Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Sweetgreen, 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
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Revenue
221
340
470
584
677
679
Cost of revenue
229
299
401
482
544
576
Gross profit
-8.7
40.4
69.3
102
133
104
Research and development
2
1.2
1.2
1
General and administrative
99.1
125
187
147
150
143
Operating expenses
133
175
263
224
229
243
Operating income
-142
-134
-193
-122
-95.7
-139
Interest expense
0.4
0.09
0.08
0.13
0.26
0.02
Interest income
1.02
0.45
5.14
12.9
10.9
6.55
Other non-operating income
-0.25
-19
-0.82
-3.48
-6.66
-1.23
Pre-tax income
-141
-153
-189
-113
-91.7
-134
Income tax
0
0.15
1.35
0.38
-1.3
0.05
Net income
-141
-153
-190
-113
-90.4
-134
EBITDA
-115
-98.9
-147
-62.9
-28.4
-67.8
EPS, basic
-8.80
-5.51
-1.73
-1.01
-0.79
-1.14
EPS, diluted
-8.80
-5.51
-1.73
-1.01
-0.79
-1.14
Shares, basic (weighted)
16.1
27.8
110
112
114
118
Shares, diluted (weighted)
16.1
27.8
110
112
114
118
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
103
472
332
257
215
89.2
Receivables
2.64
3.24
3.5
5.03
5.17
Inventory
0.9
1.38
2.07
1.99
2.38
Other current assets
0.16
1.65
7.45
4.79
1.03
Total current assets
507
346
276
235
130
Property, plant and equipment
181
235
267
296
327
Lease right-of-use assets
0
254
244
257
284
Goodwill
6.28
36
36
36
36
27.8
Intangible assets
32.9
30.6
27.4
24
10.4
Other non-current assets
0
4.77
4.22
3.84
3.34
Total assets
763
909
857
857
788
Accounts payable
11.2
12.2
17.4
18.7
19.9
Accrued liabilities
16.3
22.1
20.8
26.6
33.7
Deferred revenue
1.84
2.02
2.8
4.41
7.18
Total current liabilities
47.5
72.5
91.6
116
119
Lease liabilities
0
271
271
289
313
Other non-current liabilities
0.5
1.35
0.82
0.17
0.15
Total liabilities
110
368
374
411
432
Paid-in capital
1,129
1,213
1,267
1,321
1,365
Retained earnings
-476
-672
-785
-875
-1,009
Shareholders' equity
-307
653
541
483
446
356
Total equity
-307
653
541
483
446
356
Total liabilities and equity
763
909
857
857
788
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-141
-153
-190
-113
-90.4
-134
Depreciation and amortization
26.9
35.5
46.5
59.5
67.3
71.5
Stock-based compensation
4.91
28.9
78.7
49.5
39
36.5
Deferred income tax
0
0.13
1.29
0.36
-1.41
-0.09
Change in receivables
1.3
-1.56
-0.6
-0.26
-1.53
-0.13
Change in inventory
0.21
-0.28
-0.48
-0.69
0.08
-0.4
Change in payables
0.96
3.05
-4.55
9.87
0.76
1.19
Cash from operations
-90.4
-64.5
-43.2
26.5
43.4
-12.7
Capital expenditures
-48.1
-84.5
-96.9
-89.7
-84.5
-106
Acquisitions
-0.79
-3.34
0
0
Cash from investing
-58.4
-97.5
-102
-95.7
-92.2
-114
Stock issued
2.15
26
4.76
5.39
12.8
3.12
Cash from financing
2.15
532
4.63
-5.2
8.9
2.86
Net change in cash
-147
370
-141
-74.4
-39.9
-124
Free cash flow
-138
-149
-140
-63.2
-41.1
-119
Interest paid
0.38
0
0
0.05
0.18
0.02
Income taxes paid
-0.07
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $8.24 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
11.7%
Gross profit / revenue.
Operating margin
-21.4%
Operating income / revenue.
EBITDA margin
-10.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
2.2%
Pre-tax income / revenue.
Net margin
2.0%
Net income / revenue.
FCF margin
-17.1%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-4.1%
Cash from operations / revenue.
Effective tax rate
10.6%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
2.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
1.5%
Net income / average total assets.
Return on invested capital (ROIC)
-40.2%
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%.
Stock-based pay / revenue
4.3%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
13.0%
Capital expenditures / revenue.
D&A / revenue
10.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
0.4%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
13.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
25.2%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-22.1%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
14.3%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y
-129.3%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
-20.2%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-13.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-8.0%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-4.6%
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
3.2%
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
2.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
49.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.43x
Current assets / current liabilities.
Quick ratio
1.30x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
1.25x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
FCF conversion
-850.8%
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.12
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.
Revenue per share
$5.73
Revenue / diluted weighted shares.
FCF per share
-$0.98
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.23
Cash from operations / diluted weighted shares.
Book value per share
$3.93
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
71.8x
Market cap / net income. Only when net income is positive.
P/S
1.44x
Market cap / revenue.
P/B
2.10x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
2.28x
Market cap / tangible book value, when positive.
EV/Sales
1.23x
Enterprise value / revenue.
FCF yield
-11.9%
Free cash flow / market cap.
Earnings yield
1.4%
Net income / market cap (the inverse of P/E).
What was Sweetgreen, Inc.'s revenue in fiscal 2025?
Sweetgreen, Inc. reported revenue of $679.5M for fiscal 2025, 0.4% higher than the year before.
Was Sweetgreen, Inc. profitable in fiscal 2025?
No. It reported a net loss of $134.1M.
How much free cash flow did Sweetgreen, Inc. generate in fiscal 2025?
Cash from operations of $12.7M minus capital expenditures of $106.5M left free cash flow of -$119.2M.
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.