Good morning. Cava isn’t just expanding geographically—it’s evolving its menu, as the company forges ahead into 2026 after posting record revenue in 2025.
The Mediterranean fast-casual chain recently launched its most extensive menu update yet, CFO Tricia Tolivar said. White sweet potatoes returned alongside new items such as power greens, sumac slaw, and pita chips with sumac sour cream and onion. In April, Cava will introduce its first salmon entrée, finished with a pomegranate glaze.
Cava’s growth continued in the fourth quarter ended Dec. 28, with revenue rising 21.2% year over year—above analyst expectations of 18%. For the full year, revenue climbed 22.5% to $1.169 billion, surpassing $1 billion for the first time, the company reported on Tuesday.
By comparison, Chipotle Mexican Grill reported 4.9% fourth-quarter revenue growth, while Wingstop posted 8.6%.
Tolivar attributed Cava’s gains to long-term discipline. The company maintained positive same-restaurant sales and traffic in 2025 without heavy promotions, focusing instead on “everyday value” to build loyalty while protecting margins.
Tariffs were a concern across the industry, but Cava absorbed cost pressures without compromising quality or significantly raising prices, Tolivar said. Its primary price increase in 2025 was about 1.7% early in the year. Tolivar said the company relies on a diversified, flexible supply chain with redundant sourcing to manage ongoing uncertainty.
Cava opened 72 net new restaurants in 2025, bringing its total to 439 locations—a nearly 20% increase year over year—and driving $3 million in average unit volumes, she said. The company plans roughly 17% unit growth in 2026, or up to 76 additional locations, in addition to same-store sales growth of 3% to 5%.
Leadership development remains central to that expansion. Cava is investing in its Flavor Your Future platform to train assistant general managers and strengthen operations. “Growth only happens at the pace of our talent,” Tolivar said.
Cava reported net income of $4.9 million for the quarter. While fourth-quarter same-restaurant sales rose 0.5%, Tolivar noted the company faced tough comparisons following a 20% comp gain in late 2024. On a two-year stacked basis, sales increased more than 21%.
A key part of Tolivar’s strategy will be working closely with incoming chief operations officer Doug Thompson, who joins the company in March.
“I couldn’t be more proud of what our teams delivered in 2025,” Tolivar said. “With Doug joining and the focus we’re placing on developing great leaders, I’m excited about what’s ahead for Cava. We’re building for the long term—continuing to bring more people to our table.”
At Tolivar’s table, a favorite remains Cava’s “creamy, delicious white sweet potatoes,” she said. “My daughter and I absolutely love them.” Her daughter even has a favorite piece of Cava merch—a white sweet potato T-shirt that she proudly wears, Tolivar said.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Fortune 500 Power Moves:
Chris Deppe was promoted to CFO of Chewy, Inc. (No. 357), an online retailer that specializes in pet products and services. Deppe has more than 20 years of experience. He joined Chewy in 2022 as the VP of supply chain and operations finance, and most recently served as the head of all corporate and commercial finance functions. During his tenure, he has played a key role in advancing the company’s financial strategy and operations. Before joining Chewy, Deppe spent more than 16 years at Amazon in senior finance leadership roles across Global Transportation Services, Global Mile, and U.S. Fulfillment Center Operations.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves:
Mel Hope, CFO of First Watch Restaurant Group, Inc. (Nasdaq: FWRG), has informed the company of his intent to retire later this year. Hope joined First Watch in 2018. During his career, which began in 1984, he served as CFO of Popeyes Louisiana Kitchen, was a partner with PricewaterhouseCoopers LLP, and held executive positions with several privately owned organizations and startup ventures. First Watch has commenced a process to identify his successor, considering both internal and external candidates. Hope is expected to remain CFO until his successor is in place and then serve as an advisor to the company for a period of time.
Tyler Reddien was appointed CFO and chief operating officer of Capri Holdings Limited (NYSE: CPRI), a global fashion luxury group, effective March 30. Most recently, Reddien served as the CFO of The Body Shop. Previously, he held senior leadership positions at Natura &Co Holding, a global cosmetics and personal care company. Reddien also held executive roles at Hertz, where he served as SVP and CFO for North America Rent-a-Car Operations. Earlier in his career, he spent more than a decade at United Airlines in financial planning, investor relations, strategic planning, and operations.
Big Deal
One of the key findings is that AI is becoming foundational to day-to-day operations, while tokenization represents the next wave of market evolution. Eighty percent of firms report using generative or predictive AI in operations, up from 31% last year. And 72% of firms report making moderate to large generative AI investments, while concern about generative AI ROI has fallen to 33%, down from 42% a year ago.
However, 37% of firms cite a lack of skilled talent as a barrier to agentic AI adoption. Regarding generative AI, 38% said lack of skilled talent is their biggest barrier to adoption, up from 28% in 2025.
Going deeper
In today’s CEO Daily newsletter, my colleague Diane Brady reports on key takeaways from President Trump’s State of the Union speech on Tuesday night.
“Trump acknowledged the ‘unfortunate ruling from the Supreme Court’ that rendered illegal the $133 billion in tariffs he issued last year using emergency powers, but he vowed to continue his push, leveraging other laws,” she writes. “No mention of refunds. (FedEx has already sued for a full refund; Costco sued before the ruling.)"
Takeaway: Continue to stress-test those supply chains, monitor geopolitics, and minimize long-term risks. Read more of Diane’s takeaways from the speech here.
Overheard
“Anyone can invest in the market and pursue their financial dreams by betting on human ingenuity to harness creativity and resilience—as long as they stay disciplined. That’s what 100 years of data tells me. I expect the next 100 years to say the same thing.”
—David Booth, founder and chairman of Dimensional Fund Advisors, writes about this year marking 100 years of research-quality U.S. stock market returns in a Fortune opinion piece titled “3 lessons from investing’s ‘moneyball’ moment.” He is the author of Stay Calm: Learn to Embrace Uncertainty in Investing and Life.
