Sweetgreen Inc Financials
Sweetgreen Inc (SG) reported $681.8M in revenue over the twelve months to Jun 28, 2026, down 0.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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).
In FY2025, margin reversal and heavier capital spending turned a recovery path back into sharp cash burn.
The non-obvious shift is that FY2025 reversed the prior cash-conversion repair, rather than simply extending a steady loss trend. With revenue essentially flat, gross margin fell from19.6% to15.2% , which was enough to push operating cash flow back below zero after FY2024 and, with higher capex, deepen free-cash burn.
FY2023 to FY2024 suggested fixed-cost absorption: revenue expanded while SG&A stayed around
The balance sheet is no longer cushioned by earlier cash reserves: cash dropped to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sweetgreen Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sweetgreen Inc has an operating margin of -20.5%, meaning the company loses $21 on every $100 of revenue. This results in a profitability score of 30/100. This is down from -14.1% the prior year.
Sweetgreen Inc's revenue grew a modest 0.4% year-over-year to $679.5M. This slow but positive growth earns a score of 59/100.
Sweetgreen Inc has a moderate D/E ratio of 1.21. This balance of debt and equity financing earns a leverage score of 42/100.
Sweetgreen Inc's current ratio of 1.09 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (75% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Sweetgreen Inc's operations used $12.7M of cash, and capex of $106.5M added to the outflow, for a free cash flow shortfall of $119.2M. This results in a cash flow score of 14/100.
Sweetgreen Inc posts a -37.6% return on equity (ROE), meaning it loses $38 for every $100 of shareholders' equity. This results in a returns score of 37/100. This is down from -20.3% the prior year.
Sweetgreen Inc scores -0.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($808.3M) relative to total liabilities ($432.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sweetgreen Inc passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Sweetgreen Inc reported a net loss of $134.1M while operations used $12.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Sweetgreen Inc reported an operating loss of $139.3M against $19K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Sweetgreen Inc generated $679.5M in revenue in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Sweetgreen Inc's EBITDA was -$67.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 139.0% from the prior year.
Sweetgreen Inc reported -$134.1M in net income in fiscal year 2025. This represents a decrease of 48.3% from the prior year.
Sweetgreen Inc earned -$1.14 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 44.3% from the prior year.
Cash & Balance Sheet
Sweetgreen Inc recorded an outflow of $119.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 190.2% from the prior year.
Sweetgreen Inc held $89.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Sweetgreen Inc's gross margin was 15.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.4 percentage points from the prior year.
Sweetgreen Inc's operating margin was -20.5% in fiscal year 2025, reflecting core business profitability. This is down 6.4 percentage points from the prior year.
Sweetgreen Inc's net profit margin was -19.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.4 percentage points from the prior year.
Sweetgreen Inc's ROE was -37.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 17.4 percentage points from the prior year.
Capital Allocation
Sweetgreen Inc invested $1.0M in research and development in fiscal year 2025. This represents a decrease of 16.7% from the prior year.
Sweetgreen Inc invested $106.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 26.1% from the prior year.
Not reported for fiscal year 2025.
