Company: CAVA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049080
Chunk: 36

Company: CAVA GROUP, INC.
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 36
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 expense or the cash necessary to pay income taxes;

•Adjusted EBITDA does not reflect the impact of earnings or cash charges resulting from matters we consider not to be indicative of our ongoing operations;

•although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; and 

•other companies in our industry may calculate Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income margin differently than we do, limiting their usefulness as comparative measures.

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Because of these limitations, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income margin should not be considered as measures of discretionary cash available to invest in business growth or to reduce any applicable indebtedness.

The following table provides a reconciliation of net income to Adjusted EBITDA and net income margin to Adjusted EBITDA margin:

Twelve Weeks EndedForty Weeks Ended(in thousands)October 5,2025October 6,2024October 5,2025October 6,2024Net income$14,747$17,966$58,822$51,700Non-GAAP AdjustmentsInterest income, net(3,575)(4,091)(11,773)(12,829)Provision for (benefit from) income taxes5,919(57)5,898482Depreciation and amortization17,62814,32555,25445,380Equity-based compensation3,2853,48114,51712,222Other expense (income), net30(50)(471)(188)Impairment and asset disposal costs1,1761,6753,9173,795Restructuring and other costs—230—582Executive transition costs1832—832—Adjusted EBITDA$40,042$33,479$126,996$101,144Revenue$292,238$243,817$904,679$736,318Net income margin 5.0 %7.4 %6.5 %7.0 %Adjusted EBITDA margin13.7 %13.7 %14.0 %13.7 %__________________

1    Includes costs associated with the separation of the Company's Chief Operations Officer.

The following table provides a reconciliation of net income to Adjust