SG
Sweetgreen, Inc.6.91
-0.34-4.69%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Wraps, ops metrics boost confidence
Q&A doubled down on transformation execution, revealing Project One Best Way doubled 'great' stores in two quarters with better comps and returns, plus 20% salmon velocity from upgrades. Wraps impressed in 68-store pilot—no throughput drag, incidents rising, sub-$15 pricing boosting second orders—poised for Q2 if stage-gated. Margin gains eyed via supply chain diversification, ordering tools, labor optimization, beyond sales leverage for 14.2-14.7% RLM guide sans price hikes. Weather slashed Q1 by 320+ bps; Northeast/Cali show momentum. Management stayed crisp on probes. Ops traction builds. Watch Wraps scale, pricing ladders.
Key Stats
Market Cap
817.96MP/E (TTM)
-Basic EPS (TTM)
-0.97Dividend Yield
0%Recent Filings
10-K
FY2025 results
Sweetgreen opened 35 net new restaurants in FY2025 ended December 28, 2025, growing to 281 locations, yet revenue rose just 0.4% to $679M amid a (7.9%) same-store sales drop from 10.4% traffic weakness partially offset by 2.5% pricing. Q4 bore the brunt with extreme weather disrupting tomato/cucumber supplies, wildfires hitting LA stores, and softer demand persisting into 2026 guidance of (4-2%) full-year comps and ~15 openings. Restaurant margins compressed to 15.2% from higher food (28.5%), labor (28.9%), and occupancy (9.6%) amid $134M net loss—worse than $90M prior year—driven by $12M impairments on 12 stores and $11M capex for Infinite Kitchens now in 30 units (sale to Wonder post-year end). Cash fell to $89M; no debt. Spyce divestiture yields $186M liquidity boost. Urban concentration risks traffic from remote work.
8-K
Q4 revenue drops 3.5%
Sweetgreen reported Q4 2025 revenue down 3.5% to $155.2M, with same-store sales plunging 11.5% amid traffic weakness and loyalty transition headwinds, while full-year revenue edged up 0.4% to $679.5M but net loss widened to $134.1M. Sales fell short. The company launched its Sweet Growth Transformation Plan to tighten operations and test wraps, sold Spyce post-year-end for $186.4M ($100M cash), and guides 2026 to ~15 new stores and positive Adjusted EBITDA.
8-K
Spyce sale closes
Sweetgreen completed the Spyce Sale to Wonder on December 29, 2025, unloading its Infinite Kitchen automation assets for $100 million cash and $86.4 million in preferred stock. This sharpens focus on core restaurants while securing long-term supply and royalty-free IP license rights. Cash bolsters the balance sheet. Supply deal hinges on no material breaches.
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.
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