CAVA earnings: net income falls 10.5% to $13.2M

New openings and 3.1% Same Restaurant Sales growth contributed to a 22.0% revenue increase, while quarterly net income fell 10.5%.

Available on EDGAR 11/05/2026 - 06:02 AM EST Accepted by SEC EDGAR 11/04/2026 - 06:05 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

CAVA Group, Inc. reported revenue of $356.4 million for the 12 weeks ended October 4, 2026, up 22.0% from $292.2 million a year earlier. Net income was $13.2 million, compared with $14.7 million. Same Restaurant Sales increased 3.1%; CAVA Restaurant-Level Profit was $82.7 million, with a 23.4% margin compared with 24.6% a year earlier.

The company opened 24 restaurants during the quarter and operated 500 CAVA Restaurants across 30 states and Washington, D.C. Adjusted EBITDA was $42.3 million, compared with $40.0 million, while Adjusted EBITDA margin was 11.9%, versus 13.7%. For the 40 weeks ended October 4, 2026, net cash provided by operating activities was $181.6 million, compared with $144.5 million.

The board authorized repurchases of up to $100.0 million of common stock, with the program expiring September 17, 2027; no shares had been repurchased as of October 4, 2026. The credit facility's revolving commitments were increased to $150.0 million and its maturity extended to March 20, 2031. Available borrowing capacity was $149.1 million, net of $0.9 million of outstanding letters of credit, with no borrowings as of October 4, 2026.

2 points · 0 major

PositiveiHow this balance works

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 1 point

How the balance works

Positive

• Moderate pointRevenue increased 22.0% to $356.4 million for the 12-week period.
• Moderate pointOperating cash flow rose 25.6% to $181.6 million over 40 weeks.

Negative

• Moderate pointQuarterly net income fell 10.5% to $13.2 million.

Filing Explained

The filing reports that Cleveland Bakers and Teamsters Pension Fund's July 22 derivative suit against certain current and former officers and directors is preliminary, alleges fiduciary-duty breaches and unjust enrichment, and seeks unspecified damages, fees, costs, and disgorgement of alleged trading profits from defendants—not CAVA, while defendants deny breaching fiduciary duties, and discovery has not begun.

Key Figures

Revenue: $356.4 million Net income: $13.2 million Same Restaurant Sales: 3.1% +4 more

7 metrics

Revenue $356.4 million 12 weeks ended October 4, 2026; up 22.0% from the prior-year period.

Net income $13.2 million 12 weeks ended October 4, 2026; down 10.5% from the prior-year period.

Same Restaurant Sales 3.1% 12 weeks ended October 4, 2026.

CAVA Restaurant-Level Profit $82.7 million 12 weeks ended October 4, 2026.

Adjusted EBITDA $42.3 million 12 weeks ended October 4, 2026, compared with $40.0 million a year earlier.

Net cash provided by operating activities $181.6 million 40 weeks ended October 4, 2026; compared with $144.5 million a year earlier.

Share repurchase authorization Up to $100.0 million Program authorized by the board; expires September 17, 2027.

Key Terms

Adjusted EBITDA, Same Restaurant Sales, CAVA Restaurant-Level Profit, Digital Revenue Mix

4 terms

Adjusted EBITDA financial

"Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

Same Restaurant Sales financial

"the period-over-period sales comparison for CAVA restaurants"

Same-restaurant sales measure how revenue at a company’s existing dining locations changed over a given period, excluding any new openings or permanently closed outlets. Investors use it to see whether underlying customer demand and day-to-day operations are improving or worsening — like checking whether the same group of stores is selling more or less this year, so you’re comparing apples to apples rather than counting growth from new locations.

CAVA Restaurant-Level Profit financial

"a segment measure of profit and loss"

Digital Revenue Mix financial

"the portion of CAVA Revenue related to Digital Orders"

The share of a company's total sales that comes from digital sources such as websites, apps, online subscriptions, digital advertising, or cloud services. Investors watch this because a higher digital revenue mix often means faster growth, lower costs and easier scaling, similar to a bakery getting more orders from an online delivery app than from walk-in customers—it can signal improved margins, customer reach and future resilience.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did CAVA report for the 12 weeks ended October 4, 2026?

CAVA reported $356.4 million of revenue for the 12 weeks ended October 4, 2026, up 22.0% from $292.2 million in the prior-year period. Restaurant revenue was $353.7 million, and CPG revenue and other was $2.7 million.

What was CAVA's net income for the 12 weeks ended October 4, 2026?

Net income was $13.2 million, compared with $14.7 million in the same period a year earlier, a 10.5% decrease. Basic and diluted earnings per share were both $0.11, compared with $0.13 and $0.12, respectively.

What contributed to CAVA's 3.1% Same Restaurant Sales increase?

The increase consisted of a 3.0% increase from menu price and product mix and a 0.1% increase from Guest Traffic for the 12 weeks ended October 4, 2026.

How may CAVA make share repurchases under its program?

Repurchases may occur in open-market, privately negotiated, or other transactions, including through trading plans intended to qualify under Rule 10b5-1. CAVA expects to fund repurchases with a combination of existing cash and cash equivalents and cash flows from operations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 4, 2026

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 001-41721

CAVA Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware			47-3426661
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
14 Ridge Square NW, Suite 500 Washington, DC			20016
(Address of principal executive offices)			(Zip Code)

202-400-2920

Registrant's telephone number, including area code

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.0001 per share			CAVA			New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

x

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

o

Emerging growth company

o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The registrant had 116,843,466 shares of common stock outstanding as of October 28, 2026.

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Glossary

The following definitions apply to these terms as used in this Quarterly Report on Form 10-Q:

“Adjusted EBITDA” is defined as net income adjusted to exclude interest (income) expense, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other (income) expense, net, impairment and asset disposal costs, and executive transition costs, in each case, to the extent applicable in a given fiscal period. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted EBITDA for the periods presented;

“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue;

“Average Unit Volume” or “AUV” represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods and Digital Kitchens sales for such period divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods;

“CAVA Restaurant-Level Profit,” a segment measure of profit and loss, represents CAVA Revenue less food, beverage, and packaging, labor, occupancy, and other operating expenses, excluding depreciation and amortization. CAVA Restaurant-Level Profit excludes pre-opening costs;

“CAVA Restaurant-Level Profit Margin” represents CAVA Restaurant-Level Profit as a percentage of CAVA Revenue;

“CAVA Restaurants” is defined to include all CAVA restaurants and Hybrid Kitchens that are open or temporarily closed as of the end of the specific period. CAVA Restaurants exclude restaurants operating under license agreements and Digital Kitchens;

“CAVA Revenue” is defined to include all revenue attributable to CAVA restaurants in the specified period, excluding restaurants operating under license agreements;

“CPG” refers to consumer packaged goods;

“Digital Kitchen” is defined to include kitchens used for third-party marketplace and native delivery, Digital Order pick-up, and/or centralized catering production and that has neither in-restaurant dining nor customer-facing make lines;

“Digital Orders” means orders made through catering and digital channels, such as the CAVA app and the CAVA website. Digital Orders include orders fulfilled through third-party marketplace and native delivery and digital order pick-up;

“Digital Revenue Mix” represents the portion of CAVA Revenue related to Digital Orders as a percentage of total CAVA Revenue;

“Guest Traffic” means the number of entrees ordered in-restaurant and through Digital Orders;

“Hybrid Kitchen” is defined to include kitchens that have enhanced kitchen capabilities to support centralized catering production and that also have in-restaurant dining and customer-facing make lines;

“Net New CAVA Restaurant Openings” is defined as new CAVA restaurant openings during a specified reporting period, net of any permanent CAVA restaurant closures during the same period; and

“Same Restaurant Sales” is defined as the period-over-period sales comparison for CAVA restaurants that have been open for 365 days or longer.

