CAVA Group - 10-Q quarterly report FY2026 Q2

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 12, 2026


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______

Commission File Number 001-41721

CAVA Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware			47-3426661
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

14 Ridge Square NW, Suite 500 Washington, DC			20016
(Address of principal executive offices)			(Zip Code)

202-400-2920

Registrant's telephone number, including area code

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	CAVA	New York Stock Exchange

Indicate 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

Indicate 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

Indicate 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):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If 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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

The registrant had 116,806,198 shares of common stock outstanding as of August 4, 2026.

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Glossary

The following definitions apply to these terms as used in this Quarterly Report on Form 10-Q:

“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;

“Adjusted EBITDA Margin” is defined as Adjusted EBITDA as a percentage of revenue;

“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;

“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;

“CAVA Restaurant-Level Profit Margin” represents CAVA Restaurant-Level Profit as a percentage of CAVA Revenue;

“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;

“CAVA Revenue” is defined to include all revenue attributable to CAVA restaurants in the specified period, excluding restaurants operating under license agreements;

“CPG” refers to consumer packaged goods;

“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;

“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;

“Digital Revenue Mix” represents the portion of CAVA Revenue related to Digital Orders as a percentage of total CAVA Revenue;

“Guest Traffic” means the number of entrees ordered in-restaurant and through Digital Orders;

“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;

“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

“Same Restaurant Sales” is defined as the period-over-period sales comparison for CAVA restaurants that have been open for 365 days or longer.

We 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.

Certain 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.

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Cautionary Statement Concerning Forward-Looking Statements

This 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.

The 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.

You 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.

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			Page
Part I - Financial Information
Item 1. Financial Statements (Unaudited)			1
Unaudited Condensed Consolidated Balance Sheets			1
Unaudited Condensed Consolidated Statements of Operations			2
Unaudited Condensed Consolidated Statements of Comprehensive Income			3
Unaudited Condensed Consolidated Statements of Stockholders’ Equity			4
Unaudited Condensed Consolidated Statements of Cash Flows			6
Notes to Unaudited Condensed Consolidated Financial Statements			7
Note 1. Nature of Operations and Basis of Presentation			7
Note 2. Revenue			7
Note 3. Investments			8
Note 4. Fair Value			9
Note 5. Supplemental Balance Sheet Information			10
Note 6. Debt			11
Note 7. Income Taxes			11
Note 8. Leases			11
Note 9. Commitments and Contingencies			12
Note 10. Equity-based Compensation			12
Note 11. Earnings Per Share			14
Note 12. Segment Reporting			14
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			16
Item 3. Quantitative and Qualitative Disclosures About Market Risk			26
Item 4. Controls and Procedures			26

Part II - Other Information
Item 1. Legal Proceedings			28
Item 1A. Risk Factors			28
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			28
Item 3. Defaults Upon Senior Securities			28
Item 4. Mine Safety Disclosures			28
Item 5. Other Information			28
Item 6. Exhibits			29
Signatures			30

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Part I - Financial Information

Item 1. Financial Statements


CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amount)	July 12, 2026		December 28, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	322,763	$	282,917
Trade accounts receivable, net	10,136		6,324
Other accounts receivable	10,440		12,664
Investments at fair value (amortized cost of $113,107 and $109,951, respectively)	112,836		110,112
Inventories	9,799		9,017
Prepaid expenses and other	13,892		10,039
Total current assets	479,866		431,073
Property and equipment, net	507,145		457,501
Operating lease assets	437,935		389,417

Goodwill	1,944		1,944
Intangible assets, net	1,752		1,779
Deferred income taxes	51,586		65,393
Other long-term assets	19,545		12,920
Total assets	$	1,499,773	$	1,360,027

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	38,013	$	37,488

Accrued expenses and other	99,742		76,635
Operating lease liabilities, current	55,473		48,534
Total current liabilities	193,228		162,657


Operating lease liabilities	465,269		417,714

Total liabilities	658,497		580,371
Commitments and Contingencies (Note 9)


Stockholders’ equity:
Common stock, par value $0.0001 per share; 2,500,000 shares authorized; 116,804 and 116,127 issued and outstanding, respectively	12		12
Treasury stock, at cost; 1,431 shares	(34,377)		(34,377)
Additional paid-in capital	1,082,860		1,067,504
Accumulated deficit	(207,018)		(253,601)
Accumulated other comprehensive (loss) income	(201)		118
Total stockholders’ equity	841,276		779,656
Total liabilities and stockholders’ equity	$	1,499,773	$	1,360,027

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands, except per share amounts)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
Revenue	$	368,436	$	280,615	$	806,706	$	612,441
Operating expenses:
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging	110,502		82,950		238,180		180,509
Labor	92,401		69,496		203,952		154,058
Occupancy	23,065		18,791		52,922		43,199
Other operating expenses	46,886		34,697		104,878		75,931
Total restaurant operating expenses	272,854		205,934		599,932		453,697
General and administrative expenses	39,800		32,051		91,390		73,445
Depreciation and amortization	20,966		16,815		46,432		37,626

Pre-opening costs	6,741		5,096		12,902		9,577
Impairment and asset disposal costs	1,229		1,074		3,947		2,741
Total operating expenses	341,590		260,970		754,603		577,086
Income from operations	26,846		19,645		52,103		35,355
Interest income, net	(3,293)		(3,581)		(7,375)		(8,198)
Other income, net	(439)		(474)		(1,139)		(501)
Income before taxes	30,578		23,700		60,617		44,054
Provision for (benefit from) income taxes	7,561		5,332		14,034		(21)
Net income	$	23,017	$	18,368	$	46,583	$	44,075

Earnings per share:
Basic	$	0.20	$	0.16	$	0.40	$	0.38
Diluted	$	0.19	$	0.16	$	0.39	$	0.37
Weighted-average common shares outstanding:
Basic	116,603		115,783		116,453		115,635
Diluted	118,379		118,334		118,343		118,392

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
Net income	$	23,017	$	18,368	$	46,583	$	44,075
Other comprehensive (loss) gain, net of tax
Unrealized (loss) gain on investments	(179)		58		(319)		(13)

Total other comprehensive (loss) gain, net of tax	(179)		58		(319)		(13)
Comprehensive income	$	22,838	$	18,426	$	46,264	$	44,062

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Twelve Weeks Ended July 12, 2026 and July 13, 2025

	Common Stock		Treasury Stock			Additional Paid in Capital			Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Stockholders' Equity
(in thousands)		Shares	Amount		Shares			Amount
Balance—April 20, 2025		115,656	$	12	1,431	$	(34,377)		$	1,052,247	$	(291,637)	$	(71)	$	726,174
Equity-based compensation		—	—		—	—			4,022		—		—		4,022
Shares purchased under equity plans		41	—		—	—			2,087		—		—		2,087
RSU vesting		255	—		—	—			—		—		—		—
Net income		—	—		—	—			—		18,368		—		18,368
Other comprehensive income, net of tax		—	—		—	—			—		—		58		58
Balance—July 13, 2025		115,952	$	12	1,431	$	(34,377)		$	1,058,356	$	(273,269)	$	(13)	$	750,709

