First Watch Restaurant

Q2 FY2026 EarningsQ2 FY2026 results showed a top-line beat with revenue of $354.7M vs. $351.6M expected, driven by 3.4% same-restaurant sales growth and 18 new openings. However, profitability missed consensus as Net Income of $2.3M fell short of the $3.0M estimate, and GAAP EPS of $0.04 missed the $0.05 mean expectation. While restaurant-level margins improved to 18.8%, increased G&A and interest expenses weighed on the bottom line. Management narrowed FY2026 revenue guidance slightly upward, reflecting steady demand despite a slight dip in traffic.