Every 10-Q that First Watch Restaurant Group, Inc. (FWRG) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow FWRG and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full FWRG filings page.
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, Inc. reported solid top-line growth but remained slightly unprofitable in the first quarter of 2026. Total revenues rose to $330.9 million, up 17.3% from $282.2 million a year earlier, driven by new restaurant openings and 2.8% same-restaurant sales growth.
System-wide sales reached $367.6 million, while restaurant-level operating profit margin improved to 18.5% from 16.5%, helped by lower food and beverage cost ratios and better labor leverage. However, higher general and administrative expenses, depreciation and interest costs led to a net loss of $2.7 million, or $0.04 per share, compared with a $0.8 million loss in the prior-year quarter. Adjusted EBITDA increased to $27.8 million with an 8.4% margin. The company ended the quarter with 648 system-wide restaurants, including 572 company-owned locations, and generated $34.5 million of operating cash flow while continuing to invest heavily in new units.
First Watch Restaurant Group (FWRG) reported strong Q3 2025 growth. Total revenues rose to $316.0 million, up 25.6% year over year, driven by new restaurant openings, franchise acquisitions, menu pricing, and higher traffic. Same-restaurant sales increased 7.1% with same-restaurant traffic up 2.6%.
Income from operations improved to $10.1 million (3.2% margin). Net income was $3.0 million, or $0.05 per diluted share. Restaurant level operating profit margin expanded to 19.7%, and Adjusted EBITDA reached $34.1 million. The company ended the quarter with 620 system-wide restaurants, including 548 company-owned and 72 franchise-owned locations.
Operating cash flow was $107.5 million for the thirty-nine weeks ended September 28, 2025. The company invested in growth, opening 21 system-wide restaurants in the quarter and previously acquiring 19 franchise-operated restaurants in Q2 for $6.99 million and $49.25 million in two transactions. Long-term debt, net, was $251.0 million, including term facilities and $35.0 million drawn on the revolver.