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BJs Restaurants vs First Watch Restaurant Group: BJRI and FWRG compared
BJs Restaurants is the larger company: $359M of revenue in its latest quarter (Q3 2026) against $350M for First Watch Restaurant Group (Q3 2026). First Watch Restaurant Group is growing faster (+11% against +9% a year earlier). First Watch Restaurant Group is more profitable, with an operating margin of 3.2% against 1.5%.
Where the money goes: BJRI and FWRG
BJs Restaurants (BJRI) · Q3 2026
BJs Restaurants, Q3 2026: revenue $359M (+9% year over year), operating margin 1.5%, net earnings $5.3M, operating cash flow $41.7M. The chart follows the revenue to costs, profit and cash.
First Watch Restaurant Group (FWRG) · Q3 2026
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.
| BJs Restaurants (BJRI) | First Watch Restaurant Group (FWRG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $359M | $350M |
| Revenue growth, Y/Y | +9% | +11% |
| Operating margin | 1.5% | 3.2% |
| Net earnings | $5.3M | $4.8M |
| Net margin | 1.5% | 1.4% |
| Operating cash flow | $41.7M | $48.5M |
| Free cash flow | $22.2M | $5.1M |
| Market value | $1.3B | $804M |
| P/E | 27.5× | 40.2× |
| Analysts’ mean target | $74.71 | $18.50 |
Where the revenue comes from
First Watch Restaurant Group
- Franchisor Owned Outlet: $347M (99%)
- Franchise: $3.1M (1%)
Questions
Which is bigger, BJs Restaurants or First Watch Restaurant Group?
BJs Restaurants is the larger company: $359M of revenue in its latest quarter (Q3 2026) against $350M for First Watch Restaurant Group (Q3 2026).
Is BJs Restaurants or First Watch Restaurant Group growing faster?
First Watch Restaurant Group is growing faster (+11% against +9% a year earlier).
Which is more profitable, BJs Restaurants or First Watch Restaurant Group?
First Watch Restaurant Group is more profitable, with an operating margin of 3.2% against 1.5%.
More: BJs Restaurants earnings · how BJs Restaurants makes money · First Watch Restaurant Group earnings · how First Watch Restaurant Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.