Filing Flows › First Watch Restaurant Group (FWRG) › Q2 2026
First Watch Restaurant Group (FWRG) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 4, 2026
First Watch Restaurant Group (FWRG) reported revenue of $355M for the second quarter 2026 (Q2 2026), +15% from a year earlier and +7% from the quarter before. Operating margin was 2.3%, net earnings $2.3M (0.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $355M | +7% | +15% |
| Operating profit | $8.1M | +714% | +11% |
| Net earnings | $2.3M | — | +11% |
| Operating cash flow | $27.4M | -20% | -30% |
What changed
Revenue was $354.7M in Q2 2026, up 15% year over year and up 7% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $36.9M year over year (up 15%), 79% of the total change.
Operating profit was $8.1M, a 2.3% margin (down 0.1 points year over year). Of the extra revenue versus Q2 2025, 2% reached operating profit, below the 2% margin then. Total costs grew 15% against revenue growth of 15%. The fastest-growing cost line was General & admin (+17%). Net earnings were $2.3M, up 11% year over year. The effective tax rate was 30.6%.
Operating cash flow was $27.4M (down 30% year over year), 1173% of net earnings. Non-cash charges added back $21.8M of depreciation and amortization and $3.7M of share-based compensation. Capital expenditures of $40.5M exceeded it, leaving free cash flow of −$13.1M.
Questions
What was First Watch Restaurant Group's revenue in the second quarter 2026?
First Watch Restaurant Group (FWRG) reported revenue of $355M for the second quarter 2026 (Q2 2026), +15% from a year earlier and +7% from the quarter before.
Was First Watch Restaurant Group profitable in the second quarter 2026?
Operating profit was $8.1M (2.3% of revenue) and net earnings $2.3M.