Q4 2025 CAVA Group Inc Earnings Call Transcript
Key Points
- Cava Group Inc (CAVA) achieved a milestone year in 2025, surpassing $1 billion in revenue for the first time.
- The company opened 72 net new restaurants in 2025, ending the year with 439 locations, and plans to continue expansion in 2026.
- Cava Group Inc (CAVA) reported a 22.5% increase in revenue for the full year 2025, with a 63.1% increase over the last two years.
- The company introduced a tiered loyalty program that has strengthened engagement and increased customer frequency.
- Cava Group Inc (CAVA) has no debt and maintains strong liquidity with $393 million in cash and investments.
- Cava Group Inc (CAVA) experienced a 50 basis point increase in food, beverage, and packaging costs due to tariffs and limited-time offerings.
- The company anticipates a margin rate headwind of approximately 100 basis points with the introduction of salmon in 2026.
- Preopening expenses increased by $1.9 million in the fourth quarter of 2025 due to a higher number of units under construction.
- General and administrative expenses increased slightly due to investments to support future growth.
- Cava Group Inc (CAVA) expects low single-digit inflation in food, beverage, and packaging costs, as well as labor inflation in 2026.
Good afternoon, ladies and gentlemen, and welcome to the CAVA Q4 and full year 2025 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, February 24, 2026.
I would now like to turn the conference over to Matt Milanovich, SVP Finance. Please go ahead.
Good afternoon, and welcome to CAVA's fourth-quarter and Full Year 2025 Financial Results Conference Call. Before we begin, if you do not already have a copy, the earnings release and related 8-K furnished to the SEC are available on our website at investor.cava.com. The purpose of this conference call is to give investors further details regarding the company's financial results as well as a general update on the company's progress.
You will find reconciliations of any non-GAAP financial measure discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP to the extent available without unreasonable efforts in today's earnings release and
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