
Slide 9: Integrated Bakery – The Cheesecake Magic
9 INTEGRATED BAKERY – THE “CHEESECAKE” MAGIC Enables creativity, quality control and supply chain efficiencies 58 Varieties of cheesecakes & 2 desserts Bakery production facilities Significant, Consistent Dessert Sales 17% OF TOTAL SALES FY 2025 AT ~17% OF SALES CONSECUTIVE FISCAL YEARS (2022 – 2025
Slide 10: Best-in-Class Staffing and Operations
BEST-IN-CLASS STAFFING AND OPERATIONS 10 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 For®’ List for 13 consecutive years • 2025 Black Box Intelligence Employer of Choi
Slide 11: Differentiation in Off-Premise
DIFFERENTIATION IN OFF-PREMISE 11 • Extensive menu with over 225 items made from scratch daily • Large portions designed for sharing • Lower incremental delivery pricing versus peers • Fully integrated systems for better execution • Separate bakery counter and register for pick-up of orders Exceptio
Slide 12: Iconic Brand and Cult Status
12 ICONIC BRAND AND CULT STATUS
Slide 13: Strong Consumer Engagement
13 STRONG CONSUMER ENGAGEMENT CAKE has more Instagram followers and significantly outpaces peers in followers relative to sales Leveraging the STRENGTH OF OUR BRAND across social media channels to ENGAGE WITH OUR CONSUMERS and further ENHANCE BRAND AWARENESS MILLIONS OF FOLLOWERS (1) Instagram Follo
Slide 14: Broader, More Strategic Marketing Efforts
BROADER, MORE STRATEGIC MARKETING EFFORTS ARE STRENGTHENING BRAND AWARENESS AND SUPPORTING TRAFFIC EXPANDING BRAND REACH 14 BOLDER CREATIVE CULTURALLY RELEVANT ENGAGEMENT HIGH-IMPACT MEDIA COVERAGE Bringing our brand personality, menu innovation and signature offerings to life Leveraging timely cult
Slide 15: Menu Breadth, Quality, Value and Differentiated Experience
OUR MENU BREADTH, QUALITY, VALUE AND DIFFERENTIATED EXPERIENCE SUPPORT CONTINUED RELEVANCE, SUSTAINED DEMAND AND REPEAT VISITS 15 Diverse Appeal Relevant across generations and dining preferences Menu Relevance Something for every taste and price point Supported by innovation and made-from-scratch q
Slide 16: Cheesecake Rewards
CHEESECAKE REWARDS® 16 Published Offers To support member acquisition and consistent engagement Offered to all rewards members Personalized Offers Tailored offers based on guest behavior and preferences — designed to surprise, engage, and increase frequency Tailored rewards offered to all members Ma
Slide 17: App Builds on Our Rewards Platform
APP BUILDS ON OUR REWARDS PLATFORM BY MAKING IT EASIER FOR GUESTS TO ENGAGE WITH OUR BRAND ACROSS EVERY VISIT CHEESECAKE REWARDS® APP Seamless Digital Experience Integrates rewards, reservations and online ordering into one app Personalized Guest Engagement Delivers tailored offers, rewards and comm
Slide 18: Highest Unit Volumes in the Industry
$39 $37 $36 $32 $29 $28 $27 $24 $24 $23 $22 $15 Maggiano's Bonefish Yard House The Cheesecake Factory Outback LongHorn Carrabba's Texas Roadhouse Olive Garden BJ's Restaurants Chili's Cracker Barrel With a Moderate Average Check(1) Driving the Highest Unit Volumes in the Industry(1) ($ in millions)
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Slide 20: North Italia
20 • 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
Slide 21: North Italia Locations and Results
21 • Potential for 200 domestic locations over time • Currently have 52 locations in 17 states & Washington D.C.(1) • Italian is one of the most popular ethnic cuisines in the United States • Attractive return profile and sales growth (1) Locations as of October 27, 2026. FY 2025 COMP SALES (2)% COM
Slide 22: Flower Child
FLOWER CHILD HEALTHY FOOD FOR A HAPPY WORLD FLOWER CHILD
Slide 23: Flower Child Overview and Results
• Potential for 700 domestic locations over time • A differentiated concept in the growing fast casual segment • 47 locations in 18 states(1) • Targeting ~20% average annual unit growth • Attractive consumer demographic • A healthy, balanced dining experience with organic, gluten-free and vegan dish
