First Watch Restaurant Group, Inc. — Form 8-K
Filed August 4, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 45/100
What the filing says
First Watch reported Q2 2026 (13 weeks ended June 28, 2026) with total revenues of $354.7M (up 15.2% YoY), same-restaurant sales growth of 3.4%, and net income of $2.3M ($0.04 diluted EPS). The company opened 18 new restaurants in 15 states, bringing the system to 665 locations (586 company-owned, 79 franchise-owned) across 33 states. For full-year 2026, management updated guidance to same-restaurant sales growth of 1.5%–3.0%, total revenue growth of 12.5%–14.0%, and Adjusted EBITDA of $133.0M–$136.0M, with capital expenditures of $145M–$150M and 60–62 net new restaurants expected.
Why this rating
Solid unit growth and modest same-store sales improve brand momentum. Q2 results inline with guidance. Capital intensity ($145–150M on ~$733M market cap = ~20% of market value annually) and modest net margins (0.7%) limit upside; no transformational change evident.
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