Filing Flows › First Watch Restaurant Group (FWRG) › Q1 2026
First Watch Restaurant Group (FWRG) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
First Watch Restaurant Group (FWRG) reported revenue of $331M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +5% from the quarter before. Operating margin was 0.3%, net loss $2.7M (0.8% of revenue).
First Watch Restaurant Group, Q1 2026: revenue $331M (+17% year over year), operating margin 0.3%, net loss $2.7M, operating cash flow $34.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $331M | +5% | +17% |
| Operating profit | $999K | -89% | -10% |
| Net earnings | −$2.7M | -118% | — |
| Operating cash flow | $34.5M | +87% | +71% |
| Free cash flow | $5.1M | — | — |
What changed
Revenue was $331.0M in Q1 2026, up 17% year over year and up 5% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $39.0M year over year (up 17%), 80% of the total change. Initial fees declined 10%.
Operating profit was $1.0M, a 0.3% margin (down 0.1 points year over year). Operating profit fell $114K even though revenue rose $48.7M versus Q1 2025, so costs grew faster than sales. Total costs grew 17% against revenue growth of 17%. The fastest-growing cost line was General & admin (+32%). The quarter ended with a net loss of $2.7M, after a profit of $15.2M the previous quarter. Net interest and other expense of $4.4M was the main reason.
Operating cash flow was $34.5M (up 71% year over year). Non-cash charges added back $21.4M of depreciation and amortization and $3.4M of share-based compensation. Working capital and other items added $12.4M. Capital expenditures of $29.3M left free cash flow of $5.1M.
Questions
What was First Watch Restaurant Group's revenue in the first quarter 2026?
First Watch Restaurant Group (FWRG) reported revenue of $331M for the first quarter 2026 (Q1 2026), +17% from a year earlier and +5% from the quarter before.
Was First Watch Restaurant Group profitable in the first quarter 2026?
Operating profit was $999K (0.3% of revenue) and net loss $2.7M.