# First Watch (FWRG) — Earnings

FWRG · NASDAQ · Stock

Canonical page: https://www.lighthorse.io/tickers/fwrg/earnings

## Most recent quarter

| Metric | Value |
| --- | --- |
| Fiscal period | Q2 2026 |
| Period end | Jun 28, 2026 |
| EPS actual | $0.04 |
| EPS estimate | $0.05 |
| EPS surprise | −24.10% |
| Revenue surprise | +0.88% |
| Revenue | $354.7M |
| Revenue estimate | $351.6M |
| Reported | Aug 4, 2026 |
| SEC filing | [View filing](https://www.sec.gov:443/Archives/edgar/data/1789940/000178994026000090/fwrg-20260628.htm) |
| Earnings call | [Transcript](http://o.thsi.cn/dc-d-stock-america.teleconference/0be58f0d-884d-fb2c-e8af-1ac0c1bd16ad.html) |

First Watch reported Q2 2026 results on August 4, 2026. EPS was $0.04, short of the $0.05 estimate by 24.10%. Revenue was $354.7 million, slightly above the $351.6 million consensus. Compared with Q2 2025, EPS rose from $0.03 and revenue grew 15.2% from $307.9 million.

Revenue has climbed steadily. Annual sales rose from $730.2 million in 2022 to $1.22 billion in 2025, about 67% higher, and Q2 2026 was the largest quarter in the table. Earnings have been thin and uneven by comparison. Annual EPS was $0.12 in 2022, $0.41 in 2023, $0.30 in 2024 and $0.31 in 2025. The first half of 2026 netted to zero, after a loss of $0.04 per share in Q1. The best quarter in the table was Q4 2025, at $0.24. First Watch topped EPS estimates in 10 of 20 quarters, but only once in the last eight. Revenue beat estimates 15 times.

Third-quarter results came between November 1 and November 8 in each of the past five years. That points to early November 2026 for the next report, which will show whether revenue keeps growing year over year.

## Earnings history

| Fiscal period | Report date | EPS estimate | EPS actual | Surprise | Revenue estimate | Revenue actual |
| --- | --- | --- | --- | --- | --- | --- |
| Q2 2026 | Aug 4, 2026 | $0.05 | $0.04 | -24.10% | $351.6M | $354.7M |
| Q1 2026 | May 5, 2026 | −$0.02 | −$0.04 | -65.29% | $329.3M | $331.0M |
| Q4 2025 | Feb 24, 2026 | $0.07 | $0.24 | 241.88% | $316.3M | $316.4M |
| Q3 2025 | Nov 4, 2025 | $0.07 | $0.05 | -28.57% | $309.6M | $316.0M |
| Q2 2025 | Aug 5, 2025 | $0.05 | $0.03 | -41.97% | $306.6M | $307.9M |
| Q1 2025 | May 6, 2025 | $0.03 | −$0.01 | -128.99% | $283.3M | $282.2M |
| Q4 2024 | Mar 11, 2025 | $0.02 | $0.01 | -33.33% | $263.4M | $263.3M |
| Q3 2024 | Nov 7, 2024 | $0.04 | $0.03 | -33.04% | $256.2M | $251.6M |
| Q2 2024 | Aug 6, 2024 | $0.12 | $0.14 | 14.29% | $257.6M | $258.6M |
| Q1 2024 | May 7, 2024 | $0.10 | $0.12 | 23.71% | $245.0M | $242.4M |
| Q4 2023 | Mar 5, 2024 | $0.04 | $0.04 | -4.31% | $237.2M | $244.6M |
| Q3 2023 | Nov 1, 2023 | $0.04 | $0.09 | 105.01% | $216.5M | $219.2M |
| Q2 2023 | Aug 1, 2023 | $0.08 | $0.13 | 64.56% | $210.7M | $216.3M |
| Q1 2023 | May 2, 2023 | $0.09 | $0.15 | 71.43% | $207.8M | $211.4M |
| Q4 2022 | Mar 7, 2023 | $0.03 | −$0.01 | -130.12% | $186.9M | $185.7M |
| Q3 2022 | Nov 7, 2022 | $0.04 | $0.00 | -97.93% | $181.1M | $186.9M |
| Q2 2022 | Aug 9, 2022 | $0.04 | $0.05 | 23.15% | $174.6M | $184.5M |
| Q1 2022 | May 10, 2022 | $0.05 | $0.08 | 60.00% | $168.7M | $173.1M |
| Q4 2021 | Mar 23, 2022 | −$0.09 | −$0.08 | 9.09% | $159.8M | $162.6M |
| Q3 2021 | Nov 8, 2021 | −$0.01 | $0.02 | 412.50% | $151.6M | $157.4M |

## Frequently Asked Questions

### When did First Watch (FWRG) last report earnings?

First Watch last reported on Aug 4, 2026, covering fiscal Q2 2026.

### Did FWRG beat earnings estimates?

No. First Watch reported EPS of $0.04 for Q2 2026 against a $0.05 estimate — a 24.10% miss.

### How much revenue did FWRG report last quarter?

First Watch reported $354.7M in revenue for Q2 2026, against a consensus estimate of $351.6M.

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Earnings figures may be restated, revised or corrected by the issuer. Past results do not indicate future performance.

This page is for informational purposes only. Nothing on it is a recommendation, solicitation or offer to buy or sell any security, nor investment, legal or tax advice. Light Horse Securities Inc does not verify third-party data and is not responsible for its accuracy, completeness or timeliness.

Data provided by [AInvest](https://www.ainvest.com).