How The Cheesecake Factory is run
In February 2026 the company owned and operated 368 restaurants in the US and Canada: 216 The Cheesecake Factory restaurants, and the rest North Italia, Flower Child and other Fox Restaurant Concepts brands. Its annual report describes no franchised restaurants. (The Cheesecake Factory annual report, 2025)
Outside the US
Abroad, 35 Cheesecake Factory restaurants run under licensing agreements, in the Middle East, Mexico, mainland China, Hong Kong, Macau and Thailand. The licensees put up the money to build and run them, pay development, site and design fees and royalties on sales, and buy their cheesecakes from the company. (The Cheesecake Factory annual report, 2025)
Who owns The Cheesecake Factory
The Cheesecake Factory Incorporated is a public company; its shares trade on the Nasdaq under the symbol CAKE. (The Cheesecake Factory annual report, 2025)
Oscar and Evelyn Overton founded the bakery behind it in 1972. Their son David Overton opened the first restaurant in 1978 and is the company's chairman and chief executive. (The Cheesecake Factory annual report, 2025)
Franchises like The Cheesecake Factory
If you want to own a casual dining business, these franchise brands sell the closest thing to The Cheesecake Factory, largest first.
| Brand | Cost to open | Fee | Royalty | Locations | Sales a location |
|---|---|---|---|---|---|
| Applebee'sFee $35K · Royalty 4% · Sales $2.95M a location | $3.87M–$5.82M | $35K | 4% | 1,475−100 in 3 yrs | $2.95M |
| Chili'sFee $60K · Royalty 1.25% + 2.75% | $3.96M–$6.35M | $60K | 1.25% + 2.75% | 1,208−24 in 3 yrs | – |
| Red RobinFee $35K · Royalty 5% | $2.71M–$5.79M | $35K | 5% | 464−35 in 3 yrs | – |
| Twin PeaksFee $50K · Royalty 5% · Sales $5.8M a location | $2.25M–$5.75M | $50K | 5% | 103+25 in 3 yrs | $5.8M |
| TGI FridaysFee $50K · Royalty 5% · Sales $3.6M a location | $1.36M–$4.52M | $50K | 5% | 80−212 in 3 yrs | $3.6M |
| Walk-On's Sports BistreauxFee $60K · Royalty 5% of gross revenue · Sales $4.42M a location | $2.05M–$6.58M | $60K | 5% of gross revenue | 78+7 in 3 yrs | $4.42M |
| Bar LouieFee $50K · Royalty 5% | $1.06M–$3.95M | $50K | 5% | 66−5 in 3 yrs | – |
Locations are US locations, franchised and company-owned, at the end of the latest year filed. Sales are yearly, before costs, where the brand publishes them.
Applebee's is the largest, with 1,475 US locations, and Bar Louie costs least to open, from $1,064,500. Twin Peaks added the most locations, +25 over 3 years. Of the brands that publish sales, Twin Peaks reports the most per location, $5.8M a year. The typical restaurant franchise starts at $408K to open; see where the money goes.
Sources
Questions
Which of these casual dining franchises loses the fewest owners?
Red Robin. About 0.8% of its franchised locations a year closed, were terminated or weren't renewed over the years its latest filing covers, against 28.5% a year at TGI Fridays. Buy-backs by the franchisor and sales to new owners don't count as exits. Failure rates by brand
Is there a cheaper way into a casual dining franchise like The Cheesecake Factory?
Yes, a smaller format. Chili's lists a chili's special venue from $2.26M, against $3.96M for its standard location. Formats like these go into sites such as campuses, airports or other businesses, so there are fewer of them and they usually sell less.