First Watch Restaurant : Quarterly Report for Quarter Ending June 28, 2026 (Form 10-Q)

About this update from First Watch Restaurant Group, Inc.

Management's Discussion and Analysis of Financial Condition and Results of Operations Cautionary Statement The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited interim consolidated financial statements and notes thereto included in Part I, Item 1 of this Form 10-Q and our audited consolidated financial statements and notes included in our 2025 Form 10-K. As discussed in the "Cautionary Note Regarding Forward-Looking Statements," the following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may materially differ from those discussed in such forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those identified in our 2025 Form 10-K, including under "Item 1A. Risk Factors" and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," and in "Part II, Item 1A. Risk Factors" of this Form 10-Q. References to "we," "us," "our" and "the Company" in this Management's Discussion and Analysis of Financial Condition and Results of Operation ("MD&A") refer to First Watch Restaurant Group, Inc., collectively with its wholly-owned subsidiaries. Overview First Watch is an award-winning Daytime Dining concept serving made-to-order breakfast, brunch and lunch using fresh ingredients. Our common stock trades on the Nasdaq under the ticker symbol "FWRG." A recipient of many local "Best Breakfast" and "Best Brunch" accolades, First Watch's award-winning chef-driven menu includes elevated executions of classic favorites alongside innovative dishes and fresh juices. For four consecutive years, First Watch has been named a Top 100 Most Loved Workplace® by the Best Practice Institute, and in 2025, was named the #1 Most Loved Workplace for the second year in a row, as featured in The Wall Street Journal. We employ more than 18,000 employees, operate and franchise restaurants in 33 states under the "First Watch" trade name and, as of June 28, 2026, had 586 company-owned restaurants and 79 franchise-owned restaurants. Recent Developments Financial highlights for the thirteen weeks ended June 28, 2026 ("second quarter of 2026") as compared, unless otherwise indicated below, to the thirteen weeks ended June 29, 2025 ("seco...

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