CAVA Group Q3 2026 earnings review

Same-restaurant sales of 3.1% missed 3.6% consensus, a soft quarter.

CAVA Group · Q3 2026 · Published Nov 4, 2026 · By DeepCell AI · Sources

CAVA Group Q3 2026 earnings review

Quarter ended October 4, 2026

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · CAVA Group (CAVA) Q3 2026 earnings review

Same-restaurant sales of 3.1% missed 3.6% consensus, a soft quarter

  1. 1.Revenue rose 22.0% to $356.4M, 0.5% below Benzinga
  2. 2.Diluted EPS of $0.11 missed the $0.12 consensus
  3. 3.Restaurant-level margin fell 117 bps to 23.4%
  4. 4.FY26 same-restaurant sales guide raised to 6.0%–7.0%
  5. 5.Restaurant count rose to 500 with 24 net openings
  6. 6.Shares closed at $61.98 on Nov 4 and traded at $56.57 after hours

Note: After-hours price at 4:27 PM ET on Nov 4, not a close. No Q4 or FY26 consensus was found, so guidance is not scored.Source: CAVA Group Form 8-K, Nov 4, 2026; Benzinga via Yahoo Finance; Yahoo Finance prices, Nov 3–4, 2026

2

2 · Executive summary

Q3 missed on revenue, EPS and same-restaurant sales

Q3 2026 results vs. consensus (Benzinga via Yahoo Finance; MarketBeat, Nov 4, 2026)

MetricActualConsensusVarianceResult
Revenue (Benzinga)$356.4M$358.4M-$2.0M / -0.5%Miss
Diluted EPS (Benzinga)$0.11$0.12-$0.01 / -8.3%Miss
Same-restaurant sales (Benzinga)3.1%3.6%-50 bpsMiss
Revenue (MarketBeat)$356.4M$358.4M-$2.0M / -0.6%Miss
Diluted EPS (MarketBeat)$0.11$0.119-$0.009 / -7.9%Miss

Share price, Nov 3–4, 2026 (Yahoo Finance)

CAVA Group (NYSE)Nov 3 closeNov 4 closeAfter-hoursAfter-hours move
CAVA$60.31$61.98$56.57-8.7%

After-hours price at 4:27 PM ET on Nov 4, not a close. The move is versus the Nov 4 close.

Note: Reported EPS is rounded to the cent. MarketBeat is a cross-check.Source: CAVA Group Form 8-K, Nov 4, 2026; Benzinga via Yahoo Finance, Nov 4, 2026; MarketBeat; Yahoo Finance prices

3

3 · Q3 results vs. consensus

FY26 same-restaurant sales guide raised to 6.0%–7.0%, but margin guide trimmed

FY 2026 guidance, Aug 11 vs. Nov 4, 2026

MetricAug 11Nov 4Midpoint change
Net new openings75–7776–78+1.0
Same-restaurant sales4.5%–6.5%6.0%–7.0%+1.0%
Restaurant-level margin23.7%–24.3%23.7%–24.0%-0.2%
Pre-opening costs ($M)$22.0M–$22.5M$28.5M–$29.5M+$6.8M
Adjusted EBITDA ($M)$181M–$191M$184M–$189M+$0.5M

Q3 2026 reported, for comparison

MetricQ3 2025Q3 2026
Same-restaurant sales1.9%3.1%
Restaurant-level margin24.6%23.4%
Pre-opening costs ($M)$4.9M$8.4M

Note: Change is the Nov 4 midpoint less the Aug 11 midpoint. No FY26 consensus was found, so it is not scored.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

4

4 · FY 2026 guidance

Revenue rose 22.0% but net income fell 10.5%, a soft quarter

  1. Growth from new unitsRestaurants rose 20.5% to 500.
  2. Restaurant margin slippedRestaurant-level margin fell to 23.4% from 24.6%.
  3. Pre-opening costs rosePre-opening costs rose by $3.5M as openings sped up.

