Overview
- RBC Capital kept an Outperform rating on Sweetgreen but lowered its price target to $7 from $8 after reviewing recent trends.
- RBC now models 2026 same-store sales down 2% to 4%, about 320 basis points below consensus, while noting management expects improvement later in the year.
- Sweetgreen reported 2025 revenue of $679.5 million with a net loss of $134.1 million and a negative $11.0 million adjusted EBITDA.
- Fourth-quarter same-store sales fell 11.5% as traffic weakened and the shift from Sweetpass+ to SG Rewards pressured results, with quarterly revenue down 3.5% to $155.2 million.
- Shares have dropped about 73% over the past 12 months as of March 5, with the stock trading near a 1x price-to-sales multiple.