20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.
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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| Income statement | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| 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) | 62M | 63M | 62M | 61M | 60M | 48M | 59M | 59M | 45M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Quarterly income statement | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| 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) | 62M | 61M | 63M | 63M | 63M | 61M | 62M | 62M |
USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).
| Cash flow | TTM → 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| 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).
| Quarterly cash flow | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 |
|---|---|---|---|---|---|---|---|---|
| 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).
| Balance sheet | 2026-06-30 | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|---|
| 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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