Record Annual Revenue — First Year over $1B
CAVA surpassed $1.0 billion in revenue for fiscal 2025, with full-year revenue growing 22.5% year-over-year and 63.1% over the last 2 years.
Robust Q4 Top-Line Growth
Fourth quarter revenue grew 21.2% year-over-year to $272.8 million.
Strong Unit Growth and New Unit Productivity
Opened 24 net new restaurants in Q4 and 72 net new restaurants for the full year, ending 2025 with 439 restaurants (a 19.6% year-over-year increase). 2025 cohort NRO AUVs trended above $3.0 million and new-restaurant productivity remained above 100% for the year.
Healthy Unit Economics and Restaurant-Level Profit
Reported restaurant-level profit margin of 21.4% (Q4) and restaurant-level profit of $58.3 million in Q4 (15.7% growth vs Q4 2024). Company expects restaurant-level profit margin between 23.7% and 24.2% in 2026 (preopening).
Adjusted EBITDA and Net Income Improvements
Full-year adjusted EBITDA was $152.8 million, up 21% versus 2024. Q4 adjusted EBITDA was $25.8 million (up 2.6% vs Q4 2024). GAAP net income for FY2025 was $63.7 million (adjusted net income improvement ~26.9% vs prior year).
Strong Liquidity and Zero Debt
Ended the quarter with $393 million in cash and investments, zero debt outstanding, and an undrawn $75 million revolver (with plans to increase size and extend maturity).
Improved Operating Cash Flow
Cash flow from operations for 2025 was $184.8 million versus $161 million in 2024, reflecting improved operating performance.
Digital & Loyalty Momentum
Loyalty contributes roughly one-third of sales; tiered loyalty rollout and invite-only 'Oasis' tier are driving early engagement and modest frequency gains. Brand awareness increased from ~55% to 62% year-over-year.
Operational Improvements — Tech & Equipment Rollouts
Kitchen Display System live in 370 locations (69 retrofits remaining) and TurboChef ovens fully rolled out across the system to improve execution, speed and consistency.
Clear 2026 Operating Outlook
Guidance for fiscal 2026 includes 74–76 net new restaurants, same-restaurant sales of 3%–5%, adjusted EBITDA of $176M–$184M, and targeted restaurant-level margins of 23.7%–24.2% (preopening).