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Slide 25: FRC Restaurants
FRC RESTAURANTS 25 FRC HIGHLIGHTS (1) • Locations 60 • Geographies 13 states • FY 2025 Revenue $355M (1) Fiscal year 2025 revenue represents revenue for the twelve months ended December 30, 2025 and excludes revenue for Flower Child. Locations as of October 27, 2026. FRC serves as an incubator, inno
Slide 26: Diversifying Our Portfolio Across Experiential Concepts
Culinary forward. First class hospitality. Concepts like no other. DIVERSIFYING OUR PORTFOLIO ACROSS EXPERIENTIAL FOR GROWTH 26 National Expansion Boutique Brands Incubation Stage Testing Growth Global Footprint
Slide 27: Accelerating Unit Growth
ACCELERATING UNIT GROWTH Accelerating Unit Growth AS MANY AS 26 NEW UNITS IN 2026 16 NROs YTD As of October 27, 2026 THE HENRY NORTH ITALIA Scottsdale, AZ Chicago, IL Plano, TX THE CHEESECAKE FACTORY Walnut Creek, CA Brea, CA Katy, TX Madison, WI Forsyth, GA Wichita, KS FLOWER CHILD Riverton, UT Oma
Slide 28: Financial Performance
FINANCIAL PERFORMANCE
Slide 29: Driving Strong Sales Growth
29 DRIVING STRONG SALES GROWTH (1) 3Q26 Average Unit Volumes (AUV) annualized based on average weekly sales. (2) FRC excludes Flower Child. FY 2025 COMP SALES AVERAGE WEEKLY SALES (2) AVERAGE WEEKLY SALES (2) FY 2025 AVERAGE WEEKLY SALES Q3 2026 COMP SALES AVERAGE WEEKLY SALES A (2) VERAGE WEEKLY SA
Slide 30: Q3 2026 Highlights
Q3 2026 HIGHLIGHTS(1) 30 Total Revenue $1.0B Up 14% from PY Capital Allocation Adjusted Diluted Net Income Per Share(1) $1.02 Up 50% from PY $58M CapEx(3) $14M Dividends Unit Growth 6 NROs Restaurant Count(2) 380 Up 4% from 364 in PY Adjusted EBITDA(1) $99M Up 38% from PY Net Income $61M Up 92% from
Slide 31: 2026 Underlying Key Assumptions
2026 UNDERLYING KEY ASSUMPTIONS(1) 31 (1) Assumes no material operating or consumer disruptions as well as assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. (2) Future decisions to pay or to increase or decrease
Slide 32: Quality Long-Term Growth Opportunity
QUALITY LONG-TERM GROWTH OPPORTUNITY 32 New Unit Growth Potential(1)(2) Size(3) Sales per Sq Ft(3) Annual Unit Growth 7,000 -10,000 ~$1,100 - $1,200 ~2% - 3% 6,000 -7,000 ~$1,100 - $1,200 ~20% 3,000 -4,000 ~$1,100 - $1,200 ~20% 6,000 -8,000 ~$1,100 ~10% - 15% Diversified Portfolio Differentiated exp
Slide 33: Market Potential
MARKET POTENTIAL LARGE TAM RUNWAY 33 # OF LOCATIONS(1) FY 2025 AUVS $12.4M 218 $7.6M 52 $4.6M 47 MARKET POTENTIAL 300 200 700 (1) Locations as of October 27, 2026. ~$3.2B ~$8.5B FUTURE REVENUE OPPORTUNITY REVENUE GROWTH $5BPOTENTIAL NOTABLE UPSIDE POTENTIAL FROM OTHER GROWTH CONCEPTS FY 2025
Slide 34: Financial Strength to Support Growth and Returns
$146 $49 $67 $108 $155 $67 $112 $152 $160 $146 $213 $162 $218 $268 $301 '21 '22 '23 '24 '25 FINANCIAL STRENGTH TO SUPPORT GROWTH AND RETURNS(1) 34 Capital Allocation Detail Cash Flow '20 (1) A reconciliation of Non-GAAP measures to the most directly comparable GAAP measure can be found in the append
Slide 35: Appendix
APPENDIX /(income)
Slide 36: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 36 (1) CapEx excludes some new restaurant construction expenses, which may be classified as operating lease assets instead of additions to property and equipment in the statement of cash flows. (2) Free cash flow, EBITDA and Adjusted EBITDA may not add due to rounding. (3) A
Slide 37: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS 37 (1) Net income presented for 2021 includes adjustments related to Series A Preferred Stock. (2) A detailed breakdown of impairment of assets and lease termination expenses recorded can be found in the Selected Segment Information table in the 10-K and 10-Q. (3) Represents