Cava (stylized in all caps as CAVA) is an American Mediterranean fast casual restaurant chain with locations across the United States. Cava is owned by the publicly traded Cava Group, which purchased Zoës Kitchen in August 2018. The combined company is the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry.3Wikipedia text CC BY-SA 4.0
Cava (stylized in all caps as CAVA) is an American Mediterranean fast casual restaurant chain with locations across the United States. Cava is owned by the publicly traded Cava Group, which purchased Zoës Kitchen in August 2018. The combined company is the largest restaurant operator in the Mediterranean category in the U.S. restaurant industry. Cava also produces a line of Mediterranean cava dips, spreads, and dressings that are sold in grocery stores across the US. As of May 2023, all Zoës Kitchen restaurants have been closed or replaced by Cava restaurants.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue9108$1.2B in 2025+136% since 2021Gross profit9$180.3M in 2023+120% since 2021Operating income9108$55.3M in 2025Net income9108$63.7M in 2025
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$1.2B
$963.7M
$728.7M
Food, beverage, and packaging
$352.8M
$284.7M
$213.5M
Labor
$301.9M
$247.5M
$187.3M
Occupancy
$83.6M
$69.9M
$58.3M
Other operating expenses
$151.0M
$119.8M
$89.3M
Total restaurant operating expenses
$889.2M
$721.9M
$548.4M
General and administrative expenses
$137.5M
$120.5M
$101.5M
Depreciation and amortization
$73.7M
$60.4M
$47.4M
Restructuring and other costs
$0
$580.0K
$6.1M
Pre-opening costs
$19.1M
$12.2M
$15.7M
Impairment and asset disposal costs
$4.9M
$5.1M
$4.9M
Total operating expenses
$1.1B
$920.6M
$724.0M
Income from operations
$55.3M
$43.1M
$4.7M
Interest income, net
-$15.0M
-$16.5M
-$8.9M
Other income, net
-$469.0K
-$318.0K
-$471.0K
Income before taxes
$70.8M
$59.9M
$14.0M
Provision for (benefit from) income taxes
$7.1M
-$70.4M
$768.0K
Net income
$63.7M
$130.3M
$13.3M
Basic (in usd per share)
$0.55
$1.14
$0.22
Diluted (in usd per share)
$0.54
$1.10
$0.21
Basic (in shares)
115.8M shares
114.3M shares
60.5M shares
Diluted (in shares)
118.3M shares
118.3M shares
63.4M shares
No quarter-by-quarter statement was filed.
Total assets9108$1.4B in 2025+133% since 2022Total liabilities9108$580.4M in 2025+57% since 2022Shareholders’ equity9108$779.7M in 2025Cash9108$282.9M in 2025+465% since 2020
Total assets1211$1.5B in Q2 FY2026+10% since Q1 FY2025Total liabilities1211$658.5M in Q2 FY2026+13% since Q1 FY2025Shareholders’ equity1211$841.3M in Q2 FY2026+8% since Q1 FY2025Cash1211$322.8M in Q2 FY2026+14% since Q1 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$282.9M
$366.1M
Trade accounts receivable, net
$6.3M
$4.8M
Other accounts receivable
$12.7M
$8.2M
Investments at fair value (amortized cost of $109,951)
$110.1M
$0
Inventories
$9.0M
$7.6M
Prepaid expenses and other
$10.0M
$7.4M
Total current assets
$431.1M
$394.2M
Property and equipment, net
$457.5M
$372.9M
Operating lease assets
$389.4M
$321.8M
Goodwill
$1.9M
$1.9M
Intangible assets, net
$1.8M
$1.4M
Deferred income taxes
$65.4M
$71.5M
Other long-term assets
$12.9M
$5.9M
Total assets
$1.4B
$1.2B
Accounts payable
$37.5M
$25.6M
Accrued expenses and other
$76.6M
$69.8M
Operating lease liabilities, current
$48.5M
$37.2M
Total current liabilities
$162.7M
$132.6M
Operating lease liabilities
$417.7M
$341.5M
Total liabilities
$580.4M
$474.1M
Common stock, par value $0.0001 per share; 2,500,000 authorized; 116,127 and 115,093 issued and outstanding, respectively
$12.0K
$12.0K
Treasury stock, at cost; 1,431 shares
-$34.4M
-$34.4M
Additional paid-in capital
$1.1B
$1.0B
Accumulated deficit
-$253.6M
-$317.3M
Accumulated other comprehensive income
$118.0K
$0
Total stockholders equity
$779.7M
$695.6M
$570.8M
-$448.5M
Total liabilities and stockholders equity
$1.4B
$1.2B
Investments, amortized cost
$110.0M
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
2.5B shares
2.5B shares
Common stock, shares issued (in shares)
116.1M shares
115.1M shares
Common stock, shares outstanding (in shares)
116.1M shares
115.1M shares
Treasury stock (in shares)
1.4M shares
1.4M shares
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$282.9M
$366.1M
Trade accounts receivable, net
$6.3M
$4.8M
