Sweetgreen (SG) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 2.1% YoY to $176.018M, while same-store sales fell 6.4%; sales improved through September and October comparable sales rose ~5%, with transactions up ~4%.

• Net loss narrowed to $30.748M from $36.1M, while Adjusted EBITDA loss widened to $6.8M from $4.4M.

• Strategic priorities include restaurant-team investment, customer experience, menu expansion, digital experience, brand relevance and disciplined investment for profitable growth.

Financial highlights

• Q3 revenue growth reflected $13.8M from 30 net new openings since Q3 2025, partly offset by a $10.7M decline in Comparable Restaurant Base revenue.

• Restaurant-Level Profit was $18.3M, with margin at 10.4% versus $22.5M and 13.1% a year earlier; operating loss improved to $31.8M from $36.3M.

• Food, beverage and packaging costs were 28.8% of revenue versus 30.7%; labor was 30.5% versus 29.1%, and other restaurant operating costs were 19.9% versus 17.6%.

• Adjusted EBITDA loss was $6.8M versus $4.4M; G&A was $27.6M, or 15.7% of revenue, versus $30.9M, or 17.9%.

• Q3 diluted loss per share was $0.26 versus $0.31; nine-month net income was $68.791M versus a net loss of $84.343M.

Outlook and guidance

• FY2026 guidance: same-store sales down ~5.5%, Restaurant-Level Profit margin of 11.0%–11.5%, Adjusted EBITDA loss of $20M–$23M and ~10 net new restaurants.

• Q4 same-store sales expected to grow ~4%, including a 150 bps headwind from lapping a prior-year gift card benefit; transactions are expected up ~4%.

• Q4 pricing is expected to contribute ~3%; restaurant-level margin is expected at ~11%, including ~60 bps of one-time head coach bonus and inventory-adjustment costs.

• FY2027 openings are expected at about half the FY2026 net level; a Q&A clarification cited ~10 gross openings and a few closures. Food-cost initiatives are expected to add ~150 bps to restaurant-level margin in 2027.

• Existing cash is expected to fund operating leases, capital expenditures and working capital for at least the next 12 months under the current operating plan.