FWRGNasdaqRetail-Eating PlacesFiscal year ends December 28
First Watch Restaurant Group, Inc.
Financials through Q2 FY2026, quarter ended Jun 28, 2026Last filing: 10-Q on Aug 4, 2026
$12.16+0.04 (+0.33%)
Close on Oct 19, 2026
- Market cap
- $757.53M
- P/E (TTM)
- 41.9
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
100.0%
65M of 62M shares
Institutional holders
206
34 new, 34 sold out
Net institutional buying
-2M
In Q2 2026
Insider trades, 12 months
0 buys · 16 sales
Net sold $1.57M
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Bank of New York Mellon Corp | 3,957,697 | 6.50% | 13G (passive) | Mar 31, 2026 |
| BlackRock, Inc. | 3,951,009 | 6.50% | 13G (passive) amendment | Mar 31, 2026 |
| Manulife Investment Management (US) LLC | 3,810,295 | 6.18% | 13G (passive) amendment | Jun 30, 2026 |
| Millennium Management LLC | 3,069,930 | 5.00% | 13G (passive) | Mar 27, 2026 |
| Advent International, L.P. | 14,689,784 | 24.10% | 13G (passive) amendment | Jun 30, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of FWRG | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| BlackRock, Inc. | 4,534,132 | 7.35% | $58.44M | +462,387 | 0.00% |
| Manufacturers Life Insurance Company, The | 3,823,982 | 6.20% | $49.29M | +466,032 | 0.04% |
| Bank of New York Mellon Corp | 3,719,038 | 6.03% | $47.94M | −238,659 | 0.01% |
| Dimensional Fund Advisors LP | 2,596,946 | 4.21% | $33.48M | −487,940 | 0.01% |
| Vanguard Capital Management LLC | 2,453,594 | 3.98% | $31.63M | +51,206 | 0.00% |
| Millennium Management LLC | 2,192,811 | 3.55% | $28.27M | −1,039,436 | 0.01% |
| Neuberger Berman Group LLC | 2,069,037 | 3.35% | $26.67M | −1,505,281 | 0.02% |
| GW&K Investment Management, LLC | 2,007,096 | 3.25% | $25.87K | +47,925 | 0.20% |
| Stephens Investment Management Group LLC | 1,953,921 | 3.17% | $25.19M | +294,122 | 0.27% |
| Hodges Capital Management Inc. | 1,592,384 | 2.58% | $20.53M | +110,607 | 1.36% |
| Emerald Advisers, LLC | 1,526,759 | 2.47% | $19.68M | +579,649 | 0.46% |
| Bwcp, LP | 1,502,614 | 2.43% | $19.37M | +144,541 | 2.77% |
| Penn Capital Management Company, LLC | 1,472,751 | 2.39% | $19.02M | +331,594 | 1.21% |
| Geode Capital Management, LLC | 1,444,283 | 2.34% | $18.62M | +138,731 | 0.00% |
| State Street Corp | 1,404,572 | 2.28% | $18.11M | +211,223 | 0.00% |
| Granahan Investment Management, LLC | 1,363,852 | 2.21% | $17.58M | +275,815 | 0.63% |
| Riverbridge Partners LLC | 1,348,632 | 2.19% | $17.38M | −743,068 | 0.49% |
| Balyasny Asset Management L.P. | 1,211,627 | 1.96% | $15.62M | +930,650 | 0.02% |
| Bank Of America Corp /De/ | 1,069,289 | 1.73% | $13.78M | +16,863 | 0.00% |
| Qube Research & Technologies Ltd | 981,955 | 1.59% | $12.66M | +493,165 | 0.01% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 206 | 65M | 100.0% | 34 / 90 | 61 / 34 | 12M | 14M |
| Q1 2026 | 210 | 68M | 100.0% | 51 / 79 | 61 / 45 | 22M | 21M |
| Q4 2025 | 208 | 70M | 100.0% | 45 / 93 | 58 / 21 | 13M | 17M |
| Q3 2025 | 184 | 75M | 100.0% | 31 / 80 | 46 / 11 | 17M | 12M |
| Q2 2025 | 165 | 70M | 100.0% | 34 / 70 | 45 / 25 | 9M | 10M |
