THE MEDICI LIST

by Mike Gee

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CHEESECAKE FACTORY INC

CIK: 8875961 Annual ReportLatest: 2026-02-23

10-K / February 23, 2026

The Cheesecake Factory Incorporated

Overview

The Cheesecake Factory Incorporated is an experiential dining company focused on culinary-forward, hospitality-driven experiences. It operates multiple restaurant brands and a bakery division, and it licenses The Cheesecake Factory brand in select international markets.

Brand portfolio

  • The Cheesecake Factory: flagship upscale casual dining concept with a broad, largely made-from-scratch menu and an extensive dessert program.
  • North Italia: modern Italian concept with a neighborhood feel, made-from-scratch dishes, and a menu tailored to local markets.
  • Flower Child: fast-casual concept offering customizable, made-from-scratch dishes using locally sourced, all-natural and organic ingredients.
  • Fox Restaurant Concepts (Other FRC): an incubator/portfolio of more than a dozen evolving restaurant brands (examples include Culinary Dropout, The Henry, Blanco) designed to diversify concepts and drive innovation.
  • International licensing: The Cheesecake Factory brand is licensed in international markets, with 35 licensed locations worldwide as of February 23, 2026.

Restaurant and facility footprint

  • Company-owned restaurants (as of Feb 23, 2026):

    • The Cheesecake Factory: 216 locations
    • North Italia: 48 locations
    • Flower Child: 43 locations
    • Other FRC: 55 locations
    • Total company-owned restaurants: 368

  • International licensing:

    • The Cheesecake Factory branded restaurants operated by licensees: 35 locations (including Kuwait, Bahrain, Kingdom of Saudi Arabia, Qatar, United Arab Emirates, Mexico, Hong Kong, China, Taiwan, and others)

  • Company-owned breakdown as of Dec 30, 2025:

    • The Cheesecake Factory: 218
    • North Italia: 48
    • Other FRC: 56
    • Other (non-brand specific): 49
    • Total company-owned restaurants: 371

Bakery operations

  • Two U.S. bakery facilities:
    • Calabasas Hills, California — 60,000 sq ft
    • Rocky Mount, North Carolina — 100,000 sq ft
  • A third potential facility in Charlestown, Indiana was under evaluation.
  • Primary role: produce cheesecakes and other desserts for The Cheesecake Factory restaurants, international licensees, and external customers; exports to about 25 countries under The Cheesecake Factory At Home marks.
  • Development, coordination and distribution functions are supported by a dedicated bakery and corporate setup.

People

  • Approximately 48,400 employees as of December 30, 2025:
    • About 47,075 in restaurants
    • Remaining staff in the corporate support center, Fox Restaurant Concepts headquarters, and bakery facilities
  • Staff development and culture:
    • Recognitions in 2025 include Fortune’s “100 Best Companies to Work For” (12th consecutive year) and People’s “Companies that Care” list.
    • Offers management development, internal promotion pathways, career-education programs, and a range of employee benefits.

Key customer and sales metrics (fiscal 2025)

  • Average check per customer (including beverages and desserts):

    • The Cheesecake Factory: approximately $31.79
    • North Italia: lunch about $35.60; dinner about $45.21
    • Flower Child: annual per-location sales reported rather than a per-check figure
    • Other FRC: per-location sales reported as annual figures

  • Unit economics and operational metrics:

    • The Cheesecake Factory — average sales per location open for the full year: approximately $12.4 million (fiscal 2025)
    • Average sales per productive square foot (interior plus seasonally adjusted exterior patio): approximately $1,151 (fiscal 2025)
    • Typical total build-out costs: approximately $1,100 to $1,200 per interior square foot

  • Off-premise and beverage mix (fiscal 2025):

    • The Cheesecake Factory beverages: about 11% of restaurant sales
    • The Cheesecake Factory off-premise sales (to-go/delivery): about 21% of restaurant sales
    • North Italia off-premise sales: about 13% of restaurant sales
    • Flower Child off-premise sales: about 55% of restaurant sales

Operations and strategy

  • Market positioning: The Cheesecake Factory operates as an upscale casual dining brand with a large, varied menu. North Italia and Flower Child provide more specialized concepts, while Other FRC serves as a platform for incubating new restaurant ideas.
  • Marketing: Relies on reputation, store locations, social media, public relations, and digital campaigns rather than heavy national traditional advertising. The Cheesecake Rewards program supports guest engagement and analytics.
  • International and licensing: Licensing supports international expansion, with training and quality standards provided to licensees. International bakery operations supply licensed restaurants and external customers.
  • Real estate: Company-owned restaurants are located in leased spaces, focusing on high-quality, high-profile locations with flexible layouts and patio seating where feasible.

Summary

The Cheesecake Factory Incorporated is a diversified restaurant company with a flagship The Cheesecake Factory brand, two growth concepts (North Italia and Flower Child), and a Fox Restaurant Concepts portfolio. It operates primarily in the U.S. and Canada, with international licensing for The Cheesecake Factory brand. The company employed about 48,400 people and reported strong unit-level sales across its brands in fiscal 2025. Bakery operations provide a vertically integrated dessert supply for restaurants and external customers. Company-owned locations numbered roughly 368–371 in late 2025 to early 2026, with 35 licensed international Cheesecake Factory outlets.

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