Filing Flows › First Watch Restaurant Group (FWRG) › Q2 2026 › vs Q2 2025
First Watch Restaurant Group (FWRG) Q2 2026 vs Q2 2025 (year over year)
First Watch Restaurant Group's revenue rose $46.8M (+15%) from $308M in Q2 2025 to $355M in Q2 2026. The biggest changes: Restaurant sales +$46.5M (+15%); Franchise revenues +$287K (+10%); Initial fees +$27K (+49%). Operating margin 2.3% against 2.4% (-0.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 2.3% | 2.4% | -0.1 pts |
| Net margin | 0.7% | 0.7% | -0.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| In-restaurant dining sales | $284M | $247M | $36.9M | +15% |
| Third-party delivery sales | $41.3M | $34.5M | $6.9M | +20% |
| Take-out sales | $25.8M | $23.1M | $2.7M | +12% |
| Restaurant sales | $351M | $305M | $46.5M | +15% |
| Franchise revenues | $3.2M | $2.9M | $287K | +10% |
| Initial fees | $82K | $55K | $27K | +49% |
| Revenue | $355M | $308M | $46.8M | +15% |
| Operating profit | $8.1M | $7.3M | $814K | +11% |
| Costs & expenses | $347M | $301M | $46.0M | +15% |
| Pre-tax earnings | $3.4M | $3.6M | −$208K | -6% |
| Other expense, net | $4.8M | $3.7M | $1.0M | +27% |
| General & admin | $38.7M | $33.2M | $5.5M | +17% |
| Other operating costs | $308M | $267M | $40.4M | +15% |
| Net earnings | $2.3M | $2.1M | $233K | +11% |
| Income tax | $1.0M | $1.5M | −$441K | -30% |
| Depreciation & amortization | $21.8M | $18.1M | $3.7M | +20% |
| Share-based compensation | $3.7M | $2.8M | $907K | +33% |
| Working capital & other | $435K | −$16.4M | $16.8M | — |
| Operating cash flow | $27.4M | $39.4M | −$12.0M | -30% |
| Capital expenditures | $40.5M | $41.1M | −$589K | -1% |
| Negative free cash flow (OCF − capex) | $13.1M | $1.7M | $11.4M | +687% |
Questions
How much did First Watch Restaurant Group's revenue grow year over year in Q2 2026?
First Watch Restaurant Group's revenue rose $46.8M (+15%) from $308M in Q2 2025 to $355M in Q2 2026.
What drove First Watch Restaurant Group's revenue change in Q2 2026?
Restaurant sales +$46.5M (+15%); Franchise revenues +$287K (+10%); Initial fees +$27K (+49%).