SG on NYSE

Sweetgreen

Logo: Sweetgreen, Public domain, via Wikimedia Commons4

American fast casual restaurant chain

Sweetgreen (legally Sweetgreen, Inc., stylized as sweetgreen, previously swɘetgreen) is an American fast casual restaurant chain that serves salads and grain bowls. It was founded in November 2006 by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman. In August 2007, they opened their first store in Washington, D.C., three months after they graduated from the McDonough School of Business at Georgetown University.3 Its shares trade on NYSE under the symbol SG.1 Wikipedia text CC BY-SA 4.0

Price unavailable

Last updated Oct 21, 2026.

Overview

$679.5MRevenue, fiscal 20255
-$134.1MNet income, fiscal 20255
2007Founded1

Compare with Wingstop, Portillo's Restaurants or ONE Group Hospitality, Inc., or pick any stock.

  • TickerSG on NYSE1
  • Industryrestaurant industry1
  • HeadquartersCulver City1
  • Websitesweetgreen.com
  • Incorporated inDE6
  • Business address3102 36Th Street, Los Angeles, Ca 900186
  • Filer categoryLarge accelerated filer6
Nicolas Jammet and Jonathan Neman at their Dupont Circle Sweetgreen restaurant, 2014
Photo: US Department of Labor, Public domain, via Wikimedia Commons9

Sweetgreen (legally Sweetgreen, Inc., stylized as sweetgreen, previously swɘetgreen) is an American fast casual restaurant chain that serves salads and grain bowls. It was founded in November 2006 by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman. In August 2007, they opened their first store in Washington, D.C., three months after they graduated from the McDonough School of Business at Georgetown University.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-20.5%Operating margin5
-19.7%Net margin5
0.4%Revenue growth, 20255
-37.6%Return on equity5
-$119.2MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development0¢$1.0M
  • Other costs100¢$678.4M
  • Interest0¢$19.0K
  • Income tax0¢$46.0K

Out of $679.5M in revenue.5 The company lost money this year.

Financial statements

Revenue1011125$679.5M in 2025+208% since 2020
0$200.0M$400.0M$600.0M$800.0M2020: $220.6M$220.6M20202021: $339.9M$339.9M2021+54%2022: $470.1M$470.1M2022+38%2023: $584.0M$584.0M2023+24%2024: $676.8M$676.8M2024+16%2025: $679.5M$679.5M2025+0%
Operating income1011125-$139.3M in 2025−2% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$141.6M-$141.6M20202021: -$134.4M-$134.4M2021−5%2022: -$193.3M-$193.3M2022+44%2023: -$122.3M-$122.3M2023−37%2024: -$95.7M-$95.7M2024−22%2025: -$139.3M-$139.3M2025+46%
Net income1011125-$134.1M in 2025−5% since 2020
-$200.0M-$150.0M-$100.0M-$50.0M02020: -$141.2M-$141.2M20202021: -$153.2M-$153.2M2021+8%2022: -$190.4M-$190.4M2022+24%2023: -$113.4M-$113.4M2023−40%2024: -$90.4M-$90.4M2024−20%2025: -$134.1M-$134.1M2025+48%
Fiscal year2019202020212022202320242025
Revenue$220.6M10$339.9M11$470.1M12$584.0M5$676.8M5$679.5M5
Research and development$2.0M12$1.2M12$1.2M5$1.0M5
Operating expenses$174.8M11$262.6M12$224.3M5$228.7M5$242.8M5
Operating income-$141.6M10-$134.4M11-$193.3M12-$122.3M5-$95.7M5-$139.3M5
Interest$404.0K10$87.0K11$83.0K12$128.0K5$256.0K5$19.0K5
Income before tax-$153.0M11-$189.1M12-$113.0M5-$91.7M5-$134.0M5
Income tax$010$147.0K11$1.3M12$379.0K5-$1.3M5$46.0K5
Net income-$141.2M10-$153.2M11-$190.4M12-$113.4M5-$90.4M5-$134.1M5
Earnings per share-$8.8010-$5.5111-$1.7312-$1.015-$0.795-$1.145
Earnings per share (diluted)-$8.8010-$5.5111-$1.7312-$1.015-$0.795-$1.145
Shares (weighted, basic)27.8M shares11110.1M shares12111.9M shares5114.3M shares5118.0M shares5
Shares (weighted, diluted)27.8M shares11110.1M shares12111.9M shares5114.3M shares5118.0M shares5

