CAVA Group, Inc. (CAVA) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to CAVA's second-quarter 2026 financial results conference call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 CAVA 2026 年第二季財務業績電話會議。（接線員指示）

I will now hand the conference over to Matt Milanovich, Head of Investor Relations. Matt, please go ahead.

現在我將把會議交給投資人關係主管 Matt Milanovich。Matt，請開始。

Good afternoon, and welcome to CAVA's second-quarter 2026 financial results conference call.

各位下午好，歡迎參加 CAVA 2026 年第二季財務業績電話會議。

Before we begin, if you do not already have a copy, the earnings release and related 8-K furnished to the SEC are available on our website at investor.cava.com. The purpose of this conference call is to give investors further details regarding the company's financial results as well as a general update on the company's progress.

在開始之前，若您尚未取得，新聞稿以及向美國證券交易委員會（SEC）提交的相關 8-K 文件，可於我們的網站 investor.cava.com 取得。本次電話會議旨在向投資人提供公司財務業績的更多細節，並就公司進展提供一般性更新。

You will find reconciliations of any non-GAAP financial measure discussed on today's call to the most directly comparable financial measure calculated in accordance with GAAP to the extent available without unreasonable efforts in today's earnings release and supplemental deck, each of which is posted on the company's website.

您可在今日的財報新聞稿與補充簡報中，找到本次電話會議所討論之任何非 GAAP 財務衡量指標，與依 GAAP 計算之最直接可比財務衡量指標之調節表（在無需付出不合理努力即可取得的範圍內）。上述文件均已發布於公司網站。

Before we begin, let me remind everyone that this call will contain forward-looking statements. For this purpose, any statements made during this call that are not statements of historical fact may be deemed to be forward-looking statements. Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today.

在開始之前，提醒各位，本次電話會議將包含前瞻性陳述。就此而言，本次電話會議中除歷史事實陳述以外的任何陳述，均可能被視為前瞻性陳述。投資人應注意，任何前瞻性陳述均受多項風險與不確定性影響，可能導致實際結果與我們今日所討論者存在重大差異。

These risk factors are explained in detail in CAVA's most recent annual report on Form 10-K as may be updated by its reports on Form 10-Q and other filings with the SEC. Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements. All forward-looking statements are made as of today, and except as required by law, CAVA undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

這些風險因素已在 CAVA 最近一期 Form 10-K 年度報告中詳細說明，並可能由其 Form 10-Q 季度報告及向 SEC 提交的其他文件更新。請參閱上述文件，以取得對前瞻性陳述以及該等陳述之風險與不確定性的更詳細討論。所有前瞻性陳述均以今日為準；除法律要求外，CAVA 不承擔公開更新或修訂任何前瞻性陳述之義務，不論係因新資訊、未來發展或其他原因所致。

And now I'll turn the call over to the company's Co-Founder and CEO, Brett Schulman.

接下來我將把電話會議交給公司共同創辦人兼執行長 Brett Schulman。

Thanks, Matt, and welcome to the call, everyone. Our second quarter results underscore the continued strength of our category-defining brand and the resonance of our value proposition with today's consumer. From Mishawaka, Indiana to Downingtown, Pennsylvania, our newest restaurants continue to outperform our expectations, reinforcing the proven portability of our concept and the growing demand for our differentiated Mediterranean cuisine and welcoming hospitality. This strength, combined with the power of our unit economic model, gives us confidence not only in our momentum today, but in the long runway that lies ahead.

謝謝你，Matt，也歡迎各位參加本次電話會議。我們第二季的業績凸顯了我們作為品類定義者之品牌持續強勁的實力，以及我們的價值主張與當今消費者之間的高度共鳴。從印第安納州的 Mishawaka 到賓夕法尼亞州的 Downingtown，我們最新開幕的餐廳持續超出預期，進一步印證我們概念模式具備可複製、可移植性，且市場對我們差異化的地中海料理與熱情款待的需求正在成長。這股強勁動能，加上我們門店經濟模型的力量，讓我們不僅對當前的成長勢頭充滿信心，也對未來長期的成長跑道充滿信心。

Our second quarter financial highlights include a 31.3% increase in CAVA revenue, same restaurant sales of 9%, driven by 5.3% traffic, 17 net new restaurants, ending the quarter with 476 restaurants, a 19.6% increase year-over-year, adjusted EBITDA of $54.7 million, a 30% increase over the second quarter of 2025, net income of $23 million and $44.8 million in year-to-date free cash flow.

我們第二季的財務重點包括：CAVA 營收成長 31.3%；同店銷售成長 9%，其中來客數成長 5.3%；淨新增 17 家餐廳，季末餐廳總數達 476 家，年增 19.6%；調整後 EBITDA 為 5,470 萬美元，較 2025 年第二季成長 30%；淨利為 2,300 萬美元；以及年初至今自由現金流為 4,480 萬美元。

While near-term macroeconomic conditions continue to evolve, our focus remains firmly on building for the long-term. We're seeing durable shifts in how consumers choose to eat with growing demand for bold, flavourful food, fresh ingredients and protein-rich meals that don't require compromising on health. Our Mediterranean cuisine sits at the intersection of these trends, making it increasingly relevant in today's environment and further reinforcing our confidence in the category we are pioneering.

儘管短期宏觀經濟情勢仍在演變，我們的重點依然堅定地放在長期建設上。我們看到消費者飲食選擇出現持久性的轉變：對大膽、風味濃郁的食物、新鮮食材，以及不必在健康上妥協的高蛋白餐點之需求日益增加。我們的地中海料理正位於這些趨勢的交會點，使其在當今環境中愈發具有相關性，也進一步強化我們對所開創品類的信心。

As the clear scaled leader in Mediterranean, we believe CAVA is uniquely positioned to capture the significant opportunity ahead with the strength and durability of our model, providing us with the flexibility to continue to invest with intention in our team members, our operations, the quality of our food and the everyday value we deliver to our guests.

作為地中海品類中具規模的明確領導者，我們相信 CAVA 憑藉模式的強度與韌性，具備獨特優勢把握前方龐大機會，並讓我們能以更高的彈性、有目的地持續投資於團隊成員、營運、食物品質，以及我們每天為賓客提供的價值。

Whether it's strengthening our leadership pipeline through our Flavor Your Future Team Member development platform or building more consistent operational foundations through initiatives like CAVA Core and CAVA Current, we're making choices today that we believe will strengthen the business for years to come. You can see that long-term oriented approach come to life across our strategic pillars, beginning with our first, expand our Mediterranean way in communities across the country.

無論是透過「Flavor Your Future」團隊成員發展平台強化領導人才梯隊，或是透過如 CAVA Core 與 CAVA Current 等計畫建立更一致的營運基礎，我們今天所做的選擇，都是我們相信能在未來多年強化業務的決策。您可以在我們的策略支柱中看到這種以長期為導向的方法落地實現，首先是：在全國各地社區擴展我們的「地中海之道」。

During the second quarter, we opened 17 net new restaurants, ending the quarter with 476 locations across 29 states and the District of Columbia. Our momentum from the first quarter continued into the second, with restaurant expansion in both new and existing markets, including our recent entries into Indiana and Ohio.

第二季期間，我們淨新增 17 家餐廳，季末在 29 個州及哥倫比亞特區共計 476 個據點。第一季的動能延續至第二季，我們在新市場與既有市場皆持續擴張餐廳版圖，包括近期進入印第安納州與俄亥俄州。

And as we look ahead into the second half of the year, I'm excited to share that we'll be making our entry into Las Vegas, Nevada and in 2027, our highly anticipated expansion to the Bay Area. Each new market continues to strengthen our confidence in the long-term opportunity ahead with second quarter new restaurant productivity once again above 100%, further demonstrating the broad appeal of our brand.

展望下半年，我很高興分享我們將進入內華達州拉斯維加斯；並在 2027 年，展開備受期待的灣區擴張。每一個新市場都持續強化我們對長期機會的信心；第二季新餐廳生產力再次高於 100%，進一步證明我們品牌的廣泛吸引力。

As we continue to expand our Mediterranean Way across the country, culinary innovation remains at the heart of our journey. Seafood is a staple of the Mediterranean diet, and the second quarter marked an exciting milestone for us with the nationwide launch of our first-ever seafood offering, Pomegranate Glazed Salmon. As a natural complement to the way our guests are increasingly choosing to eat, salmon expands the variety of choices available, while staying true to the bold flavors and ingredient quality that define our brand.

在我們持續將「地中海之道」拓展至全國各地的同時，料理創新始終是我們旅程的核心。海鮮是地中海飲食的主食之一，而第二季對我們而言是一個令人振奮的里程碑：我們在全美推出首款海鮮產品「石榴糖漿烤鮭魚」（Pomegranate Glazed Salmon）。作為對賓客日益偏好的飲食方式之自然補充，鮭魚在提供更多選擇多樣性的同時，也忠於定義我們品牌的大膽風味與食材品質。

Guest reception has been strong and overall performance has been in line with our expectations. And while we're encouraged by Salmon's early performance, it represents just the beginning of a broader opportunity within seafood.

賓客反應熱烈，整體表現符合我們的預期。雖然我們對鮭魚的早期表現感到鼓舞，但這僅是海鮮更大機會的起點。

I'm pleased to share that we've recently concluded the market test of our roasted garlic shrimp, another protein that aligns naturally with our menu. As with all of our culinary innovation, we'll continue moving through our disciplined testing process before determining the appropriate path forward, and we look forward to sharing more in the coming quarters. While our larger culinary launches continue to broaden our menu appeal, we believe smaller seasonal moments are just as important, giving guests new reasons to come back to CAVA more frequently.

我很高興分享，我們近期已完成「烤蒜蝦」的市場測試，這是另一項與我們菜單自然契合的蛋白質選擇。如同我們所有的料理創新，我們將在決定後續適當方向之前，持續依循嚴謹的測試流程推進，並期待在未來幾季分享更多資訊。在我們較大型的料理上市持續擴大菜單吸引力的同時，我們也相信較小型的季節性主題同樣重要，能為賓客提供更多理由更頻繁地回到 CAVA。

Recently, our Mediterranean summer campaign introduced a collection of limited-time offerings, including our Harissa BBQ Pita Chips, which bring together smoky, spicy, and subtly sweet flavors and a new take on one of our guest favorites and have quickly become one of my favorite additions to the menu. The campaign also includes our seasonal house-made strawberry ginger drink and our digital exclusive Pomegranate Glazed Salmon Bowl, extending the flavors of summer across even more guest occasions. These seasonal moments continue to reinforce the relevance of our brand while staying true to our concept essence.

