Sweetgreen, Inc.
For the period ended Sep 28, 2025. Filed Nov 7, 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.
Sep 28, 2025 · Filed Nov 7, 2025
SG$12.01+4.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-29; filed 2025-08-08.
0001628280-25-039058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-28; filed 2025-11-07.
0001628280-25-050385
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 179 previous paragraphs and 184 current paragraphs.
124 unchanged; 51 reworded; 8 added; 4 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 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 (8)
Current report
Recent Developments
Current report
On November 5, 2025, we entered into a definitive agreement with Wonder to sell the Spyce Business for $100 million in cash and equity with an implied value of $86.4 million. Upon completion of the Spyce Sale, we expect to enter into a Supply Agreement and License Agreement that will allow us to continue deploying Infinite Kitchen units across our restaurants with greater efficiency while further strengthening our balance sheet. In connection with the Spyce Sale, certain employees principally responsible for developing the Infinite Kitchen will be transitioned to Wonder. Following the anticipated closing, Wonder will bear the operational costs associated with the development of the Infinite Kitchen technology, with the exception of custom developments that we may request, and will provide commissioning services, maintenance and support at fixed fee amounts that are subject to periodic increases. We expect the Spyce Sale to close in late 2025 or early 2026. See Part II, Item 5 of this Quarterly Report below for additional information regarding the Spyce Sale.
Current report
(8)Includes the employer portion of payroll taxes related to the vesting of 300,000 performance stock units released to each founder during the thirteen weeks ended September 29, 2024.
Current report
(9)Represents a non-recurring write-off of specific materials associated with legacy marketing initiatives which were determined to have no alternative use within current or future operations.
Current report
As a percentage of revenue, food, beverage, and packaging costs for the thirteen weeks ended September 28, 2025 increased compared to the thirteen weeks ended September 29, 2024, primarily due to higher protein costs resulting from increased chicken and tofu portions, which led to higher overall ingredient usage and costs, a one time write-off of discontinued materials, as well as higher packaging costs related to recently imposed tariffs and duties. These increases were partially offset by menu price increases.
Current report
As a percentage of revenue, food, beverage, and packaging costs for the thirteen and thirty-nine weeks ended September 28, 2025 increased compared to the thirteen and thirty-nine weeks ended September 29, 2024, respectively, primarily due to higher protein costs resulting from increased chicken and tofu portions, which led to higher overall ingredient usage and costs, higher packaging costs related to recently imposed tariffs and duties, as well as a one time write-off of discontinued materials. These increases were partially offset by menu price increases.
Current report
During the thirty-nine weeks ended September 28, 2025, we recognized non-cash impairment charges of $9.6 million related to the impairment of property and equipment and related operating lease assets of nine of our restaurants. The remaining balance consists of closure costs, including lease-related expenses, amortization of operating lease assets, and other costs associated with previously closed restaurants.
Current report
On November 5, 2025, we entered into an agreement to sell Spyce Food Co. for total consideration of $186.4 million, allocated between cash of $100 million and shares of Series C Preferred Stock with an implied value of $86.4 million. We expect this transaction to close in late 2025 or early 2026.
Removed paragraphs (4)
Previous report
Real Estate Selection
Previous report
As a percentage of revenue, food, beverage, and packaging costs for thethirteen weeks ended June 29, 2025 increased compared to thethirteen weeks ended June 30, 2024, primarily due to higher cost product mix as well as an increase in packaging cost associated with the imposition of tariffs and duties, partially offset by menu price increases.
Previous report
As a percentage of revenue, food, beverage, and packaging costs for thetwenty-six weeks ended June 29, 2025 slightly decreased compared to thetwenty-six weeks ended June 30, 2024, primarily due to improvements in ingredient management, partially offset by higher cost product mix as well as an increase in packaging cost associated with the imposition of tariffs and duties.
Previous report
As a percentage of revenue, restructuring charges increased in the thirteen and twenty-six weeks ended June 29, 2025 compared to the thirteen and twenty-six weeks ended June 30, 2024 due to the increases noted above.
