The earnings call reflected a generally positive sentiment with The Cheesecake Factory achieving record financial results, strong restaurant openings, and impressive sales growth in Flower Child. However, some challenges were noted in terms of mix and traffic, and weather-related impacts on Q1 2025 revenue were highlighted.

Company Guidance

In the fourth quarter of fiscal 2024, The Cheesecake Factory exceeded its guidance, achieving record high annual revenues and adjusted earnings per share. The company opened 9 new restaurants during the quarter, which included 2 Cheesecake Factories, 3 North Italia, 2 Flower Child, and 2 FRC restaurants, with plans to open up to 25 new restaurants in 2025. The Cheesecake Factory's restaurant-level margins reached 18.4%, the highest in over seven years, with comparable sales increasing by 1.7% and traffic outperforming the industry by 110 basis points. For the full fiscal year, total revenues were $3.58 billion, with an adjusted earnings per share of $3.44, marking a 28% year-over-year increase. Looking ahead to 2025, the company anticipates total revenues to be approximately $3.8 billion, with the expectation of opening as many as 25 new restaurants domestically and 2 internationally under licensing agreements.

Record High Annual Revenues and Adjusted Earnings

In 2024, The Cheesecake Factory generated record high annual revenues and adjusted earnings per share, while also opening more new restaurants in a single year than ever before in the company's history.

Strong Restaurant Openings and Development Momentum

The company opened 9 restaurants in the fourth quarter and plans to open up to 25 new restaurants in 2025, including international expansions under licensing agreements.

High Cheesecake Factory Restaurant Level Margins

Cheesecake Factory restaurant level margins reached 18.4% in the fourth quarter, marking the highest level in over 7 years.

Flower Child Comparable Sales Surge

Flower Child comparable sales increased by 11% in the fourth quarter, significantly outpacing the Black Box fast casual dining index, resulting in average weekly sales of $83,000, up 10% from the fourth quarter of 2023.

Strong Fourth Quarter Financial Performance

Fourth quarter total revenues of $921 million and adjusted net income margin of 5.6% exceeded the high end of the guidance provided.

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Cheesecake Factory (CAKE) Earnings, Revenues Date & History

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CAKE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 07, 2025	2025 (Q1)	0.81 / -	0.73	―	―	―
Feb 19, 2025	2024 (Q4)	0.92 / 1.04	0.8	30.00% (+0.24)
Oct 29, 2024	2024 (Q3)	0.51 / 0.58	0.39	48.72% (+0.19)
Jul 31, 2024	2024 (Q2)	1.00 / 1.09	0.88	23.86% (+0.21)
May 08, 2024	2024 (Q1)	0.63 / 0.73	0.61	19.67% (+0.12)
Feb 21, 2024	2023 (Q4)	0.73 / 0.80	0.56	42.86% (+0.24)
Nov 01, 2023	2023 (Q3)	0.42 / 0.39	-0.03	1400.00% (+0.42)
Aug 02, 2023	2023 (Q2)	0.82 / 0.88	0.52	69.23% (+0.36)
May 10, 2023	2023 (Q1)	0.59 / 0.61	0.47	29.79% (+0.14)
Feb 22, 2023	2022 (Q4)	0.57 / 0.56	0.49	14.29% (+0.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CAKE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 19, 2025	$54.29	$54.97	+1.25%
Oct 29, 2024	$42.62	$46.38	+8.82%
Jul 31, 2024	$38.38	$36.37	-5.24%
May 08, 2024	$33.29	$35.34	+6.16%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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