CAKE — what changed in the latest 10-Q
A section-by-section comparison of CAKE's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-11-02 vs the prior 10-Q · 2026-08-03
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −20 | ~32 | 22 |
| Market risk (Item 3) | Text added/removed | +4 | −5 | ~1 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Risk factors | Some risk factors updated | +6 | 0 | 0 | 1 |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-11-02
Acquisition-Related Contingent Consideration, Compensation and Amortization (Income)/Expense
In the third quarters of fiscal 2026 and 2025, we recorded $12.9 million of income and $0.9 million of expense, respectively, of acquisition-related contingent consideration, compensation and amortization. In the third quarter of fiscal 2026, we recorded a $13.2 million decrease in the fair value of…
Our effective income tax rate was 16.5% and 10.1% for the third quarter of fiscal 2026 and 2025, respectively. The increase was primarily due to the effect of applying a higher estimated annual effective tax rate in the third quarter of fiscal 2026 than in the second quarter of fiscal 2026, whereas …
As a percentage of revenues cost of sales were 21.5% and 21.7% in the first nine months of fiscal 2026 and 2025, respectively primarily due to lower dairy pricing (0.6%), partially offset by higher meat and seafood costs (0.5%).
As a percentage of revenues, other operating costs and expenses were 27.1% and 27.2% in the first nine months of fiscal 2026 and 2025, respectively. This variance was primarily driven by sales leverage (0.3%) and lower insurance costs (0.2%), partially offset by higher incentive compensation expense…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
During the second quarter of fiscal 2026, we recorded impairment of assets and lease termination expenses of $0.1 million primarily related to lease termination costs for one Grand Lux Cafe location. During the second quarter of fiscal 2025, we recorded impairment of assets and lease termination exp…
Preopening costs were $7.0 million and $9.0 million in the second quarter of fiscal 2026 and 2025, respectively. We opened two North Italia, one Flower Child and one Other FRC locations in the second quarter of fiscal 2026 compared to two The Cheesecake Factory, one North Italia, three Flower Child …
Our effective income tax rate was 11.1% and 11.9% for the second quarter of fiscal 2026 and 2025, respectively. The decrease was primarily due to non-deductible costs in fiscal 2025 associated with the repurchase of our 2026 Notes (1.2%), higher non-taxable gains in the current fiscal quarter as com…
As a percentage of revenues cost of sales were 21.7% in the first six months of both fiscal 2026 and 2025, primarily due to higher meat, produce and seafood costs (0.7%), partially offset by lower dairy pricing (0.6%)
As a percentage of revenues, G&A expenses were 6.4% and 6.3% in the first six months of fiscal 2026 and 2025, respectively. This variance was primarily driven by higher legal fees (0.1%).
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-11-02
We attempt to negotiate short-term and long-term agreements for some of our principal commodity, supply and equipment requirements, such as certain dairy products and poultry, depending on market conditions and expected demand. While we are in the process of contracting for certain key food and non-…
Commodities for which we have not entered into contracts can be subject to unforeseen supply and cost fluctuations, which at times may be significant. Additionally, the cost of commodities subject to governmental regulation, such as dairy and corn, can be especially susceptible to price fluctuation.…
We are exposed to market risk from interest rate changes on our funded debt. This exposure relates to the component of the interest rate on our Loan Agreement that is indexed to market rates. As of September 29, 2026 and December 30, 2025, we had no outstanding borrowings under the Loan Agreement. (…
We are also subject to market risk related to our investments in variable life insurance contracts used to support our non-qualified deferred compensation plans to the extent these investments are not equivalent to the related liability. In addition, because changes in these investments are not taxa…
Text removed vs the prior filing · source: 10-Q · 2026-08-03
We attempt to negotiate short-term and long-term agreements for some of our principal commodity, supply and equipment requirements, such as certain dairy products and poultry, depending on market conditions and expected demand. While we are in the
process of contracting for certain key food and non-food supplies for fiscal 2026 and 2027, these efforts may not be successful or yield our intended benefits. We continue to evaluate the possibility of entering into similar arrangements for other commodities and periodically evaluate hedging vehicl…
Commodities for which we have not entered into contracts can be subject to unforeseen supply and cost fluctuations, which at times may be significant. Additionally, the cost of commodities subject to governmental regulation, such as dairy and corn, can be especially susceptible to price fluctuation.…
We are exposed to market risk from interest rate changes on our funded debt. This exposure relates to the component of the interest rate on our Loan Agreement that is indexed to market rates. As of June 30, 2026 and December 30, 2025, we had no outstanding borrowings under the Loan Agreement. (See N…
We are also subject to market risk related to our investments in variable life insurance contracts used to support our non-qualified deferred compensation plans to the extent these investments are not equivalent to the related liability. In addition, because changes in these investments are not taxa…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-11-02
The risk factor set forth below updates, and should be read together with, the risk factors disclosed in our Annual Report. Except as set forth below, there have been no material changes to the risk factors disclosed in our Annual Report.
We may be unable to raise the funds necessary to repurchase the Notes for cash following a fundamental change, or to pay the cash amounts due upon conversion, and our other indebtedness limits our ability to repurchase the Notes or pay cash upon their conversion.
Noteholders of our outstanding 2030 Notes may, subject to limited exceptions, require us to repurchase their 2030 Notes following a “fundamental change” (which is defined in the indenture governing the 2030 Notes) at a cash repurchase price generally equal to the principal amount of the 2030 Notes t…
All conversions of the 2030 Notes will be settled partially or entirely in cash. We may not have enough available cash or be able to obtain financing at the time we are required to repurchase the 2030 Notes or pay the cash amounts due upon conversion. In addition, applicable law, regulatory authorit…
Furthermore, the Loan Agreement places several restrictions on our ability to repurchase the 2030 Notes upon a fundamental change. Under the Loan Agreement, we are permitted to repurchase 2030 Notes upon a fundamental change only if (i) no default or event of default exists and (ii) our pro forma ne…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice