The Cheesecake Factory Incorporated (CAKE) Income Statement
CAKE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCAKE revenue and net income
Where CAKE's revenue goes
2025Each bar shows an amount and its share of revenue. CAKE kept 4.0% of revenue as net income.
CAKE profit margins
CAKE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +4.7% | +4.3% | +13.6% | +6.0% |
| Gross profit | +5.9% | +31.9% | +31.5% | +12.4% |
| Operating income | +5.0% | +68.8% | — | +1.3% |
| Net income | −5.3% | +51.0% | — | +2.4% |
| EPS (diluted) | +9.6% | +35.4% | — | +4.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CAKE quarterly EPS vs estimates
Cheesecake Factory beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $0.89).
CAKE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.75B | $3.58B | $3.44B | $3.30B | $2.93B | $1.98B | $2.48B | $2.33B | $2.26B | $2.28B |
| Cost of revenue | $813.1M | $806.0M | $2.03B | $2.02B | $1.73B | $1.24B | $1.46B | $1.37B | $1.30B | $1.29B |
| Gross profit | $2.94B | $2.78B | $1.41B | $1.28B | $1.20B | $746.3M | $1.02B | $965.3M | $963.5M | $989.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $244.9M | $228.7M | $476.1M | $205.8M | $186.1M | $157.6M | $160.2M | $154.8M | $141.5M | $146.0M |
| Total operating expenses | $2.75B | $2.60B | $1.30B | $1.24B | $1.12B | $1.09B | $917.6M | $828.5M | $800.3M | $788.0M |
| Operating income | $187.3M | $178.3M | $108.6M | $38.9M | $82.3M | −$347.4M | $103.6M | $118.9M | $152.8M | $201.0M |
| Interest income | — | — | — | — | — | — | $36.7M | — | — | — |
| Interest expense | $10.4M | $10.1M | $8.6M | $6.0M | $10.7M | $8.6M | $2.5M | $6.8M | $6.4M | $9.2M |
| Income before taxes | $162.9M | $171.0M | $100.0M | $32.9M | $71.6M | −$356.0M | $140.3M | $107.4M | $146.5M | $191.8M |
| Income taxes | $14.5M | $14.3M | −$1.3M | −$10.2M | −$753,000 | −$102.7M | $13.0M | $8.4M | −$10.9M | $52.3M |
| Net income | $148.4M | $156.8M | $101.4M | $43.1M | $72.4M | −$253.4M | $127.3M | $99.0M | $157.4M | $139.5M |
| EBITDA | $282.4M | $282.9M | $201.7M | $132.8M | $172.0M | −$256.0M | $231.0M | $210.1M | $245.0M | $285.4M |
| EPS (diluted) | $3.77 | $3.44 | $2.68 | $1.52 | $2.14 | −$1.74 | $2.61 | $2.43 | $2.59 | $2.83 |
| Gross margin | 78.3% | 77.5% | 40.9% | 38.8% | 41.1% | 37.6% | 41.1% | 41.4% | 42.6% | 43.5% |
| Operating margin | 5.0% | 5.0% | 3.2% | 1.2% | 2.8% | −17.5% | 4.2% | 5.1% | 6.8% | 8.8% |
| Net margin | 4.0% | 4.4% | 2.9% | 1.3% | 2.5% | −12.8% | 5.1% | 4.2% | 7.0% | 6.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.03B | $978.8M | $961.6M | $907.2M | $955.8M | $927.2M | $921.0M | $865.5M | $904.0M | $891.2M | $877.0M | $830.2M |
| Cost of revenue | $848.0M | $824.4M | $207.4M | $197.7M | $205.8M | $202.3M | $521.0M | $506.2M | $519.0M | $524.2M | $609.5M | $496.4M |
| Gross profit | $181.6M | $154.5M | $754.2M | $709.6M | $750.0M | $724.9M | $400.0M | $359.2M | $385.1M | $367.0M | $267.5M | $333.8M |
| Sales, general & admin | $65.6M | $63.9M | $67.2M | $59.0M | $58.8M | $59.9M | $57.8M | $56.2M | $123.1M | $60.4M | $124.6M | $118.1M |
