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CAVA Group (CAVA) investor relations material
CAVA Group Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary12 Aug, 2025
Executive summary
Revenue grew 20.3% year-over-year to $278.2M, driven by 16 net new restaurant openings and 2.1% same restaurant sales growth, bringing the total to 398 locations.
Adjusted EBITDA increased 22.6% to $42.1M, with net income at $18.4M and a net income margin of 6.5%.
Restaurant-level profit margin was 26.3%, with profit up 19.6% to $73.3M.
Digital revenue mix increased to 37.3%, and AUV reached $2.9M, up from $2.7M year-over-year.
New restaurant cohorts outperformed expectations, with first-year AUVs above $3M and cash-on-cash returns exceeding 40%.
Financial highlights
Q2 revenue was $278.2M, up 20.3% year-over-year; same restaurant sales rose 2.1%.
Adjusted EBITDA reached $42.1M, up 22.6% year-over-year; diluted EPS was $0.16, flat year-over-year.
Free cash flow year-to-date was $21.9M, with $98.9M net cash from operating activities.
Restaurant-level profit margin was 26.3%, nearly flat year-over-year.
Cash and cash equivalents at quarter end were $290.2M, with total assets of $1.29B.
Outlook and guidance
Full-year 2025 guidance: 68–70 net new restaurant openings, 4–6% same restaurant sales growth, and restaurant-level profit margin of 24.8–25.2%.
Adjusted EBITDA expected between $152M and $159M, with pre-opening costs of $15.5M–$16.5M.
Guidance incorporates Q2 results, reacceleration in sales exiting the quarter, and current macroeconomic dynamics.
Sufficient liquidity for the next twelve months, supported by cash on hand and undrawn credit facility.
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Next CAVA Group earnings date
Q3 20254 Nov, 2025
Next CAVA Group earnings date
Q3 20254 Nov, 2025
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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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