Overview
- Both companies’ FY2025 results set up the comparison by showing CAVA’s strong top-line growth and conservative leverage versus Chipotle’s dominant scale and far larger cash generation.
- CAVA operated 439 restaurants across 28 states plus Washington, D.C., posted about $1.2 billion in FY2025 revenue (≈22.4% growth), earned roughly $63.7 million in net income with a 5.4% margin, held a low debt-to-equity ratio near 0.6x, had a current ratio of about 2.7x, and produced roughly $26.1 million in free cash flow.
- Chipotle ran more than 4,056 restaurants worldwide by the end of 2025, generated about $11.9 billion in FY2025 revenue, recorded nearly $1.5 billion in net income with a 12.9% margin, reported a debt-to-equity ratio near 2.2x, a current ratio near 1.2x, and delivered roughly $1.5 billion in free cash flow while expanding through international partnerships.
- For investors the core choice is growth versus cash: CAVA offers faster unit growth and a retail grocery channel that could scale revenue, but it has modest absolute profits and cash; Chipotle offers proven margin strength and large free cash flow that underpins reinvestment and buybacks but carries higher reported leverage.
- Watch how CAVA’s new restaurants and grocery-product sales affect unit economics and cash flow and how Chipotle’s digital operations and international partnerships drive same-store sales, because those trends will determine whether growth or scale delivers better returns for shareholders and changes hiring and service in local markets.