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Sweetgreen (SG) investor relations material
Sweetgreen Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 sales were $172.4 million, down 0.6% year-over-year, with a 9.5% same-store sales decline and a restaurant-level margin of 13.1%, impacted by softer sales in key markets and lighter spending among 25–35-year-olds.
Net loss widened to $36.1 million from $20.8 million year-over-year, primarily due to lower restaurant profit, higher impairment and closure costs, and increased loss on asset disposals.
The company is executing the Sweet Growth Transformation Plan, focusing on operational excellence, brand relevance, menu innovation, digital experience, and disciplined investment.
Entered agreement to sell Spyce Food Co. and Infinite Kitchen assets to Wonder Group for $186.4 million, expected to add $100 million in liquidity and close in late 2025 or early 2026; Infinite Kitchen technology will remain central via a supply and license agreement.
Opened 6–8 net new restaurants in Q3, bringing the total to 266 locations, with 18 Infinite Kitchen units planned for 2025 and 15–20 new openings in 2026.
Financial highlights
Q3 revenue was $172.4 million, down from $173.4 million year-over-year; YTD revenue was $524.3 million, up 1.6% year-over-year.
Same-store sales declined 9.5% in Q3, driven by an 11.7% decrease in traffic and mix, partially offset by a 2.2% menu price increase.
Restaurant-level profit margin dropped to 13.1% from 20.1% last year, with profit at $22.5 million.
Adjusted EBITDA was a loss of $4.4 million, compared to a positive $6.8 million last year.
Cash and cash equivalents at quarter-end were $130 million, down from $214.8 million at year-end 2024.
Outlook and guidance
2025 guidance: 37 net new restaurant openings (18 with Infinite Kitchen), revenue of $682–$688 million, negative same-store sales of 8.5%–7.7%, restaurant-level margin of 14.5%–15%, and adjusted EBITDA between -$13 and -$10 million.
2026 plan: 15–20 net new restaurants, about half with Infinite Kitchen technology, and entry into 2–3 new markets.
Expect continued margin pressure from macroeconomic headwinds, inflation, and consumer spending softness.
Construction of 40 new restaurants expected in 2025, with 37 net openings after closures and deferrals.
Anticipate closing the Spyce sale in late 2025 or early 2026, with expected balance sheet strengthening and operational cost reduction.
Impact of loyalty program transition on traffic
Quantify Infinite Kitchen's impact on operating costs
Factors for Q4 RLP margin and EBITDA improvement
Spyce sale: Net cash and G&A savings impact?
Menu/pricing architecture: Entry points and value?
Operational excellence: Throughput and standards?
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Next Sweetgreen earnings date
Q4 202527 Feb, 2026
Next Sweetgreen earnings date
Q4 202527 Feb, 2026
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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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