CAVA Group Inc (CAVA)

CAVA Group Reports First Quarter 2026 ResultsMay 19, 2026 4:10 PM
Business Wire Year Over Year CAVA Revenue Growth of 32.2% Including Same Restaurant Sales of 9.7% Driven by Guest Traffic Growth of 6.8% 20 Net New CAVA Restaurant Openings During Quarter First Quarter 2026 CAVA Restaurant-level Profit Margin of 25.1% CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal first quarter ended April 19, 2026. “Amid today's broader macroeconomic environment and geopolitical uncertainty, our first quarter results reflect our position as a clear industry leader and our ability to meet the moment for the modern consumer," said Brett Schulman, Co-Founder and CEO. "First quarter same restaurant sales grew 9.7%, including traffic growth of 6.8%, and we opened 20 net new restaurants during the quarter, with recent new market entries across the Midwest in Cincinnati, St. Louis, and Columbus. These results, which include the lap of strong prior year comparisons, speak to the structural strength of our business, the resonance of our compelling value proposition, and our position as the dominant leader in Mediterranean – all of which fuel our confidence to sustain this momentum going forward." Fiscal First Quarter 2026 Highlights: CAVA Revenue grew 32.2% to $434.4 million as compared to $328.5 million in the prior year quarter and 69.5% as compared to the first quarter of fiscal 2024. Net New CAVA Restaurant Openings of 20, bringing total CAVA Restaurants to 459, a 20.2% increase in total CAVA Restaurants year over year. Same Restaurant Sales increased 9.7%, including Guest Traffic growth of 6.8%. AUV of $3.0 million as compared to $2.9 million in the prior year quarter. CAVA Restaurant-Level Profit of $108.9 million or growth of 32.3% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 25.1%. Digital Revenue Mix was 39.9%. Net Income of $23.6 million. Adjusted EBITDA1 grew 37.6% to $61.7 million. Year to date net cash provided by operating activities of $64.1 million with Free Cash Flow1 of $15.5 million. Fiscal First Quarter 2026 Review: CAVA Revenue was $434.4 million, an increase of 32.2% compared with the first quarter of fiscal 2025. The increase was primarily driven by 92 Net New CAVA Restaurant Openings during or subsequent to the first quarter of fiscal 2025, which are exceeding our performance expectations, and Same Restaurant Sales of 9.7%. Same Restaurant Sales increased 6.8% from Guest Traffic and 2.9% from menu price and product mix. CAVA Restaurant-Level Profit Margin was 25.1%, flat to the first quarter of fiscal 2025 as increased costs associated with a higher mix of third-party delivery and incremental wage investments were offset by leverage from higher sales. General and administrative expenses were $51.6 million, or 11.8% of revenue, as compared to $41.4 million, or 12.5% of revenue, in the first quarter of fiscal 2025. General and administrative expenses, excluding equity-based compensation and executive transition costs1, were $43.3 million, or 9.9% of revenue, as compared to $34.7 million, or 10.5% of revenue, in the first quarter of fiscal 2025. The decrease was primarily due to leverage from higher sales, partially offset by investments to support future growth and higher performance-based incentive compensation. Net income was $23.6 million, or 5.4% of revenue compared to $25.7 million in the first quarter of fiscal 2025. The decrease in Net Income was due to a lower tax benefit associated with equity-based compensation resulting in a higher effective tax rate, and higher depreciation and amortization, partially offset by improved operating performance as noted below. Adjusted EBITDA1 was $61.7 million, or 14.1% of revenue, an increase of $16.9 million, or 37.6%, compared to the first quarter of fiscal 2025. The increase was primarily driven by the increase in Same Restaurant Sales, the number of and continued strength in the performance of Net New CAVA Restaurant Openings during or subsequent to the first quarter of fiscal 2025, and leverage in general and administrative expenses.       1 Adjusted EBITDA, Free Cash Flow, and General and administrative expenses, excluding equity-based compensation and executive transition costs, are non-GAAP financial measures. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP are set forth in the tables at the end of this press release. Fiscal Full-Year 2026 Outlook: CAVA Group announced today that it updated fiscal full-year 2026 guidance, as follows:     February 24, 2026   May 19, 2026 Net New CAVA Restaurant Openings   74 to 76   75 to 77 Same Restaurant Sales   3.0% to 5.0%   4.5% to 6.5% CAVA Restaurant-Level Profit Margin   23.7% to 24.2%   23.7% to 24.3% Pre-opening costs   $19.5 to $20.0 million   $22.0 to $22.5 million Adjusted EBITDA   $176.0 to $184.0 million   $181.0 to $191.0 million Actual results may differ materially from CAVA Group’s fiscal full-year 2026 guidance as a result of, among other things, the factors described under “Cautionary Statement Regarding Forward-Looking Statements” below. A reconciliation of the forward-looking fiscal 2026 Adjusted EBITDA to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For these reasons, we are unable to assess the potential significance of the unavailable information. About CAVA Group: CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across age groups, genders, and income brackets and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth. Earnings Conference Call: The Company will host a conference call on May 19, 2026, at 5:00 PM Eastern Time to discuss first quarter 2026 financial results as well as provide a business update. Investors will have the opportunity to listen to the conference call live through the webcast from the Company’s website on the investor relations page at investor.cava.com. A recorded webcast will be available on CAVA’s investor relations website shortly after the call and available for up to one year. Cautionary Statement Regarding Forward-Looking Statements: This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our fiscal full-year 2026 outlook, including Net New CAVA Restaurant Openings, Same Restaurant Sales, CAVA Restaurant-Level Profit Margin, Pre-opening costs, and Adjusted EBITDA, industry, business strategy, goals, growth opportunities and expectations, expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases. The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: we operate in a highly competitive industry; our future growth depends on our ability to open new restaurants while managing our growth effectively and maintaining our culture, and our historical growth may not be indicative of our future growth; we may not be able to successfully identify appropriate locations and develop and expand our operations in existing and new markets; new restaurants may not be profitable and may negatively impact sales at our existing locations; negative changes in guest perception of our brand could negatively impact our business; our efforts to market our restaurants and brand may not be successful; food safety issues, and food-borne illness concerns may harm our business; if we are unable to maintain or increase prices, our margins may decrease; the growth of our business depends on our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings; economic factors and guest behavior trends, which are uncertain and largely beyond our control, may adversely affect guests’ behavior and our ability to maintain or increase sales at our restaurants; we are subject to risks associated with leasing property; we may not be able to successfully expand our digital and delivery business, which is subject to risks outside of our control; our inability or failure to utilize, recognize, respond to, and effectively manage the immediacy of social media could have a material adverse effect on our business; we may not realize the anticipated benefits from past and potential future acquisitions, investments, or other strategic initiatives; we may not be able to manage our manufacturing and supply chain effectively, which may adversely affect our results of operations; our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations; we may experience shortages, delays, or interruptions in the delivery of food items and other products; we may not successfully optimize, operate, and manage our production facilities; we may face increases in food, commodity, energy, and other costs; we may face increases in labor costs, labor shortages, and difficulties in our ability to identify, hire, train, motivate, and retain the right team members; our success depends on our ability to attract, develop, and retain our management team and key team members; security breaches of our electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or team member information (including personal information) may adversely affect our business; our business is subject to complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; we rely heavily on information technology systems and failures of, or interruptions in, or not effectively scaling and adapting our information technology systems could harm our business; we are subject to evolving rules and regulations with respect to environmental, social and governance matters; climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations; and each of the other factors set forth in “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025, and in other reports filed with the United States Securities and Exchange Commission, all of which are available on the investor relations page of our website at investor.cava.com. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in this press release. We do not undertake any obligation to revise or update any forward-looking statements, except as required by law. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. CAVA GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS               Sixteen Weeks Ended (in thousands, except per share amounts)   April 19,
2026   April 20,
