Cheesecake Factory’s record-breaking stock performance boosts its founder’s fortune to $300 million

Following a hotter-than-expected earnings report, Cheesecake Factory shares reached an all-time high on Wednesday. Propelling a stock that has almost doubled in value this year and increasing founder and CEO David Overton’s fortune to over $300 million.

As of Wednesday afternoon, Cheesecake Factory shares, which are listed on the Nasdaq under the ticker «CAKE,» had increased 12% to little under $101.

For the first time, the restaurant chain’s quarterly revenue exceeded $1 billion on Tuesday. While its net income increased to $68.4 million, surpassing FactSet projections of $999 million and $57.5 million, respectively.

The company’s revenue, margins, and earnings «exceeded our expectations,» according to Overton, who also reiterated plans for Cheesecake Factory to grow to 26 new sites in fiscal year 2026.

As of Wednesday’s closing price, the David M. Overton Family Trust owned just under 3.2 million shares of Cheesecake Factory, which is now worth $320 million. This amount does not include the slightly over $40 million before taxes that came from selling shares and exercising options over the years.

Almost 91%. The Cheesecake Factory’s stock has increased by that much this year, nearly doubling its value from just over $52 at the beginning of the year. Additionally, its market value has increased by almost 500% since dropping below $1 billion in 2020, reaching a record high of about $5 billion.

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