SG

MKT CAP:$821M

Sweetgreen, Inc.

Market Cap

$821M

Consumer Cyclical·Restaurants·🇺🇸 United States·NYSE

Consumer Cyc.·Restaurants·🇺🇸·NYSE

Stock Price

$7.14+$0.21 (+3.03%)

Apr 24, 2026

Company Details

Sweetgreen, Inc., together with its subsidiaries, develops and operates fast-casual restaurants serving healthy foods prepared from seasonal and organic ingredients. The company also accepts orders through its online and mobile ordering pla...

CEO

Jonathan Neman

IPO Date

Nov 18, 2021

Website

www.sweetgreen.com

Key Metrics TTM

Revenue

$685M

+2.4% YoY

Net Income

-$113M

EPS (Diluted)

-$0.97

Free Cash Flow

-$107M

Revenue / Share

$5.79

Gross Margin

16.8%

Operating Margin

-17.9%

Net Margin

-16.5%

FCF Margin

-15.7%

P/S

1.2x

P/E

—

Earnings Reports

Q4 2025

May 7, 2026

PENDING

FY 2025

Feb 26, 2026

$679M+0.4%EPS -$1.14

Q3 2025

Nov 6, 2025

$172M-0.6%EPS -$0.31

Q2 2025

Aug 7, 2025

$186M+0.5%EPS -$0.20

Q1 2025

May 8, 2025

$166M+5.4%EPS -$0.21

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$96M	$12M	-$48M
Q1 22	$103M	$13M	-$50M
Q2 22	$125M	$23M	-$43M
Q3 22	$124M	$20M	-$53M
Q4 22	$119M	$13M	-$52M
Q1 23	$125M	$17M	-$35M
Q2 23	$153M	$31M	-$31M
Q3 23	$153M	$29M	-$26M
Q4 23	$153M	$25M	-$29M
Q1 24	$158M	$29M	-$27M
Q2 24	$185M	$42M	-$16M
Q3 24	$173M	$35M	-$21M
Q4 24	$161M	$28M	-$31M
Q1 25	$166M	$30M	-$29M
Q2 25	$186M	$35M	-$26M
Q3 25	$172M	$23M	-$36M

Valuation

Quarter	P/S	P/E
Q4 21	2.4x	—
Q1 22	2.2x	—
Q2 22	2.0x	—
Q3 22	1.8x	—
Q4 22	1.7x	—
Q1 23	1.7x	—
Q2 23	1.6x	—
Q3 23	1.5x	—
Q4 23	1.4x	—
Q1 24	1.3x	—
Q2 24	1.3x	—
Q3 24	1.2x	—
Q4 24	1.2x	—
Q1 25	1.2x	—
Q2 25	1.2x	—
Q3 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$28M	-$56M
Q1 22	-$17M	-$37M
Q2 22	-$2M	-$32M
Q3 22	-$7M	-$27M
Q4 22	-$19M	-$52M
Q1 23	-$3M	-$36M
Q2 23	$8M	-$18M
Q3 23	$13M	-$8M
Q4 23	$9M	-$8M
Q1 24	$3M	-$12M
Q2 24	$19M	-$2M
Q3 24	$15M	-$12M
Q4 24	$6M	-$23M
Q1 25	-$13M	-$32M
Q2 25	$10M	-$15M
Q3 25	-$1M	-$37M

Capital Expenditures

Quarter	CapEx
Q4 21	$27M
Q1 22	$19M
Q2 22	$30M
Q3 22	$20M
Q4 22	$33M
Q1 23	$32M
Q2 23	$26M
Q3 23	$21M
Q4 23	$16M
Q1 24	$15M
Q2 24	$21M
Q3 24	$27M
Q4 24	$29M
Q1 25	$19M
Q2 25	$25M
Q3 25	$36M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+62.9%	+45.3%
Q1 22	+67.1%	+66.7%
Q2 22	+44.9%	+51.8%
Q3 22	+29.4%	+38.1%
Q4 22	+23.0%	+18.5%
Q1 23	+21.9%	+5.1%
Q2 23	+22.1%	+9.7%
Q3 23	+23.7%	+1.7%
Q4 23	+29.1%	+6.7%
Q1 24	+26.2%	+15.2%
Q2 24	+21.1%	+9.3%
Q3 24	+13.0%	+8.2%
Q4 24	+5.1%	+5.5%
Q1 25	+5.4%	+5.5%
Q2 25	+0.5%	+5.6%
Q3 25	-0.6%	+7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$23M	23.6%
Q1 22	$22M	21.6%
Q2 22	$23M	18.6%
Q3 22	$18M	14.2%
Q4 22	$16M	13.3%
Q1 23	$14M	11.4%
Q2 23	$14M	9.4%
Q3 23	$11M	7.5%
Q4 23	$9M	6.1%
Q1 24	$10M	6.1%
Q2 24	$11M	5.9%
Q3 24	$10M	5.6%
Q4 24	$9M	5.5%
Q1 25	$10M	6.1%
Q2 25	$8M	4.3%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$47M
Q1 22	$50M
Q2 22	$52M
Q3 22	$42M
Q4 22	$45M
Q1 23	$35M
Q2 23	$40M
Q3 23	$36M
Q4 23	$36M
Q1 24	$37M
Q2 24	$39M
Q3 24	$37M
Q4 24	$37M
Q1 25	$38M
Q2 25	$35M
Q3 25	$31M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$437M	$0	$437M
Q2 22	$407M	$0	$407M
Q3 22	$381M	$0	$381M
Q4 22	$332M	$0	$332M
Q1 23	$297M	$0	$297M
Q2 23	$280M	$0	$280M
Q3 23	$275M	$0	$275M
Q4 23	$257M	$0	$257M
Q1 24	$244M	$0	$244M
Q2 24	$245M	$0	$245M
Q3 24	$235M	$0	$235M
Q4 24	$215M	$0	$215M
Q1 25	$184M	$0	$184M
Q2 25	$168M	$0	$168M
Q3 25	$130M	$0	$130M
Q4 25	$89M	$0	$89M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	109M	+0.6%	+21.2%
Q1 22	109M	+0.6%	+22.0%
Q2 22	110M	+0.2%	+22.2%
Q3 22	110M	+0.6%	+2.0%
Q4 22	111M	+0.5%	+1.9%
Q1 23	111M	+0.3%	+1.7%
Q2 23	112M	+0.3%	+1.7%
Q3 23	112M	+0.5%	+1.6%
Q4 23	113M	+0.3%	+1.4%
Q1 24	113M	+0.2%	+1.3%
Q2 24	114M	+0.7%	+1.8%
Q3 24	115M	+1.0%	+2.3%
Q4 24	116M	+1.1%	+3.1%
Q1 25	117M	+1.1%	+4.0%
Q2 25	118M	+0.4%	+3.7%
Q3 25	118M	+0.4%	+3.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$19.8K	5K
Q1 22	$21.0K	5K
Q2 22	$25.6K	5K
Q3 22	$25.4K	5K
Q4 22	$19.9K	6K
Q1 23	$21.0K	6K
Q2 23	$25.6K	6K
Q3 23	$25.8K	6K
Q4 23	$24.7K	6K
Q1 24	$25.5K	6K
Q2 24	$29.8K	6K
Q3 24	$28.0K	6K
Q4 24	$25.1K	6K
Q1 25	$26.0K	6K
Q2 25	$29.0K	6K
Q3 25	$26.9K	6K

Revenue / Employee