2025 Revenue   $ 438,270     $ 331,826   Operating expenses:         Restaurant operating costs (excluding depreciation and amortization)         Food, beverage, and packaging     127,678       97,559   Labor     111,551       84,562   Occupancy     29,857       24,408   Other operating expenses     57,992       41,234   Total restaurant operating expenses     327,078       247,763   General and administrative expenses     51,590       41,394   Depreciation and amortization     25,466       20,811   Pre-opening costs     6,161       4,481   Impairment and asset disposal costs     2,718       1,667   Total operating expenses     413,013       316,116   Income from operations     25,257       15,710   Interest income, net     (4,082 )     (4,617 ) Other income, net     (700 )     (27 ) Income before taxes     30,039       20,354   Provision for (benefit from) income taxes     6,473       (5,353 ) Net income   $ 23,566     $ 25,707             Earnings per share:         Basic   $ 0.20     $ 0.22   Diluted   $ 0.20     $ 0.22   Weighted-average common shares outstanding:         Basic     116,341       115,525   Diluted     118,316       118,437   The following tables summarize the results of the CAVA segment:   Sixteen Weeks Ended       April 19,
2026   April 20,
2025   Change (in thousands) $   % of Revenue   $   % of Revenue   $   % Revenue $ 434,392   100.0 %   $ 328,482   100.0 %   $ 105,910   32.2 % Restaurant operating expenses (excluding depreciation and amortization) Food, beverage, and packaging   126,418   29.1       96,224   29.3       30,194   31.4   Labor   111,551   25.7       84,562   25.7       26,989   31.9   Occupancy   29,857   6.9       24,408   7.4       5,449   22.3   Other operating expenses   57,714   13.3       40,983   12.5       16,731   40.8   Total restaurant operating expenses   325,540   74.9       246,177   74.9       79,363   32.2   Restaurant-level profit $ 108,852   25.1 %   $ 82,305   25.1 %   $ 26,547   32.3 % The following table presents selected quarterly financial and other data: ($ in thousands) Q1 20261   Q4 2025   Q3 2025   Q2 2025   Q1 20251 Net New CAVA Restaurant Openings   20       24       17       16       15   CAVA Restaurants, end of period   459       439       415       398       382   Same Restaurant Sales   9.7 %     0.5 %     1.9 %     2.1 %     10.8 % AUV $ 3,027     $ 2,934     $ 2,935     $ 2,939     $ 2,933   CAVA Restaurant-Level Profit $ 108,852     $ 58,312     $ 71,165     $ 73,262     $ 82,305   CAVA Restaurant-Level Profit Margin   25.1 %     21.4 %     24.6 %     26.3 %     25.1 % Restaurant Operating Weeks   7,150       5,140       4,881       4,659       5,935       1 The first fiscal quarter includes four 4-week periods in our 13 period fiscal calendar. The second, third, and fourth fiscal quarters each contain three 4-week periods. The following table presents the Company’s selected balance sheet data: (in thousands) April 19,
2026   December 28,
2025 Cash and cash equivalents $ 295,771   $ 282,917 Investments at fair value   107,189     110,112 Total assets   1,422,934     1,360,027 Total liabilities   612,964     580,371 Total stockholders’ equity   809,970     779,656 Total liabilities and stockholders’ equity   1,422,934     1,360,027 The following table shows the growth in our company-owned CAVA Restaurant base:     Sixteen Weeks Ended     April 19,
2026   April 20,
2025 Beginning of period   439     367 New CAVA Restaurant openings   21     15 Permanent closure   (1 )   — End of period   459     382 Non-GAAP Financial Measures In addition to our consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, and Free Cash Flow in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, and Free Cash Flow are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, and Free Cash Flow to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide. Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, and Free Cash Flow are not recognized terms under GAAP and should not be considered as alternatives to net income, net income margin, or general and administrative expenses, as applicable, as measures of financial performance or cash provided by operating activities as measures of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA and Free Cash Flow are not intended to be measures of cash flow available for management’s discretionary use, as Adjusted EBITDA does not consider certain cash requirements such as tax payments and financing cash flows, and Free Cash Flow does not consider certain cash requirements such as financing cash flows. Our non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are: Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; Adjusted EBITDA and Free Cash Flow do not reflect cash flows from financing activities of our business; Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense, or the cash necessary to pay income taxes; Adjusted EBITDA does not reflect the impact of earnings or cash charges resulting from matters we consider not to be indicative of our ongoing operations; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and other companies in our industry may calculate Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, and Free Cash Flow differently than we do, limiting their usefulness as comparative measures. The following table reconciles net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin:     Sixteen Weeks Ended (in thousands)   April 19,
2026   April 20,
2025 Net income   $ 23,566     $ 25,707   Non-GAAP Adjustments         Interest income, net     (4,082 )     (4,617 ) Provision for (benefit from) income taxes     6,473       (5,353 ) Depreciation and amortization     25,466       20,811   Equity-based compensation     7,748       6,662   Other income, net     (700 )     (27 ) Impairment and asset disposal costs     2,718       1,667   Executive transition costs     545       —   Adjusted EBITDA   $ 61,734     $ 44,850             Revenue   $ 438,270     $ 331,826   Net income margin     5.4 %     7.7 % Adjusted EBITDA margin     14.1 %     13.5 % The following table reconciles general and administrative expenses to general and administrative expenses, excluding equity-based compensation and executive transition costs:     Sixteen Weeks Ended (in thousands)   April 19,
2026   April 20,
2025 General and administrative expenses   $ 51,590     $ 41,394   Equity-based compensation     7,748       6,662   Executive transition costs     545       —   General and administrative expenses, excluding equity-based compensation and executive transition costs   $ 43,297     $ 34,732             Revenue   $ 438,270     $ 331,826   General and administrative expenses, as a percentage of revenue     11.8 %     12.5 % General and administrative expenses, excluding equity-based compensation and executive transition costs, as a percentage of revenue     9.9 %     10.5 % The following table reconciles net cash provided by operating activities to Free Cash Flow:     Sixteen Weeks Ended (in thousands)   April 19,
2026   April 20,
2025 Net cash provided by operating activities   $ 64,065     $ 38,577   Purchases of property and equipment     (48,581 )     (35,875 ) Free Cash Flow   $ 15,484     $ 2,702   Glossary: The following definitions apply to these terms as used in this press release: “Adjusted EBITDA” is defined as net income adjusted to exclude interest income, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other income, net, impairment and asset disposal costs, and executive transition costs, in each case, to the extent applicable in a given fiscal period. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted EBITDA for the periods presented; “Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue; “Average Unit Volume” or “AUV” represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods, and Digital Kitchens sales for such period, divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods; “CAVA Restaurant-Level Profit” a segment measure of profit and loss, represents CAVA Revenue less food, beverage, and packaging, labor, occupancy, and other operating expenses, excluding depreciation and amortization. CAVA Restaurant-Level Profit excludes pre-opening costs; “CAVA Restaurant-Level Profit Margin” represents CAVA Restaurant-Level Profit as a percentage of CAVA Revenue; “CAVA Restaurants” is defined to include all CAVA restaurants and Hybrid Kitchens that are open or temporarily closed as of the end of the specific period. CAVA Restaurants exclude restaurants operating under license agreements and Digital Kitchens; “CAVA Revenue” is defined to include all revenue attributable to CAVA restaurants in the specified period, excluding restaurants operating under license agreements; “Digital Kitchen” is defined to include kitchens used for third-party marketplace and native delivery, Digital Order pick-up and/or centralized catering production, and that has neither in-restaurant dining nor customer-facing make lines; “Digital Orders” means orders made through catering, digital channels, such as the CAVA app and the CAVA website. Digital Orders include orders fulfilled through third-party marketplace and native delivery and digital order pick-up; “Digital Revenue Mix” represents the portion of CAVA Revenue related to Digital Orders as a percentage of total CAVA Revenue; “Free Cash Flow” means net cash provided by operating activities less purchases of property and equipment; “Guest Traffic” means the number of entrees ordered in-restaurant and through Digital Orders; “Hybrid Kitchen” is defined to include kitchens that have enhanced kitchen capabilities to support centralized catering production and that also have in-restaurant dining and customer-facing make lines; “Net New CAVA Restaurant Openings” is defined as new CAVA restaurant openings during a specified reporting period, net of any permanent CAVA restaurant closures during the same period; “Restaurant Operating Weeks” represents the aggregate number of weeks each of our CAVA Restaurants has been open in a given period; and “Same Restaurant Sales” is defined as the period-over-period sales comparison for CAVA restaurants that have been open for 365 days or longer. We operate on a 52-week or 53-week fiscal year that ends on the last Sunday of the calendar year. In a 52-week fiscal year, the first fiscal quarter contains sixteen weeks and the second, third, and fourth fiscal quarters each contain twelve weeks. In a 53-week fiscal year, the first fiscal quarter contains sixteen weeks, the second and third fiscal quarters each contain twelve weeks, and the fourth fiscal quarter contains thirteen weeks. References to “thirteen periods” are to the 13 accounting periods we have in each fiscal year, with each accounting period being four weeks, except in a 53-week fiscal year which will contain one accounting period of five weeks. Certain numerical figures have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519643333/en/ Investor Relations:
Anisha Sutaria, Director, Corporate Development & IR
investor.relations@cava.com Media Relations:
media@cava.com Original: CAVA Group Reports First Quarter 2026 Results

