Filing Flows › First Watch Restaurant Group (FWRG) › Q2 2026 › vs Q1 2026
First Watch Restaurant Group (FWRG) Q2 2026 vs Q1 2026 (quarter over quarter)
First Watch Restaurant Group's revenue rose $23.7M (+7%) from $331M in Q1 2026 to $355M in Q2 2026. The biggest changes: Restaurant sales +$23.3M (+7%); Franchise revenues +$380K (+14%); Initial fees +$26K (+46%). Operating margin 2.3% against 0.3% (+2.0 pts).
First Watch Restaurant Group, Q2 2026: revenue $355M (+15% year over year), operating margin 2.3%, net earnings $2.3M, operating cash flow $27.4M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 2.3% | 0.3% | +2.0 pts |
| Net margin | 0.7% | -0.8% | +1.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| In-restaurant dining sales | $284M | $266M | $18.6M | +7% |
| Third-party delivery sales | $41.3M | $39.7M | $1.7M | +4% |
| Take-out sales | $25.8M | $22.7M | $3.1M | +14% |
| Restaurant sales | $351M | $328M | $23.3M | +7% |
| Franchise revenues | $3.2M | $2.8M | $380K | +14% |
| Initial fees | $82K | $56K | $26K | +46% |
| Revenue | $355M | $331M | $23.7M | +7% |
| Operating profit | $8.1M | $999K | $7.1M | +714% |
| Costs & expenses | $347M | $330M | $16.6M | +5% |
| Pre-tax earnings | $3.4M | −$3.4M | $6.8M | — |
| Other expense, net | $4.8M | $4.4M | $326K | +7% |
| General & admin | $38.7M | $39.9M | −$1.2M | -3% |
| Other operating costs | $308M | $290M | $17.8M | +6% |
| Net earnings | $2.3M | −$2.7M | $5.0M | — |
| Income tax | $1.0M | −$749K | $1.8M | — |
| Depreciation & amortization | $21.8M | $21.4M | $443K | +2% |
| Share-based compensation | $3.7M | $3.4M | $345K | +10% |
| Working capital & other | $435K | −$12.4M | $12.8M | — |
| Operating cash flow | $27.4M | $34.5M | −$7.0M | -20% |
| Capital expenditures | $40.5M | $29.3M | $11.2M | +38% |
| Negative free cash flow (OCF − capex) | $13.1M | −$5.1M | $18.2M | — |
Questions
How much did First Watch Restaurant Group's revenue grow quarter over quarter in Q2 2026?
First Watch Restaurant Group's revenue rose $23.7M (+7%) from $331M in Q1 2026 to $355M in Q2 2026.
What drove First Watch Restaurant Group's revenue change in Q2 2026?
Restaurant sales +$23.3M (+7%); Franchise revenues +$380K (+14%); Initial fees +$26K (+46%).