{"url_path":"/sec/cava/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-20","source_url":"https://www.sec.gov/Archives/edgar/data/1639438/0001628280-26-036625-index.html","accession_number":"0001628280-26-036625","cik":"0001639438","ticker":"CAVA","issuer_name":"CAVA GROUP, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1639438/0001628280-26-036625-index.html","primary_entity_key":"0001639438","primary_entity_name":"CAVA GROUP, 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of Contents](#i6c0f5b1ee144446ea128bbb5a8649eac_13)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n(Mark One)\n\nx\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended April 19, 2026\n\nOR\n\no\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ______ to ______\n\nCommission File Number 001-41721\n\nCAVA Group, Inc.\n\n(Exact name of registrant as specified in its charter)\n\nDelaware\n\n47-3426661\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n14 Ridge Square NW, Suite 500\n\nWashington, DC\n\n20016\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n202-400-2920\n\nRegistrant's telephone number, including area code\n\nNot applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nCommon Stock, par value $0.0001 per share\n\nCAVA\n\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):\n\nLarge accelerated filer\n\nx\n\nAccelerated filer\n\no\n\nNon-accelerated filer\n\no\n\nSmaller reporting company\n\no\n\nEmerging growth company\n\no\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nThe registrant had 116,473,856 shares of common stock outstanding as of May 12, 2026.\n\n[Table of Contents](#i6c0f5b1ee144446ea128bbb5a8649eac_13)\n\nGlossary\n\nThe following definitions apply to these terms as used in this Quarterly Report on Form 10-Q:\n\n“Adjusted EBITDA” is defined as net income adjusted to exclude interest income, net, provision for (benefit from) income taxes, and depreciation and amortization, further adjusted to exclude equity-based compensation, other income, net, impairment and asset disposal costs, and executive transition costs, in each case, to the extent applicable in a given fiscal period. See “Non-GAAP Financial Measures” for a reconciliation of net income to Adjusted EBITDA for the periods presented;\n\n“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue;\n\n“Average Unit Volume” or “AUV” represents total revenue of operating CAVA Restaurants that were open for the entire trailing thirteen periods and Digital Kitchens sales for such period divided by the number of operating CAVA Restaurants that were open for the entire trailing thirteen periods;\n\n“CAVA Restaurant-Level Profit,” a segment measure of profit and loss, represents CAVA Revenue less food, beverage, and packaging, labor, occupancy, and other operating expenses, excluding depreciation and amortization. CAVA Restaurant-Level Profit excludes pre-opening costs;\n\n“CAVA Restaurant-Level Profit Margin” represents CAVA Restaurant-Level Profit as a percentage of CAVA Revenue;\n\n“CAVA Restaurants” is defined to include all CAVA restaurants and Hybrid Kitchens that are open or temporarily closed as of the end of the specific period. CAVA Restaurants exclude restaurants operating under license agreements and Digital Kitchens;\n\n“CAVA Revenue” is defined to include all revenue attributable to CAVA restaurants in the specified period, excluding restaurants operating under license agreements;\n\n“CPG” refers to consumer packaged goods;\n\n“Digital Kitchen” is defined to include kitchens used for third-party marketplace and native delivery, Digital Order pick-up, and/or centralized catering production and that has neither in-restaurant dining nor customer-facing make lines;\n\n“Digital Orders” means orders made through catering and digital channels, such as the CAVA app and the CAVA website. Digital Orders include orders fulfilled through third-party marketplace and native delivery and digital order pick-up;\n\n“Digital Revenue Mix” represents the portion of CAVA Revenue related to Digital Orders as a percentage of total CAVA Revenue;\n\n“Guest Traffic” means the number of entrees ordered in-restaurant and through Digital Orders;\n\n“Hybrid Kitchen” is defined to include kitchens that have enhanced kitchen capabilities to support centralized catering production and that also have in-restaurant dining and customer-facing make lines;\n\n“Net New CAVA Restaurant Openings” is defined as new CAVA restaurant openings during a specified reporting period, net of any permanent CAVA restaurant closures during the same period; and\n\n“Same Restaurant Sales” is defined as the period-over-period sales comparison for CAVA restaurants that have been open for 365 days or longer.