NYSE Content Update: Armada Raises $230 Million, Boosts Valuation to $2 BillionMay 19, 2026 8:55 AM
PR Newswire (Canada) NYSE issues a pre-market daily advisory direct from the trading floor.NEW YORK, May 19, 2026 /CNW/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.  Kristen Scholer delivers the pre-market update on May 19thThe stock market's recent run pauses as traders monitor Middle East news and corporate earnings.The NYSE is sponsoring the 2026 CNBC Disruptor 50, which shines a light on breakthrough innovation.AI firm Armada teams up with Johnson Controls and raises fresh funding in an oversubscribed Series B round.The Fourth Annual AAPI Heritage Month Celebration will occur at the NYSE under the theme, 'Path to the Boardroom.'Opening Bell
CAVA (NYSE: CAVA) celebrates 15 years of defining the next large scale cuisine categoryClosing Bell
Bread Financial (NYSE: BFH) celebrates its 25th anniversary as a public companyFor market insights, IPO activity, and today's opening bell, download the NYSE TV App: TV.NYSE.com View original content to download multimedia:https://www.prnewswire.com/news-releases/nyse-content-update-armada-raises-230-million-boosts-valuation-to-2-billion-302776174.htmlSOURCE New York Stock Exchange Original: NYSE Content Update: Armada Raises $230 Million, Boosts Valuation to $2 Billion

CAVA to Announce First Quarter 2026 Financial Results on May 19, 2026April 30, 2026 4:10 PM
Business Wire
CAVA Group, Inc. (NYSE: CAVA), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, will host a conference call on Tuesday, May 19, 2026 at 5:00 PM Eastern Time to discuss first quarter 2026 financial results and provide a business update.


A press release with first quarter financial results will be issued at approximately 4:10 PM Eastern Time on Tuesday, May 19, 2026.


The call will be webcast live from the Company’s website on the investor relations page at investor.cava.com. A recorded webcast will be available on CAVA’s investor relations website shortly after the call and available for up to one year.


About CAVA


CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across gender lines, age groups, and income levels and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430107206/en/
Contact, Investor Relations:

Anisha Sutaria, Director, Corporate Development & IR

anisha.sutaria@cava.com


Contact, Media Relations:

media@cava.com


Original: CAVA to Announce First Quarter 2026 Financial Results on May 19, 2026

CAVA Announces the Retirement of Karen Kochevar from the BoardApril 21, 2026 4:10 PM
Business Wire
Karen Kochevar has informed the Company that she will retire from the Board upon the expiration of her current term and will not stand for re-election at the 2026 Annual Meeting.


Ms. Kochevar’s decision is consistent with the Board’s ongoing succession planning process and reflects her intention to conclude ten years of service on the board, including service during the Company’s transition from a privately held company to a publicly traded company. Ms. Kochevar has been a valued member of the Board and has made significant contributions to the Company during a period of substantial growth and development.


Brett Schulman, Co-Founder and CEO, stated, "We thank Karen for her long service on our Board and her guidance during a period of tremendous growth and change. We are profoundly grateful for Karen's service and her contributions over the years."


About CAVA Group:


CAVA is the category-de?ning Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying ?avors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across age groups, genders, and income brackets and bene?ts from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260421165265/en/
Media Contact: cava@media.com


Original: CAVA Announces the Retirement of Karen Kochevar from the Board

CAVA Expands to the St. Louis Area, Dishing Out Craveable Mediterranean MealsApril 17, 2026 8:00 AM
Business Wire
As CAVA expands in the Midwest, Cottleville debuts as its first St. Louis-area restaurant, with a second restaurant opening in Des Peres later this year


CAVA (NYSE: CAVA), the category-defining Mediterranean fast-casual restaurant brand, opened its doors today at 4765 B Hwy N, Cottleville, MO 63304. CAVA Cottleville is a 2,900-square-foot restaurant featuring a bright, welcoming dining room, seamless digital order pick-up, and delivery options designed to meet guests wherever they are in their day.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260417830681/en/CAVA Cottleville
CAVA brings its signature Mediterranean flavors to the St. Louis area, offering a fresh, feel-good dining experience rooted in bold taste and quality ingredients. Guests can enjoy chef-curated bowls and pitas or build their own with more than 17 billion combinations, giving them the ability to completely personalize their meal. The menu features a mix of everyday favorites and limited-time offerings, including craveable dips and pita chips, hearty proteins, house-made drinks, and as many toppings as you want. And, starting Monday, April 20, guests can enjoy the newest addition to the menu: Glazed Salmon.


“St. Louis is a city with deep roots, bustling neighborhoods, and a culture that celebrates coming together – whether it’s cheering on your favorite sports team or connecting over a great meal,” said Jeff Gaul, Chief Development Officer of CAVA. “We’re excited to become a part of that fabric and introduce our fresh, bold Mediterranean flavors to the Cottleville community, creating a space where people can gather, recharge, and make CAVA part of their everyday routine. With a second St. Louis location opening later this year, we look forward to inviting even more members of the community to our table.”


