First Watch Restaurant Group(NASDAQ) FWRG

First Watch Restaurant Group, Inc. helps people start their day with made-to-order breakfast, brunch, and lunch. The company makes fresh meals for families and professionals looking for chef-driven dishes. Its restaurants operate during daylight hours to serve morning and midday diners.

What Is on the Menu?

• Restaurant Sales: Food and beverage sales at company-owned locations; accounted for 99.1% of total revenues in the thirteen weeks ended June 28, 2026.
• Franchise Revenues: Royalty fees and system fund contributions from independent restaurant operators; accounted for 0.9% of total revenues in the thirteen weeks ended June 28, 2026.
• In-Restaurant Dining: Fresh breakfast and lunch dishes served to guests eating inside the restaurant dining rooms.
• Off-Premises Services: Food prepared for delivery through third-party platforms or customer take-out orders.

Growing the Footprint

• Opened 18 system-wide restaurants across 15 states during the thirteen weeks ended June 28, 2026.
• Acquired 19 franchise-owned restaurants during the thirteen weeks ended June 29, 2025.
• Expanded the total restaurant count to 665 locations as of June 28, 2026.
• Introduced new menu offerings including higher-cost beef dishes and specialty coffee to attract more customers.

The Single-Shift Advantage

First Watch uses a single-shift staffing model to attract and keep its 18,000 employees. This operational approach focuses on daytime hours, which helps the company avoid the staffing challenges common in late-night dining.

Checking the Ledger

• Total revenues increased 15.2% to $354.7 million in the thirteen weeks ended June 28, 2026.
• Same-restaurant sales grew 3.4% during the thirteen weeks ended June 28, 2026.
• Net income rose to $2.3 million in the thirteen weeks ended June 28, 2026, up 11.1% year over year.
• The company held $20.5 million in cash and cash equivalents as of June 28, 2026.
• Capital expenditures for 2026 are estimated to be between $145.0 million to $150.0 million.

Bottom Line

First Watch has transformed from a local Florida eatery into a national dining brand with 665 locations. Its focus on the breakfast and lunch segments combined with a mix of new openings and franchise acquisitions supports its expansion.