Cheesecake Factory Plans 26 New Restaurants, Targets 7% Annual Growth
The Cheesecake Factory accelerated unit growth from 25 openings in 2025 to a planned 26 in 2026, targeting 7% annual growth and 300 domestic restaurants. It delivered record adjusted EBITDA of $354 million in 2025 and operating cash flow of $301 million while off-premise sales reached 22% of revenue.
1. Unit Expansion and Growth Targets
The Cheesecake Factory accelerated new restaurant openings from 16 in 2023 to 25 in 2025 and anticipates up to 26 openings in 2026, reflecting roughly 7% annual unit growth. The brand operates 216 domestic restaurants and sees potential to reach 300 locations, while North Italia and Flower Child concepts support further portfolio diversification.
2. Financial Performance and Capital Returns
In 2025 the company recorded adjusted EBITDA of $354 million and generated $301 million of operating cash flow, returning $206 million to shareholders through dividends and share repurchases. For 2026 management forecasts about $3.9 billion in revenue, a 5% net income margin and $210 million in capital expenditures to sustain growth.
3. Off-Premise Momentum and Rewards Program
Off-premise sales now account for 22% of total revenues, equating to approximately $2.7 million per restaurant annually via an exclusive DoorDash partnership. The Cheesecake Rewards loyalty program, launched in June 2023, has exceeded engagement expectations and will debut a dedicated mobile app in the second quarter to enhance guest experiences.
4. Strategic Initiatives and Concept Pipeline
Executives emphasize four strategic pillars—menu innovation, operational execution, hospitality and an integrated bakery—that drive the experiential dining model and 17% dessert sales contribution. Emerging growth concepts such as Culinary Dropout and The Henry, along with 35 international licensed locations, provide additional upside opportunities.