Sweetgreen, Inc.SG

Sweetgreen, Inc. Earnings Per Share Disclosure

10-KFiled Feb 27, 20262 min read
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 stock14,070,559 13,169,869 13,219,388 
Time-based vesting restricted stock units783,226 910,024 951,517 
Performance stock units4,500,000 4,500,000 6,621,428 
Contingently issuable stock250,000 500,000 714,285 
Total common stock equivalents
19,603,785 19,079,893 21,506,618 
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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.

Other Available Disclosures

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