Balance—April 19, 2026		116,409	$	12	1,431	$	(34,377)		$	1,074,392	$	(230,035)	$	(22)	$	809,970
Equity-based compensation		—	—		—	—			4,986		—		—		4,986
Shares purchased under equity plans		160	—		—	—			3,482		—		—		3,482
RSU vesting		235	—		—	—			—		—		—		—
Net income		—	—		—	—			—		23,017		—		23,017
Other comprehensive loss, net of tax		—	—		—	—			—		—		(179)		(179)
Balance—July 12, 2026		116,804	$	12	1,431	$	(34,377)		$	1,082,860	$	(207,018)	$	(201)	$	841,276

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Twenty-Eight Weeks Ended July 12, 2026 and July 13, 2025

	Common Stock			Treasury Stock			Additional Paid in Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholders' Equity
(in thousands)	Shares	Amount		Shares	Amount
Balance—December 29, 2024	115,093	$	12	1,431	$	(34,377)	$	1,047,275	$	(317,344)	$	—	$	695,566
Equity-based compensation	—	—		—	—		8,505		—		—		8,505
Shares purchased under equity plans	204	—		—	—		2,576		—		—		2,576
RSU vesting	655	—		—	—		—		—		—		—
Net income	—	—		—	—		—		44,075		—		44,075
Other comprehensive loss, net of tax	—	—		—	—		—		—		(13)		(13)
Balance—July 13, 2025	115,952	$	12	1,431	$	(34,377)	$	1,058,356	$	(273,269)	$	(13)	$	750,709

Balance—December 28, 2025	116,127	$	12	1,431	$	(34,377)	$	1,067,504	$	(253,601)	$	118	$	779,656
Equity-based compensation	—	—		—	—		11,658		—		—		11,658
Shares purchased under equity plans	192	—		—	—		3,698		—		—		3,698
RSU vesting	485	—		—	—		—		—		—		—
Net income	—	—		—	—		—		46,583		—		46,583
Other comprehensive loss, net of tax	—	—		—	—		—		—		(319)		(319)
Balance—July 12, 2026	116,804	$	12	1,431	$	(34,377)	$	1,082,860	$	(207,018)	$	(201)	$	841,276

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025
Cash flows from operating activities:
Net income	$	46,583	$	44,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,432		37,626



Unrealized gain on convertible promissory note	(424)		(429)
Equity-based compensation	11,658		8,505
Deferred income taxes	13,919		(21)

Impairment and asset disposal costs	3,947		2,741
Changes in operating assets and liabilities:
Trade accounts receivable	(3,812)		(2,838)
Other accounts receivable	2,224		(619)
Inventories	(782)		(394)
Prepaid expenses and other	(4,577)		(1,935)
Operating lease assets	(49,352)		(46,222)
Accounts payable	(3,823)		2,838
Accrued expenses and other	17,607		380
Operating lease liabilities	54,920		55,188
Net cash provided by operating activities	134,520		98,895
Cash flows from investing activities:
Purchases of property and equipment	(89,738)		(76,994)
Purchases of debt securities	(80,474)		(100,822)
Proceeds from principal payments on debt securities	77,664		5,397
Investment in convertible promissory note	(5,000)		(5,000)

Net cash used in investing activities	(97,548)		(177,419)
Cash flows from financing activities:



Shares purchased under equity plans	3,698		2,576



Debt refinancing costs	(824)		—
Net cash provided by financing activities	2,874		2,576
Net change in cash and cash equivalents	39,846		(75,948)
Cash and cash equivalents - beginning of year	282,917		366,120
Cash and cash equivalents - end of period	$	322,763	$	290,172

Supplemental Disclosure of Cash Flow Information:

Cash paid for income taxes	$	1,513	$	1,366
Change in accrued purchases of property and equipment	9,850		8,476

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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CAVA GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION

CAVA Group, Inc. (together with its wholly owned subsidiaries, referred to as the “Company,” “CAVA,” “we,” “us,” and “our” unless specified otherwise) was formed as a Delaware corporation in 2015, and prior to that, the first CAVA restaurant opened in 2011 in Bethesda, Maryland. The Company is headquartered in Washington, D.C. and, as of July 12, 2026, the Company operated 476 fast-casual CAVA Restaurants in 29 states and Washington, D.C. The Company’s authentic Mediterranean cuisine unites taste and health, with a menu that features chef-curated and customizable bowls and pitas. The Company centrally produces dips, spreads, and certain dressing bases for use in its restaurants while also selling its dips, spreads, and prepared dressings in grocery stores.

Interim Financial Statements—The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles and practices of the United States of America (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements presented in accordance with GAAP have been omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included.

The unaudited interim financial information should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Interim results of operations are not necessarily indicative of the results that may be achieved for the full year.

Reclassification—Certain prior year amounts have been reclassified to conform to current year presentation.

Recently Issued Accounting Standards—In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires disaggregation, in tabular presentation, of certain income statement expenses into different categories, such as purchases of inventory, employee compensation, and depreciation. The FASB issued an update in January 2025, ASU 2025-01, which clarifies the effective date of ASU 2024-03. The amendment is effective for fiscal years beginning after December 15, 2026 (the Company’s fiscal 2027), with early adoption permitted, and may be applied on a retrospective basis. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting guidance for costs incurred to develop or obtain internal-use software. The amendment aligns capitalization criteria with current development practices and eliminates separate guidance for website development costs. Under the new standard, capitalization of eligible costs begins when (i) management authorizes and commits to funding the project and (ii) it is probable that the project will be completed and the software will be used as intended. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027 (the Company’s fiscal 2028), and may be applied prospectively, on a modified basis for in-process projects, or retrospectively. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

The Company reviewed all other recently issued accounting standards and determined they were either not applicable or not expected to have a material impact on the Company’s financial position or results from operations.

2. REVENUE

The Company’s revenue was as follows:


	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
Restaurant revenue	$	365,433	$	278,249	$	799,825	$	606,731
CPG revenue and other	3,003		2,366		6,881		5,710
Revenue	$	368,436	$	280,615	$	806,706	$	612,441

Revenue from the redemption of the Company’s loyalty program (“CAVA Rewards”) and gift cards is included in restaurant revenue.

