Filing Flows › Cheesecake Factory (CAKE) › Q4 2025
Cheesecake Factory (CAKE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 23, 2026
Cheesecake Factory (CAKE) reported revenue of $962M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +6% from the quarter before. Operating margin was 3.5%, net earnings $28.8M (3.0% of revenue).
Cheesecake Factory, Q4 2025: revenue $962M (+4% year over year), operating margin 3.5%, net earnings $28.8M, operating cash flow $74.9M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $962M | +6% | +4% |
| Operating profit | $33.2M | -11% | -29% |
| Net earnings | $28.8M | -10% | -30% |
| Operating cash flow | $74.9M | -17% | -20% |
| Free cash flow | $49.8M | -8% | -8% |
What changed
Revenue was $961.6M in Q4 2025, up 4% year over year and up 6% from the previous quarter. The Cheesecake Factory restaurants was the largest line at 71% of revenue.
Operating profit was $33.2M, a 3.5% margin (down 1.6 points year over year). Operating profit fell $13.4M even though revenue rose $40.6M versus a year earlier, so costs grew faster than sales. Total costs grew 6% against revenue growth of 4%. The fastest-growing cost line was General & admin (+16%). Net earnings were $28.8M, down 30% year over year. The effective tax rate was 6.3%.
Operating cash flow was $74.9M (down 20% year over year), 260% of net earnings. Non-cash charges added back $28.7M of depreciation and amortization and $6.8M of share-based compensation. Working capital and other items added $10.7M. Capital expenditures of $25.2M left free cash flow of $49.8M.
Questions
What was Cheesecake Factory's revenue in the fourth quarter 2025?
Cheesecake Factory (CAKE) reported revenue of $962M for the fourth quarter 2025 (Q4 2025), +4% from a year earlier and +6% from the quarter before.
Was Cheesecake Factory profitable in the fourth quarter 2025?
Operating profit was $33.2M (3.5% of revenue) and net earnings $28.8M.
Source: Cheesecake Factory 10-K on SEC EDGAR.