To celebrate CAVA’s arrival to Cottleville, CAVA invited guests in for a complimentary meal during its Community Day celebration, accepting donations to support a local cause – matching those donations up to $1,000. Since 2019, this company-wide Community Day program has raised more than $1 million in monetary and food donations for organizations working to combat food insecurity across the country.


Keeping with CAVA’s tradition, the Cottleville Community Day event will raise funds for the St. Louis Area Foodbank, a local nonprofit that firmly believes everyone deserves access to food and the promise of a healthy diet. Through its network of partners and programs across 26 counties in Eastern Missouri and Southwestern Illinois, the St. Louis Area Foodbank works to revolutionize the hunger relief system. CAVA also donated fresh meals prepared throughout the restaurant’s training period to local community members. The company's food donation program, launched nationally in fall 2023, helps reduce food waste and expand access to fresh meals as CAVA grows into new communities.


With a goal of reaching at least 1,000 restaurants by 2032, CAVA continues to rapidly expand its national footprint. Following last month’s entry into Ohio with its Cincinnati location, the brand now operates in 29 states and the District of Columbia and is on track to open its 500th restaurant later this year. Building on an established presence in the region – including recent openings in Detroit, Canton, and Indianapolis – CAVA is continuing to grow across the Midwest while expanding into new markets nationwide. In the St. Louis area, a second suburban location is also slated to open later this year.


CAVA’s Cottleville restaurant will employ 25-40 local people and will be open daily from 10:30 a.m. - 10:00 p.m. CAVA seeks team members who lead with hospitality and warmth, and is committed to creating meaningful opportunities for growth and advancement. The brand offers competitive pay and a comprehensive benefits package, including paid time off, healthcare, early wage access, free CAVA meals, an Employee Assistance Program, and access to free mental health support.


To learn more about CAVA, follow @CAVA on social channels, including TikTok, Instagram, LinkedIn, and Facebook.


About CAVA


CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across age groups, genders, and income brackets and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260417830681/en/
media@cava.com


Original: CAVA Expands to the St. Louis Area, Dishing Out Craveable Mediterranean Meals

Hello, Cincinnati: CAVA’s Expansion Into the Midwest ContinuesMarch 13, 2026 8:07 AM
Business Wire
The growing Mediterranean concept brings bold flavors and nutritious meals to its first Cincinnati location in Oakley Station


CAVA (NYSE: CAVA), the category-defining Mediterranean fast-casual restaurant brand, opened its doors today at 3356 Madison Road in Cincinnati, Ohio. CAVA Oakley Station is a 3,200-square-foot location with a bright dining room, convenient digital order pick-up, and delivery options designed to meet guests where they are depending on the day - bringing bold, craveable Mediterranean flavors that will leave Cincinnati guests feeling energized, satisfied, and well nourished.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260313222955/en/CAVA Cincinnati
CAVA brings its signature Mediterranean warmth to its first Ohio location, serving bold, high-quality flavors inspired by its founders’ roots. Guests can enjoy a chef-curated meal or build their own bowl or pita from 17 billion possible combinations - so no two visits are ever the same. The menu features a dynamic mix of permanent favorites and limited-time offerings, building on CAVA’s largest menu launch earlier this year. From hearty proteins, delicious dips, a variety of pita chip flavors (including its latest addition of Sumac Sour Cream & Onion), house made-juices, and fan favorites like Roasted White Sweet Potatoes, every meal delivers vibrant flavor and feel-good energy that fuels every moment.


“Cincinnati has a strong sense of community, and that’s exactly what we hope to be part of here in Oakley,” said Jeff Gaul, Chief Development Officer of CAVA. “We believe great food brings people together, so whether guests are stopping by after work or fueling up before a Bengals or Reds game, we’re looking forward to bringing the fresh and craveable Mediterranean flavors to the neighborhood.”


To celebrate CAVA’s arrival to Oakley Station, CAVA invites guests in for a complimentary meal during its Community Day celebration and will accept donations to support a local cause - matching those donations up to $1,000. Since 2019, this company-wide Community Day program has raised more than $1 million in monetary and food donations for organizations working to combat food insecurity across the country.


Keeping with CAVA’s tradition, the Cincinnati Community Day event will raise funds for La Soupe, a Cincinnati-based nonprofit that rescues an average of 30,000 pounds of fresh food from local grocers, farms, manufacturers, and distributors each week. Their chefs transform these ingredients into restaurant-quality meals for neighbors facing food insecurity. CAVA also donated fresh meals prepared throughout the restaurant’s training period to local community members. The company's food donation program, launched nationally in fall 2023, helps reduce food waste and expand access to fresh meals as CAVA grows into new communities.


With a target of at least 1,000 restaurants by 2032, the company is quickly growing its national footprint, with plans to open additional restaurants across the Midwest and enter new regions across the country throughout 2026. CAVA is on track to open its 500th location later this year, and with Cincinnati as its first Ohio location, the national footprint grows to 29 states and the District of Columbia. Cincinnati marks CAVA’s first entry into Ohio as the company continues expanding across the Midwest following recent openings in Chicago, Detroit, and Indianapolis.


CAVA’s new Cincinnati restaurant will employ 25-40 local people and will be open daily from 10:30 a.m. - 10:30 p.m. CAVA looks for team members who demonstrate hospitality and warmth and is dedicated to creating career pathways for them. CAVA offers competitive pay and benefits including paid time off, healthcare, early wage access, free CAVA meals, an Employee Assistance Program, and free mental health support.


To learn more about CAVA, follow @CAVA on social channels, including TikTok, Instagram, LinkedIn, and Facebook.


About CAVA


CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across age groups, genders, and income brackets and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260313222955/en/
media@cava.com


Original: Hello, Cincinnati: CAVA’s Expansion Into the Midwest Continues

CAVA Group Reports Fourth Quarter and Full Year Fiscal 2025 ResultsFebruary 24, 2026 4:10 PM
Business Wire
Full Year CAVA Revenue Growth of 22.5% Including Same Restaurant Sales of 4.0%


72 Net New CAVA Restaurant Openings During Fiscal 2025


Full Year CAVA Restaurant-Level Profit Margin of 24.4%


CAVA Group, Inc. (NYSE: CAVA) (“CAVA Group” or the “Company”), the category-defining Mediterranean fast-casual restaurant brand that brings heart, health, and humanity to food, today announced financial results for its fiscal fourth quarter and fiscal year ended December 28, 2025.


“2025 marked a milestone year for CAVA as we continued to deliver on our mission of bringing heart, health, and humanity to food while scaling the business with a long-term, intentional focus. Our momentum and market share gains underscore the strength of our value proposition and reflect how deeply our brand is resonating with today’s increasingly discerning consumer,” said Brett Schulman, Co-Founder and CEO. “For the first time in our history, revenue surpassed $1 billion for a full fiscal year in 2025, growing 22.5% for the year. We opened 72 net new restaurants and delivered same-restaurant sales growth of 4.0%. Despite strong prior-year comparisons and a dynamic macroeconomic environment, the power of our model and the momentum of our brand remain clear."


Fiscal Fourth Quarter 2025 Highlights:



CAVA Revenue grew 21.2% to $272.8 million as compared to $225.1 million in the prior year quarter.



