Every material Form 8-K First Watch Restaurant Group, Inc. has filed with the SEC since August 04, 2026, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
First Watch posted an investor presentation with annual growth targets through 2028, including total revenue growth of 10% to 13% and adjusted EBITDA growth of 15% or more. The company said rising interest rate risk and near-term cash benefits outweigh committing to specific unit growth rates in out years, and it expects positive free cash flow beginning in 2027.
Targets through 2028: same restaurant sales growth of 2% to 4%, total revenue growth of 10% to 13%, and adjusted EBITDA growth of 15% or more
Positive free cash flow expected beginning in 2027 and increasing each year after
On track to open approximately 55 systemwide restaurants in 2027
No longer committing to specific unit count growth rates in out years
First Watch Restaurant Group reported third-quarter 2026 results with total revenues up 10.7% to $349.9 million and net income of $4.8 million, or $0.08 per diluted share, compared with $3.0 million, or $0.05, a year earlier. The company raised its full-year 2026 Adjusted EBITDA outlook to the high end of its previous guidance range, now about $136.0 million, which points to stronger profit growth for shareholders even though same-restaurant sales growth was modest at 1.0%.
Q3 2026 total revenues rose 10.7% to $349.9 million; Adjusted EBITDA rose to $39.7 million from $34.1 million
Same-restaurant sales grew 1.0% while same-restaurant traffic fell 1.9%
Restaurant level operating profit margin declined to 19.4% from 19.7%
Full-year 2026 outlook: Adjusted EBITDA of about $136.0 million, total revenue growth of about 13.5%, and 60 net new restaurants
First Watch posted an investor presentation with long-term annual growth targets, furnished as Exhibit 99.1 and dated August 4, 2026. The targets call for total revenue growth of 10% to 13% and adjusted EBITDA growth of 11% to 14%, with positive free cash flow beginning in 2027, but the filing reports no new financial results.
About 55 system-wide restaurant openings targeted: about 50 company-owned and about 5 franchise-owned
Same restaurant sales growth target of 2% to 4%, and adjusted EBITDA growth target of 11% to 14%
Positive free cash flow targeted beginning in 2027, with the company stating it will self-fund new openings and maintenance capital expenditures from operating cash flow
Class of 2026 restaurants cited at $1.8 million net build cost and a $2.8 million third-year sales target
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.
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