CAVA Group, Inc.

CAVA Group, Inc. Earnings Recaps

CAVA Consumer Cyclical 3 recaps
Q1 2026 May 20, 2026

Shares declined 2.2% following the earnings release, reflecting some investor caution despite solid top-line growth and operational progress. The modest market pullback likely signals concerns around margin pressures and cautious commentary on sustainable margin expansion amid ongoing investment.

Key takeaways
  • Revenue grew 32.2% year-over-year, driven by a 9.7% same-restaurant sales increase and 6.8% traffic growth.
  • Added 20 net new restaurants, reaching a total of 459 locations across 29 states and D.C.
  • Adjusted EBITDA rose 37.6% to $61.7 million; net income increased to $23.6 million.
  • Free cash flow totaled $15.5 million for the quarter.
  • Management emphasized disciplined price increases (1.4% in January) but underscored ongoing investments in growth and team member support, which may be constraining margin improvement going forward.
Full recap
Q3 2025 Nov 6, 2025

CAVA's Q3 2025 results demonstrate strong growth, with revenue up 20% and significant gains in average unit volumes, underscoring the company's leadership in the Mediterranean food category.

Key takeaways
  • Revenue of $40 million in Q3 2025, marking a 19.6% increase year-over-year in adjusted EBITDA.
  • Same-store sales growth of 1.9%, along with a restaurant-level profit margin of 24.6%.
  • Expansion continues with the addition of 17 net new locations, bringing the total to 415 restaurants across 28 states.
  • Innovative menu offerings, including successful market tests of chicken shawarma and a new salmon dish, enhance customer engagement.
  • CAVA's rewards program has grown by 36% since its redesign, deepening personal connections with guests.
Full recap
Q2 2025 Aug 13, 2025

CAVA's Q2 2025 performance reflects strong momentum with a 20.3% revenue increase year-over-year and strategic expansion, positioning the brand as a leader in the expanding Mediterranean cuisine market.

Key takeaways
  • Revenue reached $137.8 million, marking a 20.3% increase from Q2 2024 and a 62.6% rise over two years.
  • Adjusted EBITDA rose 22.6% to $42.1 million, showcasing operational efficiency and profitability.
  • The company opened 16 new restaurants, bringing the total to 398, signaling strong demand and a robust growth trajectory.
  • Same-restaurant sales grew 2.1%, reflecting ongoing brand strength despite challenging comparisons from previous year's launches.
  • Market tests for new menu items like chicken shawarma show positive early results, indicating potential for future growth and innovation.
Full recap