The industry’s last round of earnings laid bare how vulnerable this once fast-growing niche really is. The most striking results came from Sweetgreen Inc., the chain that taught office workers to spend $17 on a sad desk salad. Its sales fell 9.5% in the third quarter from the prior-year period, even more than Wall Street had predicted, sending its shares plummeting; as of Dec. 15, it had lost 77% of its market value in 2025. Chipotle Mexican Grill Inc., the first national chain to market ingredients as more ethically sourced—and therefore worth more money—also delivered bad news. After predicting its performance in 2025 would be flat with 2024’s, it now says it will see a sales decline in the low-single-digit range. Its shares were down 40% for the year as of Dec. 15. Cava Group Inc., the once-unstoppable maker of Mediterranean bowls, says foot traffic has stalled. It still expects sales growth from existing restaurants for the year, but only 3% to 4%, it says, not the 4% to 6% once predicted. The grim reports have led some to speculate that the entire lunch bowl concept could be coming to an end.