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Changes in the CAVA Rewards and gift card liabilities, which are included in accrued expenses and other on the accompanying unaudited condensed consolidated balance sheets, were as follows:


	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
CAVA Rewards and gift card liabilities, beginning balance	$	5,888	$	6,439	$	6,775	$	6,736
Revenue deferred - CAVA Rewards points earned and gift card purchases	4,717		3,700		10,480		8,155
Revenue recognized - redemptions and breakage	(3,132)		(3,966)		(9,782)		(8,718)
CAVA Rewards and gift cards liabilities, ending balance	$	7,473	$	6,173	$	7,473	$	6,173

3. INVESTMENTS

Fixed income debt securities

The Company’s investments in fixed income debt securities were as follows:


	July 12, 2026
(in thousands)			Gross unrealized
Security Type Category	Amortized Cost		Gains		Losses		Estimated Fair Value
Asset backed	$	13,668	$	1	$	(16)	$	13,653
Commercial deposits	5,002		—		(5)		4,997
Commercial paper	7,027		—		(7)		7,020
Corporate bonds	72,599		2		(141)		72,460
U.S. government bonds	14,811		—		(105)		14,706
Total	$	113,107	$	3	$	(274)	$	112,836


	December 28, 2025
(in thousands)			Gross unrealized
Security Type Category	Amortized Cost		Gains		Losses		Estimated Fair Value
Asset backed	$	13,790	$	18	$	—	$	13,808
Commercial deposits	3,089		2		—		3,091
Commercial paper	2,306		1		—		2,307
Corporate bonds	64,423		96		—		64,519
U.S. government bonds	26,343		44		—		26,387
Total	$	109,951	$	161	$	—	$	110,112

In determining credit losses on its investments in an unrealized loss position, the Company considers certain factors that may include, among others, severity of the unrealized loss, security type, industry sector, credit rating, yield to maturity, profitability, and stock performance. Based on the Company’s review of its investments in an unrealized loss position, it determined that the losses were due to non-credit factors and, therefore, it does not consider these securities to be credit impaired at July 12, 2026 or December 28, 2025. As of July 12, 2026 and December 28, 2025, the Company did not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell any investments before recovery of their amortized cost basis.

Investments in fixed income debt securities by remaining contractual maturities were as follows:

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	July 12, 2026
(in thousands)	Amortized Cost		Estimated Fair Value
Less than one year	$	43,173	$	43,124
1.0 to 2.0 years	57,268		57,109
2.0 to 3.0 years	11,080		11,018
More than 3.0 years	1,586		1,585

Total	$	113,107	$	112,836

Note Receivable

In the second quarter of fiscal 2025, the Company made a $5.0 million investment in a convertible promissory note of Hyphen Technologies, Inc., which develops and provides automated makelines designed to improve the speed and efficiency of food production. The Company is currently testing this technology in its digital business. During the first quarter of 2026, upon the achievement of a predefined milestone event, the Company made an additional $5.0 million investment in a convertible promissory note at terms substantially similar to the initial investment (collectively, the “Note Receivable”).

The Note Receivable is presented within other long-term assets on the accompanying unaudited condensed consolidated balance sheets. Refer to Note 4 (Fair Value) for more information. As of July 12, 2026 and December 28, 2025, the Company’s estimated fair value of the Note Receivable was $10.7 million and $5.3 million, respectively. The increase in the estimated fair value was primarily attributable to the additional investment described above, with the remaining increase recognized as a component of other income, net in the accompanying unaudited condensed consolidated statement of operations.

4. FAIR VALUE

Assets Measured at Fair Value on a Recurring Basis

Fixed income debt securities

The fair values of fixed income debt securities were based on the market values obtained from an independent asset management service. The asset management service utilizes the market approach in determining the fair values of the investments held by the Company. Typical inputs and assumptions to pricing models used to value the Company’s investments in fixed income debt securities include, but are not limited to, benchmark yields, reported trades, broker-dealer quotes, credit spreads, credit ratings, bond insurance (if applicable), benchmark securities, bids, offers, reference data, and industry and economic events. For asset backed securities, inputs and assumptions may also include the structure of issuance, characteristics of the issuer, collateral attributes, and prepayment speeds.

Note Receivable

The Company has elected to account for the Note Receivable described in Note 3 (Investments) under the fair value option. As a result, the embedded conversion feature, which would otherwise require bifurcation, is not accounted for separately. The fair value of the Note Receivable is determined under a market approach utilizing Level 3 inputs such as estimates of the equity value of the underlying business, volatility, and a probability-weighted expected time to exit.

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The fair value of the Company’s assets that are measured on a recurring basis was as follows:


(in thousands)	July 12, 2026
Security Type Category	Level 1		Level 2		Level 3		Total
Asset backed	$	—	$	13,653	$	—	$	13,653
Commercial deposits	—		4,997		—		4,997
Commercial paper	—		7,020		—		7,020
Corporate bonds	—		72,460		—		72,460
U.S. government bonds	14,706		—		—		14,706
Fixed income debt securities	$	14,706	$	98,130	$	—	$	112,836

Note Receivable	$	—	$	—	$	10,715	$	10,715


(in thousands)	December 28, 2025
Security Type Category	Level 1		Level 2		Level 3		Total
Asset backed	$	—	$	13,808	$	—	$	13,808
Commercial deposits	—		3,091		—		3,091
Commercial paper	—		2,307		—		2,307
Corporate bonds	—		64,519		—		64,519
U.S. government bonds	26,387		—		—		26,387
Fixed income debt securities	$	26,387	$	83,725	$	—	$	110,112

Note Receivable	$	—	$	—	$	5,291	$	5,291

Assets Measured at Fair Value on a Non-recurring Basis—Assets recognized or disclosed at fair value in the accompanying unaudited condensed consolidated financial statements on a nonrecurring basis may include items such as property and equipment, net, operating lease assets, goodwill, and intangible assets. These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the twenty-eight weeks ended July 12, 2026 and July 13, 2025, the Company recorded asset impairments of $1.7 million and $1.1 million, respectively, related to certain of the Company’s restaurants, which utilized nonrecurring fair value measurements. The fair value of these assets was determined using an income approach (discounted cash flow method), which was measured using Level 3 inputs. Unobservable inputs include projected restaurant revenues and expenses and the discount rate.

5. SUPPLEMENTAL BALANCE SHEET INFORMATION

Property and equipment, net

The Company’s property and equipment, net, were as follows:


(in thousands)	July 12, 2026		December 28, 2025
Land	$	600	$	600
Building	24,061		24,049
Leasehold improvements	469,752		425,580
Equipment and other	143,804		132,017
Furniture and fixtures	22,933		22,400
Computer hardware and software	72,333		63,818

Construction in progress	63,975		42,195
Total property and equipment, gross	797,458		710,659
Less accumulated depreciation	(290,313)		(253,158)
Total property and equipment, net	$	507,145	$	457,501

Construction in progress includes new restaurant openings and technology improvements.

