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First Watch Restaurant Group (FWRG)
NASDAQ:FWRG
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.03Last Year’s EPS
-0.01Same Quarter Last Year
Strong Buy
Based on 11 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a broadly positive outlook: the company reported strong top-line growth (>20%), significant adjusted EBITDA expansion (+38.7% in the quarter), healthy restaurant-level margins (~18.5%-19%), record unit openings with new-unit sales running ~19% above underwriting, and early, repeatable marketing/delivery initiatives that generated positive returns. Management provided constructive 2026 guidance (same-store sales +1% to +3%, total revenue +12%–14%, adjusted EBITDA $132M–$140M) while acknowledging industry traffic headwinds, commodity and labor inflation, near-term weather and G&A timing impacts, and a planned CFO transition. On balance, the highlights (robust growth, margin resilience, scalable marketing, development momentum, and strong employee metrics) outweigh the manageable near-term headwinds and execution risks.Company Guidance
Strong Top-Line Growth
Total revenue grew more than 20% for 2025; fourth quarter revenue was $316.4M, up 20.2% year-over-year.
Positive Same-Restaurant Sales
Full-year same-restaurant sales grew 3.6% (company comment); fourth quarter same-restaurant sales grew 3.1% year-over-year with positive same-restaurant traffic noted for the year.
Adjusted EBITDA Expansion
Adjusted EBITDA increased 38.7% in the fourth quarter to $33.7M (from $24.3M prior-year), and adjusted EBITDA margin expanded to 10.6% versus 9.2% in 2024.
Healthy Restaurant-Level Profitability
Restaurant-level operating profit margin delivered ~18.5% for the year and 19% in recent commentary, within the company's targeted long-term range (18%-20%).
Record Development and New Unit Performance
Opened a record number of restaurants in 2025 (CEO: 64 new restaurants system-wide); finished 2025 with 633 restaurants across 32 states. The 2025 new-restaurant class is running ~19% above underwriting targets; Costner's Corner achieved >$90,000 in first-week sales.
Marketing and Digital Initiatives Showing Early ROI
Digital marketing tests rolled out to roughly one-third of comp base produced positive returns, increased aided and unaided awareness, and drove traffic; company plans to expand program to the majority of comp base in 2026.
Delivery and Off-Premise Progress
Enhanced third-party delivery partnerships produced incremental transactions while remaining profitable; management reports delivery occasions are largely incremental and strategically valuable for future in-restaurant visits.
Employee and Culture Strength
Recognitions include Yelp's Most Loved Brands (#4), America's #1 Most Loved Workplace (Best Practice Institute 2025) and Glassdoor's 25 Best Places to Work in Consumer Services (2026). Restaurant-level turnover declined and applicant volume rose ~40% year-over-year.
Clear 2026 Financial and Growth Guidance
Guidance for 2026: same-restaurant sales +1% to +3%; total revenue growth 12%–14% (includes ~100 bps from acquisitions); 59–63 net new system-wide restaurants (53–55 company-owned net); adjusted EBITDA guidance $132M–$140M; capex $150M–$160M.
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 |
|---|---|---|---|
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% |
May 06, 2025 | $18.61 | $15.33 | -17.62% |
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 May 12, 2026, After Close (Confirmed).
What is First Watch Restaurant Group (FWRG) earnings time?
First Watch Restaurant Group (FWRG) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
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 (Q1) is -0.03.