Compare Sweetgreen with another company

Corporate structure

Sweetgreen sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Sweetgreen

  • MILLENNIUM MANAGEMENT LLC Filed SCHEDULE 13G/A on Sweetgreen, latest Oct 6, 2026 (2 filings since Sep 29, 2026)
  • Point72 Asset Management, L.P. Filed SCHEDULE 13G/A on Sweetgreen, latest Aug 14, 2026 (2 filings since May 18, 2026)
  • Goldman Sachs Filed SCHEDULE 13G/A on Sweetgreen, latest Aug 12, 2026 (2 filings since May 14, 2026)
  • Neuberger Berman Filed SCHEDULE 13G/A on Sweetgreen, latest Jun 4, 2026 (2 filings since May 7, 2026)
  • Woodson Capital Management, LP Filed SCHEDULE 13G/A on Sweetgreen, latest May 6, 2026 (3 filings since Dec 29, 2025)
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Sweetgreen, latest Mar 27, 2026 (3 filings since Feb 9, 2023)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SCHEDULE 13G/A on Sweetgreen, latest Nov 14, 2025 (6 filings since Dec 10, 2021)
  • Wellington Management Company Filed SCHEDULE 13G/A on Sweetgreen, latest Nov 12, 2025 (2 filings since May 12, 2025)
  • BAILLIE GIFFORD & CO Filed SCHEDULE 13G/A on Sweetgreen, latest Nov 10, 2025 (4 filings since Jan 19, 2023)
  • FMR LLC Filed SCHEDULE 13G/A on Sweetgreen, latest Sep 8, 2025 (10 filings since Dec 10, 2021)
  • Invesco Filed SCHEDULE 13G/A on Sweetgreen, latest Aug 7, 2025 (2 filings since Feb 7, 2025)
  • Jonathan Neman Filed SC 13G/A on Sweetgreen, latest Feb 14, 2024 (3 filings since Feb 14, 2022)
  • Sweetgreen Culver City
    • Spyce Food Co. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Sweetgreen 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.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$619.5M5 Dec 28, 2025$535.9M5 Dec 29, 2024+15.6%
Accumulated depreciation$292.6M5 Dec 28, 2025$239.4M5 Dec 29, 2024+22.2%
Property and equipment, net$326.9M5 Dec 28, 2025$296.5M5 Dec 29, 2024+10.3%
Operating-lease assets (leased space)$284.3M5 Dec 28, 2025$257.5M5 Dec 29, 2024+10.4%

Real estate and locations

ItemLatestA year beforeChange
Restaurants2815 Dec 28, 202524612 Dec 29, 2024+14.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$89.2M5 Dec 28, 2025$214.8M5 Dec 29, 2024−58.5%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$27.8M5 Dec 28, 2025$36.0M5 Dec 29, 2024−22.7%
Finite-lived intangibles, gross$52.5M5 Dec 28, 2025$66.0M5 Dec 29, 2024−20.4%
Accumulated amortization$42.1M5 Dec 28, 2025$41.9M5 Dec 29, 2024+0.4%
Finite-lived intangibles, net$10.4M5 Dec 28, 2025$24.0M5 Dec 29, 2024−56.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.4M5 Dec 28, 2025$2.0M5 Dec 29, 2024+20.0%

Properties, in its own words

As of December 28, 2025, we operated 281 restaurants. Our main office is located at 3102 36th Street, Los Angeles, CA 90018. We lease our main office and all of the properties on which we operate restaurants. For additional information regarding the lease terms and provisions, see Note 8 in our audited consolidated financial statements contained elsewhere in this Annual Report on Form 10-K.

Item 2 of the 10-K filed Feb 27, 2026.17

The story

Founded by Jonathan Neman, Nathaniel Ru and Nicolas Jammet in 2007.1

Sweetgreen was founded in 2006 by Nicolas Jammet, Nathaniel Ru, and Jonathan Neman, all Georgetown University students at the time. The trio were disappointed with campus food options.