近期，我們的「地中海夏日」活動推出一系列限時產品，包括 Harissa BBQ 皮塔脆片（Harissa BBQ Pita Chips），融合煙燻、辛香與微甜風味，並以全新方式演繹一款賓客最愛的品項，也迅速成為我最喜歡的菜單新增之一。本次活動也包含季節限定的自製草莓薑飲，以及數位限定的「石榴糖漿烤鮭魚碗」（Pomegranate Glazed Salmon Bowl），讓夏日風味延伸至更多用餐情境。這些季節性時刻持續強化我們品牌的時代相關性，同時忠於我們概念的核心本質。

Shifting to our second strategic pillar, deepen personal relationships with guests even as we scale, we're encouraged by the continued growth of our loyalty platform and the new opportunities it creates. As our first-party audience grows, we're expanding what loyalty means at CAVA, creating experiences rooted in discovery, generosity, and meaningful connection.

轉到我們的第二個策略支柱：即使在規模擴張的同時，也要深化與賓客的個人關係；我們對忠誠度平台的持續成長以及其帶來的新機會感到鼓舞。隨著我們第一方受眾持續擴大，我們正在擴展 CAVA 對「忠誠」的定義，打造以探索、慷慨與有意義連結為核心的體驗。

Building on the interactive digital experiences we introduced earlier this year, this past quarter, we launched Flavor Passport, an in-app experience that encourages guests to explore more of our menu while discovering new flavors and earning rewards along the way. It's another example of how we're continuing to evolve our loyalty platform while creating deeper, more meaningful connections with our guests.

延續我們今年稍早推出的互動式數位體驗，上個季度我們推出了 Flavor Passport，這是一項 App 內體驗，鼓勵賓客探索更多菜單內容，在發掘新風味的同時一路累積獎勵。這也再次展現我們如何持續進化忠誠度平台，同時與賓客建立更深層、更有意義的連結。

Just as importantly, we want every guest to feel welcomed and included, whether they're visiting CAVA for the first time or have been with us for years. To kick off the summer, we celebrated the summer solstice by surprising our rewards members with complimentary Pita Chips, another expression of our spirit of generosity.

同樣重要的是，我們希望每一位賓客都能感到被歡迎並被接納，無論他們是第一次造訪 CAVA，或是多年來一直與我們同行。為了迎接夏季，我們在夏至當天以免費皮塔脆片（Pita Chips）驚喜回饋我們的獎勵會員，這也是我們慷慨精神的另一種展現。

We brought that same spirit to life in our communities through our Mediterranean Summer Supper Series in partnership with Airbnb Experiences, where guests gathered around a shared table to experience the warmth, connection, and hospitality at the heart of CAVA. As part of the series, Oasis members received exclusive invitations, creating another meaningful way to deepen our relationships with our most engaged guests.

我們也透過與 Airbnb Experiences 合作推出的「地中海夏日晚餐系列」（Mediterranean Summer Supper Series），把同樣的精神帶進社區；賓客圍坐共享餐桌，體驗 CAVA 核心所代表的溫暖、連結與款待。作為系列活動的一部分，Oasis 會員獲得專屬邀請，為我們與最投入的賓客深化關係，創造了另一種有意義的方式。

These gatherings reflected something that has always been at the heart of CAVA, bringing people together through meaningful moments, genuine hospitality, and experiences that leave people feeling good about themselves. Ultimately, creating these moments for our guests starts with the people who show up every day to bring our Mediterranean hospitality to life, reflected in our third strategic pillar, Run Great Restaurants, Every Location, Every Shift.

這些聚會反映了 CAVA 一直以來的核心：透過有意義的時刻、真誠的款待，以及讓人對自己感覺良好的體驗，把人們凝聚在一起。歸根結底，為賓客創造這些時刻，始於每天到場、將我們的地中海式款待化為現實的人們；這也體現在我們第三個策略支柱——「把餐廳營運做到最好：每一家門店、每一個班次」（Run Great Restaurants, Every Location, Every Shift）。

Great restaurants are built by great leaders, and we are committed to making CAVA the best general manager opportunity in the industry. That commitment comes to life through our Flavor Your Future initiative, our holistic team member development platform designed to attract, develop, and retain the next generation of leaders who will grow with us.

卓越的餐廳由卓越的領導者打造，而我們致力於讓 CAVA 成為業界最好的總經理職涯機會。這份承諾透過「Flavor Your Future」計畫具體落地——這是一個全方位的團隊成員發展平台，旨在吸引、培養並留任下一代領導者，與我們一同成長。

Officially launched this past quarter, the program is committed to hiring more than 2,500 new team members, reinforcing our belief that the best guest experiences begin by investing in our people. And one of the things I'm most proud of is seeing our leaders continue to grow long after they become general managers. Earlier this summer, we welcomed more than 100 of our top-performing general managers to our Annual Academy GM Summit, where we celebrated excellence, shared best practices, and strengthened the leadership culture that drives CAVA forward.

該計畫於上一季度正式啟動，承諾招募超過 2,500 名新團隊成員，強化我們的信念：最佳的賓客體驗始於對人才的投資。而我最引以為傲的一點，是看到我們的領導者在成為總經理之後仍持續成長。今年夏初，我們邀請了 100 多位表現最優異的總經理參加年度「學院總經理高峰會」（Annual Academy GM Summit），在那裡我們表揚卓越、分享最佳實務，並強化推動 CAVA 前進的領導文化。

Spending time with these leaders is always one of the highlights of my year because you can see the true embodiment of our mission to bring heart, health, and humanity to life. Whether it is Kayla Jamie, who joined CAVA as a team member and within two years was leading one of our top-performing restaurants, or Brittany Huffman, whose journey from team member to Area Leader spans a decade, these stories remind us that the strongest leaders are built from within.

與這些領導者相處的時光，總是我一年中最精彩的時刻之一，因為你能看見我們「讓關懷、健康與人性落地」使命的真實體現。無論是 Kayla Jamie——她以團隊成員身分加入 CAVA，兩年內就帶領我們其中一家表現最頂尖的餐廳；或是 Brittany Huffman——她從團隊成員到區域領導者（Area Leader）的旅程橫跨十年；這些故事都提醒我們，最強的領導者是從內部培養出來的。

Finally, investing in our people also means investing in the tools and processes that help them succeed. A meaningful example of that is our rollout of pre-marinated chicken, which we'll be launching in restaurants throughout the balance of this year and next year. This is a significant step forward in simplifying restaurant execution, improving product and flavor consistency, and reducing back-of-house workload. By taking time and complexity out of the kitchen, our teams can spend less time on manual prep and more time focused on what matters most, delivering exceptional hospitality and elevating our guest experience. We saw the impact of these intentional choices and the passion and excitement surrounding our brand throughout the Summer Supper Series.

最後，投資我們的人才也意味著投資能幫助他們成功的工具與流程。其中一個具代表性的例子，是我們推行預先醃製雞肉（pre-marinated chicken），並將在今年剩餘期間及明年於各餐廳陸續上線。這是簡化餐廳執行、提升產品與風味一致性、並降低後場工作量的重要一步。透過降低廚房的時間成本與複雜度，我們的團隊能把更少時間花在手工備料上，把更多心力放在最重要的事：提供卓越款待並提升賓客體驗。在整個夏日晚餐系列中，我們看見這些有意識的選擇所帶來的影響，以及圍繞我們品牌的熱情與興奮。

Our final Supper took place in San Francisco, where the energy from the community was a powerful reminder of how deeply CAVA continues to resonate in markets across the country. This excitement came to life online where our CAVA fan correctly guessed that we were entering the San Francisco market by sharing that they had been manifesting the news. That kind of anticipation is a powerful testament to the strength of our brand and the connection guests feel to CAVA even before we open our doors in a new community.

我們最後一場晚餐在舊金山舉行，社區所展現的能量有力提醒我們：CAVA 在全國各地市場持續引發深刻共鳴。這份興奮也在網路上具體呈現——有位 CAVA 粉絲正確猜到我們將進入舊金山市場，並分享他一直在「顯化」這則消息。這種期待感有力證明了我們品牌的強度，以及賓客即使在我們尚未於新社區開門營業之前，就已與 CAVA 建立的連結。

I want to take a moment to address the recent food safety issues impacting the industry. While we do not source leafy greens from Mexico and do not serve iceberg lettuce on our menu, exiting Q2, we saw near-term sales impacts related to broad concerns around lettuce and fresh produce consumption due to the Cyclospora outbreak. We have since seen same-restaurant sales begin to rebound, a testament to the underlying strength of our long-term brand proposition.

我想花一點時間談談近期影響整個產業的食品安全議題。雖然我們不從墨西哥採購葉菜類，也未在菜單上提供美生菜（iceberg lettuce），但在第二季結束時，由於 Cyclospora 爆發引發外界對生菜與新鮮蔬果食用的廣泛疑慮，我們的銷售在短期內受到影響。此後，我們已看到同店銷售開始回升，這也證明了我們長期品牌價值主張的內在韌性。

Additionally, we have not seen any immediate impacts related to the recent Salmonella outbreak, nor do we source from the associated farms. We continue to consult with our Food Safety Advisory Council of industry-leading experts to monitor the ongoing situation. We know consumer trust in the food system doesn't come easy right now, and it shouldn't be taken for granted by anyone in this industry. Every company that puts food on someone's table has a responsibility to earn that trust every single day, and that's our commitment at CAVA.

此外，我們未看到近期沙門氏菌（Salmonella）疫情帶來任何即時影響，我們也不從相關農場採購。我們持續與由業界頂尖專家組成的食品安全諮詢委員會（Food Safety Advisory Council）合作，監測事態發展。我們知道，在當下消費者對食品體系的信任並不容易建立，也不應被本產業任何人視為理所當然。每一家把食物端上他人餐桌的公司，都有責任每天都去贏得這份信任，而這正是 CAVA 的承諾。

As we reflect, we're incredibly proud of the progress we've made, but even more excited about the opportunity ahead. By continuing to invest in our people, our restaurants, and our guests, we're building a business designed to create meaningful value and impact for years to come. And none of this would be possible without our people. From our restaurant teams and field leaders to our support center and our production facility teams, their passion, dedication, and commitment is what brings our mission to life each and every day. I want to thank them for their positivity, generosity, curiosity, agility, and collective ambition.

回顧過去，我們對已取得的進展深感自豪，但對前方的機會更感到振奮。透過持續投資我們的人才、餐廳與賓客，我們正在打造一門能在未來多年創造有意義價值與影響力的事業。而這一切都離不開我們的夥伴。從餐廳團隊與現場領導者，到支援中心與生產設施團隊，他們的熱情、投入與承諾，讓我們的使命每天都能落地實現。我想感謝他們的正向態度、慷慨、好奇心、敏捷性，以及共同的企圖心。

And with that, I'll turn it over to Tricia to walk you through the financials.

