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    SG
    Earnings call· Jun 2026(Q2 FY26)

    Sweetgreen Q2 FY26 earnings call SG

    Aug 6, 2026 Source

    Executive summary

    Sweetgreen Q2 FY26 — Cyclospora Outbreak Impacts Outlook Amidst Operational Progress

    Sweetgreen's Q2 FY26 results showed sequential transaction improvement, including flat comps in June, driven by successful wrap launches and operational focus. However, the Cyclospora outbreak significantly impacted July sales and led to a revised full-year outlook. The company is prioritizing operational excellence, menu innovation, and brand relevance to rebuild AUVs and improve profitability, while navigating external challenges.

    Highlights

    4
    • Comparable transaction trends improved sequentially each month, reaching flat in June.

    • Wraps drove approximately 500 basis points improvement in transactions and maintained 20% incidence.

    • Digital pickup channel comps were positive and accelerated each month of the quarter.

    • G&A expense decreased by $4.8 million year-over-year, driven by lower stock-based compensation and reduced salaries.

    Concerns

    5
    • Comparable restaurant sales declined by 6.2% in Q2 FY26.

    • Restaurant-level profit margin was 13.1% in Q2 FY26, down from 18.9% in the prior year.

    • Adjusted EBITDA was a loss of $0.2 million in Q2 FY26, down from a profit of $6.4 million in the prior year.

    • Full-year comparable restaurant sales guidance updated to decline between 8% and 7% due to Cyclospora outbreak.

    • Full-year adjusted EBITDA guidance updated to a loss of $27 million to $23 million.

    Guidance & targets

    8
    CategoryTargetConfidence
    Full-year comparable restaurant sales
    decline between 8% and 7%
    high materiality
    Medium
    Full-year restaurant-level profit margin
    10.5% to 11%
    high materiality
    Medium
    Full-year adjusted EBITDA
    loss of $27 million to $23 million
    high materiality
    Medium
    Cyclospora impact on Q3 comparable sales
    600 to 700 basis points
    high materiality
    High
    Cyclospora impact on full-year comparable sales
    200 to 300 basis points
    high materiality
    High
    Cyclospora impact on full-year restaurant-level margin
    100 to 150 basis points
    high materiality
    High
    Cyclospora impact on full-year adjusted EBITDA
    $7 million to $10 million
    high materiality
    High
    Create Your Own pricing test rollout
    complete rollout by the end of the year
    medium materiality
    Medium

    Operational metrics

    31
    Revenue
    $192.7 million+4% YoY
    Q2 FY26
    Comparable restaurant sales
    -6.2%
    Q2 FY26

    Driven by a 2% decline in transactions and a 4.2% decline in product mix.

    Comparable transactions
    -2%
    Q2 FY26
    Product mix
    -4.2%
    Q2 FY26

    Headwind primarily reflected targeted promotional activity, wraps at a more accessible entry price, and comparison against higher side attachments following last year's Ripple Fries launch.

    Comparable transactions
    -11.2%
    Q1 FY26

    Improved sequentially throughout Q2.

    Comparable transactions
    -3%
    April & May Q2 FY26

    Improved sequentially from Q1.

    Comparable transactions
    flat
    June Q2 FY26

    Supported by successful national launch of wraps and early progress against operational priorities.

    July comparable sales impact from Cyclospora
    600
    July FY26

    Disrupted momentum seen in early July.

    Restaurant-level profit
    $25.2 million
    Q2 FY26
    Restaurant-level profit margin
    13.1%vs 18.9% prior year
    Q2 FY26
    Food, beverage, and packaging costs
    29.8%+210 bps YoY
    Q2 FY26

    Primarily reflected higher ingredient usage, portion investments, and targeted promotional activity, partially offset by supply chain savings.

    Cost of sales opportunity
    150
    future

    Expected to be realized in the second half of the year.

    Labor and related expenses
    29.2%+170 bps YoY
    Q2 FY26

    Primarily due to sales deleverage and wage inflation.

    Other restaurant operating expenses
    18.5%+150 bps YoY
    Q2 FY26

    Primarily due to sales deleverage and higher utility costs.

    G&A expense
    $29.7 million-$4.8 million YoY
    Q2 FY26

    Improvement primarily driven by lower stock-based compensation and reduced salaries and benefits.

