First Watch Restaurant Group, Inc.(FWRG)Earnings, Financials & Key Ratios

FWRG•NASDAQ

38.1× P/E·Price updated Jun 19, 2026

SectorConsumer Cyclical IndustryRestaurants Sub-IndustryCasual and Family Dining Chains

AboutFirst Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is headquartered in Bradenton, Florida.Show more

Revenue$1.22B+20.3%
EBITDA$109M+12.6%
Net Income$19M+2.7%
EPS (Diluted)0.31+3.3%
Gross Margin13.04%-83.3%
EBITDA Margin8.9%-6.4%
Operating Margin2.76%-27.9%
Net Margin1.59%-14.7%
ROE3.18%-2.8%

FWRG Key Insights

First Watch Restaurant Group, Inc. (FWRG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 29.0%
✓Trading at only 1.2x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.7%
✗Negative free cash flow
✗Thin 5Y average net margin of 1.4%
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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FWRG Price & Volume

First Watch Restaurant Group, Inc. (FWRG) stock price & volume — 10-year historical chart

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FWRG Growth Metrics

First Watch Restaurant Group, Inc. (FWRG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years28.99%

3 Years18.74%

TTM20.41%

Profit CAGR

10 Years-

5 Years-

3 Years41.17%

TTM85.67%

EPS CAGR

10 Years-

5 Years-

3 Years41.25%

TTM66.71%

Return on Capital

10 Years0.47%

5 Years2.66%

3 Years3.06%

Last Year2.29%

FWRG Recent Earnings

First Watch Restaurant Group, Inc. (FWRG) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)

Q2 2026Latest

May 5, 2026

Metric

Actual

Est

EPS

$0.04-100.0%

$0.02

Rev

$331M+0.5%

$329M

Q1 2026

Feb 24, 2026

Metric

Actual

Est

EPS

$0.24+200.0%

$0.08

Rev

$316M+0.0%

$316M

Q4 2025

Nov 4, 2025

Metric

Actual

Est

EPS

$0.05-37.5%

$0.08

Rev

$316M-0.5%

$317M

Q3 2025

Aug 5, 2025

Metric

Actual

Est

EPS

$0.03-57.1%

$0.07

Rev

$308M+0.6%

$306M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$0.04vs $0.02-100.0%	$331Mvs $329M+0.5%
Q1 2026	Feb 24, 2026	$0.24vs $0.08+200.0%	$316Mvs $316M+0.0%
Q4 2025	Nov 4, 2025	$0.05vs $0.08-37.5%	$316Mvs $317M-0.5%
Q3 2025	Aug 5, 2025	$0.03vs $0.07-57.1%	$308Mvs $306M+0.6%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
DENNDenny's CorporationDirect Competitor	321.87M	6.25	15.24	-2.5%	2.24%
CBRLCracker Barrel Old Country Store, Inc.Direct Competitor	1.06B	47.34	22.98	0.37%	0.79%	5.89%	2.55
BJRIBJ's Restaurants, Inc.Direct Competitor	1.15B	54.55	25.25	3.08%	3.15%	11.97%	1.34
CAKEThe Cheesecake Factory IncorporatedDirect Competitor	3.85B	77.19	25.14	4.75%	3.96%	37.06%	7.93
RRGBRed Robin Gourmet Burgers, Inc.Direct Competitor	115.81M	6.26	-4.78	-3.07%	-2.23%
DRIDarden Restaurants, Inc.Product Competitor	25.27B	213.45	24.09	6.03%	8.66%	50.71%	2.70
BLMNBloomin' Brands, Inc.Product Competitor	686.93M	8.06	127.73	0.14%	0.55%	5.85%	9.10
EATBrinker International, Inc.Product Competitor	7.07B	164.89	19.82	21.95%	8.07%	123.43%	4.57

Compare FWRG vs Peers

First Watch Restaurant Group, Inc. (FWRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs DENN

Most directly comparable listed peer for FWRG.

Scale Benchmark

vs SYY

Larger-name benchmark to compare FWRG against a more recognizable public peer.