We operate on a 52-week or 53-week fiscal year that ends on the last Sunday of the calendar year. In a 52-week fiscal year, the first fiscal quarter contains sixteen weeks and the second, third, and fourth fiscal quarters each contain twelve weeks. In a 53-week fiscal year, the first fiscal quarter contains sixteen weeks, the second and third fiscal quarters each contain twelve weeks, and the fourth fiscal quarter contains thirteen weeks. References to “thirteen periods” are to the 13 accounting periods we have in each fiscal year, with each accounting period being four weeks, except in a 53-week fiscal year which will contain one accounting period of five weeks.

Certain numerical figures have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.

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Cautionary Statement Concerning Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our industry, business strategy, goals, expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. These statements generally can be identified by the use of words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words, or similar terms and phrases.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify, including those described in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025 (our “Annual Report”). Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: we operate in a highly competitive industry; our future growth depends on our ability to open new restaurants while managing our growth effectively and maintaining our culture, and our historical growth may not be indicative of our future growth; we may not be able to successfully identify appropriate locations and develop and expand our operations in existing and new markets; new restaurants may not be profitable and may negatively impact sales at our existing locations; negative changes in guest perception of our brand could negatively impact our business; our efforts to market our restaurants and brand may not be successful; food safety issues and food-borne illness concerns may harm our business; if we are unable to maintain or increase prices, our margins may decrease; the growth of our business depends on our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings; we are subject to risks associated with leasing property; we may not be able to successfully expand our digital and delivery business, which is subject to risks outside of our control; our inability or failure to utilize, recognize, respond to, and effectively manage the immediacy of social media could have a material adverse effect on our business; we may not realize the anticipated benefits from past and potential future acquisitions, investments, or other strategic initiatives; we may not be able to manage our manufacturing and supply chain effectively, which may adversely affect our results of operations; our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations; we may not successfully optimize, operate, and manage our production facilities; we may experience shortages, delays, or interruptions in the delivery of food items and other products; we may face increases in food, commodity, energy, and other costs; we may face increases in labor costs, labor shortages, and difficulties in our ability to identify, hire, train, motivate, and retain the right team members; our success depends on our ability to attract, develop, and retain our management team and key team members; security breaches of our information systems or data including in relation to the electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or team member information (including personal information) may adversely affect our business; our business is subject to complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; we rely heavily on information technology systems, and failures of, or interruptions in, or not effectively scaling and adapting our information technology systems could harm our business; we are subject to extensive laws and regulatory requirements, and failure to comply with, or changes in, these laws or regulations could have an adverse impact on our business; economic factors and guest behavior trends, which are uncertain and largely beyond our control, may adversely affect guests’ behavior and our ability to maintain or increase sales at our restaurants; we are subject to evolving rules and regulations with respect to sustainability matters; climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations; and each of the other factors set forth in “Part I—Item 1A. Risk Factors” in our Annual Report, and in other reports filed with the United States Securities and Exchange Commission, all of which are available on the investor relations page of our website at investor.cava.com.

You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause our results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, we do not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events or otherwise.

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			Page
Part I - Financial Information
Item 1. Financial Statements (Unaudited)			1
Unaudited Condensed Consolidated Balance Sheets			1
Unaudited Condensed Consolidated Statements of Operations			2
Unaudited Condensed Consolidated Statements of Comprehensive Income			3
Unaudited Condensed Consolidated Statements of Stockholders’ Equity			4
Unaudited Condensed Consolidated Statements of Cash Flows			6
Notes to Unaudited Condensed Consolidated Financial Statements			7
Note 1. Nature of Operations and Basis of Presentation			7
Note 2. Revenue			7
Note 3. Investments			8
Note 4. Fair Value			9
Note 5. Supplemental Balance Sheet Information			10
Note 6. Debt			11
Note 7. Income Taxes			11
Note 8. Leases			11
Note 9. Commitments and Contingencies			12
Note 10. Equity-based Compensation			12
Note 11. Earnings Per Share			14
Note 12. Segment Reporting			14
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			16
Item 3. Quantitative and Qualitative Disclosures About Market Risk			26
Item 4. Controls and Procedures			26
Part II - Other Information
Item 1. Legal Proceedings			28
Item 1A. Risk Factors			28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 3. Defaults Upon Senior Securities			28
Item 4. Mine Safety Disclosures			28
Item 5. Other Information			28
Item 6. Exhibits			29
Signatures			30

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Part I - Financial Information

