Operating cash flow remains robust with an OCF/NI ratio of 2.72 in 2026Q1, though capital expenditure intensity remains elevated at 11.1% of revenue.
| Cash from Operations | 210.33M | 184.84M | 161.03M | 97.1M | 6.04M | 3.39M |
| Operating CF Margin % | - | 15.67% | 16.71% | 13.33% | 1.07% | 0.68% |
| Operating CF Growth % | 128.42% | 14.79% | 65.83% | 1508.16% | 77.95% | - |
| Net Income | 61.6M | 63.74M | 130.32M | 13.28M | -58.99M | -37.39M |
| Depreciation & Amortization | 78.32M | 73.66M | 60.35M | 47.43M | 42.72M | 44.45M |
| Stock-Based Compensation | 17.42M | 15.23M | 13.6M | 9.36M | 3.8M | 5.35M |
| Deferred Taxes | 6.73M | 6.1M | -71.62M | 50K | 5K | 3K |
| Other Non-Cash Items | 16.34M | 4.63M | 5.05M | 4.9M | 19.75M | -9.46M |
| Working Capital Changes | 29.91M | 21.47M | 23.31M | 22.08M | -1.26M | 446K |
| Change in Receivables | -74.78M | -73.97M | -33.6M | -24.67M | -35.86M | -903K |
| Change in Inventory | -1.98M | -1.42M | -1.96M | -498K | -1.5M | -1.16M |
| Change in Payables | 6.97M | 9.43M | 8.9M | 2.55M | 336K | -555K |
| Cash from Investing | -207.81M | -273.04M | -108.13M | -138.81M | -104.16M | -56.31M |
| Capital Expenditures | -171.41M | -158.7M | -108.13M | -138.81M | -104.32M | -56.41M |
| CapEx % of Revenue | 13.33% | 13.45% | 11.22% | 19.05% | 18.49% | 11.28% |
| Acquisitions | 0 | 0 | 0 | 0 | 162K | 102K |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 3.9M | 5M | -19.2M | 335.01M | -3.08M | 143.15M |
| Debt Issued (Net) | 0 | 0 | -45K | -85K | -115K | -39.66M |
| Equity Issued (Net) | -273K | 5M | 5.49M | 343.96M | -911K | -7.69M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -911K | -7.69M |
| Other Financing | 4.17M | 0 | -24.65M | -8.86M | -2.06M | 190.5M |
| Net Change in Cash | 6.42M | -83.2M | 33.69M | 293.3M | -101.21M | 90.24M |
| Free Cash Flow | 38.92M | 26.14M | 52.9M | -41.7M | -98.28M | -53.02M |
| FCF Margin % | 3.03% | 2.22% | 5.49% | -5.72% | -17.42% | -10.6% |
| FCF Growth % | -23.53% | -50.58% | 226.83% | 57.57% | -85.38% | - |
| FCF per Share | 0.33 | 0.22 | 0.45 | -0.66 | -74.01 | -72.43 |
| FCF Conversion (FCF/Net Income) | 0.63x | 2.90x | 1.24x | 7.31x | -0.10x | -0.09x |
| Interest Paid | 0 | 0 | 0 | 0 | 161K | 4.79M |
| Taxes Paid | -984K | 0 | 2.53M | 523K | 523K | 212K |
Capital intensity of expansion
As reported in recent financial statements, CAVA consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio reaching 2.72 in 2026Q1, suggesting that non-cash charges and working capital adjustments are currently providing a substantial tailwind to the company's reported cash generation.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items, primarily depreciation and amortization. Investors should monitor whether this conversion quality remains sustainable as the company matures and the proportion of non-cash expenses relative to total revenue potentially shifts.
Based on the provided quarterly data, CAVA's free cash flow margins remain highly volatile, fluctuating from a low of -4.1% in 2023Q4 to a peak of 9.7% in 2024Q2, which highlights the sensitivity of cash generation to the timing of aggressive capital expenditure cycles.
The inconsistency in free cash flow margins suggests that the company is prioritizing footprint expansion over immediate cash accumulation. This trajectory warrants caution, as the ability to sustain positive free cash flow will depend on the productivity of new units offsetting the ongoing capital requirements of the store build-out.
According to recent SEC filings, CAVA's capital expenditure as a percentage of revenue has remained elevated, averaging over 12% across the last ten quarters, reflecting the significant financial commitment required to maintain its rapid pace of greenfield restaurant development and infrastructure scaling.
This high capital intensity indicates that the company is in a heavy investment phase where asset replacement and new site development consume a large portion of operating cash. Analysts should evaluate whether these capital outlays are yielding sufficient returns on invested capital to justify the ongoing dilution of free cash flow.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent, swinging from a $289.0K outflow in 2026Q1 to a $15.1M inflow in 2025Q2, which suggests that the company's cash cycle is currently susceptible to timing differences in inventory management and vendor payments.
The lack of a stable working capital trend may imply operational friction in managing the supply chain for a vertically integrated model. Investors should monitor these fluctuations to determine if they represent temporary timing mismatches or underlying inefficiencies in the company's procurement and collection processes.
Quick answers to the most common questions about buying CAVA stock.
CAVA Group, Inc. (CAVA) generated $184.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CAVA Group, Inc. (CAVA) generated $26.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
CAVA Group, Inc. (CAVA) spent $158.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.