Net New CAVA Restaurant Openings of 24.



Same Restaurant Sales increased by 0.5%.



CAVA Restaurant-Level Profit of $58.3 million or growth of 15.7% over the prior year quarter, with CAVA Restaurant-Level Profit Margin of 21.4%.



Digital Revenue Mix was 38.9%.



Net Income of $4.9 million.



Adjusted EBITDA1 of $25.8 million compared to $25.1 million in the prior year quarter.



Fiscal Year 2025 Highlights:



CAVA Revenue grew 22.5% to $1,169.3 million as compared to $954.3 million in the prior year.



Net New CAVA Restaurant Openings of 72, bringing total CAVA Restaurants to 439, a 19.6% increase in total CAVA Restaurants year over year.



Same Restaurant Sales increased by 4.0%.



AUV of $2.9 million.



CAVA Restaurant-Level Profit of $285.0 million or growth of 19.7% over the prior year, with CAVA Restaurant-Level Profit Margin of 24.4%.



Digital Revenue Mix was 37.9%.



Net Income of $63.7 million compared to $130.3 million in the prior year. Adjusted Net Income1 was $63.7 million compared to $50.2 million in the prior year, an increase of 26.9%. Adjusted net income in the prior year excludes the net benefit from the release of the valuation allowance against deferred tax assets (the “VA Release”).



Adjusted EBITDA1 of $152.8 million compared to $126.2 million in the prior year.



Net cash provided by operating activities of $184.8 million with Free Cash Flow1 of $26.1 million.



Fiscal Fourth Quarter 2025 Review:


CAVA Revenue was $272.8 million, an increase of 21.2% compared to the fiscal fourth quarter of 2024. The increase was driven by 87 Net New CAVA Restaurant Openings during or subsequent to the fiscal fourth quarter of 2024, which are exceeding our performance expectations, and Same Restaurant Sales of 0.5%. Same Restaurant Sales increased 1.9% from menu price and product mix, partially offset by a 1.4% decrease in Guest Traffic.


CAVA Restaurant-Level Profit Margin was 21.4%, a decrease of 100 basis points compared to the fiscal fourth quarter of 2024. The decrease was due to a higher mix of third-party delivery, technology costs associated with our kitchen display system investments, and other individually insignificant items within other operating expenses; higher food, beverage, and packaging costs primarily associated with the impact of tariffs and the limited time chicken shawarma offering; and incremental wage investments. The decrease was partially offset by leverage from higher sales.


General and administrative expenses were $32.5 million, or 11.8% of revenue, as compared to $28.5 million, or 12.6% of revenue, in the fiscal fourth quarter of 2024. General and administrative expenses, excluding equity-based compensation1, were $29.0 million, or 10.5% of revenue, as compared to $23.6 million, or 10.4% of revenue, in the fiscal fourth quarter of 2024. The increase of 10 basis points was primarily due to investments to support future growth, partially offset by leverage from higher sales.


Net income was $4.9 million, or 1.8% of revenue, as compared to $78.6 million in the fiscal fourth quarter of 2024. Assuming a consistent effective tax rate allocated to each fiscal quarter in the prior year, excluding the net benefit from the VA Release, Adjusted Net Income1 in the prior year quarter was $6.5 million. The decrease in Adjusted Net Income1 was due to higher depreciation and amortization, partially offset by lower equity-based compensation expense, including the impact of payroll taxes, and improved operating performance.


Adjusted EBITDA1 was $25.8 million, or 9.4% of revenue, an increase of $0.7 million, or 2.6%, compared to the fiscal fourth quarter of 2024. The increase was primarily driven by the number and strength of performance of Net New CAVA Restaurant Openings during or subsequent to the fourth quarter of fiscal 2024, partially offset by investments to support future growth, including higher pre-opening costs.


Fiscal 2025 Review:


CAVA Revenue was $1,169.3 million, an increase of 22.5% compared to fiscal 2024. The increase was driven by 130 Net New CAVA Restaurant Openings during or subsequent to fiscal 2024 and Same Restaurant Sales of 4.0%. Same Restaurant Sales consists of 2.4% from menu price and product mix and 1.6% from Guest Traffic.


CAVA Restaurant-Level Profit Margin was 24.4%, a decrease of 60 basis points compared to fiscal 2024. The decrease was primarily due to higher food, beverage, and packaging costs associated with the launch of grilled steak in the second quarter of fiscal 2024, the impact of tariffs, and the limited time chicken shawarma offering; a higher mix of third-party delivery; and incremental wage investments. This decrease was partially offset by leverage from higher sales.


General and administrative expenses were $137.5 million, or 11.7% of revenue, as compared to $120.5 million, or 12.5% of revenue, in fiscal 2024. General and administrative expenses, excluding equity-based compensation and executive transition costs1, were $118.6 million, or 10.1% of revenue, as compared to $103.4 million, or 10.7% of revenue, in fiscal 2024. The decrease of 60 basis points was primarily due to lower performance-based incentive compensation and leverage from higher sales, partially offset by investments to support future growth, including our CAVA Connect conference.


Net income was $63.7 million, or 5.4% of revenue, as compared to $130.3 million in fiscal 2024. Excluding the net benefit from the VA Release, Adjusted Net Income1 in the prior year was $50.2 million. The increase in Adjusted Net Income1 was due to higher operating performance and a lower full year effective tax rate, partially offset by higher depreciation and amortization expense, executive transition costs, and lower interest income.


Adjusted EBITDA1 was $152.8 million, or 12.9% of revenue, an increase of $26.5 million, or 21.0%, compared to fiscal 2024. The increase was primarily driven by the number and strength of performance of Net New CAVA Restaurant Openings during or subsequent to fiscal 2024, 4.0% Same Restaurant Sales, and leverage in general and administrative expenses, partially offset by higher pre-opening costs.



 
 




1 





Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and General and administrative expenses, excluding equity-based compensation and executive transition costs, are non-GAAP financial measures. Reconciliations to the most directly comparable financial measures presented in accordance with GAAP are set forth in the tables at the end of this press release.


Fiscal 2026 Outlook:


CAVA Group anticipates the following for fiscal 2026:




Net New CAVA Restaurant Openings






 






74 to 76








Same Restaurant Sales






 






3.0% to 5.0%








CAVA Restaurant-Level Profit Margin






 






23.7% to 24.2%








Pre-opening costs






 






$19.5 to $20.0 million








Adjusted EBITDA






 






$176.0 to $184.0 million







Actual results may differ materially from CAVA Group's fiscal full-year 2026 guidance as a result of, among other things, the factors described under “Cautionary Statement Regarding Forward-Looking Statements” below.


A reconciliation of the forward-looking fiscal 2026 Adjusted EBITDA to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted. For these reasons, we are unable to assess the potential significance of the unavailable information.


About CAVA Group:


CAVA is the category-defining Mediterranean fast-casual restaurant brand, bringing together healthful food and bold, satisfying flavors at scale. Our brand and our opportunity transcend the Mediterranean category to compete in the large and growing limited-service restaurant sector as well as the health and wellness food category. CAVA serves guests across age groups, genders, and income brackets and benefits from generational tailwinds created by consumer demand for healthy living and a demographic shift towards greater ethnic diversity. We meet consumers’ desires to engage with convenient, authentic, purpose-driven brands that view food as a source of self-expression. The broad appeal of our food combined with these favorable industry trends drive our vast opportunity for continued growth.


