CAVA Group (CAVA) Q2 2026 earnings summary

Executive summary

• Revenue increased 31.3% year-over-year to $365.4 million in Q2 2026, driven by 17 net new restaurant openings and 9% same-restaurant sales growth, with guest traffic up 5.3%.

• Net income rose 25.3% to $23 million, and Adjusted EBITDA grew 30% to $54.7 million.

• Restaurant-level profit margin was 25.7%, with digital revenue mix at 39%.

• Opened 17 net new restaurants, ending the quarter with 476 locations, a 19.6% increase year-over-year.

• Loyalty program, digital engagement, and menu innovation initiatives are driving deeper guest relationships and increased frequency.

Financial highlights

• Restaurant-level profit was $93.8 million (25.7% of revenue), up 28.1% year-over-year.

• Same-restaurant sales grew 9% year-over-year, with guest traffic up 5.3%.

• Adjusted EBITDA margin for Q2 2026 was 14.9%-15%.

• Year-to-date free cash flow was $44.8 million, with net cash from operating activities at $134.5 million.

• Cash and investments totaled $435.6 million, with zero debt and access to a $150 million undrawn revolver.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: 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 expected between $181 million and $191 million for the year.

• Guidance incorporates food safety concerns, macroeconomic/geopolitical uncertainty, and prudent assumptions on Cyclospora impact.

• No near-term menu price increases planned; continued investments in labor and guest experience.

• Sufficient liquidity is anticipated for the next twelve months and foreseeable future.