CAVA (NYSE: CAVA), one of the rare profitable restaurant IPOs, confirmed its Northern California debut at Santana Row in San Jose next year, with two more locations planned near San Francisco — a late, three-unit entry announced three days before Q2 earnings.

CAVA, the publicly traded Mediterranean fast-casual chain, told KRON4 on Thursday that its first Northern California restaurant will open next year at 3055 Olin Avenue, Suite 1035 — the Santana Row complex in San Jose — with two more locations planned "closer to San Francisco." Chief development officer Jeff Gaul said the company was "thrilled to finally bring CAVA to Northern California after years of hearing from passionate fans." Exact opening dates and the two other addresses are undisclosed; each store, the company said, will employ about 25 to 40 people.

That's the announcement. Here's the cap table behind it. CAVA Group trades on the NYSE under CAVA and is one of the few restaurant IPOs of the last few years that actually makes money. In its most recent reported quarter — Q1 fiscal 2026 — the company posted $434.4 million in revenue, up 32.2% year over year, same-store sales up 9.7%, and net income of $23.6 million (per CAVA's investor release). That 9.7% comp lapped Chipotle (roughly flat) and Sweetgreen (down double digits). The chain ended the quarter at 459 locations and guided to 75 to 77 net new restaurants this year, against a long-term target of 1,000-plus by 2032.

So the Bay Area is arriving late and small. CAVA already runs about 45 California stores — all in Southern California — and San Jose gets three units from a company opening more than one a week nationwide. The interesting timing: this consumer-friendly news lands three days before CAVA reports Q2 earnings on Aug. 11. The stock, which priced at $22 in its June 2023 IPO and doubled on day one, has since cooled — trading in the low-to-mid $60s in recent sessions, down roughly a quarter over the trailing year, yet still carrying a trailing P/E north of 100. That's a valuation that needs every new market to hit CAVA's ~$3 million average unit volumes to pencil out.

What's unconfirmed: the two SF-area sites, any opening dates, and whether Santana Row rents — among the priciest retail in the South Bay — leave room for the unit economics CAVA reports elsewhere. Watch Aug. 11 for whether management frames Northern California as a growth vector or a line item, and watch for the eventual permit filings that will pin down the other two addresses.