Earnings Conference Call:


The Company will host a conference call on February 24, 2026 at 5:00 PM Eastern Time to discuss fourth quarter and fiscal year 2025 financial results as well as provide a business update. Investors will have the opportunity to listen to the conference call live through the webcast from the company's website on the investor relations page at investor.cava.com. A recorded webcast will be available on CAVA's investor relations website shortly after the call and available for up to one year.


Cautionary Statement Regarding Forward-Looking Statements:


This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our fiscal 2026 outlook, including Net New CAVA Restaurant Openings, Same Restaurant Sales, CAVA Restaurant-Level Profit Margin, Pre-Opening Costs and Adjusted EBITDA, industry, business strategy, goals, expectations concerning our market position, future operations, growth, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. These statements may include words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words or similar terms and phrases to identify forward-looking statements in this press release.


The forward-looking statements contained in this press release are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: we operate in a highly competitive industry; our future growth depends on our ability to open new restaurants while managing our growth effectively and maintaining our culture, and our historical growth may not be indicative of our future growth; we may not be able to successfully identify appropriate locations and develop and expand our operations in existing and new markets; new restaurants may not be profitable and may negatively impact sales at our existing locations; negative changes in guest perception of our brand could negatively impact our business; our efforts to market our restaurants and brand may not be successful; food safety issues, and food-borne illness concerns may harm our business; if we are unable to maintain or increase prices, our margins may decrease; the growth of our business depends on our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings; economic factors and guest behavior trends, which are uncertain and largely beyond our control, may adversely affect guests’ behavior and our ability to maintain or increase sales at our restaurants; we are subject to risks associated with leasing property; we may not be able to successfully expand our digital and delivery business, which is subject to risks outside of our control; our inability or failure to utilize, recognize, respond to, and effectively manage the immediacy of social media could have a material adverse effect on our business; we may not realize the anticipated benefits from past and potential future acquisitions, investments, or other strategic initiatives; we may not be able to manage our manufacturing and supply chain effectively, which may adversely affect our results of operations; our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations; we may experience shortages, delays, or interruptions in the delivery of food items and other products; we may not successfully optimize, operate, and manage our production facilities; we may face increases in food, commodity, energy, and other costs; we may face increases in labor costs, labor shortages, and difficulties in our ability to identify, hire, train, motivate, and retain the right team members; our success depends on our ability to attract, develop, and retain our management team and key team members; security breaches of our electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or team member information (including personal information) may adversely affect our business; our business is subject to complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; we rely heavily on information technology systems and failures of, or interruptions in, or not effectively scaling and adapting our information technology systems could harm our business; we are subject to evolving rules and regulations with respect to environmental, social and governance matters; climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations; and each of the other factors set forth in “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K, and in other reports filed with the United States Securities and Exchange Commission, all of which are available on the investor relations page of our website at investor.cava.com.


Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We do not undertake any obligation to revise or update any forward-looking statements, except as required by law. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them.




CAVA GROUP, INC.








CONSOLIDATED STATEMENTS OF OPERATIONS








 






 






 






 






 






 






 






 








 






Twelve Weeks Ended






 






Fiscal Year Ended








(in thousands, except per share amounts)






December 28,

2025






 






December 29,

2024






 






December 28,

2025






 






December 29,

2024








Revenue






$






274,985






 






 






$






227,395






 






 






$






1,179,664






 






 






$






963,713






 








Operating expenses:






 






 






 






 






 






 






 








Restaurant operating costs (excluding depreciation and amortization)






 






 






 






 






 






 






 








Food, beverage, and packaging






 






83,980






 






 






 






68,417






 






 






 






352,778






 






 






 






284,743






 








Labor






 






73,954






 






 






 






61,356






 






 






 






301,861






 






 






 






247,490






 








Occupancy






 






20,854






 






 






 






17,100






 






 






 






83,576






 






 






 






69,851






 








Other operating expenses






 






36,840






 






 






 






29,090






 






 






 






150,982






 






 






 






119,824






 








Total restaurant operating expenses






 






215,628






 






 






 






175,963






 






 






 






889,197






 






 






 






721,908






 








General and administrative expenses






 






32,518






 






 






 






28,549






 






 






 






137,462






 






 






 






120,500






 








Depreciation and amortization






 






18,407






 






 






 






14,975






 






 






 






73,661






 






 






 






60,355






 








Restructuring and other costs






 






—






 






 






 






(2






)






 






 






—






 






 






 






580






 








Pre-opening costs






 






4,615






 






 






 






2,697






 






 






 






19,134






 






 






 






12,197






 








Impairment and asset disposal costs






 






1,008






 






 






 






1,260






 






 






 






4,925






 






 






 






5,055






 








Total operating expenses






 






272,176






 






 






 






223,442






 






 






 






1,124,379






 






 






 






920,595






 








Income from operations






 






2,809






 






 






 






3,953






 






 






 






55,285






 






 






 






43,118






 








Interest income, net






 






(3,272






)






 






 






(3,645






)






 






 






(15,045






)






 






 






(16,474






)








Other expense (income), net






 






2






 






 






 






(130






)






 






 






(469






)






 






 






(318






)








Income before taxes






 






6,079






 






 






 






7,728






 






 






 






70,799






 






 






 






59,910






 








Provision for (benefit from) income taxes






 






1,158






 






 






 






(70,891






)






 






 






7,056






 






 






 






(70,409






)








Net income






$






4,921






 






 






$






78,619






 






 






$






63,743






 






 






$






130,319






 








Earnings per share






 






 






 






 






 






 






 








Basic






$






0.04






 






 






$






0.69






 






 






$






0.55






 






 






$






1.14






 








Diluted






$






0.04






 






 






$






0.66






 






 






$






0.54






 






 






$






1.10






 








Weighted-average common shares outstanding:






 






 






 






 






 






 






 








Basic






 






116,042






 






 






 






114,739






 






 






 






115,804






 






 






 






114,292






 








Diluted






 






118,018






 






 






 






118,546






 






 






 






118,278






 






 






 






118,273






 







The following tables summarize the results of the CAVA segment for the fiscal quarters and fiscal years ended December 28, 2025 and December 29, 2024:




 






Twelve Weeks Ended






 






 








 






December 28,

2025






 






December 29,

2024






 






Change








($ in thousands)






$






 






% of Revenue






 






$






 






% of Revenue






 






$






 






%








Restaurant revenue






$






272,768






 






100.0






%






 






$






225,100






 






100.0






%






 






$






47,668






 






21.2






%








Restaurant operating expenses (excluding depreciation and amortization)








Food, beverage, and packaging






 






83,005






 






30.4






 






 






 






67,327






 






29.9






 






 






 






15,678






 






23.3






 








Labor






 






73,954






 






27.1






 






 






 






61,356






 






27.3






 






 






 






12,598






 






20.5






 








Occupancy






 






20,854






 






7.6






 






 






 






17,100






 






7.6






 






 






 






3,754






 






22.0






 








Other operating expenses






 






36,643






 






13.4






 






 






 






28,904






 






12.8






 






 






 






7,739






 






26.8






 








Total restaurant operating expenses






 






214,456






 






78.6






 






 






 






174,687






 






77.6






 






 






 






39,769






 






22.8






 








Restaurant-level profit






$






58,312






 






21.4






%






 






$






50,413






 






22.4






%






 






$






7,899






 






15.7






%









 






