CAVA Group (CAVA) Q3 2026 earnings summary

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.