接下來，我把時間交給 Tricia，請她帶大家看財務表現。

Thanks, Brett, and hello, everyone. CAVA revenue in the second quarter of 2026 grew 31.3% year-over-year to $365.4 million. Same restaurant sales increased by 9%, driven by traffic growth of 5.3%. During the quarter, we opened 17 net new restaurants, bringing our total CAVA restaurant count to 476. And as Brett noted, we remain pleased with our new restaurant openings, and they continue to exceed expectations in both top line and margin performance with productivity above 100%. Our overall system-wide average unit volumes are now $3.1 million.

謝謝你，Brett，大家好。CAVA 於 2026 年第二季的營收年增 31.3%，達 3.654 億美元。同店銷售成長 9%，主要由來客數成長 5.3% 所帶動。本季我們淨新增 17 家餐廳，使 CAVA 餐廳總數達到 476 家。正如 Brett 所提到的，我們對新店開幕表現仍感到滿意；新店在營收與利潤率表現上持續超出預期，生產力高於 100%。我們整體系統的平均單店營收（AUV）目前為 310 萬美元。

CAVA restaurant-level profit in the second quarter was $93.8 million or 25.7% of revenue compared to $73.3 million or 26.3% of revenue in the prior year period, representing a 28.1% increase. CAVA's food, beverage, and packaging costs were 30% of revenue, higher than the second quarter of 2025 by 50 basis points, largely driven by input costs associated with the launch of Salmon, partially offset by favorable mix. We anticipate CAVA's food, beverage, and packaging costs to increase as a percent of revenue for the rest of the year as a result of fuel surcharges and the rollout of pre-marinated chicken.

CAVA 餐廳層級第二季的利潤為 9,380 萬美元，占營收 25.7%；相較去年同期為 7,330 萬美元，占營收 26.3%，年增 28.1%。CAVA 的食品、飲料與包材成本占營收 30%，較 2025 年第二季高 50 個基點，主要受鮭魚（Salmon）上市所帶動的投入成本影響，部分由有利的產品組合所抵銷。我們預期，受燃油附加費以及預先醃製雞肉推行影響，CAVA 的食品、飲料與包材成本占營收比重在今年剩餘期間將上升。

CAVA labor and related costs were 25.3% of revenue, up from the second quarter of 2025 by 30 basis points. This was largely driven by an incremental 3% wage investment in our team members, partially offset by sales leverage. CAVA occupancy and related expenses were 6.3% of revenue, an improvement of 50 basis points from the second quarter of 2025 due to sales leverage. CAVA other operating expenses were 12.8% of revenue, reflecting an increase of 40 basis points from the second quarter of 2025. This increase was primarily driven by a higher mix of third-party delivery.

CAVA 的人力及相關成本占營收 25.3%，較 2025 年第二季上升 30 個基點。這主要是因為我們對團隊成員額外投入 3% 的薪資調升，部分由銷售槓桿所抵銷。CAVA 的租賃占用及相關費用占營收 6.3%，因銷售槓桿作用，較 2025 年第二季改善 50 個基點。CAVA 其他營運費用占營收 12.8%，較 2025 年第二季增加 40 個基點。此一增加主要由第三方外送占比提高所致。

Shifting to overall performance. Our general and administrative expenses for the quarter, excluding equity-based compensation, were 9.3% of revenue compared with 9.8% of revenue in Q2 of 2025. The improvement is primarily due to leverage from higher sales and the timing of performance-based incentive compensation, partially offset by investments to support future growth. Preopening expenses were $6.7 million in the current quarter compared with $5.1 million in the prior year quarter. The $1.6 million increase includes a higher number of units under construction and additional investments in our new restaurant openings to support increased volumes.

接著談整體表現。本季我們的一般及行政費用（不含股權基礎薪酬）占營收比重為 9.3%，相較於 2025 年第二季的 9.8%。改善主要來自銷售提升帶來的營運槓桿，以及績效型獎酬發放時點的影響，部分被為支持未來成長所進行的投資所抵銷。本季開店前費用為 670 萬美元，去年同期為 510 萬美元。增加的 160 萬美元包含在建門店數量增加，以及為支持更高客流量而在新餐廳開幕上加碼投資。

Adjusted EBITDA for the second quarter was $54.7 million, a 30% increase versus Q2 of 2025. The increase was primarily driven by same restaurant sales and the number and continued strength in the performance of our new restaurant openings, partially offset by investments to support future growth. For the second quarter of 2026, equity-based compensation was $5.7 million. We continue to expect equity-based compensation, which includes our new programs to provide equity grants to general managers and performance-based LTI, to be between $22 million and $24 million in aggregate for the full year.

第二季調整後 EBITDA 為 5,470 萬美元，較 2025 年第二季成長 30%。成長主要由同店銷售，以及新餐廳開幕數量與其持續強勁的表現所帶動，部分被為支持未來成長所進行的投資所抵銷。2026 年第二季股權基礎薪酬為 570 萬美元。我們仍預期全年股權基礎薪酬（包含我們的新計畫：提供店總經理股權授予，以及績效型長期激勵 LTI）合計將介於 2,200 萬至 2,400 萬美元。

In the second quarter, our effective tax rate was 24.7%. For the full fiscal year 2026, we continue to expect our effective tax rate to be between 23% and 28%, with the rate in the second half of the year being higher than the first half of the year due to the timing of equity-based vesting. As a reminder, the increase in our tax rate in 2026 versus the prior year is due to the lower permanent benefit from equity-based compensation. Our cash taxes will continue to be immaterial until we fully utilize our net operating losses.

第二季我們的有效稅率為 24.7%。就 2026 全會計年度而言，我們仍預期有效稅率介於 23% 至 28%，且由於股權基礎歸屬時點的影響，下半年稅率將高於上半年。提醒一下，2026 年稅率較前一年上升，係因股權基礎薪酬帶來的永久性稅務利益較低。在我們完全用盡淨營運虧損（NOL）之前，現金所得稅支出仍將不具重大性。

During the second quarter, we reported $23 million in net income compared to $18.4 million of net income in Q2 2025. Diluted EPS was $0.19 in the second quarter compared with $0.16 in the second quarter of 2025. The increase in net income and EPS was due to improved operating performance, partially offset by a higher effective tax rate, driven by a lower tax benefit associated with equity-based compensation, as well as higher depreciation and amortization.

第二季我們認列淨利 2,300 萬美元，較 2025 年第二季的 1,840 萬美元增加。第二季稀釋後每股盈餘（EPS）為 0.19 美元，較 2025 年第二季的 0.16 美元提高。淨利與 EPS 的增加來自營運表現改善，部分被較高的有效稅率所抵銷；該稅率上升係因與股權基礎薪酬相關的稅務利益降低，以及折舊與攤銷增加。

Turning to liquidity. At the end of the quarter, we had zero debt outstanding, $435.6 million in cash and investments, and access to a $150 million undrawn revolver with an option to increase our liquidity if needed. Through the second quarter, cash flow from operations increased to $134.5 million in 2026 compared to $98.9 million in the prior year period. Year-to-date free cash flow was $44.8 million. This is the 10 quarter in a row of positive cash flow year-to-date.

接著談流動性。截至季末，我們無任何未償還債務，持有 4.356 億美元的現金與投資，並可動用 1.5 億美元尚未提用的循環信貸額度（revolver），且在需要時可選擇提高流動性。截至第二季，2026 年營運活動現金流量增加至 1.345 億美元，去年同期為 9,890 萬美元。年初至今自由現金流為 4,480 萬美元。這是連續第 10 個季度年初至今維持正向現金流。

Now to go to our outlook for full year 2026. We are reiterating our guidance to expect the following: 75 to 77 net new CAVA restaurant openings, same restaurant sales of 4.5% to 6.5%, CAVA restaurant level profit margin between 23.7% to 24.3%, preopening costs between $22 million and $22.5 million and adjusted EBITDA, including the burden of preopening costs between $181 million and $191 million.

接下來說明我們對 2026 全年的展望。我們重申指引如下：CAVA 餐廳淨新增開店 75 至 77 家；同店銷售成長 4.5% 至 6.5%；CAVA 餐廳層級利潤率介於 23.7% 至 24.3%；開店前成本介於 2,200 萬至 2,250 萬美元；以及調整後 EBITDA（包含開店前成本負擔）介於 1.81 億至 1.91 億美元。

I would like to share additional context on guidance. As Brett mentioned, there are broad consumer concerns around recent industry food safety issues. Earlier last month, concerns surrounding the Cyclospora outbreak impacted same restaurant sales. Those trends moderated meaningfully, though remained flat to positive. Performance improved sequentially each week and most recently, as concerns around the broader impact of the Cyclospora outbreak has begun to ease, our same restaurant sales performance has recovered to mid-single digits.

我想就指引補充一些背景。如 Brett 所提，消費者對近期產業食品安全事件普遍感到憂慮。上個月稍早，關於環孢子蟲（Cyclospora）疫情的疑慮影響了同店銷售。這些趨勢已明顯緩和，但仍呈持平至小幅正成長。表現每週逐步改善；最近隨著對環孢子蟲疫情更廣泛影響的擔憂開始消退，我們的同店銷售表現已回升至中個位數成長。

Our maintained full year outlook incorporates the impact experienced to date as well as a prudent assumption regarding the duration of any remaining pressure along with the macroeconomic and geopolitical fluidity. Our conviction in the underlying health of the business remains unchanged, supported by the resilience of our sales trends, the strength of our brand and our compelling unit economic model.

我們維持的全年展望已納入迄今為止所經歷的影響，同時也在宏觀經濟與地緣政治不確定性下，對任何剩餘壓力可能持續的時間做出審慎假設。我們對業務基本面健康狀況的信心不變，並由銷售趨勢的韌性、品牌實力以及具吸引力的單店經濟模型所支撐。

Shifting to restaurant level margin, our outlook reflects the impact of previously disclosed fuel surcharges and the partial rollout of pre-marinated chicken in the back half of the year. On the labor front, our guidance embeds continued investments in team member wages and opportunities to deliver on exceptional hospitality for our guests. Preopening expenses reflect the continued investments in new unit volumes, including onboarding general managers earlier to allow for more comprehensive training ahead of opening.