Peer Set

Compare Top 5

vs DENN, CBRL, BJRI, CAKE

FWRG Income Statement

First Watch Restaurant Group, Inc. (FWRG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	349.77M	436.37M	342.39M	601.19M	730.16M	891.55M	1.02B	1.22B	1.27B
Revenue Growth %	-	24.76%	-21.54%	75.59%	21.45%	22.1%	13.95%	20.34%	20.41%
Cost of Goods Sold	278.4M	348.96M	312.51M	476.96M	590.63M	701.43M	223.1M	1.06B	825.08M
COGS % of Revenue	79.6%	79.97%	91.27%	79.34%	80.89%	78.68%	21.96%	86.96%	-
Gross Profit	71.36M▲ 0%	87.41M▲ 22.5%	29.88M▼ 65.8%	124.23M▲ 315.8%	139.53M▲ 12.3%	190.12M▲ 36.3%	792.81M▲ 317.0%	159.44M▼ 79.9%	446.14M▲ 0%
Gross Margin %	20.4%	20.03%	8.73%	20.66%	19.11%	21.32%	78.04%	13.04%	35.1%
Gross Profit Growth %	-	22.49%	-65.81%	315.75%	12.32%	36.25%	317.01%	-79.89%	-
Operating Expenses	68.13M	124.97M	77.1M	101.99M	122.62M	148.85M	753.91M	125.67M	418.3M
OpEx % of Revenue	19.48%	28.64%	22.52%	16.96%	16.79%	16.7%	74.21%	10.28%	-
Selling, General & Admin	37.53M	55.82M	46.32M	70.39M	84.96M	103.12M	113.27M	128.95M	141.77M
SG&A % of Revenue	10.73%	12.79%	13.53%	11.71%	11.64%	11.57%	11.15%	10.55%	-
Research & Development	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-
Other Operating Expenses	30.6M	69.15M	30.78M	31.6M	37.66M	45.73M	640.64M	-3.28M	4M
Operating Income	3.23M▲ 0%	-37.56M▼ 1261.6%	-47.22M▼ 25.7%	22.24M▲ 147.1%	16.91M▼ 24.0%	41.27M▲ 144.0%	38.91M▼ 5.7%	33.77M▼ 13.2%	29.55M▲ 0%
Operating Margin %	0.92%	-8.61%	-13.79%	3.7%	2.32%	4.63%	3.83%	2.76%	2.32%
Operating Income Growth %	-	-1261.65%	-25.74%	147.1%	-23.96%	144%	-5.72%	-13.2%	-
EBITDA	29.36M	-9.53M	-16.5M	54.62M	51.14M	82.49M	96.62M	108.78M	109.4M
EBITDA Margin %	8.39%	-2.18%	-4.82%	9.09%	7%	9.25%	9.51%	8.9%	8.61%
EBITDA Growth %	-	-132.46%	-73.12%	431.1%	-6.37%	61.29%	17.13%	12.59%	21.92%
D&A (Non-Cash Add-back)	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M	75.01M	79.85M
EBIT	7.71M	-37.81M	-46.74M	20.47M	17.82M	44.14M	40.67M	33.77M	29.74M
Net Interest Income	0	-20.08M	-22.82M	-20.1M	-5.23M	-8.06M	-12.64M	-16.7M	-18.14M
Interest Income	0	0	0	0	0	0	0	0	0
Interest Expense	0	20.08M	22.82M	20.1M	5.23M	8.06M	12.64M	16.7M	18.14M
Other Income/Expense	-15.76M	-20.34M	-22.33M	-21.87M	-4.32M	-5.19M	-10.88M	-21.64M	-17.61M
Pretax Income	-12.52M▲ 0%	-57.89M▼ 362.3%	-69.55M▼ 20.1%	370K▲ 100.5%	12.59M▲ 3303.0%	36.08M▲ 186.5%	28.03M▼ 22.3%	12.13M▼ 56.7%	10.24M▲ 0%
Pretax Margin %	-3.58%	-13.27%	-20.31%	0.06%	1.72%	4.05%	2.76%	0.99%	0.81%
Income Tax	-221K	-12.42M	-19.87M	2.48M	5.68M	10.69M	9.1M	-7.3M	-7.34M
Effective Tax Rate %	1.76%	21.45%	28.57%	669.46%	45.14%	29.63%	32.47%	-60.16%	-71.71%
Net Income	-12.3M▲ 0%	-45.44M▼ 269.5%	-49.68M▼ 9.3%	-2.11M▲ 95.8%	6.91M▲ 427.8%	25.39M▲ 267.5%	18.93M▼ 25.4%	19.43M▲ 2.7%	17.58M▲ 0%
Net Margin %	-3.52%	-10.41%	-14.51%	-0.35%	0.95%	2.85%	1.86%	1.59%	1.38%
Net Income Growth %	-	-269.54%	-9.34%	95.76%	427.81%	267.53%	-25.45%	2.68%	85.67%
Net Income (Continuing)	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M	19.43M	17.58M
Discontinued Operations	0	0	0	0	0	0	0	0	0
Minority Interest	250K	0	0	0	0	0	0	0	0
EPS (Diluted)	-0.27▲ 0%	-0.79▼ 192.6%	-0.86▼ 8.9%	-0.04▲ 95.3%	0.11▲ 375.0%	0.41▲ 272.7%	0.30▼ 26.8%	0.31▲ 3.3%	0.29▲ 0%
EPS Growth %	-	-192.59%	-8.86%	95.35%	375%	272.73%	-26.83%	3.33%	66.71%
EPS (Basic)	-0.27	-0.79	-0.86	-0.04	0.12	0.43	0.31	0.32	-
Diluted Shares Outstanding	45.01M	58.51M	58.51M	48.21M	60.14M	61.19M	62.35M	62.84M	61.24M
Basic Shares Outstanding	45.01M	57.63M	57.63M	48.21M	59.1M	59.53M	60.37M	60.96M	61.24M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-