Other accounts receivable
$12.7M
$8.2M
Investments at fair value (amortized cost of $109,951)
$110.1M
$0
Inventories
$9.0M
$7.6M
Prepaid expenses and other
$10.0M
$7.4M
Total current assets
$431.1M
$394.2M
Property and equipment, net
$457.5M
$372.9M
Operating lease assets
$389.4M
$321.8M
Goodwill
$1.9M
$1.9M
Intangible assets, net
$1.8M
$1.4M
Deferred income taxes
$65.4M
$71.5M
Other long-term assets
$12.9M
$5.9M
Total assets
$1.4B
$1.2B
Accounts payable
$37.5M
$25.6M
Accrued expenses and other
$76.6M
$69.8M
Operating lease liabilities, current
$48.5M
$37.2M
Total current liabilities
$162.7M
$132.6M
Operating lease liabilities
$417.7M
$341.5M
Total liabilities
$580.4M
$474.1M
Common stock, par value $0.0001 per share; 2,500,000 authorized; 116,127 and 115,093 issued and outstanding, respectively
$12.0K
$12.0K
Treasury stock, at cost; 1,431 shares
-$34.4M
-$34.4M
Additional paid-in capital
$1.1B
$1.0B
Accumulated deficit
-$253.6M
-$317.3M
Accumulated other comprehensive income
$118.0K
$0
Total stockholders equity
$779.7M
$695.6M
$570.8M
-$448.5M
Total liabilities and stockholders equity
$1.4B
$1.2B
Investments, amortized cost
$110.0M
Common stock, par value (in usd per share)
$0.00
$0.00
Common stock, shares authorized (in shares)
2.5B shares
2.5B shares
Common stock, shares issued (in shares)
116.1M shares
115.1M shares
Common stock, shares outstanding (in shares)
116.1M shares
115.1M shares
Treasury stock (in shares)
1.4M shares
1.4M shares
Cash from operations9108$184.8M in 2025+5348% since 2021Capital spending9108$158.7M in 2025+182% since 2021Free cash flow9108$26.1M in 2025Share buybacks9$3.1M in 2023−60% since 2021
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.8
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$63.7M
$130.3M
$13.3M
Depreciation and amortization
$73.7M
$60.4M
$47.4M
Unrealized gain on convertible promissory note
-$291.0K
$0
$0
Equity-based compensation
$15.2M
$13.6M
$9.4M
Deferred income taxes
$6.1M
-$71.6M
$50.0K
Impairment and asset disposal costs
$4.9M
$5.1M
$4.9M
Trade accounts receivable
-$1.5M
-$1.1M
-$835.0K
Other accounts receivable
-$4.5M
$26.0K
-$3.3M
Inventories
-$1.4M
-$2.0M
-$498.0K
Prepaid expenses and other
-$5.0M
-$3.4M
$60.0K
Operating lease assets
-$68.0M
-$32.5M
-$20.5M
Accounts payable
$9.4M
$8.9M
$2.5M
Accrued expenses and other
$4.8M
$10.8M
$19.1M
Operating lease liabilities
$87.6M
$42.5M
$25.5M
Net cash provided by operating activities
$184.8M
$161.0M
$97.1M
Purchases of property and equipment
-$158.7M
-$108.1M
-$138.8M
Purchases of debt securities
-$134.7M
$0
$0
Investment in convertible promissory note
-$5.0M
$0
$0
Proceeds from principal payments on debt securities
$25.3M
$0
$0
Net cash used in investing activities
-$273.0M
-$108.1M
-$138.8M
Proceeds from long-term debt
$0
$0
$6.0M
Payments on long-term debt
$0
$0
-$6.0M
Tax withholding on equity-based compensation awards
$0
-$24.6M
-$3.1M
Shares purchased under equity plans
$5.0M
$5.5M
$1.4M
Proceeds from initial public offering, net of underwriting fees of $22.8 million
$0
$0
$342.6M
Offering costs paid
$0
$0
-$5.4M
Payment of loan acquisition fees
$0
$0
-$372.0K
Payments on finance lease obligations
$0
-$45.0K
-$85.0K
Net cash provided by (used in) financing activities
$5.0M
-$19.2M
$335.0M
Net change in cash and cash equivalents
-$83.2M
$33.7M
$293.3M
Cash paid for fees and interest related to long-term debt
$164.0K
$211.0K
$330.0K
Cash paid for income taxes
$1.7M
$2.5M
$116.0K
Change in accrued purchases of property and equipment
$4.5M
-$986.0K
$584.0K
Conversion of redeemable preferred stock into common stock in connection with initial public offering
Cava Group sits at the top of its group. 5 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Cava Group
AllianceBernsteinFiled SCHEDULE 13G/A on Cava Group, latest Aug 14, 2026 (3 filings since Feb 17, 2026)
Artal International S.C.A.Filed SCHEDULE 13G/A on Cava Group, latest Aug 13, 2026 (4 filings since Feb 9, 2024)
Zoës KitchenSubsidiary · Plano, Texas, United States
Cava Foods, LLC Subsidiary · Maryland, United States
CAVA Holding Company Subsidiary · Delaware, United States