轉到餐廳層級毛利率，我們的展望反映先前已揭露的燃油附加費影響，以及下半年後段預先醃製雞肉的部分導入。在人力方面，我們的指引包含持續投資於團隊成員薪資，以及提供卓越待客體驗的相關投入。開店前費用反映我們持續投資於新店開幕量能，包括更早讓店總經理到位，以便在開幕前進行更全面的訓練。

Shifting to general and administrative expenses. Our outlook assumes increased spend in each of the third and fourth quarters as compared to the second quarter of 2026, with targeted investments to support our rapid growth. As a reminder, we remain focused on sustainable margin expansion over time, and we will continue to make investments where we believe they strengthen the guest experience, support our team and generate attractive returns.

接著談一般及行政費用。我們的展望假設 2026 年第三季與第四季的支出將較第二季增加，並進行有針對性的投資以支持我們的快速成長。提醒一下，我們仍聚焦於隨時間推進的可持續性利潤率擴張，並將持續在我們認為能強化顧客體驗、支持團隊並帶來具吸引力報酬的領域進行投資。

We evaluate the models for adjusted EBITDA, net income, EPS, free cash flow and cash-on-cash returns. Together with the continued strength of our new restaurant openings and attractive cash-on-cash returns, these results reinforce our confidence that the model is converting growth into increased earnings and cash flow while supporting thoughtful investments for the long-term.

我們會評估調整後 EBITDA、淨利、EPS、自由現金流以及現金對現金報酬（cash-on-cash returns）的模型。結合新餐廳開幕的持續強勁表現與具吸引力的現金對現金報酬，這些結果進一步強化我們的信心：該模型能在支持長期審慎投資的同時，將成長轉化為更高的獲利與現金流。

Throughout our journey, we have remained focused on our mission to bring heart, health and humanity to food, expressed through the warm hospitality and human connection that defines our brand. We will remain focused on staying true to that mission in every community we serve.

在我們一路走來的過程中，我們始終專注於使命：為食物帶來關懷、健康與人性，並透過定義我們品牌的溫暖款待與人際連結來展現。我們將持續專注於在所服務的每個社區都忠於這項使命。

With that, I'll turn it over to the operator for Q&A.

接下來我把時間交給主持人進行問答。

(Operator Instructions) Dennis Geiger, UBS.

(主持人指示) Dennis Geiger，瑞銀（UBS）。

Wondering if you could talk a little bit more about the implied 2H outlook. Tricia, you gave some great commentary there. Just anything more about the back half implication as it relates to what gets you to the lower end, what gets you to the upper end? And specifically, that mid-single digit that you mentioned, just how you're thinking about that with respect to whether the food safety headlines are largely behind you? Just any more color there would be terrific.

想請你們再多談一些隱含的下半年（2H）展望。Tricia，你剛才的說明很到位。想再請教下半年推導上，哪些因素會讓結果落在區間下緣、哪些因素會讓結果落在上緣？另外，你提到的「中個位數」成長，關於食品安全的新聞是否大致已經過去，你們是如何看待的？若能再多提供一些細節會非常有幫助。

Thanks, Dennis. So as we talked about on the call, our guidance incorporates what we're seeing to date as well as macroeconomic and geopolitical uncertainty, but it's a very prudent assumption regarding the duration of the Cyclospora impact itself and what that will mean for the business.

謝謝，Dennis。如同我們在電話會議中提到的，我們的指引納入了目前所見的情況，以及宏觀經濟與地緣政治的不確定性；同時也對環孢子蟲影響本身可能持續的時間，以及其對業務的意涵，做出非常審慎的假設。

So if you look at guidance to deliver on the low end of the range, it would be slightly negative same restaurant sales. The upper end of the range would be in the mid-single-digit range. There's nothing in what we're seeing in our trends today that would suggest we would land at the lower end of the range, but we feel it's the most important thing to do is be prudent and thoughtful in that guidance and to reiterate where we were from a guidance perspective when we started.

如果看要達成指引區間下緣，將會是同店銷售小幅負成長。區間上緣則會落在中個位數成長。就我們目前看到的趨勢而言，沒有任何跡象顯示我們會落在區間下緣；但我們認為最重要的是在指引上保持審慎與周全，並重申我們在一開始提出指引時的立場。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

I did want to ask about what's implied here in your guidance with respect to the restaurant level margin for the back half of the year. I appreciate all the color that you gave around margins and labor, specifically labor costs and food costs. But anything else as we think about kind of the cadence here, including the seasonality in the 4Q?

我確實想問一下，關於你們指引中對今年下半年餐廳層級利潤率所隱含的內容。我很感謝你們就利潤率與人力，特別是人力成本與食材成本，提供的所有細節。但當我們思考這裡的節奏時，還有沒有其他需要注意的因素，包括第四季的季節性？

Yes. So certainly, seasonality in the fourth quarter does tend to produce lower restaurant level margins anywhere close to 300 basis points overall when you look at Q3 to Q4 in historical time period. I don't anticipate that's going to change meaningfully. We do anticipate some incremental fuel surcharges. However, not to the extent that we expected last quarter, but we'll use some of that to invest in the rollout of pre-marinated chicken, which is something that our team members have been looking for.

是的。第四季的季節性確實往往會帶來較低的餐廳層級利潤率，從歷史來看，Q3 到 Q4 整體大約會下降接近 300 個基點。我不預期這點會有顯著改變。我們確實預期會有一些額外的燃油附加費。不過不會像我們上季預期的那麼多；我們也會把其中一部分用來投資推行預先醃製雞肉，這是我們團隊成員一直期待的項目。

So to the extent we're continuing to make investments to reduce friction, drive hospitality and make sure that we can make things as simple as possible in our restaurants, we want to make -- continue to do that. Some of those margin investments will include labor investments, the continued focus around post-opening success in our restaurants, which we're pleased with what we're doing there from a labor investment perspective and then continuing to maintain reasonable pricing with no intention of changing pricing in the near future, so that we can make sure that we're continuing to drive the overall guest reception and that positive traffic.

因此，只要我們持續進行投資以降低摩擦、提升待客之道，並確保在餐廳裡把事情盡可能簡化，我們就希望——並會持續這麼做。其中一些利潤率相關的投資將包括人力投資、持續聚焦於餐廳開幕後的成功（從人力投資角度來看，我們對目前的作法與成果感到滿意），以及持續維持合理定價，短期內無意調整價格，以確保我們能持續帶動整體顧客接受度與正向來客流量。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Brett, it's clear with 2Q's 9% same-store sales growth that you guys are offering a compelling guest experience at a great value and consumers are rewarding you for it. But within this fluid industry backdrop that's griping with negative food safety publicity, can you talk about the levers at your disposal that if you needed, you could help pull? You talked, for instance, in July about leaning the loyalty program with things like Flavor Passport and offering free Pita Chips.

Brett，從第二季同店銷售成長 9% 來看，很明顯你們提供了具吸引力、物超所值的顧客體驗，消費者也因此回饋你們。但在這個多變的產業背景下，市場正受到負面的食品安全新聞影響，你能談談如果有需要，你們手上有哪些可以運用、可以拉動的槓桿嗎？例如你們在 7 月提到，會更倚重會員忠誠計畫，像是 Flavor Passport，以及提供免費的 Pita Chips。

So I'm curious if you think there's more opportunity there if you kind of exhausted that perhaps as well on the marketing side, you guys typically run the lowest in the industry around 1% of your sales. Maybe it's an opportunity to step it up to help reattract traffic. Just want to get your thoughts just on other opportunities you have at your disposal to help reaccelerate and get back to the trends you were on before this all happened.

所以我想了解，你是否認為那裡還有更多機會，或者你們可能也已經把那部分用得差不多了；另外在行銷面，你們通常是全產業最低之一，大約只占銷售額 1%。也許這是把投入提高一些、幫助重新吸引來客的機會。想請你分享一下，你們手上還有哪些其他可用的機會，來協助重新加速，回到這一切發生之前的趨勢。

Yes, Andrew, there's certainly opportunities on the marketing front, given our low levels of investment to ratchet up those investments. But I would say that the biggest opportunity still is delivering great experiences every day in every restaurant. That's clean restaurants, that's welcoming hospitality and it's consistently fresh food and excited with the progress that the team is making on that front. I think we are very good at delivering that. I think we have an opportunity to be exceptional at delivering that.

是的，Andrew，鑑於我們目前的投入水位很低，在行銷方面確實有機會把投資再往上調。但我會說，最大的機會仍然是每天在每一家餐廳都提供很棒的體驗。那包括乾淨的餐廳、熱情的待客之道，以及始終如一的新鮮食物；我們也對團隊在這方面的進展感到振奮。我認為我們非常擅長做到這些。我也認為我們有機會把這些做到卓越。

And in an environment where consumers are dealing with a lot of challenges in the world today and in their daily life, to be able to walk into a CAVA and have an exceptional experience is really meaningful to them, and that's what we've seen the underlying strength throughout the course of this year.

而在一個消費者在當今世界與日常生活中面臨許多挑戰的環境裡，能走進一家 CAVA 並獲得卓越的體驗，對他們而言非常有意義；這也是我們今年以來所看到的基本面韌性與內在強勁動能。

That's great. And maybe just one follow-up. You called out that Salmon performed in line with your expectations. And curious, how does that drive your longer-term thinking on the protein relative to your pledge to keep it through the end of 2026?

很好。我再追問一個問題。你提到鮭魚的表現符合你們的預期。我也好奇，這如何影響你們對該蛋白品項的長期思考，尤其是你們承諾會供應到 2026 年底？

Yes. What we saw with Salmon is what we've seen with a lot of our protein launches that our guests really love these consistent pulses of newness, and we try and balance that with operational complexity. And what we saw with Salmon was it certainly increased the rate of new customers. But within our loyalty program, we saw Salmon drive increased frequency of those who purchased Salmon.

是的。我們在鮭魚上看到的情況，與我們許多蛋白新品上市時看到的相似：顧客非常喜歡這種持續推出新鮮感的節奏，而我們也會在這與營運複雜度之間取得平衡。我們看到鮭魚確實提高了新客的占比。但在我們的忠誠計畫中，我們也看到鮭魚帶動了購買鮭魚的顧客提高回訪頻率。

So we know our audience, our guests love to experience the culinary expertise of our team and our chefs, and they really enjoy when we bring new items forward. And that drives our loyalty program and the app, the traffic that we're able to drive through the loyalty program.

因此我們了解我們的受眾——顧客喜歡體驗我們團隊與主廚的烹飪專業，也真的很享受我們推出新品。而這會帶動我們的忠誠計畫與 App，以及我們能透過忠誠計畫帶來的來客流量。

And I think it also speaks to the opportunity for seafood in general. Seafood is a core aspect of the Mediterranean diet. This was our first foray into that. And we've tested our roasted garlic shrimp. We're very pleased with what we've seen in the test. We're going to continue to work that through our stage gate process, and we'll have more to come on the roasted garlic shrimp.

