First Watch Restaurant Group (FWRG)
NASDAQ:FWRG
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Earnings Data
Report Date
Aug 11, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.06Last Year’s EPS
0.03Same Quarter Last Year
Strong Buy
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented several meaningful operational and financial positives: robust revenue growth (+17.3%), adjusted EBITDA expansion (+22.2%) and sizable restaurant-level margin improvement (+200 bps), driven by successful marketing and a well-received new core menu. Key strategic priorities (marketing rollout, menu innovation, disciplined development) are showing early traction. Offsetting items include negative same-restaurant traffic (-2.0%), a reported net loss of $2.7M, modest GAAP operating income (0.3%), and ongoing inflationary/labor pressures (commodity inflation 1%–3%, labor 3%–5%). Overall, management reiterated revenue and same-store guidance, raised the low end of adjusted EBITDA guidance, and emphasized confidence in execution and pipeline. On balance, the positive operational momentum and guidance actions outweigh the challenges, though execution risk and macrocost pressures remain.Company Guidance
Strong Top-Line Growth
Total first quarter revenues increased 17.3% to $331.0 million versus prior year, driven by same-restaurant sales growth and contributions from newly opened/acquired restaurants.
Same-Restaurant Sales and Check Improvement
Same-restaurant sales grew 2.8%; per-person check increased above carried pricing due to new core menu mix, shareables and add-ons, indicating check-driven comp growth despite negative traffic.
Margin Expansion at Restaurant Level
Restaurant-level operating profit margin expanded to 18.5%, a 200 basis point improvement year-over-year, reflecting favorable mix, pricing and cost control.
Adjusted EBITDA Growth and Guidance Raise
Adjusted EBITDA rose 22.2% to $27.8 million (margin 8.4% vs 8.1% in prior year). Company raised the low end of full-year adjusted EBITDA guidance to a range of $133M–$140M.
Cost Benefits and Operating Leverage
Food & beverage costs improved to 22.6% of sales from 23.8% (benefiting from ~4% carried pricing and ~1.6% commodity deflation), and labor & related expenses improved 90 basis points to 33.7% of sales.
Expansion and Development Momentum
System expanded to 648 restaurants with 16 openings in the quarter (13 company-owned, 3 franchised). Reaffirmed 2026 target of 59–63 net new restaurants and long-term ambition to grow toward 2,200 locations.
Marketing Rollout Driving Early ROI
Digital marketing program expanded to ~75% of restaurants (from ~33% in 2025); early analytics show positive ROI, improved unaided brand awareness and future purchase intent. Company pulled forward several million dollars of marketing into Q2.
Successful New Menu and Seasonal Offerings
System-wide rollout of new core menu completed by late February; new and returning limited-time offerings (e.g., Chimichurri Steak & Eggs Hash) are high-performing, driving mix, attachment and trade-ups.
FWRG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
FWRG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 05, 2026 | $12.21 | $12.18 | -0.25% |
Feb 24, 2026 | $15.50 | $12.32 | -20.52% |
Nov 04, 2025 | $15.85 | $17.60 | +11.04% |
Aug 05, 2025 | $17.24 | $17.85 | +3.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does First Watch Restaurant Group (FWRG) report earnings?
First Watch Restaurant Group (FWRG) is schdueled to report earning on Aug 11, 2026, After Close (Confirmed).
What is First Watch Restaurant Group (FWRG) earnings time?
First Watch Restaurant Group (FWRG) earnings time is at Aug 11, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FWRG EPS forecast?
FWRG EPS forecast for the fiscal quarter 2026 (Q2) is 0.06.