First Watch Restaurant Group, Inc.

FWRG Nasdaq SEC CIK 1789940
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Financials

Reported figures only · latest: Q2 2026 USD · US GAAP
Revenue, last quarter $354.7M +15.2% vs same quarter last year
Net income $2.3M +11.1% vs same quarter last year
EPS, diluted $0.04 +33.3% vs same quarter last year
Operating cash flow $27.4M −30.4% vs same quarter last year
Revenue by quarter
$251.6M
$263.3M
$282.2M
$307.9M
$316M
$316.4M
$331M
$354.7M
Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26

Source: SEC XBRL filings · latest filing

The long view

Fiscal years as reported · SEC XBRL filings, US GAAP
Revenue and net income8 fiscal years
  • Revenue
  • Net income
−$500M$0$500M$1B$1.5BFY18FY19FY20FY21FY22FY23FY24FY25
Show the numbers
YearRevenueNet income
FY25$1.2B$19.4M
FY24$1B$18.9M
FY23$891.6M$25.4M
FY22$730.2M$6.9M
FY21$601.2M−$2.1M
FY20$342.4M−$49.7M
FY19$436.4M−$45.4M
FY18--
MarginsShare of revenue
  • Operating margin
  • Net margin
−15%−10%−5%0%5%FY18FY19FY20FY21FY22FY23FY24FY25
Show the numbers
YearOperating marginNet margin
FY252.3%1.6%
FY243.8%1.9%
FY234.6%2.8%
FY222.3%0.9%
FY213.7%−0.4%
FY20−13.8%−14.5%
FY19−8.6%−10.4%
FY18--
Free cash flowOperating cash flow minus capital expenditure
−$60M−$40M−$20M$0$20M$40MFY18FY19FY20FY21FY22FY23FY24FY25
Show the numbers
YearFree cash flow
FY25−$31M
FY24−$12.2M
FY23$12M
FY22$718K
FY21$27.7M
FY20−$45.1M
FY19−$37.7M
FY18-
Net margin vs the sectorMedian of Consumer companies filing with the SEC
  • First Watch Restaurant
  • Consumer median
−15%−10%−5%0%5%FY18FY19FY20FY21FY22FY23FY24FY25
Show the numbers
YearFirst Watch RestaurantConsumer median
FY251.6%0.9%
FY241.9%1.3%
FY232.8%1.4%
FY220.9%1.6%
FY21−0.4%2.2%
FY20−14.5%0.4%
FY19−10.4%1.7%
FY18-2.6%

News

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