SCHEDULE: FMR LLC Discloses 11% Stake in Cheesecake Factory

FMR LLC and Abigail P. Johnson have reported an 11.0% beneficial ownership stake in The Cheesecake Factory Inc. as of September 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively reported beneficial ownership of 5,525,506.38 shares of The Cheesecake Factory Inc. common stock.
• This represents an 11.0% stake in the company's total outstanding common stock.
• The ownership position was determined as of September 30, 2025, which is the date of the event requiring this filing.
• FMR LLC holds sole voting power over 5,518,019.05 shares and sole dispositive power over 5,525,506.38 shares.
• Abigail P. Johnson, as Director, Chairman, and CEO of FMR LLC, is deemed to beneficially own the same aggregate amount of shares due to her role and the Johnson family's controlling interest in FMR LLC.
• The reporting persons certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of The Cheesecake Factory Inc.
• Several FMR LLC subsidiaries, including Fidelity Management & Research Company LLC, are identified as entities beneficially owning shares, with Fidelity Management & Research Company LLC owning 5% or greater of the security class.

Sentiment

Score: 7

Explanation: The disclosure of an 11.0% beneficial ownership stake by a prominent investment management firm like FMR LLC, held in the ordinary course of business, generally conveys a positive sentiment. It suggests institutional confidence in The Cheesecake Factory Inc. without indicating any intent to influence control, which can be viewed favorably by the market.

Positives

• A significant 11.0% stake by a major institutional investor like FMR LLC can signal confidence in The Cheesecake Factory Inc.'s long-term prospects.
• The filing indicates the shares are held in the ordinary course of business, suggesting a passive investment rather than an activist intent to influence control, which can be viewed favorably by the market.

Negatives

• The filing itself does not present any negative information regarding The Cheesecake Factory Inc.'s operations or financial health, as it is solely a disclosure of ownership.

Risks

• The filing does not explicitly detail risks related to The Cheesecake Factory Inc.'s business operations.
• A potential risk associated with large institutional ownership could be significant selling pressure if FMR LLC decides to reduce its stake, though this filing does not indicate such an intent.

Future Outlook

This filing is a disclosure of current beneficial ownership and does not contain forward-looking statements or guidance regarding The Cheesecake Factory Inc.'s future performance or FMR LLC's future investment intentions beyond the statement that shares are held in the ordinary course of business.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11."

Industry Context

This filing reflects a significant institutional investment in the restaurant sector, specifically in a well-known casual dining chain. Large stakes by asset managers like FMR LLC are common and often indicate a long-term investment thesis based on the company's market position, brand strength, and operational performance within the competitive food service industry.

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by FMR LLC could be viewed positively, potentially increasing investor confidence and attracting further institutional interest.
• Management: The 'ordinary course of business' certification indicates FMR LLC is a passive investor, which may reduce concerns about activist pressure on management.

Key Dates

Recommendation

The filing indicates a substantial, passive institutional investment by FMR LLC in The Cheesecake Factory Inc. This suggests a vote of confidence from a major asset manager, which is generally a positive signal. However, a Schedule 13G filing primarily discloses ownership and does not provide new operational or financial performance data to warrant a 'buy' or 'sell' recommendation. For existing investors, this reinforces a 'hold' position, while new investors would need to conduct further due diligence on the company's fundamentals beyond this ownership disclosure.

Keywords

Cheesecake Factory, FMR LLC, Abigail P. Johnson, Beneficial Ownership, Schedule 13G, Institutional Investor, Restaurant Industry, Common Stock, Investment Management