Reworded paragraphs (51)
Previous wording
We are a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of June 29, 2025, we owned and operated 260 restaurants in 22 states and Washington, D.C.
Current wording
We are a mission-driven, next generation restaurant and lifestyle brand that serves healthy food at scale. Our bold vision is to be as ubiquitous as traditional fast food, but with the transparency and quality that consumers increasingly expect. As of September 28, 2025, we owned and operated 266 restaurants in 23 states and Washington, D.C.
Previous wording
Opening new restaurants, including those with Infinite Kitchen technology, is an important driver of our revenue growth. During the thirteen weeks ended June 29, 2025 and June 30, 2024, we had 9 and 4 Net New Restaurant Openings, respectively. During thetwenty-six weeks ended June 29, 2025 and June 30, 2024, we had 14 and 10 Net New Restaurant Openings, respectively, bringing our total count as of June 29, 2025 to 260 restaurants in 22 states and Washington, D.C.
Current wording
Opening new restaurants, including those with Infinite Kitchen technology, is an important driver of our revenue growth. During the thirteen weeks ended September 28, 2025 and September 29, 2024, we had 6 and 5 Net New Restaurant Openings, respectively. During the thirty-nine weeks ended September 28, 2025 and September 29, 2024, we had 20 and 15 Net New Restaurant Openings, respectively, bringing our total count as of September 28, 2025 to 266 restaurants in 23 states and Washington, D.C.
Previous wording
One of our strategies is to grow our footprint in both existing and new U.S. markets and, over time, internationally. In fiscal year 2025, we expect to open at least 40 new restaurants, of which, we expect to add at least 20 new Infinite Kitchen units to our fleet.
Current wording
One of our strategies is to grow our footprint in both existing and new U.S. markets and, over time, internationally. In fiscal year 2025, we expect 37 Net New Restaurant Openings, of which, we expect to add 18 new Infinite Kitchen units to our fleet. In fiscal year 2026, we expect 15-20 Net New Restaurant Openings, with about half featuring Infinite Kitchen units.
Previous wording
Consumer spending on food outside the home fluctuates with macroeconomic conditions. Consumers tend to allocate higher spending to food outside the home when macroeconomic conditions are stronger, and reduce spending on food outside the home during weaker economies. Our customers have in the past demonstrated a willingness to pay a premium for a craveable, convenient, and healthier alternative to traditional fast-food and fast-casual offerings. However, as a premium offering in the fast-casual industry, we are exposed both to consumers trading the convenience of food away from home for the cost benefit of cooking, and to consumers selecting less expensive fast-casual alternatives during weaker economic periods. We were impacted by a decrease in consumer spending during the second quarter of 2025, and we may continue to be impacted by this decrease.
Current wording
Consumer spending on food outside the home fluctuates with macroeconomic conditions. Consumers tend to allocate higher spending to food outside the home when macroeconomic conditions are stronger, and reduce spending on food outside the home during weaker economies. Our customers have in the past demonstrated a willingness to pay a premium for a craveable, convenient, and healthier alternative to traditional fast-food and fast-casual offerings. However, as a premium offering in the fast-casual industry, we are exposed both to consumers trading the convenience of food away from home for the cost benefit of cooking, and to consumers selecting less expensive fast-casual alternatives during weaker economic periods. We continue to be impacted by a decrease in consumer spending during fiscal year 2025, and have yet to see signs of improvement.
Previous wording
While we have historically been able to partially offset inflation and other increases in the costs of core operating resources, such as wage increases and increases in cost of goods sold, by gradually increasing menu prices or other customer fees, such as service fees and delivery fees, coupled with more efficient purchasing practices, productivity improvements, and greater economies of scale, there can be no assurance that we will be able to continue to do so in the current macroeconomic environment or regulatory environment or in the future. Moreover, there can be no assurance that any future cost increases, including as a result of inflation or tariffs, can be offset by increased menu prices or that our current or future menu prices will be fully absorbed by our customers without any resulting change to their demand for our products.