Item 1. Financial Statements

CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amount)			October 4, 2026						December 28, 2025
ASSETS
Current assets:
Cash and cash equivalents			$	297,896					$	282,917
Trade accounts receivable, net			10,163						6,324
Other accounts receivable			14,343						12,664
Investments at fair value (amortized cost of $130,554 and $109,951, respectively)			129,977						110,112
Inventories			9,778						9,017
Prepaid expenses and other			13,232						10,039
Total current assets			475,389						431,073
Property and equipment, net			537,673						457,501
Operating lease assets			450,042						389,417
Goodwill			1,944						1,944
Intangible assets, net			1,740						1,779
Deferred income taxes			46,183						65,393
Other long-term assets			19,892						12,920
Total assets			$	1,532,863					$	1,360,027
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	29,612					$	37,488
Accrued expenses and other			107,462						76,635
Operating lease liabilities, current			57,362						48,534
Total current liabilities			194,436						162,657
Operating lease liabilities			479,541						417,714
Total liabilities			673,977						580,371
Commitments and Contingencies (Note 9)
Stockholders’ equity:
Common stock, par value $0.0001 per share; 2,500,000 shares authorized; 116,843 and 116,127 issued and outstanding, respectively			12						12
Treasury stock, at cost; 1,431 shares			(34,377)						(34,377)
Additional paid-in capital			1,087,498						1,067,504
Accumulated deficit			(193,820)						(253,601)
Accumulated other comprehensive (loss) income			(427)						118
Total stockholders’ equity			858,886						779,656
Total liabilities and stockholders’ equity			$	1,532,863					$	1,360,027
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
			Twelve Weeks Ended												Forty Weeks Ended
(in thousands, except per share amounts)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Revenue			$	356,436					$	292,238					$	1,163,142					$	904,679
Operating expenses:
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging			107,055						88,289						345,235						268,798
Labor			92,129						73,849						296,081						227,907
Occupancy			23,822						19,523						76,744						62,722
Other operating expenses			49,107						38,211						153,985						114,142
Total restaurant operating expenses			272,113						219,872						872,045						673,569
General and administrative expenses			38,072						31,499						129,462						104,944
Depreciation and amortization			21,271						17,628						67,703						55,254
Pre-opening costs			8,425						4,942						21,327						14,519
Impairment and asset disposal costs			1,554						1,176						5,501						3,917
Total operating expenses			341,435						275,117						1,096,038						852,203
Income from operations			15,001						17,121						67,104						52,476
Interest income, net			(3,544)						(3,575)						(10,919)						(11,773)
Other (income) expense, net			(135)						30						(1,274)						(471)
Income before taxes			18,680						20,666						79,297						64,720
Provision for income taxes			5,482						5,919						19,516						5,898
Net income			$	13,198					$	14,747					$	59,781					$	58,822
Earnings per share:
Basic			$	0.11					$	0.13					$	0.51					$	0.51
Diluted			$	0.11					$	0.12					$	0.51					$	0.50
Weighted-average common shares outstanding:
Basic			116,822						115,960						116,564						115,733
Diluted			118,286						118,271						118,326						118,356
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Net income			$	13,198					$	14,747					$	59,781					$	58,822
Other comprehensive (loss) income, net of tax
Unrealized (loss) gain on investments			(226)						138						(545)						125
Total other comprehensive (loss) income, net of tax			(226)						138						(545)						125
Comprehensive income			$	12,972					$	14,885					$	59,236					$	58,947
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Twelve Weeks Ended October 4, 2026 and October 5, 2025
												Common Stock												Treasury Stock												Additional Paid in Capital						Accumulated Deficit						Accumulated Other Comprehensive (Loss) Income						Total Stockholders' Equity
(in thousands)																		Shares						Amount						Shares									Amount
Balance—July 13, 2025																		115,952						$	12					1,431						$	(34,377)					$	1,058,356					$	(273,269)					$	(13)					$	750,709
Equity-based compensation																		—						—						—						—						3,275						—						—						3,275
Shares purchased under equity plans																		22						—						—						—						145						—						—						145
RSU vesting																		11						—						—						—						—						—						—						—
Net income																		—						—						—						—						—						14,747						—						14,747
Other comprehensive income, net of tax																		—						—						—						—						—						—						138						138
Balance—October 5, 2025																		115,985						$	12					1,431						$	(34,377)					$	1,061,776					$	(258,522)					$	125					$	769,014
Balance—July 12, 2026																		116,804						$	12					1,431						$	(34,377)					$	1,082,860					$	(207,018)					$	(201)					$	841,276
Equity-based compensation																		—						—						—						—						4,492						—						—						4,492
Shares purchased under equity plans																		35						—						—						—						146						—						—						146
RSU vesting																		4						—						—						—						—						—						—						—
Net income																		—						—						—						—						—						13,198						—						13,198
Other comprehensive loss, net of tax																		—						—						—						—						—						—						(226)						(226)
Balance—October 4, 2026																		116,843						$	12					1,431						$	(34,377)					$	1,087,498					$	(193,820)					$	(427)					$	858,886
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Forty Weeks Ended October 4, 2026 and October 5, 2025
			Common Stock												Treasury Stock												Additional Paid in Capital						Accumulated Deficit						Accumulated Other Comprehensive Income (Loss)						Total Stockholders' Equity
(in thousands)			Shares						Amount						Shares						Amount
Balance—December 29, 2024			115,093						$	12					1,431						$	(34,377)					$	1,047,275					$	(317,344)					$	—					$	695,566
Equity-based compensation			—						—						—						—						11,780						—						—						11,780
Shares purchased under equity plans			226						—						—						—						2,721						—						—						2,721
RSU vesting			666						—						—						—						—						—						—						—
Net income			—						—						—						—						—						58,822						—						58,822
Other comprehensive income, net of tax			—						—						—						—						—						—						125						125
Balance—October 5, 2025			115,985						$	12					1,431						$	(34,377)					$	1,061,776					$	(258,522)					$	125					$	769,014
Balance—December 28, 2025			116,127						$	12					1,431						$	(34,377)					$	1,067,504					$	(253,601)					$	118					$	779,656
Equity-based compensation			—						—						—						—						16,150						—						—						16,150
Shares purchased under equity plans			227						—						—						—						3,844						—						—						3,844
RSU vesting			489						—						—						—						—						—						—						—
Net income			—						—						—						—						—						59,781						—						59,781
Other comprehensive loss, net of tax			—						—						—						—						—						—						(545)						(545)
Balance—October 4, 2026			116,843						$	12					1,431						$	(34,377)					$	1,087,498					$	(193,820)					$	(427)					$	858,886
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
			Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025
Cash flows from operating activities:
Net income			$	59,781					$	58,822
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			67,703						55,254
Unrealized gain on convertible promissory note			(424)						(429)
Equity-based compensation			16,150						11,780
Deferred income taxes			19,402						5,725
Impairment and asset disposal costs			5,501						3,917
Changes in operating assets and liabilities:
Trade accounts receivable			(3,839)						(2,831)
Other accounts receivable			(1,679)						(1,297)
Inventories			(761)						(979)
Prepaid expenses and other			(4,395)						(6,151)
Operating lease assets			(61,458)						(53,766)
Accounts payable			(7,177)						2,547
Accrued expenses and other			21,709						7,249
Operating lease liabilities			71,081						64,696
Net cash provided by operating activities			181,594						144,537
Cash flows from investing activities:
Purchases of property and equipment			(144,510)						(121,264)
Purchases of debt securities			(117,309)						(116,192)
Proceeds from principal payments on debt securities			97,184						13,648
Investment in convertible promissory note			(5,000)						(5,000)
Net cash used in investing activities			(169,635)						(228,808)
Cash flows from financing activities:
Shares purchased under equity plans			3,844						2,721
Debt refinancing costs			(824)						—
Net cash provided by financing activities			3,020						2,721
Net change in cash and cash equivalents			14,979						(81,550)
Cash and cash equivalents - beginning of year			282,917						366,120
Cash and cash equivalents - end of period			$	297,896					$	284,570
Supplemental Disclosure of Cash Flow Information:
Cash paid for income taxes			$	2,208					$	1,546
Change in accrued purchases of property and equipment			8,419						4,430
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.    NATURE OF OPERATIONS AND BASIS OF PRESENTATION

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 October 4, 2026, the Company operated 500 fast-casual CAVA Restaurants in 30 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.

Interim Financial Statements—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included.

The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year.

Recently Issued Accounting Standards—In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregation, in tabular presentation, of certain income statement expenses into different categories, such as purchases of inventory, employee compensation, and depreciation. The FASB issued an update in January 2025, ASU 2025-01, which clarifies the effective date of ASU 2024-03. The amendment is effective for fiscal years beginning after December 15, 2026 (the Company’s fiscal 2027), with early adoption permitted, and may be applied on a retrospective basis. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting guidance for costs incurred to develop or obtain internal-use software. The amendment aligns capitalization criteria with current development practices and eliminates separate guidance for website development costs. Under the new standard, capitalization of eligible costs begins when (i) management authorizes and commits to funding the project and (ii) it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 (the Company’s fiscal 2028), and may be applied prospectively, on a modified basis for in-process projects, or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

The Company reviewed all other recently issued accounting standards and determined they were either not applicable or not expected to have a material impact on the Company’s financial position or results from operations.

2.    REVENUE

The Company’s revenue was as follows:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Restaurant revenue			$	353,719					$	289,787					$	1,153,544					$	896,518
CPG revenue and other			2,717						2,451						9,598						8,161
Revenue			$	356,436					$	292,238					$	1,163,142					$	904,679

Revenue from the redemption of the Company’s loyalty program (“CAVA Rewards”) and gift cards is included in restaurant revenue.

Changes in the CAVA Rewards and gift card liabilities, which are included in accrued expenses and other on the accompanying unaudited condensed consolidated balance sheets, were as follows:

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			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
CAVA Rewards and gift card liabilities, beginning balance			$	7,473					$	6,173					$	6,775					$	6,736
Revenue deferred - CAVA Rewards points earned and gift card purchases			4,994						3,693						15,474						11,848
Revenue recognized - redemptions and breakage			(3,994)						(3,955)						(13,776)						(12,673)
CAVA Rewards and gift cards liabilities, ending balance			$	8,473					$	5,911					$	8,473					$	5,911

3.     INVESTMENTS

Fixed income debt securities

The Company’s investments in fixed income debt securities were as follows:

			October 4, 2026
(in thousands)									Gross unrealized
Security Type Category			Amortized Cost						Gains						Losses						Estimated Fair Value
Asset backed			$	18,909					$	—					$	(44)					$	18,865
Commercial deposits			11,987						—						(11)						11,976
Commercial paper			14,181						—						(21)						14,160
Corporate bonds			72,347						7						(328)						72,026
U.S. government bonds			13,130						—						(180)						12,950
Total			$	130,554					$	7					$	(584)					$	129,977

			December 28, 2025
(in thousands)									Gross unrealized
Security Type Category			Amortized Cost						Gains						Losses						Estimated Fair Value
Asset backed			$	13,790					$	18					$	—					$	13,808
Commercial deposits			3,089						2						—						3,091
Commercial paper			2,306						1						—						2,307
Corporate bonds			64,423						96						—						64,519
U.S. government bonds			26,343						44						—						26,387
Total			$	109,951					$	161					$	—					$	110,112

In determining credit losses on its investments in an unrealized loss position, the Company considers certain factors that may include, among others, severity of the unrealized loss, security type, industry sector, credit rating, yield to maturity, profitability, and stock performance. Based on the Company’s review of its investments in an unrealized loss position, it determined that the losses were due to non-credit factors and, therefore, it does not consider these securities to be credit impaired at October 4, 2026 or December 28, 2025. As of October 4, 2026 and December 28, 2025, the Company did not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any investments before recovery of their amortized cost basis.

