First Watch (FWRG) Q2 FY26 earnings call

First Watch delivered a strong Q2 FY26, marked by robust revenue growth and positive same-restaurant sales, driven by effective marketing and menu innovation. While overall traffic was slightly negative, sequential improvement and positive June traffic indicate building momentum. The company is optimizing its long-term growth strategy, shifting to a slightly moderated unit growth rate to enhance free cash flow and balance sheet strength, with a focus on sustainable value creation.