CAVA Group (CAVA) Q4 2025 earnings summary

Executive summary

• Achieved record-setting year with full-year revenue growing 22.5% to $1.2 billion, surpassing $1 billion for the first time, and opened 72 net new restaurants, ending with 439 locations, a 19.6% increase year-over-year.

• Transitioned from newly public company to a large-scale, sustainable growth enterprise, gaining meaningful market share and celebrating its 15-year anniversary.

• Q4 2025 revenue reached $272.8 million, up 21.2% year-over-year.

• Introduced new COO, leadership initiatives, and celebrated significant milestones to support scaling.

Financial highlights

• Full-year net income was $63.7 million, up 26.9% compared to prior-year adjusted net income; Q4 net income was $4.9 million.

• Adjusted EBITDA for FY 2025 was $152.8 million (+21% YoY); Q4 adjusted EBITDA was $25.8 million (+2.6% YoY).

• Restaurant-level profit margin was 24.4% for the year and 21.4% in Q4.

• Free cash flow for FY 2025 was $26.1 million; net cash from operations was $184.8 million.

• Ended Q4 with zero debt, $393 million in cash/investments, and $75 million undrawn revolver.

Outlook and guidance

• Fiscal 2026 guidance: 74–76 net new restaurant openings, same-restaurant sales growth of 3–5%, restaurant-level profit margin of 23.7–24.2%, and adjusted EBITDA of $176–184 million.

• Pre-opening costs projected at $19.5–20.0 million.

• Effective tax rate expected to rise to 25–30% in 2026.

• No further menu price increases planned for 2026 after a 1.4% adjustment in January.