Investments in fixed income debt securities by remaining contractual maturities were as follows:

			October 4, 2026
(in thousands)			Amortized Cost						Estimated Fair Value
Less than one year			$	61,072					$	60,928
1.0 to 2.0 years			50,904						50,603
2.0 to 3.0 years			16,384						16,258
More than 3.0 years			2,194						2,188
Total			$	130,554					$	129,977

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Note Receivable

In the second quarter of fiscal 2025, the Company made a $5.0 million investment in a convertible promissory note of Hyphen Technologies, Inc., which develops and provides automated makelines designed to improve the speed and efficiency of food production. The Company is currently testing this technology in its digital business. During the first quarter of fiscal 2026, upon the achievement of a predefined milestone event, the Company made an additional $5.0 million investment in a convertible promissory note at terms substantially similar to the initial investment (collectively, the “Note Receivable”).

The Note Receivable is presented within other long-term assets on the accompanying unaudited condensed consolidated balance sheets. Refer to Note 4 (Fair Value) for more information. As of October 4, 2026 and December 28, 2025, the Company’s estimated fair value of the Note Receivable was $10.7 million and $5.3 million, respectively. The increase in the estimated fair value was primarily attributable to the additional investment described above, with the remaining increase recognized as a component of other income, net in the accompanying unaudited condensed consolidated statement of operations.

4.    FAIR VALUE

Assets Measured at Fair Value on a Recurring Basis

Fixed income debt securities

The fair values of fixed income debt securities were based on the market values obtained from an independent asset management service. The asset management service utilizes the market approach in determining the fair values of the investments held by the Company. Typical inputs and assumptions to pricing models used to value the Company’s investments in fixed income debt securities include, but are not limited to, benchmark yields, reported trades, broker-dealer quotes, credit spreads, credit ratings, bond insurance (if applicable), benchmark securities, bids, offers, reference data, and industry and economic events. For asset backed securities, inputs and assumptions may also include the structure of issuance, characteristics of the issuer, collateral attributes, and prepayment speeds.

Note Receivable

The Company has elected to account for the Note Receivable described in Note 3 (Investments) under the fair value option. As a result, the embedded conversion feature, which would otherwise require bifurcation, is not accounted for separately. The fair value of the Note Receivable is determined under a market approach utilizing Level 3 inputs such as estimates of the equity value of the underlying business, volatility, and a probability-weighted expected time to exit.

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The fair value of the Company’s assets that are measured on a recurring basis was as follows:

(in thousands)			October 4, 2026
Security Type Category			Level 1						Level 2						Level 3												Total
Asset backed			$	—					$	18,865					$	—											$	18,865
Commercial deposits			—						11,976						—												11,976
Commercial paper			—						14,160						—												14,160
Corporate bonds			—						72,026						—												72,026
U.S. government bonds			12,950						—						—												12,950
Fixed income debt securities			$	12,950					$	117,027					$	—											$	129,977
Note Receivable			$	—					$	—					$	10,715											$	10,715

(in thousands)			December 28, 2025
Security Type Category			Level 1						Level 2						Level 3												Total
Asset backed			$	—					$	13,808					$	—											$	13,808
Commercial deposits			—						3,091						—												3,091
Commercial paper			—						2,307						—												2,307
Corporate bonds			—						64,519						—												64,519
U.S. government bonds			26,387						—						—												26,387
Fixed income debt securities			$	26,387					$	83,725					$	—											$	110,112
Note Receivable			$	—					$	—					$	5,291											$	5,291

Assets Measured at Fair Value on a Non-recurring Basis—Assets recognized or disclosed at fair value in the accompanying unaudited condensed consolidated financial statements on a nonrecurring basis may include items such as property and equipment, net, operating lease assets, goodwill, and intangible assets. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the forty weeks ended October 4, 2026 and October 5, 2025, the Company recorded asset impairments of $1.7 million and $1.3 million, respectively, related to certain of the Company’s restaurants, which utilized nonrecurring fair value measurements. The fair value of these assets was determined using an income approach (discounted cash flow method), which was measured using Level 3 inputs. Unobservable inputs include projected restaurant revenues and expenses and the discount rate.

5.    SUPPLEMENTAL BALANCE SHEET INFORMATION

Property and equipment, net

The Company’s property and equipment, net, were as follows:

(in thousands)			October 4, 2026						December 28, 2025
Land			$	3,605					$	600
Building			24,106						24,049
Leasehold improvements			499,670						425,580
Equipment and other			153,125						132,017
Furniture and fixtures			23,501						22,400
Computer hardware and software			78,664						63,818
Construction in progress			60,925						42,195
Total property and equipment, gross			843,596						710,659
Less accumulated depreciation			(305,923)						(253,158)
Total property and equipment, net			$	537,673					$	457,501

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Construction in progress includes new restaurant openings and technology improvements. The change in land reflects investments to increase manufacturing capacity.

Accrued expenses and other

The Company’s accrued expenses and other were as follows:

(in thousands)			October 4, 2026						December 28, 2025
Accrued payroll and payroll taxes			$	35,537					$	29,415
Accrued capital purchases			18,626						9,509
Sales and use tax payable			8,808						4,524
CAVA Rewards and gift card liabilities			8,473						6,775
Other accrued expenses			36,018						26,412
Total accrued expenses and other			$	107,462					$	76,635

6.    DEBT

On March 20, 2026, the Company entered into Amendment No. 3 to the Credit Agreement dated March 11, 2022 (as amended, the “Credit Facility”), with JPMorgan Chase Bank, N.A. as administrative agent. Amendment No. 3, among other things, extended the maturity date from March 11, 2027 to March 20, 2031 and increased aggregate revolving commitments from $75.0 million to $150.0 million. Interest rates on loans under the Credit Facility are based on either: (i) the base rate plus an applicable margin ranging from 0.00% to 1.25% per annum or (ii) the Term Secured Overnight Financing Rate plus an applicable margin ranging from 1.00% to 2.25% per annum, in each case based on the Company’s Total Rent Adjusted Net Leverage Ratio (as defined in the Credit Facility). The Company is also required to pay a commitment fee for unused amounts under the Credit Facility, which ranges from 0.20% to 0.30% based on the Total Rent Adjusted Net Leverage Ratio. The Credit Facility is unconditionally guaranteed by the Company’s domestic restricted subsidiaries other than certain excluded subsidiaries and is secured, subject to certain exceptions, by a first-priority security interest in substantially all of the assets of the Company and the guarantors and a first-priority pledge of the capital stock of each subsidiary guarantor. The Credit Facility includes customary affirmative and negative covenants and events of default.

As of October 4, 2026, the Company had no borrowings under the Credit Facility and available borrowing capacity of $149.1 million, net of $0.9 million of outstanding letters of credit. As of October 4, 2026, the Company was in compliance with all financial and other covenants.

7.    INCOME TAXES

Income taxes for the twelve and forty weeks ended October 4, 2026 have been included in the accompanying unaudited condensed consolidated financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, the Company includes, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount.

The Company’s effective tax rate and the impact on the provision for income taxes associated with discrete tax benefits related to equity-based compensation were as follows:

			Twelve Weeks Ended												Forty Weeks Ended
			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Effective tax rate			29.3		%				28.6		%				24.6		%				9.1		%
Discrete tax benefit from equity-based compensation			$	474					$	145					$	4,688					$	12,594

The reductions to the provision for income taxes associated with equity-based compensation reflect excess tax benefits recognized when the tax deductions for vested or exercised awards exceed the related compensation expense recognized in accordance with GAAP.

