Cava Group (CAVA) FY2025 results: revenue $1.2 billion, up 22.4% on the year
Cava Group, Inc. (CAVA) reported revenue of $1.2 billion for fiscal 2025, the year ended 28 December 2025, up 22.4% on the year before. Net income was $64 million, down 51.1%, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 5 new.
- Revenue topped $1 billion in fiscal 2025: Full-year CAVA revenue rose from $954.3 million to $1,169.3 million, the first full fiscal year above $1 billion.
- Guest traffic fell 1.4% in quarter: In the fourth quarter, menu price and product mix added 1.9% to Same Restaurant Sales, partly offset by a 1.4% decline in guest traffic.
- Full-year growth mostly from price and mix: For fiscal 2025, Same Restaurant Sales of 4.0% included 2.4% from menu price and product mix and 1.6% from guest traffic.
- Fourth-quarter restaurant margin down 100 basis points: Restaurant-level profit margin was 21.4% in the quarter, reflecting delivery mix, kitchen display technology, tariffs, shawarma costs and wage investments, partly offset by sales leverage.
- Tariffs and shawarma raised food costs: Food, beverage and packaging was 30.4% of CAVA revenue in the quarter, up from 29.9%, which management attributed to tariffs and the limited-time chicken shawarma offering.
From this 10-K
CAVA Group runs fast-casual Mediterranean restaurants under the CAVA name, with a menu built around chef-curated and customizable bowls and pitas. The first CAVA restaurant opened in 2011 in Bethesda, Maryland, and the company was formed as a Delaware corporation in 2015. As of December 28, 2025 it operated 439 CAVA Restaurants in 28 states and Washington, D.C., where it is headquartered.
The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025
Income statement (profit and loss)
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Revenue | 1,180 | 964 | 729 | +22.4% | |
| Cost of revenue | 889 | 722 | 548 | +23.2% | |
| Gross profit | 290 | 242 | 180 | +20.1% | |
| Gross margin | 24.6% | 25.1% | 24.7% | ||
| Selling, general and administrative | 137 | 120 | 101 | +14.1% | |
| Operating income | 55.3 | 43.1 | 4.7 | +28.2% | |
| Operating margin | 4.7% | 4.5% | 0.6% | ||
| Pre-tax income | 70.8 | 59.9 | 14.0 | +18.2% | |
| Income tax | 7.1 | -70.4 | 0.8 | ||
| Effective tax rate | 10.0% | -117.5% | 5.5% | ||
| Net income | 63.7 | 130 | 13.3 | -51.1% | |
| Net margin | 5.4% | 13.5% | 1.8% | ||
| Diluted EPS | $0.54 | $1.10 | $0.21 | -50.9% |
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Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.Cash flow
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Operating cash flow | 185 | 161 | 97.1 | +14.8% | |
| Capital expenditure | 159 | 108 | 139 | +46.8% | |
| Free cash flow | 26.1 | 52.9 | -41.7 | -50.6% | |
| Free cash flow margin | 2.2% | 5.5% | -5.7% | ||
| Cash from investing | -273 | -108 | -139 | ||
| Cash from financing | 5.0 | -19.2 | 335 | ||
| Depreciation and amortisation | 73.7 | 60.4 | 47.4 | +22.0% | |
| Share-based compensation | 15.2 | 13.6 | 9.4 | +12.0% | |
| Buybacks | n/a | n/a | 3.1 | ||
| Diluted shares, weighted | 118m | 118m | 63m | +0.0% | |
| Shares outstanding at period end | 116m | 115m | 114m | +0.9% |
Balance sheet
| $ million | FY2025 | FY2024 | FY2023 | On the year | Last 8 years |
|---|---|---|---|---|---|
| Shareholders' equity | 780 | 696 | 571 | +12.1% | |
| Redeemable equity | 0.0 | 0.0 | 0.0 | ||
| Debt | 0.0 | 0.0 | 0.0 | ||
| Operating lease liabilities | 418 | 341 | 304 | +22.3% | |
| Other liabilities | 163 | 133 | 109 | +22.6% | |
| Total liabilities and equity | 1,360 | 1,170 | 984 | +16.3% | |
| Fixed assets | 458 | 373 | 331 | +22.7% | |
| Goodwill | 1.9 | 1.9 | 1.9 | 0.0% | |
| Intangible assets | 1.8 | 1.4 | 1.4 | +31.3% | |
| Securities held for sale or to maturity | 110 | n/a | n/a | ||
| Cash and equivalents | 283 | 366 | 332 | -22.7% | |
| Receivables | 6.3 | 4.8 | 3.7 | +31.8% | |
| Inventory | 9.0 | 7.6 | 5.6 | +18.6% | |
| Other assets | 490 | 415 | 308 | +18.2% | |
| Total assets | 1,360 | 1,170 | 984 | +16.3% |
10-K for the year ended 28 December 2025, filed 25 February 2026: the filing.