vs
Side-by-side financial comparison of CHEESECAKE FACTORY INC (CAKE) and Krispy Kreme, Inc. (DNUT), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
CHEESECAKE FACTORY INC is the larger business by last-quarter revenue ($907.2M vs $392.4M, roughly 2.3× Krispy Kreme, Inc.). CHEESECAKE FACTORY INC runs the higher net margin — 3.5% vs -7.1%, a 10.6% gap on every dollar of revenue. On growth, CHEESECAKE FACTORY INC posted the faster year-over-year revenue change (0.4% vs -2.9%). CHEESECAKE FACTORY INC produced more free cash flow last quarter ($69.2M vs $27.9M). Over the past eight quarters, CHEESECAKE FACTORY INC's revenue compounded faster (2.3% CAGR vs -5.9%).
The Cheesecake Factory Incorporated is an American restaurant company and distributor of cheesecakes based in the United States. It operates 370 full-service restaurants: 218 under the Cheesecake Factory brand, 47 under the North Italia brand, and 105 under other brands. The Cheesecake Factory also operates two bakery production facilities—in Calabasas, California, and Rocky Mount, North Carolina.
Krispy Kreme, Inc. is an American multinational doughnut company and coffeehouse chain. Krispy Kreme was founded by Vernon Rudolph (1915–1973), who bought a yeast-raised recipe from a New Orleans chef, rented a building in 1937 in what is now historic Old Salem in Winston-Salem, North Carolina, and began selling to local grocery stores. Steady growth preceded an ambitious expansion as a public company in the period 2000 to 2016, which ultimately proved unprofitable. In 2016, the company retur...
CAKE vs DNUT — Head-to-Head
Income Statement — Q3 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $907.2M | $392.4M |
| Net Profit | $31.9M | $-27.8M |
| Gross Margin | — | — |
| Operating Margin | 4.1% | -1.9% |
| Net Margin | 3.5% | -7.1% |
| Revenue YoY | 0.4% | -2.9% |
| Net Profit YoY | -39.2% | -23.8% |
| EPS (diluted) | $0.66 | $-0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | — | $392.4M | ||
| Q3 25 | $907.2M | $375.3M | ||
| Q2 25 | $927.2M | $379.8M | ||
| Q1 25 | — | $375.2M | ||
| Q4 24 | $865.5M | $404.0M | ||
| Q3 24 | $904.0M | $379.9M | ||
| Q2 24 | $891.2M | $438.8M | ||
| Q1 24 | $877.0M | $442.7M |
| Q4 25 | — | $-27.8M | ||
| Q3 25 | $31.9M | $-19.4M | ||
| Q2 25 | $32.9M | $-435.3M | ||
| Q1 25 | — | $-33.3M | ||
| Q4 24 | $30.0M | $-22.4M | ||
| Q3 24 | $52.4M | $39.6M | ||
| Q2 24 | $33.2M | $-5.5M | ||
| Q1 24 | $12.7M | $-8.5M |
| Q4 25 | — | -1.9% | ||
| Q3 25 | 4.1% | -1.9% | ||
| Q2 25 | 5.6% | -114.4% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | 3.9% | -2.8% | ||
| Q3 24 | 6.5% | -4.2% | ||
| Q2 24 | 4.4% | 1.6% | ||
| Q1 24 | 0.9% | 2.7% |
| Q4 25 | — | -7.1% | ||
| Q3 25 | 3.5% | -5.2% | ||
| Q2 25 | 3.6% | -114.6% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | 3.5% | -5.6% | ||
| Q3 24 | 5.8% | 10.4% | ||
| Q2 24 | 3.7% | -1.3% | ||
| Q1 24 | 1.4% | -1.9% |
| Q4 25 | — | $-0.18 | ||
| Q3 25 | $0.66 | $-0.11 | ||
| Q2 25 | $0.67 | $-2.55 | ||
| Q1 25 | — | $-0.20 | ||
| Q4 24 | $0.61 | $-0.13 | ||
| Q3 24 | $1.08 | $0.23 | ||
| Q2 24 | $0.68 | $-0.03 | ||
