On its third-quarter 2026 earnings call, held on Nov. 3, 2026, First Watch (NASDAQ:FWRG) announced total revenue growth of 10.7% to $349.9 million. Top-line gains and operational leverage helped cushion profitability against soft traffic across the broader restaurant sector. Three things management said stand out. First Watch boosted its annual forecast for adjusted EBITDA, an adjusted metric measuring operational cash profit, through 2028. Management redeployed store labor and leveraged corporate headcount to expand profit faster than store footprint growth. Management launched media pilots across local linear television and digital platforms to broaden customer awareness. A fourth-quarter pilot with TikTok GO, an online-to-offline local discovery service, aims to convert digital engagement into physical restaurant visits.
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