FWRG Balance Sheet

First Watch Restaurant Group, Inc. (FWRG) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	29.44M	24.24M	49.04M	67.7M	67.29M	71.19M	55.88M	49.08M	51.57M
Cash & Short-Term Investments	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M	21.25M	23.57M
Cash Only	16.28M	11.12M	38.85M	51.86M	49.67M	49.63M	33.31M	21.25M	23.57M
Short-Term Investments	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.91M	5.74M	3.92M	4.45M	6.16M	5.53M	7.24M	6.86M	6.03M
Days Sales Outstanding	1.99	4.8	4.17	2.7	3.08	2.26	2.6	2.05	1.71
Inventory	2.14M	2.71M	2.92M	4.02M	5.03M	5.38M	6.12M	7.17M	7.14M
Days Inventory Outstanding	2.8	2.84	3.4	3.08	3.11	2.8	10.01	2.46	3.05
Other Current Assets	4.29M	1.56M	872K	1.68M	624K	3.15M	2.2M	13.8M	14.83M
Total Non-Current Assets	635.07M	957.84M	958.47M	979.22M	1.04B	1.2B	1.46B	1.69B	1.72B
Property, Plant & Equipment	124.76M	466.85M	468.3M	489.69M	547.49M	683.08M	889.07M	1.09B	1.12B
Fixed Asset Turnover	2.80x	0.93x	0.73x	1.23x	1.33x	1.31x	1.14x	1.12x	1.18x
Goodwill	330.83M	345.22M	345.22M	345.22M	345.22M	359.88M	398.56M	420.21M	420.21M
Intangible Assets	178.25M	144.56M	143.66M	143M	143.15M	151.19M	167.6M	174.91M	172.58M
Long-Term Investments	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.23M	1.21M	1.29M	1.31M	1.3M	1.7M	3.25M	4.83M	5M
Total Assets	664.51M▲ 0%	982.08M▲ 47.8%	1.01B▲ 2.6%	1.05B▲ 3.9%	1.1B▲ 5.5%	1.27B▲ 14.7%	1.51B▲ 19.5%	1.74B▲ 15.0%	1.77B▲ 0%
Asset Turnover	0.53x	0.44x	0.34x	0.57x	0.66x	0.70x	0.67x	0.70x	0.74x
Asset Growth %	-	47.79%	2.59%	3.91%	5.5%	14.72%	19.52%	15.03%	62.43%
Total Current Liabilities	36.9M	73.02M	76.53M	96.52M	99.98M	115.07M	138.47M	167.5M	177.49M
Accounts Payable	5.56M	5.09M	4.22M	11.06M	7.59M	6.32M	6.96M	8.7M	9.77M
Days Payables Outstanding	7.29	5.32	4.93	8.46	4.69	3.29	11.39	2.99	3.67
Short-Term Debt	1.9M	2.97M	3.59M	5.54M	7.63M	5.63M	9.23M	88.34M	89.36M
Deferred Revenue (Current)	0	7.12M	4.27M	4.65M	5.19M	5.5M	5.62M	6.78M	14.6M
Other Current Liabilities	10.88M	13.05M	12.15M	22.55M	19.43M	23.3M	23.87M	63.68M	74.05M
Current Ratio	0.80x	0.33x	0.64x	0.70x	0.67x	0.62x	0.40x	0.29x	0.29x
Quick Ratio	0.74x	0.29x	0.60x	0.66x	0.62x	0.57x	0.36x	0.25x	0.25x
Cash Conversion Cycle	-2.5	2.32	2.65	-2.68	1.5	1.77	1.22	1.52	1.09
Total Non-Current Liabilities	252.93M	579.27M	610.11M	445.96M	481.33M	590.69M	780.5M	948.25M	968.91M
Long-Term Debt	188.61M	250.4M	286.4M	99.75M	94.67M	119.77M	189.04M	651.25M	672.56M
Capital Lease Obligations	4.54M	295.63M	307.8M	330.5M	366.11M	441.29M	555.58M	0	1.29B
Deferred Tax Liabilities	0	30.3M	13.65M	12.49M	17.17M	25.33M	32.22M	21.97M	108.04M
Other Non-Current Liabilities	59.79M	2.93M	2.27M	3.23M	3.38M	4.3M	3.66M	275.02M	275.56M
Total Liabilities	289.84M	652.28M	686.65M	542.49M	581.31M	705.76M	918.97M	1.12B	1.15B
Total Debt	195.04M	576.44M	637.9M	473.97M	507.35M	606.97M	809.55M	739.6M	761.92M
Net Debt	178.76M	565.32M	599.06M	422.11M	457.68M	557.33M	776.24M	718.35M	738.36M
Debt / Equity	0.52x	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x	1.18x	1.21x
Debt / EBITDA	6.64x	-	-	8.68x	9.92x	7.36x	8.38x	6.80x	6.96x
Net Debt / EBITDA	6.09x	-	-	7.73x	8.95x	6.76x	8.03x	6.60x	6.75x
Interest Coverage	-	-1.88x	-2.05x	1.02x	3.41x	5.47x	3.22x	2.02x	1.64x
Total Equity	374.67M▲ 0%	329.8M▼ 12.0%	320.87M▼ 2.7%	504.43M▲ 57.2%	523.13M▲ 3.7%	561.28M▲ 7.3%	595.39M▲ 6.1%	626.28M▲ 5.2%	627.66M▲ 0%
Equity Growth %	-	-11.98%	-2.71%	57.21%	3.71%	7.29%	6.08%	5.19%	16.19%
Book Value per Share	8.32	5.64	5.48	10.46	8.70	9.17	9.55	9.97	10.25
Total Shareholders' Equity	374.42M	329.8M	320.87M	504.43M	523.13M	561.28M	595.39M	626.28M	627.66M
Common Stock	38K	450K	450K	590K	592K	599K	607K	611K	616K
Retained Earnings	-7.69M	-53.25M	-102.93M	-105.04M	-98.13M	-72.75M	-53.82M	-34.39M	-37.08M
Treasury Stock	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	-667K	-441K	-1.09M	-541K
Minority Interest	250K	0	0	0	0	0	0	0	0

