FWRG: First Watch Restaurant Group Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits
Investor deck sets 2026-2028 targets: 10-13% revenue growth, 15%+ Adj. EBITDA growth, positive FCF from 2027, ~55 openings in 2027.
What this filing says
First Watch posted an investor presentation laying out annual growth targets through 2028, including same restaurant sales growth of 2% to 4%, total revenue growth of 10% to 13%, and adjusted EBITDA growth of 15% or more. The company also expects positive free cash flow beginning in 2027, which would matter to shareholders who care about self-funded growth. The filing says it is on track to open about 55 systemwide restaurants in 2027 and has committed to unit growth while no longer committing to specific unit count growth rates in later years.
Key figures
- Same restaurant sales growth target
- 2% to 4%
- Total revenue growth target
- 10% to 13%
- Adjusted EBITDA growth target
- 15%+
- Systemwide restaurant openings in 2027
- approximately 55
- Net build cost, Class of 2026 restaurants
- $1.8M
- Third-year sales target, Class of 2026
- $2.8M
Positive for shareholders
- Targets positive free cash flow beginning in 2027 and rising each year after.
- Expects G&A expense to grow more slowly than total revenue.
- Says average weekly sales at Class of 2026 restaurants are running above underwriting targets.
Negative for shareholders
- Targets are forward-looking and subject to the risks listed in the company's SEC filings.
- Moves away from committing to specific unit count growth rates in out years, citing rising interest rate risk.
Written by Quantisnow AI from this filing. Not financial advice.
Form 8-K cover page
Key terms
- Same restaurant sales:
- Sales growth at restaurants open long enough to be compared with the prior year, excluding new openings.
- Adjusted EBITDA:
- Earnings before interest, taxes, depreciation and amortization, adjusted by the company for certain items.
- Free cash flow:
- Cash from operations minus capital expenditures, as defined in the filing.
- Systemwide restaurants:
- All restaurants operating under the First Watch brand, including company-owned and franchised locations.
FAQ
What growth targets did First Watch set through 2028?
First Watch targets same restaurant sales growth of 2% to 4%, total revenue growth of 10% to 13%, and adjusted EBITDA growth of 15% or more. It also expects G&A growth below total revenue growth.
When does First Watch expect positive free cash flow?
The presentation says positive free cash flow is expected beginning in 2027 and increasing each year after that.
How many restaurants does First Watch plan to open in 2027?
The company says it is on track to open approximately 55 systemwide restaurants in 2027.
Historical context for FWRG
Across the 20 sessions after earlier FWRG headlines, the stock closed higher 10 times and lower 10 times, with a median move of 1.7% in either direction. This shows timing only: many things move a stock in a session, and these figures do not show that any headline caused a move.
| Session | Earlier headline | FWRG | SPY |
|---|---|---|---|
| Nov 3, 2026 | First Watch Restaurant Group, Inc. Reports Q3 2026 Financial Results | +5.3% | +0.3% |
| Oct 20, 2026 | First Watch Restaurant Group, Inc. to Report Third Quarter 2026 Financial Results on November 3, 2026 | -1.6% | +0.3% |
| Aug 28, 2026 | First Watch Restaurant Group, Inc. to Participate in Two September Investor Conferences | +1.1% | -0.2% |
| Aug 4, 2026 | First Watch Restaurant Group, Inc. Reports Q2 2026 Financial Results | +2.4% | +1.8% |
| Jul 21, 2026 | First Watch Restaurant Group, Inc. to Report Second Quarter 2026 Financial Results on August 4, 2026 | +1.6% | +0.8% |
| Jun 9, 2026 | First Watch Restaurant Group, Inc. Announces Appointment of Ashlee Weisser to Chief Financial Officer | -0.8% | -0.3% |
- Market cap
- 30-day
- Sector
- Consumer Discretionary
- Industry
- Restaurants
- Listed since
- 2021
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