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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CAVA Group
CAVA Group (CAVA) investor relations material
CAVA Group Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary4 Nov, 2026
Executive summary
Consolidated revenue rose 22.0% YoY to $356.4 million; restaurant revenue increased 22.1% to $353.7 million, same-restaurant sales grew 3.1%, and the footprint reached 500.
Net income was $13.2 million versus $14.7 million; restaurant-level profit margin declined 120 bps to 23.4%.
Financial highlights
Adjusted EBITDA rose 5.7% YoY to $42.3 million, or 11.9% of revenue; growth reflected higher same-restaurant sales and strong new-restaurant performance, partly offset by growth investments and pre-opening costs.
Operating income was $15.0 million versus $17.1 million; diluted EPS was $0.11 versus $0.12.
YTD operating cash flow was $181.6 million and free cash flow was $37.1 million, versus $144.5 million and $23.3 million, respectively, in the prior-year period.
YTD revenue rose 28.6% to $1.163 billion; operating income increased 27.9% to $67.1 million and net income increased 1.6% to $59.8 million.
Outlook and guidance
FY2026 net new opening guidance increased from 75–77 to 76–78; same-restaurant sales growth guidance rose from 4.5%–6.5% to 6.0%–7.0%.
FY2026 restaurant-level profit margin guidance narrowed from 23.7%–24.3% to 23.7%–24.0%; Adjusted EBITDA guidance narrowed from $181–$191 million to $184–$189 million.
FY2026 pre-opening cost guidance increased from $22.0–$22.5 million to $28.5–$29.5 million.
FY2027 outlook calls for low- to mid-single-digit same-restaurant sales growth and at least 16% unit-count growth.
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Latest events from CAVA Group
- Revenue up 31.3% and net income up 25.3%, with strong digital and unit growth.CAVA
Q2 2026 - 2025 saw record revenue and expansion, with all shareholder proposals passing by wide margins.CAVAAGM 2026
- Q1 saw robust growth, tech-driven efficiency, and strategic expansion toward 1,000+ units.CAVA46th Annual William Blair Growth Stock Conference
- Revenue up 32.2% year-over-year, guidance raised, and digital engagement remains strong.CAVAQ1 2026
- Proxy seeks votes on director elections, executive pay, and auditor ratification, with a focus on governance.CAVAProxy filing
- Votes will be held on director elections, executive pay, and auditor ratification, all board-backed.CAVAProxy filing
- Revenue up 22.5% to $1.2B, 72 new restaurants, and 2026 guidance targets up to 76 openings.CAVAQ4 2025
- Q2 revenue up 35.2%, same-restaurant sales up 14.4%, and guidance raised for 2024.CAVAQ2 2024
- Q1 revenue up 28.2%, net income up 83.7%, and 2025 guidance raised for new openings and EBITDA.CAVAQ1 2025
Next CAVA Group earnings date
Q4 202623 Feb, 2027
CAVA Group
Next CAVA Group earnings date
Q4 202623 Feb, 2027
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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.