Filing Flows › Consumer Discretionary › First Watch Restaurant Group (FWRG)
First Watch Restaurant Group (FWRG) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · First Watch Restaurant Group (FWRG) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $350M · 1¢ of every $1 of revenue kept as net profit · operating margin 3.2%
First Watch Restaurant Group made $350M in Q3 2026 (+11% Y/Y): Franchisor Owned Outlet $347M, Franchise $3.1M. Operating margin 3.2%, net earnings $4.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $349.9M in Q3 2026, up 11% year over year and down 1% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $25.2M year over year (up 10%), 74% of the total change.
Operating profit was $11.0M, a 3.2% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 3% margin then. Total costs grew 11% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $4.8M, up 60% year over year. The effective tax rate was 26.1%.
Operating cash flow was $48.5M (up 1% year over year), 1014% of net earnings. Non-cash charges added back $22.7M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $17.4M. Capital expenditures of $43.4M left free cash flow of $5.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $350M | +11% | 3.2% | $4.8M | $48.5M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $355M | +15% | 2.3% | $2.3M | $27.4M |
| Q1 2026 | 10-Q | May 5, 2026 | $331M | +17% | 0.3% | −$2.7M | $34.5M |
| Q4 2025 | 10-K | Feb 24, 2026 | $316M | +20% | 2.9% | $15.2M | $18.5M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $316M | +26% | 3.2% | $3.0M | $47.9M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $308M | +19% | 2.4% | $2.1M | $39.4M |
| Q1 2025 | 10-Q | May 6, 2025 | $282M | +16% | 0.4% | −$829K | $20.1M |
Charts
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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About First Watch Restaurant Group
First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, “we,” “us,” “our,” “First Watch,” the “Company,” “Management” and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries. Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our “You First” culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day.
In its own words, from its 10-K, filed Feb 24, 2026.
First Watch Restaurant Group against its Retail-Eating Places peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +8%. Operating margin: 3.2% against the peers' median 13.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| FWRG First Watch Restaurant Group | Q3 2026 | $350M | +11% | 3.2% |
| MCD McDonald's | Q3 2026 | $7.2B | +1% | 50.2% |
| ARMK Aramark | Q3 FY26 | $5.1B | +9% | 4.3% |
| YUMC Yum China Holdings | Q3 2026 | $3.5B | +8% | 13.0% |
| CMG Chipotle Mexican Grill | Q3 2026 | $3.3B | +10% | 13.7% |
| DRI Darden Restaurants | Q1 FY27 | $3.2B | +5% | 10.0% |
| QSR Restaurant Brands International | Q3 2026 | $2.5B | +3% | 27.6% |
| YUM Yum Brands | Q3 2026 | $2.1B | +4% | 112.8% |
| TXRH Texas Roadhouse | Q3 2026 | $1.6B | +10% | 6.5% |
Source: First Watch Restaurant Group 10-Q on SEC EDGAR · CIK 1789940 · Retail-Eating Places
Guidance and outlook
13F: who owns FWRG and who is buying
More on FWRG
- How First Watch Restaurant Group makes money: revenue by segment
- First Watch Restaurant Group next earnings date and what analysts expect
- First Watch Restaurant Group stock forecast, price target and fair value
- Who owns First Watch Restaurant Group stock: holders, funds and Congress trades
- First Watch Restaurant Group guidance and outlook
- Is First Watch Restaurant Group a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- First Watch Restaurant Group guidance history: guided vs reported
- First Watch Restaurant Group operating margin by quarter
- First Watch Restaurant Group net income by quarter
- First Watch Restaurant Group free cash flow by quarter
- First Watch Restaurant Group capital expenditures by quarter
- First Watch Restaurant Group Franchisor Owned Outlet revenue by quarter
- First Watch Restaurant Group Franchise revenue by quarter