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Accrued expenses and other

The Company’s accrued expenses and other were as follows:


(in thousands)	July 12, 2026		December 28, 2025
Accrued payroll and payroll taxes	$	33,327	$	29,415
Accrued capital purchases	15,010		9,509
Sales and use tax payable	11,306		4,524
CAVA Rewards and gift card liabilities	7,473		6,775
Other accrued expenses	32,626		26,412
Total accrued expenses and other	$	99,742	$	76,635

6. DEBT

On March 20, 2026, the Company entered into Amendment No. 3 to the Credit Agreement dated March 11, 2022 (as amended, the “Credit Facility”), with JPMorgan Chase Bank, N.A. as administrative agent. Amendment No. 3 among other things, extended the maturity date from March 11, 2027 to March 20, 2031 and increased aggregate revolving commitments from $75.0 million to $150.0 million. Interest rates on loans under the Credit Facility are based on either: (i) the base rate plus an applicable margin ranging from 0.00% to 1.25% per annum or (ii) the Term Secured Overnight Financing Rate plus an applicable margin ranging from 1.00% to 2.25% per annum, in each case based on the Company’s Total Rent Adjusted Net Leverage Ratio (as defined in the Credit Facility). The Company is also required to pay a commitment fee for unused amounts under the Credit Facility, which ranges from 0.20% to 0.30% based on the Total Rent Adjusted Net Leverage Ratio. The Credit Facility is unconditionally guaranteed by the Company’s domestic restricted subsidiaries other than certain excluded subsidiaries and is secured, subject to certain exceptions, by a first-priority security interest in substantially all of the assets of the Company and the guarantors and a first-priority pledge of the capital stock of each subsidiary guarantor. The Credit Facility includes customary affirmative and negative covenants and events of default.

As of July 12, 2026, the Company had no borrowings under the Credit Facility and available borrowing capacity of $149.1 million, net of $0.9 million of outstanding letters of credit. As of July 12, 2026, the Company was in compliance with all financial and other covenants.

7. INCOME TAXES

Income taxes for the twelve and twenty-eight weeks ended July 12, 2026 have been included in the accompanying unaudited condensed consolidated financial statements on the basis of an estimated annual effective tax rate. In addition to the amount of tax resulting from applying the estimated annual effective tax rate to pre-tax income, the Company includes, when appropriate, certain items treated as discrete events to arrive at an estimated overall tax amount.

The Company’s effective tax rate and the impact on the provision for income taxes associated with discrete tax benefits associated with equity-based compensation were as follows:


	Twelve Weeks Ended						Twenty-Eight Weeks Ended
	July 12, 2026			July 13, 2025			July 12, 2026			July 13, 2025
Effective tax rate	24.7		%	22.5		%	23.2		%	0.0		%
Discrete tax benefit from equity-based compensation	$	1,970		$	1,728		$	4,214		$	12,449

The reductions to the provision for income taxes associated with equity-based compensation reflect excess tax benefits recognized when the tax deductions for vested or exercised awards exceed the related compensation expense recognized in accordance with GAAP.

8. LEASES

The Company leases all of its CAVA Restaurants, its Digital Kitchens, its production facility in Laurel, Maryland, its food distribution center in Edison, New Jersey, its restaurant collaboration center in Washington, D.C., and its support centers in Brooklyn, New York, Manhattan, New York, and Plano, Texas. The Company determines if a contract contains

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a lease at inception and determines the classification of a lease, if necessary. Typically, restaurant leases have initial terms of 10 years and include five-year renewal options.

Supplemental disclosures of cash flow information related to leases were as follows:


	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
Cash paid for operating lease liabilities	$	20,237	$	16,828	$	43,747	$	32,738
Operating lease assets obtained in exchange for operating lease liabilities	31,847		28,974		74,288		67,120
Derecognition of operating lease assets due to termination or impairment	—		—		833		302

9. COMMITMENTS AND CONTINGENCIES

Purchase Obligations—The Company enters into various purchase obligations in the ordinary course of business, generally of a short-term nature. Those that are binding primarily relate to amounts owed for produce and other ingredients and supplies, including supplies and materials used for new restaurant openings.

Letters of Credit—As of July 12, 2026 and December 28, 2025, the Company had six irrevocable letters of credit in favor of various landlords in the aggregate amount of $0.9 million. The letters of credit do not require a compensating balance and automatically renew in accordance with the terms of the underlying lease agreement.

Litigation—The Company is currently involved in various claims and legal actions that arise in the ordinary course of its business, including claims resulting from employment related matters. While the ultimate outcome and the costs associated with litigation are inherently uncertain and difficult to predict, as of the date hereof, the Company does not believe that any of its pending legal proceedings, most of which are covered by insurance, will have a material effect on the Company’s business, financial condition, results of operations, or cash flows. However, a significant increase in the number of these claims or an increase in uninsured amounts owed under successful claims could materially and adversely affect the Company’s business, financial condition, results of operations, or cash flows.

On July 22, 2026, the Cleveland Bakers and Teamsters Pension Fund filed a derivative action in the Court of Chancery of the State of Delaware, purportedly on behalf of the Company, against certain of the Company's current and former officers and directors alleging breaches of fiduciary duty and unjust enrichment. The complaint seeks unspecified monetary damages, attorneys' fees and costs, and the disgorgement of alleged improperly obtained trading profits by the defendants. The action is in a preliminary stage and no discovery has taken place. The defendants deny they breached their fiduciary duties. The complaint does not seek damages from the Company.

10. EQUITY-BASED COMPENSATION

The Company recognized equity-based compensation expense (including applicable payroll taxes) of $5.7 million and $13.4 million during the twelve and twenty-eight weeks ended July 12, 2026, and $4.6 million and $11.2 million during the twelve and twenty-eight weeks ended July 13, 2025, respectively, related to its equity incentive plans and employee stock purchase plan, recorded within general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.

Stock Options

A summary of the Company’s stock option activity is as follows:

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		Weighted Average
(in thousands, except per share amounts)	Number Of Options	Exercise Price		Remaining Contractual Term (Years)	Aggregate Intrinsic Value









Outstanding - December 28, 2025	1,977	$	18.96	6.4	$	84,660

Exercised	(156)	13.56
Forfeited or expired	(45)	39.79
Outstanding - July 12, 2026	1,776	$	18.91	5.8	$	94,599

Exercisable - July 12, 2026	1,349	$	15.09	5.4
Vested and expected to vest - July 12, 2026	1,776	$	18.91	5.8	$	94,599

As of July 12, 2026, unrecognized compensation expense related to option awards was $6.1 million, which is expected to be recognized over a weighted-average period of 2.0 years.

Restricted Stock Units (“RSUs”)

During the first quarter of fiscal 2026, the Company granted RSUs that vest in equal annual installments over three years, subject to continued service. Historically, RSUs vested in equal annual installments over four years. The change in vesting term applies to awards granted in fiscal 2026 and does not modify the vesting terms of previously granted awards.

A summary of the Company’s RSU activity is as follows:


(in thousands, except per share amounts)	Number of Units	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value






Non-vested - December 28, 2025	971	$	27.01	$	58,406
Granted	250	84.23
Vested	(485)	20.61
Forfeited	(91)	45.47
Non-vested - July 12, 2026	645	$	51.39	$	46,556

As of July 12, 2026, unrecognized compensation expense related to RSU awards was $28.7 million, which is expected to be recognized over a weighted-average period of 2.3 years.

