First Watch Restaurant Group, Inc. (FWRG) Form 10-Q — Nov 3, 2026
First Watch Restaurant Group (FWRG) filed its Q3 2026 10-Q reporting total revenues of $349.9 million, up 10.7% from $316.0 million a year earlier, with 16 new system-wide restaurants opened across 11 states bringing the fleet to 681 locations in 33 states. Net income rose 60% to $4.8 million ($0.08 diluted EPS) from $3.0 million ($0.05), helped by lower income tax expense and higher income from operations; Adjusted EBITDA climbed 16.6% to $39.7 million. Growth was driven by new openings and menu price increases, but same-restaurant traffic declined 1.9% with same-restaurant sales growth of only 1.0%, and restaurant-level margin slipped to 19.4% from 19.7%.
Key figures
- Eps
- 0.08
- Revenue
- 349861000
- Guidance
- Annual same-restaurant sales growth expected ~2.0%; full year commodity inflation approximately flat; full year wage inflation ~4.0%; 2026 capital expenditures estimated at ~$145.0 million.
- Net Income
- 4787000
- Revenue Yoy
- 10.7%
- Total Assets
- 1858430000
- Cash Position
- 21065000
- Shares Outstanding
- 61726533
- Ytd revenue
- $1,035.5 million
- Ytd net income
- $4,441 thousand
- Q3 2025 revenue
- $316.0 million
- Ytd revenue yoy
- 14.3% restaurant sales growth
- Wage inflation q3
- 4.1%
- Adjusted ebitda q3
- $39.7 million (vs $34.1M prior year, +16.6%)
- Q3 2025 net income
- $2,991 thousand
- Adjusted ebitda ytd
- $102.0 million (vs $87.2M prior year, +16.9%)
- Q3 2025 eps diluted
- $0.05
- System wide sales q3
- $391.2 million (+10.9%)
- Revolver availability
- $54.0 million of $125.0 million
- Commodity deflation q3
- -0.4%
- System wide restaurants
- 681
- Company owned restaurants
- 601
- New restaurants opened q3
- 16 system-wide in 11 states
- Restaurant level margin q3
- 19.4% (vs 19.7%)
- Franchise owned restaurants
- 80
- Same restaurant sales growth q3
- 1.0%
- Same restaurant traffic growth q3
- -1.9%
AI analysis
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