Revenue: As of FY2026 Q2, the actual value is USD 354.67 M, beating the estimate of USD 351.57 M.

EPS: As of FY2026 Q2, the actual value is USD 0.04.

EBIT: As of FY2026 Q2, the actual value is USD 8.26 M.

Financial Overview (Thirteen Weeks Ended June 28, 2026 vs. June 29, 2025)

Revenue

• Total Revenues: First Watch Restaurant Group, Inc. reported total revenues of $354.7 million, an increase of 15.2% compared to $307.9 million in the same period of 2025.
• System-wide Sales: System-wide sales increased by 14.7% to $397.0 million, up from $346.2 million in the prior year period.
• Restaurant Sales: Restaurant sales were $351,481 thousand in Q2 2026, compared to $304,983 thousand in Q2 2025.
• Franchise Revenues: Franchise revenues were $3,191 thousand in Q2 2026, up from $2,904 thousand in Q2 2025.

Operational Metrics

• Net Income: Net income increased to $2.3 million, or $0.04 per diluted share, from $2.1 million, or $0.03 per diluted share, in the same period of 2025.
• Net Income Margin: The net income margin was 0.7% in Q2 2026, consistent with 0.7% in Q2 2025.
• Adjusted EBITDA: Adjusted EBITDA increased to $34.5 million, compared to $30.4 million in the same period of 2025. The Adjusted EBITDA margin was 9.7% in Q2 2026, compared to 9.9% in Q2 2025.
• Income from Operations: Income from operations was $8,127 thousand in Q2 2026, up from $7,313 thousand in Q2 2025.
• Income from Operations Margin: The income from operations margin decreased to 2.3% from 2.4% in the same period of 2025.
• Restaurant Level Operating Profit: Restaurant level operating profit was $65,948 thousand in Q2 2026, compared to $56,776 thousand in Q2 2025.
• Restaurant Level Operating Profit Margin: The Restaurant Level Operating Profit Margin increased to 18.8% from 18.6% in the same period of 2025.
• Operating Costs and Expenses:
  • Food and beverage costs: $82,593 thousand in Q2 2026 vs. $71,978 thousand in Q2 2025.
  • Labor and other related expenses: $115,723 thousand in Q2 2026 vs. $101,310 thousand in Q2 2025.
  • Other restaurant operating expenses: $55,557 thousand in Q2 2026 vs. $46,603 thousand in Q2 2025.
  • Occupancy expenses: $28,345 thousand in Q2 2026 vs. $24,809 thousand in Q2 2025.
  • Pre-opening expenses: $3,315 thousand in Q2 2026 vs. $3,507 thousand in Q2 2025.
  • General and administrative expenses: $38,727 thousand in Q2 2026 vs. $33,185 thousand in Q2 2025.
  • Depreciation and amortization: $21,839 thousand in Q2 2026 vs. $18,136 thousand in Q2 2025.
  • Impairments and loss on disposal of assets: $114 thousand in Q2 2026 vs. $127 thousand in Q2 2025.
  • Transaction and restructuring expenses, net: $332 thousand in Q2 2026 vs. $919 thousand in Q2 2025.
  • Total operating costs and expenses: $346,545 thousand in Q2 2026 vs. $300,574 thousand in Q2 2025.
• Interest Expense: Interest expense was - $4,892 thousand in Q2 2026, compared to - $4,003 thousand in Q2 2025.
• Other Income, net: Other income, net was $133 thousand in Q2 2026, compared to $266 thousand in Q2 2025.
• Income Tax Expense: Income tax expense was - $1,029 thousand in Q2 2026, compared to - $1,470 thousand in Q2 2025.
• Comprehensive Income: Comprehensive income was $2,575 thousand in Q2 2026, compared to $2,012 thousand in Q2 2025.

Other Key Metrics

• Same-Restaurant Sales Growth: The company achieved Same-Restaurant Sales Growth of 3.4% in Q2 2026, compared to 3.5% in Q2 2025.
• Same-Restaurant Traffic Growth: Same-Restaurant Traffic Growth was -0.4% in Q2 2026, compared to 2.0% in Q2 2025.
• Restaurant Openings: First Watch Restaurant Group, Inc. opened 18 new system-wide restaurants across 15 states, with 1 planned closure, during Q2 2026.
• System-wide Restaurants: At the end of Q2 2026, the company operated a total of 665 system-wide restaurants (586 company-owned and 79 franchise-owned) across 33 states, compared to 600 system-wide restaurants (531 company-owned and 69 franchise-owned) at the end of Q2 2025.

Cash Flow

• The provided reference does not contain information on Operating Cash Flow or Free Cash Flow.

Outlook for Fiscal Year 2026

First Watch Restaurant Group, Inc. updated its guidance for the 52-week fiscal year ending December 27, 2026. The company projects Same-Restaurant Sales Growth of 1.5% to 3.0% and total revenue growth of 12.5% to 14.0%. Adjusted EBITDA is anticipated to be between $133.0 million and $136.0 million, with plans to open 60 to 62 net new system-wide restaurants and capital expenditures of $145.0 million to $150.0 million.