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First Watch Restaurant Group vs Red Robin Gourmet Burgers: FWRG and RRGB compared
First Watch Restaurant Group is the larger company: $350M of revenue in its latest quarter (Q3 2026) against $278M for Red Robin Gourmet Burgers (Q2 2026). First Watch Restaurant Group is growing faster (+11% against -2% a year earlier). First Watch Restaurant Group is more profitable, with an operating margin of 3.2% against 2.2%.
Where the money goes: FWRG and RRGB
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.
Red Robin Gourmet Burgers (RRGB) · Q2 2026
Red Robin Gourmet Burgers, Q2 2026: revenue $278M (-2% year over year), operating margin 2.2%, net earnings $386K, operating cash flow $7.5M. The chart follows the revenue to costs, profit and cash.
| First Watch Restaurant Group (FWRG) | Red Robin Gourmet Burgers (RRGB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $350M | $278M |
| Revenue growth, Y/Y | +11% | -2% |
| Operating margin | 3.2% | 2.2% |
| Net earnings | $4.8M | $386K |
| Net margin | 1.4% | 0.1% |
| Operating cash flow | $48.5M | $7.5M |
| Free cash flow | $5.1M | $2.7M |
| Market value | $804M | — |
| P/E | 40.2× | — |
| Analysts’ mean target | $18.50 | — |
Where the revenue comes from
First Watch Restaurant Group
- Franchisor Owned Outlet: $347M (99%)
- Franchise: $3.1M (1%)
Red Robin Gourmet Burgers
- Restaurant revenue: $273M (98%)
- Franchise revenue: $3.6M (1%)
- Other revenue: $1.4M (0%)
- Gift card breakage: $979K (0%)
Questions
Which is bigger, First Watch Restaurant Group or Red Robin Gourmet Burgers?
First Watch Restaurant Group is the larger company: $350M of revenue in its latest quarter (Q3 2026) against $278M for Red Robin Gourmet Burgers (Q2 2026).
Is First Watch Restaurant Group or Red Robin Gourmet Burgers growing faster?
First Watch Restaurant Group is growing faster (+11% against -2% a year earlier).
Which is more profitable, First Watch Restaurant Group or Red Robin Gourmet Burgers?
First Watch Restaurant Group is more profitable, with an operating margin of 3.2% against 2.2%.
More: First Watch Restaurant Group earnings · how First Watch Restaurant Group makes money · Red Robin Gourmet Burgers earnings · how Red Robin Gourmet Burgers makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Aug 12, 2026). Fiscal quarters can end on different dates. Not investment advice.