| Q1 24 | $0.27 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $190.0M | $42.4M |
| Total DebtLower is stronger | — | $911.9M |
| Stockholders' EquityBook value | $425.3M | $650.1M |
| Total Assets | $3.2B | $2.6B |
| Debt / EquityLower = less leverage | — | 1.40× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $42.4M | ||
| Q3 25 | $190.0M | $30.7M | ||
| Q2 25 | $135.4M | $21.3M | ||
| Q1 25 | — | $18.7M | ||
| Q4 24 | $52.2M | $29.0M | ||
| Q3 24 | $40.7M | $25.4M | ||
| Q2 24 | $60.2M | $28.6M | ||
| Q1 24 | $56.3M | $33.1M |
| Q4 25 | — | $911.9M | ||
| Q3 25 | — | $906.2M | ||
| Q2 25 | — | $889.4M | ||
| Q1 25 | — | $935.0M | ||
| Q4 24 | — | $844.5M | ||
| Q3 24 | — | $804.6M | ||
| Q2 24 | — | $895.0M | ||
| Q1 24 | — | $881.8M |
| Q4 25 | — | $650.1M | ||
| Q3 25 | $425.3M | $670.3M | ||
| Q2 25 | $339.4M | $693.6M | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $396.4M | $1.1B | ||
| Q3 24 | $374.0M | $1.2B | ||
| Q2 24 | $332.4M | $1.1B | ||
| Q1 24 | $318.1M | $1.2B |
| Q4 25 | — | $2.6B | ||
| Q3 25 | $3.2B | $2.6B | ||
| Q2 25 | $3.1B | $2.6B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $2.9B | $3.1B | ||
| Q3 24 | $2.9B | $3.1B | ||
| Q2 24 | $2.8B | $3.2B | ||
| Q1 24 | $2.8B | $3.2B |
| Q4 25 | — | 1.40× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 1.28× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.76× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $147.5M | $45.0M |
| Free Cash FlowOCF − Capex | $69.2M | $27.9M |
| FCF MarginFCF / Revenue | 7.6% | 7.1% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 8.6% | 4.4% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 4.62× | — |
| TTM Free Cash FlowTrailing 4 quarters | $129.5M | $-64.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | — | $45.0M | ||
| Q3 25 | $147.5M | $42.3M | ||
| Q2 25 | $78.9M | $-32.5M | ||
| Q1 25 | — | $-20.8M | ||
| Q4 24 | $79.9M | $27.0M | ||
| Q3 24 | $27.7M | $3.3M | ||
| Q2 24 | $66.7M | $33.2M | ||
| Q1 24 | $67.9M | $-17.7M |
| Q4 25 | — | $27.9M | ||
| Q3 25 | $69.2M | $15.5M | ||
| Q2 25 | $36.1M | $-60.8M | ||
| Q1 25 | — | $-46.7M | ||
| Q4 24 | $25.7M | $-6.9M | ||
| Q3 24 | $-1.5M | $-22.9M | ||
| Q2 24 | $29.6M | $1.6M | ||
| Q1 24 | $16.2M | $-46.8M |
| Q4 25 | — | 7.1% | ||
| Q3 25 | 7.6% | 4.1% | ||
| Q2 25 | 3.9% | -16.0% | ||
| Q1 25 | — | -12.5% | ||
| Q4 24 | 3.0% | -1.7% | ||
| Q3 24 | -0.2% | -6.0% | ||
| Q2 24 | 3.3% | 0.4% | ||
| Q1 24 | 1.8% | -10.6% |
| Q4 25 | — | 4.4% | ||
| Q3 25 | 8.6% | 7.1% | ||
| Q2 25 | 4.6% | 7.4% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | 6.3% | 8.4% | ||
| Q3 24 | 3.2% | 6.9% | ||
| Q2 24 | 4.2% | 7.2% | ||
| Q1 24 | 5.9% | 6.6% |
| Q4 25 | — | — | ||
| Q3 25 | 4.62× | — | ||
| Q2 25 | 2.40× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.66× | — | ||
| Q3 24 | 0.53× | 0.08× | ||
| Q2 24 | 2.01× | — | ||
| Q1 24 | 5.35× | — |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
CAKE
| The Cheesecake Factory | $651.4M | 72% |
| Other | $94.4M | 10% |
| North Italia | $83.5M | 9% |
| Other Fox Restaurant Concepts Llc | $78.0M | 9% |
DNUT
Segment breakdown not available.
