CHEESECAKE FACTORY INC Leases Disclosure
11. Leases
Components of lease expense were as follows (in thousands):
| Fiscal Year | ||||||||
| 2025 | | 2024 | | 2023 | ||||
Operating | $ | 168,504 | $ | 154,233 | $ | 145,774 | |||
Variable | 92,798 | 90,686 |
| 87,047 | |||||
Short-term | 157 | 158 |
| 142 | |||||
Total | $ | 261,459 | $ | 245,077 | $ | 232,963 | |||
Supplemental disclosures of cash flow information related to leases were as follows: (in thousands):
| Fiscal Year | ||||||||
| 2025 | | 2024 | | 2023 | ||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||
Operating cash flows for operating leases | $ | 165,944 | $ | 142,259 | $ | 145,836 | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | 122,116 | 169,831 | 114,373 | ||||||
The weighted-average remaining lease term and discount rate were as follows:
| Fiscal Year |
| |||
2025 | | 2024 |
| ||
Weighted-average remaining lease term — operating leases (in years) |
| 14.4 | 14.7 | ||
Weighted-average discount rate — operating leases |
| 5.8 | % | 5.6 | % |
As of December 30, 2025, the maturities of our operating lease liabilities were as follows (in thousands):
Fiscal year 2026 | | $ | 173,093 |
Fiscal year 2027 |
| 166,279 | |
Fiscal year 2028 |
| 175,894 | |
Fiscal year 2029 |
| 158,211 | |
Fiscal year 2030 | 141,426 | ||
Thereafter |
| 1,476,059 | |
Total future lease payments | 2,290,962 | ||
Less: Interest | (791,201) | ||
Present value of lease liabilities | $ | 1,499,761 |
Operating lease liabilities include $817.4 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $291.3 million of legally binding minimum lease payments for leases signed but not yet commenced.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 24, 2025 | |
| 2023 | Feb 27, 2023 | |
| 2021 | Feb 22, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 12, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.