FWRG Cash Flow Statement

First Watch Restaurant Group, Inc. (FWRG) cash flow — operating, investing & free cash flow history

Metric	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	30.77M	21.46M	-18.36M	62.97M	62.94M	95.34M	115.67M	125.91M	140.23M
Operating CF Margin %	8.8%	4.92%	-5.36%	10.47%	8.62%	10.69%	11.39%	10.3%	-
Operating CF Growth %	-	-30.25%	-185.55%	442.9%	-0.05%	51.48%	21.33%	8.85%	108.73%
Net Income	-12.3M	-45.47M	-49.68M	-2.11M	6.91M	25.39M	18.93M	19.43M	17.58M
Depreciation & Amortization	26.12M	28.03M	30.73M	32.38M	34.23M	41.22M	57.72M	75.01M	79.85M
Stock-Based Compensation	1.3M	1.16M	750K	8.6M	10.37M	7.6M	8.53M	10.76M	11.85M
Deferred Taxes	-538K	-12.56M	-19.99M	2.18M	4.68M	8.31M	6.82M	-10.03M	-10.21M
Other Non-Cash Items	5.57M	45.34M	13.32M	15.96M	17.18M	20.09M	28M	33.9M	35.31M
Working Capital Changes	10.07M	4.97M	6.51M	5.96M	-10.44M	-7.27M	-4.31M	-3.16M	5.84M
Change in Receivables	-332K	-3.19M	1.83M	-535K	-1.71M	632K	-1.7M	376K	-71K
Change in Inventory	-432K	-439K	-203K	-1.11M	-1M	-62K	-508K	-867K	-747K
Change in Payables	0	-740K	-866K	6.7M	-3.47M	-1.3M	637K	1.74M	2.07M
Cash from Investing	-51.9M	-82.39M	-26.97M	-35.68M	-63.11M	-123.37M	-206.65M	-213.76M	-206.69M
Capital Expenditures	-37.73M	-59.17M	-26.97M	-35.68M	-63.33M	-84.69M	-128.05M	-156.91M	-149.69M
CapEx % of Revenue	10.79%	13.56%	7.88%	5.94%	8.67%	9.5%	12.6%	12.83%	11.78%
Acquisitions	-14.17M	-23.22M	0	0	0	-39.88M	-78.64M	-56.01M	-56.17M
Investments	-	-	-	-	-	-	-	-	-
Other Investing	-14.17M	0	0	0	219K	1.2M	34K	-850K	-828K
Cash from Financing	30.28M	55.76M	73.31M	-14.27M	-2.02M	28.07M	74.33M	75.79M	71.42M
Debt Issued (Net)	30.28M	56.9M	33.31M	-189.25M	-3.37M	22.44M	70.71M	74.59M	-4.32M
Equity Issued (Net)	0	0	40M	182.09M	0	0	6.43M	1.19M	-44K
Dividends Paid	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0
Other Financing	0	-1.14M	0	-7.12M	1.35M	5.63M	-2.81M	0	75.79M
Net Change in Cash	16.28M▲ 0%	-5.16M▼ 131.7%	27.98M▲ 641.9%	13.02M▼ 53.5%	-2.19M▼ 116.8%	38K▲ 101.7%	-16.65M▼ 43913.2%	-12.07M▲ 27.5%	4.96M▲ 0%
Free Cash Flow	-6.95M▲ 0%	-37.7M▼ 442.2%	-45.34M▼ 20.2%	27.29M▲ 160.2%	-393K▼ 101.4%	10.65M▲ 2809.9%	-12.28M▼ 215.3%	-30.99M▼ 152.5%	-9.46M▲ 0%
FCF Margin %	-1.99%	-8.64%	-13.24%	4.54%	-0.05%	1.19%	-1.21%	-2.54%	-0.74%
FCF Growth %	-	-442.19%	-20.25%	160.19%	-101.44%	2809.92%	-215.27%	-152.48%	62.44%
FCF per Share	-0.15	-0.64	-0.77	0.57	-0.01	0.17	-0.20	-0.49	-0.15
FCF Conversion (FCF/Net Income)	-2.50x	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x	6.48x	-0.54x
Interest Paid	0	18.93M	19.82M	16.15M	3.37M	8.72M	12.33M	0	-3.07M
Taxes Paid	0	152K	163K	79K	915K	1.95M	3.11M	0	-101K