8.    LEASES

The Company leases all of its CAVA Restaurants, its Digital Kitchens, its production facility in Laurel, Maryland, its food distribution center in Edison, New Jersey, its restaurant collaboration center in Washington, D.C., and its support centers in Brooklyn, New York, Manhattan, New York, and Plano, Texas. The Company determines if a contract contains

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a lease at inception and determines the classification of a lease, if necessary. Typically, restaurant leases have initial terms of 10 years and include five-year renewal options.

Supplemental disclosures of cash flow information related to leases were as follows:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Cash paid for operating lease liabilities			$	21,448					$	17,465					$	65,195					$	50,203
Operating lease assets obtained in exchange for operating lease liabilities			23,347						17,272						97,635						84,392
Derecognition of operating lease assets due to termination or impairment			—						89						833						391

9.    COMMITMENTS AND CONTINGENCIES

Purchase Obligations—The Company enters into various purchase obligations in the ordinary course of business, generally of a short-term nature. Those that are binding primarily relate to amounts owed for produce and other ingredients and supplies, including supplies and materials used for new restaurant openings.

Letters of Credit—As of October 4, 2026 and December 28, 2025, the Company had six irrevocable letters of credit in favor of various landlords in the aggregate amount of $0.9 million. The letters of credit do not require a compensating balance and automatically renew in accordance with the terms of the underlying lease agreement.

Litigation—The Company is currently involved in various claims and legal actions that arise in the ordinary course of its business, including claims resulting from employment related matters. While the ultimate outcome and the costs associated with litigation are inherently uncertain and difficult to predict, as of the date hereof, the Company does not believe that any of its pending legal proceedings, most of which are covered by insurance, will have a material effect on the Company’s business, financial condition, results of operations, or cash flows. However, a significant increase in the number of these claims or an increase in uninsured amounts owed under successful claims could materially and adversely affect the Company’s business, financial condition, results of operations, or cash flows.

On July 22, 2026, the Cleveland Bakers and Teamsters Pension Fund filed a derivative action in the Court of Chancery of the State of Delaware, purportedly on behalf of the Company, against certain of the Company's current and former officers and directors alleging breaches of fiduciary duty and unjust enrichment. The complaint seeks unspecified monetary damages, attorneys' fees and costs, and the disgorgement of alleged improperly obtained trading profits by the defendants. The action is in a preliminary stage and no discovery has taken place. The defendants deny they breached their fiduciary duties. The complaint does not seek damages from the Company.

10.    EQUITY-BASED COMPENSATION

The Company recognized equity-based compensation expense (including applicable payroll taxes) of $4.5 million and $17.9 million during the twelve and forty weeks ended October 4, 2026, and $3.3 million and $14.5 million during the twelve and forty weeks ended October 5, 2025, respectively, related to its equity incentive plans and employee stock purchase plan, recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Stock Options

A summary of the Company’s stock option activity is as follows:

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									Weighted Average
(in thousands, except per share amounts)			Number Of Options						Exercise Price						Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding - December 28, 2025			1,977						$	18.96					6.4						$	84,660
Exercised			(192)						11.81
Forfeited or expired			(47)						41.26
Outstanding - October 4, 2026			1,738						$	19.15					5.6						$	61,277
Exercisable - October 4, 2026			1,312						$	15.27					5.2
Vested and expected to vest - October 4, 2026			1,738						$	19.15					5.6						$	61,277

As of October 4, 2026, unrecognized compensation expense related to option awards was $5.3 million, which is expected to be recognized over a weighted-average period of 1.8 years.

Restricted Stock Units (“RSUs”)

During the first quarter of fiscal 2026, the Company granted RSUs that vest in equal annual installments over three years, subject to continued service. Historically, RSUs vested in equal annual installments over four years. The change in vesting term applies to awards granted in fiscal 2026 and does not modify the vesting terms of previously granted awards.

A summary of the Company’s RSU activity is as follows:

(in thousands, except per share amounts)			Number of Units						Weighted-Average Grant Date Fair Value						Aggregate Intrinsic Value
Non-vested - December 28, 2025			971						$	27.01					$	58,406
Granted			255						83.95
Vested			(489)						20.69
Forfeited			(112)						49.90
Non-vested - October 4, 2026			625						$	51.08					$	34,006

As of October 4, 2026, unrecognized compensation expense related to RSU awards was $24.5 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Performance-Based Restricted Stock Units (“PSUs”)

During the first quarter of fiscal 2026, the Company granted PSUs that vest at the end of a three-year performance period based on the achievement of specified performance conditions and subject to continued service. The number of shares that may be earned ranges from 0% to 200% of target, depending on actual performance against the applicable metrics. Compensation cost is recognized over the requisite service period based on the grant-date fair value of the awards and the number of awards expected to vest.

A summary of the Company’s PSU activity is as follows:

(in thousands, except per share amounts)			Number of Units						Weighted-Average Grant Date Fair Value						Aggregate Intrinsic Value
Non-vested - December 28, 2025			—						$	—					$	—
Granted			85						84.49
Forfeited			(11)						84.74
Non-vested - October 4, 2026			74						$	84.45					$	4,026
Expected to vest - October 4, 20261			74						$	84.45

__________________

1    Expected to vest represents estimated PSU payout amounts based on target performance levels during the performance period.

As of October 4, 2026, unrecognized compensation expense related to PSU awards was $5.0 million, which is expected to be recognized over a weighted-average period of 2.4 years.

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11.    EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of outstanding equity awards for the period using the treasury-stock method.

The following table sets forth the computation of earnings per common share:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands, except per share amounts)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Net income			$	13,198					$	14,747					$	59,781					$	58,822
Weighted-average shares outstanding:
Basic			116,822						115,960						116,564						115,733
Dilutive awards			1,464						2,311						1,762						2,623
Diluted			118,286						118,271						118,326						118,356
Earnings per share:
Basic			$	0.11					$	0.13					$	0.51					$	0.51
Diluted			$	0.11					$	0.12					$	0.51					$	0.50

The following equity awards, presented on a weighted-average outstanding basis, were excluded from the calculation of diluted earnings per share:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Antidilutive stock options			82						94						86						80
Antidilutive RSUs			287						120						144						99
Stock awards subject to performance conditions			74						—						59						—
Total common stock equivalents			443						214						289						179

12.    SEGMENT REPORTING

The Company’s operations are conducted as two operating segments: CAVA and CAVA Foods. CAVA includes the operations of all company-owned CAVA restaurants. CAVA Foods includes the production of dips, spreads, and certain dressing bases used in CAVA restaurants as well as sales from the Company’s CPG business. These segments were determined on the same basis that the Company’s Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), manages, evaluates, and makes key decisions regarding the business. The CODM does not manage the Company on a consolidated basis. CAVA Foods is below the quantitative thresholds for segment reporting purposes, resulting in CAVA being the Company’s one reportable segment. Other revenue and Other non-reportable segment profit include the Company’s CPG activity from CAVA Foods.

The CODM reviews segment performance and allocates resources based upon restaurant-level profit, which is defined as segment revenues less food, beverage, and packaging, labor, occupancy, and other operating expenses. Restaurant-level profit is used to measure the segment’s profitability as corporate-level expenses are excluded from such measure. The CODM uses restaurant-level profit for each segment in the annual budget to make decisions about the allocation of resources, with the monitoring of actual results to determine appropriate changes to such allocation. All segment revenue is earned in the United States, and all intersegment revenues have been eliminated. Intersegment revenues represent the sale, from CAVA Foods to CAVA, of dips, spreads, and certain dressing bases used in CAVA restaurants. Sales from external customers are derived principally from sales of food, beverage, and CPG. The Company does not rely on any major customers as sources of sales. As the CODM does not review asset information by segment, assets are reported only on a consolidated basis.

