First Watch Restaurant Group, Inc.
FWRG Nasdaq Retail-Eating Places Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$1.2B
20.3%
vs prior year
Operating margin
Operating income as a share of revenue.
2.3%
1.6 pts
Net income
Profit after all expenses, interest and tax.
$19.4M
2.7%
Free cash flow
Cash from operations minus capital spending.
−$31.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.1%
0.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $0.29 EPS (TTM)
What First Watch Restaurant Group, Inc. does
No business description yet.
- Legal name
- First Watch Restaurant Group, Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 24, 2026
- Accession · CIK
- 0001789940-26-000014
0001789940
Revenue and margins
First Watch Restaurant Group, Inc. had $1.2B of revenue in fiscal 2025, up 20.3% on the year before.
FY19
Revenue $436M
FY20
Revenue $342M
FY21
Revenue $601M
FY22
Revenue $730M
FY23
Revenue $892M
FY24
Revenue $1.0B
FY25
Revenue $1.2B
Q3 '23
Revenue $219M
Q4 '23
Revenue $245M
Q1 '24
Revenue $242M
Q2 '24
Revenue $259M
Q3 '24
Revenue $252M
Q4 '24
Revenue $263M
Q1 '25
Revenue $282M
Q2 '25
Revenue $308M
Q3 '25
Revenue $316M
Q4 '25
Revenue $316M
Q1 '26
Revenue $331M
Q2 '26
Revenue $355M
FY19
Gross —
Operating −8.6%
Net −10.4%
FCF −8.6%
FY20
Gross —
Operating −13.8%
Net −14.5%
FCF −13.2%
FY21
Gross —
Operating 3.7%
Net −0.4%
FCF 4.6%
FY22
Gross —
Operating 2.3%
Net 0.9%
FCF 0.1%
FY23
Gross —
Operating 4.6%
Net 2.8%
FCF 1.3%
FY24
Gross —
Operating 3.8%
Net 1.9%
FCF −1.2%
FY25
Gross —
Operating 2.3%
Net 1.6%
FCF −2.5%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 3.5%
Net 2.5%
FCF −2.6%
Q4 '23
Gross —
Operating 2.8%
Net 10.4%
FCF −3.4%
Q1 '24
Gross —
Operating 5.1%
Net 3.0%
FCF −1.5%
Q2 '24
Gross —
Operating 6.4%
Net 3.4%
FCF 0.9%
Q3 '24
Gross —
Operating 2.5%
Net 0.8%
FCF 2.7%
Q4 '24
Gross —
Operating 1.5%
Net 0.3%
FCF −6.7%
Q1 '25
Gross —
Operating 0.4%
Net −0.3%
FCF −5.8%
Q2 '25
Gross —
Operating 2.4%
Net 0.7%
FCF −0.5%
Q3 '25
Gross —
Operating 3.2%
Net 0.9%
FCF 1.7%
Q4 '25
Gross —
Operating 2.9%
Net 4.8%
FCF −5.8%
Q1 '26
Gross —
Operating 0.3%
Net −0.8%
FCF 1.5%
Q2 '26
Gross —
Operating 2.3%
Net 0.7%
FCF −3.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$45.4M
FY20
Net income −$49.7M
FY21
Net income −$2.1M
FY22
Net income $6.9M
FY23
Net income $25.4M
FY24
Net income $18.9M
FY25
Net income $19.4M
Q3 '23
Net income $5.4M
Q4 '23
Net income $25.4M
Q1 '24
Net income $7.2M
Q2 '24
Net income $8.9M
Q3 '24
Net income $2.1M
Q4 '24
Net income $0.7M
Q1 '25
Net income −$0.8M
Q2 '25
Net income $2.1M
Q3 '25
Net income $3.0M
Q4 '25
Net income $15.2M
Q1 '26
Net income −$2.7M
Q2 '26
Net income $2.3M
FY19
Diluted EPS −$1.01
FY20
Diluted EPS −$1.10
FY21
Diluted EPS −$0.04
FY22
Diluted EPS $0.11
FY23
Diluted EPS $0.41
FY24
Diluted EPS $0.30
FY25
Diluted EPS $0.31
Q3 '23
Diluted EPS $0.09
Q4 '23
Diluted EPS $0.04
Q1 '24
Diluted EPS $0.12
Q2 '24
Diluted EPS $0.14
Q3 '24
Diluted EPS $0.03
Q4 '24
Diluted EPS $0.01
Q1 '25
Diluted EPS −$0.01
Q2 '25
Diluted EPS $0.03
Q3 '25
Diluted EPS $0.05
Q4 '25
Diluted EPS $0.24
Q1 '26
Diluted EPS −$0.04
Q2 '26
Diluted EPS $0.04
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity −13.8%
Return on assets —
FY20
Return on capital −6.5%
Return on equity −15.3%
Return on assets −4.9%
FY21
Return on capital 2.6%
Return on equity −0.5%
Return on assets −0.2%
FY22
Return on capital 1.9%
Return on equity 1.3%
Return on assets 0.6%
FY23
Return on capital 4.6%
Return on equity 4.7%
Return on assets 2.1%
FY24
Return on capital 3.5%
Return on equity 3.3%
Return on assets 1.4%
FY25
Return on capital 3.1%
Return on equity 3.2%
Return on assets 1.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$31.0M in fiscal 2025, −2.5% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$37.7M
FY20
Free cash flow −$45.1M
FY21
Free cash flow $27.7M
FY22
Free cash flow $0.7M
FY23
Free cash flow $12.0M
FY24
Free cash flow −$12.2M
FY25
Free cash flow −$31.0M
Q3 '23
Free cash flow −$5.6M
Q4 '23
Free cash flow −$8.3M
Q1 '24
Free cash flow −$3.6M
Q2 '24
Free cash flow $2.3M
Q3 '24
Free cash flow $6.8M
Q4 '24
Free cash flow −$17.7M
Q1 '25
Free cash flow −$16.4M
Q2 '25
Free cash flow −$1.7M
Q3 '25
Free cash flow $5.4M
Q4 '25
Free cash flow −$18.3M
Q1 '26
Free cash flow $5.1M
Q2 '26
Free cash flow −$13.1M
FY19
Cash from operations $21.5M
Capital spending $59.2M
FY20
Cash from operations −$18.4M
Capital spending $26.7M
FY21
Cash from operations $63.0M
Capital spending $35.3M
FY22
Cash from operations $62.9M
Capital spending $62.2M
FY23
Cash from operations $95.3M
Capital spending $83.3M
FY24
Cash from operations $116M
Capital spending $128M
FY25
Cash from operations $126M
Capital spending $157M
Cash from operations
Capital spending
Q3 '23
Cash from operations $17.5M
Capital spending $23.1M
Q4 '23
Cash from operations $22.3M
Capital spending $30.6M
Q1 '24
Cash from operations $25.0M
Capital spending $28.6M
Q2 '24
Cash from operations $31.9M
Capital spending $29.6M
Q3 '24
Cash from operations $35.9M
Capital spending $29.1M
Q4 '24
Cash from operations $22.9M
Capital spending $40.6M
Q1 '25
Cash from operations $20.1M
Capital spending $36.5M
Q2 '25
Cash from operations $39.4M
Capital spending $41.1M
Q3 '25
Cash from operations $47.9M
Capital spending $42.5M
Q4 '25
Cash from operations $18.5M
Capital spending $36.8M
Q1 '26
Cash from operations $34.5M
Capital spending $29.3M
Q2 '26
Cash from operations $27.4M
Capital spending $40.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
First Watch Restaurant Group, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 0.8%.
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.05B
FY20
Diluted shares 0.05B
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.06B
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably First Watch Restaurant Group, Inc. can carry it.
FY19
Cash $11.1M
Debt —
FY20
Cash $38.8M
Debt $292M
FY21
Cash $51.9M
Debt $105M
FY22
Cash $49.7M
Debt $102M
FY23
Cash $49.6M
Debt $126M
FY24
Cash $33.3M
Debt $201M
FY25
Cash $21.2M
Debt $295M
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $51.9M | $49.7M | $49.6M | $33.3M | $21.2M |
| Debt incl. finance leases | $105M | $102M | $126M | $201M | $295M |
| Net debt / EBITDA | 1.0x | 1.0x | 0.9x | 1.7x | 2.7x |
| Debt / equity | 0.2x | 0.2x | 0.2x | 0.3x | 0.5x |
| Interest coverage | 1.1x | 3.2x | 5.1x | 3.1x | 1.6x |
| Current ratio | 0.7x | 0.7x | 0.6x | 0.4x | 0.3x |
| Quick ratio | 0.7x | 0.6x | 0.6x | 0.4x | 0.3x |
| Total assets | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Total liabilities | $542M | $581M | $706M | $919M | $1.1B |
| Shareholders' equity | $504M | $523M | $561M | $595M | $626M |
| Net debt (− = net cash) | $53.1M | $52.7M | $76.8M | $168M | $274M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✓ | ✕ | ✕ | ✕ |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✕ | ✕ |
| Share count didn't rise | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✕ | ✓ |
| F-score | — / 3 | — / 4 | 6 / 8 | 6 / 8 | 5 / 8 | 3 / 8 | 4 / 8 |
| Accruals ratio | — | −3.1% | −6.3% | −5.2% | −5.9% | −7.0% | −6.5% |
| Altman Z'' | — | −0.34 | 0.61 | 0.56 | 0.64 | 0.38 | 0.19 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $436M | $342M | $601M | $730M | $892M | $1.0B | $1.2B |
| Operating income | −$37.6M | −$47.2M | $22.2M | $16.9M | $41.3M | $38.9M | $27.5M |
| Interest expense | $20.1M | $22.8M | $20.1M | $5.2M | $8.1M | $12.6M | $16.7M |
| Pretax income | −$57.9M | −$69.6M | $0.4M | $12.6M | $36.1M | $28.0M | $12.1M |
| Income tax | −$12.4M | −$19.9M | $2.5M | $5.7M | $10.7M | $9.1M | −$7.3M |
| Net income | −$45.4M | −$49.7M | −$2.1M | $6.9M | $25.4M | $18.9M | $19.4M |
| Net income to common | — | −$49.7M | −$2.1M | $6.9M | $25.4M | — | — |
| Diluted EPS | −$1.01 | −$1.10 | −$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.06B | 0.06B | 0.06B | 0.06B |
| Cash flow | |||||||
| Cash from operations | $21.5M | −$18.4M | $63.0M | $62.9M | $95.3M | $116M | $126M |
| Capital expenditure | $59.2M | $26.7M | $35.3M | $62.2M | $83.3M | $128M | $157M |
| Free cash flow | −$37.7M | −$45.1M | $27.7M | $0.7M | $12.0M | −$12.2M | −$31.0M |
| Depreciation and amortization | $28.0M | $30.7M | $32.4M | $34.2M | $41.2M | $57.7M | $75.0M |
| Stock-based compensation | $1.2M | $0.8M | $8.6M | $10.4M | $7.6M | $8.5M | $10.8M |
| Acquisitions | $22.8M | $0.0M | $0.0M | $0.0M | $39.9M | $78.6M | $56.0M |
| Balance sheet | |||||||
| Cash and short-term investments | $11.1M | $38.8M | $51.9M | $49.7M | $49.6M | $33.3M | $21.2M |
| Total debt | — | $290M | $103M | $101M | $125M | $198M | $282M |
| Finance lease liabilities | — | $2.3M | $2.0M | $1.4M | $1.1M | $2.8M | $12.9M |
| Current assets | — | $49.0M | $67.7M | $67.3M | $71.2M | $55.9M | $49.1M |
| Current liabilities | — | $76.5M | $96.5M | $100.0M | $115M | $138M | $167M |
| Inventory | — | $2.9M | $4.0M | $5.0M | $5.4M | $6.1M | $7.2M |
| Property and equipment, net | — | $161M | $165M | — | — | — | — |
| Goodwill | — | $345M | $345M | $345M | $360M | $399M | $420M |
| Intangible assets | — | $144M | $143M | $143M | $151M | $168M | $175M |
| Total assets | — | $1.0B | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Total liabilities | — | $687M | $542M | $581M | $706M | $919M | $1.1B |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $330M | $321M | $504M | $523M | $561M | $595M | $626M |
| Margins | |||||||
| Operating margin | −8.6% | −13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
| EBITDA margin | −2.2% | −4.8% | 9.1% | 7.0% | 9.3% | 9.5% | 8.4% |
| Net margin | −10.4% | −14.5% | −0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
| FCF margin | −8.6% | −13.2% | 4.6% | 0.1% | 1.3% | −1.2% | −2.5% |
| Returns | |||||||
| Return on capital | — | −6.5% | 2.6% | 1.9% | 4.6% | 3.5% | 3.1% |
| Return on capital employed | — | −5.1% | 2.3% | 1.7% | 3.6% | 2.8% | 1.7% |
| Return on equity | −13.8% | −15.3% | −0.5% | 1.3% | 4.7% | 3.3% | 3.2% |
| Return on assets | — | −4.9% | −0.2% | 0.6% | 2.1% | 1.4% | 1.2% |
| Return on tangible equity | −13.8% | — | −13.0% | 19.9% | 50.6% | 64.7% | 62.4% |
| Growth | |||||||
| Revenue growth | — | −21.5% | 75.6% | 21.5% | 22.1% | 13.9% | 20.3% |
| Net income growth | — | — | — | — | 267.5% | −25.4% | 2.7% |
| EPS growth | — | — | — | — | 272.7% | −26.8% | 3.3% |
| FCF growth | — | — | — | −97.4% | 1,572.6% | −201.9% | — |
| Share count change | — | 0.0% | 7.1% | 24.7% | 1.7% | 1.9% | 0.8% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | 1.0x | 1.0x | 0.9x | 1.7x | 2.7x |
| Debt / equity | — | 0.9x | 0.2x | 0.2x | 0.2x | 0.3x | 0.5x |
| Interest coverage | −1.9x | −2.1x | 1.1x | 3.2x | 5.1x | 3.1x | 1.6x |
| Current ratio | — | 0.6x | 0.7x | 0.7x | 0.6x | 0.4x | 0.3x |
| Quick ratio | — | 0.6x | 0.7x | 0.6x | 0.6x | 0.4x | 0.3x |
| Capital allocation | |||||||
| Capex / revenue | 13.6% | 7.8% | 5.9% | 8.5% | 9.3% | 12.6% | 12.8% |
| Stock comp / revenue | 0.3% | 0.2% | 1.4% | 1.4% | 0.9% | 0.8% | 0.9% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 6.0 | 6.0 | 5.0 | 3.0 | 4.0 |
| Altman Z'' | — | −0.3 | 0.6 | 0.6 | 0.6 | 0.4 | 0.2 |
| Accruals ratio | — | −3.1% | −6.3% | −5.2% | −5.9% | −7.0% | −6.5% |
Source: SEC EDGAR XBRL filings (CIK 0001789940). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.