NET LOSS PER SHARE

During the fiscal years ended December 28, 2025, December 29, 2024, and December 31, 2023, the rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock were identical, except with respect to voting. As the liquidation and dividend rights were identical, the undistributed earnings were allocated on a proportionate basis and the resulting net loss per share attributable to common stockholders were, therefore, the same for both Class A and Class B common stock on an individual or combined basis. The Company's net loss equals comprehensive loss for all periods presented.

The following table sets forth the computation of net loss per common share:


(dollar amounts in thousands)	Fiscal Year Ended December 28, 2025		Fiscal Year Ended December 29, 2024		Fiscal Year Ended December 31, 2023
Numerator:
Net loss	$	(134,065)	$	(90,373)	$	(113,384)
Denominator:
Weighted-average common shares outstanding—basic and diluted	117,956,165		114,321,672		111,907,675
Earnings per share—basic and diluted	$	(1.14)	$	(0.79)	$	(1.01)

The Company’s potentially dilutive securities, which include options to purchase common stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	Fiscal Year Ended December 28, 2025	Fiscal Year Ended December 29, 2024	Fiscal Year Ended December 31, 2023
Options to purchase common stock	14,070,559	13,169,869	13,219,388
Time-based vesting restricted stock units	783,226	910,024	951,517
Performance stock units	4,500,000	4,500,000	6,621,428
Contingently issuable stock	250,000	500,000	714,285
Total common stock equivalents	19,603,785	19,079,893	21,506,618

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Sweetgreen, Inc. Earnings Per Share Disclosure

About Earnings Per Share Disclosures

Other Available Disclosures