CAVA GROUP, INC.
For the period ended Oct 5, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Oct 5, 2025 · Filed Nov 5, 2025
CAVA$59.15-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-07-13; filed 2025-08-13.
0001639438-25-000007
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-10-05; filed 2025-11-05.
0001628280-25-049080
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 121 previous paragraphs and 118 current paragraphs.
89 unchanged; 26 reworded; 3 added; 4 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Provision for (benefit from) income taxes:
Current report
Comparison of the forty weeks ended October 5, 2025 and October 6, 2024
Current report
1 Includes costs associated with the separation of the Company's Chief Operations Officer.
Removed paragraphs (4)
Previous report
Comparison of the twenty-eight weeks ended July 13, 2025 and July 14, 2024
Previous report
Impairment and asset disposal costs:
Previous report
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, in the current year period.
Previous report
Other income, net:
Reworded paragraphs (26)
Previous wording
CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company,” “CAVA,” “we,” “us,” and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of July 13, 2025, the Company operated 398 fast-casual CAVA Restaurants in 27 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’s dips, spreads, and dressings are centrally produced for use in our restaurants and to be sold in grocery stores.
Current wording
CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company,” “CAVA,” “we,” “us,” and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of October 5, 2025, the Company operated 415 fast-casual CAVA Restaurants in 28 states and Washington, D.C. The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company centrally produces dips, spreads, and certain dressing bases for use in its restaurants while also selling its dips, spreads, and prepared dressings in grocery stores.
Previous wording
The Company’s operations are conducted as two segments: CAVA and CAVA Foods. CAVA includes the operations of all company-owned CAVA restaurants. CAVA Foods includes the production of dips and spreads used in CAVA restaurants as well as sales from our consumer-packaged goods (“CPG”) business. CAVA is the Company’s only reportable segment as CAVA Foods is below the quantitative thresholds for segment reporting purposes. See Item 1. “Financial Statements,” Note 12 (Segment Reporting) for more information.
Current wording
The Company’s operations are conducted as two 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 our consumer-packaged goods (“CPG”) business. CAVA is the Company’s only reportable segment as CAVA Foods is below the quantitative thresholds for segment reporting purposes. See Item 1. “Financial Statements,” Note 12 (Segment Reporting) for more information.
Previous wording
1 To achieve an optimal comparison of fiscal weeks in the CAVA Same Restaurant Sales Growth calculation in fiscal 2024, giving consideration to holiday periods, each week of fiscal 2023 was shifted by one week. As a result of this shift, approximately $3.8 million of revenue is not included in CAVA Same Restaurant Sales Growth for the twenty-eight weeks ended July 14, 2024. Had this shift not been made, CAVA Same Restaurant Sales Growth would have been 9.0% in the twenty-eight weeks ended July 14, 2024 and immaterially impacted in the twelve weeks ended July 14, 2024.
Current wording
1 To achieve an optimal comparison of fiscal weeks in the CAVA Same Restaurant Sales Growth calculation in fiscal 2024, giving consideration to holiday periods, each week of fiscal 2023 was shifted by one week. As a result of this shift, approximately $2.3 million of revenue is not included in CAVA Same Restaurant Sales Growth for the forty weeks ended October 6, 2024. Had this shift not been made, CAVA Same Restaurant Sales Growth would have been 11.6% in the forty weeks ended October 6, 2024 and immaterially impacted in the twelve weeks ended October 6, 2024.
Previous wording
Our results of operations, on a consolidated basis and by segment, for the twelve and twenty-eight weeks ended July 13, 2025 and July 14, 2024, are set forth below. We present our segment results before our consolidated results as we believe that our CAVA segment is more useful and meaningful in assessing the performance of our business, which is mainly driven by our CAVA segment.
Current wording
Our results of operations, on a consolidated basis and by segment, for the twelve and forty weeks ended October 5, 2025 and October 6, 2024, are set forth below. We present our segment results before our consolidated results as we believe that our CAVA segment is more useful and meaningful in assessing the performance of our business, which is mainly driven by our CAVA segment.
Previous wording
The increase in CAVA Revenue was primarily due to a $41.9 million increase from the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024. In addition, the increase in CAVA Revenue was driven by CAVA Same Restaurant Sales Growth of 2.1%, primarily from menu price and product mix with guest traffic being approximately flat.