我認為這也凸顯了海鮮整體的機會。海鮮是地中海飲食的核心要素。這是我們第一次切入這個領域。我們也測試了烤蒜蝦。我們對測試結果非常滿意。我們會持續透過我們的階段闖關（stage gate）流程推進，之後也會有更多關於烤蒜蝦的消息。

John Ivankoe, JPMorgan.

John Ivankoe，JPMorgan。

I wanted to follow-up on the marketing comment. Brett, you admit it's an opportunity, and I guess it's an opportunity for you to take maybe when you need it or when you feel the time is really right just from an overall scale perspective. So can you use your crystal ball and maybe tell us -- describe to us what marketing might look like one or two or even three years from now as the CAVA business gets bigger and you can spread the marketing out across a much bigger revenue base?

我想延續剛才關於行銷的評論。Brett，你承認這是一個機會；我想這可能也是你們可以在需要時、或從整體規模角度覺得時機成熟時再採取的機會。所以你能不能用你的水晶球，跟我們說說——描述一下，隨著 CAVA 業務變得更大、你們能把行銷費用分攤到更大的營收基礎上，一到兩年甚至三年後，你們的行銷可能會是什麼樣子？

Yes, John, like any investment we make in our business, Tricia talked about investments in our team members, investments in things like pre-marinated chicken to make our operations easier for our team or invest in our guests under-pricing inflation, mitigating those menu price increases that we've seen from many others in the industry. We view marketing that same way. We want to get a return on that investment. And if we feel like it's prudent to lean into the marketing opportunity and we can get a return on that investment, we will do so.

是的，John，就像我們在業務中做的任何投資一樣，Tricia 談到對團隊成員的投資、對像是預先醃製雞肉這類讓團隊營運更容易的投資，或是在通膨下對顧客的投資——也就是緩和我們在業界看到許多同業所做的菜單漲價幅度。我們看待行銷也是同樣的方式。我們希望這項投資能帶來回報。如果我們認為加大行銷投入是審慎的，且能獲得投資回報，我們就會這麼做。

I do think over time, you'll see us increase that investment as a percentage of revenue. But when we think it's prudent, we've been able to drive tremendous awareness and excitement. We talked in the remarks about the pent-up demand in San Francisco that we're excited to enter the Bay Area and the 100% plus productivity of new restaurant openings that we've been able to achieve with just pent-up demand and excitement for our brand in these new markets. So again, we just want to be thoughtful and prudent in how we invest in this business and marketing is no different.

我確實認為，隨著時間推進，你們會看到我們把這項投入占營收的比重提高。但在我們認為時機合適時，我們其實已經能夠帶動非常可觀的品牌知名度與熱度。我們在談話中提到舊金山的累積需求；我們很期待進入灣區。而我們在這些新市場中，僅靠累積需求與對品牌的期待，就能讓新餐廳開幕達到 100% 以上的生產力表現。所以再次強調，我們只想在投資這門生意時保持周全與審慎，行銷也不例外。

Let me ask a question on the new unit volumes, which have been so strong and some additional preopening and just support of those restaurants from a staffing perspective and probably marketing as well have really helped. So I hate to ask this question, but I have to. As we think about comping those units next year, I mean, do you see anything extraordinary, for example, in the '25 class, the '26 class that would make it hard to grow when they enter the comp base? Or could we expect to hit higher highs despite the new units being so strong right out of the gate?

我想問一個關於新店單店營收（new unit volumes）的问题：你們的表現一直非常強勁，而在開幕前的額外投入，以及在人力配置、可能也包括行銷方面對這些餐廳的支援，確實帶來很大幫助。我不太想問這個問題，但我必須問。當我們思考明年這些店進入同店比較基期時，我是說，你是否看到任何特別的因素——例如 2025 年那一批、2026 年那一批——會讓它們在納入同店基期後變得更難成長？或者，儘管新店一開幕就如此強勁，我們仍可期待它們創下更高的高點？

John, we're really excited about what we're seeing from the 2024 cohort. Those units exceeded our expectations as well, and they are, in fact, double-digit same restaurant sales in the highest performing vintage that we have in our entire portfolio. And so we expect that '25 and '26 would perform in a similar fashion based on what we're seeing with that strong cohort. So they start out high, dip down a little bit and are a little bit of a headwind in their first year after opening, but then rebound very nicely and perform more like what we've seen historically from our restaurants.

John，我們對於2024年這一批（cohort）的表現感到非常振奮。這些店的表現同樣超出我們的預期，而且事實上，在我們整個投資組合中表現最佳的那一批（vintage）裡，它們的同店銷售成長達到雙位數。因此，基於我們從這個強勁批次所看到的趨勢，我們預期2025年與2026年的表現也會以類似方式發展。也就是說，開店初期表現很高，之後會稍微下滑，在開業後第一年對我們形成一些逆風，但接著會非常漂亮地反彈，表現更接近我們過去餐廳歷史上所看到的水準。

Sharon Zack, [Stifel].

Sharon Zack，[Stifel]。

Just question. I may have missed this, but do you have any update on your test in catering? And I'd also be interested if you have any use cases you could share for CAVA Core and CAVA Current and how it might be impacting the business at this point?

我只有一個問題。我可能漏聽了，但你們在外燴（catering）測試方面有任何更新嗎？另外我也想了解，你們是否能分享一些CAVA Core與CAVA Current的使用情境，以及它目前可能如何影響業務？

Yes, Sharon. Catering, we will launch a second market test that we'll expand from our existing Houston market test. We will enter a second market with a catering test later this fall to, again, really understand and solve the question of load balancing and capacity management. So we've had a lot of progress, a lot of work on that front. But to us, that's the key question we need to solve for to make sure that when we roll that -- this out across the system that we have the right production capacity set up for the demand that our guests have for the catered product and that our team members are set up for success and can deliver on those commitments.

好的，Sharon。外燴方面，我們將在既有的休士頓市場測試基礎上，啟動第二個市場測試並擴大範圍。我們會在今年秋季稍晚進入第二個市場進行外燴測試，再次深入理解並解決「負載平衡」與「產能管理」的問題。因此我們在這方面已經取得很多進展，也投入了大量工作。但對我們而言，這是必須解決的關鍵問題，確保當我們把這項計畫——在全系統推廣時——我們已為顧客對外燴產品的需求建立正確的生產產能，同時也讓團隊成員具備成功所需的配置，並能兌現這些承諾。

So as it relates to CAVA Core and CAVA Current, very excited at the long-term potential of these investments in the infrastructure we've built. We're seeing significant productivity gains at our support centers and collaboration centers. When you think about analysis on the FP&A front or general insights into the business, we're now able to ask our data simple prompts or questions that we can get an answer to that would have taken analysts hours, if not days, to do on traditional Excel spreadsheets and the like. So we're seeing great productivity gains there.

至於CAVA Core與CAVA Current，我們對這些在既有基礎設施上的投資之長期潛力感到非常興奮。我們在支援中心與協作中心看到顯著的生產力提升。當你想到FP&A端的分析或對業務的一般洞察時，我們現在可以用簡單的提示或問題去詢問資料，並得到答案；而在傳統的Excel試算表等工具下，這些工作可能需要分析師花上數小時、甚至數天才能完成。因此我們在那裡看到很好的生產力增益。

And then the ability to leverage the data and forecasting models eventually into restaurant productivity and efficiencies when you think about things like predictive labor scheduling, inventory ordering, predictive prep and predictive cook production, let alone on the marketing front when we lean into marketing, doing personalized A/B testing and content and copy and suggested offerings that will be very relevant to our guest behaviors and interest. So very excited. I've written about this in the shareholder letter the last couple of years. I think this is a decade-long transformation of data and seeing the very early impacts of that, certainly from an insights and analysis standpoint.

此外，當我們把資料與預測模型最終運用到餐廳端的生產力與效率時——例如預測式的人力排班、庫存訂購、預測式備料與預測式烹調產出——更不用說在行銷端，當我們加大行銷投入時，能做個人化的A/B測試、內容與文案，以及與顧客行為與興趣高度相關的推薦品項。所以我們非常期待。我在過去幾年的股東信中也寫過這件事。我認為這是一場為期十年的資料轉型，而我們已經看到非常早期的影響，至少在洞察與分析層面是如此。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

I just wanted to ask about the AGM position. Can you update us? Is that fully in place everywhere at this point? And is it having the impact you're hoping? And I know some of the benefits will be developing future leaders for new stores, but just specifically in terms of the impacts you're seeing at the store level now, could you just talk about what you're observing where that's in place?

我想問一下AGM這個職位。你們能更新一下嗎？目前是否已在所有門店全面到位？它是否帶來你們期望的效果？我知道其中一些好處是為新店培養未來領導者，但就你們目前在門店層級所看到的影響而言，能否談談在已導入的門店，你們觀察到什麼？

Our AGMs, the roles are now rolled out to 70% of our fleet, which was the intended amount of restaurants on the initial launch. We will review the other 30% to see if there's opportunities to expand that to the entire fleet. And we are encouraged by what we've seen on the initial rollout at the Phase 1 restaurants, where we've certainly seen improved team member satisfaction. We've seen improved guest satisfaction, and we think that will build over time that will drive traffic as we have better management complement every day, every shift.

我們的AGM職位目前已在70%的門店導入，這也是初期上線時預定的餐廳覆蓋比例。我們會再檢視其餘30%，看看是否有機會擴大到全體門店。我們對第一階段門店的初期導入結果感到鼓舞，確實看到團隊成員滿意度提升。我們也看到顧客滿意度提升，而且我們認為這會隨時間累積，因為每天、每個班次都有更完善的管理配置，進而帶動來客數。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

I just wanted to ask about maybe going back to margins. I think I understand the investments you're making on the labor and food side, but just the other OpEx line deleveraging on these comps. I guess just how much of that pressure is onetime maybe from R&M or utilities? And how much of it might be ongoing with delivery fees? And just as you look kind of beyond this year, do you expect that you can get maybe a little more leverage on that line or have some of the 2026 pressure reverse in '27?

我想回到毛利率（margins）這個話題。我想我理解你們在人力與食材端所做的投資，但在這些同店（comps）之下，其他營運費用（OpEx）那一行的去槓桿（deleverage）。我想問，這些壓力有多少可能是一次性的，例如維修與保養（R&M）或公用事業費？又有多少可能是與外送費用相關、並可能持續存在？另外，當你們展望今年之後，你們是否預期那一行能取得更多槓桿效益，或是2026年的一些壓力會在2027年反轉？

So as you look at the other OpEx line, the most significant component this year compared to last year was third-party delivery and the increase in overall mix. That mix has actually declined versus first quarter of 2026, and we anticipate because those mix shifts change towards the back half of 2025, that you won't see as much deleverage in that line and it will be more of a maintenance level as you go in through the rest of the year.

