First Watch Restaurant Group, Inc. (FWRG) Financial Statements
Industry: Eating Places (Retail)
In fiscal 2025, First Watch Restaurant reported revenue of $1.22B, up 20.3% from $1.02B the year before. Net income was $19.4M (a 1.6% net margin), or $0.31 per diluted share. Gross margin was 2.3% and operating margin was 2.3%. Operating activities generated $125.9M of cash, leaving -$31.0M of free cash flow. At fiscal year end, First Watch Restaurant held $1.74B in total assets against $1.12B in total liabilities, including $21.2M of cash and equivalents.
Open the full interactive First Watch Restaurant financials → Quarterly statements, key ratios, valuation history and price charts.
First Watch Restaurant Key Stats
| Share Price | $12.04 |
|---|---|
| Market Cap | $750.1M |
| P/E Ratio | 38.8 |
| Revenue YoY Growth | +20.3% |
| 52-Week Range | $10.10 – $18.66 |
| Shares Outstanding | 61.7 million (basic, 2026 Q2) |
First Watch Restaurant Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $601.2M | $730.2M | $891.6M | $1.02B | $1.22B |
| Cost of Goods Sold | $579.0M | $713.2M | $850.3M | $977.0M | $1.19B |
| Gross Profit | $22.2M | $16.9M | $41.3M | $38.9M | $27.5M |
| Operating Income | $22.2M | $16.9M | $41.3M | $38.9M | $27.5M |
| Pre-Tax Income | $370,000 | $12.6M | $36.1M | $28.0M | $12.1M |
| Income Tax | $2.5M | $5.7M | $10.7M | $9.1M | -$7.3M |
| Net Income | -$2.1M | $6.9M | $25.4M | $18.9M | $19.4M |
| Diluted EPS | -$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
First Watch Restaurant Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $316.0M | $316.4M | $331.0M | $354.7M |
| Net Income | $3.0M | $15.2M | -$2.7M | $2.3M |
| Diluted EPS | $0.05 | $0.24 | -$0.04 | $0.04 |
First Watch Restaurant Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $51.9M | $49.7M | $49.6M | $33.3M | $21.2M |
| Current Assets | $67.7M | $67.3M | $71.2M | $55.9M | $49.1M |
| Total Assets | $1.05B | $1.10B | $1.27B | $1.51B | $1.74B |
| Current Liabilities | $96.5M | $100.0M | $115.1M | $138.5M | $167.5M |
| Total Long-Term Debt | $102.9M | $100.9M | $125.4M | $198.3M | $282.4M |
| Total Liabilities | $542.5M | $581.3M | $705.8M | $919.0M | $1.12B |
| Shareholders' Equity | $504.4M | $523.1M | $561.3M | $595.4M | $626.3M |
First Watch Restaurant Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | $63.0M | $62.9M | $95.3M | $115.7M | $125.9M |
| Cash From Investing | -$35.7M | -$63.1M | -$123.4M | -$206.7M | -$213.8M |
| Cash From Financing | -$14.3M | -$2.0M | $28.1M | $74.3M | $75.8M |
| Free Cash Flow | $27.7M | $718,000 | $10.8M | -$12.3M | -$31.0M |
Figures from First Watch Restaurant's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full First Watch Restaurant financials page for every line item.
First Watch Restaurant Company Profile
| Ticker | FWRG |
|---|---|
| Exchange | Nasdaq |
| Industry | Eating Places (Retail) |
| Headquarters | Bradenton, Florida |
| Incorporated in | Delaware |
| Fiscal Year End | December 28 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001789940 |
Frequently Asked Questions
What was First Watch Restaurant's revenue in fiscal 2025?
First Watch Restaurant (FWRG) reported revenue of $1.22B for fiscal 2025.
What is First Watch Restaurant's annual revenue history?
First Watch Restaurant's annual revenue by fiscal year: 2021: $601.2M; 2022: $730.2M; 2023: $891.6M; 2024: $1.02B; 2025: $1.22B.
What was First Watch Restaurant's net income in fiscal 2025?
First Watch Restaurant reported net income of $19.4M for fiscal 2025.
What was First Watch Restaurant's earnings per share (EPS) in fiscal 2025?
First Watch Restaurant's diluted EPS was $0.31 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did First Watch Restaurant generate in fiscal 2025?
First Watch Restaurant generated -$31.0M of free cash flow in fiscal 2025.
What was First Watch Restaurant's revenue last quarter?
In its most recent reported quarter (2026 Q2), First Watch Restaurant reported revenue of $354.7M.
How much debt does First Watch Restaurant have?
First Watch Restaurant reported $282.4M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of First Watch Restaurant are outstanding?
First Watch Restaurant reported a weighted average of 61.7 million basic shares outstanding in 2026 Q2.
What is First Watch Restaurant's market cap?
Based on its latest closing price, First Watch Restaurant (FWRG) has a market capitalization of about $750.1M.
When does First Watch Restaurant's fiscal year end?
First Watch Restaurant's fiscal year end, as registered with the SEC, is December 28.
Where is First Watch Restaurant headquartered?
First Watch Restaurant lists its business address in Bradenton, Florida in its SEC filings.