| Q1 2025 | 157 | 71M | 100.0% | 26 / 70 | 41 / 20 | 8M | 5M |
| Q4 2024 | 154 | 68M | 100.0% | 44 / 67 | 29 / 22 | 13M | 12M |
| Q3 2024 | 135 | 68M | 100.0% | 30 / 62 | 29 / 30 | 9M | 6M |
| Q2 2024 | 137 | 67M | 100.0% | 23 / 53 | 41 / 31 | 10M | 7M |
| Q1 2024 | 146 | 64M | 100.0% | 41 / 49 | 36 / 13 | 13M | 9M |
| Q4 2023 | 119 | 61M | 99.0% | 17 / 44 | 33 / 23 | 4M | 3M |
| Q3 2023 | 125 | 60M | 97.3% | 26 / 51 | 33 / 15 | 7M | 4M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of FWRG | Value | % of fund | As of |
|---|---|---|---|---|---|
| Small Cap Core Fund | 2,931,008 | 4.75% | $37.66M | 1.94% | Jul 31, 2026 |
| Neuberger Long Short Fund | 1,865,730 | 3.02% | $23.97M | 0.33% | Jul 31, 2026 |
| Vanguard Total Stock Market Index Fund | 1,856,827 | 3.01% | $23.93M | 0.00% | Jun 30, 2026 |
| iShares Russell 2000 ETF | 1,598,904 | 2.59% | $20.61M | 0.02% | Jun 30, 2026 |
| BNY Mellon Small/Mid Cap Growth Fund | 1,359,153 | 2.20% | $17.52M | 2.02% | Jun 30, 2026 |
| U.S. Small Cap Value Portfolio | 846,189 | 1.37% | $10.87M | 0.06% | Jul 31, 2026 |
| Fidelity Small Cap Index Fund | 679,488 | 1.10% | $8.73M | 0.03% | Jul 31, 2026 |
| Hodges Fund | 650,000 | 1.05% | $8.38M | 2.88% | Jun 30, 2026 |
| iShares Russell 2000 Value ETF | 567,547 | 0.92% | $7.32M | 0.05% | Jun 30, 2026 |
| American Beacon Stephens Small Cap Growth Fund | 540,092 | 0.88% | $6.96M | 1.26% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 536,049 | 0.87% | $6.91M | 0.01% | Jun 30, 2026 |
| AMG GW&K Small Cap Core Fund | 517,882 | 0.84% | $6.68M | 0.86% | Jun 30, 2026 |
| Small Cap Core Trust | 482,028 | 0.78% | $6.21M | 1.74% | Jun 30, 2026 |
| Emerald Growth Fund | 425,710 | 0.69% | $5.47M | 0.37% | Jul 31, 2026 |
| Emerald Growth Fund | 425,710 | 0.69% | $5.59M | 0.40% | Apr 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Christopher Anthony Tomasso | President and CEO, Director | 1,029,583 | 1.67% | Mar 19, 2026 |
| Ashlee Suzanne Weisser | Chief Financial Officer | 64,365 | 0.10% | Jun 10, 2026 |
| Eric Richard Hartman | Chief Development Officer | 244,530 | 0.40% | Mar 19, 2026 |
| Matthew Eisenacher | Chief Brand Officer | 67,223 | 0.11% | Mar 19, 2026 |
| H. Melville Hope Iii | CFO and Treasurer | 111,787 | 0.18% | Mar 19, 2026 |
| Laura Anne Sorensen | Chief People Officer | 237,353 | 0.38% | Mar 19, 2026 |
| Jay Anthony Wolszczak | Chief Legal Officer, GC & Secy | 228,930 | 0.37% | Mar 19, 2026 |
| John Daniel Jones | Chief Operations Officer | 84,725 | 0.14% | Mar 19, 2026 |
| Jostein Solheim | Director | 31,601 | 0.05% | May 22, 2026 |
| William A. Kussell | Director | 38,747 | 0.06% | May 22, 2026 |
| Stephanie Lilak | Director | 39,361 | 0.06% | May 22, 2026 |
| Charles Jemley | Director | 44,278 | 0.07% | May 22, 2026 |
| Michael D. Fleisher | Director | 29,297 | 0.05% | May 22, 2026 |
| Irene Chang Britt | Director | 31,645 | 0.05% | May 22, 2026 |
| Ralph Alvarez | Director | 440,471 | 0.71% | May 22, 2026 |
| Rachel K. Tipograph | Director | 21,647 | 0.04% | May 22, 2026 |
