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Restaurants · Consumer Cyclical · Fiscal year ends Dec 27
CAVA reported revenue of $1.2B in the fiscal year ended Dec 2025, up 22.4% from the year before. Operating income was $55M, an operating margin of 4.7%, and net income was $64M. Operating cash flow of $185M less capital expenditure of $159M left free cash flow of $26M.
Ranks among the 15 restaurants companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 500 | 564 | 729 | 964 | 1,180 |
| Cost of revenue | 418 | 466 | 548 | 722 | 889 |
| Gross profit | 82.2 | 98.0 | 180 | 242 | 290 |
| Selling, general & admin | 64.8 | 70.0 | 101 | 121 | 137 |
| Operating income | −52.8 | −59.8 | 4.7 | 43.1 | 55.3 |
| Net interest incomeBanks | −4.8 | −0.0 | 8.9 | – | – |
| Pre-tax income | −37.3 | −58.9 | 14.0 | 59.9 | 70.8 |
| Income tax | 0.1 | 0.1 | 0.8 | −70.4 | 7.1 |
| Net income | −37.4 | −59.0 | 13.3 | 130 | 63.7 |
| Diluted EPS | −51.06 | −44.41 | 0.21 | 1.10 | 0.54 |
| Diluted shares | 0.7 | 1.3 | 63.4 | 118 | 118 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 140 | 39.1 | 332 | 366 | 283 |
| Receivables | – | 2.8 | 3.7 | 4.8 | 6.3 |
| Inventory | – | 5.1 | 5.6 | 7.6 | 9.0 |
| Current assets | – | 58.2 | 355 | 394 | 431 |
| Net PP&E | – | 243 | 331 | 373 | 458 |
| Goodwill | – | 1.9 | 1.9 | 1.9 | 1.9 |
| Total assets | – | 584 | 984 | 1,170 | 1,360 |
| Payables | – | 14.3 | 17.2 | 25.6 | 37.5 |
| Deferred revenue | – | 3.3 | 4.1 | 6.7 | 6.8 |
| Current liabilities | – | 84.3 | 109 | 133 | 163 |
| Total liabilities | – | 370 | 413 | 474 | 580 |
| Shareholders' equity | −393 | −449 | 571 | 696 | 780 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 3.4 | 6.0 | 97.1 | 161 | 185 |
| Capital expenditure | 56.3 | 104 | 139 | 108 | 159 |
| Free cash flow | −52.9 | −98.1 | −41.7 | 52.9 | 26.1 |
| Depreciation & amortisation | 44.5 | 42.7 | 47.4 | 60.4 | 73.7 |
| Stock-based compensation | 5.4 | 3.8 | 9.4 | 13.6 | 15.2 |
| Share buybacks | 7.7 | 0.9 | 3.1 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 12.8% | 29.2% | 32.3% | 22.4% |
| Operating income growth (YoY) | – | – | – | 812.6% | 28.2% |
| EPS growth (YoY) | – | – | – | 423.8% | −50.9% |
| Gross margin | 16.4% | 17.4% | 24.7% | 25.1% | 24.6% |
| Operating margin | −10.5% | −10.6% | 0.6% | 4.5% | 4.7% |
| Net margin | −7.5% | −10.5% | 1.8% | 13.5% | 5.4% |
| Return on equityBlank when equity is negative | – | – | 2.3% | 18.7% | 8.2% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −12.0% | 0.5% | 4.2% | 4.6% |
| Free cash flow margin | −10.6% | −17.4% | −5.7% | 5.5% | 2.2% |
| Cash conversion (CFO ÷ net income) | −0.09x | −0.10x | 7.31x | 1.24x | 2.90x |
| Receivable days | – | 2 | 2 | 2 | 2 |
| Inventory days | – | 4 | 4 | 4 | 4 |
| Payable days | – | 11 | 11 | 13 | 15 |
| Current ratio | – | 0.69x | 3.25x | 2.97x | 2.65x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.