Key figures

$M unless notedQ3 2025Q3 2026YoY
Revenue$292.2M$356.4M22.0%
Restaurant-level profit$71.2M$82.7M16.2%
Income from operations$17.1M$15.0M(12.4%)
Net income$14.7M$13.2M(10.5%)
Adjusted EBITDA$40.0M$42.3M5.7%

Note: Quarters are 12 weeks. Restaurant-level profit and Adjusted EBITDA are CAVA’s own measures.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

5

5 · Q3 key financials

6 · Restaurant costs

Revenue added $63.9M, but costs took $52.4M of it

Restaurant-level profit bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $71M$M · CAVA revenue: $64M$M · Food: -$19M$M · Labor: -$18M$M · Occupancy: -$4M$M · Other: -$11M$M · Q3 2026: $83MQ3 2025CAVArevenueFoodLaborOccupancyOtherQ3 2026$0.0M$50.0M$100.0M$160.0M$71M$64M-$19M-$18M-$4M-$11M$83M
Labor took $18.3M of the increase

Note: Cost steps are shown as reductions to restaurant-level profit.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

7

7 · Restaurant-level profit bridge

24 net openings lifted the count to 500 restaurants

Restaurant footprint and productivity

Q3 2026 unless noted

MetricQ3 2025Q3 2026
CAVA restaurants, end of quarter415500
Net new openings1724
Average unit volume ($M)$2.94M$3.11M
Restaurant operating weeks4,8815,798
Same-restaurant sales1.9%3.1%
Digital mix was 38.5% of CAVA revenue

Note: AUV uses the trailing thirteen periods, as CAVA defines it.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

8

8 · Unit growth

Net income fell $1.5M to $13.2M, on lower operating income

GAAP net income bridge

$M, Q3 2025 to Q3 2026

$M · Q3 2025: $15M$M · Operating income: -$2M$M · Interest: -$0M$M · Other income: $0M$M · Income tax: $0M$M · Q3 2026: $13MQ3 2025OperatingincomeInterestOtherincomeIncome taxQ3 2026$0.0M$5.0M$10.0M$16.0M$15M-$2M-$0M$0M$0M$13M
Pre-opening costs rose to $8.4M

Note: Income tax step is the change in the tax provision, shown as a reduction.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

9

9 · Net income bridge

Restaurant-level margin fell 117 bps to 23.4%, a step down

Margins

%, Q3 2025 vs. Q3 2026

Restaurant-level margin · Q3 2025: 24.6%Restaurant-level margin · Q3 2026: 23.4%Adjusted EBITDA margin · Q3 2025: 13.7%Adjusted EBITDA margin · Q3 2026: 11.9%Operating margin · Q3 2025: 5.9%Operating margin · Q3 2026: 4.2%Q3 2025Q3 20260%10%20%30%24.6%23.4%13.7%11.9%5.9%4.2%
Adjusted EBITDA margin fell 183 bps to $42.3M

Note: Restaurant-level margin is to CAVA revenue; other margins are to total revenue.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

10

10 · Margin analysis

Year-to-date free cash flow rose 59.3% to $37.1M

Operating cash flow to free cash flow

$M, 40 weeks to Oct 4, 2026

$M · Operating cash flow: $182M$M · Capex: -$145M$M · Free cash flow: $37MOperating cash flowCapexFree cash flow$0.0M$50.0M$100.0M$150.0M$200.0M$182M-$145M$37M
Capex rose 19.2% with new openings

Note: FCF is operating cash flow less purchases of property and equipment, as CAVA defines it. Quarterly cash flow is not reported.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

11

11 · Free cash flow

12 · Cost ratios

13 · Balance sheet

FY26 guide needs a 23.7% to 24.0% restaurant margin after a 23.4% Q3

Indicator
What to watch
Implication
Latest reading
Same-restaurant sales
Q4 traffic
FY guide 6.0%–7.0%
Q3 3.1%
Labor cost
Margin pressure
Largest cost increase
26.0% of CAVA revenue
Pre-opening costs
Profit drag
Guide raised
$8.4M in Q3
Unit openings
Execution
Pace of new units
24 net openings in Q3

Note: These are analytical watch points, not company targets.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: profit and margin detail

