First Watch Restaurant Group, Inc. (FWRG) Revenue History
Annual and quarterly revenue from 2018 to 2025
Compound Annual Growth Rate (CAGR)
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FWRG Revenue Growth
Revenue Breakdown (FY 2025)
FWRG's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
FWRG Revenue Analysis (2018–2025)
As of May 8, 2026, First Watch Restaurant Group, Inc. (FWRG) generated trailing twelve-month (TTM) revenue of $1.27 billion, reflecting strong growth of +17.3% year-over-year. The most recent quarter (Q1 2026) recorded $331.0 million in revenue, up 4.6% sequentially.
Looking at the longer-term picture, FWRG's 5-year compound annual growth rate (CAGR) stands at +29.0%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $1.22 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows FWRG's business is primarily driven by Franchisor Owned Outlet (50%), In-Restaurant Dining Sales (40%), and Third-Party Delivery Sales (6%).
When compared to Consumer Cyclical sector peers including DENN (+0.9% YoY), CBRL (-4.1% YoY), and BJRI (+3.0% YoY), FWRG has outperformed the peer group in terms of revenue growth. Compare FWRG vs DENN →
FWRG Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| FWRGCurrent | $1.3B | +17.3% | +29.0% | 2.8% | |
 DENN | $452M | +0.9% | -3.5% | 10.0% | |
 CBRL | $3.5B | -4.1% | +6.7% | 1.6% | |
 BJRI | $1.4B | +3.0% | +12.4% | 3.3% | |
 CAKE | $3.8B | +4.7% | +13.6% | 5.0% | |
 RRGB | $1.2B | -3.1% | +6.9% | 0.2% |
FWRG Historical Revenue Data (2018–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.22B | +20.3% | $159.4M | 13.0% | $33.8M | 2.8% |
| 2024 | $1.02B | +13.9% | $792.8M | 78.0% | $38.9M | 3.8% |
| 2023 | $891.6M | +22.1% | $190.1M | 21.3% | $41.3M | 4.6% |
| 2022 | $730.2M | +21.5% | $139.5M | 19.1% | $16.9M | 2.3% |
| 2021 | $601.2M | +75.6% | $124.2M | 20.7% | $22.2M | 3.7% |
| 2020 | $342.4M | -21.5% | $29.9M | 8.7% | $-47,222,000 | -13.8% |
| 2019 | $436.4M | +24.8% | $87.4M | 20.0% | $-37,556,000 | -8.6% |
| 2018 | $349.8M | - | $71.4M | 20.4% | $3.2M | 0.9% |
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Start ComparisonFWRG — Frequently Asked Questions
Quick answers to the most common questions about buying FWRG stock.
Is FWRG's revenue growth accelerating or slowing?
FWRG revenue is accelerating at +17.3% year-over-year, exceeding the 5-year CAGR of +29.0%. TTM revenue reached $1.3B. Growth momentum has increased versus prior periods.
What is FWRG's long-term revenue growth rate?
First Watch Restaurant Group, Inc.'s 5-year revenue CAGR of +29.0% reflects the sustained expansion pattern. Current YoY growth of +17.3% is above this long-term average.
How is FWRG's revenue distributed by segment?
FWRG reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2018-2025 are available for download. Segment mix reveals concentration and diversification trends.