Cava Mezze Grill, LLC Subsidiary · Maryland, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Cava Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our restaurant collaboration center is located in Washington, D.C., where we currently lease approximately 27,000 square feet pursuant to a lease agreement that expires in 2036. In addition, we lease property for our three additional support centers, which are located in Brooklyn, New York, Manhattan, New York, and Plano, Texas; our production facility in Laurel, Maryland; and our food distribution center in Edison, New Jersey. The additional support centers focus primarily on creative content and restaurant and general support functions. We do not currently own any real estate, other than our production facility in Verona, Virginia, and we lease all of our restaurant locations. We believe our facilities are adequate and suitable for our current needs, and that suitable additional or alternative space will be available to accommodate our operations when needed.
In 2006, first-generation Greek Americans Ted Xenohristos, Ike Grigoropoulos, and Dimitri Moshovitis launched the full-service Cava Mezze restaurant in Rockville, Maryland, with Moshovitis as executive chef. In 2008, Xenohristos, Grigoropoulos, and Moshovitis partnered with Geoff Maites and Kenny Maites to launch a line of dips and spreads, and grew the product line into over 200 stores, including Whole Foods Market. In 2009, Brett Schulman joined them as CEO and co-founder of the fast-casual chain Cava (originally called Cava Mezze Grill, later rebranded as Cava Grill and then simply as Cava). They opened the first Cava restaurant in Bethesda, Maryland, in January 2011.
In August 2018, Zoës was acquired by Cava Group, Inc. for $300 million in total enterprise value.
In April 2021, Cava Group completed a $190 million series F funding round led by T. Rowe Price, bringing its value to nearly $1.3 billion. Since 2015, the company has raised more than $640 million.
By December 2022, the Cava Group had significantly reduced the number of Zoe's Kitchen locations. As of May 2023, all Zoe's Kitchen restaurants had closed, and many had been replaced by Cava restaurants.
On June 15, 2023, Cava made its public debut on the NYSE under the symbol CAVA.
Aug 12, 2025Reported quarterly or annual results45
May 15, 2025Reported quarterly or annual results47
Feb 25, 2025Reported quarterly or annual results48
Nov 12, 2024Reported quarterly or annual results49
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
398 filings to the SEC since October 2021: 3 annual reports, 10 quarterly reports, 23 major events, 203 insider forms, 29 large holders, 130 other. The latest 20:
96 open-market trades by officers, directors and large owners since October 2021: 12 buys and 84 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).13
Risk factors and legal proceedings
The risks Cava Group names in Item 1A of its 10-K filed Feb 25, 2026: 50 risks under these headings, as written.13
Risks Related to Our Business and Our Industry
We operate in a highly competitive industry.
Our future growth depends on our ability to open new restaurants while managing our growth effectively and maintaining our culture, and our historical growth may not be indicative of our future growth.
We may not be able to successfully identify appropriate locations and develop and expand our operations in existing and new markets.
New restaurants may not be profitable, and may negatively affect sales at our existing locations.
Negative changes in guest perception of our brand could negatively impact our business.
Our efforts to market our restaurants and brand may not be successful.
Food safety issues and food-borne illness concerns may harm our business.
If we are unable to maintain or increase prices, our margins may decrease.
The growth of our business depends on our ability to accurately predict guest trends and demand and successfully introduce new menu offerings and improve our existing menu offerings.
We are subject to risks associated with leasing property.
We may not be able to successfully expand our digital and delivery business, which is subject to risks outside of our control.
The other 39 risks
Our inability or failure to utilize, recognize, respond to, and effectively manage the immediacy of social media could have a material adverse effect on our business.
