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CAVA Group (CAVA) investor relations material
CAVA Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue grew 20% year-over-year to $289.8 million, with same restaurant sales up 1.9% and 17 net new restaurants opened, bringing the total to 415 locations, a 17.9% increase year-over-year.
Adjusted EBITDA rose 19.6% to $40 million, and net income was $14.7 million; restaurant-level profit margin was 24.6%.
Market share continues to expand, with strong brand relevance and guest loyalty despite macroeconomic pressures.
Average unit volumes (AUV) reached $2.94 million, with new restaurant productivity above 100%.
Digital revenue mix increased to 37.6% for the quarter.
Financial highlights
Restaurant-level profit was $71.2 million (24.6% of revenue), up 15.1% from Q3 2024.
Food, beverage, and packaging costs rose to 30.1% of revenue, mainly due to tariffs and the chicken shawarma launch.
Labor costs increased to 25.5% of revenue, reflecting a 2% wage investment.
General and administrative expenses (excluding stock-based comp and transition costs) improved to 9.4% of revenue.
Year-to-date cash flow from operations was $144.5 million; free cash flow was $23.3 million.
Outlook and guidance
2025 guidance: 68-70 net new restaurants, same restaurant sales growth of 3%-4%, restaurant-level profit margin of 24.4%-24.8%, pre-opening costs of $18-$19 million, and adjusted EBITDA of $148-$152 million.
Q4 guidance is cautious due to macro headwinds and tough prior-year comparisons; current trends are slightly above the midpoint of the range.
2026 outlook includes at least 16% unit growth and low to mid-single digit same restaurant sales growth.
Q3 restaurant margin decline reasons?
Full-year SRSG guidance cut drivers?
New restaurant AUV performance?
Quantify KDS/AGM impact on guest metrics
How loyalty program counters macro headwinds
Expected impact of 2026 culinary/marketing plans
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Next CAVA Group earnings date
Q4 202524 Feb, 2026
Next CAVA Group earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Mediterranean Fast Casual
Cava Group is an American company that owns and operates a fast-casual Mediterranean restaurant across the US. The company serves a variety of different foods, dips, and sides in its locations across the country. Cava Group focuses on bowls and pitas with healthy varieties of rice and salad as its base with customers having the option to choose Mediterranean staples as proteins. The company also offers catering options and sells a variety of different items such as hummus and other dips in select grocery store chains. Cava Group is headquartered in Washington, D.C. and its shares are listed on the NYSE.
The Founding Team and Brett Schulman
The company was founded by three childhood friends who met at their Greek-Orthodox church’s Sunday school when they were six years old. The three, all first-generation Greek-Americans, held a special place in their hearts for Mediterranean cuisine. The trio opened up a neighborhood restaurant in Rockville, Maryland called Cava Mezze in 2006, which quickly became a favorite among locals. The company started selling its signature dips and spreads in various grocery stores a couple of years later, and when Brett Schulman was hired as CEO and co-founder of the soon-to-be-launched fast-casual dining restaurant chain (CAVA), expansion was rapid. The company went public in 2023 after having grown to over 200 restaurants nationwide.
Fast Casual
CAVA, a fast-casual restaurant chain, specializes in Mediterranean cuisine, offering a modern, health-focused dining experience. Known for its customizable approach, patrons at Cava can create their meals by choosing from a variety of bases like salads, grain bowls, or pitas, and then adding proteins, dips, and toppings. Key ingredients include grilled chicken, falafel, hummus, and a range of fresh vegetables, reflecting the diverse flavors of the Mediterranean diet. The company is often compared to Chipotle in terms of the ordering and dining experience offered.
Grocery Store Offerings
As previously mentioned, Cava Group also sells its products directly to consumers in grocery stores and offers a range of its signature products, primarily dips and spreads. These include popular items like hummus, tzatziki, and harissa, mirroring the flavors found in their restaurants. These items are sold at Whole Foods (owned by Amazon) nationwide, as well as several other smaller chains and shops across the northeastern United States.
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