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First Watch Restaurant Group, Inc. (FWRG) stock

FWRGNasdaqRetail-Eating PlacesFiscal year ends December 28
Financials through Q2 FY2026, quarter ended Jun 28, 2026Last filing: 10-Q on Aug 4, 2026Score 11/3024% below fair value
$12.74+0.23 (+1.84%)

Close on Oct 30, 2026Market cap $786.22MP/E 43.9Yield –

Earnings

First Watch Restaurant's quarterly results as reported in its earnings releases, with the company's own outlook. Hover a number to see the sentence it came from.

Next report
Nov 3, 2026
Q3 FY2026 · estimated, before the open
Revenue, Q2 FY2026
$354.70M
+15.2% on a year earlier
EPS, Q2 FY2026
$0.04
$0.03 a year earlier
Latest guidance
Raised
Aug 4, 2026 · 5 items

Quarterly results

Revenue and earnings per share from each of First Watch Restaurant's earnings releases, newest first

QuarterReportedRevenueYoYEPSSource
Q3 FY2026ended Sep 28, 2026Nov 3, 2026Expected––––
Q2 FY2026ended Jun 28, 2026Aug 4, 2026before the open$354.70M+15.2%$0.04Release
Q1 FY2026ended Mar 29, 2026May 5, 2026before the open$331.00M+17.3%-$0.04Release
Q4 FY2025ended Dec 28, 2025Feb 24, 2026before the open$316.40M+20.2%$0.24Release
Q3 FY2025ended Sep 28, 2025Nov 4, 2025before the open$316.00M+25.6%$0.05Release
Q2 FY2025ended Jun 29, 2025Aug 5, 2025before the open$307.90M+19.1%$0.03Release
Q1 FY2025ended Mar 30, 2025May 6, 2025before the open$282.20M+16.4%-$0.01Release
Q4 FY2024ended Dec 29, 2024Mar 11, 2025before the open$263.30M+7.6%$0.01Release
Q3 FY2024ended Sep 29, 2024Nov 7, 2024before the open$251.60M+14.8%$0.03Release
Q2 FY2024ended Jun 30, 2024Aug 6, 2024before the open$258.60M+19.6%$0.14Release
Q1 FY2024ended Mar 31, 2024May 7, 2024before the open$242.40M+14.7%$0.12Release
Q4 FY2023ended Dec 31, 2023Mar 5, 2024before the open$244.60M+31.7%$0.04Release

Figures as first announced; later restatements appear under Financials. Expected dates are estimated from the company's past reporting pattern.

Current guidance

First Watch Restaurant's latest outlook for periods it has not reported yet, compared with what it said before

MetricPeriodGuidanceBeforeChangeGiven
Total revenue growthFY2026+12.5% – +14%+12% – +14%RaisedAug 4, 2026
Total revenue growthFY2026+12% – +14%–NewFeb 24, 2026
Same-restaurant sales growthFY2026+1% – +3%–NewFeb 24, 2026
Same-Restaurant Sales GrowthFY2026+1.5% – +3%+1% – +3%RaisedAug 4, 2026
Adjusted EBITDAnon-GAAPFY2026$133.00M – $136.00M$133.00M – $140.00MLoweredAug 4, 2026
Adjusted EBITDAnon-GAAPFY2026$132.00M – $140.00M–NewFeb 24, 2026
Capital expendituresFY2026$145.00M – $150.00M$150.00M – $160.00MLoweredAug 4, 2026
Capital expendituresFY2026$150.00M – $160.00M–NewFeb 24, 2026
net new System-wide restaurantsFY202660 – 6259 – 63NarrowedAug 4, 2026
new system-wide restaurantsFY202659 – 63–NewFeb 24, 2026

Guidance vs results

The last range First Watch Restaurant gave before each report, against the figure it then reported. Full years add up the four quarters.

