FWRG First Watch Restaurant Group, Inc.
Price Chart
Executive Summary
First Watch reported Q1 2026 EPS of $0.24, a massive beat vs. consensus of -$0.03, on revenue of $331.0M (above $329.3M consensus, +17.3% YoY). However, GAAP net loss widened to -$2.7M from -$0.8M a year ago, and same-restaurant traffic declined 2.0%, offsetting the headline beat. Management raised the low end of full-year adjusted EBITDA guidance to $133M-$140M, but reiterated same-restaurant sales growth of 1%-3%.
Key Financial Metrics
Actionable Insight
The massive EPS beat and raised EBITDA guidance are positive, but the widening GAAP net loss and negative traffic growth create a mixed picture. Watch for same-restaurant traffic trends in Q2 to confirm whether the 2.8% sales growth is sustainable via pricing/mix or if traffic deterioration accelerates.
Key Facts
- Q1 2026 EPS $0.24 vs consensus -$0.03 (947% beat)
- Total revenue $331.0M vs consensus $329.3M, up 17.3% YoY
- GAAP net loss widened to -$2.7M from -$0.8M YoY
- Same-restaurant sales growth +2.8%, but traffic declined 2.0%
- Restaurant-level operating profit margin expanded to 18.5% from 16.5%
- Adjusted EBITDA rose to $27.8M from $22.8M YoY
- Raised FY2026 adjusted EBITDA guidance low end to $133M-$140M
- Reaffirmed same-restaurant sales growth of 1%-3% and total revenue growth of 12%-14%
- Opened 16 new system-wide restaurants in Q1
Financial Impact
EPS beat by $0.27 vs consensus; revenue beat by $1.7M; adjusted EBITDA guidance raised by ~$3M at low end
Risk Factors
- Negative same-restaurant traffic (-2.0%) signals weakening customer demand despite price increases
- GAAP net loss widened to -$2.7M from -$0.8M, driven by higher interest expense and G&A costs
- Income from operations margin compressed to 0.3% from 0.4%
- High capital expenditure guidance ($150M-$160M) may pressure free cash flow
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3287500 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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8-K
| $10.35 awaiting T+20 | awaiting T+20 | — | $10.26 (−0.82%) |
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Jun 8, 2026
1d ago
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Press Release
| $10.35 awaiting T+20 | awaiting T+20 | — | $10.26 (−0.82%) |
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May 5, 2026
5w ago
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8-K
| $12.18 $10.44 | ▼ −14.29% | ▼ −19.24% | $10.26 (−15.76%) |
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May 5, 2026
5w ago
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Press Release
| $12.18 $10.44 | ▼ −14.29% | ▼ −19.24% | $10.26 (−15.76%) |
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Apr 8, 2026
8w ago
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DEFA14A
| $11.65 $12.17 | ▲ +4.46% | ▼ −3.10% | $10.26 (−11.93%) |
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Mar 10, 2026
13w ago
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Insider Cluster
| $12.52 $11.16 | ▲ +10.86% | ▲ +10.71% | $10.26 (+18.05%) |
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Mar 10, 2026
13w ago
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Insider Cluster
| $12.52 $11.16 | ▲ +10.86% | ▲ +10.71% | $10.26 (+18.05%) |
US Market Status
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