Fiscal Year Ended






 






 








 






December 28,

2025






 






December 29,

2024






 






Change








($ in thousands)






$






 






% of Revenue






 






$






 






% of Revenue






 






$






 






%








Restaurant revenue






$






1,169,286






 






100.0






%






 






$






954,273






 






100.0






%






 






$






215,013






 






22.5






%








Restaurant operating expenses (excluding depreciation and amortization)








Food, beverage, and packaging






 






348,684






 






29.8






 






 






 






279,741






 






29.3






 






 






 






68,943






 






24.6






 








Labor






 






301,861






 






25.8






 






 






 






247,490






 






25.9






 






 






 






54,371






 






22.0






 








Occupancy






 






83,576






 






7.1






 






 






 






69,851






 






7.3






 






 






 






13,725






 






19.6






 








Other operating expenses






 






150,121






 






12.8






 






 






 






119,078






 






12.5






 






 






 






31,043






 






26.1






 








Total restaurant operating expenses






 






884,242






 






75.6






 






 






 






716,160






 






75.0






 






 






 






168,082






 






23.5






 








Restaurant-level profit






$






285,044






 






24.4






%






 






$






238,113






 






25.0






%






 






$






46,931






 






19.7






%







The following table presents selected quarterly financial and other data for the periods indicated:




 






Twelve Weeks

Ended






 






Twelve Weeks

Ended






 






Twelve Weeks

Ended






 






Sixteen Weeks

Ended






 






Twelve Weeks

Ended








 






December 28,

2025






 






October 5,

2025






 






July 13,

2025






 






April 20,

2025






 






December 29,

2024








($ in thousands)






(Q4 2025)






 






(Q3 2025)






 






(Q2 2025)






 






(Q1 2025)






 






(Q4 2024)








Net New CAVA Restaurant Openings






 






24






 






 






 






17






 






 






 






16






 






 






 






15






 






 






 






15






 








CAVA Restaurants, end of period






 






439






 






 






 






415






 






 






 






398






 






 






 






382






 






 






 






367






 








Same Restaurant Sales






 






0.5






%






 






 






1.9






%






 






 






2.1






%






 






 






10.8






%






 






 






21.2






%








AUV1






$






2,934






 






 






$






2,935






 






 






$






2,939






 






 






$






2,933






 






 






$






2,865






 








CAVA Restaurant-Level Profit






$






58,312






 






 






$






71,165






 






 






$






73,262






 






 






$






82,305






 






 






$






50,413






 








CAVA Restaurant-Level Profit Margin






 






21.4






%






 






 






24.6






%






 






 






26.3






%






 






 






25.1






%






 






 






22.4






%








Restaurant Operating Weeks






 






5,140






 






 






 






4,881






 






 






 






4,659






 






 






 






5,935






 






 






 






4,299






 








 
 




1 





Presented on a trailing thirteen period basis. For purposes of calculating AUV for Q4 2025, Q3 2025, Q2 2025, Q1 2025, and Q4 2024, the applicable measurement period is the trailing thirteen periods ended December 28, 2025, October 5, 2025, July 13, 2025, April 20, 2025, and December 29, 2024, respectively.


The following table presents the Company’s selected balance sheet data:




($ in thousands)






December 28,

2025






 






December 29,

2024








Cash and cash equivalents






$






282,917






 






$






366,120








Investments as fair value






 






110,112






 






 






—








Total assets






 






1,360,027






 






 






1,169,669








Total liabilities






 






580,371






 






 






474,103








Total stockholders’ equity






 






779,656






 






 






695,566








Total liabilities and stockholders’ equity






 






1,360,027






 






 






1,169,669







The following table shows the growth in our company-owned CAVA restaurant base:




 






Twelve Weeks Ended






 






Fiscal Year Ended








 






December 28,

2025






 






December 29,

2024






 






December 28,

2025






 






December 29,

2024








Beginning of period






415






 






 






352






 






367






 






 






309






 








New CAVA Restaurant openings






25






 






 






15






 






73






 






 






59






 








Permanent closure






(1






)






 






—






 






(1






)






 






(1






)








End of period






439






 






 






367






 






439






 






 






367






 







Non-GAAP Financial Measures


In addition to our consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow in this press release as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.


Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow are not recognized terms under GAAP and should not be considered as alternatives to net income, net income margin, or general and administrative expenses, as applicable, as measures of financial performance or cash provided by operating activities as measures of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, Adjusted EBITDA and Free Cash Flow are not intended to be measures of free cash flow available for management’s discretionary use, as Adjusted EBITDA does not consider certain cash requirements such as tax payments and financing cash flows, and Free Cash Flow does not consider certain cash requirements such as financing cash flows. Our non-GAAP measures have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are:



Adjusted EBITDA and Adjusted Net Income do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;



Adjusted EBITDA and Adjusted Net Income do not reflect changes in, or cash requirements for, our working capital needs;



Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow do not reflect cash flows from financing activities of our business;



Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense, or the cash necessary to pay income taxes;



Adjusted EBITDA does not reflect the impact of earnings or cash charges resulting from matters we consider not to be indicative of our ongoing operations;



although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and



other companies in our industry may calculate Adjusted EBITDA, Adjusted EBITDA Margin, general and administrative expenses, excluding equity-based compensation and executive transition costs, Adjusted Net Income, Adjusted Diluted Earnings Per Share, and Free Cash Flow differently than we do, limiting their usefulness as comparative measures.



The following table reconciles net income to Adjusted EBITDA for the periods indicated:




 






Twelve Weeks Ended






 






Fiscal Year Ended








($ in thousands)






December 28,

2025






 






December 29,

2024






 






December 28,

2025






 






December 29,

2024








Net income






$






4,921






 






 






$






78,619






 






 






$






63,743






 






 






$






130,319






 








Non-GAAP Adjustments






 






 






 






 






 






 






 








Interest income, net






 






(3,272






)






 






 






(3,645






)






 






 






(15,045






)






 






 






(16,474






)








Provision for (benefit from) income taxes






 






1,158






 






 






 






(70,891






)






 






 






7,056






 






 






 






(70,409






)








Depreciation and amortization






 






18,407






 






 






 






14,975






 






 






 






73,661






 






 






 






60,355






 








Equity-based compensation






 






3,540






 






 






 






4,918






 






 






 






18,057






 






 






 






17,140






 








Other expense (income), net






 






2






 






 






 






(130






)






 






 






(469






)






 






 






(318






)








Impairment and asset disposal costs






 






1,008






 






 






 






1,260






 






 






 






4,925






 






 






 






5,055






 








Restructuring and other costs






 






—






 






 






 






(2






)






 






 






—






 






 






 






580






 








Executive transition costs1






 






—






 






 






 






—






 






 






 






832






 






 






 






—






 








Adjusted EBITDA






$






25,764






 






 






$






25,104






 






 






$






152,760






 






 






$






126,248






 








 






 






 






 






 






 






 






 








Revenue






$






274,985






 






 






$






227,395






 






 






$






1,179,664






 






 






$






963,713






 








Net income margin2






 






1.8






%






 






 






34.6






%






 






 






5.4






%






 






 






13.5






%








Adjusted EBITDA margin






 






9.4






%






 






 






11.0






%






 






 






12.9






%






 






 






13.1






%








 
 

 








 1





Includes costs associated with the separation of the Company's Chief Operations Officer.



