Filing Flows › First Watch Restaurant Group (FWRG) › How it makes money
How First Watch Restaurant Group (FWRG) makes money
First Watch Restaurant Group (FWRG) made $350M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Franchisor Owned Outlet brought in $347M (99%); Franchise brought in $3.1M (1%). Of every dollar of revenue, 3¢ was left as operating profit, 1¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Franchisor Owned Outlet | $347M | 99.1% | -1% | +11% |
| ↳ In-restaurant dining sales | $279M | 79.9% | -2% | +10% |
| ↳ Third-party delivery sales | $42.4M | 12.1% | +3% | +14% |
| ↳ Take-out sales | $24.9M | 7.1% | -4% | +12% |
| Franchise | $3.1M | 0.9% | -2% | +32% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $350M | 100.0% |
| Operating profit | $11.0M | 3.2% |
| Income tax | $1.7M | 0.5% |
| Net earnings | $4.8M | 1.4% |
| Operating cash flow | $48.5M | 13.9% |
| Free cash flow | $5.1M | 1.5% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $350M | +11% |
| Q2 2026 | $355M | +15% |
| Q1 2026 | $331M | +17% |
| Q4 2025 | $316M | +20% |
| Q3 2025 | $316M | +26% |
| Q2 2025 | $308M | +19% |
| Q1 2025 | $282M | +16% |
From First Watch Restaurant Group's 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does First Watch Restaurant Group make money?
First Watch Restaurant Group (FWRG) made $350M of revenue in the third quarter 2026 (Q3 2026), +11% from a year earlier. Franchisor Owned Outlet brought in $347M (99%); Franchise brought in $3.1M (1%). Of every dollar of revenue, 3¢ was left as operating profit, 1¢ was left as net earnings.
What is First Watch Restaurant Group's biggest business?
Franchisor Owned Outlet: $347M in the third quarter 2026, 99% of revenue, +11% from a year earlier.
What is First Watch Restaurant Group's profit margin?
Net earnings were $4.8M, 1.4% of revenue, in the third quarter 2026; the operating margin was 3.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.