FWRG Key Ratios

First Watch Restaurant Group, Inc. (FWRG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	-12.9%	-15.27%	-0.51%	1.34%	4.68%	3.27%	3.18%	2.85%
Return on Invested Capital (ROIC)	-3.89%	-3.9%	1.81%	1.33%	2.95%	2.34%	1.86%	1.52%
Gross Margin	20.03%	8.73%	20.66%	19.11%	21.32%	78.04%	13.04%	35.1%
Net Margin	-10.41%	-14.51%	-0.35%	0.95%	2.85%	1.86%	1.59%	1.38%
Debt / Equity	1.75x	1.99x	0.94x	0.97x	1.08x	1.36x	1.18x	1.21x
Interest Coverage	-1.88x	-2.05x	1.02x	3.41x	5.47x	3.22x	2.02x	1.64x
FCF Conversion	-0.47x	0.37x	-29.89x	9.11x	3.76x	6.11x	6.48x	-0.54x
Revenue Growth	24.76%	-21.54%	75.59%	21.45%	22.1%	13.95%	20.34%	20.41%

FWRG SEC Filings & Documents

First Watch Restaurant Group, Inc. (FWRG) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

Mar 27, 2026·SEC

Material company update

Feb 24, 2026·SEC

10-K Annual Reports

FY 2026

Feb 24, 2026·SEC

FY 2025

Mar 11, 2025·SEC

FY 2024

Mar 5, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 5, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

FWRG Frequently Asked Questions

First Watch Restaurant Group, Inc. (FWRG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

First Watch Restaurant Group, Inc. (FWRG) reported $1.27B in revenue for fiscal year 2025. This represents a 263% increase from $349.8M in 2018.

First Watch Restaurant Group, Inc. (FWRG) grew revenue by 20.3% over the past year. This is strong growth.

Yes, First Watch Restaurant Group, Inc. (FWRG) is profitable, generating $17.6M in net income for fiscal year 2025 (1.6% net margin).

Dividend & Returns

First Watch Restaurant Group, Inc. (FWRG) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.

First Watch Restaurant Group, Inc. (FWRG) had negative free cash flow of $9.5M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in FWRG back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

See returns →

How much would $100/month in FWRG be worth today?

Dollar cost averaging calculator · DCA vs lump sum

Calculate →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 5, 2026

$0.04vs $0.02-100.0%

$331Mvs $329M+0.5%

Q1 2026

Feb 24, 2026

$0.24vs $0.08+200.0%

$316Mvs $316M+0.0%

Q4 2025

Nov 4, 2025

$0.05vs $0.08-37.5%

$316Mvs $317M-0.5%

Q3 2025

Aug 5, 2025

$0.03vs $0.07-57.1%

$308Mvs $306M+0.6%

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Sales/Revenue

349.77M

436.37M

342.39M

601.19M

730.16M

891.55M

1.02B

1.22B

1.27B

Revenue Growth %

24.76%

-21.54%

75.59%

21.45%

22.1%

13.95%

20.34%

20.41%

Cost of Goods Sold

278.4M

348.96M

312.51M

476.96M

590.63M

701.43M

223.1M

1.06B

825.08M

COGS % of Revenue

79.6%

79.97%

91.27%

79.34%

80.89%

78.68%

21.96%

86.96%

Gross Profit

71.36M▲ 0%

87.41M▲ 22.5%

29.88M▼ 65.8%

124.23M▲ 315.8%

139.53M▲ 12.3%

190.12M▲ 36.3%

792.81M▲ 317.0%

159.44M▼ 79.9%

446.14M▲ 0%

Gross Margin %

20.4%

20.03%

8.73%

20.66%

19.11%

21.32%

78.04%

13.04%

35.1%

Gross Profit Growth %

22.49%

-65.81%

315.75%

12.32%

36.25%

317.01%

-79.89%

Operating Expenses

68.13M

124.97M

77.1M

101.99M

122.62M

148.85M

753.91M

125.67M

418.3M

OpEx % of Revenue

19.48%

28.64%

22.52%

16.96%

16.79%

16.7%

74.21%

10.28%

Selling, General & Admin

37.53M

55.82M

46.32M

70.39M

84.96M

103.12M

113.27M

128.95M

141.77M

SG&A % of Revenue

10.73%

12.79%

13.53%

11.71%

11.64%

11.57%

11.15%

10.55%

Research & Development

R&D % of Revenue

Other Operating Expenses

30.6M

69.15M

30.78M

31.6M

37.66M

45.73M

640.64M

-3.28M

Operating Income

3.23M▲ 0%

-37.56M▼ 1261.6%

-47.22M▼ 25.7%

22.24M▲ 147.1%

16.91M▼ 24.0%

41.27M▲ 144.0%

38.91M▼ 5.7%

33.77M▼ 13.2%

29.55M▲ 0%

Operating Margin %

0.92%

-8.61%

-13.79%

3.7%

2.32%

4.63%

3.83%

2.76%

2.32%

Operating Income Growth %

-1261.65%

-25.74%

147.1%

-23.96%

144%

-5.72%

-13.2%

EBITDA

29.36M

-9.53M

-16.5M

54.62M

51.14M

82.49M

96.62M

108.78M

109.4M

EBITDA Margin %

8.39%

-2.18%

-4.82%

9.09%

9.25%

9.51%

8.9%

8.61%

EBITDA Growth %

-132.46%

-73.12%

431.1%

-6.37%

61.29%

17.13%

12.59%

21.92%

D&A (Non-Cash Add-back)

