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First Watch Restaurant Group, Inc. FWRG Q2 2026 earnings

Reported August 4, 2026 · Before market open

Revenue$354.7MBeat by $3.1M
EPS$0.04Miss by $0.01
Revenue estimate$351.6M
EPS estimate$0.05
“We delivered a strong second quarter, highlighted by Same-Restaurant Sales Growth of 3.4% driven by sequentially improving Same-Restaurant Traffic Growth, which turned positive in June. This momentum underscores the enduring appeal of our differentiated brand, the discipline of our operating model and the outstanding performance of our teams across the system. I am grateful to our teams for their continued execution as we expand upon our position as the leading Daytime Dining concept.”
Chris Tomasso

Next report

Nov 3, 2026 (Tomorrow)
Revenue estimate$349.0M
EPS estimate$0.03

Financials

Q2 2026

Income statement

See full
Revenue$354.7M+15.2%
Operating income$8.1M+11.1%
Net income$2.3M+11.1%
EPS (diluted)$0.04+33.3%

Balance sheet

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Cash & equivalents$20.5M+6.8%
Total debt$1.1B+12.4%
Total equity$634.2M+5.5%
Total assets$1.8B+8.6%

Cash flow

See full
Operating cash flow$27.4M-30.4%
CapEx$40.5M-1.4%
Free cash flow-$13.1M-687%

Valuation & ratios

Valuation

as of 10/30/26
See full
Market cap$772.02M-23.3%
Enterprise value$1.82B-7.3%
P/E43.4×-159×
P/S0.6×-0.3×

Profitability

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Operating margin2.1%+0.5pp
Net margin1.4%+1.0pp

Returns & leverage

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Return on equity2.9%+2.2pp
Debt / equity1.7×+0.1×
Current ratio0.3×0.0×

Segments

By product

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In-restaurant dining sales$284.3M+14.9%
Third-party delivery sales$41.3M+20.0%
Take-out sales$25.8M+11.8%
Royalty and system fund contributions$3.1M+26.8%
Initial fees$82.0K+49.1%

By segment

See full
Reportable Segment$354.7M+15.2%

FAQ

When did First Watch Restaurant Group, Inc. report Q2 2026 earnings?
First Watch Restaurant Group, Inc. (FWRG) reported Q2 2026 earnings on August 4, 2026 before market open.
What were First Watch Restaurant Group, Inc.'s Q2 2026 revenue and EPS?
First Watch Restaurant Group, Inc. reported revenue of $354.7M and eps of $0.04 for Q2 2026.
Did First Watch Restaurant Group, Inc. beat estimates in Q2 2026?
Revenue beat the consensus estimate of $351.6M by $3.1M. EPS missed the consensus estimate of $0.05 by $0.01.
How did First Watch Restaurant Group, Inc.'s Q2 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 15.2% from $307.9M a year earlier and eps grew 33.3% from $0.03.
Where can I find First Watch Restaurant Group, Inc.'s Q2 2026 SEC filings?
You can read the 8-K earnings release (0001789940-26-000089) and the 10-Q periodic report (0001789940-26-000090) directly on SEC EDGAR. The filing index links above go to sec.gov.