    Underlying support center costs (excl. SBC, one-time)
    $24.2 million-$2 million YoY
    Q2 FY26

    Maintaining discipline in support center spending while investing in capabilities.

    Depreciation expense
    $18.8 millionflat YoY as % of revenue
    Q2 FY26
    Adjusted EBITDA
    -$0.2 millionvs profit of $6.4 million prior year
    Q2 FY26

    Decline primarily attributable to lower restaurant-level profit.

    Cash balance
    $142.6 million
    end of Q2 FY26
    Net new restaurants opened
    2
    Q2 FY26
    Total restaurants
    287
    end of Q2 FY26
    Wraps comparable sales uplift
    couple hundred
    Q2 FY26
    Wraps transaction improvement
    500
    Q2 FY26
    Wraps incidence
    20%
    Q2 FY26

    Maintained approximately 20% incidence, exceeding expectations.

    Wrap customer frequency increase
    5
    Q2 FY26

    Wraps customers saw a 5-point increase in frequency.

    Price increases vs. broader restaurant industry inflation
    trailed by >13
    since 2019
    Price increases vs. grocery inflation
    trailed by >7
    since 2019
    Frontline peak entrees prepared per hour
    low 60svs low 50s in May
    June Q2 FY26

    Immediate improvement seen with structured process around throughput.

    Hot Honey Chicken plate reorder rate
    30%improvement
    30-day

    Improved since its relaunch, becoming a stickier dish.

    Discounts as percentage of mix
    200
    Q2 FY26

    This percentage has gone down into June, with promotions now targeted at lapsed guests.

    Mix drag
    low single digits
    H2 FY26

    Expected in the back half of the year, as Ripple Fry launch has been lapped.

    Industry KPIs

    2
    MetricValueDetails
    Comparable sales comps-6.2%%
    Net unit growth development pipeline2restaurants

    Product announcements

    4
    ProductTypeDetails
    New wraplaunch
    Seasonal Brussels sproutsupdate
    Redesigned Create Your Own testlaunch
    AI-enabled personalization enginelaunch

    Deals & partnerships

    3
    FishwifeCollaboration bringing together two culturally relevant brands.

    Shares appreciation for high-quality ingredients, bold flavors, and modern food culture.

    Alice WatersCollaboration for summer menu item.

    Developed Alice Waters' Peach and Goat Cheese Salad, featuring peaches from Frog Hollow Farm.

    Highly regarded chefCollaboration for a seasonal offering.

    To be unveiled in the coming months, alongside the return of seasonal Brussels sprouts in the fall.

    Risks & headwinds

    7
    Cyclospora outbreakQ3 FY26 and full-year FY26

    ~600 bps impact to July comparable sales; 200-300 bps to full-year comparable sales; 100-150 bps to restaurant-level margin; $7M-$10M to EBITDA

    Mitigation: Not using iceberg lettuce (attributed source); updated full-year guidance reflects impact and recovery assumptions; taking targeted actions to reinforce consumer confidence.

    Jalapeño recall

    Too early to reasonably estimate potential impact

    Mitigation: Proactively removed and discarded all jalapeños from the affected supplier in affected areas; upholding high standards through rigorous food safety systems.

    Challenging operating environmentongoing

    General macro conditions

    Mitigation: Staying focused, resilient, and disciplined; strengthening the core business.

    Product mix headwindQ2 FY26

    -4.2% in Q2 FY26

    Mitigation: Weaning off promotions, focusing on targeted promotions for lapsed guests; Ripple Fries launch has been lapped; working on attachments and innovation to lift check.

    Sales deleverageQ2 FY26

    Impacted labor and other restaurant operating expenses (labor +170 bps YoY, other opex +150 bps YoY)

    Mitigation: Testing restaurant-specific scheduling and deployment models to align staffing with demand; enhancing recommended ordering tool to align sales forecasts with restaurant needs.

    Wage inflationQ2 FY26

    Contributed to +170 bps YoY increase in labor and related expenses

    Mitigation: Labor study identified opportunities to align staffing more closely with demand; testing restaurant-specific scheduling.

