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Sweetgreen
Sweetgreen (SG) investor relations material
Sweetgreen Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Fiscal year 2025 revenue reached $679.5 million, with comparable sales down 7.9% year-over-year and adjusted EBITDA at a loss of $11 million.
Fourth quarter sales were $155.2 million, down 3.5% year-over-year, with comparable sales down 11.5% and restaurant-level margin at 10.4%.
Net loss widened to $49.7 million for Q4 and $134.1 million for the year, with negative margins and lower restaurant-level profitability.
Opened 35 net new restaurants in 2025, ending the year with 281 locations, including 30 Infinite Kitchen sites.
Launched the Sweet Growth Transformation Plan focused on operational excellence, menu innovation, digital engagement, brand relevance, and disciplined investment.
Financial highlights
Restaurant-level margin for the year was 15.2%; Q4 margin dropped to 10.4% from 17.4% last year.
Adjusted EBITDA loss of $13.3 million in Q4 and $11 million for the year, both down from prior year.
Digital revenue mix increased to 65.1% in Q4 and 61.8% for the year, with owned digital channels also rising.
Average unit volume declined to $2.68 million from $2.92 million year-over-year.
Ended Q4 with $89.2 million in cash; received $100 million from the sale of Spyce at the start of 2026.
Outlook and guidance
Fiscal 2026 same-store sales expected to decline 2%-4%, with trends improving as the year progresses.
Restaurant-level margin guidance for 2026 is 14.2%-14.7%; adjusted EBITDA expected between $1 million and $6 million.
Plan to open about 15 net new restaurants in 2026, nearly half with Infinite Kitchen technology, and enter two new markets.
Wraps menu innovation being tested, with potential expansion in mid-2026 if criteria are met.
Transformation Plan's traffic impact?
Protein portion impact on RLP margin?
How does Spyce sale fund core growth?
Wraps launch impact on sales and customer acquisition
Operational efficiency impact on restaurant margin
Future loyalty program enhancements and expected impact
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Next Sweetgreen earnings date
J.P. Morgan Gaming, Lodging, Restaurant, and Leisure Management Access Forum12 Mar, 2026
Sweetgreen
Next Sweetgreen earnings date
J.P. Morgan Gaming, Lodging, Restaurant, and Leisure Management Access Forum12 Mar, 2026
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Frequently asked questions
Sweetgreen Inc operates fast-casual restaurants specializing in healthy salads and grain bowls. It emphasizes locally sourced, sustainable ingredients and operates both physical locations and a digital ordering platform. The company is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
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