실적분석 2026년 8월 11일

CAVA Group ($CAVA) Q2 2026 Earnings Analysis — Revenue Beats Estimates, Same-Store Sales Up 9%, Full-Year Guidance Maintained

Earnings Scorecard

Revenue: $368M (+31.3% YoY, vs. $360M estimate) ✅ Beat

EPS: Diluted EPS of $0.19 (vs. $0.16 YoY, $0.19 estimate) — In line with estimates (the company does not report adjusted EPS; reported on a generally accepted accounting diluted basis)

Guidance: Maintained — FY2026 net new restaurant openings of 75–77 locations, same-store sales growth of +4.5% to +6.5%, and adjusted EBITDA of $181M–$191M

Stock Reaction: After-hours +7.27% ($65.23) — as of 06:01 Korea time, August 12

Positives

Strong revenue growth: Consolidated revenue of $368M, +31.3% YoY, beating the $360M estimate

Same-store sales & traffic: Same-store sales +9.0%, traffic +5.3%, reflecting solid demand

Unit growth momentum: Net 17 new openings in the quarter, ending the period with 476 locations (+19.6% YoY)

The Mediterranean fast-casual core business continued its growth narrative, driving both new unit expansion and traffic at existing locations. The commentary that new restaurants are outperforming company expectations also supported investor sentiment.

Negatives

Restaurant-level margin: Restaurant-level profit margin of 25.7%, down 0.6 percentage points YoY

Cost & delivery pressure: Input costs from new menu introductions, a higher mix of third-party delivery, and labor investment diluted the margin rate

Guidance maintained: Annual outlook was merely reaffirmed, with no upward revision signal (annual same-store sales of +4.5% to +6.5%)

While quarterly growth itself was strong, margins edged down due to investments in new menus, delivery, and wages. Given that first-half same-store sales growth is running above the upper end of the full-year guidance, a potential deceleration in the second half will be an area to monitor.

What Management Said

The CEO emphasized that the brand's competitive edge and consumer value proposition continue to resonate, and that new restaurants are delivering results above expectations. The company reaffirmed its FY2026 guidance, signaling confidence in the current momentum and long-term growth runway.

Market Reaction and Key Forward Items

Strong same-store sales and traffic growth, combined with healthy new-restaurant performance and reaffirmed full-year guidance, appears to have provided reassurance around the durability of the growth story.

Monitor whether second-half same-store sales growth settles within the annual guidance band of 4.5% to 6.5%.

Watch for any easing of the restaurant-level margin pressure tied to new menu introductions and a higher mix of third-party delivery.

Track execution against the annual net new restaurant target of 75–77 locations and whether new units continue to contribute to revenue and profit.