| Total operating expenses | $103.0M | $99.4M | $720.9M | $672.3M | $685.2M | $673.0M | $353.3M | $325.5M | $326.4M | $327.7M | $259.4M | $314.8M |
| Operating income | $78.6M | $55.0M | $33.2M | $37.3M | $64.8M | $52.0M | $46.6M | $33.7M | $58.7M | $39.3M | $8.1M | $19.0M |
| Interest expense | $2.1M | $2.0M | $3.0M | $2.2M | $2.9M | $2.3M | $4.1M | $1.9M | $2.3M | $1.8M | $2.5M | $2.0M |
| Income before taxes | $76.9M | $53.4M | $30.7M | $35.5M | $62.2M | $34.5M | $45.3M | $31.8M | $56.3M | $37.5M | $5.7M | $17.0M |
| Income taxes | $8.5M | $3.8M | $1.9M | $3.6M | $7.4M | $1.5M | $4.2M | $1.8M | $3.9M | $4.3M | −$7.0M | −$942,000 |
| Net income | $68.4M | $49.5M | $28.8M | $31.9M | $54.8M | $32.9M | $41.2M | $30.0M | $52.4M | $33.2M | $12.7M | $17.9M |
| EBITDA | $107.7M | $83.3M | $62.4M | $65.1M | $92.0M | $58.2M | $75.9M | $59.6M | $84.1M | $65.1M | $67.8M | $43.3M |
| EPS (diluted) | $1.44 | $1.05 | $1.00 | $0.68 | $1.16 | $0.93 | $1.04 | $0.58 | $1.09 | $0.73 | $0.80 | $0.39 |
| Gross margin | 17.6% | 15.8% | 78.4% | 78.2% | 78.5% | 78.2% | 43.4% | 41.5% | 42.6% | 41.2% | 30.5% | 40.2% |
| Operating margin | 7.6% | 5.6% | 3.5% | 4.1% | 6.8% | 5.6% | 5.1% | 3.9% | 6.5% | 4.4% | 0.9% | 2.3% |
| Net margin | 6.6% | 5.1% | 3.0% | 3.5% | 5.7% | 3.6% | 4.5% | 3.5% | 5.8% | 3.7% | 1.4% | 2.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CAKE's financial statements (latest annual report filed February 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CAKE financial results
In fiscal year 2025 (ended December 31, 2025), Cheesecake Factory reported revenue of $3.8 billion, up 4.7% from the year before. It had net income of $148.4 million (down 5.3%), a net profit margin of 4.0%. Diluted earnings per share came to $3.77. Over five years revenue grew at an average rate of 13.6% a year.
See the CAKE stock overview for the latest quote and news, or the CAKE chart for price history and technical indicators.
CAKE income statement FAQ
What is Cheesecake Factory's annual revenue?
Cheesecake Factory reported total revenue of $3.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 4.7% from $3.6 billion the previous year.
Is Cheesecake Factory profitable?
Yes. Cheesecake Factory reported net income of $148.4 million in fiscal 2025, a net profit margin of 4.0%; its operating margin was 5.0%.
What is Cheesecake Factory's gross margin?
Cheesecake Factory's gross margin was 78.3% in fiscal 2025: for every $100 of revenue, Cheesecake Factory kept $78 after the direct cost of its products and services.
How fast is Cheesecake Factory growing?
Revenue grew 13.6% a year on average over the last five fiscal years, from $2.0 billion to $3.8 billion.
What are Cheesecake Factory's earnings per share?
Cheesecake Factory earned $3.77 per diluted share in fiscal 2025, compared with $3.44 a year earlier.
When will Cheesecake Factory report its next earnings?
Cheesecake Factory is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Cheesecake Factory's fiscal year end?
Cheesecake Factory's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 23, 2026.