SG
Sweetgreen, Inc.6.91
-0.34-4.69%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Demand sharpens; Spyce economics detailed
Q&A revealed sharper demand erosion—July ticked up seasonally, but August and September each fell 200bps, October flat at low-double-digit negative—with 25-35-year-olds down 15% and dinner softening while lunch holds. Spyce sale details emerged: IK at cost-plus-5% (~$25k/unit), unchanged delivery costs, plus scale and R&D upside. Menu pricing review targets entry ladders post-$13 bowl tests showing elasticity but cannibalization; handheld hits market test early 2026. 2026's 15-20 net openings include 2 closures, with flexibility to accelerate if comps inflect. Dinner hurts more than lunch. Management stayed crisp on fixes. Watch traffic inflection.
Key Stats
Market Cap
817.96MP/E (TTM)
-Basic EPS (TTM)
-0.97Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Sweetgreen's Q3 revenue dipped 0.6% y/y to $172.4M while YTD climbed 1.6% to $524.3M, but same-store sales plunged 9.5% y/y amid traffic drops and loyalty program switch. Restaurant-level profit margin contracted to 13.1% from 20.1% on higher food costs from portions and tariffs, labor pressures, and occupancy deleverage, driving operating loss wider to $36.3M from $21.2M. Cash fell to $130M after $82M capex on new stores and Infinite Kitchens; no debt. Signed Nov 2025 deal to sell Spyce/Infinite Kitchen assets to Wonder for $100M cash plus $86.4M equity, retaining supply/license rights. Spyce sale closing risks regulatory hurdles.
8-K
Sweetgreen Q3 revenue dips
Sweetgreen reported Q3 2025 revenue of $172.4 million, down 0.6% year-over-year, hammered by a 9.5% same-store sales drop from traffic declines and loyalty program shifts amid macro headwinds. Restaurant-level profit margin slipped to 13.1% on higher protein costs and tariffs, while net loss widened to $36.1 million. The company sold Spyce to partner with Wonder, retaining Infinite Kitchen access to cut costs and boost efficiency. Updated 2025 guidance projects 37 net new openings and revenue of $682-688 million, with Adjusted EBITDA at $(13)-(10) million. Challenges persist in consumer spending.
8-K
CFO transition at Sweetgreen
Sweetgreen announced the retirement of CFO Mitch Reback, effective September 21, 2025, after a decade building the company's financial infrastructure from startup to public entity. Jamie McConnell, ex-Chipotle Chief Accounting Officer, steps in as CFO on September 22, with a $550,000 base salary, 75% target bonus, and equity awards for 450,000 shares vesting over four years. Reback consults for six months at $7,500 monthly to smooth the handover. This leadership shift bolsters Sweetgreen's scaling efforts amid growth ambitions.
10-Q
Q2 FY2025 results
Sweetgreen's Q2 revenue edged up 0.5% y/y to $185.6M, driven by 9 net new restaurant openings, yet same-store sales fell 7.6% amid softer traffic. Restaurant-level profit dipped to 18.9% from 22.5%, pressured by higher labor, occupancy, and delivery costs, while G&A eased on lower stock-based comp. Operating cash flow turned negative at $(2.7)M YTD, with capex at $40.3M for growth; cash sits at $168.5M, no debt after letting the credit facility lapse. The second Spyce milestone closed in Q2 for $7.0M (stock/cash mix), recognizing developed tech amortized over 5 years. Five stores took $5.3M impairment hits, two closed post-quarter. Tariffs nibble at margins, but new loyalty program boosts digital sales to 60.8%. Supply disruptions from weather or chains could squeeze costs further.
8-K
Sweetgreen Q2 revenue edges up
Sweetgreen reported Q2 2025 revenue of $185.6 million, up 0.5% year-over-year, but same-store sales fell 7.6% amid traffic drops and tough comps, while opening 9 net new restaurants. Losses widened to $23.2 million, with restaurant-level profit margin slipping to 18.9% from 22.5%, hit by advertising and impairments on five locations. Executives eye back-half recovery via loyalty tweaks and summer menus. Headwinds persist.
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