就其他OpEx那一行來看，今年相較去年最顯著的組成因素是第三方外送，以及整體組合（mix）占比的提升。而這個組合占比其實相較於2026年第一季已經下降；我們也預期，因為這些組合轉移在2025年下半年會有所變化，你在那一行不會看到那麼多去槓桿，接下來今年其餘時間會更接近維持水準。

David Tarantino, Baird.

David Tarantino，Baird。

I wanted to revisit the question on new unit productivity, which has been strong for several quarters in a row. And I guess my question is, I'm hoping you could comment on how broad-based that number is or how concentrated it might be with some of the enthusiasm you're seeing in some of these newer markets. So just kind of trying to get an idea of how the math is rolling up to that really strong number? And then I have a second question about it.

我想再回到新店生產力（new unit productivity）的問題，這個指標已經連續好幾季都很強。我的問題是，我希望你們能評論一下，這個數字的表現是多麼廣泛分布，或是是否集中在某些你們在較新市場看到的熱度上。也就是想了解一下，這個非常強勁的數字在彙總（roll up）時，背後的數學大概是怎麼形成的？然後我還有第二個相關問題。

Okay. Well, David, we're seeing that strength across the board. It's in all types of geographies, all types of formats, just the general rise in brand awareness has helped with that new opening performance itself as well as our team's investments in making sure they deliver on a great guest experience in addition to delivering on amazing culinary. So it's really consistent across the board. At this point, I haven't found a market that doesn't love CAVA, but we're seeing that and we're seeing strong performance in established markets and our growth emerging markets as well.

好的。David，我們看到這股強勁表現是全面性的。涵蓋各類地理區域、各種店型；品牌知名度的整體提升，確實有助於新店開幕表現，同時我們團隊也投入資源，確保除了提供出色的餐飲之外，也能交付很棒的顧客體驗。所以整體而言非常一致。到目前為止，我還沒找到一個不喜歡CAVA的市場；我們在成熟市場與新興成長市場也都看到強勁表現。

Great. And then I guess the follow-up question is, does it make you think that your unit volumes in the markets you're opening now are likely to be higher than the unit volumes that you've opened in the past, given that these are already opening at a much higher rate than what you've done in the past? I guess how do you think about that dynamic?

很好。那追問一下，這是否讓你們認為，你們現在開店的市場，其單店營收（unit volumes）可能會高於過去開店的單店營收？因為這些新店一開幕的表現就比你們過去做過的高很多。你們如何看待這個動態？

Well, David, we're always trying to learn. So it's a dynamic we weren't expecting. And as you're calling out, we've been seeing for a little while now. What we're doing with the information is using it to fuel our models for site selection and understand that we're making the right choices for our new restaurants as they open so that we're delivering on those cash-on-cash returns with the most recent information that's available. So we'll keep a close eye on it. And if there's a need or a reason to update our thoughts on how restaurants will open in the future, we'll be sure to share that.

David，我們一直在學習。所以這是一個我們原本沒有預期到的動態。而如你所指出的，我們已經觀察到一段時間了。我們正在做的是把這些資訊用來強化我們的選址模型，並確認在新餐廳開幕時我們做出了正確選擇，讓我們能以最新可得的資訊，實現那些現金對現金報酬（cash-on-cash returns）。所以我們會密切關注。如果有需要或有理由更新我們對未來餐廳開幕表現的看法，我們一定會對外分享。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Just with Salmon, is it still your expectation you'll keep that through year-end? And I guess could you comment on -- has the incidence been pretty steady since you launched it? Or has it kind of -- has it followed like a typical pattern of a limited time protein? And I guess, could you also just talk more broadly about kind of drivers of the mix component of same-store sales aside from that in the quarter?

關於鮭魚，你們仍然預期會一路保留到年底嗎？另外我想請你評論一下——自從你們推出之後，點選率是否一直相當穩定？還是說它有點——是否像典型的限時蛋白品項那樣呈現某種走勢？另外，也能否更廣泛談談，本季同店銷售中，除了鮭魚之外，帶動組合（mix）成分的其他驅動因素？

Yes. So thanks, Brian. So the Salmon incidence was in line with our expectations and remained pretty constant throughout the quarter itself. The whole thing about mix component of same restaurant sales, Salmon was a contributor to that, but we continue to see strong performance in our premium attachments and they drive a positive impact on mix. So it just wasn't Salmon alone delivering on that. And we'll continue to watch Salmon. As we said, it will carry through the end of 2026, and we'll have that same impact on restaurant level margins and COGS that we had talked about earlier.

是的。謝謝你，Brian。鮭魚的點選率符合我們的預期，且在整個季度期間基本保持相當穩定。關於同店銷售的組合成分，鮭魚確實有所貢獻，但我們也持續看到高端加購（premium attachments）表現強勁，並對組合帶來正向影響。所以並不是只有鮭魚在推動這一點。我們會持續觀察鮭魚。如我們所說，它會一路延續到2026年底，並且會對餐廳層級毛利與銷貨成本（COGS）帶來與我們先前討論相同的影響。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

You've always taken a very proactive approach to ensure high quality and food safety standards very high or maintained. But are you doing something different today, adding a little bit more scrutiny in light of the greater uncertainty around the Cyclospora and more recently Salmonella? And if so, how do you expect this to be impacting your margin in the near term? And for how long do you expect that to be a pressure? And then I have a follow-up.

你們一向採取非常積極主動的方式，確保高品質並維持非常高的食品安全標準。但在Cyclospora不確定性升高、以及近期沙門氏菌事件的背景下，你們現在是否做了不同的事情、增加了更多審查？如果有，你們預期短期內會如何影響你們的利潤率？你們預期這種壓力會持續多久？然後我還有一個追問。

Danilo, we've always tried to invest ahead of our growth and proactively put measures in place to ensure that our guests can trust that we're operating in a food safe environment every day. A few years ago, we organized an external Food Safety Advisory Council of industry-leading experts, including Dr. James Marsden, Dr. David Acheson, and Scott Brooks, who continue to counsel us today.

Danilo，我們一直都嘗試在成長之前就先行投入，並主動建立各項措施，確保賓客每天都能信任我們是在食品安全的環境中營運。幾年前，我們成立了外部的食品安全諮詢委員會（Food Safety Advisory Council），由業界領先的專家組成，包括James Marsden博士、David Acheson博士，以及Scott Brooks，他們至今仍持續為我們提供建議。

And even though we are not impacted directly by the ingredients that have been impacted in the current food safety issues, we're monitoring the situation. We're learning from the situation, understanding what other measures could be taken or should be taken in the future. I think that's the important thing in any food safety issue in the industry historically, how do we learn from that? How do we work with our supply chain partners and governmental agencies to understand how we can learn from it and go forward and improve upon what we've already put in place?

即使我們並未直接受到目前食品安全事件中受影響食材的波及，我們仍在密切監控情勢。我們也在從事件中學習，了解未來還可以採取或應該採取哪些其他措施。我認為在產業歷來的任何食品安全事件中，最重要的就是：我們如何從中學到東西？我們如何與供應鏈夥伴及政府機關合作，理解我們如何從中學習、往前走，並在既有措施之上持續改進？

So nothing specifically in the moment that we're doing beyond what we've already established, whether it's the Food Safety Advisory Committee or technology we put in years ago from a traceability standpoint so that we're able to identify down to the lot code level throughout our supply chain in rapid fashion should any issues arise.

因此，就當下而言，我們沒有做任何超出既有機制之外的特別措施；無論是食品安全諮詢委員會，或是我們多年前在可追溯性（traceability）方面導入的技術，使我們一旦發生任何問題，能夠在整個供應鏈中快速追溯到批號（lot code）層級。

And from a margin perspective, we're certainly not expecting any outsized investments necessary. As Brett mentioned, we're hyper focused on food safety, but we always have been. It's not something that's happening just as a result of this incident.

從利潤率角度來看，我們當然不預期需要任何超出常態的大額投入。如Brett提到的，我們對食品安全高度聚焦，但我們一直都是如此。這並不是因為這起事件才突然開始做的事情。

Excellent. And I'm very curious also on the pre-marination of chicken. I mean you think this might be simplifying the operations, improving perhaps also the experience of your labor in store. But I would imagine that it might be potentially leading to some labor cost savings over time, especially as you're thinking about the cumulative effect of centralization of more items.

很好。我也對雞肉預先醃製（pre-marination）非常好奇。我想這可能會簡化營運，也可能改善門店員工的工作體驗。但我也想像，隨著更多品項集中化所帶來的累積效應，長期來看可能會帶來一些人力成本節省。

So my question is, what is the size of the pie here? And what other opportunities do you see in your portfolio of offering to maybe further centralize the food production, but without decaying the quality of what you're offering?

所以我的問題是，這裡的「餅」有多大？在你們的產品組合中，還看到哪些機會可以進一步集中化食品製作，但又不會犧牲你們所提供的品質？

Danilo, we've taken a little bit different angle on it, where we've looked at it and said, how can we invest in this and fund this and not tell our teams, hey, cut three or four hours out of the schedule now. Take those three or four hours that you're saving in manual prep and invest that in our guests and the hospitality and the service and the table touches and again, improving the environment for our team members and the environment for our guests, which we think is going to drive long-term sustainable, durable traffic growth.

Danilo，我們採取的是稍微不同的角度：我們看待它的方式是，如何投資並為這項投資提供資金，同時不去告訴團隊說，嘿，現在就把排班砍掉三到四個小時。把你們在手工備料上省下來的那三到四個小時，投入到賓客身上——投入到待客之道、服務、桌邊關懷（table touches）等，再次改善團隊成員的工作環境與賓客的用餐環境；我們認為這將推動長期、可持續且更具韌性的來客數成長。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

I guess a question about social media. We talked about media a little bit here. But when I think about some of what you're doing in terms of like the Summer Suppers, things like that, it sort of strikes me as a way to earn social media, which I think is probably the most powerful.

我想問一個關於社群媒體的問題。我們在這裡稍微談到媒體。但當我想到你們在做的一些事情，例如Summer Suppers之類的活動，我覺得這有點像是在「賺取」社群媒體聲量，而我認為那可能是最有力的。

So as you think about doing these things, do you have any kind of metrics in place? The return on that would presumably be very high if you're getting kind of viral coverage or as you said, you have online fans talking about it. So just as you think about you kind of earned versus paid media, what your thoughts are on that? And then I do have a question on your comment about hospitality.

