CAVA Group, Inc.

CAVA revenue in Q2 2026 increased 31.3% year over year to $365.4 million. Same-restaurant sales grew 9%, driven by 5.3% traffic growth. Net income was $23 million versus $18.4 million in Q2 2025, and diluted EPS was $0.19 versus $0.16 last year. Adjusted EBITDA was $54.7 million, up 30% year over year. Restaurant-level profit was $93.8 million, or 25.7% of revenue, versus $73.3 million, or 26.3% of revenue, last year. The company ended Q2 with 476 restaurants after 17 net new openings, and systemwide AUVs were $3.1 million. Full-year 2026 guidance was reiterated for 75 to 77 net new openings, same-restaurant sales of 4.5% to 6.5%, restaurant-level profit margin of 23.7% to 24.3%, preopening costs of $22 million to $22.5 million, and adjusted EBITDA of $181 million to $191 million. Management said same-store sales were impacted by Cyclospora concerns earlier in Q3, but trends improved sequentially and most recently recovered to mid-single digits.

Brett Schulman framed the quarter as proof that CAVA’s brand, value proposition, and unit economics remain strong. He emphasized broad-based demand for Mediterranean food, strong new-restaurant productivity above 100%, and the company’s long runway for national expansion, including planned entries into Las Vegas and the Bay Area. His tone was optimistic but measured, repeatedly stressing long-term investing in people, operations, and guest experience rather than chasing short-term fixes.

Tricia Tolivar highlighted the core financial drivers: $365.4 million of revenue, 9% comps, $54.7 million of adjusted EBITDA, and $44.8 million of year-to-date free cash flow. She noted restaurant-level margin was 25.7%, with food, beverage, and packaging costs at 30% of revenue, up 50 basis points due largely to Salmon input costs, and labor at 25.3% of revenue, up 30 basis points after a 3% wage investment. Cash and liquidity were strong, with $435.6 million in cash and investments, no debt, and a $150 million undrawn revolver; equity-based compensation is expected to be $22 million to $24 million for the full year, and cash taxes should remain immaterial until NOLs are used up.

Analysts pressed on whether the back-half guidance implies a rebound or more caution around food-safety headlines, and Tricia said the low end assumes slightly negative comps while the high end is mid-single digits; she added nothing in current trends suggests the low end, but guidance remains prudent. Questions also focused on margins, marketing, and new unit productivity: management said marketing spend can rise over time if returns justify it, and new openings continue to outperform across geographies. On food safety and operations, Brett said CAVA is not making major new changes beyond its existing advisory council and traceability systems, while pre-marinated chicken is being rolled out to reduce kitchen complexity and give teams more time for hospitality. Analysts also asked about loyalty, catering, and the AGM rollout; management said loyalty membership is growing faster than restaurant count, catering is moving to a second market test later this fall, and AGMs are now in 70% of the fleet with early improvements in satisfaction and speed of service.