\n\nWe operate on a 52-week or 53-week fiscal year that ends on the last Sunday of the calendar year. In a 52-week fiscal year, the first fiscal quarter contains sixteen weeks and the second, third, and fourth fiscal quarters each contain twelve weeks. In a 53-week fiscal year, the first fiscal quarter contains sixteen weeks, the second and third fiscal quarters each contain twelve weeks, and the fourth fiscal quarter contains thirteen weeks. References to “thirteen periods” are to the 13 accounting periods we have in each fiscal year, with each accounting period being four weeks, except in a 53-week fiscal year which will contain one accounting period of five weeks.\n\nCertain numerical figures have been subject to rounding adjustments. Accordingly, numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.\n\n[Table of Contents](#i6c0f5b1ee144446ea128bbb5a8649eac_13)\n\nCautionary Statement Concerning Forward-Looking Statements\n\nThis Quarterly Report on Form 10-Q contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. These forward-looking statements relate to matters such as our industry, business strategy, goals, expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources, and other financial and operating information. These statements generally can be identified by the use of words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” “outlook,” the negative version of these words, or similar terms and phrases.\n\nThe forward-looking statements contained in this Quarterly Report on Form 10-Q are based on management’s current expectations and are not guarantees of future performance. The forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify, including those described in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025 (our “Annual Report”). Our expectations, beliefs, and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, and projections will result or be achieved. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. Actual results may differ materially from these expectations due to changes in global, regional, or local economic, business, competitive, market, regulatory, and other factors, many of which are beyond our control. We believe that these factors include but are not limited to the following: we operate in a highly competitive industry; our future growth depends on our ability to open new restaurants while managing our growth effectively and maintaining our culture, and our historical growth may not be indicative of our future growth; we may not be able to successfully identify appropriate locations and develop and expand our operations in existing and new markets; new restaurants may not be profitable and may negatively affect sales at our existing locations; negative changes in guest perception of our brand could negatively impact our business; our efforts to market our restaurants and brand may not be successful; food safety issues and food-borne illness concerns may harm our business; if we are unable to maintain or increase prices, our margins may decrease; the growth of our business depends on our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings; we are subject to risks associated with leasing property; we may not be able to successfully expand our digital and delivery business, which is subject to risks outside of our control; our inability or failure to utilize, recognize, respond to, and effectively manage the immediacy of social media could have a material adverse effect on our business; we may not realize the anticipated benefits from past and potential future acquisitions, investments, or other strategic initiatives; we may not be able to manage our manufacturing and supply chain effectively, which may adversely affect our results of operations; our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations; we may not successfully optimize, operate, and manage our production facilities; we may experience shortages, delays, or interruptions in the delivery of food items and other products; we may face increases in food, commodity, energy, and other costs; we may face increases in labor costs, labor shortages, and difficulties in our ability to identify, hire, train, motivate, and retain the right team members; our success depends on our ability to attract, develop, and retain our management team and key team members; security breaches of our information systems or data including in relation to the electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or team member information (including personal information) may adversely affect our business; our business is subject to complex and evolving laws and regulations regarding privacy, data protection, and cybersecurity; we rely heavily on information technology systems, and failures of, or interruptions in, or not effectively scaling and adapting our information technology systems could harm our business; we are subject to extensive laws and regulatory requirements, and failure to comply with, or changes in, these laws or regulations could have an adverse impact on our business; economic factors and guest behavior trends, which are uncertain and largely beyond our control, may adversely affect guests’ behavior and our ability to maintain or increase sales at our restaurants; we are subject to evolving rules and regulations with respect to sustainability matters; climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations; and each of the other factors set forth in “Part I—Item 1A. Risk Factors” in our Annual Report, and in other reports filed with the United States Securities and Exchange Commission, all of which are available on the investor relations page of our website at investor.cava.com.