Revenue beat the standing estimate. Quarterly revenue was $365.4 million, about 1.9% above the published consensus of roughly $358.7 million, while same-restaurant sales rose 9.0% on 5.3% traffic growth. The traffic result is the clearest upside signal in the quarter. (Financial Highlights)
| Metric | Q2 2026 actual | Comparison / expectation |
|---|---|---|
| Revenue | $365.4M | Published consensus: ~$358.7M |
| Diluted EPS | $0.19 | Published consensus: ~$0.18, but consensus is non-GAAP and not directly comparable |
| Same-restaurant sales | 9.0% | Q2 2025: 2.1% |
| Guest traffic growth | 5.3% | No published comparison provided |
| Restaurant-level profit margin | 25.7% | Q2 2025: 26.3% |
| Adjusted EBITDA | $54.7M | Q2 2025: $42.1M |
| Adjusted EBITDA margin | 14.9% | Q2 2025: 15.0% |
The underlying demand picture was better than feared, but profitability did not improve. Restaurant-level profit increased 28.1% to $93.8 million, yet the margin fell 60 basis points to 25.7% as food costs, third-party delivery mix, and wage investments offset sales leverage. That makes the quarter less clean than the headline growth suggests. (Segment results — Restaurant-level profit)
Growth investments are still producing strong unit expansion. CAVA opened 17 net new restaurants during the quarter and ended with 476 locations, while AUV increased to $3,088 from $2,939 a year earlier. Adjusted EBITDA rose 30.0% to $54.7 million, and free cash flow more than doubled to $44.8 million, supporting the expansion plan without a balance-sheet strain. (Operating metrics; Adjusted EBITDA reconciliation; Cash Flow statement)
The outlook was reaffirmed, not upgraded. Full-year guidance remains 75–77 net openings, 4.5%–6.5% same-restaurant sales growth, 23.7%–24.3% restaurant-level margin, and $181 million–$191 million of adjusted EBITDA. Since those ranges were already raised after the prior quarter, holding them steady means the strong Q2 did not translate into a fresh increase in expectations. The net read is therefore a modest revenue and demand beat, tempered by margin pressure and unchanged forward targets. (Fiscal 2026 Guidance)
Read the original 8-K on SEC EDGAR ↗