FMR LLC reports beneficial ownership of 1,995,121 shares of First Watch Restaurant Group Inc common stock, representing 3.3% of the class. The filing (Schedule 13G/A, Amendment No. 2) lists sole dispositive power for 1,995,121 shares and sole voting power of 1,988,501. The cover shows a reporting period date of 03/31/2026 and identifies Abigail P. Johnson in the cover-page attribution. The filing is signed by an authorized representative under powers of attorney referenced to prior exhibits.
Positive
None.
Negative
None.
Insights
FMR LLC holds a passive 3.3% stake in First Watch as reported on Schedule 13G/A.
The filing shows 1,995,121 shares beneficially owned with sole dispositive power and near‑sole voting power listed at 1,988,501. The Schedule 13G/A classification indicates an institutional investor reporting passive holdings rather than an activist intent.
Watch for subsequent amendments or a switch to Schedule 13D if ownership intent changes; timing indicated by the cover date 03/31/2026.
Filing follows standard disclosure practice under Rule 13.
The amendment cites powers of attorney and references Exhibit 99 for an agreement; signatures are dated 04/06/2026. It identifies that others may have rights to dividends or proceeds but none exceed 5% individually, per the filing text.
Filing mechanics and referenced exhibits provide the compliance trail; any material change in voting/dispositive power would require an updated filing.
Key Figures
Shares beneficially owned:1,995,121 sharesPercent of class:3.3%Sole voting power:1,988,501 shares
Percent of class3.3%Percent of common stock reported in Item 4
Sole voting power1,988,501 sharesCover-page voting power disclosure
Key Terms
Schedule 13G/A, Beneficially owned, Sole dispositive power
3 terms
Schedule 13G/Aregulatory
"Amendment No. 2; filing type reporting passive institutional ownership"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Sole dispositive powerregulatory
"Sole Dispositive Power 1,995,121.00"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
FIRST WATCH RESTAURANT GROUP INC
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
33748L101
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
FMR LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
1,988,501.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,995,121.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,995,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.3 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP Number(s):
33748L101
1
Names of Reporting Persons
Abigail P. Johnson
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,995,121.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,995,121.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
Address or principal business office or, if none, residence:
245 Summer Street, Boston, Massachusetts 02210
(c)
Citizenship:
Not applicable
(d)
Title of class of securities:
COMMON STOCK
(e)
CUSIP No.:
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1995121.00
(b)
Percent of class:
3.3 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Please see the responses to Items 5 and 6 on the cover page.
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
1995121.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of FIRST WATCH RESTAURANT GROUP INC. No one other person's interest in the COMMON STOCK of FIRST WATCH RESTAURANT GROUP INC is more than five percent of the total outstanding COMMON STOCK.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
See attached Exhibit 99.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
FMR LLC
Signature:
Stephanie J. Brown
Name/Title:
Duly authorized under Power of Attorney effective as of January 3, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:
04/06/2026
Abigail P. Johnson
Signature:
Stephanie J. Brown
Name/Title:
Duly authorized under Power of Attorney effective as of January 26, 2023, by and on behalf of Abigail P. Johnson**
Date:
04/06/2026
Comments accompanying signature: * This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 10, 2023, accession number: 0000315066-23-000003. ** This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 31, 2023, accession number: 0000315066-23-000038.
FMR LLC reports beneficial ownership of 1,995,121 shares, equal to 3.3% of First Watch common stock as stated in the amendment. The filing lists sole dispositive power for all 1,995,121 shares.
What voting and dispositive powers are disclosed for FMR LLC?
The amendment discloses sole voting power of 1,988,501 shares and sole dispositive power of 1,995,121 shares, with no shared voting or dispositive power noted in the cover data.
What reporting form was filed and what does it signify?
The filer submitted a Schedule 13G/A (Amendment No. 2), which is used by institutional investors to report passive ownership positions exceeding reporting thresholds under Rule 13g.
Does the filing name any other persons with interests above 5%?
No. The filing states that one or more other persons may have rights to dividends or proceeds but specifies that no other person's interest exceeds 5% of the outstanding common stock.
Who signed the filing on behalf of FMR LLC?
The filing is signed by Stephanie J. Brown as a duly authorized representative under powers of attorney referenced to prior exhibits, with signature dates shown as 04/06/2026.