26.12M

28.03M

30.73M

32.38M

34.23M

41.22M

57.72M

75.01M

79.85M

EBIT

7.71M

-37.81M

-46.74M

20.47M

17.82M

44.14M

40.67M

33.77M

29.74M

Net Interest Income

-20.08M

-22.82M

-20.1M

-5.23M

-8.06M

-12.64M

-16.7M

-18.14M

Interest Income

Interest Expense

20.08M

22.82M

20.1M

5.23M

8.06M

12.64M

16.7M

18.14M

Other Income/Expense

-15.76M

-20.34M

-22.33M

-21.87M

-4.32M

-5.19M

-10.88M

-21.64M

-17.61M

Pretax Income

-12.52M▲ 0%

-57.89M▼ 362.3%

-69.55M▼ 20.1%

370K▲ 100.5%

12.59M▲ 3303.0%

36.08M▲ 186.5%

28.03M▼ 22.3%

12.13M▼ 56.7%

10.24M▲ 0%

Pretax Margin %

-3.58%

-13.27%

-20.31%

0.06%

1.72%

4.05%

2.76%

0.99%

0.81%

Income Tax

-221K

-12.42M

-19.87M

2.48M

5.68M

10.69M

9.1M

-7.3M

-7.34M

Effective Tax Rate %

1.76%

21.45%

28.57%

669.46%

45.14%

29.63%

32.47%

-60.16%

-71.71%

Net Income

-12.3M▲ 0%

-45.44M▼ 269.5%

-49.68M▼ 9.3%

-2.11M▲ 95.8%

6.91M▲ 427.8%

25.39M▲ 267.5%

18.93M▼ 25.4%

19.43M▲ 2.7%

17.58M▲ 0%

Net Margin %

-3.52%

-10.41%

-14.51%

-0.35%

0.95%

2.85%

1.86%

1.59%

1.38%

Net Income Growth %

-269.54%

-9.34%

95.76%

427.81%

267.53%

-25.45%

2.68%

85.67%

Net Income (Continuing)

-12.3M

-45.47M

-49.68M

-2.11M

6.91M

25.39M

18.93M

19.43M

17.58M

Discontinued Operations

Minority Interest

250K

EPS (Diluted)

-0.27▲ 0%

-0.79▼ 192.6%

-0.86▼ 8.9%

-0.04▲ 95.3%

0.11▲ 375.0%

0.41▲ 272.7%

0.30▼ 26.8%

0.31▲ 3.3%

0.29▲ 0%

EPS Growth %

-192.59%

-8.86%

95.35%

375%

272.73%

-26.83%

3.33%

66.71%

EPS (Basic)

