The “Mediterranean Chipotle” Could Be Ready to Surprise Tonight

Every once in a while, a small restaurant chain catches the market off guard. It starts with a menu that connects, traffic that bucks the industry trend, and growth numbers that look more like a tech startup than a lunch spot. That is where CAVA is right now.

This is the Mediterranean equivalent of Chipotle in its early years: a fast-casual model built for scale.

CAVA serves customizable bowls and pitas along an assembly line, has 382 locations across 26 states and Washington, D.C., and is rapidly converting the Zoës Kitchen restaurants it acquired in 2018. Management has laid out a plan to more than double the footprint to at least 1,000 units by 2032.

Last quarter, same-store sales jumped +10%, powered by a +7.5% increase in traffic at a time when Chipotle, Sweetgreen, and McDonald’s all saw fewer customers. And they did it without leaning on price hikes. Instead, customers chose higher-margin upgrades like steak, pita chips, and house-made juices. It’s the kind of organic upsell that lifts average check without risking volume.

Why this matters for investors right now

• Sustained traffic growth across every market shows the concept is winning well beyond its core regions.

• Premium add-ons are growing naturally, helping margins without alienating customers.

• New stores are exceeding expectations, adding a second lever for growth beyond same-store sales.

The setup heading into this quarter

CAVA’s digital and loyalty channels are seeing unusual strength for this part of the restaurant cycle. LikeFolio tracking shows loyalty engagement and monthly active app users climbing steeply year over year.

Digital customers typically order more often and spend more per visit… exactly the behavior you want heading into an earnings release.

We don’t officially cover CAVA on the earnings front, but this quarter we’re adding it as a bonus play for members with the stock on their radar.

Members Only Beyond This Point