SG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $192.7M+19.3% | $161.5M+4.1% | $155.2M-10.0% | $172.4M-7.1% | $185.6M+11.6% | $166.3M+3.4% | $160.9M-7.2% | $173.4M |
| Cost of Revenue | $167.5M+15.3% | $145.3M+4.6% | $139.0M-7.3% | $149.9M-0.4% | $150.5M+10.1% | $136.6M+2.8% | $133.0M-4.0% | $138.5M |
| Gross Profit | $25.2M+55.4% | $16.2M0.0% | $16.2M-28.0% | $22.5M-35.9% | $35.1M+18.3% | $29.7M+6.2% | $28.0M-20.0% | $34.9M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | $300K0.0% | $300K |
| SG&A Expenses | $29.7M+1.5% | $29.3M-26.2% | $39.7M+28.3% | $30.9M-10.4% | $34.5M-10.0% | $38.3M+3.3% | $37.1M+0.9% | $36.8M |
| Operating Income | -$27.4M+20.2% | -$34.3M+28.6% | -$48.1M-32.6% | -$36.3M-37.3% | -$26.4M+7.4% | -$28.5M+9.2% | -$31.4M-48.4% | -$21.2M |
| Interest Expense | $62K+121.4% | $28K+300.0% | $7K0.0% | $7K+40.0% | $5K | $0-100.0% | $14K-46.2% | $26K |
| Income Tax | $12K-99.3% | $1.8M+893.8% | -$224K-348.9% | $90K0.0% | $90K0.0% | $90K+105.7% | -$1.6M-1845.6% | $90K |
| Net Income | -$26.3M-120.9% | $125.8M+353.0% | -$49.7M-37.6% | -$36.1M-56.1% | -$23.2M+7.5% | -$25.0M+13.7% | -$29.0M-39.5% | -$20.8M |
| EPS (Diluted) | -$0.22-121.0% | $1.05+350.0% | -$0.42-35.5% | -$0.31-55.0% | -$0.20+4.8% | -$0.21+16.0% | -$0.25-38.9% | -$0.18 |
SG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $895.7M-1.9% | $912.7M+15.8% | $788.1M-4.4% | $824.8M-0.9% | $831.9M-0.3% | $834.3M-2.6% | $856.8M-0.1% | $858.0M |
| Current Assets | $163.9M-6.5% | $175.3M+35.2% | $129.7M-13.4% | $149.7M-21.4% | $190.3M-7.7% | $206.2M-12.1% | $234.5M-8.1% | $255.3M |
| Cash & Equivalents | $142.6M-9.0% | $156.8M+75.8% | $89.2M-31.4% | $130.0M-22.8% | $168.5M-8.4% | $183.9M-14.4% | $214.8M-8.5% | $234.6M |
| Inventory | $2.9M+11.1% | $2.6M+8.5% | $2.4M-2.1% | $2.4M+1.0% | $2.4M+13.8% | $2.1M+6.6% | $2.0M-5.5% | $2.1M |
| Accounts Receivable | $5.7M-18.9% | $7.0M+36.3% | $5.2M-24.1% | $6.8M+2.0% | $6.7M-15.7% | $7.9M+57.2% | $5.0M-29.5% | $7.1M |
| Goodwill | $27.8M0.0% | $27.8M0.0% | $27.8M-22.7% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M0.0% | $36.0M |
| Total Liabilities | $428.0M+1.0% | $423.8M-1.9% | $432.0M+0.1% | $431.5M+5.6% | $408.6M+1.7% | $401.6M-2.2% | $410.6M+4.0% | $394.7M |
| Current Liabilities | $114.3M+4.8% | $109.1M-8.0% | $118.7M+2.3% | $115.9M+11.0% | $104.5M-0.3% | $104.8M-9.5% | $115.8M+17.6% | $98.5M |
| Total Equity | $467.6M-4.4% | $488.9M+37.3% | $356.1M-9.5% | $393.3M-7.1% | $423.3M-2.2% | $432.8M-3.0% | $446.1M-3.7% | $463.3M |
| Retained Earnings | -$909.9M-3.0% | -$883.6M+12.5% | -$1.0B-5.2% | -$959.7M-3.9% | -$923.6M-2.6% | -$900.4M-2.9% | -$875.4M-3.4% | -$846.3M |
Not reported in any period shown, so not listed: Long-Term Debt.