Performance-Based Restricted Stock Units (“PSUs”)

During the first quarter of fiscal 2026, the Company granted PSUs that vest at the end of a three-year performance period based on the achievement of specified performance conditions and subject to continued service. The number of shares that may be earned ranges from 0% to 200% of target, depending on actual performance against the applicable metrics. Compensation cost is recognized over the requisite service period based on the grant-date fair value of the awards and the number of awards expected to vest.

A summary of the Company’s PSU activity is as follows:


(in thousands, except per share amounts)	Number of Units	Weighted-Average Grant Date Fair Value		Aggregate Intrinsic Value
Non-vested - December 28, 2025	—	$	—	$	—
Granted	85	84.49

Forfeited	(10)	84.74
Non-vested - July 12, 2026	75	$	84.45	$	5,414

Expected to vest - July 12, 20261	75	$	84.45

__________________

1 Expected to vest represents estimated PSU payout amounts based on target performance levels during the performance period.

As of July 12, 2026, unrecognized compensation expense related to PSU awards was $6.2 million, which is expected to be recognized over a weighted-average period of 2.6 years.

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11. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding during the period. Diluted earnings per share is calculated by adjusting the weighted average shares outstanding for the dilutive effect of outstanding equity awards for the period using the treasury-stock method.

The following table sets forth the computation of earnings per common share:


	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands, except per share amounts)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
Net income	$	23,017	$	18,368	$	46,583	$	44,075
Weighted-average shares outstanding:
Basic	116,603		115,783		116,453		115,635
Dilutive awards	1,776		2,551		1,890		2,757
Diluted	118,379		118,334		118,343		118,392
Earnings per share:
Basic	$	0.20	$	0.16	$	0.40	$	0.38
Diluted	$	0.19	$	0.16	$	0.39	$	0.37

The following equity awards, presented on a weighted-average outstanding basis, were excluded from the calculation of diluted earnings per share:


	Twelve Weeks Ended		Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026	July 13, 2025	July 12, 2026	July 13, 2025
Antidilutive stock options	82	106	88	73
Antidilutive RSUs	77	128	82	90
Stock awards subject to performance conditions	73	—	52	—
Total common stock equivalents	232	234	222	163

12. SEGMENT REPORTING

The Company’s operations are conducted as two operating segments: CAVA and CAVA Foods. CAVA includes the operations of all company-owned CAVA restaurants. CAVA Foods includes the production of dips, spreads, and certain dressing bases used in CAVA restaurants as well as sales from the Company’s CPG business. These segments were determined on the same basis that the Company’s Chief Executive Officer (“CEO”), who is the chief operating decision maker (“CODM”), manages, evaluates, and makes key decisions regarding the business. The CODM does not manage the Company on a consolidated basis. CAVA Foods is below the quantitative thresholds for segment reporting purposes, resulting in CAVA being the Company’s one reportable segment. Other revenue and Other non-reportable segment profit include the Company’s CPG activity from CAVA Foods.

The CODM reviews segment performance and allocates resources based upon restaurant-level profit, which is defined as segment revenues less food, beverage, and packaging, labor, occupancy, and other operating expenses. Restaurant-level profit is used to measure the segment’s profitability as corporate-level expenses are excluded from such measure. The CODM uses restaurant-level profit for each segment in the annual budget to make decisions about the allocation of resources, with the monitoring of actual results to determine appropriate changes to such allocation. All segment revenue is earned in the United States, and all intersegment revenues have been eliminated. Intersegment revenues represent the sale, from CAVA Foods to CAVA, of dips, spreads, and certain dressing bases used in CAVA restaurants. Sales from external customers are derived principally from sales of food, beverage, and CPG. The Company does not rely on any major customers as sources of sales. As the CODM does not review asset information by segment, assets are reported only on a consolidated basis.

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The following table presents financial information about the Company’s reportable segment and includes reconciliations of reportable segment revenue to consolidated revenue and reportable segment restaurant-level profit to income before taxes:


	Twelve Weeks Ended				Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026		July 13, 2025		July 12, 2026		July 13, 2025
CAVA Revenue	$	365,433	$	278,249	$	799,825	$	606,731


Reconciliation of reportable segment revenue to consolidated revenue:
Other revenue	3,003		2,366		6,881		5,710
Total consolidated revenue	$	368,436	$	280,615	$	806,706	$	612,441

Significant CAVA segment expenses
Food, beverage, and packaging	$	109,496	$	82,210	$	235,914	$	178,434
Labor	92,401		69,496		203,952		154,058
Occupancy	23,065		18,791		52,922		43,199
Other operating expenses1	46,659		34,490		104,373		75,473
Total CAVA segment expenses	271,621		204,987		597,161		451,164

CAVA Restaurant-Level Profit	93,812		73,262		202,664		155,567


Reconciliation of total reportable segment restaurant-level profit to income before income taxes:
Other non-reportable segment profit	(1,770)		(1,419)		(4,110)		(3,177)
General and administrative expenses	39,800		32,051		91,390		73,445
Depreciation and amortization	20,966		16,815		46,432		37,626

Pre-opening costs	6,741		5,096		12,902		9,577
Impairment and asset disposal costs	1,229		1,074		3,947		2,741
Interest income, net	(3,293)		(3,581)		(7,375)		(8,198)
Other income, net	(439)		(474)		(1,139)		(501)
Income before taxes	$	30,578	$	23,700	$	60,617	$	44,054

__________________

1 Other operating expenses includes all other restaurant-level operating expenses, such as third-party delivery service fees, credit card and bank fees, repairs and maintenance, kitchen supplies, utilities, restaurant technology costs, and marketing expenses.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim condensed consolidated financial statements and the related notes included elsewhere in this Form 10-Q and our Annual Report on Form 10-K for the year ended December 28, 2025 (our “2025 Annual Report”). In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties, and other factors outside the Company’s control, as well as assumptions, such as our plans, objectives, expectations, and intentions. Our actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including those described under the sections entitled “Cautionary Statement Concerning Forward-Looking Statements” above and “Risk Factors” in our 2025 Annual Report.

Overview

Segments

CAVA Foods is below quantitative thresholds for segment reporting purposes, resulting in CAVA being the Company’s one reportable segment. The Company’s CPG operations are included in Other non-reportable segment. See Item 1. “Financial Statements,” Note 12 (Segment Reporting) for more information.

Key Performance Measures

In assessing the performance of our business, in addition to considering a variety of measures in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), our management team also considers a variety of other key performance measures, including non-GAAP measures. The key performance measures used by our management for determining how our business is performing are detailed in the table below.

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 and Adjusted EBITDA 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.

