First Watch Restaurant Group, Inc. Reports Q1 2026 Financial Results
First Watch delivered Q1 revenue of $331.0 million, up 17.3% year-over-year, driven by unit expansion, while Adjusted EBITDA increased to $27.8 million. Despite the revenue growth, the company reported a net loss of $(2.7) million and a 2.0% decline in same-restaurant traffic, though restaurant-level operating profit margins improved.
Key figures
- Revenue
- $331.0 million
- Guidance
- FY26 Adjusted EBITDA $133M-$140M (raised low end), Total revenue growth 12%-14%, Same-restaurant sales growth 1%-3%
- Revenue Yoy
- 17.3%
- Net loss
- $(2.7) million
- Adjusted ebitda
- $27.8 million
- System wide sales
- $367.6 million
- Same restaurant sales growth
- 2.8%
- Restaurant level operating profit margin
- 18.5%
AI analysis
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