CAVA operates fast-casual Mediterranean restaurants across 439 locations in 28 states and Washington, D.C. Customers walk a serving line or order digitally to build customizable bowls or pitas from a menu of Mediterranean ingredients — proteins, dips, grains, and toppings. CAVA grows revenue through two levers: opening new restaurants (targeting 74-76 net new openings in FY2026 and at least 1,000 total locations by 2032) and same-restaurant sales growth, which the company targets at low-to-mid single-digit growth long-term. Restaurant-level margins run 24-26%. Key cost drivers are food and beverage (~30% of revenue) and labor (~25-27%). CAVA has taken less cumulative price than peers and CPI since 2019 — a deliberate strategy to reinforce value and drive traffic. New restaurants are performing above the company's own underwriting assumptions, with the 2025 opening class trending above $3M in year-one average unit volumes vs. the original ~$2.3M assumption. All 2026 openings will feature the "Project Soul" redesign, with warmer aesthetics and softer seating. CAVA also operates a smaller CPG business selling packaged dips and spreads through grocery retail. Digital orders represent ~38% of sales, and CAVA's loyalty program has nearly 8M members, accounting for roughly one-third of total revenue. CAVA views its loyalty platform as a first-party data asset to enable personalized marketing and reduce reliance on paid media.