Current wording
We have historically been able to partially offset inflation and other increases in the costs of core operating resources, such as wage increases and increases in cost of goods sold, by gradually increasing menu prices or other customer fees, such as service fees and delivery fees, coupled with more efficient purchasing practices, productivity improvements, and greater economies of scale. There can be no assurance that we will be able to continue this practice in the current macroeconomic environment or regulatory environment or in the future. Moreover, there can be no assurance that any future cost increases, including as a result of inflation or tariffs, can be offset by increased menu prices or that our current or future menu prices will be fully absorbed by our customers without any resulting change to their demand for our products.
Previous wording
Our core ingredients are predominantly sourced from domestic suppliers. We also source certain items for our restaurants from outside the United States. Notably, most of our bowls and plates are produced outside of the United States, including in China. The items we procure from outside the United States expose our business to tariffs and duties implemented by the U.S. government. For the second quarter of 2025, we realized a tariff and duty impact from our food, beverage, and packaging supply chain of approximately 40 basis points, and we anticipate a similar impact in future fiscal periods.
Current wording
Our core ingredients are predominantly sourced from domestic suppliers. We also source certain items for our restaurants from outside the United States. Notably, most of our bowls and plates are produced outside of the United States, including in China. The items we procure from outside the United States expose our business to tariffs and duties implemented by the U.S. government. For the third quarter of 2025, we realized a tariff and duty impact from our food, beverage, and packaging supply chain of approximately 50 basis points, and we anticipate a similar impact in future fiscal periods.
Previous wording
In terms of new restaurant development, we now anticipate a net tariff-related increase of approximately 5% on the $1.4 to $1.5 million average unit cost, after taking into account our ongoing mitigation efforts and recent changes to government trade policies. We expect that this increase will not begin until the fourth quarter of 2025 due to our strategic advance purchasing of certain key components.
Current wording
In terms of new restaurant development, we now anticipate minimal net tariff-related increases on the $1.4 to $1.5 million average unit cost we have historically experienced, after taking into account our ongoing mitigation efforts, including advance purchasing of certain key components and strategic sourcing efforts, as well as recent changes to government trade policies.
Previous wording
For Infinite Kitchen units, which typically cost between $450,000 and $550,000, we now estimate a price increase of approximately 5% due to tariffs. 10 of the 20 Infinite Kitchen units scheduled for installation in our new restaurants in 2025 were fully insulated from tariffs.
Current wording
For Infinite Kitchen units, which typically cost between $450,000 and $550,000, we have realized a price increase of approximately 5% due to tariffs. We do not anticipate any additional impact from tariffs on Infinite Kitchen units in fiscal year 2025 due to pre-purchasing of key materials. 10 of the 18 Infinite Kitchen units scheduled for installation in our new restaurants in 2025 were fully insulated from tariffs. We expect our costs for Infinite Kitchen units to increase approximately 5% after completion of the sale.
Previous wording
Management remains committed to further mitigating the impact of such costs across our supply chain, restaurant build-outs and Infinite Kitchen equipment through ongoing sourcing and cost-optimization strategies. Any future changes to the U.S. government’s trade policies may impact these estimates.
Current wording
Management remains committed to further mitigating the impact of tariff costs across our supply chain, restaurant build-outs and equipment through ongoing sourcing and cost-optimization strategies that we and our suppliers intend to implement. Any future changes to the U.S. government’s trade policies may impact these estimates.
Previous wording
(1) One restaurant was excluded from the Comparable Restaurant Base for both the thirteen and twenty-six weeks ended June 29, 2025 and the thirteen and twenty-six weeks ended June 30, 2024, respectively. Such adjustments did not result in a material change to AUV.
Current wording
(1) Three restaurants were excluded from the Comparable Restaurant Base for the thirteen and thirty-nine weeks ended September 28, 2025. One restaurant was excluded from the Comparable Restaurant Base for the thirteen and thirty-nine weeks ended September 29, 2024. Such adjustments did not result in a material change to AUV.
