Filing Flows › First Watch Restaurant Group (FWRG) › Q3 2026 › vs Q3 2025
First Watch Restaurant Group (FWRG) Q3 2026 vs Q3 2025 (year over year)
First Watch Restaurant Group's revenue rose $33.8M (+11%) from $316M in Q3 2025 to $350M in Q3 2026. The biggest changes: Franchisor Owned Outlet +$33.1M (+11%); Franchise +$753K (+32%). Operating margin 3.2% against 3.2% (-0.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 3.2% | 3.2% | -0.0 pts |
| Net margin | 1.4% | 0.9% | +0.4 pts |
| Free cash flow margin | 1.5% | 1.7% | -0.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| In-restaurant dining sales | $279M | $254M | $25.2M | +10% |
| Third-party delivery sales | $42.4M | $37.2M | $5.3M | +14% |
| Take-out sales | $24.9M | $22.3M | $2.6M | +12% |
| Franchisor Owned Outlet | $347M | $314M | $33.1M | +11% |
| Franchise | $3.1M | $2.4M | $753K | +32% |
| Revenue | $350M | $316M | $33.8M | +11% |
| Operating profit | $11.0M | $10.1M | $998K | +10% |
| Costs & expenses | $339M | $306M | $32.8M | +11% |
| Pre-tax earnings | $6.5M | $5.7M | $803K | +14% |
| Other expense, net | $4.6M | $4.4M | $195K | +4% |
| General & admin | $35.2M | $33.7M | $1.5M | +4% |
| Other operating costs | $304M | $272M | $31.3M | +12% |
| Net earnings | $4.8M | $3.0M | $1.8M | +60% |
| Income tax | $1.7M | $2.7M | −$993K | -37% |
| Depreciation & amortization | $22.7M | $19.7M | $3.0M | +15% |
| Share-based compensation | $3.6M | $2.9M | $762K | +26% |
| Working capital & other | $17.4M | $22.4M | −$4.9M | -22% |
| Operating cash flow | $48.5M | $47.9M | $667K | +1% |
| Free cash flow (OCF − capex) | $5.1M | $5.4M | −$275K | -5% |
| Capital expenditures | $43.4M | $42.5M | $942K | +2% |
Questions
How much did First Watch Restaurant Group's revenue grow year over year in Q3 2026?
First Watch Restaurant Group's revenue rose $33.8M (+11%) from $316M in Q3 2025 to $350M in Q3 2026.
What drove First Watch Restaurant Group's revenue change in Q3 2026?
Franchisor Owned Outlet +$33.1M (+11%); Franchise +$753K (+32%).