Sweetgreen raised its initial $375,000 of startup funding from investors including the three founders' parents, Joe Bastianich, Seth Goldman, and Washington's Latino Economic Development Center. In 2013, it accepted a $22 million investment from Revolution Growth, a venture capital fund founded by Steve Case. In 2014, it received $18.5 million in investment from Revolution Growth. In 2015, it raised an additional $35 million in investment under the lead of T. Rowe Price with contributions from existing investor Revolution Growth. The company has raised over $95 million to date.

In 2018, the startup raised a $200 million Series H round led by Fidelity that valued the company at more than $1 billion, bringing Sweetgreen's total funding to $365 million.

In the fall of 2019, Sweetgreen raised an additional $150 million Series I round led by Lone Pine Capital and D1 Capital Partners, bringing the company's total valuation to $1.6 billion.

In July 2021, Axios reported that Sweetgreen had filed confidentially for an IPO. It became a public company on November 18, 2021, traded under the New York Stock Exchange symbol SG.

In August 2021, Sweetgreen announced its plans to acquire Massachusetts Institute of Technology startup, Spyce, a Boston-based restaurant that uses service robots to prepare meals. Both Spyce locations closed and the team focused on building a "third generation" of its technology to increase throughput and accuracy for Sweetgreen, potentially starting in two locations in 2023.

In August 2022, Sweetgreen opened a location in Birmingham, Michigan, their first in Michigan, with plans to expand to Troy and Ann Arbor later in 2022.

In May 2023, Sweetgreen opened its first robot-driven Infinite Kitchen location in Naperville, Illinois, where the automation is used for food assembly, not the food preparation itself.

Read the full text

In May 2024, Sweetgreen reported a 26% Q1 revenue increase, reaching $157.9 million. This growth was primarily attributed to price increases across its menu. Notably, the company achieved an 18.1% profit margin per store, which is considered exceptional within the foodservice industry. Of particular interest were the results from two experimental "Infinite Kitchens" locations, which utilize robotic automation for bowl assembly. These locations reported a significantly higher profit margin of 28%, showcasing the potential impact of automation on the chain's operational efficiency.

In 2026, Sweetgreen announced they were collaborating with anti-vaxxer Dr. Mark Hyman to update their menu.

From Wikipedia’s article on Sweetgreen, shared under CC BY-SA 4.0.7

Leadership

Who has led Sweetgreen, and when. Pick a name to see everywhere that person has worked.

Chief operating officer

  1. Jason Miles Cochran2025–now
2010201520202025
Board members and other officers (17)

Products and brands

  • salad

Listed on Wikidata.1

Sweetgreen serves a variety of salads and warm bowls. Their seasonal menu rotates five times a year, based on produce availability and location.

The restaurant launched a mobile app in 2015. In May 2020, the brand added order status tracking and push notifications in real time, allowing the customers to know when their order is received or ready following restrictions from the COVID-19 pandemic. In January 2020, Sweetgreen launched its own delivery service within their app.

Customers can order in-store or through the app for pickup, delivery and outpost as well as use their app to pay for in-store ordering. Sweetgreen delivers catering to corporate offices, aiming to offer healthier food for fast food prices. In 2025 Sweetgreen opened two Sweetlane drive-thru locations.

From Wikipedia’s article on Sweetgreen, shared under CC BY-SA 4.0.7

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Spyce Food Co. Delaware8

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Aug 31, 20268-K Executive or director change36
  2. Aug 6, 20268-K Results of operations37
  3. Jun 15, 20268-K Shareholder vote38
  4. May 7, 20268-K Results of operations39
  5. Feb 26, 20268-K Results of operations40
  6. Jan 5, 20268-K Completed an acquisition or sale; Regulation FD disclosure41
  7. Nov 6, 20258-K Results of operations42
  8. Sep 4, 20258-K Executive or director change; Regulation FD disclosure43
  9. Aug 7, 20258-K Results of operations44
  10. Jun 18, 20258-K Shareholder vote45
  11. May 8, 20258-K Results of operations46
  12. Apr 29, 20258-K Executive or director change; Regulation FD disclosure47
  13. Nov 17, 2021New chief executive Jonathan Neman becomes CEO18
  14. 2007Founded Founded1

