Quarterly ResultMay 5, 2026, 07:08 AM
First Watch Q1 Revenue +17.3% to $331M; Adjusted EBITDA $27.8M
AI Summary
First Watch Restaurant Group reported its Q1 2026 financial results, with total revenues increasing 17.3% to $331.0 million and Adjusted EBITDA rising to $27.8 million. The company achieved same-restaurant sales growth of 2.8% and expanded its restaurant-level operating profit margin. Despite an increased net loss of $(2.7) million, First Watch reaffirmed its full-year top-line growth outlook and raised the low end of its adjusted EBITDA guidance, reflecting strong execution and continued unit growth with 16 new restaurants opened.
Key Highlights
- Total revenues increased 17.3% to $331.0 million in Q1 2026.
- Adjusted EBITDA increased to $27.8 million in Q1 2026.
- Same-restaurant sales growth was 2.8% in Q1 2026.
- Net loss increased to $(2.7) million, or $(0.04) per diluted share.
- Opened 16 new system-wide restaurants, reaching 648 total.
- Restaurant level operating profit margin increased to 18.5%.
- Updated full-year 2026 Adjusted EBITDA guidance to $133 million to $140 million.
- Reiterated full-year 2026 total revenue growth guidance of 12% to 14%.