CAVA Group Reports Strong Q4 and Full-Year 2024 Earnings with 35% Revenue Growth

Hardik Shah
Feb 25
3 min read

TL;DR - CAVA Earnings

Strong Financial Performance: Revenue up 35% YoY to $954M, net income surged to $130M, and Adjusted EBITDA grew 71%.
Expansion & Digital Growth: 58 new locations, 21% same-store sales growth in Q4, 36% digital sales mix, and a reimagined loyalty program.
2025 Outlook: 62-66 new stores, AI-powered kitchens, menu innovation, and 6-8% projected same-store sales growth.

Financial Results

CAVA Group continues to lead the Mediterranean fast-casual segment, delivering four consecutive quarters of free cash flow in its first full year as a public company.

Cava Earnings:

Revenue: Grew 35.1% YoY to $954.3M. Q4 revenue rose 36.8%.
Same-restaurant sales: Increased 13.4% for the year, 21.2% in Q4 (excluding adjustments).
Net Income: Jumped to $130.3M, compared to $13.3M in 2023.
Adjusted EBITDA: Climbed 71% YoY to $126.2M.

“Our success in 2024 demonstrated our broad appeal, the power of our unit economic engine, and the impact of investments in our teams, guests, and infrastructure.” — Brett Schulman, CEO

2025 Outlook:

Same-store sales growth: 6-8%.
New store openings: 62-66 locations.
Adjusted EBITDA forecast: $150M-$157M.

Operational Performance

Industry & Market Trends

Consumer demand for healthy, convenient dining continues to fuel CAVA’s success.
Digital engagement and loyalty programs are increasing customer retention.
Economic challenges have made CAVA an attractive mid-tier option between fast food and casual dining.

Key Business Milestones

Expanding geographically into the Midwest and South Florida.
Menu innovation: Grilled steak exceeded expectations, while new flavors in pita chips drive snacking growth.
AI-powered kitchen upgrades: New video analytics and digital order management systems improve speed and accuracy.

“Early results from our AI-driven kitchen system show improved order accuracy, productivity, and a reduction in customer complaints.” — Brett Schulman, CEO

Challenges & Risks

Inflationary pressures: Food and labor costs have increased, though strategic pricing helped mitigate the impact.
Labor market: Higher wages and new labor deployment models are improving productivity.
Competitive pressures: Fast-casual and QSR rivals are also adjusting pricing and digital offerings.

Strategic Initiatives

Growth & Expansion

Entering new cities, including Detroit, Indianapolis, and Pittsburgh, broadening CAVA’s national footprint.
New store pipeline looks strong, with recent openings performing above expectations.

Technology & Innovation

AI-powered kitchen display systems in 25 locations, scaling to 250 by year-end.
Personalized loyalty program using first-party data to increase customer visits.

Menu Evolution & Marketing

New seasonal menu items and collaborations (e.g., Olympic sprinter Gabby Thomas partnership).
Leveraging influencers and social media, generating 340M impressions in 2024.

Capital Allocation & Financial Health

$366M cash on hand, zero debt, and an undrawn $75M credit revolver.
No dividend announcements, focusing instead on reinvestment and expansion.
No major share buybacks, prioritizing high-return growth investments.

The Bottom Line

CAVA Group delivered a record-breaking 2024, growing revenue 35%, expanding into new markets, and strengthening its digital and loyalty ecosystem. Looking ahead, the company is set to open 62-66 new locations, expand its AI-powered kitchens, and build on strong customer demand for Mediterranean cuisine. With a robust balance sheet and increasing profitability, CAVA is well-positioned to sustain its momentum in 2025 and beyond.

Stay ahead with the latest insights on the consumer staples sector (& adjacent companies)— Follow us on LinkedIn and X