Cheesecake Factory Inc (NASDAQ: CAKE)

The Cheesecake Factory Incorporated is a leader in experiential dining, owning and operating restaurants throughout the United States and Canada under multiple brands. As of February 23, 2026, the Company operated 368 restaurants domestically, including 216 The Cheesecake Factory locations, 48 North Italia restaurants, 43 Flower Child locations, and 55 Other Fox Restaurant Concepts sites. Internationally, 35 The Cheesecake Factory restaurants operate under licensing agreements. The Company also owns and operates two bakery production facilities that supply cheesecakes and other baked products to its restaurants, international licensees, and third-party bakery customers.

The Company generates revenue primarily through the sale of food and beverages at its company-owned restaurants. Additional revenue streams include royalties and fees from international licensing agreements, and sales of bakery products to external customers such as retailers, foodservice distributors, and other foodservice operators under The Cheesecake Factory At Home and The Cheesecake Factory Bakery brands. Alcoholic beverage sales represented 11% of The Cheesecake Factory restaurant sales during fiscal 2025, while off-premise sales accounted for approximately 21% of those same sales. Dessert sales contributed approximately 17% of The Cheesecake Factory restaurant sales in fiscal 2025.

The company operates through the following segments: The Cheesecake Factory, North Italia, Flower Child, and Fox Restaurant Concepts (Other FRC).

• The Cheesecake Factory segment provides an upscale casual dining experience with an extensive menu featuring approximately 225 items exclusive of beverages and desserts, and approximately 45 varieties of proprietary cheesecake and other desserts. Restaurants are open seven days a week for lunch and dinner, with weekend brunch offerings and full-service bars.

• North Italia is a modern Italian restaurant in the upscale casual dining segment, offering classic Italian favorites with a fresh twist made from scratch daily. The menu includes appetizers, salads, fresh pastas, pizzas, and entrees, with unique items tailored to local markets. Wine, beer, and house-made cocktails represented 23% of North Italia sales in fiscal 2025.

• Flower Child operates in the fast casual dining segment, providing a customizable menu made fresh from scratch with locally-sourced, all-natural, and organic ingredients. Sales through the off-premise channel comprised approximately 55% of Flower Child restaurant sales during fiscal 2025.

• Fox Restaurant Concepts (Other FRC) operates as an independent subsidiary that serves as an incubator for new food, dining, and hospitality experiences. As of February 23, 2026, the Company operated 55 Other FRC locations, with concepts varying in industry segment, occasions, square footage, and geography.

The Cheesecake Factory Incorporated is a leader in the upscale casual dining segment, distinguished by its historically high average sales per square foot compared to peers in this segment. The Company believes its competitive strengths lie in its extensive and innovative menu made fresh from scratch, its value proposition of large variety and generous portions, its commitment to excellent service and hospitality, its high-quality restaurant locations, and its distinctive design and decor. Integration of its bakery operations provides control over dessert quality and creativity while enhancing profitability.

The Company serves a diverse customer base across a broad demographic range, appealing to customers seeking lunch, dinner, weekend brunch, mid-afternoon, late-night, and special occasion dining. Its restaurants attract patrons due to their extensive menu, upscale casual atmosphere, and focus on hospitality. Specific customer names are not disclosed in the filing.