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Cheesecake Factory (CAKE) Q1 2025 earnings results (first quarter 2025)

10-Q filed May 5, 2025

Cheesecake Factory (CAKE) reported revenue of $927M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +0.7% from the quarter before. Operating margin was 5.6%, net earnings $32.9M (3.6% of revenue).

Revenue$927M
Year over year+4%
Quarter over quarter+0.7%
Operating margin5.6%
Net earnings$32.9M

Cheesecake Factory, Q1 2025: revenue $927M (+4% year over year), operating margin 5.6%, net earnings $32.9M, operating cash flow $78.9M. The chart follows the revenue to costs, profit and cash.

Q1 2025AmountQ/QY/Y
Revenue$927M+0.7%+4%
Operating profit$52.0M+11%+32%
Net earnings$32.9M-20%-0.8%
Operating cash flow$78.9M-16%+18%
Free cash flow$36.1M-33%+22%

What changed

Revenue was $927.2M in Q1 2025, up 4% year over year and up 1% from the previous quarter. The Cheesecake Factory restaurants was the largest line at 73% of revenue. Other FRC added $13.2M year over year (up 18%), 37% of the total change.

Operating profit was $52.0M, a 5.6% margin (up 1.2 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 4% margin then. Total costs grew 3% against revenue growth of 4%. Net earnings were $32.9M, down 1% year over year. The effective tax rate was 4.5%.

Operating cash flow was $78.9M (up 18% year over year), 240% of net earnings. Non-cash charges added back $26.1M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items added $12.3M. Capital expenditures of $42.8M left free cash flow of $36.1M.

Questions

What was Cheesecake Factory's revenue in the first quarter 2025?

Cheesecake Factory (CAKE) reported revenue of $927M for the first quarter 2025 (Q1 2025), +4% from a year earlier and +0.7% from the quarter before.

Was Cheesecake Factory profitable in the first quarter 2025?

Operating profit was $52.0M (5.6% of revenue) and net earnings $32.9M.

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Source: Cheesecake Factory 10-Q on SEC EDGAR.