Mediterranean fast-casual restaurant chain CAVA Group Inc (NYSE:CAVA) reported financial results for the first quarter after the market close on Tuesday. Here’s a look at the key details from the print.
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CAVA Q1 Earnings Highlights
Cava posted first-quarter revenue of $438.27 million, beating the consensus estimate of $411.25 million, according to Benzinga Pro. The company reported adjusted earnings of 20 cents per share, beating analyst estimates of 17 cents per share.
Total revenue was up 32.2% year-over-year on same restaurant sales growth of 9.7%, primarily driven by guest traffic growth of 6.8%.
The company opened 20 new restaurants during the first quarter, bringing total locations up to 459, up 20.2% year-over-year. Cava ended the period with $295.77 million in cash and cash equivalents.
“These results, which include the lap of strong prior year comparisons, speak to the structural strength of our business, the resonance of our compelling value proposition, and our position as the dominant leader in Mediterranean – all of which fuel our confidence to sustain this momentum going forward,” said Brett Schulman, co-founder and CEO of Cava Group.
Cava expects fiscal 2026 same-restaurant sales growth to be between 4.5% and 6.5%, up from prior guidance of 3% to 5%. The company also raised its adjusted EBITDA guidance from a range of $176 million to $184 million to a new range of $181 million to $191 million. Cava said it expects to open between 75 and 77 new restaurants this year.
Cava’s management team will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
CAVA Stock Rises After The Close
CAVA Price Action: Cava shares were up 6.18% in after-hours, trading at $82.95 at the time of publication on Tuesday, according to Benzinga Pro.
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