Jun 2026 (Q2 FY26) — Aug 4, 2026
First Watch Q2 FY26 — Strong Revenue Growth and Optimized Long-Term Strategy
Read the full callFirst Watch (FWRG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
First Watch earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 355 | +15.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 2.3 | −0.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 2.3 | +11.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Price
$12.36 +4.48% · +$0.53
Performance −29.5% 1Y
1Y: $17.52 on 14 Oct 2025 → $12.36. High $18.66 (22 Oct 2025), low $10.11 (30 Mar 2026).
- Previous close
- $11.83
- 52-week range
- $10.11 – $18.66
- One year
- −30.52%
Overview
- Symbol
- FWRG
- Exchange
- US
- Currency
- USD
Call summaries
Every analysed call
First Watch earnings calls (FWRG)
Financials
What the filings say
Net profit, year on year: +11% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 252 | 263 | 282 | 308 | 316 | 316 | 331 | 355 |
| Expenses | 245 | 259 | 281 | 301 | 306 | 307 | 330 | 347 |
| Operating profit | 6 | 4 | 1 | 7 | 10 | 9 | 1 | 8 |
| Operating margin | 2.5% | 1.5% | 0.4% | 2.4% | 3.2% | 2.9% | 0.3% | 2.3% |
| Other income | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Interest | 3 | 3 | 3 | 4 | 5 | 5 | 5 | 5 |
| Profit before tax | 3 | 1 | -2 | 4 | 6 | 4 | -3 | 3 |
| Tax rate | 39.6% | 5.3% | 46.1% | 41.1% | 47.3% | −243.1% | 21.8% | 30.6% |
| Net profit | 2 | 1 | -1 | 2 | 3 | 15 | -3 | 2 |
| EPS ($ per share) | 0.03 | — | -0.01 | 0.03 | 0.05 | — | -0.04 | 0.04 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 1 | 1 | 1 | 1 | 1 |
| Reserves | — | -103 | -105 | -98 | -73 | -54 | -34 |
| Total liabilities | — | 687 | 542 | 581 | 706 | 919 | 1,116 |
| Fixed assets | — | 161 | 165 | 195 | 263 | 361 | 478 |
| Total assets | — | 1,008 | 1,047 | 1,104 | 1,267 | 1,514 | 1,742 |
| Line item | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | 21 | -18 | 63 | 63 | 95 | 116 | 126 |
| Cash from investing | -82 | -27 | -36 | -63 | -123 | -207 | -214 |
| Cash from financing | 56 | 73 | -14 | -2 | 28 | 74 | 76 |
| Net cash flow | -5 | 28 | 13 | -2 | 0 | -17 | -12 |
| Capital expenditure | -59 | -27 | -35 | -62 | -83 | -128 | -157 |
| Free cash flow | -38 | -45 | 28 | 1 | 12 | -12 | -31 |
Insider filings
38 filings between Dec 9, 2025 and Jun 8, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.57M
16 sales by 8 insiders
13% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 19
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
Also filed: 1 gift.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Tomasso Christopher Anthony | — | $733.2K | Mar 17, 2026 |
| Kussell William A | — | $209.6K | Jan 22, 2026 |
| HOPE H MELVILLE III | — | $141.2K | Mar 17, 2026 |
| Wolszczak Jay Anthony | — | $127.7K | Mar 17, 2026 |
| Eisenacher Matthew | — | $111.0K | Mar 17, 2026 |
| Hartman Eric Richard | — | $83.5K | Mar 17, 2026 |
| Sorensen Laura Anne | — | $80.8K | Mar 17, 2026 |
| Jones John Daniel | — | $79.2K | Mar 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jun 8, 2026 | Weisser Ashlee Suzanne Chief Financial Officer | Award | 26,595 | $0 |
| May 21, 2026 | Jemley Charles Director | Award | 12,345 | $0 |
| May 21, 2026 | Tipograph Rachel K Director | Award | 12,345 | $0 |
| May 21, 2026 | Solheim Jostein Director | Award | 12,345 | $0 |
| May 21, 2026 | Alvarez Ralph Director | Award | 17,636 | $0 |
| May 21, 2026 | Kussell William A Director | Award | 12,345 | $0 |
| May 21, 2026 | FLEISHER MICHAEL D Director | Award | 12,345 | $0 |
| May 21, 2026 | Britt Irene Chang Director | Award | 12,345 | $0 |