| Advent International, L.P. | 10% owner | 14,689,784 | 23.80% | Sep 10, 2025 |
| Advent International Gp, Llc | 10% owner | 5,289,784 | 8.57% | Sep 10, 2025 |
| International GPE VIII-J Limited Partnership Advent | 10% owner | – | – | Nov 15, 2024 |
| International GPE VIII-G Limited Partnership Advent | 10% owner | 27,189,784 | 44.06% | Nov 15, 2024 |
| Partners GPE VIII Limited Partnership Advent | 10% owner | 34,089,784 | 55.24% | Nov 15, 2024 |
| GPE VIII GP Limited Partnership AP | 10% owner | – | – | Nov 15, 2024 |
| Partners GPE VIII Cayman Limited Partnership Advent | 10% owner | – | – | Nov 15, 2024 |
| Partners GPE VIII-A Cayman Limited Partnership Advent | 10% owner | – | – | Nov 15, 2024 |
| International GPE VIII-F Limited Partnership Advent | 10% owner | 48,170,596 | 78.06% | Nov 15, 2024 |
| International GPE VIII-D Limited Partnership Advent | 10% owner | 34,539,784 | 55.97% | Nov 15, 2024 |
| International GPE VIII-B-3 Limited Partnership Advent | 10% owner | – | – | Nov 15, 2024 |
| International GPE VIII-B-2 Limited Partnership Advent | 10% owner | 19,189,784 | 31.10% | Nov 15, 2024 |
| International GPE VIII-B-1 Limited Partnership Advent | 10% owner | – | – | Nov 15, 2024 |
| International GPE VIII-B Limited Partnership Advent | 10% owner | 27,189,784 | 44.06% | Nov 15, 2024 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Ashlee Suzanne Weisser Chief Financial Officer | Jun 8, 2026 | Award | +26,595 | – | – | 64,365 |
| Stephanie Lilak Director | May 21, 2026 | Award | +12,345 | – | – | 39,361 |
| William A. Kussell Director | May 21, 2026 | Award | +12,345 | – | – | 38,747 |
| Irene Chang Britt Director | May 21, 2026 | Award | +12,345 | – | – | 31,645 |
| Charles Jemley Director | May 21, 2026 | Award | +12,345 | – | – | 44,278 |
| Jostein Solheim Director | May 21, 2026 | Award | +12,345 | – | – | 31,601 |
| Rachel K. Tipograph Director | May 21, 2026 | Award | +12,345 | – | – | 21,647 |
| Ralph Alvarez Director | May 21, 2026 | Award | +17,636 | – | – | 440,471 |
| Michael D. Fleisher Director | May 21, 2026 | Award | +12,345 | – | – | 29,297 |
| John Daniel Jones Chief Operations Officer | Mar 17, 2026 | Sale | −1,697 | $12.52 | $21.25K | 84,725 |
| Eric Richard Hartman Chief Development Officer | Mar 17, 2026 | Sale | −1,819 | $12.52 | $22.77K | 244,530 |
| H. Melville Hope Iii CFO and Treasurer | Mar 17, 2026 | Sale | −3,878 | $12.52 | $48.55K | 111,787 |
| Matthew Eisenacher Chief Brand Officer | Mar 17, 2026 | Sale | −2,760 | $12.52 | $34.56K | 67,223 |
| Christopher Anthony Tomasso President and CEO, Director | Mar 17, 2026 | Sale | −25,062 | $12.52 | $313.78K | 957,315 |
| Laura Anne Sorensen Chief People Officer | Mar 17, 2026 | Sale | −1,697 | $12.52 | $21.25K | 237,353 |
| Jay Anthony Wolszczak Chief Legal Officer, GC & Secy | Mar 17, 2026 | Sale | −3,161 | $12.52 | $39.58K | 228,930 |
| Christopher Anthony Tomasso President and CEO, Director | Mar 12, 2026 | Gift | −71,768 | – | – | 982,377 |
| Eric Richard Hartman Chief Development Officer | Mar 10, 2026 | Sale | −4,820 | $12.59 | $60.68K | 246,349 |
