$CAVA

CAVA GROUP, INC.

CIK:0001639438|SEC Filings

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 12, 2026	Jul. 13, 2025	Jul. 12, 2026	Jul. 13, 2025
Income Statement [Abstract]
Revenue	$ 368,436	$ 280,615	$ 806,706	$ 612,441
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging	110,502	82,950	238,180	180,509
Labor	92,401	69,496	203,952	154,058
Occupancy	23,065	18,791	52,922	43,199
Other operating expenses	46,886	34,697	104,878	75,931
Total restaurant operating expenses	272,854	205,934	599,932	453,697
General and administrative expenses	39,800	32,051	91,390	73,445
Depreciation and amortization	20,966	16,815	46,432	37,626
Pre-opening costs	6,741	5,096	12,902	9,577
Impairment and asset disposal costs	1,229	1,074	3,947	2,741
Total operating expenses	341,590	260,970	754,603	577,086
Income from operations	26,846	19,645	52,103	35,355
Interest income, net	(3,293)	(3,581)	(7,375)	(8,198)
Other income, net	(439)	(474)	(1,139)	(501)
Income before taxes	30,578	23,700	60,617	44,054
Provision for (benefit from) income taxes	7,561	5,332	14,034	(21)
Net income	$ 23,017	$ 18,368	$ 46,583	$ 44,075
Earnings per share:
Basic (in usd per share)	$ 0.20	$ 0.16	$ 0.40	$ 0.38
Diluted (in usd per share)	$ 0.19	$ 0.16	$ 0.39	$ 0.37
Weighted-average common shares outstanding:
Basic (in shares)	116,603	115,783	116,453	115,635
Diluted (in shares)	118,379	118,334	118,343	118,392

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 12, 2026	Jul. 13, 2025
Cash flows from operating activities:
Net income	$ 46,583	$ 44,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,432	37,626
Unrealized gain on convertible promissory note	(424)	(429)
Equity-based compensation	11,658	8,505
Deferred income taxes	13,919	(21)
Impairment and asset disposal costs	3,947	2,741
Changes in operating assets and liabilities:
Trade accounts receivable	(3,812)	(2,838)
Other accounts receivable	2,224	(619)
Inventories	(782)	(394)
Prepaid expenses and other	(4,577)	(1,935)
Operating lease assets	(49,352)	(46,222)
Accounts payable	(3,823)	2,838
Accrued expenses and other	17,607	380
Operating lease liabilities	54,920	55,188
Net cash provided by operating activities	134,520	98,895
Cash flows from investing activities:
Purchases of property and equipment	(89,738)	(76,994)
Purchases of debt securities	(80,474)	(100,822)
Proceeds from principal payments on debt securities	77,664	5,397
Investment in convertible promissory note	(5,000)	(5,000)
Net cash used in investing activities	(97,548)	(177,419)
Cash flows from financing activities:
Shares purchased under equity plans	3,698	2,576
Debt refinancing costs	(824)	0
Net cash provided by financing activities	2,874	2,576
Net change in cash and cash equivalents	39,846	(75,948)
Cash and cash equivalents - beginning of year	282,917	366,120
Cash and cash equivalents - end of period	322,763	290,172
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes	1,513	1,366
Change in accrued purchases of property and equipment	$ 9,850	$ 8,476

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 12, 2026	Dec. 28, 2025
Current assets:
Cash and cash equivalents	$ 322,763	$ 282,917
Trade accounts receivable, net	10,136	6,324
Other accounts receivable	10,440	12,664
Investments at fair value (amortized cost of $113,107 and $109,951, respectively)	112,836	110,112
Inventories	9,799	9,017
Prepaid expenses and other	13,892	10,039
Total current assets	479,866	431,073
Property and equipment, net	507,145	457,501
Operating lease assets	437,935	389,417
Goodwill	1,944	1,944
Intangible assets, net	1,752	1,779
Deferred income taxes	51,586	65,393
Other long-term assets	19,545	12,920
Total assets	1,499,773	1,360,027
Current liabilities:
Accounts payable	38,013	37,488
Accrued expenses and other	99,742	76,635
Operating lease liabilities, current	55,473	48,534
Total current liabilities	193,228	162,657
Operating lease liabilities	465,269	417,714
Total liabilities	658,497	580,371
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share; 2,500,000 shares authorized; 116,804 and 116,127 issued and outstanding, respectively	12	12
Treasury stock, at cost; 1,431 shares	(34,377)	(34,377)
Additional paid-in capital	1,082,860	1,067,504
Accumulated deficit	(207,018)	(253,601)
Accumulated other comprehensive (loss) income	(201)	118
Total stockholders’ equity	841,276	779,656
Total liabilities and stockholders’ equity	$ 1,499,773	$ 1,360,027