Sweetgreen Inc Financials
This page shows Sweetgreen Inc (SG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sweetgreen Inc has an operating margin of -14.1%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -20.9% the prior year.
Sweetgreen Inc's revenue surged 15.9% year-over-year to $676.8M, reflecting rapid business expansion. This strong growth earns a score of 74/100.
Sweetgreen Inc carries a low D/E ratio of 0.92, meaning only $0.92 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
Sweetgreen Inc's current ratio of 2.02 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.
While Sweetgreen Inc generated $43.4M in operating cash flow, capex of $84.5M consumed most of it, leaving -$41.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Sweetgreen Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Sweetgreen Inc generates $-0.48 in operating cash flow ($43.4M OCF vs -$90.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Sweetgreen Inc earns $-373.8 in operating income for every $1 of interest expense (-$95.7M vs $256K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Sweetgreen Inc generated $676.8M in revenue in fiscal year 2024. This represents an increase of 15.9% from the prior year.
Sweetgreen Inc's EBITDA was -$28.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 54.9% from the prior year.
Sweetgreen Inc generated -$41.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 35.0% from the prior year.
Sweetgreen Inc reported -$90.4M in net income in fiscal year 2024. This represents an increase of 20.3% from the prior year.
Sweetgreen Inc earned $-0.79 per diluted share (EPS) in fiscal year 2024. This represents an increase of 21.8% from the prior year.
Sweetgreen Inc held $214.8M in cash against $0 in long-term debt as of fiscal year 2024.
Sweetgreen Inc's gross margin was 19.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.
Sweetgreen Inc's operating margin was -14.1% in fiscal year 2024, reflecting core business profitability. This is up 6.8 percentage points from the prior year.
Sweetgreen Inc's net profit margin was -13.4% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.1 percentage points from the prior year.
Sweetgreen Inc invested $1.0M in research and development in fiscal year 2024. This represents a decrease of 16.7% from the prior year.
Sweetgreen Inc invested $84.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 5.8% from the prior year.
SG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $172.4M-7.1% | $185.6M+11.6% | $166.3M+3.4% | $160.9M-12.9% | $184.6M+17.0% | $157.8M+3.2% | $153.0M-0.3% | $153.4M |
| Cost of Revenue | $149.9M-0.4% | $150.5M+10.1% | $136.6M+2.8% | $133.0M-7.1% | $143.1M+10.7% | $129.3M+0.8% | $128.2M+3.2% | $124.3M |
| Gross Profit | $22.5M-35.9% | $35.1M+18.3% | $29.7M+6.2% | $28.0M-32.7% | $41.5M+45.5% | $28.5M+15.2% | $24.8M-14.9% | $29.1M |
| R&D Expenses | N/A | N/A | N/A | $100K-66.7% | $300K0.0% | $300K0.0% | $300K-25.0% | $400K |
| SG&A Expenses | $30.9M-10.4% | $34.5M-10.0% | $38.3M+3.3% | $37.1M-5.4% | $39.2M+6.3% | $36.9M+3.7% | $35.5M-1.2% | $36.0M |
| Operating Income | -$36.3M-37.3% | -$26.4M+7.4% | -$28.5M+9.2% | -$31.4M-94.2% | -$16.2M+39.9% | -$26.9M+8.1% | -$29.3M-10.6% | -$26.5M |
