Welcome to our dedicated page for First Watch Restaurant Group SEC filings (Ticker: FWRG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
First Watch Restaurant Group, Inc. filings document formal disclosures for a Nasdaq-listed restaurant operator with company-owned restaurant sales and franchise revenue. Recent 8-K reports furnish quarterly and annual operating results, preliminary operating metrics, Regulation FD supplemental presentations, and exhibits tied to press releases about same-restaurant sales, traffic, restaurant openings, and financial outlook.
The filing record also includes definitive proxy materials covering governance, executive compensation and equity awards, Form 8-K officer-change disclosures, and capital-markets documents related to common stock sold by selling shareholders under a registration statement. These disclosures record leadership structure, emerging growth company status, common stock terms, and event-specific exhibits such as underwriting agreements and corrected earnings materials.
Manulife Financial Corporation and its investment subsidiaries report passive ownership of First Watch Restaurant Group, Inc. common stock. Manulife Investment Management (US) LLC holds 3,810,295 shares of common stock, while Manulife Investment Management Limited holds 13,687 shares. Based on 61,644,885 shares outstanding as of May 1, 2026, these positions represent 6.18% and 0.02% of the class, respectively. The U.S. entity and the Canadian entity each report sole voting and dispositive power over their respective shares, and Manulife Financial Corporation may be deemed to beneficially own the same shares through its parent-subsidiary relationships.
First Watch Restaurant Group outlines long-term annual growth targets centered on expanding its daytime dining footprint and improving profitability. The plan calls for approximately 55 new system-wide restaurant openings per year, including about 50 company-owned and 5 franchise-owned locations, with Same Restaurant Sales Growth of 2% to 4% and total revenue growth of 10% to 13%.
Management targets Adjusted EBITDA growth of 11% to 14%, G&A expense growth below total revenue growth, and positive Free Cash Flow beginning in 2027, increasing annually. The strategy emphasizes self-funding new company-owned units from operating cash flow, supporting balance sheet strength, leveraging a 2,200+ unit U.S. market opportunity, and benefiting from an actualized third-year cash-on-cash return of about 35% on new restaurants. Non‑GAAP measures such as Adjusted EBITDA and restaurant-level operating profit are highlighted as supplemental performance metrics.
First Watch Restaurant Group, Inc. reported total revenues of $354.7 million for the thirteen weeks ended June 28, 2026, up 15.2% from $307.9 million, driven by new restaurant openings and 3.4% same-restaurant sales growth. System-wide sales rose to $397.0 million.
Company-owned restaurant-level operating profit margin was 18.8%, slightly above 18.6% a year earlier, while income from operations margin was 2.3%. Net income was $2.3 million, or $0.04 per diluted share. Adjusted EBITDA, a non-GAAP metric, increased to $34.5 million from $30.4 million.
The company ended the quarter with 665 system-wide restaurants, including 586 company-owned and 79 franchise-owned locations across 33 states. Management cited restaurant-level wage inflation of 4.1%, commodity deflation of 1.6%, and expects annual same-restaurant sales growth between 1.5% and 3.0%.
First Watch Restaurant Group reported Q2 2026 total revenues of $354.7 million, up 15.2% from $307.9 million a year earlier, with system-wide sales rising 14.7% to $397.0 million. Same-restaurant sales grew 3.4%, while same-restaurant traffic declined 0.4%.
Net income was $2.3 million, or $0.04 per diluted share, compared with $2.1 million, or $0.03 per share, in Q2 2025. Adjusted EBITDA increased to $34.5 million from $30.4 million, and restaurant level operating profit margin edged up to 18.8%.
The company opened 18 net new restaurants, ending the quarter with 665 system-wide locations across 33 states. For fiscal 2026, it expects same-restaurant sales growth of 1.5%–3.0%, total revenue growth of 12.5%–14.0%, Adjusted EBITDA of $133.0–$136.0 million, and capital expenditures of $145.0–$150.0 million supporting 60–62 net new system-wide restaurants.
First Watch Restaurant Group, Inc. decided that future stockholder advisory votes on executive compensation (“say on pay”) will be held every year. This follows a 2026 Annual Meeting advisory vote in which 46,337,934 shares favored an annual frequency, 2,681,394 supported a three-year cycle, 28,283 supported two years, 58,825 abstained and 9,564,764 were broker non-votes. Annual votes will continue until the next advisory vote on frequency, required no later than the 2032 Annual Meeting of Stockholders, or until the board sets a different schedule.
First Watch Restaurant Group, Inc. is the issuer of common stock reported in this Schedule 13G/A (Amendment No. 1). Several affiliated Millennium entities and Israel A. Englander report beneficial ownership of First Watch common stock below 5% of the outstanding class.
Integrated Core Strategies (US) LLC reports 2,080,302 shares with shared voting and dispositive power, representing 3.4% of the class. Millennium Management LLC, Millennium Group Management LLC and Israel A. Englander each report 2,192,811 shares with shared voting and dispositive power, representing 3.6% of the class. All report zero sole voting or dispositive power, and the filing notes that these disclosures should not be construed as an admission of beneficial ownership of the securities held by the managed entities. The group also notes that its position represents ownership of 5% or less of the class.
Dimensional Fund Advisors LP, an investment adviser and Delaware limited partnership, reports beneficial ownership of 2,596,946 First Watch Restaurant Group common shares, representing 4.2% of the class for Section 13(d) purposes.
Dimensional has sole voting power over 2,548,617 shares and sole dispositive power over 2,596,946 shares, with no shared voting or dispositive power. All securities are owned by underlying funds advised by Dimensional, which disclaims beneficial ownership, and each fund’s interest is below 5% of the class.
First Watch Restaurant Group’s Chief Financial Officer, Ashlee Suzanne Weisser, reported an equity compensation grant. She acquired 26,595 shares of common stock in the form of restricted stock units at no cash cost, bringing her direct holdings to 64,365 shares.
The restricted stock units will vest on June 8, 2030, subject to earlier forfeiture or acceleration. This is a compensation-related award rather than an open-market purchase, and it reflects long-term incentive alignment with the company’s performance over the multi‑year vesting period.
First Watch Restaurant Group, Inc. Chief Financial Officer Ashlee Suzanne Weisser reported an initial holding of 37,770 shares of common stock. Of these, 31,392 are restricted stock units that vest in stages between March 1, 2027 and March 1, 2029, each representing a contingent right to one share.
First Watch Restaurant Group has appointed Ashlee Weisser as Chief Financial Officer, effective June 8, 2026. She will also serve as the company’s principal financial and principal accounting officer. Weisser joined First Watch in 2023 as Senior Vice President of Financial Planning & Analysis and has more than 15 years of finance leadership experience at national restaurant brands.
In connection with her promotion, Weisser’s base salary is set at $475,000 with a target annual cash bonus equal to 70% of base salary. She also received restricted stock units with a fair market value of $275,000 on the grant date. She succeeds long-time CFO Mel Hope, who previously announced his retirement and will remain as an advisor to support a smooth leadership transition.