Calendar

Coming up

  1. Nov 5, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported ($0.27) a share, on Nov 6, 2025.48

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results37
  2. May 7, 2026Reported quarterly or annual results39
  3. Feb 26, 2026Reported quarterly or annual results40
  4. Nov 6, 2025Reported quarterly or annual results42
  5. Aug 7, 2025Reported quarterly or annual results44
  6. May 8, 2025Reported quarterly or annual results46
  7. Feb 27, 2025Reported quarterly or annual results49
  8. Feb 26, 2025Reported quarterly or annual results50

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

488 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 38 major events, 244 insider forms, 56 large holders, 130 other. The latest 20:

  1. Oct 6, 2026SCHEDULE 13G/A EDGAR
  2. Sep 29, 2026SCHEDULE 13G EDGAR
  3. Aug 31, 20268-K EDGAR
  4. Aug 18, 20264 EDGAR
  5. Aug 18, 20264/A EDGAR
  6. Aug 18, 20264 EDGAR
  7. Aug 18, 20264/A EDGAR
  8. Aug 17, 2026144/A EDGAR
  9. Aug 17, 2026144/A EDGAR
  10. Aug 17, 2026144 EDGAR
  11. Aug 17, 2026144 EDGAR
  12. Aug 14, 2026SCHEDULE 13G/A EDGAR
  13. Aug 12, 2026SCHEDULE 13G/A EDGAR
  14. Aug 7, 202610-Q EDGAR
  15. Aug 6, 20268-K EDGAR
  16. Jun 15, 20264 EDGAR
  17. Jun 15, 20264 EDGAR
  18. Jun 15, 20264 EDGAR
  19. Jun 15, 20264 EDGAR
  20. Jun 15, 20268-K EDGAR

The 488 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

164 open-market trades by officers, directors and large owners since October 2021: 8 buys and 156 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026Cochran Jason MilesChief Operating OfficerSale4,809$6.21$29.9KForm 4
Aug 17, 2026McConnell JamieChief Financial OfficerSale15,033$6.21$93.4KForm 4
May 18, 2026Cochran Jason MilesChief Operating OfficerSale15,038$7.99$120.2KForm 4
May 18, 2026Cochran Jason MilesChief Operating OfficerSale15,038$7.99$120.2KForm 4
May 18, 2026McConnell JamieChief Financial OfficerSale1,401$8.00$11.2KForm 4
May 18, 2026McConnell JamieChief Financial OfficerSale1,401$8.00$11.2KForm 4
Apr 7, 2026GOLDMAN SACHS & CO. LLC10% ownerBuy594,553$5.69$3.4MForm 4
Mar 5, 2026Jammet NicolasChief Concept OfficerBuy4,428$5.71$25.3KForm 4
Nov 12, 2025Neman JonathanCHIEF EXECUTIVE OFFICERBuy179,800$5.56$999.7KForm 4
Nov 12, 2025Jammet NicolasChief Concept OfficerBuy18,115$5.51$99.8KForm 4
Aug 18, 2025Reback MitchCHIEF FINANCIAL OFFICERSale11,530$9.19$106.0KForm 4
May 23, 2025BURROWS CLIFFORDDirectorBuy19,200$13.11$251.7KForm 4
May 16, 2025Reback MitchCHIEF FINANCIAL OFFICERSale10,088$15.23$153.6KForm 4
Apr 15, 2025Reback MitchCHIEF FINANCIAL OFFICERSale4,000$21.07$84.3KForm 4
Mar 17, 2025Ru NathanielDirectorSale2,123$23.80$50.5KForm 4
Mar 17, 2025Jammet NicolasChief Concept OfficerSale2,123$23.80$50.5KForm 4
Mar 17, 2025Williams RossannCHIEF OPERATING OFFICERSale4,977$23.80$118.5KForm 4
Mar 17, 2025Neman JonathanCHIEF EXECUTIVE OFFICERSale5,717$23.80$136.1KForm 4
Mar 17, 2025Reback MitchCHIEF FINANCIAL OFFICERSale8,109$23.84$193.3KForm 4
Mar 10, 2025Jammet NicolasChief Concept OfficerSale7,400$25.05$185.4KForm 4

All 164 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

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.

