First Watch stock reports 15.2 percent revenue growth in Q2 2026

Published on 10/07/2026 at 04:17 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First Watch stock posted Q2 revenue of USD 354.7 million on August 4, 2026, topping consensus. DA Davidson cut its target to USD 15 while retaining Buy.

FWRG, US33748L1017, Illustration mit AI erstellt.

First Watch Restaurant Group stock (ISIN US33748L1017) was last at USD 10.61 on Nasdaq on October 6, 2026 at 4:00 p.m. ET, up 0.95 percent from the prior close. The company delivered Q2 2026 revenue of USD 354.7 million, giving investors a stronger sales figure alongside a still-thin profit base.

Revenue rises 15.2 percent

According to Investing.com on October 2, 2026, Q2 revenue increased 15.2 percent year over year to USD 354.7 million and exceeded the USD 352.11 million Wall Street forecast. Same-restaurant sales rose 3.4 percent during the quarter, showing that the sales increase was not driven only by new locations.

The standardized Q2 2026 figures show net income of USD 2.339 million, diluted EPS of USD 0.04 and an operating margin of 2 percent for the period ended June 28, 2026. Operating cash flow reached USD 27.44 million, which gives the revenue growth a more useful quality test than sales alone.

DA Davidson cuts target to USD 15

DA Davidson lowered its price target from USD 17 to USD 15 while maintaining a Buy rating, Investing.com reported on October 2, 2026. The firm cited marketing efforts, a well-received fall limited-time offer and slower development as factors that could improve customer traffic and future cash generation.

The broader analyst picture is less cautious than the single target reduction. MarketBeat reported on October 1, 2026, that 11 analysts rated the stock Moderate Buy, with an average 12-month target of USD 18.56, a high of USD 22 and a low of USD 14. The average target is 74.9 percent above the October 6 price.

Expansion meets margin pressure

First Watch's next test is whether restaurant growth converts into wider earnings. The company operates more than 660 daytime-dining restaurants in 33 states, according to its First Watch investor-relations page, while its Q2 operating margin was 2 percent.

MarketBeat identified November 3, 2026 for the next earnings report and November 12, 2026 for the Investor Day. Those dates put traffic, margins, debt and free cash flow at the center of the next valuation discussion.

First Watch stock stays above its yearly low

FWRG was last at USD 10.61 on Nasdaq on October 6, 2026, against a 52-week range of USD 9.88 to USD 18.82. Its market capitalization was USD 654.8 million and volume was 1,001,663 shares on that session.