-0.27

-0.79

-0.86

-0.04

0.12

0.43

0.31

0.32

Diluted Shares Outstanding

45.01M

58.51M

48.21M

60.14M

61.19M

62.35M

62.84M

61.24M

Basic Shares Outstanding

45.01M

57.63M

48.21M

59.1M

59.53M

60.37M

60.96M

61.24M

Dividend Payout Ratio

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Total Current Assets

29.44M

24.24M

49.04M

67.7M

67.29M

71.19M

55.88M

49.08M

51.57M

Cash & Short-Term Investments

16.28M

11.12M

38.85M

51.86M

49.67M

49.63M

33.31M

21.25M

23.57M

Cash Only

16.28M

11.12M

38.85M

51.86M

49.67M

49.63M

33.31M

21.25M

23.57M

Short-Term Investments

Accounts Receivable

1.91M

5.74M

3.92M

4.45M

6.16M

5.53M

7.24M

6.86M

6.03M

Days Sales Outstanding

1.99

4.8

4.17

2.7

3.08

2.26

2.6

2.05

1.71

Inventory

2.14M

2.71M

2.92M

4.02M

5.03M

5.38M

6.12M

7.17M

7.14M

Days Inventory Outstanding

2.8

2.84

3.4

3.08

3.11

2.8

10.01

2.46

3.05

Other Current Assets

4.29M

1.56M

872K

1.68M

624K

3.15M

2.2M

13.8M

14.83M

Total Non-Current Assets

635.07M

957.84M

958.47M

979.22M

1.04B

1.2B

1.46B

1.69B

1.72B

Property, Plant & Equipment

124.76M

466.85M

468.3M

489.69M

547.49M

683.08M

889.07M

1.09B

1.12B

Fixed Asset Turnover

2.80x

0.93x

0.73x

1.23x

1.33x

1.31x

1.14x

1.12x

1.18x

Goodwill

330.83M

345.22M

359.88M

398.56M

420.21M

Intangible Assets

178.25M

144.56M

143.66M

143M

143.15M

151.19M

167.6M

174.91M

172.58M

Long-Term Investments

Other Non-Current Assets

1.23M

1.21M

1.29M

1.31M

1.3M

1.7M

3.25M

4.83M

Total Assets

664.51M▲ 0%

982.08M▲ 47.8%

1.01B▲ 2.6%

1.05B▲ 3.9%

1.1B▲ 5.5%

1.27B▲ 14.7%

1.51B▲ 19.5%

1.74B▲ 15.0%

1.77B▲ 0%

Asset Turnover

0.53x

0.44x

0.34x

0.57x

0.66x

0.70x

0.67x

0.70x

0.74x

Asset Growth %

47.79%

2.59%

3.91%

5.5%

14.72%

19.52%

15.03%

62.43%

Total Current Liabilities

36.9M

73.02M

76.53M

96.52M

99.98M

115.07M

138.47M

167.5M

177.49M

Accounts Payable

5.56M

5.09M

4.22M

11.06M

7.59M

6.32M

6.96M

8.7M

9.77M

Days Payables Outstanding

7.29

5.32

4.93

8.46

4.69

3.29

11.39

2.99

3.67

Short-Term Debt

1.9M

2.97M

3.59M

5.54M

7.63M

5.63M

9.23M

88.34M

89.36M

Deferred Revenue (Current)