| Interest Expense | $7K+40.0% | $5K | $0-100.0% | $14K-92.9% | $197K+936.8% | $19K-72.9% | $70K+268.4% | $19K |
| Income Tax | $90K0.0% | $90K0.0% | $90K+105.7% | -$1.6M-1845.6% | $90K0.0% | $90K+115.7% | -$575K-280.8% | $318K |
| Net Income | -$36.1M-56.1% | -$23.2M+7.5% | -$25.0M+13.7% | -$29.0M-100.8% | -$14.5M+44.5% | -$26.1M+4.9% | -$27.4M-9.4% | -$25.1M |
| EPS (Diluted) | $-0.31-55.0% | $-0.20+4.8% | $-0.21+16.0% | $-0.25-92.3% | $-0.13+43.5% | $-0.23+8.0% | $-0.25-13.6% | $-0.22 |
SG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $824.8M-0.9% | $831.9M-0.3% | $834.3M-2.6% | $856.8M-0.3% | $859.2M+2.0% | $842.7M-1.6% | $856.6M-2.6% | $879.9M |
| Current Assets | $149.7M-21.4% | $190.3M-7.7% | $206.2M-12.1% | $234.5M-11.8% | $265.8M+0.8% | $263.7M-4.5% | $276.1M-7.6% | $298.7M |
| Cash & Equivalents | $130.0M-22.8% | $168.5M-8.4% | $183.9M-14.4% | $214.8M-12.2% | $244.6M+0.3% | $243.8M-5.2% | $257.2M-6.4% | $274.7M |
| Inventory | $2.4M+1.0% | $2.4M+13.8% | $2.1M+6.6% | $2.0M-2.5% | $2.0M+9.9% | $1.9M-10.4% | $2.1M-38.2% | $3.3M |
| Accounts Receivable | $6.8M+2.0% | $6.7M-15.7% | $7.9M+57.2% | $5.0M-22.5% | $6.5M+16.2% | $5.6M+59.6% | $3.5M-64.6% | $9.9M |
| Goodwill | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M |
| Total Liabilities | $431.5M+5.6% | $408.6M+1.7% | $401.6M-2.2% | $410.6M+5.5% | $389.0M+4.5% | $372.4M-0.4% | $374.0M-1.5% | $379.5M |
| Current Liabilities | $115.9M+11.0% | $104.5M-0.3% | $104.8M-9.5% | $115.8M+18.7% | $97.6M+11.8% | $87.3M-4.6% | $91.6M+13.0% | $81.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $393.3M-7.1% | $423.3M-2.2% | $432.8M-3.0% | $446.1M-5.1% | $470.1M0.0% | $470.3M-2.6% | $482.6M-3.5% | $500.3M |
| Retained Earnings | -$959.7M-3.9% | -$923.6M-2.6% | -$900.4M-2.9% | -$875.4M-6.0% | -$825.5M-1.8% | -$811.1M-3.3% | -$785.0M-3.6% | -$757.6M |
SG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.4M-113.2% | $10.5M+179.7% | -$13.1M-314.5% | $6.1M-68.0% | $19.1M+458.0% | $3.4M-61.6% | $8.9M-29.9% | $12.7M |
| Capital Expenditures | $35.8M+51.8% | $23.6M+41.1% | $16.7M-37.4% | $26.7M+38.6% | $19.3M+43.7% | $13.4M-9.3% | $14.8M-22.6% | $19.1M |
| Free Cash Flow | -$37.2M-183.1% | -$13.1M+56.0% | -$29.9M-45.0% | -$20.6M-13104.5% | -$156K+98.4% | -$10.0M-70.3% | -$5.9M+8.1% | -$6.4M |
| Investing Cash Flow | -$37.5M-47.6% | -$25.4M-32.8% | -$19.1M+34.1% | -$29.0M-36.5% | -$21.3M-41.5% | -$15.0M+7.8% | -$16.3M+22.1% | -$20.9M |
| Financing Cash Flow | $333K-66.5% | $993K-30.4% | $1.4M-53.4% | $3.1M-10.4% | $3.4M+281.8% | -$1.9M+81.5% | -$10.1M-490.3% | $2.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.1%-5.9pp | 18.9%+1.1pp | 17.8%+0.5pp | 17.4%-5.1pp | 22.5%+4.4pp | 18.1%+1.9pp | 16.2%-2.8pp | 19.0% |
| Operating Margin | -21.0%-6.8pp | -14.2%+2.9pp | -17.2%+2.4pp | -19.5%-10.8pp | -8.8%+8.3pp | -17.1%+2.1pp | -19.1%-1.9pp | -17.3% |
| Net Margin | -21.0%-8.5pp | -12.5%+2.6pp | -15.1%+3.0pp | -18.0%-10.2pp | -7.8%+8.7pp | -16.5%+1.4pp | -17.9%-1.6pp | -16.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -4.4%-1.6pp | -2.8%+0.2pp | -3.0%+0.4pp | -3.4%-1.7pp | -1.7%+1.4pp | -3.1%+0.1pp | -3.2%-0.3pp | -2.9% |
| Current Ratio | 1.29-0.5 | 1.82-0.1 | 1.97-0.1 | 2.02-0.7 | 2.72-0.3 | 3.020.0 | 3.02-0.7 | 3.68 |
