CAVA GROUP, INC.
For the period ended Jul 12, 2026. Filed Aug 12, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jul 12, 2026 · Filed Aug 12, 2026
CAVA$59.15-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-04-19; filed 2026-05-20.
0001628280-26-036625
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-07-12; filed 2026-08-12.
0001628280-26-055864
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 117 current paragraphs.
69 unchanged; 15 reworded; 20 added; 1 removed; 0 previous and 13 current paragraphs rearranged.
Tables are not compared: 8 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (20)
Current report
Comparison of the twelve weeks ended July 12, 2026 and July 13, 2025
Current report
The increase in general and administrative expenses was primarily due to investments to support future growth and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, the timing of our CAVA Connect conference in the prior year quarter, and the timing of performance-based incentive compensation, partially offset by investments to support future growth.
Current report
Provision for income taxes:
Current report
Comparison of the twenty-eight weeks ended July 12, 2026 and July 13, 2025
Current report
Consolidated Results
Current report
General and administrative expenses:
Current report
Depreciation and amortization:
Current report
Pre-opening costs:
Current report
Interest income, net:
Current report
The effective tax rate for the twenty-eight weeks ended July 12, 2026 was 23.2%, which includes a $4.2 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the twenty-eight weeks ended July 13, 2025 was not meaningful due to a $12.4 million reduction to income tax expense associated with equity-based compensation.
Current report
CAVA Segment Results
Current report
CAVA Revenue:
Current report
CAVA food, beverage, and packaging:
Current report
The increase in CAVA food, beverage, and packaging was primarily due to a $42.0 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.
Current report
CAVA labor:
Current report
CAVA occupancy:
Current report
CAVA other operating expenses:
Current report
Other Results
Current report
Additional Factors Affecting Our Business
Current report
In July 2026, U.S. public health authorities identified a multistate outbreak of cyclosporiasis associated with iceberg lettuce. No ingredients in our supply chain have been implicated in the outbreak; however, broader consumer concerns related to the outbreak have adversely impacted our revenue during the third quarter to date. While the impact appears to be moderating, the duration and extent of any remaining impact remain uncertain.
Removed paragraphs (1)
Previous report
Comparison of the sixteen weeks ended April 19, 2026 and April 20, 2025
Reworded paragraphs (15)
Previous wording
CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company,” “CAVA,” “we,” “us,” and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of April 19, 2026, the Company operates 459 fast-casual CAVA Restaurants in 29 states and Washington, D.C. The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company centrally produces dips, spreads, and certain dressing bases for use in its restaurants while also selling its dips, spreads, and prepared dressings in grocery stores.
Current wording
CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company,” “CAVA,” “we,” “us,” and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of July 12, 2026, the Company operated 476 fast-casual CAVA Restaurants in 29 states and Washington, D.C. The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company centrally produces dips, spreads, and certain dressing bases for use in its restaurants while also selling its dips, spreads, and prepared dressings in grocery stores.
Previous wording
Our results of operations, on a consolidated basis and by segment, for the sixteen weeks ended April 19, 2026 and April 20, 2025, are set forth below.
Current wording
Our results of operations, on a consolidated basis and by segment, for the twelve and twenty-eight weeks ended July 12, 2026 and July 13, 2025, are set forth below.
Previous wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025 and technology improvements.
Current wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and technology improvements.
Previous wording
The effective income tax rate for the sixteen weeks ended April 19, 2026 and April 20, 2025 was 21.5% and (26.3)%, which include the impact of a $2.2 million and $10.7 million reduction to income tax expense associated with equity-based compensation, respectively.
Current wording
The effective tax rate for the twelve weeks ended July 12, 2026 and July 13, 2025 was 24.7% and 22.5%, respectively, which includes the impact of a $2.0 million and $1.7 million reduction to income tax expense associated with equity-based compensation, respectively.
Previous wording
The increase in CAVA Revenue was primarily due to a $73.7 million increase from the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025. In addition, the increase in CAVA Revenue was driven by Same Restaurant Sales of 9.7%, which consisted of a 6.8% increase from Guest Traffic and a 2.9% increase from menu price and product mix.
Current wording
The increase in CAVA Revenue was primarily due to a $64.0 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.0%, which consisted of a 5.3% increase from Guest Traffic and a 3.7% increase from menu price and product mix.
Previous wording
The increase in CAVA food, beverage, and packaging was primarily due to a $22.1 million increase from the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025. The remainder of the increase was primarily due to Same Restaurant Sales of 9.7%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging decreased primarily due to improved mix.
Current wording
The increase in CAVA food, beverage, and packaging was primarily due to a $19.9 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.
