CAVA GROUP, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 5 fiscal years, taken from the XBRL data CAVA GROUP, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Revenue	500	564	729	964	1,180
Cost of revenue	418	466	548	722	889
Gross profit	82.2	98	180	242	290
Selling, general and administrative	64.8	70	101	121	137
Selling and marketing	7.2	7.1	6.1	8.8	14.4
General and administrative	64.8	70	101	121	137
Operating income	-52.8	-59.8	4.73	43.1	55.3
Other non-operating income	20.3	0.92	0.47	0.32	0.47
Pre-tax income	-37.3	-58.9	14	59.9	70.8
Income tax	0.12	0.09	0.77	-70.4	7.06
Net income	-37.4	-59	13.3	130	63.7
EBITDA	-8.21	-17	52.2	103	129
EPS, basic	-51.06	-44.41	0.22	1.14	0.55
EPS, diluted	-51.06	-44.41	0.21	1.10	0.54
Shares, basic (weighted)	0.73	1.33	60.5	114	116
Shares, diluted (weighted)	0.73	1.33	63.4	118	118

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025
Cash and equivalents	140	39.1	332	366	283
Receivables		2.83	3.66	4.8	6.32
Inventory		5.14	5.64	7.6	9.02
Other current assets		6.15	4.96	7.44	10
Total current assets		58.2	355	394	431
Property, plant and equipment		243	331	373	458
Lease right-of-use assets		274	289	322	389
Goodwill		1.94	1.94	1.94	1.94
Intangible assets		1.38	1.36	1.36	1.78
Other non-current assets		5.55	5.37	5.95	12.9
Total assets		584	984	1,170	1,360
Accounts payable		14.3	17.2	25.6	37.5
Accrued liabilities		40.5	59.2	69.8	76.6
Deferred revenue		3.27	4.1	6.74	6.78
Total current liabilities		84.3	109	133	163
Lease liabilities		285	304	341	418
Other non-current liabilities		0.54	0.23	0
Total liabilities		370	413	474	580
Paid-in capital		19.1	1,028	1,047	1,068
Retained earnings		-461	-448	-317	-254
Treasury stock		-6.62	-9.73	-34.4	-34.4
Other comprehensive income				0	0.12
Shareholders' equity	-393	-449	571	696	780
Total equity	-393	-449	571	696	780
Total liabilities and equity		584	984	1,170	1,360
Shares outstanding		1.41	114	115	116

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025
Net income	-37.4	-59	13.3	130	63.7
Depreciation and amortization	44.5	42.7	47.4	60.4	73.7
Stock-based compensation	5.35	3.8	9.36	13.6	15.2
Deferred income tax	0	0.01	0.05	-71.6	6.1
Change in receivables	0.45	-0.05	-0.84	-1.14	-1.53
Change in inventory	-1.16	-1.5	-0.5	-1.96	-1.42
Change in payables	-0.56	0.34	2.55	8.9	9.43
Cash from operations	3.39	6.04	97.1	161	185
Capital expenditures	-56.3	-104	-139	-108	-159
Purchases of investments			0	0	-135
Cash from investing	-56.3	-104	-139	-108	-273
Debt issued	0	0	6	0	0
Debt repaid	0	0	-6	0	0
Share buybacks	-7.69	-0.91	-3.11
Cash from financing	143	-3.08	335	-19.2	5
Net change in cash	90.2	-101	293	33.7	-83.2
Free cash flow	-52.9	-98.1	-41.7	52.9	26.1
Interest paid	0.77	0.16	0.33	0.21	0.16
Income taxes paid	0.21	0.52	0.12	2.53	1.67

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $51.58 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	24.6%	Gross profit / revenue.
Operating margin	4.7%	Operating income / revenue.
EBITDA margin	10.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.0%	Pre-tax income / revenue.
Net margin	5.4%	Net income / revenue.
FCF margin	2.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.7%	Cash from operations / revenue.
Effective tax rate	10.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Return on invested capital (ROIC)	12.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	11.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.5%	Capital expenditures / revenue.
D&A / revenue	6.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	20.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	43.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	28.2%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	24.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-51.1%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-50.9%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	14.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	212.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-50.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	12.1%	Book value vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	16.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	32.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	346.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.65x	Current assets / current liabilities.
Quick ratio	1.78x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.74x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	42.7%	Total liabilities / total assets.
Working capital	$268.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$775.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.93x	Revenue / average total assets.
Fixed asset turnover	2.84x	Revenue / average property, plant and equipment.
Inventory turnover	107x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	212x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
Days payables	13 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-8 days	Days inventory + days sales outstanding - days payables.
FCF conversion	41.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	85.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.54	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.55	Net income per basic share, as reported (split-adjusted).
Revenue per share	$9.97	Revenue / diluted weighted shares.
FCF per share	$0.22	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.56	Cash from operations / diluted weighted shares.
Book value per share	$6.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.68	Tangible book value / shares outstanding.
Cash per share	$2.44	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.02B	Share price x shares outstanding.
Enterprise value	$5.74B	Market cap + total debt - cash - short-term investments.
P/E	94.5x	Market cap / net income. Only when net income is positive.
P/S	5.11x	Market cap / revenue.
P/B	7.73x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	7.76x	Market cap / tangible book value, when positive.
P/FCF	230x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	32.6x	Market cap / cash from operations, when positive.
EV/Sales	4.87x	Enterprise value / revenue.
EV/EBIT	104x	Enterprise value / operating income, when both are positive.
EV/EBITDA	44.5x	Enterprise value / EBITDA, when both are positive.
EV/FCF	220x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.4%	Free cash flow / market cap.
Earnings yield	1.1%	Net income / market cap (the inverse of P/E).

What was CAVA GROUP, INC.'s revenue in fiscal 2025?

CAVA GROUP, INC. reported revenue of $1.18B for fiscal 2025, 22.4% higher than the year before.

Was CAVA GROUP, INC. profitable in fiscal 2025?

Yes. Net income was $63.7M, a net margin of 5.4%.

How much free cash flow did CAVA GROUP, INC. generate in fiscal 2025?

Cash from operations of $184.8M minus capital expenditures of $158.7M left free cash flow of $26.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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