Current wording
The increase in CAVA Revenue was primarily due to a $43.0 million increase from the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024. In addition, the increase in CAVA Revenue was driven by CAVA Same Restaurant Sales Growth of 1.9%, primarily from menu price and product mix with guest traffic being approximately flat.
Previous wording
The increase in CAVA food, beverage, and packaging was primarily due to a $26.7 million increase from the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024. The remainder of the increase was primarily due to CAVA Same Restaurant Sales Growth of 6.6%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of grilled steak in the second quarter of fiscal 2024, partially offset by other lower input costs.
Current wording
The increase in CAVA food, beverage, and packaging was primarily due to a $13.2 million increase from the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024. The remainder of the increase was primarily due to CAVA Same Restaurant Sales Growth of 1.9%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to the impact of tariffs and our chicken shawarma offering.
Previous wording
The increase in CAVA labor was primarily due to the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 2%. As a percentage of CAVA Revenue, CAVA labor decreased due to the impact of higher sales, partially offset by the aforementioned incremental wage investments.
Current wording
The increase in CAVA labor was primarily due to the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 2%. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.
Previous wording
The increase in CAVA occupancy was primarily due to the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Current wording
The increase in CAVA occupancy was primarily due to the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Previous wording
The increase in CAVA other operating expenses was primarily due to the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024 and CAVA Same Restaurant Sales Growth of 2.1%. As a percentage of CAVA Revenue, CAVA other operating expenses increased primarily due to individually insignificant items, partially offset by operating leverage associated with higher sales.
Current wording
The increase in CAVA other operating expenses was primarily due to the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024 and CAVA Same Restaurant Sales Growth of 1.9%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery, insurance costs, and other individually insignificant items, partially offset by operating leverage associated with higher sales.
Previous wording
The following table summarizes remaining activity related to our CPG operations and the production of dips and spreads used in CAVA restaurants:
Current wording
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:
Previous wording
The increase in general and administrative expenses was primarily due to investments to support future growth, including our CAVA Connect conference, and higher equity-based compensation, partially offset by lower performance-based incentive compensation and legal costs.
Current wording
The increase in general and administrative expenses was primarily due to investments to support future growth and executive transition costs, partially offset by lower performance-based incentive compensation and legal costs.
Previous wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024 and technology improvements.
Current wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 74 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended October 6, 2024 and technology improvements.
Previous wording
The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and the timing of openings.
Current wording
The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and higher costs on a per unit basis.
Previous wording
The effective income tax rate for the twenty-eight weeks ended July 13, 2025 was insignificant due to a $12.4 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the twenty-eight weeks ended July 14, 2024 was 1.6% as the amount of income tax expense was immaterial prior to the Company’s release of its valuation allowance against deferred tax assets in the fourth quarter of fiscal 2024.
Current wording
The effective tax rate for the twelve weeks ended October 5, 2025 was 28.6%. The effective tax rate for the twelve weeks ended October 6, 2024 was (0.3)% as the amount of income tax expense was immaterial prior to the Company’s release of its valuation allowance against deferred tax assets in the fourth quarter of fiscal 2024.
Previous wording
The increase in CAVA Revenue was primarily due to an $88.0 million increase from the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024. In addition, the increase in CAVA Revenue was driven by CAVA Same Restaurant Sales Growth of 6.6%, which consisted of a 3.9% increase from guest traffic and a 2.7% increase from menu price and product mix.
Current wording
The increase in CAVA Revenue was primarily due to a $131.1 million increase from the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024. In addition, the increase in CAVA Revenue was driven by CAVA Same Restaurant Sales Growth of 5.1%, which consisted of a 2.6% increase from guest traffic and a 2.5% increase from menu price and product mix.
Previous wording
The increase in CAVA food, beverage, and packaging was primarily due to a $12.4 million increase from the 75 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 14, 2024. The remainder of the increase was primarily due to CAVA Same Restaurant Sales Growth of 2.1%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of grilled steak in the second quarter of fiscal 2024, partially offset by other lower input costs.
Current wording
The increase in CAVA food, beverage, and packaging was primarily due to a $39.8 million increase from the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024. The remainder of the increase was primarily due to CAVA Same Restaurant Sales Growth of 5.1%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of grilled steak in the second quarter of fiscal 2024, the impact of tariffs, and our chicken shawarma offering in the current quarter.