Previous wording
(2) Our results for the thirteen and twenty-six weeks ended June 29, 2025 have been adjusted to reflect the temporary closures of one and eight restaurants, respectively, which were excluded from the calculation of Same-Store Sales Change. Our results for the thirteen and twenty-six weeks ended June 30, 2024 have been adjusted to reflect the temporary closures of one and four restaurants, respectively, which were excluded from the calculation of Same-Store Sales Change. Such adjustments did not result in a material change to Same-Store Sales Change for either period.
Current wording
(2) Our results for the thirteen and thirty-nine weeks ended September 28, 2025 have been adjusted to reflect the temporary closures of six and thirteen restaurants, respectively, which were excluded from the calculation of Same-Store Sales Change. Our results for the thirteen and thirty-nine ended September 28, 2024 have been adjusted to reflect the temporary closures of two and five restaurants, respectively, which were excluded from the calculation of Same-Store Sales Change. Such adjustments did not result in a material change to Same-Store Sales Change for either period.
Previous wording
(3)Purchases made in-store where a customer uses scan-to-redeem or scan-to-earn, as part of the new SG Rewards loyalty program introduced during the thirteen and twenty-six weeks ended June 29, 2025, are included as part of our Owned Digital Channels sales.
Current wording
(3)Purchases made in-store where a customer uses scan-to-redeem or scan-to-earn, as part of the SG Rewards loyalty program introduced during the second quarter of fiscal year 2025, are included as part of our Owned Digital Channels sales.
Previous wording
Net New Restaurant Openings reflect the number of new Sweetgreen restaurant openings during a given reporting period, net of any permanent Sweetgreen restaurant closures during the same given period. Before we open new restaurants, we incur pre-opening costs, as further described below. During fiscal year 2025, we plan to integrate our Infinite Kitchen technology into approximately half of our new restaurants.
Current wording
Net New Restaurant Openings reflect the number of new Sweetgreen restaurant openings during a given reporting period, net of any permanent Sweetgreen restaurant closures during the same given period. Before we open new restaurants, we incur pre-opening costs, as further described below. During fiscal year 2025, we plan to integrate Infinite Kitchen technology into approximately half of our new restaurants.
Previous wording
AUV is defined as the average trailing revenue for the prior four fiscal quarters for all restaurants in the Comparable Restaurant Base. The measure of AUV allows us to assess changes in guest traffic and per transaction patterns at our restaurants. Comparable Restaurant Base for any measurement period is defined as all restaurants that have operated for at least twelve full months as of the end of such measurement period, other than any restaurants that had a material, temporary closure during the relevant measurement period. For both thethirteen and twenty-six weeks ended June 29, 2025 and June 30, 2024, one restaurant was excluded from the Comparable Restaurant Base. Such adjustments did not result in a material change to AUV.
Current wording
AUV is defined as the average trailing revenue for the prior four fiscal quarters for all restaurants in the Comparable Restaurant Base. The measure of AUV allows us to assess changes in guest traffic and per transaction patterns at our restaurants. Comparable Restaurant Base for any measurement period is defined as all restaurants that have operated for at least twelve full months as of the end of such measurement period, other than any restaurants that had a material, temporary closure during the relevant measurement period. For the thirteen and thirty-nine weeks ended September 28, 2025, three restaurants were excluded from the Comparable Restaurant Base. For the thirteen and thirty-nine weeks ended September 29, 2024, one restaurant was excluded from the Comparable Restaurant Base. Such adjustments did not result in a material change to AUV.
Previous wording
Same-Store Sales Change reflects the percentage change in year-over-year revenue for the relevant fiscal period for all restaurants that have operated for at least 13 full fiscal months as of the end of such fiscal period; provided, that for any restaurant that has had a temporary closure (which historically has been defined as a closure of at least five days during which the restaurant would have otherwise been open) during any prior or current fiscal month, such fiscal month, as well as the corresponding fiscal month for the prior or current fiscal year, as applicable, will be excluded when calculating Same-Store Sales Change for that restaurant. During thethirteen and twenty-six weeks ended June 29, 2025, one and eight restaurants, respectively, were excluded from the calculation of Same-Store Sales Change. During thethirteen and twenty-six weeks ended June 30, 2024, one and four restaurants, respectively, were excluded from the calculation of Same-Store Sales Change. Such adjustments did not result in a material change to Same-Store Sales Change for any period. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and closures.
