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Cava Group vs First Watch Restaurant Group: CAVA and FWRG compared
Cava Group is the larger company: $356M of revenue in its latest quarter (Q3 2026) against $350M for First Watch Restaurant Group (Q3 2026). Cava Group is growing faster (+22% against +11% a year earlier). Cava Group is more profitable, with an operating margin of 4.2% against 3.2%.
Where the money goes: CAVA and FWRG
Cava Group (CAVA) · Q3 2026
Cava Group, Q3 2026: revenue $356M (+22% year over year), operating margin 4.2%, net earnings $13.2M, operating cash flow $47.1M. 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.
| Cava Group (CAVA) | First Watch Restaurant Group (FWRG) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $356M | $350M |
| Revenue growth, Y/Y | +22% | +11% |
| Operating margin | 4.2% | 3.2% |
| Net earnings | $13.2M | $4.8M |
| Net margin | 3.7% | 1.4% |
| Operating cash flow | $47.1M | $48.5M |
| Free cash flow | — | $5.1M |
| Market value | $7.0B | $804M |
| P/E | 109.8× | 40.2× |
| Analysts’ mean target | $80.08 | $18.50 |
Where the revenue comes from
Cava Group
- Restaurant revenue: $354M (99%)
- CPG revenue and other: $2.7M (1%)
First Watch Restaurant Group
- Franchisor Owned Outlet: $347M (99%)
- Franchise: $3.1M (1%)
Questions
Which is bigger, Cava Group or First Watch Restaurant Group?
Cava Group is the larger company: $356M of revenue in its latest quarter (Q3 2026) against $350M for First Watch Restaurant Group (Q3 2026).
Is Cava Group or First Watch Restaurant Group growing faster?
Cava Group is growing faster (+22% against +11% a year earlier).
Which is more profitable, Cava Group or First Watch Restaurant Group?
Cava Group is more profitable, with an operating margin of 4.2% against 3.2%.
More: Cava Group earnings · how Cava Group 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 5, 2026; 10-Q filed Nov 3, 2026). Fiscal quarters can end on different dates. Not investment advice.