Filing Flows › First Watch Restaurant Group (FWRG) › Q3 2026 › vs Q2 2026
First Watch Restaurant Group (FWRG) Q3 2026 vs Q2 2026 (quarter over quarter)
First Watch Restaurant Group's revenue fell $4.8M (-1%) from $355M in Q2 2026 to $350M in Q3 2026. The biggest changes: Franchisor Owned Outlet −$4.8M (-1%); Franchise −$52K (-2%). Operating margin 3.2% against 2.3% (+0.9 pts).
First Watch Restaurant Group, Q3 2026: revenue $350M (+11% year over year), operating margin 3.2%, net earnings $4.8M, operating cash flow $48.5M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 3.2% | 2.3% | +0.9 pts |
| Net margin | 1.4% | 0.7% | +0.7 pts |
| Free cash flow margin | 1.5% | -3.7% | +5.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| In-restaurant dining sales | $279M | $284M | −$4.9M | -2% |
| Third-party delivery sales | $42.4M | $41.3M | $1.1M | +3% |
| Take-out sales | $24.9M | $25.8M | −$927K | -4% |
| Franchisor Owned Outlet | $347M | $351M | −$4.8M | -1% |
| Franchise | $3.1M | $3.2M | −$52K | -2% |
| Revenue | $350M | $355M | −$4.8M | -1% |
| Operating profit | $11.0M | $8.1M | $2.9M | +36% |
| Costs & expenses | $339M | $347M | −$7.7M | -2% |
| Pre-tax earnings | $6.5M | $3.4M | $3.1M | +92% |
| Other expense, net | $4.6M | $4.8M | −$188K | -4% |
| General & admin | $35.2M | $38.7M | −$3.5M | -9% |
| Other operating costs | $304M | $308M | −$4.2M | -1% |
| Net earnings | $4.8M | $2.3M | $2.4M | +105% |
| Income tax | $1.7M | $1.0M | $661K | +64% |
| Depreciation & amortization | $22.7M | $21.8M | $861K | +4% |
| Share-based compensation | $3.6M | $3.7M | −$58K | -2% |
| Working capital & other | $17.4M | −$435K | $17.9M | — |
| Operating cash flow | $48.5M | $27.4M | $21.1M | +77% |
| Free cash flow (OCF − capex) | $5.1M | −$13.1M | $18.2M | — |
| Capital expenditures | $43.4M | $40.5M | $2.9M | +7% |
Questions
How much did First Watch Restaurant Group's revenue grow quarter over quarter in Q3 2026?
First Watch Restaurant Group's revenue fell $4.8M (-1%) from $355M in Q2 2026 to $350M in Q3 2026.
What drove First Watch Restaurant Group's revenue change in Q3 2026?
Franchisor Owned Outlet −$4.8M (-1%); Franchise −$52K (-2%).