CAVA Group (CAVA) investor relations material

Executive summary

• Revenue grew 32.2% year-over-year to $434.4 million in Q1 2026, with same-restaurant sales up 9.7% and guest traffic growth of 6.8%.

• Net income was $23.6 million, representing 5.4% of revenue, and Adjusted EBITDA rose 37.6% to $61.7 million with a 14.1% margin.

• Opened 20 net new restaurants, ending the quarter with 459 locations, a 20.2% increase year-over-year.

• Maintained disciplined pricing, with a 1.4% increase in January and cumulative price adjustments below inflation since 2019.

• Continued investment in team development and digital infrastructure, including new platforms and Midwest market entries.

Financial highlights

• Restaurant-level profit was $108.9 million (25.1% of revenue), up 32.3% year-over-year.

• Digital revenue mix reached 39.9% of total revenue.

• Free cash flow was $15.5 million; cash flow from operations was $64.1 million.

• General and administrative expenses (excluding equity-based comp and executive transition) were $43.3 million (9.9% of revenue), down from 10.5% year-over-year.

• Ended the quarter with $403 million in cash/investments and no debt, with $150 million revolver available.

Outlook and guidance

• Raised full-year 2026 guidance: 75–77 net new restaurant openings, same-restaurant sales growth of 4.5%–6.5%, and restaurant-level profit margin of 23.7%–24.3%.

• Adjusted EBITDA guidance increased to $181–$191 million, including pre-opening costs of $22.0–$22.5 million.

• Effective tax rate expected between 23%–28% for 2026.

• Guidance incorporates margin headwinds from new menu items, higher energy costs, and continued wage investments.

• Management expects sufficient liquidity for capital expenditures and working capital needs.