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The following table sets forth our key performance measures:


	Twelve Weeks Ended									Twenty-Eight Weeks Ended
($ in thousands)	July 12, 2026			July 13, 2025			Change			July 12, 2026			July 13, 2025			Change
CAVA Revenue	$	365,433		$	278,249		$	87,184		$	799,825		$	606,731		$	193,094
Same Restaurant Sales	9.0		%	2.1		%	6.9		%	9.4		%	6.6		%	2.8		%
AUV	$	3,088		$	2,939		$	149		N/A			N/A			N/A
CAVA Restaurant-Level Profit	$	93,812		$	73,262		$	20,550		$	202,664		$	155,567		$	47,097
CAVA Restaurant-Level Profit Margin	25.7		%	26.3		%	(0.6)		%	25.3		%	25.6		%	(0.3)		%

Net New CAVA Restaurant Openings	17			16			1			37			31			6
Digital Revenue Mix	39.0		%	37.3		%	1.7		%	39.5		%	37.6		%	1.9		%
Net income	$	23,017		$	18,368		$	4,649		$	46,583		$	44,075		$	2,508
Adjusted EBITDA1	$	54,716		$	42,104		$	12,612		$	116,450		$	86,954		$	29,496
Net income margin	6.2		%	6.5		%	(0.3)		%	5.8		%	7.2		%	(1.4)		%
Adjusted EBITDA margin1	14.9		%	15.0		%	(0.1)		%	14.4		%	14.2		%	0.2		%

__________________

1 See “Non-GAAP Financial Measures” below for a discussion of Adjusted EBITDA and Adjusted EBITDA margin and a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of revenue.

CAVA Restaurants and Net New CAVA Restaurant Openings

The following table details CAVA Restaurant unit data:


	Twelve Weeks Ended		Twenty-Eight Weeks Ended
	July 12, 2026	July 13, 2025	July 12, 2026	July 13, 2025
CAVA Restaurants
Beginning of period	459	382	439	367
New CAVA Restaurant openings	17	16	38	31

Permanent closure	—	—	(1)	—
End of period	476	398	476	398

Results of Operations

Our results of operations, on a consolidated basis and by segment, for the twelve and twenty-eight weeks ended July 12, 2026 and July 13, 2025, are set forth below.

Comparison of the twelve weeks ended July 12, 2026 and July 13, 2025

Consolidated Results

The following table summarizes our consolidated results of operations:


	Twelve Weeks Ended
(in thousands)	July 12, 2026				July 13, 2025				Change
	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	368,436	100.0	%	$	280,615	100.0	%	$	87,821	31.3	%
Operating expenses:
Restaurant operating costs (excluding depreciation and amortization)
Food, beverage, and packaging	110,502		30.0		82,950		29.6		27,552		33.2
Labor	92,401		25.1		69,496		24.8		22,905		33.0
Occupancy	23,065		6.3		18,791		6.7		4,274		22.7

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Other operating expenses	46,886		12.7		34,697		12.4		12,189		35.1
Total restaurant operating expenses	272,854		74.1		205,934		73.4		66,920		32.5
General and administrative expenses	39,800		10.8		32,051		11.4		7,749		24.2
Depreciation and amortization	20,966		5.7		16,815		6.0		4,151		24.7

Pre-opening costs	6,741		1.8		5,096		1.8		1,645		32.3
Impairment and asset disposal costs	1,229		0.3		1,074		0.4		155		14.4
Total operating expenses	341,590		92.7		260,970		93.0		80,620		30.9
Income from operations	26,846		7.3		19,645		7.0		7,201		36.7
Interest income, net	(3,293)		(0.9)		(3,581)		(1.3)		288		(8.0)
Other income, net	(439)		(0.1)		(474)		(0.2)		35		(7.4)
Income before taxes	30,578		8.3		23,700		8.4		6,878		29.0
Provision for income taxes	7,561		2.1		5,332		1.9		2,229		41.8
Net income	$	23,017	6.2	%	$	18,368	6.5	%	$	4,649	25.3	%

Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses:

The increases in Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses are primarily driven by the growth of our CAVA segment. Refer to “CAVA Segment Results” below for more information.

General and administrative expenses:

The increase in general and administrative expenses was primarily due to investments to support future growth and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, the timing of our CAVA Connect conference in the prior year quarter, and the timing of performance-based incentive compensation, partially offset by investments to support future growth.

Depreciation and amortization:

The increase in depreciation and amortization was primarily driven by the addition of assets from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and technology improvements.

Pre-opening costs:

The increase in pre-opening costs was due to the volume of new CAVA restaurants under construction and additional investments in new restaurant openings to support increased volumes.

Interest income, net:

The decrease in interest income, net, was due to lower interest rates on investments in fixed income debt securities and money market funds in the current year, partially offset by higher balances in these investments.

Provision for income taxes:

The effective tax rate for the twelve weeks ended July 12, 2026 and July 13, 2025 was 24.7% and 22.5%, respectively, which includes the impact of a $2.0 million and $1.7 million reduction to income tax expense associated with equity-based compensation, respectively.

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CAVA Segment Results

The following table summarizes the results of the CAVA segment:


	Twelve Weeks Ended
	July 12, 2026				July 13, 2025				Change
(in thousands)	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	365,433	100.0	%	$	278,249	100.0	%	$	87,184	31.3	%
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging	109,496		30.0		82,210		29.5		27,286		33.2
Labor	92,401		25.3		69,496		25.0		22,905		33.0
Occupancy	23,065		6.3		18,791		6.8		4,274		22.7
Other operating expenses	46,659		12.8		34,490		12.4		12,169		35.3
Total restaurant operating expenses	271,621		74.3		204,987		73.7		66,634		32.5
Restaurant-level profit	$	93,812	25.7	%	$	73,262	26.3	%	$	20,550	28.1	%

CAVA Revenue:

The increase in CAVA Revenue was primarily due to a $64.0 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.0%, which consisted of a 5.3% increase from Guest Traffic and a 3.7% increase from menu price and product mix.

CAVA food, beverage, and packaging:

The increase in CAVA food, beverage, and packaging was primarily due to a $19.9 million increase from the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.

CAVA labor:

The increase in CAVA labor was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 3%, which includes the expansion of our Assistant General Manager role. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.

CAVA occupancy:

The increase in CAVA occupancy was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.

CAVA other operating expenses:

The increase in CAVA other operating expenses was primarily due to the 94 Net New CAVA Restaurant Openings during or subsequent to the twelve weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.0%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery.

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Other Results

The following table summarizes remaining activity related to our CPG operations and the production of dips, spreads, and certain dressing bases used in CAVA restaurants:


	Twelve Weeks Ended
	July 12, 2026				July 13, 2025				Change
(in thousands)	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	3,003	100.0	%	$	2,366	100.0	%	$	637	26.9	%
Food, beverage, and packaging	1,006		33.5		740		31.3		266		35.9
Other operating expenses	227		7.6		207		8.7		20		9.7

The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging increased due to higher freight costs, partially offset by lower raw material input costs.

