First Watch Reports Q3 2026 Growth with Increased Revenue and Adjusted EBITDA
First Watch Restaurant Group, Inc. (FWRG) delivered a strong third quarter for 2026, reporting total revenues of $349.9 million, a 10.7% increase year-over-year. The company saw significant improvements in profitability, with net income rising to $4.8 million ($0.08 per diluted share) and Adjusted EBITDA increasing by 17% to $39.7 million. This growth was supported by disciplined expense management and restaurant-level efficiencies despite a slight decline in same-restaurant traffic. Looking ahead, management has raised its long-term Adjusted EBITDA growth target to greater than 15% through 2028. While the company faces headwinds from wage inflation and potential interest rate impacts on floating rate debt, it continues an aggressive expansion strategy, having opened 53 restaurants year-to-date. Full-year guidance for total revenue and Adjusted EBITDA has also been updated to reflect positive momentum.
Tickers: $FWRG
Topics: Adjusted EBITDA Net Income Operating Margins Revenue Growth Same-Restaurant Sales
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