YearExecutiveAgeSalaryTotal pay
2025Jason CochranChief Operating Officer58$326.9K$4.5M69
2025Mitch RebackFormer Chief Financial Officer$4.4M69
2025Jonathan NemanPresident and Chief Executive Officer41$550.0K$3.2M69
2025Jamie McConnellChief Financial Officer47$148.1K$2.4M69
2025Nicolas JammetChief Concept Officer41$375.1K69
2024Mitch RebackFormer Chief Financial Officer$471.2K$1.8M69
2024Jonathan NemanPresident and Chief Executive Officer41$542.3K$910.5K69
2023Mitch RebackFormer Chief Financial Officer$415.7K$2.1M69
2023Jonathan NemanPresident and Chief Executive Officer41$461.5K$622.5K69

Held by these funds

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.

FundSharesValueShare of the fundChange
Baillie Gifford & Co10,156,071$89.5M0.1%−159,553
BlackRock, Inc.8,324,234$73.3M0.0%+613,948
Woodson Capital Management, LP5,300,000$46.7M7.8%−1,400,000
Greenhouse Funds LLLP5,066,028$44.6M2.3%+16,793
Vanguard Capital Management LLC4,389,769$38.7M0.0%+77,393
Goldman Sachs Group Inc3,457,608$30.5M0.0%−504,300
Fmr LLC3,379,698$29.8M0.0%+345,189
Point72 Asset Management, L.P.3,289,777$29.0M0.0%+2,050,442
Federated Hermes, Inc.2,868,905$25.3M0.0%−1,043,105
Neuberger Berman Group LLC2,865,116$25.2M0.0%−2,988,975
Vanguard Portfolio Management LLC2,845,293$25.1M0.0%+109,607
Geode Capital Management, LLC2,703,498$23.8M0.0%+203,745
Bank Of America Corp /de/2,606,063$23.0M0.0%+1,684,786
State Street Corp2,550,635$22.5M0.0%+149,124
Citadel Advisors LLC2,006,229$17.7M0.0%+1,084,719
Nuveen, LLC1,667,090$14.7M0.0%+1,423,320
UBS Group AG1,589,892$14.0M0.0%−339,533
Balyasny Asset Management L.P.1,550,368$13.7M0.0%New
BNP PARIBAS ASSET MANAGEMENT Holding S.A.1,467,675$12.9M0.0%−9,143
Millennium Management LLC1,225,089$10.8M0.0%−2,452,319
Ibex Investors LLC1,123,000$9.9M5.1%+20,000
Maplelane Capital, LLC1,050,200$9.3M0.4%−412,600
Tudor Investment Corp Et Al1,033,063$9.1M0.0%+436,474
Portolan Capital Management, LLC1,029,016$9.1M0.3%New
Two Sigma Investments, LP959,781$8.5M0.0%+124,524

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Sweetgreen is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARSweetgreen, Inc.2
  • CIK0001477815
  • Employer ID (EIN)27-115921517
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company17
  • Incorporated inDelaware17
  • Fiscal year endsDecember 312
  • Industry code (SIC)5812 Retail-Eating Places2
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance2
  • Business address3102 36Th Street, Los Angeles, CA 900182
  • Phone(323) 990-70402
  • Shares outstanding106,902,423 Common Class A shares; 11,893,558 Common Class B shares as of Feb 23, 202617
  • Public float$1.4B as of Jun 29, 202517
  • AuditorDeloitte & Touche LLP, Los Angeles, California PCAOB ID 34; it also attests to the company’s internal control over financial reporting17
  • On EDGAR sinceDec 2, 20092
  • Filings507 in all: 4 (216), 144 (89), 8-K (37), 3 (22), SC 13G/A (21), SCHEDULE 13G/A (16), 10-Q (14), SC 13G (11)2
    All 32 form types

    D (9), SCHEDULE 13G (8), UPLOAD (8), CORRESP (7), 4/A (6), 10-K (5), DEF 14A (5), DEFA14A (5), DRS/A (4), DRSLTR (4), 144/A (3), ARS (3), S-1/A (2), S-8 (2), 10-K/A (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DEFR14A (1), DRS (1), EFFECT (1), S-1 (1), S-1MEF (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 23, 2026
    Latest 8-K (8-K) Aug 31, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stockSGNew York Stock Exchange