| Laura Anne Sorensen Chief People Officer | Mar 10, 2026 | Sale | −4,732 | $12.59 | $59.58K | 239,050 |
| John Daniel Jones Chief Operations Officer | Mar 10, 2026 | Sale | −4,600 | $12.59 | $57.91K | 86,422 |
| H. Melville Hope Iii CFO and Treasurer | Mar 10, 2026 | Sale | −7,358 | $12.59 | $92.64K | 115,665 |
| Jay Anthony Wolszczak Chief Legal Officer, GC & Secy | Mar 10, 2026 | Sale | −6,998 | $12.59 | $88.10K | 232,091 |
| Matthew Eisenacher Chief Brand Officer | Mar 10, 2026 | Sale | −6,070 | $12.59 | $76.42K | 69,983 |
| Christopher Anthony Tomasso President and CEO, Director | Mar 10, 2026 | Sale | −33,314 | $12.59 | $419.42K | 1,054,145 |
| Christopher Anthony Tomasso President and CEO, Director | Mar 1, 2026 | Award | +321,027 | – | – | 1,087,459 |
| Jay Anthony Wolszczak Chief Legal Officer, GC & Secy | Mar 1, 2026 | Award | +36,115 | – | – | 239,089 |
| Matthew Eisenacher Chief Brand Officer | Mar 1, 2026 | Award | +28,089 | – | – | 76,053 |
| Eric Richard Hartman Chief Development Officer | Mar 1, 2026 | Award | +30,096 | – | – | 251,169 |
| John Daniel Jones Chief Operations Officer | Mar 1, 2026 | Award | +30,096 | – | – | 91,022 |
| Laura Anne Sorensen Chief People Officer | Mar 1, 2026 | Award | +30,096 | – | – | 243,782 |
| William A. Kussell Director | Jan 22, 2026 | Option exercise | +6,165 | $8.45 | $52.09K | 32,567 |
| William A. Kussell Director | Jan 22, 2026 | Sale(10b5-1 plan) | −6,165 | $17.00 | $104.81K | 26,402 |
| Rachel K. Tipograph Director | Dec 30, 2025 | Award | +9,302 | – | – | 9,302 |
| Laura Anne Sorensen Chief People Officer | Dec 28, 2025 | Award | +125,798 | – | – | 213,686 |
| Eric Richard Hartman Chief Development Officer | Dec 28, 2025 | Award | +128,760 | – | – | 221,073 |
| Jay Anthony Wolszczak Chief Legal Officer, GC & Secy | Dec 28, 2025 | Award | +139,323 | – | – | 202,974 |
| William A. Kussell Director | Dec 9, 2025 | Option exercise | +6,165 | $8.45 | $52.09K | 32,567 |
| William A. Kussell Director | Dec 9, 2025 | Sale(10b5-1 plan) | −6,165 | $17.00 | $104.81K | 26,402 |
| Advent International Gp, Llc 10% owner | Sep 8, 2025 | Sale | −4,400,000 | $17.67 | $77.75M | 5,289,784 |
| Christopher Anthony Tomasso President and CEO, Director | Aug 13, 2025 | Sale | −100,000 | $18.00 | $1.80M | 766,432 |
| Advent International Gp, Llc 10% owner | Aug 8, 2025 | Sale | −5,000,000 | $17.70 | $88.50M | 9,689,784 |
| Advent International, L.P. 10% owner | Jun 3, 2025 | Sale | −4,500,000 | $14.70 | $66.15M | 14,689,784 |
| Ralph Alvarez Director | May 22, 2025 | Award | +12,570 | – | – | 422,835 |
| Jostein Solheim Director | May 22, 2025 | Award | +8,799 | – | – | 19,256 |
| Stephanie Lilak Director | May 22, 2025 | Award | +8,799 | – | – | 27,016 |
| Michael D. Fleisher Director | May 22, 2025 | Award | +8,799 | – | – | 16,952 |
| William A. Kussell Director | May 22, 2025 | Award | +8,799 | – | – | 26,402 |
| Charles Jemley Director | May 22, 2025 | Award | +8,799 | – | – | 31,933 |
| Irene Chang Britt Director | May 22, 2025 | Award | +8,799 | – | – | 19,300 |