7.12M

4.27M

4.65M

5.19M

5.5M

5.62M

6.78M

14.6M

Other Current Liabilities

10.88M

13.05M

12.15M

22.55M

19.43M

23.3M

23.87M

63.68M

74.05M

Current Ratio

0.80x

0.33x

0.64x

0.70x

0.67x

0.62x

0.40x

0.29x

Quick Ratio

0.74x

0.29x

0.60x

0.66x

0.62x

0.57x

0.36x

0.25x

Cash Conversion Cycle

-2.5

2.32

2.65

-2.68

1.5

1.77

1.22

1.52

1.09

Total Non-Current Liabilities

252.93M

579.27M

610.11M

445.96M

481.33M

590.69M

780.5M

948.25M

968.91M

Long-Term Debt

188.61M

250.4M

286.4M

99.75M

94.67M

119.77M

189.04M

651.25M

672.56M

Capital Lease Obligations

4.54M

295.63M

307.8M

330.5M

366.11M

441.29M

555.58M

1.29B

Deferred Tax Liabilities

30.3M

13.65M

12.49M

17.17M

25.33M

32.22M

21.97M

108.04M

Other Non-Current Liabilities

59.79M

2.93M

2.27M

3.23M

3.38M

4.3M

3.66M

275.02M

275.56M

Total Liabilities

289.84M

652.28M

686.65M

542.49M

581.31M

705.76M

918.97M

1.12B

1.15B

Total Debt

195.04M

576.44M

637.9M

473.97M

507.35M

606.97M

809.55M

739.6M

761.92M

Net Debt

178.76M

565.32M

599.06M

422.11M

457.68M

557.33M

776.24M

718.35M

738.36M

Debt / Equity

0.52x

1.75x

1.99x

0.94x

0.97x

1.08x

1.36x

1.18x

1.21x

Debt / EBITDA

6.64x

8.68x

9.92x

7.36x

8.38x

6.80x

6.96x

Net Debt / EBITDA

6.09x

7.73x

8.95x

6.76x

8.03x

6.60x

6.75x

Interest Coverage

-1.88x

-2.05x

1.02x

3.41x

5.47x

3.22x

2.02x

1.64x

Total Equity

374.67M▲ 0%

329.8M▼ 12.0%

320.87M▼ 2.7%

504.43M▲ 57.2%

523.13M▲ 3.7%

561.28M▲ 7.3%

595.39M▲ 6.1%

626.28M▲ 5.2%

627.66M▲ 0%

Equity Growth %

-11.98%

-2.71%

57.21%

3.71%

7.29%

6.08%

5.19%

16.19%

Book Value per Share

8.32

5.64

5.48

10.46

8.70

9.17

9.55

9.97

10.25

Total Shareholders' Equity

374.42M

329.8M

320.87M

504.43M

523.13M

561.28M

595.39M

626.28M

627.66M

Common Stock

38K

450K

590K

592K

599K

607K

611K

616K

Retained Earnings

-7.69M

-53.25M

-102.93M

-105.04M

-98.13M

-72.75M

-53.82M

-34.39M

-37.08M

Treasury Stock

Accumulated OCI

-667K

-441K

-1.09M

-541K

Minority Interest

250K

Metric

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

30.77M

21.46M

-18.36M

62.97M

62.94M

95.34M

115.67M

125.91M

140.23M

Operating CF Margin %

8.8%

4.92%

-5.36%

10.47%

8.62%

10.69%

11.39%

10.3%

Operating CF Growth %

-30.25%

-185.55%

442.9%

-0.05%

51.48%

21.33%

8.85%

108.73%

Net Income

-12.3M

-45.47M

-49.68M

-2.11M

6.91M

25.39M

18.93M

19.43M

17.58M

Depreciation & Amortization

26.12M

28.03M

30.73M

32.38M

34.23M

41.22M

57.72M

75.01M

79.85M

Stock-Based Compensation

1.3M

1.16M

750K

8.6M

10.37M

7.6M

8.53M

10.76M

11.85M

Deferred Taxes

-538K

-12.56M

-19.99M

2.18M

4.68M

8.31M

6.82M

-10.03M

-10.21M

Other Non-Cash Items

5.57M

45.34M

13.32M

15.96M

17.18M

20.09M

28M

33.9M

35.31M

Working Capital Changes

10.07M

4.97M

6.51M

5.96M

-10.44M

-7.27M

-4.31M

-3.16M

5.84M

Change in Receivables

-332K

-3.19M

1.83M

-535K

-1.71M

632K

-1.7M

376K

-71K

Change in Inventory

-432K

-439K

-203K

-1.11M

-1M

-62K

-508K

-867K

-747K

Change in Payables

-740K

-866K

6.7M

-3.47M

-1.3M

637K

1.74M

2.07M

Cash from Investing

-51.9M

-82.39M

-26.97M

-35.68M

-63.11M

-123.37M

-206.65M

-213.76M

-206.69M

Capital Expenditures

-37.73M

-59.17M

-26.97M

-35.68M

-63.33M

-84.69M

-128.05M

-156.91M

-149.69M

CapEx % of Revenue

10.79%

13.56%

7.88%

5.94%

8.67%

9.5%

12.6%

12.83%

11.78%

Acquisitions

-14.17M

-23.22M

-39.88M

-78.64M

-56.01M

-56.17M

Investments

Other Investing

-14.17M

219K

1.2M

34K

-850K

-828K

Cash from Financing

30.28M

55.76M

73.31M

-14.27M

-2.02M

28.07M

74.33M

75.79M

71.42M

Debt Issued (Net)

30.28M

56.9M

33.31M

-189.25M

-3.37M

22.44M

70.71M

74.59M

-4.32M

Equity Issued (Net)

40M

182.09M

6.43M

1.19M

-44K

Dividends Paid

Share Repurchases

Other Financing

-1.14M

-7.12M

1.35M

5.63M

-2.81M

75.79M

Net Change in Cash

16.28M▲ 0%

-5.16M▼ 131.7%

27.98M▲ 641.9%

13.02M▼ 53.5%

-2.19M▼ 116.8%

38K▲ 101.7%

-16.65M▼ 43913.2%

-12.07M▲ 27.5%

4.96M▲ 0%

Free Cash Flow

-6.95M▲ 0%

-37.7M▼ 442.2%

-45.34M▼ 20.2%

27.29M▲ 160.2%

-393K▼ 101.4%

10.65M▲ 2809.9%

-12.28M▼ 215.3%

-30.99M▼ 152.5%

-9.46M▲ 0%

FCF Margin %

-1.99%

-8.64%

-13.24%

4.54%

-0.05%

1.19%

-1.21%

-2.54%

-0.74%

FCF Growth %

-442.19%

-20.25%

160.19%

-101.44%

2809.92%

-215.27%

-152.48%

62.44%

FCF per Share

-0.15

-0.64

-0.77

0.57

-0.01

0.17

-0.20

-0.49

-0.15

FCF Conversion (FCF/Net Income)

-2.50x

-0.47x

0.37x

-29.89x

9.11x

3.76x

6.11x

6.48x

-0.54x

Interest Paid

18.93M

19.82M

16.15M

3.37M

8.72M

12.33M

-3.07M

Taxes Paid

152K

163K

79K

915K

1.95M

3.11M

-101K

Metric

2019

2020

2021

2022

2023

2024

2025

TTM

Return on Equity (ROE)

-12.9%

-15.27%

-0.51%

1.34%

4.68%

3.27%

3.18%

2.85%

Return on Invested Capital (ROIC)

-3.89%

-3.9%

1.81%

1.33%

2.95%

2.34%

1.86%

1.52%

Gross Margin

20.03%

8.73%

20.66%

19.11%

21.32%

78.04%

13.04%

35.1%

Net Margin

-10.41%

-14.51%

-0.35%

0.95%

2.85%

1.86%

1.59%

1.38%

Debt / Equity

1.75x

1.99x

0.94x

0.97x

1.08x

1.36x

1.18x

1.21x

Interest Coverage

-1.88x

-2.05x

1.02x

3.41x

5.47x

3.22x

2.02x

1.64x

FCF Conversion

-0.47x

0.37x

-29.89x

9.11x

3.76x

6.11x

6.48x

-0.54x

Revenue Growth

24.76%

-21.54%

75.59%

21.45%

22.1%

13.95%

20.34%

20.41%

First Watch Restaurant Group, Inc.(FWRG)Earnings, Financials & Key Ratios

FWRG Key Insights

✓Strengths

✗Weaknesses

FWRG Price & Volume

FWRG Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

FWRG Recent Earnings

FWRG Peer Comparison

Compare FWRG vs Peers

vs DENN

vs SYY

Compare Top 5

FWRG Income Statement

FWRG Balance Sheet

FWRG Cash Flow Statement

FWRG Key Ratios

FWRG SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

FWRG Frequently Asked Questions

First Watch Restaurant Group, Inc.(FWRG)Earnings, Financials & Key Ratios

FWRG Key Insights

✓Strengths

✗Weaknesses

FWRG Price & Volume

FWRG Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

FWRG Recent Earnings

FWRG Peer Comparison

Compare FWRG vs Peers

vs DENN

vs SYY

Compare Top 5

FWRG Income Statement

FWRG Balance Sheet

FWRG Cash Flow Statement

FWRG Key Ratios

FWRG SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

FWRG Frequently Asked Questions