First Watch Q4 revenue slightly misses analyst expectations

First Watch Restaurant

24/02/2026 12:13

Overview

Daytime dining concept's Q4 revenue slightly missed analyst expectations

Adjusted EBITDA for Q4 missed analyst estimates

Company opened 13 new restaurants across 11 states in Q4

Outlook

First Watch expects same-restaurant sales growth between 1% to 3% in fiscal year 2026

Company forecasts total revenue growth of 12%-14% for 2026

First Watch plans to open 59 to 63 new system-wide restaurants in 2026

Result Drivers

NEW RESTAURANT OPENINGS - Opened 13 system-wide restaurants across 11 states, contributing to revenue growth

SAME-RESTAURANT SALES - Achieved same-restaurant sales growth of 3.1% in Q4 2025, despite a decline in traffic

DIGITAL MARKETING EXPANSION - Co plans to leverage its evolving digital marketing platform for future growth

Company press release: ID:nGNXbDDw6l

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Slight Miss*
$316.35 mln
$316.93 mln (11 Analysts)
Q4 Net Income
$15.16 mln
Q4 Adjusted EBITDA
Miss
$33.69 mln
$34.29 mln (11 Analysts)
Q4 Adjusted EBITDA Margin
10.60%
Q4 EBITDA
$29.87 mln


*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the restaurants & bars peer group is "buy"

Wall Street's median 12-month price target for First Watch Restaurant Group Inc is $22.00, about 41.9% above its February 23 closing price of $15.50

The stock recently traded at 46 times the next 12-month earnings vs. a P/E of 50 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)