    Higher utility costsQ2 FY26

    Contributed to +150 bps YoY increase in other restaurant operating expenses

    What to watch in Q3 FY26

    5

    Create Your Own pricing test rollout

    by year-end
    CurrentPilot launched in Indianapolis, DC, Southern California
    TargetComplete rollout by year-end

    Why it matters

    Successful rollout could enhance value perception, simplify ordering, and drive transaction lift, impacting AUVs and profitability.

    Our goal is to continue to watch the test and as long as all goes well, complete the rollout by the end of the year.

    Q&A highlights

    9

    Are wraps driving incremental traffic and repeat behavior as intended, or is the lower price point creating an unexpected check headwind?

    Wraps are performing well with 20% incidence, a 5-point increase in customer frequency, and the highest return rate on the menu, resonating with younger consumers. The focus is now on leveraging wraps for new customer acquisition, and throughput issues were resolved quickly.

    Overall we're really pleased with wraps. We launched wraps and we've seen almost a 20% incidence and it's held steady. I think what's even more encouraging is the frequency of wraps. The wraps customers are seeing about a 5-point increase in frequency and wraps are seeing the highest return rate on anything else on the menu, even more so than the harvest bowl.

    asked by Unknown Analyst · answered by Jonathan Neman

    3 min read7 chapters

    Detailed Narrative

    01

    Public Health Matters and Operational Response

    Sweetgreen addressed two public health matters: the Cyclospora outbreak, which is attributed to iceberg lettuce (not used by the company), and a voluntary jalapeño recall. While the Cyclospora outbreak impacted July comparable sales by approximately 600 basis points and is reflected in the updated full-year outlook, the jalapeño recall's impact is too early to estimate. The company proactively removed affected jalapeños and maintains rigorous food safety standards.

    02

    Operational Excellence and Throughput Improvements

    The company is prioritizing operational excellence, particularly throughput during peak periods. Markets like New York and Seattle returned to positive transaction comps in Q2 FY26 due to elevated field leadership. Frontline peak entrees prepared per hour in highest volume restaurants increased from the low 50s in May to the low 60s in June. New training programs for head coaches and team members are being rolled out to further strengthen operations and reduce turnover.

    03

    Menu Innovation and Value Perception

    Wraps drove a couple hundred basis points of comparable sales uplift, including approximately 500 basis points improvement in transactions, and maintained 20% incidence. Wraps also increased customer frequency by 5 points and resonated with Gen Z consumers. The company has not taken a price increase in over a year, trailing broader restaurant industry inflation by over 13 percentage points. A redesigned 'Create Your Own' test, including protein in the base price, is underway in select markets to enhance value perception.

    04

    Brand Relevance and Customer Acquisition Strategy

    Sweetgreen is evolving its media mix to place greater emphasis on upper and middle funnel channels and consistent storytelling to build broader awareness and drive trial. Wraps generated high social engagement, supported by over 1,000 micro-influencers. The company is also focusing on local marketing capabilities and culturally relevant partnerships, such as collaborations with Fishwife and Alice Waters, to attract new guests.

    05

    Personalized Digital Experiences and Loyalty Program

    The SG Rewards program, now one year old, has introduced new redemption options like $3 off an entree and a wrap reward at a lower point threshold, which are resonating with active loyalty customers. An AI-enabled personalization engine is being tested in the CRM channel to increase frequency, deepen loyalty, and strengthen customer relationships through more relevant interactions and offers.

    06

    Disciplined Investment and Development

    The company is focused on strengthening existing restaurants by rebuilding AUVs and improving flow-through. A new Chief Development Officer is refining prototype design, construction costs, market selection, and new unit economics. In Q2 FY26, Sweetgreen opened four new restaurants (including two Infinite Kitchens) and closed two, resulting in two net new openings. The company entered Nashville, Tennessee, demonstrating its strategy for new market entry.

    07

    Cost Management and Efficiency Initiatives

    Food, beverage, and packaging costs increased by 210 basis points year-over-year to 29.8% of revenue, primarily due to higher ingredient usage and promotional activity. The company sees a 150 basis points cost of sales opportunity from reducing waste and improving ingredient usage, with efficiencies expected in the second half of the year. Labor and related expenses increased by 170 basis points year-over-year to 29.2% of revenue due to sales deleverage and wage inflation, prompting tests of restaurant-specific scheduling models.

    AI-generated summary of the company’s earnings call. Not investment advice.