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The following table presents financial information about the Company’s reportable segment and includes reconciliations of reportable segment revenue to consolidated revenue and reportable segment restaurant-level profit to income before taxes:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
CAVA Revenue			$	353,719					$	289,787					$	1,153,544					$	896,518
Reconciliation of reportable segment revenue to consolidated revenue:
Other revenue			2,717						2,451						9,598						8,161
Total consolidated revenue			$	356,436					$	292,238					$	1,163,142					$	904,679
Significant CAVA segment expenses
Food, beverage, and packaging			$	106,146					$	87,245					$	342,060					$	265,679
Labor			92,129						73,849						296,081						227,907
Occupancy			23,822						19,523						76,744						62,722
Other operating expenses1			48,896						38,005						153,269						113,478
Total CAVA segment expenses			270,993						218,622						868,154						669,786
CAVA Restaurant-Level Profit			82,726						71,165						285,390						226,732
Reconciliation of total reportable segment restaurant-level profit to income before income taxes:
Plus:
Other non-reportable segment profit			1,597						1,201						5,707						4,378
Less:
General and administrative expenses			38,072						31,499						129,462						104,944
Depreciation and amortization			21,271						17,628						67,703						55,254
Pre-opening costs			8,425						4,942						21,327						14,519
Impairment and asset disposal costs			1,554						1,176						5,501						3,917
Interest income, net			(3,544)						(3,575)						(10,919)						(11,773)
Other (income) expense, net			(135)						30						(1,274)						(471)
Income before taxes			$	18,680					$	20,666					$	79,297					$	64,720

__________________

1    Other operating expenses includes all other restaurant-level operating expenses, such as third-party delivery service fees, credit card and bank fees, repairs and maintenance, kitchen supplies, utilities, restaurant technology costs, and marketing expenses.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim condensed consolidated financial statements and the related notes included elsewhere in this Form 10-Q and our Annual Report on Form 10-K for the year ended December 28, 2025 (our “2025 Annual Report”). In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties, and other factors outside the Company’s control, as well as assumptions, such as our plans, objectives, expectations, and intentions. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including those described under the sections entitled “Cautionary Statement Concerning Forward-Looking Statements” above and “Risk Factors” in our 2025 Annual Report.

Overview

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 October 4, 2026, the Company operated 500 fast-casual CAVA Restaurants in 30 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.

Segments

The Company’s operations are conducted as two operating segments: CAVA and CAVA Foods. CAVA includes the operations of all company-owned CAVA restaurants. CAVA Foods includes the production of dips, spreads, and certain dressing bases used in CAVA restaurants as well as sales from the Company’s CPG business. These segments were determined on the same basis that the Company’s CEO, who is the CODM, manages, evaluates, and makes key decisions regarding the business. The CODM does not manage the Company on a consolidated basis.

CAVA Foods is below quantitative thresholds for segment reporting purposes, resulting in CAVA being the Company’s one reportable segment. The Company’s CPG operations are included in Other non-reportable segment. See Item 1. “Financial Statements,” Note 12 (Segment Reporting) for more information.

Key Performance Measures

In assessing the performance of our business, in addition to considering a variety of measures in accordance with GAAP, our management team also considers a variety of other key performance measures, including non-GAAP measures. The key performance measures used by our management for determining how our business is performing are detailed in the table below.

We believe that these key performance measures provide useful information to users of our financial statements in understanding and evaluating our results of operations in the same manner as our management team. The presentation of these key performance measures, including Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP financial measures, is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. See “Non-GAAP Financial Measures” below.

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The following table sets forth our key performance measures:

			Twelve Weeks Ended																		Forty Weeks Ended
($ in thousands)			October 4, 2026						October 5, 2025						Change						October 4, 2026						October 5, 2025						Change
CAVA Revenue			$	353,719					$	289,787					$	63,932					$	1,153,544					$	896,518					$	257,026
Same Restaurant Sales			3.1		%				1.9		%				1.2		%				7.3		%				5.1		%				2.2		%
AUV			$	3,111					$	2,935					$	176					N/A						N/A						N/A
CAVA Restaurant-Level Profit			$	82,726					$	71,165					$	11,561					$	285,390					$	226,732					$	58,658
CAVA Restaurant-Level Profit Margin			23.4		%				24.6		%				(1.2)		%				24.7		%				25.3		%				(0.6)		%
Net New CAVA Restaurant Openings			24						17						7						61						48						13
Digital Revenue Mix			38.5		%				37.6		%				0.9		%				39.2		%				37.6		%				1.6		%
Net income			$	13,198					$	14,747					$	(1,549)					$	59,781					$	58,822					$	959
Adjusted EBITDA1			$	42,326					$	40,042					$	2,284					$	158,776					$	126,996					$	31,780
Net income margin			3.7		%				5.0		%				(1.3)		%				5.1		%				6.5		%				(1.4)		%
Adjusted EBITDA margin1			11.9		%				13.7		%				(1.8)		%				13.7		%				14.0		%				(0.3)		%

__________________

1    See “Non-GAAP Financial Measures” below for a discussion of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.

CAVA Restaurants and Net New CAVA Restaurant Openings

The following table details CAVA Restaurant unit data:

			Twelve Weeks Ended												Forty Weeks Ended
			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
CAVA Restaurants
Beginning of period			476						398						439						367
New CAVA Restaurant openings			24						17						62						48
Permanent closure			—						—						(1)						—
End of period			500						415						500						415

Results of Operations

Our results of operations, on a consolidated basis and by segment, for the twelve and forty weeks ended October 4, 2026 and October 5, 2025, are set forth below.

Comparison of the twelve weeks ended October 4, 2026 and October 5, 2025

Consolidated Results

The following table summarizes our consolidated results of operations:

			Twelve Weeks Ended
(in thousands)			October 4, 2026												October 5, 2025												Change
			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	356,436					100.0		%				$	292,238					100.0		%				$	64,198					22.0		%
Operating expenses:
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging			107,055						30.0						88,289						30.2						18,766						21.3
Labor			92,129						25.8						73,849						25.3						18,280						24.8
Occupancy			23,822						6.7						19,523						6.7						4,299						22.0

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Other operating expenses			49,107						13.8						38,211						13.1						10,896						28.5
Total restaurant operating expenses			272,113						76.3						219,872						75.2						52,241						23.8
General and administrative expenses			38,072						10.7						31,499						10.8						6,573						20.9
Depreciation and amortization			21,271						6.0						17,628						6.0						3,643						20.7
Pre-opening costs			8,425						2.4						4,942						1.7						3,483						70.5
Impairment and asset disposal costs			1,554						0.4						1,176						0.4						378						32.1
Total operating expenses			341,435						95.8						275,117						94.1						66,318						24.1
Income from operations			15,001						4.2						17,121						5.9						(2,120)						(12.4)
Interest income, net			(3,544)						(1.0)						(3,575)						(1.2)						31						(0.9)
Other (income) expense, net			(135)						—						30						—						(165)						N/M
Income before taxes			18,680						5.2						20,666						7.1						(1,986)						(9.6)
Provision for income taxes			5,482						1.5						5,919						2.0						(437)						(7.4)
Net income			$	13,198					3.7		%				$	14,747					5.0		%				$	(1,549)					(10.5)		%

Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses:

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.

General and administrative expenses:

The increase in general and administrative expenses was primarily due to investments to support future growth and higher equity-based compensation, partially offset by executive transition costs in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales and executive transition costs incurred in the prior year quarter, partially offset by investments to support future growth.

Depreciation and amortization:

The increase in depreciation and amortization was primarily driven by the addition of assets from the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025, capital investments made to enhance the guest and team member experience, and technology improvements.

Pre-opening costs:

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.

Provision for income taxes:

The effective tax rate for the twelve weeks ended October 4, 2026 and October 5, 2025 was 29.3% and 28.6%, respectively.

