Sweetgreen, Inc. (SG)

Price$8.71Cached quoteAs of 2026-10-01 14:03 UTC

AI: Fair-priced

Restaurant expansion masks weaker established-store demandSweetgreen remains an active NYSE-listed restaurant operator, with 287 locations at June 28, 2026, following two net openings during the quarter. Latest results were released August 6; the corresponding Form 10-Q was filed August 7.

Quarterly revenue rose 3.8% to $192.7 million, but comparable sales fell 6.2%: traffic declined 2.0% and product mix 4.2%, reflecting promotions and menu changes. Comparable-store average trailing annual revenue was $2.516 million versus $2.831 million. That established-store sales measure is not a profit margin or investment return.

Restaurant margins and disposal gains do not establish recurring profitabilityQuarterly restaurant-level margin fell to 13.1% from 18.9%, while the GAAP operating margin was negative 14.2%. Net loss was $26.3 million and adjusted EBITDA negative $0.2 million. Restaurant-level profit excludes corporate overhead, depreciation and other costs; it is not company operating profit or free cash flow.

First-half net income of $99.5 million included a $160.6 million Spyce disposal gain, distorting trailing earnings. Stock Analysis reports 1.44 times trailing sales. Fair-priced is a low-confidence qualitative assessment balancing financial reserves and automation potential against weak store economics—not a calculated price target.

Operating cash burn continues before restaurant investmentFirst-half operations consumed $17.605 million, before $22.522 million of property/equipment purchases and $3.832 million of intangible investment. Free cash flow after investment was therefore more negative than operating cash flow; the disposal's $100 million cash proceeds were non-recurring investing inflows.

June-end cash was $142.6 million, with no reported borrowed-money debt. Operating-lease liabilities nevertheless included $42.3 million current and $313.1 million noncurrent. These are June, not verified September, balances. Ingredient inflation, staffing costs, food-safety concerns and fixed leases can constrain the recovery.

Infinite Kitchen remains deployed under licensing and supply agreementsInfinite Kitchen operated in 35 restaurants at June 28. Sweetgreen sold Spyce to Wonder on December 29, 2025, retaining deployment rights through licensing and supply agreements. The consideration included $86.4 million of Wonder preferred equity—not cash available for restaurant spending. Supplier performance remains important.

First-half stock-based compensation was $10.982 million, with continuing equity-award dilution exposure. Stock Analysis reports average trading volume of 4,998,639 shares over 20 days; that activity does not guarantee market depth or protection from sharp price moves.

AI: News

September 11: Produce outbreak ends, but sales recovery remains unprovenCDC declared the iceberg-lettuce-linked Cyclospora outbreak over on September 11. Sweetgreen had reported reduced demand despite no ingredients in its supply chain being identified in that investigation. A separate supplier jalapeño recall prompted precautionary removal of affected products.

The August 6 outlook called for a 7–8% full-year comparable-sales decline and a $23–27 million adjusted EBITDA loss. These were management forecasts, not completed results. The outbreak's end does not establish that traffic or margins have recovered; no later company financial results were located.

September 8: Jacksonville entry announced amid a slower opening scheduleSweetgreen announced its first Northeast Florida location for September 15 at Jacksonville's St. Johns Town Center, extending its geographic footprint. The announcement did not quantify expected sales or profitability.

August guidance called for approximately 13 net new restaurants across the entire 2026 fiscal year, about half with Infinite Kitchen—not 13 additional openings after the second quarter. New locations require capital and successful ramp-up; geographic expansion alone does not repair declining established-store sales.

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Revenue

2020

2021

2022

2023

2024

2025

Net income

2020

2021

2022

2023

2024

2025

Free cash flow

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$679.5M	$676.8M	$584.0M	$470.1M	$339.9M	$220.6M
Gross profit	$103.5M	$132.9M	$101.9M	$69.3M	$40.4M	−$8.7M
Gross margin	15.24%	19.64%	17.45%	14.74%	11.89%	−3.94%
Research & development	$1.0M	$1.2M	$1.2M	$2.0M	—	—
Operating expenses	$242.8M	$228.7M	$224.3M	$262.6M	$174.8M	$132.9M
Operating income	−$139.3M	−$95.7M	−$122.3M	−$193.3M	−$134.4M	−$141.6M
Operating margin	−20.50%	−14.14%	−20.95%	−41.13%	−39.54%	−64.18%
EBITDA	−$67.8M	−$28.4M	−$62.9M	−$146.9M	−$98.8M	−$114.7M
EBITDA margin	−9.98%	−4.19%	−10.76%	−31.24%	−29.08%	−52.01%
Net income	−$134.1M	−$90.4M	−$113.4M	−$190.4M	−$153.2M	−$141.2M
Net profit margin	−19.73%	−13.35%	−19.41%	−40.51%	−45.07%	−64.01%
Basic EPSper basic share	-$1.14	-$0.79	-$1.01	-$1.73	-$5.51	-$8.80
Diluted EPSper diluted share	-$1.14	-$0.79	-$1.01	-$1.73	-$5.51	-$8.80

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈9.48%of listed shares

BAILLIE GIFFORD & CO10.16M shares · Jun 30, 2026

View holders

Top 20 reported holders of SG
Holder	% owned
BAILLIE GIFFORD & CO	≈9.48%10.16M shares
BlackRock, Inc.	≈7.77%8.32M shares
Woodson Capital Management, LP	≈4.95%5.3M shares
Greenhouse Funds LLLP	≈4.73%5.07M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.10%4.39M shares
GOLDMAN SACHS GROUP INC	≈3.23%3.46M shares
FMR LLC	≈3.15%3.38M shares
Point72 Asset Management, L.P.	≈3.07%3.29M shares
Neman Jonathan	≈2.79%2.98M shares
FEDERATED HERMES, INC.	≈2.68%2.87M shares
NEUBERGER BERMAN GROUP LLC	≈2.67%2.87M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈2.66%2.85M shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.52%2.7M shares
BANK OF AMERICA CORP /DE/	≈2.43%2.61M shares
STATE STREET CORP	≈2.38%2.55M shares
CITADEL ADVISORS LLC	≈1.87%2.01M shares
Jammet Nicolas	≈1.72%1.84M shares
Ru Nathaniel	≈1.69%1.81M shares
Nuveen, LLC	≈1.56%1.67M shares
UBS Group AG	≈1.48%1.59M shares

Percentages use 107.14M shares of this listed class outstanding on Jun 28, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys35$4.76M disclosed value

Sells (SEC code S)137$80.66M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 18, 2026Form 4	Cochran Jason MilesChief Operating Officer	SellClass A Common Stock	15.0K	$7.99	$120.2K	211.9K
May 18, 2026Form 4	McConnell JamieChief Financial Officer	SellClass A Common Stock	1.4K	$8.00	$11.2K	225.5K
Apr 7, 2026Form 4	GOLDMAN SACHS & CO. LLC +1TenPercentOwner	BuyClass A Common Stock, par value $0.001 per share · indirect	160	$5.70	$912.00	11.90M
Apr 7, 2026Form 4	GOLDMAN SACHS & CO. LLC +1TenPercentOwner	BuyClass A Common Stock, par value $0.001 per share · indirect	166	$5.69	$944.54	11.90M
Apr 7, 2026Form 4	GOLDMAN SACHS & CO. LLC +1TenPercentOwner	BuyClass A Common Stock, par value $0.001 per share · indirect	188	$5.61	$1.1K	11.90M