Sweetgreen, Inc. Revenue Disclosure
| (dollar amounts in thousands) | December 28, 2025 | December 29, 2024 | December 31, 2023 | ||||||||||||||
Owned Digital Channels | $ | 234,874 | $ | 205,688 | $ | 212,872 | |||||||||||
In-Store Channel (Non-Digital component) | 259,652 | 295,300 | 242,073 | ||||||||||||||
Marketplace Revenue | 184,948 | 175,838 | 129,096 | ||||||||||||||
Total Revenue | $ | 679,474 | $ | 676,826 | $ | 584,041 | |||||||||||
| (dollar amounts in thousands) | December 28, 2025 | December 29, 2024 | December 31, 2023 | ||||||||||||||
Gift Card Liability | $ | 3,649 | $ | 4,385 | $ | 2,797 | |||||||||||
Loyalty Liability | 3,528 | — | — | ||||||||||||||
Total Gift Cards and Loyalty Liability | $ | 7,177 | $ | 4,385 | $ | 2,797 | |||||||||||
| (dollar amounts in thousands) | Fiscal Year Ended December 28, 2025 | Fiscal Year Ended December 29, 2024 | Fiscal Year Ended December 31, 2023 | ||||||||||||||
Revenue recognized from gift card liability balance at the beginning of the year | $ | 633 | $ | 730 | $ | 480 | |||||||||||
Revenue recognized from loyalty liability balance at the beginning of the year | $ | — | $ | — | $ | — | |||||||||||
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About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.