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Oct 05, 2025
CAVA Q3 2025 Earnings Report
CAVA reported solid revenue growth and positive net income in Q3 2025.
Key Takeaways
CAVA Group delivered a strong Q3 2025 with 20% year-over-year revenue growth, positive net income, and continued expansion through new restaurant openings.
Revenue increased to $289,800,000 driven by new restaurant openings and stable traffic.
Net income reached $14,747,000, reflecting operational efficiency.
17 net new CAVA restaurants were opened during the quarter.
Adjusted EBITDA rose to $40,042,000, showing improved performance from new stores.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
CAVA adjusted its full-year 2025 guidance downward slightly, citing macro headwinds and increased costs.
Positive Outlook
- Maintained target of 68 to 70 new restaurant openings.
- Digital mix remains strong, supporting omnichannel growth.
- Unit volumes in the 2025 cohort trending above $3 million.
- Adjusted EBITDA guidance remains high despite headwinds.
- Operational leverage improving general and admin expenses.
Challenges Ahead
- Same-restaurant sales growth guidance reduced to 3.0%–4.0%.
- Restaurant-level margin outlook lowered to 24.4%–24.8%.
- Pre-opening cost guidance increased to $18.0M–$19.0M.
- Adjusted EBITDA guidance trimmed to $148.0M–$152.0M.
- Macroeconomic headwinds continue to pressure traffic and costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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