Sweetgreen (SG) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 was $192.7 million, up 4% year-over-year, driven by new restaurant openings despite a 6.2% decline in comparable restaurant sales due to a 2% drop in transactions and a 4.2% negative product mix impact.

• Restaurant-level profit margin fell to 13.1% from 18.9% last year, with adjusted EBITDA at a loss of $0.2 million versus a $6.4 million profit a year ago.

• Net loss widened to $26.3 million from $23.2 million year-over-year, with a net loss margin of (13.6)%.

• Operational improvements led to sequential transaction comp improvement, with June transactions flat and positive comps in New York and Seattle.

• Digital revenue mix increased, with total digital revenue at 66.3% and owned digital revenue at 38.8%.

Financial highlights

• Q2 revenue: $192.7 million (+4% year-over-year).

• Comparable restaurant sales: -6.2% (transactions -2%, mix -4.2%).

• Restaurant-level profit: $25.2 million (13.1% margin, down from 18.9%).

• Adjusted EBITDA: -$0.2 million (vs. $6.4 million profit prior year).

• Ended quarter with $142.6 million in cash and 287 restaurants (35 Infinite Kitchens).

Outlook and guidance

• Full-year comparable sales expected to decline 8% to 7%.

• Restaurant-level profit margin guidance: 10.5%-11%.

• Adjusted EBITDA guidance: loss of $27 million to $23 million.

• FY2026 guidance lowered due to reduced demand from a multistate cyclosporiasis outbreak; recovery timing is uncertain.

• Projecting 13 net new restaurant openings for FY2026, about half with Infinite Kitchen automation.