CAVA Group generated $44.8 million in free cash flow through the second quarter of 2026, with cash flow from operations rising to $134.5 million from $98.9 million a year earlier. Management expects full-year free cash flow to remain strong, though it cautioned that the second half is less seasonally favorable and will include additional capital investments as the company builds its pipeline for 2027 restaurant openings. Beyond development spending, CAVA plans to invest approximately $5 million to $10 million in refreshing existing restaurants and improving the guest experience, including work tied to Project Soul and potential grill expansions. The company ended the second quarter with $435.6 million in cash and investments, up from $393 million at the end of 2025, and reported no debt along with access to a $150 million undrawn revolver. CAVA shares have declined 21.2% over the past year, compared with an 11.6% drop for the industry, while the Zacks Consensus Estimate for 2026 earnings per share has risen over the past 30 days.
CAVA Group, Inc.CAVA posted $44.8M first-half free cash flow with operating cash flow up to $134.5M and no debt, though it warned of higher second-half capex.
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