Sweetgreen Q4 Sales Drop to $155.2M, Net Loss Widens to $49.7M
Sweetgreen’s Q4 sales fell to $155.2 million as traffic declined 13.3%, comp sales dropped 11.5%, resulting in a net loss of $49.7 million and an adjusted EBITDA loss of $13.3 million. Ended 2025 with $679.5 million revenue, 281 restaurants; forecasts 2026 same-store sales down 2–4%, restaurant-level margins of 14.2–14.7%, and positive EBITDA of $1–$6 million.
1. Q4 Financial Performance
Sweetgreen reported Q4 sales of $155.2 million, down from $160.9 million a year earlier, with comparable sales falling 11.5% as traffic declined 13.3%. Restaurant-level margin contracted to 10.4% from 17.4%, contributing to a net loss of $49.7 million and an adjusted EBITDA loss of $13.3 million.
2. Full-Year 2025 Results and Expansion
For fiscal 2025, Sweetgreen generated $679.5 million in revenue, a 7.9% decline in comparable sales, and ended the year with 281 restaurants following the opening of 35 net new locations. Restaurant-level margin averaged 15.2%, and adjusted EBITDA loss was $11 million.
3. 2026 Outlook and Guidance
Sweetgreen forecasts fiscal 2026 same-store sales down 2%–4%, restaurant-level margins of 14.2%–14.7%, and positive adjusted EBITDA between $1 million and $6 million. The company plans to open approximately 15 net new restaurants, including nearly half with the Infinite Kitchen concept, and exited Q4 with $89.2 million in cash plus $100 million from a Spyce sale.
4. Transformation and Innovation Initiatives
Under its Sweet Growth Transformation Plan, Sweetgreen is implementing Project One Best Way to drive operational consistency and throughput improvements. Menu initiatives include a Stage-Gate innovation pipeline, salmon execution improvements boosting salmon velocity by 20%, loyalty deferral updates, and a wraps pilot across multiple markets to capture handheld occasions.