The Cheesecake Factory (CAKE) 47th Annual Raymond James Institutional Investor Conference summary

Strategic positioning and brand strengths

• Operates a diversified portfolio including The Cheesecake Factory, North Italia, Flower Child, and FRC concepts, each with unique market positioning and strong guest affinity.

• Focus on experiential dining, menu innovation, and high-quality service drives competitive advantage and industry-leading retention.

• Maintains strong brand engagement through organic marketing, social media, and pop culture presence, with high consumer loyalty across demographics.

• Recognized as an Employer of Choice, supporting talent attraction and retention.

• Off-premise sales and digital engagement, including a successful rewards program, contribute to incremental growth.

Growth initiatives and expansion plans

• Targets expansion to 300 domestic Cheesecake Factory locations, 200 North Italia, and 700 Flower Child units, with significant white space for growth.

• Plans to open up to 26 new restaurants in 2026, supporting a 7% annual unit growth rate, among the highest in the industry.

• Flower Child and North Italia are positioned for rapid expansion, with Flower Child entering new high-growth markets.

• FRC serves as an incubation engine for new concepts, with Culinary Dropout and The Henry identified as future growth drivers.

• At scale, expansion could generate over $5 billion in additional revenue.

Operational execution and financial performance

• Achieved record adjusted EBITDA of $354 million and over $301 million in operating cash flow in 2025.

• Returned more than $206 million to shareholders through dividends and share repurchases, with increased authorization and higher quarterly dividend.

• 2025 sales: Cheesecake Factory up 1% (AUV $12.4M), North Italia up 15% (AUV $7.6M), Flower Child up 28% (AUV $4.6M).

• Strong operational execution led to profit margin expansion across all core concepts.

• 2026 guidance: $3.9 billion in revenue, 5% net income margin, $210 million CapEx, and continued capital returns.