CAVA Group (CAVA) Q1 2026 Financial Results Summary

Washington, D.C. (May 19, 2026) - CAVA Group, Inc. (NYSE: CAVA) announced its financial results for the fiscal first quarter ended April 19, 2026.

Fiscal First Quarter 2026 Highlights:

• Revenue Growth:
  • CAVA revenue increased 32.2% to $434.4 million, up from $328.5 million in Q1 2025.
  • This growth was 69.5% higher compared to the first quarter of fiscal 2024.
• Net New Restaurant Openings:
  • The company opened 20 net new locations, bringing the total to 459, reflecting a 20.2% increase year-over-year.
• Same Restaurant Sales:
  • Same restaurant sales increased by 9.7%, driven by guest traffic growth of 6.8%.
  • The increase in sales was attributed to a 2.9% growth from menu pricing and product mix.
• Average Unit Volume (AUV):
  • AUV rose to $3.0 million, compared to $2.9 million in the prior year quarter.
• Restaurant-Level Profit:
  • The CAVA restaurant-level profit for the quarter was $108.9 million, up 32.3% from the previous year's figure.
  • The restaurant-level profit margin stood at 25.1%, remaining flat compared to Q1 2025.
• Digital Revenue Mix:
  • Digital revenue constituted 39.9% of total revenue, highlighting the company’s engagement with online and delivery platforms.
• Net Income:
  • The net income for the quarter was $23.6 million, or 5.4% of revenue, slightly lower than $25.7 million from the same quarter last year.
• Adjusted EBITDA:
  • This metric was reported at $61.7 million, representing a 37.6% increase from the previous year.
• Cash Flow:
  • Year-to-date net cash provided by operating activities amounted to $64.1 million with a free cash flow of $15.5 million.

Financial Review:

CAVA’s revenue was substantially boosted by new restaurant openings. The 20 new restaurants contributed to this year’s strong performance. Same restaurant sales exhibited a solid performance with the 9.7% increase demonstrating effective customer retention and service quality amidst challenging market conditions. The restaurant-level profit margin at 25.1% indicates that the company has maintained operational efficiency despite rising costs, attributed mainly to third-party delivery expenses and wage increases. General and administrative expenses were $51.6 million, equal to 11.8% of revenue, down from 12.5% the previous year. Excluding non-recurring costs, this figure dropped to 9.9% from 10.5%, underscoring improved cost management. The net income margin decreased to 5.4% due to a higher effective tax rate and higher depreciation and amortization costs, although this was offset somewhat by stronger operating performance.

Fiscal Full-Year 2026 Outlook:

CAVA Group has updated its full-year guidance:

• Net New Restaurant Openings: Estimated at 75 to 77 for the full year.
• Same Restaurant Sales Growth: Expected between 4.5% to 6.5%.
• Restaurant-Level Profit Margin: Adjusted to be between 23.7% to 24.3%.
• Adjusted EBITDA Guidance: Now projected to be between $181 million to $191 million.

Dividend and Share Repurchase:

As of the latest financial results, CAVA Group did not declare a quarterly dividend, and there were no announcements regarding share repurchases.

These results showcase CAVA Group’s ongoing growth trajectory and ability to adapt in a rapidly changing market. The strong performance metrics reflect robust operational execution and strategic expansion efforts aimed at meeting rising consumer demand for Mediterranean cuisine.

Note: All amounts in the following tables are in thousands.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(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

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

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