FWRG - First Watch Restaurant Group, Inc. Reports Q2 2026 Financial Results

On Tuesday, First Watch Restaurant Gr (NASDAQ: FWRG ) discussed second-quarter financial results during its earnings call. The full transcript is provided below. This transcript is brought to you APIs. For real-time access to our entire catalog, please visit for a consultation. View the webcast at Summary First Watch Restaurant Gr reported a 15.2% increase in total revenue for Q2 2026, with same-restaurant sales growth of 3.4% and a notable improvement in restaurant traffic. The company's marketing strategy has been successful, leading to increased brand awareness and customer engagement, with 17% of new customers returning for a second visit. First Watch opened 18 new restaurants in Q2 and has a robust real estate pipeline, aiming for 60-62 new openings in 2026. The company launched a new core menu in February 2026, contributing positively to sales mix and customer engagement. First Watch adjusted its guidance for 2026, increasing the lower end of same-restaurant sales growth expectations to 1.5%-3% and adjusting revenue growth to 12.5%-14%. The company is experiencing some margin pressure due to higher demand for premium beef offerings, but sees this as a positive indicator of product appeal. Future strategic plans include opening 50 new company-operated restaurants annually starting in 2027, aiming for positive free cash flow from 2027 onward. Management expressed confidence in achieving positive same-restaurant sales growth across all quarters despite challenges, and discussed plans for continued brand-building and menu innovation. Full Transcript Steve, Investor Relations Hello everyone. I am joined by First Watch's Chief Executive Officer and President, Chris Tomasso, and Chief Financial Officer, Ashley Weiser. This morning, First Watch issued its earnings release for the second quarter of fiscal year 2026 on Globe Newswire and filed its quarterly report on Form 10-Q with the SEC. These documents can be found at investors.firstwatch.com. This conference call will include forward-looking statements that are subject to various risks and uncertainties that could cause the Company's actual results to differ materially from these statements. The statements include, without limitation, statements concerning the conditions of the Company's industry and its operations, performance and financial outlook, growth plans and strategies, and future expenses. Any such statements should be considered in conjunction with cautionary statements in the Company's earnings release and the risk factor disclosures in the Company's filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. First Watch assumes no obligation to update these forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law. Lastly, management's remarks today will include references to various non-GAAP measures, including restaurant-level operating profit, restaurant-level opera