所以當你們在做這些事情時，有沒有設立任何指標？如果你們獲得病毒式傳播，或如你所說有線上粉絲在討論，這樣的回報應該會非常高。所以就你們如何看待「賺取」媒體（earned media）相對於付費媒體（paid media），你們的想法是什麼？然後我還有一個關於你提到待客之道（hospitality）的問題。

Yes, Sara, I think it's interesting. There's been a lot of shifts in social media in the last two years and then the algorithm itself and the advent of AI and clipping and it has become a very noisy environment, and we've been leaning into more analog experiences.

是的，Sara，我覺得這很有意思。過去兩年社群媒體發生了很多變化，包括演算法本身、AI的出現、剪輯內容的盛行，使得整體環境變得非常嘈雜；而我們更傾向投入更多偏「類比」（analog）的體驗。

And really as an expression of our concept essence and wanting to foster human connection and our Mediterranean hospitality. And we think it's a way to bring people together to, as you said, create this kind of earned media and a more authentic way to drive engagement with our guests. And so I think you'll be seeing some more analog type experiences from us that then can create that amplification or network effect on social channels versus some of the tactics that were more utilized over the last couple of years that I think have been challenged in the recent changes in the landscape on social media.

這其實是我們品牌概念本質的一種展現：我們希望促進人與人的連結，以及我們的地中海式待客之道。我們認為這是一種把人們聚在一起的方法，並如你所說，創造這種「賺取」媒體聲量，以更真實的方式提升與賓客的互動。因此，我想你會看到我們推出更多偏類比的體驗，進而在社群平台上形成擴散或網路效應；相較之下，過去幾年更常使用的一些策略，我認為在近期社群媒體環境變化下已受到挑戰。

Got it. And I guess maybe I'll hold off on the question I was going to ask about the in-restaurant hospitality. But as you think about the management team, are there places where your executive team, like where you need to invest? I think maybe there's been some departures recently. So anything you can speak to on that?

了解。那我想我可能先不問我原本要問的、關於店內待客之道的問題。但就管理團隊而言，你們是否有需要加大投資的地方？我想最近可能有一些人員離任。這方面你能分享些什麼嗎？

Yes. There is an opening on our leadership team, and we have shifted away. We had formerly a Chief Experience Officer position that we've shifted some of the digital aspects to our technology group, and we are in the process of bringing on board a new Chief Marketing Officer that will be focused on brand marketing and creative that we think -- we made a decision last year to bring in a new operational leader for the next chapter of our journey, and it was a similar situation where we wanted to bring on new capabilities from a marketing standpoint and shift the role to a more focused CMO role for the next chapter of our brand and marketing journey.

是的。我們的領導團隊目前有一個職缺，而我們也做了調整。我們先前有一個「首席體驗官」（Chief Experience Officer）的職位；我們已將其中一些數位面向轉移到技術團隊，並正在引進一位新的首席行銷官（Chief Marketing Officer），將專注於品牌行銷與創意。我們認為——去年我們決定為旅程的下一個篇章引進新的營運領導者；行銷端也是類似的情況，我們希望引入新的行銷能力，並將該角色調整為更聚焦的CMO職務，以迎接我們品牌與行銷旅程的下一個篇章。

Sarang Vora, Telsey Advisory Group.

Sarang Vora，Telsey Advisory Group。

Great performance this quarter. My question is about loyalty. I mean we are almost a year into the program of Sun, Sand. Can you share some metrics that you talked about the growth of the first-party engagement, how members are upgrading, how you are engaging with members? Anything that surprised you from the year that loyalty has been in place digitally or in-store usage? Any color you can share would be helpful.

本季表現非常出色。我的問題是關於忠誠度。我是說，我們推行 Sun, Sand 計畫已經快一年了。你們能否分享一些指標：你們談到第一方互動（first-party engagement）的成長、會員如何升級、以及你們如何與會員互動？在忠誠度上線這一年中，不論是數位端或門市端的使用情況，有沒有任何讓你們意外的地方？任何補充說明都會很有幫助。

We are seeing great progress with our loyalty program and watching the programs work as designed, where we're providing offers to individuals that sooner in their life cycle, which is moving them up into the loyalty tiers at the rate that we expected. What we can say is our loyalty member base itself is growing at a faster rate than our new restaurant openings. So we're seeing that build over time, and it's nicely growing in line with our expectations.

我們看到忠誠度計畫取得很大進展，也看到該計畫如設計般運作：我們在個人生命週期更早的階段就提供個人化優惠，並以我們預期的速度推動他們往更高的忠誠等級提升。我們可以分享的是，忠誠會員基數本身的成長速度，快於我們新餐廳開幕的速度。因此我們看到這個基礎隨時間累積，且與我們的預期一致、穩健成長。

JP Wollam, ROTH Capital Partners.

JP Wollam，ROTH Capital Partners。

Just two-parter here. I'm wondering, you talked about satisfaction, Brett, but can you quantify any kind of throughput impact that you've seen with stores that have the AGM role in place?

我這裡有兩個問題。Brett，你提到滿意度，但我想請問：在設置 AGM 這個職位的門市，你們是否能量化看到任何吞吐量（throughput）方面的影響？

And then just the kind of more strategic question, how do you flex your balance sheet, understanding that kind of the highest ROI is new store development? Is there anything you can do to help kind of support the accelerating unit growth, whether that's kind of anything one timey that's not necessarily pulling from restaurant level margin on a consistent basis, but really just a way to sort of deploy that nice cash balance you have there?

第二個是比較策略性的問題：在你們理解最高投資報酬率（ROI）來自新店開發的前提下，你們如何彈性運用資產負債表？你們是否能做些事情來支持加速展店，例如一些一次性的投入，不一定要持續性地從餐廳層級利潤中挪用，但能作為一種方式去部署你們目前相當可觀的現金餘額？

The first part of your question, we've certainly seen improved speed of service or speed and service, we like to say, in these restaurants with our AGMs. We don't get into specific metrics or how many people per 15 minutes. We're very mindful that this is many of our guests' first time interacting with us or maybe first time experiencing some of the flavors of our cuisine. So we want to be fast enough, but we don't want them to feel rushed or hurried in their decision-making when we're in a brand-building phase.

針對你問題的第一部分，我們確實在配置 AGM 的餐廳看到服務速度的提升，或我們喜歡說的「速度與服務」的提升。我們不會深入到具體指標，例如每 15 分鐘服務多少人。我們非常留意，許多顧客可能是第一次與我們互動，或第一次體驗我們料理的一些風味。因此我們希望速度夠快，但也不希望在我們仍處於品牌建立階段時，讓顧客在做決策時感到被催促或匆忙。

To the second part of your question in terms of what we could be investing in or leveraging our balance sheet to accelerate growth should -- were we so to choose to do so. I would point to our Flavor Your Future Team Member development initiative. This holistic team member development platform is really investing in building the future leaders of these new restaurants because we view that as the biggest governor to our growth. And so the deeper we have that pipeline, I think the more optionality we have to accelerate growth if we were to choose to do so.

至於你問題的第二部分，關於若我們選擇要加速成長，可投資哪些項目或如何運用資產負債表。我會指出我們的「Flavor Your Future」團隊成員培育計畫。這個全方位的團隊成員發展平台，實際上是在投資培養這些新餐廳的未來領導者，因為我們認為這是限制我們成長的最大關鍵因素。因此，我認為我們的人才管道越深，我們在選擇是否加速成長時就有越多的彈性與選項。

Logan Reich, RBC Capital Markets.

Logan Reich，RBC Capital Markets。

I wanted to ask a follow-up on the advertising side. You guys have been testing some media mix modeling and optimization. Just wondering if you can give an update on the efforts there. And then second question is just on the income cohorts. I think last quarter, you talked about the lower income cohort growing actually faster than the higher income. So just wondering if you can provide an update on the income cohort growth as well.

我想就廣告面追問一下。你們一直在測試一些媒體組合模型（media mix modeling）與最佳化。想請你們更新一下這方面的進展。第二個問題是關於收入族群（income cohorts）。我記得上季你們提到低收入族群的成長其實比高收入族群更快。所以也想請你們更新一下收入族群的成長情況。

Yes. So from a media mix modeling perspective, we have deployed those tools, and we have taken the learnings from those to adjust our allocation of investments in paid media to drive the highest returns possible. And so there have been shifts at least on a quarterly basis that we've made as a result of those investments and the learnings that we've gotten.

好的。就媒體組合模型而言，我們已部署這些工具，並將其中的洞察用來調整付費媒體（paid media）的投資配置，以盡可能帶來最高回報。因此，至少以季度為單位，我們確實因這些投資與所獲得的洞察而做出配置上的調整。

As we look at the income cohorts, we take every restaurant and stratify them based on the median household income in their market. And we are again seeing that the lower income cohorts are generating the highest same restaurant sales results. So really demonstrating the white space opportunity that we have and certainly, the investments that we're making in minimizing our price increases is translating into greater accessibility for many across the country.

在收入族群方面，我們會以各餐廳所在市場的家庭收入中位數為基礎，對每一家餐廳進行分層。我們再次看到，低收入族群帶來最高的同店銷售（same restaurant sales）表現。這確實展現了我們仍有很大的市場空白機會；同時，我們在盡量降低漲價幅度上的投資，也正轉化為讓全國更多消費者更容易負擔、提高可及性。

Steve McManus, BNP Paribas.

Steve McManus，BNP Paribas。

Curious what you were seeing through the quarter as it relates to daypart or occasion mix. Any meaningful shift there, particularly with Salmon? Curious to get any color there, that would be great.

我想了解你們在本季看到的情況，特別是與時段（daypart）或用餐情境組合（occasion mix）相關的變化。有沒有任何顯著的轉移，尤其是在鮭魚（Salmon）方面？想請你們補充一些說明，會很棒。

So our daypart and mix has been consistent quarter-to-quarter. No significant changes there. Currently, we really haven't seen any significant changes with the launch of Salmon, just really bolstering the business across the board. So nothing really to call out from last quarter to this quarter.

我們的時段與組合在各季度之間一直保持一致。沒有任何顯著變化。目前我們也沒有看到鮭魚上市帶來任何顯著的結構性改變，更多是全面性地強化整體業務。因此，從上季到本季沒有特別需要指出的地方。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

I just wanted to ask with some of the protein rich shift in eating that I think you guys have been talking about and as it pertains to some of the GLP-1 adoption that we've been hearing about, are you seeing customers using your menu any differently, whether that's double protein, protein attach, or smaller portions?