SG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$442K+97.4% | -$17.2M-98.3% | -$8.7M-528.5% | -$1.4M-113.2% | $10.5M+179.7% | -$13.1M-314.5% | $6.1M-58.5% | $14.7M |
| Capital Expenditures | $10.1M-18.3% | $12.4M-59.2% | $30.3M-15.3% | $35.8M+51.8% | $23.6M+41.1% | $16.7M-37.4% | $26.7M+6.6% | $25.1M |
| Free Cash Flow | -$10.6M+64.2% | -$29.6M+24.2% | -$39.0M-4.9% | -$37.2M-183.1% | -$13.1M+56.0% | -$29.9M-45.0% | -$20.6M-99.4% | -$10.3M |
| Investing Cash Flow | -$11.5M-113.5% | $85.2M+364.5% | -$32.2M+14.1% | -$37.5M-47.6% | -$25.4M-32.8% | -$19.1M+34.1% | -$29.0M-7.8% | -$26.9M |
| Financing Cash Flow | -$218K+47.0% | -$411K-480.6% | $108K-67.6% | $333K-66.5% | $993K-30.4% | $1.4M-53.4% | $3.1M-28.9% | $4.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
SG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 13.1%+3.0pp | 10.0%-0.4pp | 10.4%-2.6pp | 13.1%-5.9pp | 18.9%+1.1pp | 17.8%+0.5pp | 17.4%-2.8pp | 20.2% |
| Operating Margin | -14.2%+7.0pp | -21.3%+9.7pp | -31.0%-9.9pp | -21.0%-6.8pp | -14.2%+2.9pp | -17.2%+2.4pp | -19.5%-7.3pp | -12.2% |
| Net Margin | -13.6%-91.5pp | 77.9%+109.9pp | -32.0%-11.1pp | -21.0%-8.5pp | -12.5%+2.6pp | -15.1%+3.0pp | -18.0%-6.0pp | -12.0% |
| Return on Equity | -5.6%-31.4pp | 25.7%+39.7pp | -14.0%-4.8pp | -9.2%-3.7pp | -5.5%+0.3pp | -5.8%+0.7pp | -6.5%-2.0pp | -4.5% |
| Return on Assets | -2.9%-16.7pp | 13.8%+20.1pp | -6.3%-1.9pp | -4.4%-1.6pp | -2.8%+0.2pp | -3.0%+0.4pp | -3.4%-1.0pp | -2.4% |
| Current Ratio | 1.43-0.2x | 1.61+0.5x | 1.09-0.2x | 1.29-0.5x | 1.82-0.1x | 1.97-0.1x | 2.02-0.6x | 2.59 |
| Debt-to-Equity | 0.920.0x | 0.87-0.3x | 1.21+0.1x | 1.10+0.1x | 0.970.0x | 0.930.0x | 0.92+0.1x | 0.85 |
| FCF Margin | -5.5%+12.8pp | -18.3%+6.8pp | -25.1%-3.6pp | -21.6%-14.5pp | -7.1%+10.9pp | -18.0%-5.2pp | -12.8%-6.8pp | -6.0% |
Similar Companies
Where Sweetgreen Inc Ranks
Frequently Asked Questions
What is Sweetgreen Inc's annual revenue?
Sweetgreen Inc (SG) reported $679.5M in total revenue for fiscal year 2025. This represents a 0.4% 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 0.4% year-over-year, from $676.8M to $679.5M in fiscal year 2025.
Is Sweetgreen Inc profitable?
No, Sweetgreen Inc (SG) reported a net income of -$134.1M in fiscal year 2025, with a net profit margin of -19.7%.
What is Sweetgreen Inc's EBITDA?
Sweetgreen Inc (SG) had EBITDA of -$67.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sweetgreen Inc's gross margin?
Sweetgreen Inc (SG) had a gross margin of 15.2% in fiscal year 2025, 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 -20.5% in fiscal year 2025, 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 -19.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sweetgreen Inc's return on equity (ROE)?
Sweetgreen Inc (SG) has a return on equity of -37.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sweetgreen Inc's free cash flow?
Sweetgreen Inc (SG) recorded an outflow of $119.2M in free cash flow during fiscal year 2025. This represents a -190.2% 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) recorded an outflow of $12.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Sweetgreen Inc's total assets?
Sweetgreen Inc (SG) had $788.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sweetgreen Inc's capital expenditures?
Sweetgreen Inc (SG) invested $106.5M in capital expenditures during fiscal year 2025, 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 2025.
What is Sweetgreen Inc's current ratio?
Sweetgreen Inc (SG) had a current ratio of 1.09 as of fiscal year 2025, which is considered adequate.
What is Sweetgreen Inc's debt-to-equity ratio?
Sweetgreen Inc (SG) had a debt-to-equity ratio of 1.21 as of fiscal year 2025, 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 -17.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Sweetgreen Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Sweetgreen Inc (SG) held $89.2M in cash, cash equivalents and investments, and reported an operating cash outflow of $12.7M over that year. Dividing the one by the other, the reported balance equals about 84 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Sweetgreen Inc's Altman Z-Score?
Sweetgreen Inc (SG) has an Altman Z-Score of -0.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sweetgreen Inc's Piotroski F-Score?
Sweetgreen Inc (SG) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $134.1M while operations used $12.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $139.3M against $19K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.