| May 21, 2026 | Lilak Stephanie Director | Award | 12,345 | $0 |
| Mar 17, 2026 | Eisenacher Matthew Chief Brand Officer | Sale | 2,760 | $34.6K |
| Mar 17, 2026 | HOPE H MELVILLE III CFO and Treasurer | Sale | 3,878 | $48.6K |
| Mar 17, 2026 | Sorensen Laura Anne Chief People Officer | Sale | 1,697 | $21.2K |
| Mar 17, 2026 | Tomasso Christopher Anthony President and CEO | Sale | 25,062 | $313.8K |
| Mar 17, 2026 | Hartman Eric Richard Chief Development Officer | Sale | 1,819 | $22.8K |
| Mar 17, 2026 | Wolszczak Jay Anthony Chief Legal Officer, GC & Secy | Sale | 3,161 | $39.6K |
| Mar 17, 2026 | Jones John Daniel Chief Operations Officer | Sale | 1,697 | $21.2K |
| Mar 12, 2026 | Tomasso Christopher Anthony President and CEO | Gift | 71,768 | $0 |
| Mar 10, 2026 | Sorensen Laura Anne Chief People Officer | Sale | 4,732 | $59.6K |
| Mar 10, 2026 | Eisenacher Matthew Chief Brand Officer | Sale | 6,070 | $76.4K |
| Mar 10, 2026 | Jones John Daniel Chief Operations Officer | Sale | 4,600 | $57.9K |
| Mar 10, 2026 | Wolszczak Jay Anthony Chief Legal Officer, GC & Secy | Sale | 6,998 | $88.1K |
| Mar 10, 2026 | HOPE H MELVILLE III CFO and Treasurer | Sale | 7,358 | $92.6K |
| Mar 10, 2026 | Hartman Eric Richard Chief Development Officer | Sale | 4,820 | $60.7K |
| Mar 10, 2026 | Tomasso Christopher Anthony President and CEO | Sale | 33,314 | $419.4K |
| Mar 1, 2026 | Eisenacher Matthew Chief Brand Officer | Award | 28,089 | $0 |
| Mar 1, 2026 | Sorensen Laura Anne Chief People Officer | Award | 30,096 | $0 |
| Mar 1, 2026 | Jones John Daniel Chief Operations Officer | Award | 30,096 | $0 |
| Mar 1, 2026 | Hartman Eric Richard Chief Development Officer | Award | 30,096 | $0 |
| Mar 1, 2026 | Wolszczak Jay Anthony Chief Legal Officer, GC & Secy | Award | 36,115 | $0 |
| Mar 1, 2026 | Tomasso Christopher Anthony President and CEO | Award | 321,027 | $0 |
| Jan 22, 2026 | Kussell William A Director | Option exercise 10b5-1 plan | 6,165 | $52.1K |
| Jan 22, 2026 | Kussell William A Director | Sale 10b5-1 plan | 6,165 | $104.8K |
| Dec 30, 2025 | Tipograph Rachel K Director | Award | 9,302 | $0 |
| Dec 28, 2025 | Sorensen Laura Anne Chief People Officer | Award | 125,798 | $0 |
| Dec 28, 2025 | Wolszczak Jay Anthony Chief Legal Officer, GC & Secy | Award | 139,323 | $0 |
| Dec 28, 2025 | Hartman Eric Richard Chief Development Officer | Award | 128,760 | $0 |
| Dec 9, 2025 | Kussell William A Director | Sale 10b5-1 plan | 6,165 | $104.8K |
| Dec 9, 2025 | Kussell William A Director | Option exercise 10b5-1 plan | 6,165 | $52.1K |
| Sep 8, 2025 | ADVENT INTERNATIONAL, L.P. 10% owner | Sale | 4,400,000 | $77.75M |
| Aug 13, 2025 | Tomasso Christopher Anthony President and CEO | Sale | 100,000 | $1.80M |
| Aug 8, 2025 | ADVENT INTERNATIONAL, L.P. 10% owner | Sale | 5,000,000 | $88.50M |
| Jun 3, 2025 | ADVENT INTERNATIONAL, L.P. 10% owner | Sale | 4,500,000 | $66.15M |
| May 22, 2025 | Lilak Stephanie Director | Award | 8,799 | $0 |
| May 22, 2025 | FLEISHER MICHAEL D Director | Award | 8,799 | $0 |
| May 22, 2025 | Alvarez Ralph Director | Award | 12,570 | $0 |
| May 22, 2025 | Britt Irene Chang Director | Award | 8,799 | $0 |
| May 22, 2025 | Kussell William A Director | Award | 8,799 | $0 |
| May 22, 2025 | Jemley Charles Director | Award | 8,799 | $0 |
| May 22, 2025 | Solheim Jostein Director | Award | 8,799 | $0 |
| May 14, 2025 | Tomasso Christopher Anthony President and CEO | Sale | 41,346 | $702.9K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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