Previous wording
The increase in CAVA labor was primarily due to the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024 and higher average hourly wages of approximately 2%. As a percentage of CAVA Revenue, CAVA labor decreased due to the impact of higher sales, partially offset by the aforementioned incremental wage investments.
Current wording
The increase in CAVA labor was primarily due to the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024 and higher average hourly wages of approximately 2%. As a percentage of CAVA Revenue, CAVA labor decreased due to the impact of higher sales, partially offset by the aforementioned incremental wage investments.
Previous wording
The increase in CAVA occupancy was primarily due to the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Current wording
The increase in CAVA occupancy was primarily due to the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.
Previous wording
The increase in CAVA other operating expenses was primarily due to the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024 and CAVA Same Restaurant Sales Growth of 6.6%. As a percentage of CAVA Revenue, CAVA other operating expenses remained flat due to operating leverage associated with higher sales, offset by increases in individually insignificant items.
Current wording
The increase in CAVA other operating expenses was primarily due to the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024 and CAVA Same Restaurant Sales Growth of 5.1%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery, insurance costs, and other individually insignificant items, partially offset by operating leverage associated with higher sales.
Previous wording
The following table summarizes remaining activity related to CPG operations and the production of dips and spreads used in CAVA restaurants:
Current wording
The following table summarizes remaining activity related to CPG operations and the production of dips, spreads, and certain dressing bases used in CAVA restaurants:
Previous wording
The increase in general and administrative expenses was primarily due to investments to support future growth, including our CAVA Connect conference, and higher equity-based compensation, including payroll taxes arising from the vesting of RSUs, partially offset by lower performance-based incentive compensation and legal costs.
Current wording
The increase in general and administrative expenses was primarily due to investments to support future growth, including our CAVA Connect conference, higher equity-based compensation, including payroll taxes arising from the vesting of RSUs, and executive transition costs, partially offset by lower performance-based incentive compensation and legal costs.
Previous wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 89 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 14, 2024 and technology improvements.
Current wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 106 Net New CAVA Restaurant Openings during or subsequent to the forty weeks ended October 6, 2024 and technology improvements.
Previous wording
The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and the timing of openings.
Current wording
The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and higher costs on a per unit basis.
Previous wording
The effective tax rate for the twelve weeks ended July 13, 2025 was 22.5%, which includes the impact of a $1.7 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the twelve weeks ended July 14, 2024 was 1.4% as the amount of income tax expense was immaterial prior to the Company’s release of its valuation allowance against deferred tax assets in the fourth quarter of fiscal 2024.
Current wording
The effective income tax rate for the forty weeks ended October 5, 2025 was 9.1%, which includes the impact of a $12.6 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the forty weeks ended October 6, 2024 was 0.9% as the amount of income tax expense was immaterial prior to the Company’s release of its valuation allowance against deferred tax assets in the fourth quarter of fiscal 2024.
Previous wording
We had cash and cash equivalents of $290.2 million and $366.1 million as of July 13, 2025 and December 29, 2024, respectively. In addition, we had investments in fixed income debt securities of $95.6 million as of July 13, 2025. For the twenty-eight weeks ended July 13, 2025, our operations were funded from cash flows from operations.
Current wording
We had cash and cash equivalents of $284.6 million and $366.1 million as of October 5, 2025 and December 29, 2024, respectively. In addition, we had investments in fixed income debt securities of $103.1 million as of October 5, 2025. For the forty weeks ended October 5, 2025, our operations were funded from cash flows from operations.
Previous wording
The change in net cash provided by (used in) financing activities was primarily due to decreased tax withholding obligations arising from the vesting of RSUs and an increase in proceeds from shares acquired under equity plans in the twenty-eight weeks ended July 13, 2025 compared with the prior year period.
Current wording
The change in net cash provided by (used in) financing activities was primarily due to decreased tax withholding obligations arising from the vesting of RSUs and an increase in proceeds from shares acquired under equity plans in the forty weeks ended October 5, 2025 compared with the prior year period.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The increase in other income, net, was due to the fair value change recognized on a convertible promissory note described in Item 1, Financial Statements, Note 3 (Investments).
Previous report — wording carried elsewhere
(Benefit from) provision for income taxes: