SequelSEC

First Watch Restaurant Group, Inc. FWRG

Retail-Eating Places · CIK 0001789940 · Fiscal year ends 1228

AnnualQuarterlyTTM
Revenue
$1.22B
Fiscal year ended 2025-12-28
Operating income
$27.51M
Fiscal year ended 2025-12-28
Free cash flow
-$30.99M
Fiscal year ended 2025-12-28

First Watch Restaurant Group, Inc. (FWRG) reported revenue of $1.22B and net income of $19.43M for the fiscal year ended 2025-12-28. This page shows 7 annual periods of income statement, balance sheet and cash flow figures normalized from First Watch Restaurant Group, Inc.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Retail-Eating Places.

Income

First Watch Restaurant Group, Inc. income by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-282024-12-292023-12-312022-12-252021-12-262020-12-272019-12-29
Revenue$1.22B$1.02B$891.55M$730.16M$601.19M$342.39M$436.37M
Cost of revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Gross profitUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating income$27.51M$38.91M$41.27M$16.91M$22.24M-$47.22M-$37.56M
Net income$19.43M$18.92M$25.38M$6.91M-$2.11M-$49.68M-$45.44M
Research & developmentUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Weighted-average diluted sharesshares 62.84Mshares 62.35Mshares 61.19Mshares 60.14Mshares 48.21Mshares 45.01Mshares 45.01M
Pretax income$12.13M$28.03M$36.08M$12.59M$370.00K-$69.55M-$57.89M
Income tax expense-$7.30M$9.10M$10.69M$5.68M$2.48M-$19.87M-$12.42M
Diluted EPS$0.31$0.30$0.41$0.11$-0.04$-1.10$-1.01
Selling, general & administrativeUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
General & administrative$128.95M$113.27M$103.12M$84.96M$70.39M$46.32M$55.82M
Selling & marketingUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable

Balance

First Watch Restaurant Group, Inc. balance by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-282024-12-292023-12-312022-12-252021-12-262020-12-272019-12-29
Cash & equivalents$21.25M$33.31M$49.63M$49.67M$51.86M$38.85MUnavailable
Total assets$1.74B$1.51B$1.27B$1.10B$1.05B$1.01BUnavailable
Current assets$49.08M$55.88M$71.19M$67.29M$67.70M$49.04MUnavailable
Total liabilities$1.12B$918.97M$705.76M$581.31M$542.49M$686.65MUnavailable
Current liabilities$167.50M$138.47M$115.07M$99.98M$96.52M$76.53MUnavailable
Total equity incl. NCI$626.28M$595.39M$561.28M$523.14M$504.43M$320.87M$329.80M
Temporary (mezzanine) equityUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Inventory$7.17M$6.12M$5.38M$5.03M$4.02M$2.92MUnavailable
Accounts receivable$6.86M$7.24M$5.53M$6.16M$4.45M$3.92MUnavailable
Goodwill$420.21M$398.56M$359.88M$345.22M$345.22M$345.22MUnavailable
Long-term debt$269.07M$189.04M$119.77M$94.67M$99.75M$286.40MUnavailable
Accounts payable$8.70M$6.96M$6.32M$7.59M$11.06M$4.22MUnavailable

Cash flow

First Watch Restaurant Group, Inc. cash flow by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-282024-12-292023-12-312022-12-252021-12-262020-12-272019-12-29
Operating cash flow$125.91M$115.67M$95.34M$62.94M$62.97M-$18.36M$21.46M
Capital expenditures$156.91M$127.92M$83.33M$62.22M$35.31M$26.75M$59.17M
Investing cash flow-$213.76M-$206.65M-$123.37M-$63.11M-$35.68M-$26.97M-$82.39M
Financing cash flow$75.79M$74.33M$28.07M-$2.02M-$14.27M$73.31M$55.76M
Net change in cash-$12.07M-$16.65M$38.00K-$2.19M$13.02M$27.98M-$5.16M
Stock-based compensation$10.76M$8.52M$7.60M$10.37M$8.60M$750.00KUnavailable
Common dividends paidUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Common share repurchasesUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Depreciation & amortization$75.01M$57.72M$41.22M$34.23M$32.38M$30.72M$28.03M

Derived

First Watch Restaurant Group, Inc. derived by fiscal year, in US dollars, normalized from SEC filings.
Metric2025-12-282024-12-292023-12-312022-12-252021-12-262020-12-272019-12-29
Free cash flow-$30.99M-$12.24M$12.01M$718.00K$27.66M-$45.11M-$37.70M
Gross marginUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Operating margin2.3%3.8%4.6%2.3%3.7%-13.8%-8.6%
FCF margin-2.5%-1.2%1.3%0.1%4.6%-13.2%-8.6%
SBC / revenue0.9%0.8%0.9%1.4%1.4%0.2%Unavailable
Current ratio0.29x0.40x0.62x0.67x0.70x0.64xUnavailable
Revenue YoY growth20.3%13.9%22.1%21.5%75.6%-21.5%Unavailable
Net margin1.6%1.9%2.8%0.9%-0.4%-14.5%-10.4%
R&D / revenueUnavailableUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
CapEx / revenue12.8%12.6%9.3%8.5%5.9%7.8%13.6%
Long-term debt / equity0.43xUnavailableUnavailableUnavailableUnavailableUnavailableUnavailable
Effective tax rate-60.2%32.5%29.6%45.1%669.5%UnavailableUnavailable

Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FWRG in the interactive workspace to inspect any figure back to its filing.

Source filings

10-Q · Filed 2026-08-04View SEC filing
10-Q · Filed 2026-05-05View SEC filing
10-K · Filed 2026-02-24View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-05View SEC filing
10-Q · Filed 2025-05-06View SEC filing

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Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.