We may not maintain profitability in the future, especially if we continue to grow at an accelerated rate.
We may not realize the anticipated benefits from past and potential future acquisitions, investments or other strategic initiatives.
Risks Related to Our Manufacturing and Supply Chain
We may not be able to manage our manufacturing and supply chain effectively, which may adversely affect our results of operations.
Our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations.
We may not successfully optimize, operate, and manage our production facilities.
We may experience shortages, delays, or interruptions in the delivery of food items and other products.
We may face increases in food, commodity, energy, and other costs.
Risks Related to Our People and Culture
We may face increases in labor costs, labor shortages, and difficulties in identifying, hiring, training, motivating, and retaining the right Team Members.
Our success depends on our ability to attract, develop, and retain our management team and key Team Members.
Risks Related to Information Technology Systems, Cybersecurity, Data Privacy, and Intellectual Property
Security breaches of our electronic processing of credit and debit card transactions, the CAVA app, or confidential guest or Team Member information (including personal information) may adversely affect our business.
We may not be able to adequately protect or enforce our rights in our intellectual property.
We have been, and may in the future be, subject to claims that we violated certain third-party intellectual property rights.
We rely heavily on information technology systems and failures, or interruptions in, or not effectively scaling and adapting, our information technology systems could harm our business.
Our use or capabilities of artificial intelligence may result in reputational harm and liability and may have a material adverse effect on our business, financial condition and results of operations..
The successful operation of our business depends upon the performance and reliability of internet, mobile, and other infrastructure, as well as of our third party vendors, none of which are under our control.
Risks Related to Legal and Governmental Regulation
We are subject to extensive laws and regulatory requirements, and failure to comply with, or changes in, these laws or regulations could have an adverse impact on our business.
We are subject to various claims and legal actions that could distract management, increase our expenses, or subject us to monetary damages or other remedies.
If tax laws change or we experience adverse outcomes resulting from examination of our tax returns or disagreements with taxing authorities, it could adversely affect our business, financial condition, and results of operations.
Our ability to use our net operating loss carryforwards may be limited.
General Risk Factors
Economic factors and guest behavior trends, which are uncertain and largely beyond our control, may adversely affect guests’ behavior and our ability to maintain or increase sales at our restaurants.
We are subject to evolving rules and regulations with respect to sustainability matters.
Climate change and volatile adverse weather conditions could adversely affect our restaurant sales or results of operations.
Our inability or failure to execute a comprehensive business continuity plan for our Collaboration Center Organization following a disaster or force majeure event could have a material adverse impact on our business.
Our quarterly financial results may fluctuate significantly, including due to factors that are not in our control.
Risks Related to Our Indebtedness
Our ability to incur a substantial level of indebtedness may reduce our financial flexibility, affect our ability to operate our business, and divert cash flow from operations for debt service.
Our 2022 Credit Facility contains restrictions on our ability to operate our business and to pursue our business strategies.
Our failure to comply with the 2022 Credit Facility or the terms of any future indebtedness, including as a result of events beyond our control, could result in an event of default that could materially adversely affect our business, financial condition, and results of operations.
Risks Related to Our Common Stock
We have in the past and will continue to incur significant increased costs and become subject to additional regulations and requirements as a result of operating as a public company, and our management will continue to be required to devote substantial time to compliance with our public company responsibilities and corporate governance practices, which could lower our profits or make it more difficult to run our business.
Failure to comply with requirements to design, implement and maintain effective internal controls could have a material adverse effect on our business and stock price.
Our stock price may be volatile or may decline regardless of our operating performance, and you may not be able to resell your shares of our common stock at or above the price you paid or at all, and you could lose all or part of your investment as a result.
Your percentage ownership in our company may be diluted by future issuances of our common stock, which could reduce your influence over matters on which stockholders vote.
Because we have no current plans to pay cash dividends on our common stock, you may not receive any return on investment unless you sell your shares of common stock for a price greater than that which you paid for it.
Future sales, or the perception of future sales, by us or our existing stockholders could cause the market price for our common stock to decline.
If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volume could decline.
Anti-takeover provisions in our organizational documents and under Delaware law could delay or prevent a change of control.
Our Board of Directors is authorized to issue and designate shares of our preferred stock in additional series without stockholder approval.
Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware (or if such court does not have jurisdiction, another state or the federal courts (as appropriate) located within the State of Delaware) will be the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees, or stockholders.
Legal proceedings
For information regarding legal proceedings, see Note 10 (Commitments and Contingencies) in our consolidated financial statements included in Part II, Item 8. “Financial Statements and Supplementary Data.”
