The Cheesecake Factory Incorporated (CAKE) Cash Flow: Operating & Free Cash Flow

The Cheesecake Factory Incorporated (CAKE) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), The Cheesecake Factory Incorporated generated $301.28M of operating cash flow and spent $146.20M on capital expenditures. That left free cash flow of $155.08M, up 45.1% from $106.91M a year earlier, or 4.1% of revenue. It returned $206.09M to shareholders through $52.19M in dividends and $153.90M in share buybacks.

The Cheesecake Factory Incorporated Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for The Cheesecake Factory Incorporated (CAKE) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2023	FY 2022	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Jan 2024	Dec 2023	Jan 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	148.43	156.78	101.35	101.35	43.12	43.12	72.37	-253.37	127.29	99.04	157.39
Depreciation & Amortization	109.03	101.45	93.14	93.14	92.38	92.38	89.65	91.42	88.13	95.98	92.73
Deferred Income Tax	-6.71	-6.06	-	-15.72	-	-18.65	-20.85	-67.23	-2.20	-5.51	-25.18
Stock Based Compensation	27.23	29.96	25.78	25.78	24.43	24.43	22.99	21.35	19.37	19.99	16.46
Change in Working Capital	-3.21	-20.07	-13.15	-13.15	-10.68	-10.68	30.90	2.67	9.17	60.66	-13.19
Change in Accounts Receivable	-4.08	-4.08	-1.72	-0.10	-12.27	-12.27	-24.82	9.38	3.23	-1.02	-4.23
Change in Inventory	10.56	-6.88	-6.88	-2.09	14.65	-12.73	-3.48	7.92	-5.77	3.67	-7.63
Change in Accounts Payable	1.70	-1.83	-1.83	3.97	13.74	17.59	-3.68	-2.01	2.33	5.60	3.77
Change in Other Working Capital	-11.38	-6.51	-37.95	-14.93	-42.59	-3.28	62.88	-12.63	9.38	52.41	-5.09
Other Operating Activities	26.50	-6.51	2.57	27.00	12.68	31.33	41.33	208.07	-23.01	21.17	10.59
Net Cash from Operating Activities	301.28	268.33	218.40	218.40	161.93	161.93	213.01	2.91	218.76	291.32	238.80
Investing Activities
Capital Expenditures	-146.20	-161.42	-151.57	-153.22	-112.46	-113.14	-67.55	-50.91	-75.87	-105.93	-122.43
Acquisitions	0.00	0.00	-	0.00	-	0.00	0.00	0.00	-264.70	-25.00	-18.00
Purchases of Investments	0.00	0.00	-	0.00	-	0.00	0.00	0.00	-3.00	-25.00	-18.00
Sales/Maturities of Investments	0.00	-1.05	-1.66	0.00	-0.68	0.00	0.00	0.00	3.00	0.00	0.00
Other Investing Activities	-1.06	0.32	-0.27	-0.27	0.33	0.33	-1.06	0.00	-22.50	0.54	-19.65
Net Cash from Investing Activities	-147.26	-161.10	-153.50	-153.50	-112.82	-112.82	-68.61	-50.91	-363.06	-130.39	-140.43
Financing Activities
Debt Repayment	158.70	-20.00	-	-15.00	-	-130.00	-150.00	-10.00	280.00	16.66	10.00
Common Stock Issued	24.61	12.48	-	0.00	0.08	0.00	175.00	0.00	0.00	0.00	0.00
Common Stock Repurchased	-153.90	-18.23	-46.09	-46.09	-63.13	-63.13	-449.52	-3.62	-50.98	-109.28	-122.98
Dividends Paid	-52.19	-53.04	-53.21	-53.21	-42.27	-42.27	-19.00	-15.79	-60.72	-56.25	-49.89
Other Financing Activities	0.00	12.48	-24.24	-24.24	-18.32	-18.32	-35.10	173.10	7.72	8.58	16.77
Net Cash from Financing Activities	-22.78	-78.79	-123.54	-123.54	-123.64	-123.64	-108.83	143.69	176.02	-140.29	-146.09
Summary
Effect of Forex Changes on Cash	0.32	-0.55	0.14	0.14	-0.33	-0.33	-0.03	-0.02	0.12	-0.07	-0.10
Net Change in Cash	131.55	27.89	-58.49	-58.49	-74.85	-74.85	35.57	95.67	31.84	20.57	-47.83
Cash at Beginning of Period	84.18	56.29	-	114.78	-	189.63	154.09	58.42	26.58	6.01	53.84
Cash at End of Period	215.73	84.18	-	56.29	-	114.78	189.63	154.09	58.42	26.58	6.01
Free Cash Flow	155.08	106.91	66.84	65.18	49.46	48.78	145.46	-48.01	142.90	185.39	116.36
Supplemental Disclosures
Interest Paid	-	12.89	9.76	-	7.23	-	9.59	-	-	-	-
Income Taxes Paid	-	19.12	14.47	-	14.69	-	13.03	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The Cheesecake Factory Incorporated Cash Flow

What is The Cheesecake Factory Incorporated's free cash flow?

The Cheesecake Factory Incorporated generated free cash flow of $155.08M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $301.28M minus $146.20M of capital expenditures. That was up 45.1% from $106.91M a year earlier. Free cash flow equaled 4.1% of revenue.

How much does The Cheesecake Factory Incorporated spend on capital expenditures?

The Cheesecake Factory Incorporated spent $146.20M on capital expenditures in fiscal 2025, compared with $161.42M a year earlier. That equals 48.5% of operating cash flow.

Does The Cheesecake Factory Incorporated pay dividends or buy back shares?

Yes. In fiscal 2025 The Cheesecake Factory Incorporated returned $52.19M in dividends and $153.90M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition