Company: CAVA
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001628280-25-007882
Chunk: 146

Company: CAVA GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 146
---
.

We believe that these key performance measures provide useful information to users of our financial statements in understanding and evaluating our results of operations in the same manner as our management team. The presentation of these key performance measures, including Adjusted EBITDA Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Income margin which are non-GAAP financial measures, is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. See “Non-GAAP Financial Measures” below.

The following table sets forth our key performance measures for the fiscal years indicated:

($ in thousands)20242023ChangeCAVA Revenue$954,273 $717,060 $237,213 CAVA Same Restaurant Sales Growth113.4 %17.9 %(4.5)%CAVA AUV2$2,865 $2,639 $226 CAVA Restaurant-Level Profit$238,113 $177,488 $60,625 CAVA Restaurant-Level Profit Margin25.0 %24.8 %0.2 %CAVA Restaurants367 309 58 Net New CAVA Restaurant Openings58 72 (14)CAVA Digital Revenue Mix36.4 %36.0 %0.4 %Net income$130,319 $13,280 $117,039 Adjusted EBITDA3$126,248 $73,825 $52,423 Adjusted Net Income3$50,219 $13,280 $36,939 Net income margin13.5 %1.8 %11.7 %Adjusted EBITDA margin313.1 %10.1 %3.0 %Adjusted Net Income margin35.2 %1.8 %3.4 %

__________________

1    CAVA Same Restaurant Sales Growth for fiscal 2023 is presented excluding the impact of the 53rd week. To achieve an optimal comparison of fiscal weeks in the CAVA Same Restaurant Sales Growth calculation in fiscal 2024, giving consideration to holiday periods, each week of fiscal 2023 was shifted by one week. Had this shift not been made, CAVA Same Restaurant Sales Growth would have been immaterially impacted in fiscal 2024.

2    For purposes of calculating CAVA AUV for fiscal 2024, the applicable measurement period is the trailing thirteen periods ended