 2





Net income margin for the twelve weeks and fiscal year ended December 29, 2024 includes the impact of the $80.1 million net benefit from the VA Release.


The following table reconciles general and administrative expenses to general and administrative expenses, excluding equity-based compensation and executive transition costs for the periods indicated:




 






Twelve Weeks Ended






 






Fiscal Year Ended








($ in thousands)






December 28,

2025






 






December 29,

2024






 






December 28,

2025






 






December 29,

2024








General and administrative expenses






$






32,518






 






 






$






28,549






 






 






$






137,462






 






 






$






120,500






 








Equity-based compensation






 






3,540






 






 






 






4,918






 






 






 






18,057






 






 






 






17,140






 








Executive transition costs1






 






—






 






 






 






—






 






 






 






832






 






 






 






—






 








General and administrative expenses, excluding equity-based compensation and executive transition costs






$






28,978






 






 






$






23,631






 






 






$






118,573






 






 






$






103,360






 








 






 






 






 






 






 






 






 








Revenue






$






274,985






 






 






$






227,395






 






 






$






1,179,664






 






 






$






963,713






 








General and administrative expenses, as a percentage of revenue






 






11.8






%






 






 






12.6






%






 






 






11.7






%






 






 






12.5






%








General and administrative expenses, excluding equity-based compensation and executive transition costs, as a percentage of revenue






 






10.5






%






 






 






10.4






%






 






 






10.1






%






 






 






10.7






%








 
 

 








1 





Includes costs associated with the separation of the Company's Chief Operations Officer.


The following table reconciles net income to Adjusted Net Income and diluted earnings per share to Adjusted Diluted Earnings Per Share for the periods presented:




 






Twelve Weeks Ended






 






Fiscal Year Ended








(in thousands)






December 28,

2025






 






December 29,

2024






 






December 28,

2025






 






December 29,

2024








Net income






$






4,921






 






$






78,619






 






 






$






63,743






 






$






130,319






 








Tax benefit from the release of the valuation allowance






 






—






 






 






(80,100






)






 






 






—






 






 






(80,100






)








Quarterly allocation of income tax expense, excluding benefit from the release of the valuation allowance 1






 






—






 






 






7,959






 






 






 






—






 






 






—






 








Adjusted Net Income






$






4,921






 






$






6,478






 






 






$






63,743






 






$






50,219






 








 






 






 






 






 






 






 






 








Diluted weighted average common shares outstanding






 






118,018






 






 






118,546






 






 






 






118,278






 






 






118,273






 








Diluted earnings per share






$






0.04






 






$






0.66






 






 






$






0.54






 






$






1.10






 








Adjusted Diluted Earnings Per Share






$






0.04






 






$






0.05






 






 






$






0.54






 






$






0.42






 








 
 




 1





Reflects an allocation of income tax expense excluding the net benefit from the VA Release recorded in the fiscal fourth quarter of 2024 to each quarter within fiscal 2024 assuming a consistent effective tax rate.


The following table reconciles net cash provided by operating activities to Free Cash Flow:




 






 






Fiscal Year Ended








($ in thousands)






 






December 28,

2025






 






December 29,

2024








Net cash provided by operating activities






 






$






184,840






 






 






$






161,027






 








Purchases of property and equipment






 






 






(158,699






)






 






 






(108,131






)








Free Cash Flow






 






$






26,141






 






 






$






52,896






 







Glossary:


The following definitions apply to these terms as used in this press release:


“Adjusted Diluted Earnings Per Share” is defined as Adjusted Net Income divided by diluted weighted-average common shares outstanding;


“Adjusted EBITDA” is defined as net income adjusted to exclude interest income, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other expense (income), net, impairment and asset disposal costs, restructuring and other costs, and executive transition costs, in each case, to the extent applicable in a given fiscal period. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted EBITDA for the periods presented;


“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue;


“Adjusted Net Income” is defined as net income adjusted to exclude the net benefit associated with the VA Release in fiscal 2024. In addition, Adjusted Net Income includes an allocation of total fiscal 2024 income tax expense, excluding the net benefit associated with the VA Release, to each quarter assuming a consistent effective tax rate. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted Net Income for the periods presented;


“Adjusted Net Income Margin” is defined as Adjusted Net Income as a percentage of revenue;


“Average Unit Volume” or “AUV” represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods, and Digital Kitchens sales for such period, divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods;


“CAVA Restaurant-Level Profit” a segment measure of profit and loss, represents CAVA Revenue less food, beverage, and packaging, labor, occupancy, and other operating expenses, excluding depreciation and amortization. CAVA Restaurant-Level Profit excludes pre-opening costs;


“CAVA Restaurant-Level Profit Margin” represents CAVA Restaurant-Level Profit as a percentage of CAVA Revenue;


“CAVA Restaurants” is defined to include all CAVA restaurants, including converted Zoes Kitchen locations and Hybrid Kitchens, that are open or temporarily closed as of the end of the specific period. CAVA Restaurants exclude restaurants operating under license agreements and Digital Kitchens;


“CAVA Revenue” is defined to include all revenue attributable to CAVA restaurants in the specified period, excluding restaurants operating under license agreements;


“Digital Kitchen” is defined to include kitchens used for third-party marketplace and native delivery, Digital Order pick-up and/or centralized catering production, and that has neither in-restaurant dining nor customer-facing make lines;


“Digital Orders” means orders made through catering, digital channels, such as the CAVA app and the CAVA website. Digital Orders include orders fulfilled through third-party marketplace and native delivery and digital order pick-up;


“Digital Revenue Mix” represents the portion of CAVA Revenue related to Digital Orders as a percentage of total CAVA Revenue;


“Free Cash Flow” means net cash provided by operating activities less purchases of property and equipment;


“Guest Traffic” means the number of entrees ordered in-restaurant and through Digital Orders;


“Hybrid Kitchen” is defined to include kitchens that have enhanced kitchen capabilities to support centralized catering production and that also have in-restaurant dining and customer-facing make lines;


“Net New CAVA Restaurant Openings” is defined as new CAVA restaurant openings (including CAVA restaurants converted from a Zoes Kitchen location) during a specified reporting period, net of any permanent CAVA restaurant closures during the same period;


“Restaurant Operating Weeks” represents the aggregate number of weeks each of our CAVA Restaurants has been open in a given period; and


“Same Restaurant Sales” is defined as the period-over-period sales comparison for CAVA restaurants that have been open for 365 days or longer (including converted Zoes Kitchen locations that have been open for 365 days or longer after the completion of the conversion to a CAVA restaurant).


We operate on a 52-week or 53-week fiscal year that ends on the last Sunday of the calendar year. In a 52-week fiscal year, the first fiscal quarter contains sixteen weeks and the second, third, and fourth fiscal quarters each contain twelve weeks. In a 53-week fiscal year, the first fiscal quarter contains sixteen weeks, the second and third fiscal quarters each contain twelve weeks, and the fourth fiscal quarter contains thirteen weeks. References to “thirteen periods” are to the 13 accounting periods we have in each fiscal year, with each accounting period being four weeks, except in a 53-week fiscal year which will contain one accounting period of five weeks.


Certain numerical figures have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260224966783/en/
Investor Relations:

Anisha Sutaria, Director, Corporate Development & IR

investor.relations@cava.com


Media Relations:

media@cava.com


Original: CAVA Group Reports Fourth Quarter and Full Year Fiscal 2025 Results