First Watch (FWRG) Q2 2026 Earnings Call Transcript

First Watch’s Q2 2026 results, shared during an Aug. 4, 2026 8:00 a.m. ET earnings call, showed growth across revenue and key operating metrics. Total revenue reached $354.7 million, up 15.2% year over year, driven by new restaurant openings and same-restaurant sales growth of 3.4%. Traffic was down 0.4% but improved sequentially by 160 basis points and turned positive in June. Adjusted EBITDA rose to $34.5 million, with a 9.7% margin, and net income was $2.3 million ($0.04 per diluted share). The company also reported new-market expansion into Nashua, New Hampshire, bringing the total system count to 665 after opening 18 restaurants across 15 states.