| Debt-to-Equity | 1.10+0.1 | 0.97+0.0 | 0.930.0 | 0.92+0.1 | 0.83+0.0 | 0.79+0.0 | 0.77+0.0 | 0.76 |
| FCF Margin | -21.6%-14.5pp | -7.1%+10.9pp | -18.0%-5.2pp | -12.8%-12.7pp | -0.1%+6.2pp | -6.3%-2.5pp | -3.8%+0.3pp | -4.2% |
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Frequently Asked Questions
What is Sweetgreen Inc's annual revenue?
Sweetgreen Inc (SG) reported $676.8M in total revenue for fiscal year 2024. This represents a 15.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sweetgreen Inc's revenue growing?
Sweetgreen Inc (SG) revenue grew by 15.9% year-over-year, from $584.0M to $676.8M in fiscal year 2024.
Is Sweetgreen Inc profitable?
No, Sweetgreen Inc (SG) reported a net income of -$90.4M in fiscal year 2024, with a net profit margin of -13.4%.
What is Sweetgreen Inc's earnings per share (EPS)?
Sweetgreen Inc (SG) reported diluted earnings per share of $-0.79 for fiscal year 2024. This represents a 21.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Sweetgreen Inc's EBITDA?
Sweetgreen Inc (SG) had EBITDA of -$28.4M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sweetgreen Inc's gross margin?
Sweetgreen Inc (SG) had a gross margin of 19.6% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sweetgreen Inc's operating margin?
Sweetgreen Inc (SG) had an operating margin of -14.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Sweetgreen Inc's net profit margin?
Sweetgreen Inc (SG) had a net profit margin of -13.4% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Sweetgreen Inc's free cash flow?
Sweetgreen Inc (SG) generated -$41.1M in free cash flow during fiscal year 2024. This represents a 35.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sweetgreen Inc's operating cash flow?
Sweetgreen Inc (SG) generated $43.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Sweetgreen Inc's total assets?
Sweetgreen Inc (SG) had $856.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Sweetgreen Inc's capital expenditures?
Sweetgreen Inc (SG) invested $84.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Sweetgreen Inc spend on research and development?
Sweetgreen Inc (SG) invested $1.0M in research and development during fiscal year 2024.
What is Sweetgreen Inc's current ratio?
Sweetgreen Inc (SG) had a current ratio of 2.02 as of fiscal year 2024, which is generally considered healthy.
What is Sweetgreen Inc's debt-to-equity ratio?
Sweetgreen Inc (SG) had a debt-to-equity ratio of 0.92 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sweetgreen Inc's return on assets (ROA)?
Sweetgreen Inc (SG) had a return on assets of -10.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Sweetgreen Inc's Piotroski F-Score?
Sweetgreen Inc (SG) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sweetgreen Inc's earnings high quality?
Sweetgreen Inc (SG) has an earnings quality ratio of -0.48x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sweetgreen Inc cover its interest payments?
Sweetgreen Inc (SG) has an interest coverage ratio of -373.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sweetgreen Inc?
Sweetgreen Inc (SG) scores 42 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.