PeriodMetricGuidanceActualResult
FY2025Revenue growth+20% – +21%+20.34%Σ4QWithin range

Guidance history

Every forecast First Watch Restaurant put in an earnings release, newest first

GivenMetricPeriodGuidanceChange
Aug 4, 2026Capital expendituresFY2026$145.00M – $150.00MLowered
Aug 4, 2026Same-Restaurant Sales GrowthFY2026+1.5% – +3%Raised
Aug 4, 2026Adjusted EBITDAFY2026$133.00M – $136.00MLowered
Aug 4, 2026net new System-wide restaurantsFY202660 – 62Narrowed
Aug 4, 2026Total revenue growthFY2026+12.5% – +14%Raised
May 5, 2026Capital expendituresFY2026$150.00M – $160.00MNew
May 5, 2026Same-restaurant sales growthFY2026+1% – +3%New
May 5, 2026Adjusted EBITDAFY2026$133.00M – $140.00MNew
May 5, 2026net new system-wide restaurantsFY202659 – 63New
May 5, 2026Total revenue growthFY2026+12% – +14%New
Feb 24, 2026Capital expendituresFY2026$150.00M – $160.00MNew
Feb 24, 2026Same-restaurant sales growthFY2026+1% – +3%New
Feb 24, 2026Adjusted EBITDAFY2026$132.00M – $140.00MNew
Feb 24, 2026new system-wide restaurantsFY202659 – 63New
Feb 24, 2026Total revenue growthFY2026+12% – +14%New
Nov 4, 2025Capital expendituresFY2025$150.00MNew
Nov 4, 2025Same-restaurant sales growthFY2025+4%New
Nov 4, 2025Adjusted EBITDAFY2025$123.00MNew
Nov 4, 2025new system-wide restaurants, net of 3 company-owned restaurant closuresFY202560 – 61New
Nov 4, 2025Blended tax rateFY202545%New

Read from the company's earnings releases; each figure links to its sentence on hover. “Raised” and “Lowered” compare with the previous range for the same metric and period.

Press releases

Releases First Watch Restaurant filed with the SEC as exhibits to Form 8-K or 6-K

  1. Long-Term Annual Growth Targets August 4, 2026 Exhibit 99.1
    Update
  2. First Watch Restaurant Group, Inc. Reports Q2 2026 Financial Results
    Results
  3. SUPPLEMENTAL INFORMATION Q2 2026 August 4, 2026 Exhibit 99.2
    Results
  4. First Watch Restaurant Group, Inc. Reports Q1 2026 Financial Results
    Results
  5. SUPPLEMENTAL INFORMATION Q1 2026 May 5, 2026 Exhibit 99.2
    Results
  6. UPDATE - First Watch Restaurant Group, Inc. Reports 2025 Financial Results and Provides Outlook for 2026
    Results
  7. SUPPLEMENTAL INFORMATION Q4 2025 February 24, 2026 Exhibit 99.3
    Results
  8. First Watch Restaurant Group, Inc. Reports 2025 Financial Results and Provides Outlook for 2026
    Results
  9. First Watch Restaurant Group, Inc. Announces Retirement of Chief Financial Officer Mel Hope and Transition Plan
    Results
  10. SUPPLEMENTAL INFORMATION Q4 2025 February 24, 2026 Exhibit 99.3
    Results
  11. FIRST WATCH RESTAURANT GROUP, INC. REPORTS PRELIMINARY OPERATIONAL METRICS FOR THE FOURTH QUARTER AND FISCAL YEAR 2025
    Results
  12. First Watch Restaurant Group, Inc. Reports Q3 2025 Financial Results
    Results
  13. SUPPLEMENTAL INFORMATION Q3 2025 November 4, 2025 Exhibit 99.2
    Results
  14. First Watch Restaurant Group, Inc. Reports Q2 2025 Financial Results and Reaches 600th System-Wide Restaurant Milestone
    Results
  15. SUPPLEMENTAL INFORMATION Q2 2025 August 5, 2025 Exhibit 99.2
    Results