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Comparison of the twenty-eight weeks ended July 12, 2026 and July 13, 2025

Consolidated Results

The following table summarizes our consolidated results of operations:


	Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026				July 13, 2025				Change
	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	806,706	100.0	%	$	612,441	100.0	%	$	194,265	31.7	%
Operating expenses:
Restaurant operating costs (excluding depreciation and amortization)
Food, beverage, and packaging	238,180		29.5		180,509		29.5		57,671		31.9
Labor	203,952		25.3		154,058		25.2		49,894		32.4
Occupancy	52,922		6.6		43,199		7.1		9,723		22.5
Other operating expenses	104,878		13.0		75,931		12.4		28,947		38.1
Total restaurant operating expenses	599,932		74.4		453,697		74.1		146,235		32.2
General and administrative expenses	91,390		11.3		73,445		12.0		17,945		24.4
Depreciation and amortization	46,432		5.8		37,626		6.1		8,806		23.4

Pre-opening costs	12,902		1.6		9,577		1.6		3,325		34.7
Impairment and asset disposal costs	3,947		0.5		2,741		0.4		1,206		44.0
Total operating expenses	754,603		93.5		577,086		94.2		177,517		30.8
Income from operations	52,103		6.5		35,355		5.8		16,748		47.4
Interest income, net	(7,375)		(0.9)		(8,198)		(1.3)		823		(10.0)
Other income, net	(1,139)		(0.1)		(501)		(0.1)		(638)		127.3
Income before taxes	60,617		7.5		44,054		7.2		16,563		37.6
Provision for (benefit from) income taxes	14,034		1.7		(21)		—		14,055		N/M
Net income	$	46,583	5.8	%	$	44,075	7.2	%	$	2,508	5.7	%

__________________

N/M data not meaningful

Revenue, Food, beverage, and packaging, Labor, Occupancy, and Other operating expenses:

General and administrative expenses:

The increase in general and administrative expenses was primarily due to investments to support future growth, the timing of performance-based incentive compensation, and higher equity-based compensation, partially offset by costs associated with our CAVA Connect conference in the prior year quarter. As a percentage of revenue, general and administrative expenses decreased primarily due to leverage from higher sales, partially offset by investments to support future growth.

Depreciation and amortization:

The increase in depreciation and amortization was primarily driven by the addition of assets from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and technology improvements.

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Pre-opening costs:

The increase in pre-opening costs was due to a higher volume of new CAVA restaurants under construction and additional investments in new restaurant openings to support increased volumes.

Impairment and asset disposal costs:

The increase in impairment and asset disposal costs was primarily due to impairment charges related to certain operating lease assets and property and equipment, net.

Interest income, net:

The decrease in interest income, net, was due to lower interest rates on investments in fixed income debt securities and money market funds in the current year period, partially offset by higher balances in these investments.

Other income, net:

The increase in other income, net, was primarily due to the fair value change recognized on a convertible promissory note described in Item 1, Financial Statements, Note 3 (Investments).

Provision for (benefit from) income taxes:

The effective tax rate for the twenty-eight weeks ended July 12, 2026 was 23.2%, which includes a $4.2 million reduction to income tax expense associated with equity-based compensation. The effective tax rate for the twenty-eight weeks ended July 13, 2025 was not meaningful due to a $12.4 million reduction to income tax expense associated with equity-based compensation.

CAVA Segment Results

The following table summarizes the results of the CAVA segment:


	Twenty-Eight Weeks Ended
	July 12, 2026				July 13, 2025				Change
(in thousands)	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	799,825	100.0	%	$	606,731	100.0	%	$	193,094	31.8	%
Restaurant operating expenses (excluding depreciation and amortization)
Food, beverage, and packaging	235,914		29.5		178,434		29.4		57,480		32.2
Labor	203,952		25.5		154,058		25.4		49,894		32.4
Occupancy	52,922		6.6		43,199		7.1		9,723		22.5
Other operating expenses	104,373		13.0		75,473		12.4		28,900		38.3
Total restaurant operating expenses	597,161		74.7		451,164		74.4		145,997		32.4
Restaurant-level profit	$	202,664	25.3	%	$	155,567	25.6	%	$	47,097	30.3	%

CAVA Revenue:

The increase in CAVA Revenue was primarily due to a $137.7 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. In addition, the increase in CAVA Revenue was driven by an increase in Same Restaurant Sales of 9.4%, which consisted of a 6.1% increase from Guest Traffic and a 3.3% increase from menu price and product mix.

CAVA food, beverage, and packaging:

The increase in CAVA food, beverage, and packaging was primarily due to a $42.0 million increase from the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. The remainder of the increase was primarily due to an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA food, beverage, and packaging increased primarily due to input costs associated with the launch of our Pomegranate Glazed Salmon on April 20, 2026, partially offset by improved mix.

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CAVA labor:

The increase in CAVA labor was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. The remainder of the increase was primarily due to the impact of higher average hourly wages of approximately 3%, which includes the expansion of our Assistant General Manager role. As a percentage of CAVA Revenue, CAVA labor increased due to the aforementioned incremental wage investments, partially offset by the impact of higher sales.

CAVA occupancy:

The increase in CAVA occupancy was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025. As a percentage of CAVA Revenue, CAVA occupancy decreased primarily due to operating leverage associated with higher sales.

CAVA other operating expenses:

The increase in CAVA other operating expenses was primarily due to the 109 Net New CAVA Restaurant Openings during or subsequent to the twenty-eight weeks ended July 13, 2025 and an increase in Same Restaurant Sales of 9.4%. As a percentage of CAVA Revenue, CAVA other operating expenses increased due to a higher mix of third-party delivery and other individually insignificant items.

Other Results

The following table summarizes remaining activity related to CPG operations and the production of dips, spreads, and certain dressing bases used in CAVA restaurants:


	Twenty-Eight Weeks Ended
	July 12, 2026				July 13, 2025				Change
(in thousands)	$		% of Revenue		$		% of Revenue		$		%
Revenue	$	6,881	100.0	%	$	5,710	100.0	%	$	1,171	20.5	%
Food, beverage, and packaging	2,266		32.9		2,075		36.3		191		9.2
Other operating expenses	505		7.3		458		8.0		47		10.3

The increase in revenue noted above was primarily due to higher CPG sales. As a percentage of revenue, food, beverage, and packaging decreased primarily due to lower raw material input costs, partially offset by higher freight costs.

Non-GAAP Financial Measures

In addition to our consolidated financial statements, which are prepared in accordance with GAAP, we present Adjusted EBITDA and Adjusted EBITDA margin as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. We believe these non-GAAP financial measures assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our operating performance. Management believes Adjusted EBITDA and Adjusted EBITDA margin are useful to investors in highlighting trends in our operating performance, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Management uses Adjusted EBITDA and Adjusted EBITDA margin to supplement GAAP measures of performance in the evaluation of the effectiveness of our business strategies, to make budgeting decisions, and to compare our performance against that of other peer companies using similar measures. Management supplements GAAP results with non-GAAP financial measures to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone provide.