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CAVA Segment Results

The following table summarizes the results of the CAVA segment:

			Twelve Weeks Ended
			October 4, 2026												October 5, 2025												Change
(in thousands)			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	353,719					100.0		%				$	289,787					100.0		%				$	63,932					22.1		%
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging			106,146						30.0						87,245						30.1						18,901						21.7
Labor			92,129						26.0						73,849						25.5						18,280						24.8
Occupancy			23,822						6.7						19,523						6.7						4,299						22.0
Other operating expenses			48,896						13.8						38,005						13.1						10,891						28.7
Total restaurant operating expenses			270,993						76.6						218,622						75.4						52,371						24.0
Restaurant-level profit			$	82,726					23.4		%				$	71,165					24.6		%				$	11,561					16.2		%

CAVA Revenue:

The increase in CAVA Revenue was primarily due to a $58.1 million increase from the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 3.1%, which consisted of a 3.0% increase from menu price and product mix and a 0.1% increase from Guest Traffic. While no ingredients in our supply chain were implicated, Same Restaurant Sales decreased by approximately 150 basis points due to the impact of Cyclospora and broader concerns around fresh produce consumption.

CAVA food, beverage, and packaging:

The increase in CAVA food, beverage, and packaging was primarily due to an $18.4 million increase from the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 3.1%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging decreased primarily due to expected tariff recoveries in the current quarter, the absence of tariffs incurred in the prior year quarter, and favorable mix, partially offset by higher input costs associated with the second quarter launch of Pomegranate Glazed Salmon and fuel surcharges incurred during the current quarter.

CAVA labor:

The increase in CAVA labor was primarily due to the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025. 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, and additional team member hours to support improved guest service and post-open success. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage and hour investments.

CAVA occupancy:

The increase in CAVA occupancy was primarily due to the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025. As a percentage of CAVA Revenue, CAVA occupancy remained flat.

CAVA other operating expenses:

The increase in CAVA other operating expenses was primarily due to the 102 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 5, 2025, an increase in Same Restaurant Sales of 3.1%, a higher mix of third-party delivery, and investments in repairs and maintenance. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery and investments in repairs and maintenance.

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Other Results

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:

			Twelve Weeks Ended
			October 4, 2026												October 5, 2025												Change
(in thousands)			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	2,717					100.0		%				$	2,451					100.0		%				$	266					10.9		%
Food, beverage, and packaging			909						33.5						1,044						42.6						(135)						(12.9)
Other operating expenses			211						7.8						206						8.4						5						2.4

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, partially offset by higher fuel surcharges.

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Comparison of the forty weeks ended October 4, 2026 and October 5, 2025

Consolidated Results

The following table summarizes our consolidated results of operations:

			Forty Weeks Ended
(in thousands)			October 4, 2026												October 5, 2025												Change
			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	1,163,142					100.0		%				$	904,679					100.0		%				$	258,463					28.6		%
Operating expenses:
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging			345,235						29.7						268,798						29.7						76,437						28.4
Labor			296,081						25.5						227,907						25.2						68,174						29.9
Occupancy			76,744						6.6						62,722						6.9						14,022						22.4
Other operating expenses			153,985						13.2						114,142						12.6						39,843						34.9
Total restaurant operating expenses			872,045						75.0						673,569						74.5						198,476						29.5
General and administrative expenses			129,462						11.1						104,944						11.6						24,518						23.4
Depreciation and amortization			67,703						5.8						55,254						6.1						12,449						22.5
Pre-opening costs			21,327						1.8						14,519						1.6						6,808						46.9
Impairment and asset disposal costs			5,501						0.5						3,917						0.4						1,584						40.4
Total operating expenses			1,096,038						94.2						852,203						94.2						243,835						28.6
Income from operations			67,104						5.8						52,476						5.8						14,628						27.9
Interest income, net			(10,919)						(0.9)						(11,773)						(1.3)						854						(7.3)
Other income, net			(1,274)						(0.1)						(471)						(0.1)						(803)						170.5
Income before taxes			79,297						6.8						64,720						7.2						14,577						22.5
Provision for income taxes			19,516						1.7						5,898						0.7						13,618						N/M
Net income			$	59,781					5.1		%				$	58,822					6.5		%				$	959					1.6		%

__________________

N/M data not meaningful

Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses:

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.

General and administrative expenses:

The increase in general and administrative expenses was primarily due to investments to support future growth 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 investments to support future growth.

Depreciation and amortization:

The increase in depreciation and amortization was primarily driven by the addition of assets from the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025, capital investments made to enhance the guest and team member experience, and technology improvements.

Pre-opening costs:

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.

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Impairment and asset disposal costs:

The increase in impairment and asset disposal costs was primarily due to impairment charges related to certain operating lease assets and property and equipment, net.

Interest income, net:

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.

Other income, net:

The increase in other income, net, was primarily due to the fair value change recognized on a convertible promissory note described in Item 1, Financial Statements, Note 3 (Investments).

Provision for income taxes:

The effective tax rate for the forty weeks ended October 4, 2026 and October 5, 2025 was 24.6% and 9.1%, respectively. The effective tax rate increased in the current year period primarily due to a lower discrete tax benefit associated with equity-based compensation, which resulted in a reduction in income tax expense of $4.7 million and $12.6 million in the forty weeks ended October 4, 2026 and October 5, 2025, respectively.

CAVA Segment Results

The following table summarizes the results of the CAVA segment:

			Forty Weeks Ended
			October 4, 2026												October 5, 2025												Change
(in thousands)			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	1,153,544					100.0		%				$	896,518					100.0		%				$	257,026					28.7		%
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging			342,060						29.7						265,679						29.6						76,381						28.7
Labor			296,081						25.7						227,907						25.4						68,174						29.9
Occupancy			76,744						6.7						62,722						7.0						14,022						22.4
Other operating expenses			153,269						13.3						113,478						12.7						39,791						35.1
Total restaurant operating expenses			868,154						75.3						669,786						74.7						198,368						29.6
Restaurant-level profit			$	285,390					24.7		%				$	226,732					25.3		%				$	58,658					25.9		%

CAVA Revenue:

The increase in CAVA Revenue was primarily due to a $195.8 million increase from the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 7.3%, which consisted of a 4.2% increase from Guest Traffic and a 3.1% increase from menu price and product mix. While no ingredients in our supply chain were implicated, Same Restaurant Sales decreased by approximately 50 basis points due to the impact of Cyclospora and broader concerns around fresh produce consumption.

CAVA food, beverage, and packaging:

The increase in CAVA food, beverage, and packaging was primarily due to a $60.4 million increase from the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 7.3%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to higher input costs associated with the second quarter launch of Pomegranate Glazed Salmon and fuel surcharges, partially offset by expected tariff recoveries in the current year period, the absence of tariffs incurred in the prior year period, and favorable mix.

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CAVA labor:

The increase in CAVA labor was primarily due to the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025 and an increase in Same Restaurant Sales of 7.3%. 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, and additional team member hours to support improved guest service and post-open success. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage and hour investments, partially offset by the impact of an increase in Same Restaurant Sales.

CAVA occupancy:

The increase in CAVA occupancy was primarily due to the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with an increase in Same Restaurant Sales of 7.3%.

CAVA other operating expenses:

The increase in CAVA other operating expenses was primarily due to the 133 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 5, 2025, an increase in Same Restaurant Sales of 7.3%, a higher mix of third-party delivery, and higher investments in repairs and maintenance. As a percentage of CAVA Revenue, CAVA other operating expenses increased primarily due to a higher mix of third-party delivery and investments in repairs and maintenance.

