Company: CAVA
Filing Date: 2025-05-16
Form Type: 10-Q
Source: 0001628280-25-026077
Chunk: 23

Company: CAVA GROUP, INC.
Filing Date: 2025-05-16
Form: 10-Q
Item: Item 1
Chunk 23
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 below for a discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income margin and reconciliations of Adjusted EBITDA and Adjusted Net Income to net income, the most directly comparable GAAP measure. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue. Adjusted Net Income margin is Adjusted Net Income as a percentage of revenue.

CAVA Restaurants and Net New CAVA Restaurant Openings

The following table details CAVA Restaurant unit data:

Sixteen Weeks EndedApril 20,2025April 21,2024CAVA RestaurantsBeginning of period367 309New CAVA Restaurant openings15 15Permanent closure— (1)End of period382 323 

Results of Operations

Our results of operations, on a consolidated basis and by segment, for the sixteen weeks ended April 20, 2025 and April 21, 2024, are set forth below. We present our segment results before our consolidated results as we believe that our CAVA segment is more useful and meaningful in assessing the performance of our business, which is mainly driven by our CAVA segment.

15

Comparison of the sixteen weeks ended April 20, 2025 and April 21, 2024

CAVA Segment Results

The following table summarizes the results of the CAVA segment:

Sixteen Weeks EndedApril 20,2025April 21,2024Change(in thousands)$% of Revenue$% of Revenue$%Revenue$328,482 100.0 %$256,290 100.0 %$72,192 28.2 %Restaurant operating expenses (excluding depreciation and amortization)Food, beverage, and packaging96,224 29.3 72,195 28.2 24,029 33.3 Labor84,562 25.7 66,513 26.0 18,049 27.1 Occupancy24,408 7.4 20,422 8.0 3,986 19.5 Other operating expenses40,983 12.5 32,544 12.7 8,439 25.9 Total restaurant operating expenses246,177 74.9 191,674 74.8 54,503 28.4 Restaurant-level profit$82,305 25.1 %$64,616 25.2