Previous wording
The increase in CAVA labor was primarily due to the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025 and higher average hourly wages of 2%, including the expansion of our Assistant General Manager role. As a percentage of CAVA Revenue, CAVA labor remained flat due to the impact of higher sales, offset by the aforementioned incremental wage investments.
Current wording
The increase in CAVA labor was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 3%, which includes the expansion of our Assistant General Manager role. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.
Previous wording
The increase in CAVA occupancy was primarily due to the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Current wording
The increase in CAVA occupancy was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Previous wording
The increase in general and administrative expenses was primarily due to investments to support future growth, higher performance-based incentive compensation, and higher equity-based compensation. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, partially offset by the impact of the items noted above.
Current wording
The increase in general and administrative expenses was primarily due to investments to support future growth, the timing of performance-based incentive compensation, and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, partially offset by investments to support future growth.
Previous wording
The increase in pre-opening costs was due to a higher volume of new CAVA restaurants under construction.
Current wording
The increase in pre-opening costs was due to a higher volume of new CAVA restaurants under construction and additional investments in new restaurant openings to support increased volumes.
Previous wording
The increase in CAVA other operating expenses was primarily due to the 92 Net New CAVA Restaurant Openings during or subsequent to the sixteen weeks ended April 20, 2025 and Same Restaurant Sales of 9.7%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery and other individually insignificant items, partially offset by operating leverage associated with higher sales.
Current wording
The increase in CAVA other operating expenses was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery and other individually insignificant items.
Previous wording
The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging decreased due to lower raw material input costs.
Current wording
The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging decreased primarily due to lower raw material input costs, partially offset by higher freight costs.
Previous wording
We had cash and cash equivalents of $295.8 million and $282.9 million as of April 19, 2026 and December 28, 2025, respectively. In addition, we had investments in fixed income debt securities of $107.2 million and $110.1 million as of April 19, 2026 and December 28, 2025, respectively. For the sixteen weeks ended April 19, 2026, our operations were funded from cash flows from operations.
Current wording
We had cash and cash equivalents of $322.8 million and $282.9 million as of July 12, 2026 and December 28, 2025, respectively. In addition, we had investments in fixed income debt securities of $112.8 million and $110.1 million as of July 12, 2026 and December 28, 2025, respectively. For the twenty-eight weeks ended July 12, 2026, our operations were funded from cash flows from operations.
Previous wording
The increase in net cash provided by operating activities was primarily due to improved operating performance and favorable working capital changes primarily associated with higher performance-based incentive compensation.
Current wording
The increase in net cash provided by operating activities was primarily due to improved operating performance and favorable working capital changes primarily associated with performance-based incentive compensation.
Previous wording
The change in net cash (used in) provided by financing activities was primarily due to fees associated with the refinancing of our credit agreement and a decrease in proceeds from shares acquired under equity plans in the sixteen weeks ended April 19, 2026 compared with the prior year period.
Current wording
The increase in net cash provided by financing activities was primarily due to increased proceeds from shares purchased under equity plans, partially offset by fees associated with the refinancing of our credit agreement.
Rearranged current paragraphs (13)
Current report — wording carried from elsewhere
The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and additional investments in new restaurant openings to support increased volumes.
Current report — wording carried from elsewhere
The increase in CAVA other operating expenses was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery.
Current report — wording carried from elsewhere
The following table summarizes remaining activity related to our CPG operations and the production of dips, spreads, and certain dressing bases used in CAVA restaurants:
Current report — wording carried from elsewhere
The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging increased due to higher freight costs, partially offset by lower raw material input costs.
Current report — wording carried from elsewhere
The following table summarizes our consolidated results of operations:
Current report — wording carried from elsewhere
Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses:
Current report — wording carried from elsewhere
The increases in Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses are primarily driven by the growth of our CAVA segment. Refer to “CAVA Segment Results” below for more information.
Current report — wording carried from elsewhere
The increase in depreciation and amortization was primarily driven by the addition of assets from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and technology improvements.
Current report — wording carried from elsewhere
The decrease in interest income, net, was due to lower interest rates on investments in fixed income debt securities and money market funds in the current year period, partially offset by higher balances in these investments.
Current report — wording carried from elsewhere
The following table summarizes the results of the CAVA segment:
Current report — wording carried from elsewhere
The increase in CAVA Revenue was primarily due to a $137.7 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.4%, which consisted of a 6.1% increase from Guest Traffic and a 3.3% increase from menu price and product mix.
Current report — wording carried from elsewhere
The increase in CAVA labor was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 3%, which includes the expansion of our Assistant General Manager role. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.
Current report — wording carried from elsewhere
The increase in CAVA occupancy was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.