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Sweetgreen, Inc.

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Sweetgreen, Inc. • NYSE
$6.49 ▼ -2.11% (-0.14)
Market Cap $768.23 M
52w High $42.65
52w Low $5.14
Dividend Yield 0%
P/E -6.69
Volume 2.29M
Outstanding Shares 118.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $172.393M ▼ $30.9M ▼ $-36.146M ▼ -20.967% ▼ $-0.31 ▼ $-17.745M ▼
Q2-2025 $185.583M ▲ $61.548M ▲ $-23.158M ▲ -12.479% ▲ $-0.2 ▲ $-4.572M ▲
Q1-2025 $166.304M ▲ $58.224M ▼ $-25.039M ▲ -15.056% ▲ $-0.21 ▲ $-7.843M ▲
Q4-2024 $160.904M ▼ $59.382M ▲ $-29.03M ▼ -18.042% ▼ $-0.25 ▼ $-12.396M ▼
Q3-2024 $173.431M $56.116M $-20.816M -12.002% $-0.18 $-3.795M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $129.972M ▼ $824.77M ▼ $431.474M ▲ $393.296M ▼
Q2-2025 $168.452M ▼ $831.883M ▼ $408.585M ▲ $423.298M ▼
Q1-2025 $183.893M ▼ $834.32M ▼ $401.566M ▼ $432.754M ▼
Q4-2024 $214.789M ▼ $856.758M ▼ $410.613M ▲ $446.145M ▼
Q3-2024 $234.623M $857.981M $394.677M $463.304M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-36.146M ▼ $-1.377M ▼ $-37.5M ▼ $333K ▼ $-38.48M ▼ $-37.193M ▼
Q2-2025 $-23.158M ▲ $10.463M ▲ $-25.401M ▼ $993K ▼ $-13.945M ▲ $-14.938M ▲
Q1-2025 $-25.039M ▲ $-13.128M ▼ $-19.132M ▲ $1.427M ▼ $-30.833M ▼ $-32.36M ▼
Q4-2024 $-29.03M ▼ $6.119M ▼ $-29.012M ▼ $3.059M ▼ $-19.834M ▼ $-22.882M ▼
Q3-2024 $-20.816M $14.729M $-26.924M $4.3M $-7.895M $-12.193M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gift Card
Gift Card
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for Sweetgreen’s concept is expanding and that new stores are contributing meaningfully to sales. Gross profit has moved from barely breaking even to clearly positive, which suggests better pricing, scale benefits, and more disciplined restaurant operations. That said, the company still posts operating and net losses. These losses are narrowing over time, but the business remains in a scale‑up phase where growth, technology, and brand spending weigh on profitability. The key trend is gradual improvement in margins, but not yet a proven, consistently profitable model at the company level.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown from a relatively small asset base into a more sizable platform after going public. Total assets have stayed broadly stable in recent years, indicating that growth is being funded while still maintaining a solid base of restaurants, technology, and cash. Cash levels are healthy compared with the early years, though lower than right after the IPO, reflecting ongoing investment. Debt is now part of the capital structure, but it appears moderate relative to the size of the company. Shareholders’ equity has moved from negative to clearly positive, a sign that past losses have been absorbed and that the company now has a more conventional, stronger capital base.

Cash Flow

Cash Flow Operating cash flow has improved from meaningfully negative to modestly positive, which is an important shift. It signals that, before expansion spending, the core business is much closer to self-funding day‑to‑day operations than it used to be. Free cash flow, however, remains negative because the company continues to spend heavily on new locations and technology, including its automated kitchens. Capital spending is consistently high, which fits a growth story but also means Sweetgreen is still reliant on its cash reserves and external capital over time. The central question going forward is whether improving operating cash flow can eventually cover these investment needs.

Competitive Edge

Competitive Edge Sweetgreen operates in a very competitive restaurant space but has carved out a clear niche around healthy, customizable bowls and salads. Its brand is tightly associated with wellness, sustainability, and transparency, which resonates with younger, urban, and health‑focused customers. A strong digital presence, a high share of app‑based orders, and an emphasis on speed and convenience provide some advantages over more traditional restaurant concepts. At the same time, Sweetgreen competes with large, well‑funded chains and local concepts that can copy elements of the menu or brand message. Its ability to maintain premium pricing and traffic in a weaker consumer environment remains a key competitive risk.

Innovation and R&D

Innovation and R&D Innovation is a central part of Sweetgreen’s strategy. The “Infinite Kitchen” automation is a standout, designed to prepare bowls faster and more consistently while freeing staff for service and food quality. If rolled out successfully, this could be a significant source of efficiency and a differentiator in the fast‑casual space. Beyond automation, Sweetgreen invests in digital tools like its app, AI‑driven labor scheduling, and loyalty programs to improve customer engagement and restaurant productivity. Menu innovation—such as higher‑protein items, new formats like plates, and chef collaborations—helps keep the brand fresh and expand the audience beyond core salad customers. Overall, the company is acting more like a tech‑enabled platform than a traditional restaurant chain, which creates both upside potential and execution risk.

Summary

Sweetgreen today looks like a growing, still‑maturing brand rather than a fully scaled, steady‑state restaurant chain. Sales are rising at a healthy pace and unit economics appear to be improving, but company‑wide profitability is not yet in place. The balance sheet and cash levels provide a cushion to continue investing in new stores and technology, while moderate leverage keeps financial risk in check. However, negative free cash flow and ongoing capital needs mean the business depends on continued operational progress and access to financing. Strategically, Sweetgreen’s strengths lie in its brand, health and sustainability positioning, digital capabilities, and automation push. Key uncertainties revolve around how quickly it can turn growth into durable profits, how well the Infinite Kitchen and new formats scale, and how resilient demand is if consumers pull back on premium dining. The story is one of promising momentum but still‑evolving financial stability.

NEWS

November 26, 2025 · 9:00 AM UTC

Sweetgreen Highlights Fourth-Generation Freitas Brothers Farms in New Faces of the Farm Feature

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November 18, 2025 · 9:00 AM UTC

Sweetgreen Launches First-Ever 106g Power Max Protein Bowl, Expanding Its Protein-Forward Menu Alongside New Caramelized Garlic Steak Entrées

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November 11, 2025 · 9:00 AM UTC

Sweetgreen Grows Its “Sweetlane” Footprint with First-Ever Infinite Kitchen Drive-Thru Opening in Costa Mesa

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November 10, 2025 · 9:00 AM UTC

Sweetgreen Launches Macro Tracking Tool to Fuel the Protein Era

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November 6, 2025 · 4:06 PM UTC

Sweetgreen Announces Strategic Sale of Spyce to Wonder

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