Sweetgreen (SG) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $192.7 million, up 3.8% year-over-year, driven by new restaurant openings, but comparable restaurant sales declined 6.2% due to a 2% drop in transactions and a 4.2% negative product mix impact.

• Restaurant-level profit margin fell to 13.1% from 18.9% last year, with adjusted EBITDA at a loss of $0.2 million versus a $6.4 million profit a year ago, and net loss widened to $26.3 million.

• Digital revenue mix increased to 66.3%, with owned digital revenue at 38.8%, and wraps drove a 200 basis point comp uplift, especially among Gen Z, but lower check size contributed to mix pressure.

• Cyclospora outbreak and jalapeno recall (not linked to the company) impacted consumer confidence, disrupted sales momentum, and led to a more cautious full-year outlook.

• Operated 287 restaurants in 24 states and D.C. as of June 28, 2026, with 35 Infinite Kitchen locations and 6 net new openings in H1 2026.

Financial highlights

• Q2 2026 revenue: $192.7 million (+3.8% year-over-year); H1 2026 revenue: $354.2 million (+0.7%).

• Comparable restaurant sales: -6.2% (transactions -2%, mix -4.2%).

• Restaurant-level profit: $25.2 million (13.1% margin, down from 18.9%).

• Adjusted EBITDA: -$0.2 million (vs. $6.4 million profit prior year).

• Q2 net loss: $(26.3) million vs. $(23.2) million prior year; H1 net income: $99.5 million, driven by Spyce sale gain.

• Cash and equivalents at June 28, 2026: $142.6 million.

Outlook and guidance

• Full-year comparable sales expected to decline 8% to 7%.

• Restaurant-level profit margin guidance: 10.5%-11%.

• Adjusted EBITDA guidance: loss of $27 million to $23 million.

• Projecting 13 net new restaurant openings for FY2026, about half with Infinite Kitchen automation.

• Cyclospora impact estimated at 200-300 bps on comps, 100-150 bps on margin, and $7-10 million on EBITDA.