Current wording
Same-Store Sales Change reflects the percentage change in year-over-year revenue for the relevant fiscal period for all restaurants that have operated for at least 13 full fiscal months as of the end of such fiscal period; provided, that for any restaurant that has had a temporary closure (which historically has been defined as a closure of at least five days during which the restaurant would have otherwise been open) during any prior or current fiscal month, such fiscal month, as well as the corresponding fiscal month for the prior or current fiscal year, as applicable, will be excluded when calculating Same-Store Sales Change for that restaurant. During the thirteen and thirty-nine weeks ended September 28, 2025, six and thirteen restaurants, respectively, were excluded from the calculation of Same-Store Sales Change. During the thirteen and thirty-nine weeks ended September 29, 2024, two and five restaurants, respectively, were excluded from the calculation of Same-Store Sales Change. Such adjustments did not result in a material change to Same-Store Sales Change for any period. This measure highlights the performance of existing restaurants, while excluding the impact of new restaurant openings and closures.
Previous wording
Restructuring charges are expenses that are paid in connection with the reorganization of our operations. These costs primarily include operating lease asset impairment costs related to our vacated former Sweetgreen Support Center, as well as the amortization of the underlying operating lease asset and related real estate and CAM charges, severance and related benefits from workforce reductions at our Sweetgreen Support Center, and costs related to abandoning certain potential future restaurant sites, which are a result of our efforts to streamline our future new restaurant openings, and other related expenses. During thetwenty-six weeks ended June 29, 2025, we experienced additional restructuring costs including severance and related benefits associated with a reduction in force at our Sweetgreen Support Center and costs associated with vacating our former New York office space. We continue to evaluate our organizational structure and may implement additional changes to lower our administrative headcount.
Current wording
Restructuring charges are expenses that are paid in connection with the reorganization of our operations. These costs primarily include operating lease asset impairment costs related to our vacated former Sweetgreen Support Center, as well as the amortization of the underlying operating lease asset and related real estate and CAM charges, severance and related benefits from workforce reductions at our Sweetgreen Support Center, and costs related to abandoning certain potential future restaurant sites, which are a result of our efforts to streamline our future new restaurant openings, and other related expenses. During the thirty-nine weeks ended September 28, 2025, we experienced additional restructuring costs including severance and related benefits associated with a reduction in force at our Sweetgreen Support Center and costs associated with vacating our former New York office space. We continue to evaluate our organizational structure and may implement additional changes to lower our administrative headcount.
Previous wording
Comparison of the thirteen and twenty-six weeks ended June 29, 2025 and June 30, 2024
Current wording
Comparison of the thirteen and thirty-nine weeks ended September 28, 2025 and September 29, 2024
Previous wording
The following table summarizes our results of operations for thetwenty-six weeks ended June 29, 2025 and June 30, 2024:
Current wording
The following table summarizes our results of operations for the thirty-nine weeks ended September 28, 2025 and September 29, 2024:
Previous wording
The increase in revenue for the thirteen weeks ended June 29, 2025 was primarily due to an increase of $14.5 million of incremental revenue associated with 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024. The increase in revenue was partially offset by a decrease in Comparable Restaurant Base revenue of $13.9 million, resulting in a negative Same-Store Sales Change of 7.6%, reflecting a 10.1% decrease in traffic and product mix, partially offset bya 2.5% benefit from menu price increases that were implemented subsequent to the thirteen weeks ended June 30, 2024.
Current wording
The decrease in revenue for the thirteen weeks ended September 28, 2025 was primarily due to a decrease in Comparable Restaurant Base revenue of $16.2 million, resulting in a negative Same-Store Sales Change of 9.5%, reflecting an 11.7% decrease in traffic and product mix, partially offset by a 2.2% benefit from menu price increases that were implemented subsequent to the thirteen weeks ended September 29, 2024. The decline in traffic and product mix primarily resulted from a slowdown in consumer spending within the macroeconomic environment, as well as the discontinuation of our former Sweetpass+ loyalty program and corresponding transition to our new SG Rewards loyalty program. This decrease in revenue was partially offset by an increase of $15.9 million of incremental revenue associated with 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024.