我想問一下，關於你們一直在談的「偏向高蛋白」的飲食轉變，以及我們聽到的 GLP-1 採用趨勢：你們是否看到顧客以不同方式使用你們的菜單？例如加倍蛋白、加購蛋白（protein attach），或選擇更小份量？

We have seen our customers certainly opt in to double protein. And I think, in general, opt to CAVA. I mean we are protein-rich, fiber-rich, nutrient dense. GLPs are shifting folks more to our style of eating. We have seen some of our -- we call them big kids opt into our kids meal a little bit more in recent months from a portion standpoint. But in general, we've just seen more people shift into our brand and our style of eating in the Mediterranean diet, which addresses the protein needs that a lot of folks are looking for.

我們確實看到顧客選擇加倍蛋白。而且我認為整體而言，更多人選擇 CAVA。我們的餐點本來就富含蛋白質、富含纖維、營養密度高。GLP 類藥物正讓人們更傾向我們這種飲食風格。從份量角度來看，最近幾個月我們也看到部分顧客——我們稱他們為「大孩子」——更常選擇我們的兒童餐。但整體而言，我們看到更多人轉向我們的品牌與地中海飲食風格，這也能滿足許多人正在尋求的蛋白質需求。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Brett, I had a great experience at your new location in the Atlanta Airport recently. So I know it's still early, but are there other airports or nontraditional sites in your pipeline over the next 12 to 18 months? Just curious how that plays into your broader growth plans.

Brett，我最近在亞特蘭大機場你們的新據點有很棒的體驗。我知道現在還早，但未來 12 到 18 個月，你們的開店管線中是否還有其他機場或非傳統據點？也想了解這如何融入你們更廣泛的成長計畫。

That's great to hear, Brian. Our airport locations are only licensed partner locations. We run all of our other restaurants. So it's great to hear our partners stepping up. Very excited to have Hartsfield open. We recently also opened at Logan Airport in Boston and not too long ago at LAX. We do have a few other restaurants in airport restaurant locations in the pipeline. It's not an accelerated initiative today, but we do think over time, that can be a nontraditional channel that can be very successful for us. We know our guests love to find us in an airport. We're a Mediterranean Oasis and what tends to be a healthy food desert. So we've seen great reception to CAVA in those locations.

很高興聽到這個消息，Brian。我們的機場據點都屬於授權合作夥伴（licensed partner）門市。我們自行營運其他所有餐廳。所以很高興看到合作夥伴的表現。我們也非常興奮 Hartsfield 的開幕。我們最近也在波士頓的 Logan 機場開幕，不久前也在 LAX 開幕。我們的管線中確實還有幾家位於機場的餐廳據點。這目前不是一個加速推進的計畫，但我們確實認為，隨著時間推進，這可能成為對我們非常成功的非傳統通路。我們知道顧客很喜歡在機場找到我們。在通常是健康餐飲沙漠的地方，我們就像一個地中海綠洲。因此我們在這些地點看到 CAVA 受到非常好的回響。

All right. And just a quick follow-up if I could. Just on the strong comps that you saw in the second quarter. Tricia, you did mention some of the uncertain macro backdrop. And just curious if you saw any changes in trends through the quarter, any signs of sensitivity to gasoline prices, et cetera? Just kind of any changes through the quarter before the Cyclospora impacts hit into July?

好的。如果可以的話，我再快速追問一下。關於你們在第二季看到的強勁同店比較基期。Tricia，你確實提到了一些不確定的總體經濟背景。想請教你在季度期間是否看到任何趨勢變化，例如對汽油價格的敏感度等？也就是在七月 Cyclospora 影響出現之前，季度內是否有任何變化？

We did not experience material changes in the quarter. And keep in mind that our quarter ended right at the time when the Cyclospora events were taking place. And so there was a little bit at the end of the quarter and then carried into Q3.

我們在本季度沒有經歷重大的變化。而且請記得，我們的季度結束時間正好就在 Cyclospora 事件發生的時點。因此在季度末有一點影響，並延續到第三季。

Todd Brooks, Benchmark StoneX.

Todd Brooks，Benchmark StoneX。

Just a clarification. So Tricia, when you were kind of giving the shape to the Cyclospora impact, I think you said flat to -- slightly -- flat to positive, but that was across the entire incidence window. And the most recent couple of weeks here, it's been a return to mid-single. I just want to make sure I heard that right. And I have one more question.

我想澄清一下。Tricia，當你在描述 Cyclospora 的影響走勢時，我記得你說在整個事件期間的區間是持平到——略微——持平到正成長。而最近這兩週左右，已經回到中個位數。我只是想確認我聽得沒錯。我還有一個問題。

Yes. So it dipped initially to flat to positive and then each week sequentially got better and the last week was a mid-single-digit same restaurant sales.

是的。所以一開始下滑到持平到正成長，之後每週依序改善，而最後一週是中個位數的同店銷售。

Perfect. And then just, Brett, just wondering, as we look to the second half, and I know that shrimp is now working its way through the stage gate. But as far as kind of culinary innovation back half of the year, anything to call out that we should be watching for either in the seasonal rotations or other introductions?

太好了。接著，Brett，我想請教，展望下半年，而且我知道蝦已經在走階段闖關流程（stage gate）。但就今年下半年的餐飲創新而言，有沒有什麼值得特別指出、我們應該留意的——不論是季節性輪替或其他新品導入？

Yes, we'll be along the lines, we will make a seasonal introduction. We will be bringing a new dressing forward. We will have another pita chip flavor, some of those more smaller seasonal moments that we speak to as opposed to the tentpole moment of Salmon.

有的，我們會沿著這個方向，會做季節性新品推出。我們會推出一款新的醬料。也會有另一種皮塔脆片口味，這些都是我們所說較小的季節性亮點，而不是像鮭魚那樣的主打重點檔期。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

Great. It sounds like the past couple of quarters, your delivery sales have perked up quite a bit, at least that's -- we can pick up from the higher OpEx spend. And I'm just curious, was this something that you did intentionally? Or did you work specifically with the third-party delivery providers to show up better on the platforms? Or is this just an organic build that came through?

很好。聽起來過去幾個季度，你們的外送銷售成長相當明顯，至少——從較高的營運費用（OpEx）支出我們可以看出一些端倪。我想請教，這是你們刻意為之的策略嗎？或者你們是否特別與第三方外送平台合作，讓你們在平台上的曝光表現更好？還是這只是自然成長帶來的結果？

Jon, I think this is a great example of trying to make intentional investments in our business and get a return on those investments for our shareholders and for our team members and our guests. And that was our KDS rollout last year that culminated at the end of the year that's helped drive better time and speed of service, better order accuracy, better productivity.

Jon，我認為這是一個很好的例子，說明我們如何在業務上做出有意圖的投資，並為股東、團隊成員與顧客帶來投資回報。那就是我們去年推行的 KDS 上線，並在年底完成，這有助於提升服務時間與速度、提升訂單準確度、提高生產力。

And so in turn, we show up on the platforms with better ratings. We get optimized better and are more accessible for guests that are looking for a shorter window on those order lead times. So I just think it's a great example of how we've been able to drive some improvements in the business by making investments in the KDS.

因此，我們在平台上的評分也更好。我們能獲得更好的最佳化排序，對於希望更短下單前置時間的顧客而言，我們也更容易被選到。所以我認為這很好地展示了我們透過投資 KDS，如何推動業務改善。

Great. And maybe just one follow-up on the marinated chicken --

很好。那我再追問一下關於醃製雞肉——

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

I wanted to go back to your commentary on free cash flow for the first half of the year. Do you expect your free cash flow to be positive for the remainder of 2026? And any commentary on CapEx you expect for the rest of the year that's beyond new store development?

我想回到你們對今年上半年自由現金流的評論。你們是否預期 2026 年剩餘期間自由現金流會轉為正值？另外，除了新店開發之外，對於今年剩餘時間的資本支出（CapEx）有什麼看法？

Yes. Certainly, the rest of the years are less seasonally favorable quarters and generate less free cash flow. And we do have CapEx intentions to create a robust pipeline for openings in 2027. So we'll keep a close eye on free cash flow. I expect the full year free cash flow to remain strong, but we want to make sure we're making the right investments in third quarter and fourth quarter for the future itself.

是的。當然，接下來的季度在季節性上較不有利，產生的自由現金流也較少。而且我們確實有資本支出意圖，以建立 2027 年開店的強健儲備管線。因此我們會密切關注自由現金流。我預期全年自由現金流仍會維持強勁，但我們也要確保在第三季與第四季為未來做出正確的投資。

From a CapEx perspective, looking at expectations, there's a little bit that we want to invest maybe $5 million or $10 million or so in our opportunities to continue to enhance our restaurants and improve the guest experience. So there'll be refreshes related to some aspects of Project Soul in some of our restaurants and perhaps some grill expansions to address the increased demand in some of our restaurants, and those will be included in CapEx.

就資本支出角度來看，在預期方面，我們可能希望投入約 500 萬到 1,000 萬美元左右，用於持續強化餐廳並改善顧客體驗的機會。因此會有一些與 Project Soul 某些面向相關的門店翻新，另外也可能會有一些烤爐（grill）擴充，以因應部分餐廳需求增加；這些都會納入資本支出。

We have reached the end of the Q&A session. I will now turn the call back to Brett Schulman, CEO, for closing remarks.

問答環節到此結束。接下來我將把電話會議交回給執行長 Brett Schulman 進行結語。

Thank you for joining us today. Our second quarter results reflect the strength of our category-defining brand, the continued resonance of our value proposition and the passion and commitment of our team members.

感謝各位今天加入我們。我們第二季的結果反映了我們作為品類定義品牌的實力、我們價值主張持續獲得共鳴，以及團隊成員的熱情與投入。

As we bring CAVA to more communities across the country, we will continue to invest with intention and make the thoughtful choices required to support durable growth. We are building CAVA not for the next quarter, but for the many years ahead, and we remain energized by the significant opportunity in front of us.

隨著我們把 CAVA 帶到全國更多社區，我們將持續以明確意圖進行投資，並做出支持長期、可持續成長所需的審慎決策。我們打造 CAVA 不是為了下一個季度，而是為了未來許多年；面對眼前龐大的機會，我們仍然充滿動能。

With Labor Day approaching, I want to thank our team members for all they do to serve our guests every day. And I wish everyone a safe and enjoyable end to your summer. We look forward to speaking with you again next quarter.

隨著勞動節將近，我想感謝我們的團隊成員每天為顧客服務所做的一切。也祝福大家度過一個安全且愉快的夏末。我們期待在下個季度再次與各位交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。