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).17

Risk factors and legal proceedings

The risks Sweetgreen names in Item 1A of its 10-K filed Feb 27, 2026: 61 risks under these headings, as written.17

  • Risks Related to Our Business, Our Brand, and Our Industry
  • We operate in a highly competitive industry. If we are not able to compete effectively, it could have an adverse effect on our business, financial condition, and results of operations.
  • Changes in economic conditions, macroeconomic and geopolitical events, and public health developments such as a pandemic may adversely affect customer behavior, which could have an adverse effect on our business, financial condition, and results of operations.
  • Severe weather conditions and natural disasters have adversely affected our restaurant sales and results of operations, and climate change may further increase these adverse effects.
  • We have incurred significant net losses since inception. We expect our net losses to continue in the foreseeable future, and we may not achieve profitability.
  • We may not persuade customers of the benefits of paying our prices for higher-quality food.
  • Our future growth depends significantly on our ability to open new restaurants and is subject to many unpredictable factors.
  • Our long-term success is highly dependent on our ability to effectively identify and secure appropriate sites for new restaurants.
  • Our expansion into new markets may present increased risks and adversely affect our growth and operating results.
  • New restaurants, once opened, may not be profitable, and new restaurants may negatively impact sales at our existing restaurants.
  • Our success depends substantially on the value of our brand and failure to preserve its value or changes in customer recognition of our brand, including due to negative publicity, could have a negative impact on our business, financial condition, and results of operations.
  • Food safety and foodborne illness concerns could have an adverse effect on our business.
The other 50 risks
  • If we are unable to utilize the Infinite Kitchen in our restaurants in a cost-effective manner, or to secure consistent support for the deployment and development of such technologies, our growth plans, financial condition, and results of operations could be adversely affected.
  • If we are not able to hire, train, reward, and retain a qualified workforce, our growth and profitability could be adversely affected.
  • Increases in labor costs, labor shortages, or unionization efforts could adversely affect our business, financial condition, and results of operations.
  • If we are unable to introduce new or upgraded products, menu items, services, channels, technology, or features that our customers recognize as valuable, we may fail to retain existing customers and attract additional customers, and our efforts to do so could cause us to incur significant costs.
  • Changes in food and supply costs or disruptions in the availability or delivery of ingredients and other supplies could adversely affect our business, financial condition, and results of operations.
  • Changes in U.S. international trade policies, including the imposition of tariffs, could increase the cost of ingredients, equipment, and construction materials used in our restaurants and adversely affect our business, financial condition, and results of operations.
  • Our reliance on third parties could have an adverse effect on our business, financial condition, and results of operations.
  • Failure to manage our growth effectively could harm our business and results of operations.
  • Changes in commodity and other operating costs, particularly due to climate change, could adversely affect our results of operations.
  • We depend on our senior management team and other key employees, and the loss of one or more key personnel or an inability to attract, hire, integrate, and retain highly skilled personnel could have an adverse effect on our business, financial condition, and results of operations.
  • Failure to maintain our corporate culture could have an adverse effect on our business, financial condition, and results of operations.
  • Our marketing strategies and channels will evolve, and our programs may not be successful.
  • New information or attitudes regarding diet and health could result in changes in regulations and customer consumption habits, which could have an adverse effect on our business, financial condition, and results of operations.
  • Our focus on environmental sustainability and social initiatives may increase our costs, and our inability to meet our sustainability goals and any disclosures requirements could harm our reputation and adversely impact our financial results.
  • We may require additional capital to support business growth, and this capital might not be available on reasonable terms or at all.
  • We operate our restaurants and corporate headquarters in leased properties subject to long-term, non-cancelable leases. If we are unable to secure new leases on favorable terms, terminate unfavorable leases, or renew or extend favorable leases, our profitability may suffer.
  • A significant portion of our restaurants are located in large urban areas, and if our operations in these geographies are negatively affected, our financial results and future prospects would be adversely affected.
  • Acquisitions could be difficult to identify, pose integration challenges, divert the attention of management, disrupt our business, dilute stockholder value, and adversely affect our results of operations and expansion prospects.
  • Risks Related to Legal and Governmental Regulation
  • Governmental regulation may adversely affect our business, financial condition, and results of operations.
  • Changes in employment laws may increase our labor costs and impact our results of operations.
