First Watch Restaurant Group raised its 2026 same-restaurant sales outlook to 1.5% to 3% and revenue growth forecast to 12.5% to 14%, but lowered adjusted EBITDA guidance to $133 million to $136 million because strong demand for premium beef offerings increased food costs. Second-quarter revenue rose 15.2% to $354.7 million, driven by 3.4% same-restaurant sales growth and 18 new restaurant openings, while adjusted EBITDA increased 13.5% to $34.5 million. The company ended the quarter with 665 restaurants across 33 states and now expects 60 to 62 net new openings in 2026, with plans to target roughly 50 company-owned openings annually beginning in 2027. Management attributed traffic and sales momentum to expanded marketing efforts and menu changes, noting that unaided brand awareness has increased by more than 50% since early last year.
First Watch Restaurant Group IncRaises sales outlook on strong demand, but cuts EBITDA due to higher beef costs.