ClaimEvidenceCalculation
Operating margin5.9% to 4.2%Income from operations to revenue
Net margin5.0% to 3.7%Net income to revenue
Effective tax rate28.6% to 29.3%Tax provision to pretax income
Pretax income fell$20.7M to $18.7MStatements of operations
Interest income was flat$3.6M to $3.5MStatements of operations
Diluted shares118.3M to 118.3MWeighted average

Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

15

15 · Appendix: Profit detail

Appendix: Adjusted EBITDA items

ClaimEvidenceCalculation
Depreciation and amortization$17.6M to $21.3MLargest add-back
Equity-based compensation$3.3M to $4.5MAdded back
Impairment and disposals$1.2M to $1.6MAdded back
Executive transition costs$0.8M to $0.0MNone this quarter
G&A to revenue10.8% to 10.7%GAAP, including equity pay

G&A is general and administrative. Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

16

16 · Appendix: EBITDA items

17 · Appendix: Cash detail

18 · Appendix: Balance sheet

Appendix: cost and Adjusted EBITDA detail

Restaurant costs, $M and YoY %

$M unless notedQ3 2025Q3 2026YoY
Food and packaging$87.2M$106.1M21.7%
Labor$73.8M$92.1M24.8%
G&A$31.5M$38.1M20.9%
Restaurant-level profit$71.2M$82.7M16.2%

Net income to Adjusted EBITDA, $M

$MQ3 2025Q3 2026
Net income$14.7M$13.2M
Provision for income taxes$5.9M$5.5M
Depreciation and amortization$17.6M$21.3M
Equity-based compensation$3.3M$4.5M
Adjusted EBITDA$40.0M$42.3M

Note: G&A is general and administrative. Other EBITDA items are interest income, other income, impairment and executive transition costs.Source: CAVA Group Form 8-K, Nov 4, 2026; analysis of company data

19

19 · Appendix: Costs and EBITDA

Appendix: sources

  • Filing: CAVA Group Form 8-K, Nov 4, 2026 (accepted 4:13 PM ET) — https://www.sec.gov/Archives/edgar/data/1639438/000162828026070159/0001628280-26-070159-index.htm
  • Press release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1639438/000162828026070159/earningsrelease2026q3.htm
  • Q3 consensus: Benzinga via Yahoo Finance, Nov 4, 2026, 1:12 PM ET — https://finance.yahoo.com/markets/stocks/articles/cava-earnings-preview-kalshi-traders-181236144.html
  • Q3 consensus check: MarketBeat — https://www.marketbeat.com/stocks/NYSE/CAVA/earnings/
  • Share price: Yahoo Finance CAVA, Nov 3 and Nov 4 closes and Nov 4 after-hours (4:27 PM ET) — https://finance.yahoo.com/quote/CAVA/
  • Prior FY26 guidance: CAVA Q2 2026 release, Aug 11, 2026 (as restated in the Nov 4 release).
  • Fiscal calendar: Q3 2026 is the 12 weeks ended Oct 4, 2026; Q3 2025 the 12 weeks ended Oct 5, 2025.
  • No Q4 or FY26 consensus was found, so guidance is not scored. No LSEG consensus was found.
  • Times are US Eastern. The after-hours price is not a close.

Built with DeepCell / deepcell.net

20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from CAVA Group's Form 8-K of November 4, 2026 (Exhibit 99.1). Consensus estimates (Benzinga, MarketBeat) and share prices (Yahoo Finance) are third-party data, credited on the sources page. We have not independently verified third-party data.

Basis of presentation. Figures are as reported for the twelve weeks ended October 4, 2026 and October 5, 2025, in US dollars.

Forward-looking statements. Company guidance, consensus estimates and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Non-GAAP measures. Adjusted EBITDA, restaurant-level profit and free cash flow follow CAVA's own definitions and are reconciled in its release. They may not be comparable with other companies' measures.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by CAVA Group, Inc. Company and brand names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on the evening of November 4, 2026, US Eastern time.

Built with DeepCell / deepcell.net

21

21 · Disclosures

Sources

Not investment advice; no rating or price target.

Built in DeepCell Every figure on these slides opens its formula and its source. See how a review like this is made.

Share this review

Send the link: it opens with the picture below, and every number on the page still opens its formula and source. The picture is free to download and share.

Post on XShare on LinkedIn

More earnings reviews

All earnings reviews