Other Results

The following table summarizes remaining activity related to CPG operations and the production of dips, spreads, and certain dressing bases used in CAVA restaurants:

			Forty Weeks Ended
			October 4, 2026												October 5, 2025												Change
(in thousands)			$						% of Revenue						$						% of Revenue						$						%
Revenue			$	9,598					100.0		%				$	8,161					100.0		%				$	1,437					17.6		%
Food, beverage, and packaging			3,175						33.1						3,119						38.2						56						1.8
Other operating expenses			716						7.5						664						8.1						52						7.8

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.

Non-GAAP Financial Measures

In addition to our consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe these non-GAAP financial measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.

Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as alternatives to net income or net income margin as measures of financial performance, or cash provided by operating activities as measures of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be measures of cash flow available for management’s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. Because not all companies use identical calculations, the presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.

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Adjusted EBITDA and Adjusted EBITDA margin measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are:

•Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

•Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

•Adjusted EBITDA does not reflect financing activities of our business;

•Adjusted EBITDA does not reflect period to period changes in taxes, income tax expense or the cash necessary to pay income taxes;

•Adjusted EBITDA does not reflect the impact of earnings or cash charges resulting from matters we consider not to be indicative of our ongoing operations;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and

•other companies in our industry may calculate Adjusted EBITDA and Adjusted EBITDA margin differently than we do, limiting their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and Adjusted EBITDA margin should not be considered as measures of discretionary cash available to invest in business growth or to reduce any applicable indebtedness.

The following table provides a reconciliation of net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin:

			Twelve Weeks Ended												Forty Weeks Ended
(in thousands)			October 4, 2026						October 5, 2025						October 4, 2026						October 5, 2025
Net income			$	13,198					$	14,747					$	59,781					$	58,822
Non-GAAP Adjustments
Interest income, net			(3,544)						(3,575)						(10,919)						(11,773)
Provision for income taxes			5,482						5,919						19,516						5,898
Depreciation and amortization			21,271						17,628						67,703						55,254
Equity-based compensation			4,500						3,285						17,923						14,517
Other (income) expense, net			(135)						30						(1,274)						(471)
Impairment and asset disposal costs			1,554						1,176						5,501						3,917
Executive transition costs			—						832						545						832
Adjusted EBITDA			$	42,326					$	40,042					$	158,776					$	126,996
Revenue			$	356,436					$	292,238					$	1,163,142					$	904,679
Net income margin			3.7		%				5.0		%				5.1		%				6.5		%
Adjusted EBITDA margin			11.9		%				13.7		%				13.7		%				14.0		%

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate adequate amounts of cash to meet our current and expected future operating needs. Our expected primary uses of cash on a short- and long-term basis are for the expansion of our restaurant base, working capital, and other capital expenditures.

We believe that cash provided by operating activities and existing cash on hand, together with amounts available under our Credit Facility, will be sufficient to satisfy our anticipated cash requirements for the next twelve months and foreseeable future, including our expected capital expenditures for expansion of our CAVA restaurant base, operating lease obligations, and working capital requirements. Our sources of liquidity could be affected by general macroeconomic conditions, as well as tariff policy and geopolitical tensions between the United States and foreign countries, as well as the factors described under the section entitled “Risk Factors” in our 2025 Annual Report. Depending on the severity and direct impact of these factors on us, we may not be able to secure additional financing on acceptable terms, or at all.

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Cash Overview

We had cash and cash equivalents of $297.9 million and $282.9 million as of October 4, 2026 and December 28, 2025, respectively. In addition, we had investments in fixed income debt securities of $130.0 million and $110.1 million as of October 4, 2026 and December 28, 2025, respectively. For the forty weeks ended October 4, 2026, our operations were funded from cash flows from operations.

We may allocate additional excess cash to our existing fixed income debt securities investment portfolio to optimize returns during the remainder of fiscal 2026, consisting of investments of similar type and duration as reflected in Item 1, Financial Statements, Note 3 (Investments). No additional excess cash has been funded to date. Any additional investments in fixed income debt securities remain subject to the Company’s overall capital allocation priorities, including new restaurant openings, investments to support our guests and team members, and share repurchases.

Cash Flows

The following table summarizes our cash flows:

			Forty Weeks Ended												Change
(in thousands)			October 4, 2026						October 5, 2025						$						%
Net cash provided by operating activities			$	181,594					$	144,537					$	37,057					25.6		%
Net cash used in investing activities			(169,635)						(228,808)						59,173						(25.9)
Net cash provided by financing activities			3,020						2,721						299						11.0
Net change in cash and cash equivalents			$	14,979					$	(81,550)					$	96,529					(118.4)		%

Operating Activities:

The increase in net cash provided by operating activities was primarily due to improved operating performance and favorable working capital changes including the impact of performance-based incentive compensation.

Investing Activities:

The decrease in net cash used in investing activities was primarily due to launching an investment portfolio of fixed income debt securities in the first quarter of fiscal 2025 to optimize returns on our cash balance, partially offset by higher capital expenditures related to future new CAVA restaurant openings, investments made to enhance the guest and team member experience, technology improvements, and investments to increase our manufacturing capacity.

Financing Activities:

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.

Share Repurchases

On September 17, 2026, the Company's Board of Directors approved a share repurchase program with authorization to purchase up to $100.0 million of its outstanding shares of common stock. To date, the Company has not purchased any shares of its common stock under the program.

The share repurchase program has a duration of one year and will expire on September 17, 2027. This program does not obligate the Company to acquire any particular amount of common stock, and may be modified, suspended or terminated at any time at the Company's discretion. The amount and timing of repurchases are to be determined at the Company’s discretion, depending on market and business conditions, and prevailing stock prices among other factors.

Material Cash Commitments

There have been no significant changes to the material cash commitments as disclosed in our 2025 Annual Report, other than those payments made in the ordinary course of business.

Credit Facility

Refer to Item 1, Financial Statements, Note 6 (Debt), for a description of our Credit Facility.

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Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates. We had no significant changes to our critical accounting estimates as described in our 2025 Annual Report.

Recent Accounting Pronouncements

Refer to Item 1, Financial Statements, Note 1 (Nature of Operations and Basis of Presentation).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are exposed to market risks, including commodity and food price risks, labor costs, effects of inflation, and interest rate risk. There have been no material changes to our exposure to market risks as described in our 2025 Annual Report.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of such date. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

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Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended October 4, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II - Other Information

Item 1. Legal Proceedings

The information required with respect to this Part II, Item 1 can be found under Financial Statements, Note 9 (Commitments and Contingencies), to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in our 2025 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On September 18, 2026, the Company announced that its Board of Directors approved a share repurchase program on September 17, 2026 with authorization to purchase up to $100.0 million of its outstanding shares of common stock. Repurchases under the program may be made in the open market, in privately negotiated transactions or by other means, including through trading plans intended to qualify under Rule 10b5-1 of the “Exchange Act” with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market and business conditions, and prevailing stock prices among other factors. Open market repurchases will be structured to occur in accordance with applicable federal securities laws. The share repurchase program will expire on September 17, 2027. This program does not obligate the Company to acquire any particular amount of common stock, and may be modified, suspended or terminated at any time at the Company's discretion. The Company expects to fund repurchases with a combination of existing cash and cash equivalents and cash flows from operations.

As of October 4, 2026, the Company had not purchased any of its shares of common stock under the program.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Adoption or Termination of 10b5-1 Trading Plans

During the twelve weeks ended October 4, 2026, no directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (each defined in Item 408 of Regulation S-K).

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Item 6. Exhibits

Exhibit Number			Exhibit Description			Filed Herewith
31.1			Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002			X
31.2			Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002			X
32.1 *			Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			X
32.2 *			Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002			X
101.INS			Inline XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document			X
101.SCH			Inline XBRL Taxonomy Extension Schema Document			X
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document			X
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document			X
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document			X
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document			X
104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			X
X Filed Herewith
* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on November 4, 2026.

CAVA GROUP, INC.
By:			/s/ Tricia Tolivar
			Name: Tricia Tolivar
			Title: Chief Financial Officer (duly authorized officer and principal financial officer)

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