CAVA (CAVA) financial statements
CAVA reported revenue of $1.2B in fiscal 2025, up 23.9% a year over 4 years.
Net income was $64M and the operating margin 4.7%, against -10.5% in 2021.
Free cash flow was $26M.
The diluted share count rose 16058% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CAVA's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $500M | $564M | $729M | $964M | $1.2B |
| Cost of revenue | $418M | $466M | $548M | $722M | $889M |
| Gross profit | $82M | $98M | $180M | $242M | $290M |
| Selling, general and admin | $65M | $70M | $101M | $120M | $137M |
| Operating income | -$53M | -$60M | $5M | $43M | $55M |
| Pre-tax income | -$37M | -$59M | $14M | $60M | $71M |
| Income tax | $117,000 | $93,000 | $768,000 | -$70M | $7M |
| Net income | -$37M | -$59M | $13M | $130M | $64M |
| EPS (diluted) | -$51.06 | -$44.41 | $0.21 | $1.10 | $0.54 |
| Diluted shares | 1M | 1M | 63M | 118M | 118M |
| 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% |
Balance sheet
Fiscal years, from CAVA's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash and short-term investments | $140M | $39M | $332M | $366M | $283M |
| Receivables | — | $3M | $4M | $5M | $6M |
| Inventory | — | $5M | $6M | $8M | $9M |
| Total current assets | — | $58M | $355M | $394M | $431M |
| Property, plant and equipment | — | $243M | $331M | $373M | $458M |
| Goodwill | — | $2M | $2M | $2M | $2M |
| Total assets | — | $584M | $984M | $1.2B | $1.4B |
| Total current liabilities | — | $84M | $109M | $133M | $163M |
| Total liabilities | — | $370M | $413M | $474M | $580M |
| Shareholders' equity | -$393M | -$449M | $571M | $696M | $780M |
| Net debt | -$140M | -$39M | -$332M | -$366M | -$283M |
Cash flow
Fiscal years, from CAVA's 10-K filings with the SEC.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3M | $6M | $97M | $161M | $185M |
| Capital spending | $56M | $104M | $139M | $108M | $159M |
| Free cash flow | -$53M | -$98M | -$42M | $53M | $26M |
| Stock-based compensation | $5M | $4M | $9M | $14M | $15M |
| Share buybacks (net) | -$8M | -$911,000 | -$3M | — | — |
| Net borrowing | $0 | $0 | $0 | $0 | $0 |
| Free cash flow margin | -10.6% | -17.4% | -5.7% | 5.5% | 2.2% |
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Open CAVA in InvestinglyQuestions
What was CAVA's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does CAVA generate?
$26M in fiscal 2025 (operating cash flow minus capital spending).
From CAVA's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.