Previous wording
The increase in revenue for thetwenty-six weeks ended June 29, 2025 was primarily due to an increase of $28.2 million of incremental revenue associated with 39 Net New Restaurant Openings during or subsequent to thetwenty-six weeks ended June 30, 2024. The increase in revenue was partially offset by a decrease in Comparable Restaurant Base revenue of $18.8 million, resulting in a negative Same-Store Sales Change of 5.5%, reflecting a 8.5% decrease in traffic and product mix, partially offset bya 3.0% benefit from menu price increases that were implemented subsequent to June 30, 2024.
Current wording
The increase in revenue for the thirty-nine weeks ended September 28, 2025 was primarily due to an increase of $44.1 million of incremental revenue associated with 45 Net New Restaurant Openings during or subsequent to the thirty-nine weeks ended September 29, 2024. The increase in revenue was partially offset by a decrease in Comparable Restaurant Base revenue of $34.9 million, resulting in a negative Same-Store Sales Change of 6.8%, reflecting a 9.5% decrease in traffic and product mix, partially offset by a 2.7% benefit from menu price increases that were implemented subsequent to September 29, 2024. The decline in traffic and product mix primarily resulted from a slowdown in consumer spending within the macroeconomic environment, as well as the discontinuation of our former Sweetpass+ loyalty program and corresponding transition to our new SG Rewards loyalty program.
Previous wording
The increase in food, beverage, and packaging costs for the thirteen weeks ended June 29, 2025 was primarily due to the 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024.
Current wording
The increase in food, beverage, and packaging costs for the thirteen weeks ended September 28, 2025 was primarily due to the 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024.
Previous wording
The increase in food, beverage, and packaging costs for thetwenty-six weeks ended June 29, 2025 was primarily due to the 39 Net New Restaurant Openings during or subsequent to thetwenty-six weeks ended June 30, 2024.
Current wording
The increase in food, beverage, and packaging costs for the thirty-nine weeks ended September 28, 2025 was primarily due to the 45 Net New Restaurant Openings during or subsequent to the thirty-nine weeks ended September 29, 2024.
Previous wording
The increase in labor and related expenses for the thirteen weeks ended June 29, 2025 was primarily due to the 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024. The increase was also driven by higher staffing expenses associated with increases in prevailing wage rates in many of our markets, partially offset by improved labor optimization.
Current wording
The increase in labor and related expenses for the thirteen weeks ended September 28, 2025 was primarily due to the 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024. The increase was also driven by higher staffing expenses associated with increases in prevailing wage rates in many of our markets, partially offset by lower staffing needs associated with the change in sales volume.
Previous wording
The increase in labor and related expenses for thetwenty-six weeks ended June 29, 2025 was primarily due to the 39 Net New Restaurant Openings during or subsequent to thetwenty-six weeks ended June 30, 2024. The increase was also driven by higher staffing expenses associated with increases in prevailing wage rates in many of our markets, partially offset by improved labor optimization.
Current wording
The increase in labor and related expenses for the thirty-nine weeks ended September 28, 2025 was primarily due to the 45 Net New Restaurant Openings during or subsequent to the thirty-nine weeks ended September 29, 2024. The increase was also driven by higher staffing expenses associated with increases in prevailing wage rates in many of our markets, partially offset by lower staffing needs associated with the change in sales volume.
Previous wording
As a percentage of revenue, labor and related expenses increased for the thirteen andtwenty-six weeks ended June 29, 2025 compared to the thirteen andtwenty-sixweeks ended June 30, 2024, respectively, primarily due to deleverage associated with the change in sales volume as well as wage rate increases, partially offset by improvements in labor optimization, as discussed above.
Current wording
As a percentage of revenue, labor and related expenses increased for the thirteen and thirty-nine weeks ended September 28, 2025 compared to the thirteen and thirty-nine weeks ended September 29, 2024, respectively, primarily due to deleverage associated with the change in sales volume as well as wage rate increases, partially offset by menu price increases.
