Filing Flows › First Watch Restaurant Group (FWRG) › Q3 2026
First Watch Restaurant Group (FWRG) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 3, 2026
First Watch Restaurant Group (FWRG) reported revenue of $350M for the third quarter 2026 (Q3 2026), +11% from a year earlier and -1% from the quarter before. Operating margin was 3.2%, net earnings $4.8M (1.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $350M | -1% | +11% |
| Operating profit | $11.0M | +36% | +10% |
| Net earnings | $4.8M | +105% | +60% |
| Operating cash flow | $48.5M | +77% | +1% |
| Free cash flow | $5.1M | — | -5% |
What changed
Revenue was $349.9M in Q3 2026, up 11% year over year and down 1% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $25.2M year over year (up 10%), 74% of the total change.
Operating profit was $11.0M, a 3.2% margin (unchanged year over year). Of the extra revenue versus Q3 2025, 3% reached operating profit, below the 3% margin then. Total costs grew 11% against revenue growth of 11%. The fastest-growing cost line was Other operating costs (+12%). Net earnings were $4.8M, up 60% year over year. The effective tax rate was 26.1%.
Operating cash flow was $48.5M (up 1% year over year), 1014% of net earnings. Non-cash charges added back $22.7M of depreciation and amortization and $3.6M of share-based compensation. Working capital and other items added $17.4M. Capital expenditures of $43.4M left free cash flow of $5.1M.
Questions
What was First Watch Restaurant Group's revenue in the third quarter 2026?
First Watch Restaurant Group (FWRG) reported revenue of $350M for the third quarter 2026 (Q3 2026), +11% from a year earlier and -1% from the quarter before.
Was First Watch Restaurant Group profitable in the third quarter 2026?
Operating profit was $11.0M (3.2% of revenue) and net earnings $4.8M.