| Christopher Anthony Tomasso President and CEO, Director | May 14, 2025 | Sale | −41,346 | $17.00 | $702.88K | 866,432 |
| Christopher Anthony Tomasso President and CEO, Director | May 13, 2025 | Sale | −42,346 | $17.00 | $719.88K | 907,778 |
| Charles Jemley Director | May 12, 2025 | Buy | +15,000 | $16.50 | $247.50K | 23,134 |
| Christopher Anthony Tomasso President and CEO, Director | Apr 10, 2025 | Award | +365,408 | – | – | 950,124 |
| Matthew Eisenacher Chief Brand Officer | Mar 13, 2025 | Award | +21,315 | – | – | 47,964 |
| John Daniel Jones Chief Operations Officer | Mar 13, 2025 | Award | +21,315 | – | – | 60,926 |
| Jay Anthony Wolszczak Chief Legal Officer, GC & Secy | Mar 13, 2025 | Award | +25,883 | – | – | 63,651 |
| Laura Anne Sorensen Chief People Officer | Mar 13, 2025 | Award | +21,315 | – | – | 87,888 |
| Eric Richard Hartman Chief Development Officer | Mar 13, 2025 | Award | +22,838 | – | – | 92,313 |
| H. Melville Hope Iii CFO and Treasurer | Mar 13, 2025 | Award | +48,721 | – | – | 123,023 |
| Christopher Anthony Tomasso President and CEO, Director | Mar 13, 2025 | Award | +194,884 | – | – | 584,716 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| William A. Kussell Director | Jan 22, 2026 | 6,165 | $104.81K | Jan 22, 2026 | Exercise of Stock Option |
| William A. Kussell Director | Dec 9, 2025 | 6,165 | $104.81K | Dec 9, 2025 | Exercise of Stock Option |
| Advent International, L.P. Owner | Sep 8, 2025 | 4,400,000 | $77.75M | Sep 8, 2025 | The Filer acquired the shares in connection with a merger transaction in which funds affiliated with or managed by the Filer acquired a majority equity stake in a wholly-owned subsidiary of First Watc |
| Tomasso Christopher Officer, Director | Aug 13, 2025 | 100,000 | $1.80M | Aug 13, 2025 | Restricted Stock |
| Advent International, L.P. Owner | Jun 3, 2025 | 4,500,000 | $66.15M | Jun 3, 2025 | The Filer acquired the shares in connection with a merger transaction in which funds affiliated with or managed by the Filer acquired a majority equity stake in a wholly-owned subsidiary of First Watc |
| Christopher Anthony Tomasso Officer | May 12, 2025 | 83,692 | $1.46M | May 12, 2025 | RESTRICTED STOCK |
| Julie MB Bradley Director | Sep 19, 2024 | 41,451 | $632.38K | Sep 19, 2024 | STOCK OPTION EXERCISE |
| Julie MB Bradley Director | Aug 27, 2024 | 9,528 | $163.61K | Aug 27, 2024 | RESTRICTED STOCK |
| Julie MB Bradley Director | Aug 26, 2024 | 66,665 | $1.14M | Aug 26, 2024 | RESTRICTED STOCK |
| William A. Kussell Officer | Apr 22, 2024 | 8,386 | $187.76K | Apr 22, 2024 | Various |
| Jay Anthony Wolszczak Officer | Mar 15, 2024 | 15,000 | $364.42K | Mar 15, 2024 | STOCK OPTION EXERCISE |
| Matthew Eisenacher Officer | Mar 14, 2024 | 3,770 | $91.54K | Mar 14, 2024 | RESTRICTED STOCK |
| Eric Richard Hartman Officer | Mar 12, 2024 | 20,000 | $490.02K | Mar 12, 2024 | STOCK OPTION EXERCISE |
| Christopher Anthony Tomasso Officer | Mar 12, 2024 | 100,000 | $2.40M | Mar 12, 2024 | STOCK OPTION EXERCISE |
| Eisenacher Matthew Officer | Mar 11, 2024 | 45,000 | $1.10M | Mar 11, 2024 | Stock Option Exercise |