Previous wording
The increase in occupancy and related expenses for the thirteen weeks ended June 29, 2025 was primarily due to the 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024.
Current wording
The increase in occupancy and related expenses for the thirteen weeks ended September 28, 2025 was primarily due to the 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024.
Previous wording
The increase in occupancy and related expenses for thetwenty-six weeks ended June 29, 2025 was primarily due to the 39 Net New Restaurant Openings during or subsequent to thetwenty-six weeks ended June 30, 2024.
Current wording
The increase in occupancy and related expenses for the thirty-nine weeks ended September 28, 2025 was primarily due to the 45 Net New Restaurant Openings during or subsequent to the thirty-nine weeks ended September 29, 2024.
Previous wording
As a percentage of revenue, occupancy and related expenses for the thirteen andtwenty-six weeks ended June 29, 2025 was higher than the thirteen andtwenty-six weeks ended June 30, 2024, respectively, primarily related to deleverage associated with the change in sales volume.
Current wording
As a percentage of revenue, occupancy and related expenses for the thirteen and thirty-nine weeks ended September 28, 2025 was higher than the thirteen and thirty-nine weeks ended September 29, 2024, respectively, primarily related to deleverage associated with the change in sales volume.
Previous wording
The increase in other restaurant operating costs for thetwenty-six weeks ended June 29, 2025 was primarily due to the 39 Net New Restaurant Openings during or subsequent to thetwenty-six weeks ended June 30, 2024. This includes increases in restaurant-level advertising spend and delivery fees, primarily related to the increase in revenue through our Marketplace and Catering Channels.
Current wording
The increase in other restaurant operating costs for the thirteen weeks ended September 28, 2025 was primarily due to the 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024 as well as increases in restaurant-level advertising spend.
Previous wording
The increase in other restaurant operating costs for the thirteen weeks ended June 29, 2025 was primarily due to the 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024. This includes increases in restaurant-level advertising spend, delivery fees, primarily related to the increase in revenue through our Marketplace and Catering Channels, and increases in repairs and maintenance for existing stores.
Current wording
The increase in other restaurant operating costs for the thirty-nine weeks ended September 28, 2025 was primarily due to the 45 Net New Restaurant Openings during or subsequent to the thirty-nine weeks ended September 29, 2024. This includes increases in restaurant-level advertising spend and delivery fees, primarily related to the increase in revenue through our Marketplace and Catering Channels, and increases in repairs and maintenance for existing stores.
Previous wording
As a percentage of revenue, other restaurant operating costs for the thirteen andtwenty-sixweeks ended June 29, 2025 increased compared to the thirteen andtwenty-six weeks ended June 30, 2024, respectively, primarily due to the increases noted above as well as with the change in sales volume.
Current wording
As a percentage of revenue, other restaurant operating costs for the thirteen and thirty-nine weeks ended September 28, 2025 increased compared to the thirteen and thirty-nine weeks ended September 29, 2024, respectively, primarily due to the increases noted above as well as the change in sales volume.
Previous wording
The decrease in general and administrative expenses for the thirteen weeks ended June 29, 2025 was primarily due to a $2.9 million decrease in stock-based compensation expense, primarily related to the decrease in expenses associated with restricted stock units and performance-based restricted stock units issued prior to our IPO, and a $1.8 million decrease in management salary and bonus expense. These decreases were partially offset by an increase in other expenses across the Sweetgreen Support Center to support our restaurant growth.
Current wording
The decrease in general and administrative expenses for the thirteen weeks ended September 28, 2025 was primarily due to a $3.9 million decrease in stock-based compensation expense, primarily related to the decrease in expenses associated with restricted stock units and performance-based restricted stock units issued prior to our IPO, and a $2.1 million decrease in management salary and bonus expense. These decreases were partially offset by an increase in other expenses across the Sweetgreen Support Center to support our restaurant growth.