\n\nYou should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause our results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, we do not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events or otherwise.\n\n[Table of Contents](#i6c0f5b1ee144446ea128bbb5a8649eac_13)\n\nTable of Contents\n\nPage\n\nPart I - Financial Information\n\n[Item 1. Financial Statements (Unaudited)](#i6c0f5b1ee144446ea128bbb5a8649eac_19)\n\n[1](#i6c0f5b1ee144446ea128bbb5a8649eac_19)\n\n[Unaudited Condensed Consolidated Balance Sheets](#i6c0f5b1ee144446ea128bbb5a8649eac_22)\n\n[1](#i6c0f5b1ee144446ea128bbb5a8649eac_22)\n\n[Unaudited Condensed Consolidated Statements of Operations](#i6c0f5b1ee144446ea128bbb5a8649eac_25)\n\n[2](#i6c0f5b1ee144446ea128bbb5a8649eac_25)\n\n[Unaudited Condensed Consolidated Statements of Comprehensive Income](#i6c0f5b1ee144446ea128bbb5a8649eac_28)\n\n[3](#i6c0f5b1ee144446ea128bbb5a8649eac_28)\n\n[Unaudited Condensed Consolidated Statements of Stockholders’ Equity](#i6c0f5b1ee144446ea128bbb5a8649eac_31)\n\n4\n\n[Unaudited Condensed Consolidated Statements of Cash Flows](#i6c0f5b1ee144446ea128bbb5a8649eac_37)\n\n[5](#i6c0f5b1ee144446ea128bbb5a8649eac_37)\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#i6c0f5b1ee144446ea128bbb5a8649eac_40)\n\n[6](#i6c0f5b1ee144446ea128bbb5a8649eac_40)\n\n[Note 1. Nature of Operations and Basis of Presentation](#i6c0f5b1ee144446ea128bbb5a8649eac_43)\n\n[6](#i6c0f5b1ee144446ea128bbb5a8649eac_43)\n\n[Note 2. Revenue](#i6c0f5b1ee144446ea128bbb5a8649eac_46)\n\n[7](#i6c0f5b1ee144446ea128bbb5a8649eac_46)\n\n[Note 3. Investments](#i6c0f5b1ee144446ea128bbb5a8649eac_49)\n\n[7](#i6c0f5b1ee144446ea128bbb5a8649eac_49)\n\n[Note 4. Fair Value](#i6c0f5b1ee144446ea128bbb5a8649eac_52)\n\n[8](#i6c0f5b1ee144446ea128bbb5a8649eac_52)\n\n[Note 5. Supplemental Balance Sheet Information](#i6c0f5b1ee144446ea128bbb5a8649eac_55)\n\n[9](#i6c0f5b1ee144446ea128bbb5a8649eac_55)\n\n[Note 6. Debt](#i6c0f5b1ee144446ea128bbb5a8649eac_58)\n\n[10](#i6c0f5b1ee144446ea128bbb5a8649eac_58)\n\n[Note 7. Income Taxes](#i6c0f5b1ee144446ea128bbb5a8649eac_61)\n\n[10](#i6c0f5b1ee144446ea128bbb5a8649eac_61)\n\n[Note 8. Leases](#i6c0f5b1ee144446ea128bbb5a8649eac_67)\n\n[10](#i6c0f5b1ee144446ea128bbb5a8649eac_67)\n\n[Note 9. Commitments and Contingencies](#i6c0f5b1ee144446ea128bbb5a8649eac_70)\n\n[11](#i6c0f5b1ee144446ea128bbb5a8649eac_70)\n\n[Note 10. Equity-based Compensation](#i6c0f5b1ee144446ea128bbb5a8649eac_73)\n\n[11](#i6c0f5b1ee144446ea128bbb5a8649eac_73)\n\n[Note 11. Earnings Per Share](#i6c0f5b1ee144446ea128bbb5a8649eac_76)\n\n[13](#i6c0f5b1ee144446ea128bbb5a8649eac_76)\n\n[Note 12. Segment Reporting](#i6c0f5b1ee144446ea128bbb5a8649eac_79)\n\n[13](#i6c0f5b1ee144446ea128bbb5a8649eac_79)\n\n[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i6c0f5b1ee144446ea128bbb5a8649eac_82)\n\n[15](#i6c0f5b1ee144446ea128bbb5a8649eac_82)\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i6c0f5b1ee144446ea128bbb5a8649eac_112)\n\n[21](#i6c0f5b1ee144446ea128bbb5a8649eac_112)\n\n[Item 4. Controls and Procedures](#i6c0f5b1ee144446ea128bbb5a8649eac_115)\n\n[21](#i6c0f5b1ee144446ea128bbb5a8649eac_115)\n\nPart II - Other Information\n\n[Item 1. Legal Proceedings](#i6c0f5b1ee144446ea128bbb5a8649eac_121)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_121)\n\n[Item 1A. Risk Factors](#i6c0f5b1ee144446ea128bbb5a8649eac_124)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_124)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i6c0f5b1ee144446ea128bbb5a8649eac_127)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_127)\n\n[Item 3. Defaults Upon Senior Securities](#i6c0f5b1ee144446ea128bbb5a8649eac_130)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_130)\n\n[Item 4. Mine Safety Disclosures](#i6c0f5b1ee144446ea128bbb5a8649eac_133)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_133)\n\n[Item 5. Other Information](#i6c0f5b1ee144446ea128bbb5a8649eac_136)\n\n[23](#i6c0f5b1ee144446ea128bbb5a8649eac_136)\n\n[Item 6. Exhibits](#i6c0f5b1ee144446ea128bbb5a8649eac_142)\n\n[24](#i6c0f5b1ee144446ea128bbb5a8649eac_142)\n\n[Signatures](#i6c0f5b1ee144446ea128bbb5a8649eac_145)\n\n[25](#i6c0f5b1ee144446ea128bbb5a8649eac_145)\n\ni\n\n[Table of Contents](#i6c0f5b1ee144446ea128bbb5a8649eac_13)\n\nPart I - Financial Information"}