First Watch Restaurant Group, Inc. FWRG

Consumer discretionary SIC 5812 - Retail-Eating Places NAICS Accommodation and Food Services › Food Services and Drinking Places › Restaurants and Other Eating Places derived Nasdaq

First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, "we," "us," "our," "First Watch," the "Company," "Management" and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries.

Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our "You First" culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our "No Night Shifts Ever" approach, among other attractive benefits.

Last close 10.89 2026-10-23
Market cap $672.0M 2026-06-28 share count
52-week range 9.88 - 18.77

Valuation FY2025 figures against the last close

P/S0.5x
P/E35.1x
P/FCF—
EV/EBITDA7.1x
Dividend yield—
Diluted EPS0.31

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Revenue $1.22B$1.02B$891.6M$730.2M$601.2M$342.4M$436.4M—
SG&A $128.9M$113.3M$103.1M$85.0M$70.4M$46.3M$55.8M—
Total operating expenses $1.19B$977.0M$850.3M$713.2M$579.0M$389.6M$473.9M—
Operating income $27.5M$38.9M$41.3M$16.9M$22.2M-$47.2M-$37.6M—
Interest expense $16.7M$12.6M$8.1M$5.2M$20.1M$22.8M$20.1M—
Pre-tax income $12.1M$28.0M$36.1M$12.6M$370.0K-$69.6M-$57.9M—
Income tax $7.3M$9.1M$10.7M$5.7M$2.5M$19.9M$12.4M—
Net income $19.4M$18.9M$25.4M$6.9M-$2.1M-$49.7M-$45.4M—
EPS, basic 0.320.310.430.12-0.04-1.10-1.01—
EPS, diluted 0.310.300.410.11-0.04-1.10-1.01—
Shares, diluted (wtd. avg.) 62.8M62.4M61.2M60.1M48.2M45.0M45.0M—

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Cash and equivalents $21.2M$33.3M$49.6M$49.9M$52.1M$39.1M$11.1M$16.3M
Receivables $6.9M$7.2M$5.5M$6.2M$4.5M$3.9M——
Inventory $7.2M$6.1M$5.4M$5.0M$4.0M$2.9M——
Total current assets $49.1M$55.9M$71.2M$67.3M$67.7M$49.0M——
Property, plant and equipment ————$164.7M$160.7M——
Goodwill $420.2M$398.6M$359.9M$345.2M$345.2M$345.2M——
Other intangibles $174.9M$167.6M$151.2M$143.2M$143.0M$143.7M——
Total assets $1.74B$1.51B$1.27B$1.10B$1.05B$1.01B——
Accounts payable $8.7M$7.0M$6.3M$7.6M$11.1M$4.2M——
Total current liabilities $167.5M$138.5M$115.1M$100.0M$96.5M$76.5M——
Total liabilities $1.12B$919.0M$705.8M$581.3M$542.5M$686.6M——
Retained earnings -$34.4M-$53.8M-$72.7M-$98.1M-$105.0M-$102.9M—$100.0K
Total equity $626.3M$595.4M$561.3M$523.1M$504.4M$320.9M$329.8M$374.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Operating cash flow $125.9M$115.7M$95.3M$62.9M$63.0M-$18.4M$21.5M—
Depreciation and amortisation $66.5M$52.1M$39.7M$33.3M$31.3M$29.6M$25.9M—
Stock-based compensation $10.8M$8.5M$7.6M$10.4M$8.6M$750.0K——
Capital expenditure $156.9M$127.9M$83.3M$62.2M$35.3M$26.7M$59.2M—
Investing cash flow -$213.8M-$206.7M-$123.4M-$63.1M-$35.7M-$27.0M-$82.4M—
Financing cash flow $75.8M$74.3M$28.1M-$2.0M-$14.3M$73.3M$55.8M—

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001789940-26-000048.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -500M 0 500M 1B 1.5B Revenue, FY2019: 436.4M Net income, FY2019: -45.4M Revenue, FY2020: 342.4M Net income, FY2020: -49.7M Revenue, FY2021: 601.2M Net income, FY2021: -2.1M Revenue, FY2022: 730.2M Net income, FY2022: 6.9M Revenue, FY2023: 891.6M Net income, FY2023: 25.4M Revenue, FY2024: 1B Net income, FY2024: 18.9M Revenue, FY2025: 1.2B Net income, FY2025: 19.4M FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — $436.4M $342.4M $601.2M $730.2M $891.6M $1.02B $1.22B
Gross profit — — — — — — — —
Net income — -$45.4M -$49.7M -$2.1M $6.9M $25.4M $18.9M $19.4M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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