  • We have been and will likely continue to be party to litigation that could distract management, increase our expenses, and subject us to monetary damages or other penalties.
  • Failure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and harm our business.
  • Failure to comply with immigration laws, or changes thereto, may increase the operating costs of our business.
  • Failure to comply with environmental laws, particularly regarding waste management, may negatively affect our business.
  • Changes to healthcare laws in the United States may increase employee participation in our healthcare plans, which could significantly increase our healthcare costs and adversely affect our financial results.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Risks Related to Our Information Technology and Intellectual Property
  • If the confidentiality, integrity, or availability of our information technology, software, services, communications, or data, or those of third parties with whom we work, are or were compromised, we could experience adverse consequences.
  • We (and the third parties with whom we work) are subject to rapidly changing and increasingly stringent U.S. and foreign laws, contractual terms, industry standards, and other obligations relating to data privacy and security, and any actual or perceived failure to comply with such obligations could adversely affect our business, financial condition, and results of operations.
  • We may not be able to adequately protect or enforce our rights in our intellectual property, which could harm the value of our brand and have an adverse effect on our business, financial condition, and results of operations.
  • We rely heavily on information technology, and we may not timely and effectively scale and adapt our existing technology and network infrastructure to ensure that our online and mobile platforms are accessible, which would harm our reputation, business, financial condition, and results of operations.
  • Our digital and delivery business, and expansion thereof, is uncertain and subject to risk.
  • Our increasing use of artificial intelligence (AI), including but not limited to generative AI, may result in errors, loss of sensitive information, additional compliance obligations, cybersecurity incidents, and legal liability, which could harm our reputation, business, financial condition, and results of operations.
  • If we are unable to adapt to changes in technology, our business could be harmed.
  • Our online and mobile ordering platforms are highly technical, and if they contain undetected errors, our business could be adversely affected.
  • The successful operation of our business depends upon the performance and reliability of Internet, mobile, and other infrastructure that is not under our control.
  • Third parties have claimed, and may in the future claim, that we infringe their intellectual property rights, and this may create liability for us or otherwise have an adverse effect on our business, financial condition, and results of operations.
  • Risks Related to Ownership of Our Class A Common Stock
  • Our stock price has been and will likely continue to be volatile, and the value of our Class A common stock may decline.
  • The dual-class structure of our common stock concentrates voting control with our founders, who have substantial control over us and are able to influence corporate matters, including controlling the outcome of director elections.
  • We rely on data from internal tools to calculate certain of our performance metrics, and real or perceived inaccuracies in such metrics may harm our reputation and negatively affect our business.
  • Future sales of our Class A common stock in the public market could cause the market price of our common stock to decline.
  • We do not intend to pay dividends for the foreseeable future and, as a result, stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • Anti-takeover provisions in our charter documents and under Delaware law could make an acquisition of our company more difficult, limit attempts by our stockholders to replace or remove our current management, and limit the market price of our Class A common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States are the exclusive forums for
  • substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • General Risk Factors
  • Our quarterly financial results may fluctuate significantly, including due to factors that are not in our control.
  • Our current insurance may not provide adequate levels of coverage against claims.
  • Adverse developments in applicable tax laws could have a material and adverse effect on our business, financial condition, and results of operations.
  • The limitation of liability and indemnification provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against our directors for breach of their fiduciary duty.
  • Our issuance of additional capital stock in connection with financings, acquisitions, investments, our equity incentive plans, or otherwise may dilute other stockholders.
  • If securities or industry analysts do not publish research or publish unfavorable or inaccurate research about our business, the market price and trading volume of our Class A common stock could decline.

Legal proceedings

We are subject to various claims, lawsuits, governmental investigations, and administrative proceedings that arise in the ordinary course of business. We do not believe that the ultimate resolution of any of these matters will have a material effect on our financial position, results of operations, liquidity, or capital resources. However, an increase in the number of these claims, or one or more successful claims under which we incur greater liabilities than we currently anticipate, could materially and adversely affect our business, financial position, results of operations, and cash flows.

The opening of Item 3, Legal Proceedings.17

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