First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. to Host Inaugural Investor Day on Thursday, November 12th to Share Strategic Growth Vision

First Watch will host its inaugural Investor Day on November 12 in Boston, laying out annual growth targets through 2028. Targets include same-restaurant sales growth of 2%-4%, total revenue growth of 10%-13%, and Adjusted EBITDA growth of 15%+, with positive free cash flow beginning in 2027 and increasing each year. The company is on track to open 62 systemwide restaurants in 2026 and approximately 55 in 2027. Management sees a path to more than 2,200 restaurants across the continental U.S. and said free cash flow should begin self-funding organic growth and capex next year; it recently raised its outlook for annual Adjusted EBITDA growth to greater than 15% for 2027 and 2028.

First Watch Restaurant Group, Inc. Reports Q3 2026 Financial Results

First Watch reported Q3 2026 revenue of $349.9 million, up 10.7% year-over-year, with net income rising to $4.8 million ($0.08 diluted EPS) from $3.0 million a year ago. Adjusted EBITDA grew to $39.7 million from $34.1 million, with the margin expanding to 11.4% from 10.8%, and the company opened 16 system-wide restaurants in 11 states. Management raised its FY2026 Adjusted EBITDA outlook to approximately $136 million, the high end of the prior guidance range, alongside ~13.5% revenue growth guidance. Same-restaurant sales grew 1.0% against the toughest comparison of the year, though traffic declined 1.9%.

•6d ago

First Watch Restaurant Group, Inc. Reports Q2 2026 Financial Results

First Watch reported Q2 revenue of $354.7 million, up 15.2% year-over-year, driven by 3.4% same-restaurant sales growth and 18 new restaurant openings. Adjusted EBITDA increased to $34.5 million from $30.4 million, while restaurant-level operating profit margin improved to 18.8%, indicating strong unit-level economics despite slightly lower corporate operating margins. The company updated its full-year 2026 outlook, projecting 12.5% to 14.0% total revenue growth and 60 to 62 net new system-wide restaurants, with capital expenditures expected between $145.0 million and $150.0 million.

•3mo ago