CAVA GROUP, INC.
For the period ended Oct 4, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
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 4, 2026 · Filed Nov 5, 2026
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 2026-07-12; filed 2026-08-12.
0001628280-26-055864
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-10-04; filed 2026-11-05.
0001628280-26-070344
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 117 previous paragraphs and 117 current paragraphs.
88 unchanged; 22 reworded; 6 added; 6 removed; 1 previous and 1 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 (6)
Current report
Comparison of the forty weeks ended October 4, 2026 and October 5, 2025
Current report
Provision for income taxes:
Current report
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.
Current report
Share Repurchases
Current report
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.
Current report
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.
Removed paragraphs (6)
Previous report
Comparison of the twenty-eight weeks ended July 12, 2026 and July 13, 2025
Previous report
Interest income, net:
Previous report
Provision for (benefit from) income taxes:
Previous report
The effective tax rate for the twenty-eight weeks ended July 12, 2026 was 23.2%, which includes a $4.2 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the twenty-eight weeks ended July 13, 2025 was not meaningful due to a $12.4 million reduction to income tax expense associated with equity-based compensation.
Previous report
Additional Factors Affecting Our Business
Previous report
In July 2026, U.S. public health authorities identified a multistate outbreak of cyclosporiasis associated with iceberg lettuce. No ingredients in our supply chain have been implicated in the outbreak; however, broader consumer concerns related to the outbreak have adversely impacted our revenue during the third quarter to date. While the impact appears to be moderating, the duration and extent of any remaining impact remain uncertain.
Reworded paragraphs (22)
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 12, 2026, the Company operated 476 fast-casual CAVA Restaurants in 29 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.
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 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.
Previous wording
In assessing the performance of our business, in addition to considering a variety of measures in accordance with U.S. Generally Accepted Accounting Principles (“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.
Current wording
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.
Previous wording
Our results of operations, on a consolidated basis and by segment, for the twelve and twenty-eight weeks ended July 12, 2026 and July 13, 2025, are set forth below.
Current wording
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.
Previous wording
The increase in general and administrative expenses was primarily due to investments to support future growth, the timing of performance-based incentive compensation, and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. 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.
Current wording
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.
Previous wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and technology improvements.
Current wording
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.
Previous wording
The increase in CAVA Revenue was primarily due to a $64.0 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.0%, which consisted of a 5.3% increase from Guest Traffic and a 3.7% increase from menu price and product mix.
Current wording
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.
Previous wording
The increase in CAVA food, beverage, and packaging was primarily due to a $42.0 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.
Current wording
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.
Previous wording
The increase in CAVA labor was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. 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. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.
Current wording
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.
Previous wording
The increase in CAVA occupancy was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. 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 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.
Previous wording
The increase in CAVA other operating expenses was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery.
Current wording
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.
Previous wording
The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging increased due to higher freight costs, partially offset by lower raw material input costs.
Current wording
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.
Previous wording
The increase in general and administrative expenses was primarily due to investments to support future growth and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, the timing of our CAVA Connect conference in the prior year quarter, and the timing of performance-based incentive compensation, partially offset by investments to support future growth.
Current wording
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.
Previous wording
The increase in depreciation and amortization was primarily driven by the addition of assets from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and technology improvements.
Current wording
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.
Previous wording
The effective tax rate for the twelve weeks ended July 12, 2026 and July 13, 2025 was 24.7% and 22.5%, respectively, which includes the impact of a $2.0 million and $1.7 million reduction to income tax expense associated with equity-based compensation, respectively.
Current wording
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.
Previous wording
The increase in CAVA Revenue was primarily due to a $137.7 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.4%, which consisted of a 6.1% increase from Guest Traffic and a 3.3% increase from menu price and product mix.
Current wording
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.
Previous wording
The increase in CAVA food, beverage, and packaging was primarily due to a $19.9 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.
Current wording
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.
Previous wording
The increase in CAVA labor was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. 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. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.
Current wording
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.
Previous wording
The increase in CAVA occupancy was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. 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 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%.
Previous wording
The increase in CAVA other operating expenses was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery and other individually insignificant items.
Current wording
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.
Previous wording
We had cash and cash equivalents of $322.8 million and $282.9 million as of July 12, 2026 and December 28, 2025, respectively. In addition, we had investments in fixed income debt securities of $112.8 million and $110.1 million as of July 12, 2026 and December 28, 2025, respectively. For the twenty-eight weeks ended July 12, 2026, our operations were funded from cash flows from operations.
Current wording
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.
Previous wording
The increase in net cash provided by operating activities was primarily due to improved operating performance and favorable working capital changes primarily associated with performance-based incentive compensation.
Current wording
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.
Previous wording
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 and an investment in a convertible promissory note described in Item 1, Financial Statements, Note 3 (Investments).
Current wording
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.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The effective tax rate for the twelve weeks ended October 4, 2026 and October 5, 2025 was 29.3% and 28.6%, respectively.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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, partially offset by higher balances in these investments.