Adjusted EBITDA and Adjusted EBITDA margin are not recognized terms under GAAP and should not be considered as alternatives to net income or net income margin as measures of financial performance, or cash provided by operating activities as measures of liquidity, or any other performance measure derived in accordance with GAAP. Additionally, these measures are not intended to be measures of cash flow available for management’s discretionary use, as they do not consider certain cash requirements such as interest payments, tax payments, and debt service requirements. Because not all companies use identical calculations, the presentation of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company.

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Adjusted EBITDA and Adjusted EBITDA margin measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Some of these limitations are:

•Adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;

•Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

•Adjusted EBITDA does not reflect financing activities of our business;

•Adjusted EBITDA does not reflect period to period changes in taxes, income tax 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 and Adjusted EBITDA margin differently than we do, limiting their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and Adjusted EBITDA 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 Ended						Twenty-Eight Weeks Ended
(in thousands)	July 12, 2026			July 13, 2025			July 12, 2026			July 13, 2025
Net income	$	23,017		$	18,368		$	46,583		$	44,075
Non-GAAP Adjustments
Interest income, net	(3,293)			(3,581)			(7,375)			(8,198)
Provision for (benefit from) income taxes	7,561			5,332			14,034			(21)
Depreciation and amortization	20,966			16,815			46,432			37,626
Equity-based compensation	5,675			4,570			13,423			11,232
Other income, net	(439)			(474)			(1,139)			(501)
Impairment and asset disposal costs	1,229			1,074			3,947			2,741

Executive transition costs	—			—			545			—
Adjusted EBITDA	$	54,716		$	42,104		$	116,450		$	86,954

Revenue	$	368,436		$	280,615		$	806,706		$	612,441
Net income margin	6.2		%	6.5		%	5.8		%	7.2		%
Adjusted EBITDA margin	14.9		%	15.0		%	14.4		%	14.2		%

Additional Factors Affecting Our Business

In July 2026, U.S. public health authorities identified a multistate outbreak of cyclosporiasis associated with iceberg lettuce. No ingredients in our supply chain have been implicated in the outbreak; however, broader consumer concerns related to the outbreak have adversely impacted our revenue during the third quarter to date. While the impact appears to be moderating, the duration and extent of any remaining impact remain uncertain.

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate adequate amounts of cash to meet our current and expected future operating needs. Our expected primary uses of cash on a short- and long-term basis are for the expansion of our restaurant base, working capital, and other capital expenditures.

We believe that cash provided by operating activities and existing cash on hand, together with amounts available under our Credit Facility, will be sufficient to satisfy our anticipated cash requirements for the next twelve months and

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foreseeable future, including our expected capital expenditures for expansion of our CAVA restaurant base, operating lease obligations, and working capital requirements. Our sources of liquidity could be affected by general macroeconomic conditions, as well as tariff policy and geopolitical tensions between the United States and foreign countries, as well as the factors described under the section entitled “Risk Factors” in our 2025 Annual Report. Depending on the severity and direct impact of these factors on us, we may not be able to secure additional financing on acceptable terms, or at all.

Cash Overview

We had cash and cash equivalents of $322.8 million and $282.9 million as of July 12, 2026 and December 28, 2025, respectively. In addition, we had investments in fixed income debt securities of $112.8 million and $110.1 million as of July 12, 2026 and December 28, 2025, respectively. For the twenty-eight weeks ended July 12, 2026, our operations were funded from cash flows from operations.

Cash Flows

The following table summarizes our cash flows:


	Twenty-Eight Weeks Ended				Change
(in thousands)	July 12, 2026		July 13, 2025		$		%
Net cash provided by operating activities	$	134,520	$	98,895	$	35,625	36.0	%
Net cash used in investing activities	(97,548)		(177,419)		79,871		(45.0)
Net cash provided by financing activities	2,874		2,576		298		11.6
Net change in cash and cash equivalents	$	39,846	$	(75,948)	$	115,794	(152.5)	%

Operating Activities:

The increase in net cash provided by operating activities was primarily due to improved operating performance and favorable working capital changes primarily associated with performance-based incentive compensation.

Investing Activities:

The decrease in net cash used in investing activities was primarily due to launching an investment portfolio of fixed income debt securities in the first quarter of fiscal 2025 to optimize returns on our cash balance, partially offset by higher capital expenditures related to future new CAVA restaurant openings and an investment in a convertible promissory note described in Item 1, Financial Statements, Note 3 (Investments).

Financing Activities:

The increase in net cash provided by financing activities was primarily due to increased proceeds from shares purchased under equity plans, partially offset by fees associated with the refinancing of our credit agreement.

Material Cash Commitments

There have been no significant changes to the material cash commitments as disclosed in our 2025 Annual Report, other than those payments made in the ordinary course of business.

Credit Facility

Refer to Item 1, Financial Statements, Note 6 (Debt), for a description of our Credit Facility.

Critical Accounting Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are based on information available as of the date of the consolidated financial statements; therefore, actual results could differ from those estimates. We had no significant changes to our critical accounting estimates as described in our 2025 Annual Report.

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Recent Accounting Pronouncements

Refer to Item 1, Financial Statements, Note 1 (Nature of Operations and Basis of Presentation).

Item 3. Quantitative and Qualitative Disclosures About Market Risk

In the normal course of business, we are exposed to market risks, including commodity and food price risks, labor costs, effects of inflation, and interest rate risk. There have been no material changes to our exposure to market risks as described in our 2025 Annual Report.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of such date. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

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Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the quarter ended July 12, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Part II - Other Information

Item 1. Legal Proceedings

The information required with respect to this Part II, Item 1 can be found under Financial Statements, Note 9 (Commitments and Contingencies), to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in our 2025 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Adoption or Termination of 10b5-1 Trading Plans

During the twelve weeks ended July 12, 2026, no directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (each defined in Item 408 of Regulation S-K).

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Item 6. Exhibits


Exhibit Number	Exhibit Description	Filed Herewith



10.1	Separation Agreement and General Release by and between CAVA Holding Company and Kenneth R. Bertram, executed May 15, 2026 (incorporated by reference to Exhibit 10.1 to the C ompany ’s Quarterly Report on Form 10-Q filed on May 20, 2026).
10.2	Amended and Restated Executive Severance Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 24, 2026).
10.3	Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on August 3 , 2026).
31.1	Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	X
31.2	Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002	X
32.1 *	Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	X
32.2 *	Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002	X
101.INS	Inline XBRL Instance Document – the instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document	X
101.SCH	Inline XBRL Taxonomy Extension Schema Document	X
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document	X
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document	X
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document	X
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document	X
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)	X

X Filed Herewith

* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the Exchange Act.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on August 11, 2026.


CAVA GROUP, INC.


By:			/s/ Tricia Tolivar
			Name: Tricia Tolivar
			Title: Chief Financial Officer (duly authorized officer and principal financial officer)

CAVA Group - 10-Q quarterly report FY2026 Q2

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