The Cheesecake Factory is building on average unit volumes above $13.5 million at its namesake restaurants as it pushes ahead with expansion. Comparable sales rose 5.8% year over year in the second quarter of fiscal 2026, including 2.7% traffic growth that beat the Black Box Casual Dining Index by 350 basis points, lifting restaurant-level margin at The Cheesecake Factory restaurants to 20%, the highest in a decade. The company plans to open as many as 26 restaurants across its portfolio in 2026, including five to six Cheesecake Factory locations, in line with its longer-term objective of 7% annual unit growth, backed by approximately $210 million in planned cash capital expenditures. Peers are also leaning on unit productivity: Shake Shack posted second-quarter 2026 average weekly sales of roughly $78,000, flat year over year, with Same-Shack sales up 3.5%, and plans 60 to 65 company-operated openings in 2026, while Dutch Bros reported a 5.8% rise in second-quarter 2026 system same-shop sales, opened 48 shops in the quarter and said it has about 90% of the development pipeline needed to reach its target of 2,029 shops in 2029. Cheesecake Factory shares have gained 40.3% over the past three months against a 15.9% decline for the industry, and the Zacks Consensus Estimate implies 2026 earnings per share growth of 20.2%.
The Cheesecake FactoryPlans up to 26 new restaurants in 2026 backed by ~$210 million in planned cash capex, in line with 7% annual unit growth.
Dutch Bros Inc
Shake Shack Inc