Previous wording
The decrease in general and administrative expenses for thetwenty-six weeks ended June 29, 2025 was primarily due to a $2.3 million decrease in stock-based compensation expense, primarily related to the decrease in expenses associated with restricted stock units and performance-based restricted stock units issued prior to our IPO, and a $2.2 million decrease in management salary and bonus expense. These decreases were partially offset by an increase in operational consulting spend and other expenses across the Sweetgreen Support Center to support our restaurant growth.
Current wording
The decrease in general and administrative expenses for the thirty-nine weeks ended September 28, 2025 was primarily due to a $6.2 million decrease in stock-based compensation expense, primarily related to the decrease in expenses associated with restricted stock units and performance-based restricted stock units issued prior to our IPO, and a $4.4 million decrease in management salary and bonus expense. These decreases were partially offset by an increase in other expenses across the Sweetgreen Support Center to support our restaurant growth.
Previous wording
As a percentage of revenue, the decrease in general and administrative expenses for both the thirteen andtwenty-sixweeks ended June 29, 2025 was primarily due to the net effect of the fluctuations noted above.
Current wording
As a percentage of revenue, the decrease in general and administrative expenses for both the thirteen and thirty-nine weeks ended September 28, 2025 was primarily due to the net effect of the fluctuations noted above.
Previous wording
The increase in depreciation and amortization for the thirteen weeks ended June 29, 2025 was primarily due to the 33 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024.
Current wording
The increase in depreciation and amortization for the thirteen weeks ended September 28, 2025 was primarily due to the 35 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024.
Previous wording
The increase in depreciation and amortization for thetwenty-six weeks ended June 29, 2025 was primarily due to the 39 Net New Restaurant Openings during or subsequent to the thirteen weeks ended June 30, 2024.
Current wording
The increase in depreciation and amortization for the thirty-nine weeks ended September 28, 2025 was primarily due to the 45 Net New Restaurant Openings during or subsequent to the thirteen weeks ended September 29, 2024.
Previous wording
As a percentage of revenue, depreciation and amortization for both the thirteen andtwenty-sixweeks ended June 29, 2025 increased from the thirteen andtwenty-six weeks ended June 30, 2024, respectively, primarily related to the increase in the total depreciable base, driven byour acceleration of new restaurant growth in fiscal year 2025.
Current wording
As a percentage of revenue, depreciation and amortization for both the thirteen and thirty-nine weeks ended September 28, 2025 increased from the thirteen and thirty-nine weeks ended September 29, 2024, respectively, primarily related to the increase in the total depreciable base, driven by our acceleration of new restaurant growth in fiscal year 2025 as well as the change in sales volume.
Previous wording
The increase in pre-opening costs for both the thirteen andtwenty-sixweeks ended June 29, 2025 was primarily due to our acceleration of new restaurant growth in fiscal year 2025.
Current wording
The increase in pre-opening costs for both the thirteen and thirty-nine weeks ended September 28, 2025 was primarily due to our acceleration of new restaurant growth in fiscal year 2025.
Previous wording
As a percentage of revenue, pre-opening costs in both the thirteen and twenty-six weeks ended June 29, 2025 increased compared to the thirteen and twenty-six weeks ended June 30, 2024, respectively, due to the acceleration of growth noted above as well as with the change in sales volume.
Current wording
As a percentage of revenue, pre-opening costs in both the thirteen and thirty-nine weeks ended September 28, 2025 increased compared to the thirteen and thirty-nine weeks ended September 29, 2024, respectively, due to the acceleration of growth noted above as well as the change in sales volume.
Previous wording
During both the thirteen and twenty-six weeks ended June 29, 2025, we recognized non-cash impairment charges of $5.3 million related to the impairment of property and equipment and related operating lease assets of five of our restaurants.
Current wording
During the thirteen weeks ended September 28, 2025, we recognized non-cash impairment charges of $4.3 million related to the impairment of property and equipment of four of our restaurants. The remaining balance consists of closure costs, including lease-related expenses, amortization of operating lease assets, and other costs associated with previously closed restaurants.
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Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The decrease in other expense for the thirteen weeks ended September 28, 2025 was primarily due to a change in the fair value of our contingent consideration compared to the prior year periods, which was issued as part of the Spyce acquisition in the third quarter of fiscal year 2021.