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First Watch Restaurant Group Inc (FWRG) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · RESTAURANTS · DATA UPDATED 2026-09-20

First Watch Restaurant Group Inc (FWRG) operates in the RESTAURANTS industry and is headquartered in Bradenton, United States with about 18,000 employees. Its market capitalization is roughly $786 million. In the fiscal year ended 2025-12-31, FWRG reported $1.2B in revenue and $19M in net income.

First Watch Restaurant Group, Inc., through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019.

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FWRG Revenue & Earnings History — Annual Income Statement

Income statementTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Total Revenue$1.3B$1.2B$1.0B$892M$730M$601M$342M$436M$350M
Gross Profit$444M$159M$793M$190M$140M$124M$30M$87M$71M
Gross Margin %33.7%13.0%78.0%21.3%19.1%20.7%8.7%20.0%20.4%
Operating Income (EBIT)$56M$34M$39M$41M$17M$22M($47M)($38M)$3M
Operating Margin %4.2%2.8%3.8%4.6%2.3%3.7%-13.8%-8.6%0.9%
Net Income$18M$19M$19M$25M$7M($2M)($50M)($45M)($12M)
Net Margin %1.4%1.6%1.9%2.9%0.9%-0.4%-14.5%-10.4%-3.5%
EBITDA$103M$104M$98M$85M$52M$53M($16M)($10M)$34M
Earnings Per Share (EPS)$0.28$0.31$0.30$0.41$0.11$-0.04$-0.85$-0.78$-0.27
Shares Outstanding (M)62M63M62M61M60M48M59M59M45M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRG Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Total Revenue$355M$331M$316M$316M$308M$282M$263M$252M
Gross Profit$272M$42M$62M$68M$60M$216M$51M$50M
Gross Margin %76.7%12.8%19.6%21.5%19.4%76.4%19.5%19.7%
Operating Income (EBIT)$34M$3M$9M$10M$7M$1M$4M$6M
Operating Margin %9.5%0.8%3.0%3.2%2.4%0.4%1.5%2.5%
Net Income$2M($3M)$15M$3M$2M($2M)$1M$2M
Net Margin %0.7%-0.8%4.8%0.9%0.7%-0.8%0.3%0.8%
EBITDA$20M$23M$30M$30M$26M$12M$20M$22M
Earnings Per Share (EPS)$0.04$-0.04$0.24$0.05$0.03$-0.04$0.01$0.03
Shares Outstanding (M)62M61M63M63M63M61M62M62M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRG Free Cash Flow History

Cash flowTTM → 2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Cash from Operations (CFO)$128M$126M$116M$95M$63M$63M($18M)$21M$31M
Capital Expenditures (CapEx)$149M$157M$128M$85M$63M$36M$27M$59M$38M
Free Cash Flow (FCF)($21M)($31M)($12M)$11M$0M$27M($45M)($38M)($7M)
FCF Margin %-1.6%-2.5%-1.2%1.2%-0.1%4.5%-13.2%-8.6%-2.0%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRG Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow2026-06-302026-03-312025-12-312025-09-302025-06-302025-03-312024-12-312024-09-30
Cash from Operations (CFO)$27M$34M$18M$48M$39M$20M$23M$36M
Capital Expenditures (CapEx)$41M$29M$36M$43M$41M$37M$41M$29M
Free Cash Flow (FCF)($14M)$5M($18M)$5M($2M)($16M)($18M)$7M
FCF Margin %-3.8%1.5%-5.5%1.6%-0.7%-5.8%-6.7%2.7%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

FWRG Balance Sheet History

Balance sheet2026-06-302025-12-312024-12-312023-12-312022-12-312021-12-312020-12-312019-12-312018-12-31
Total Assets$1.8B$1.7B$1.5B$1.3B$1.1B$1.0B$1.0B$982M$665M
Cash & Cash Equivalents$20M$21M$33M$50M$50M$52M$39M$11M$16M
Total Liabilities$1.2B$1.1B$919M$706M$581M$542M$687M$652M$290M
Total Debt (Short + Long-Term)$372M$357M$254M$166M$141M$143M$330M$281M$2M
Total Shareholders' Equity$634M$626M$595M$561M$523M$504M$321M$330M$374M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive FWRG viewer.

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