First Watch Restaurant Group, Inc.

Listed Company

FWRGCIK 0001789940NasdaqLarge AcceleratedRetail-Eating PlacesDelawareFY ends Dec 28

Period

FY 2025

Revenue

$1.22B

Net Income

$19.43M

Total Assets

$1.74B

Equity

$626.28M

Shares Out

61.64M

Op. Cash Flow

$125.91M

FWRG$12.45−26.59% · past yearDBEQ Basic

Daily closing prices

Business

First Watch Restaurant Group operates a daytime-dining restaurant chain specializing in made-to-order breakfast, brunch, and lunch using fresh ingredients with a seasonally rotating menu. The company operates restaurants across multiple states in a company-owned and franchised model. First Watch differentiates through its "You First" culture emphasizing employee benefits, culinary excellence, and a digital ecosystem incorporating mobile ordering and delivery integration.

Summary from 10-K filed 2026-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	1,223	1,016	892	730	601
Food and beverage costs	280	223	197	173	134
Labor and other related expenses	406	335	294	238	189
Other restaurant operating expenses	189	152	134	114	95
Occupancy expenses	101	83	68	60	55
Pre-opening expenses	13	10	7	5	3
General and administrative expenses	129	113	103	85	70
Depreciation and amortization	75	58	41	34	32
Impairments and loss on disposal of assets	448,000	525,000	1	920,000	381,000
Transaction expenses, net	3	3	3	3	−1
Total operating costs and expenses	1,195	977	850	713	579
Income from operations	28	39	41	17	22
Interest expense	−17	−13	−8	−5	—
Other income, net	1	2	3	910,000	−2
Income before income taxes	12	28	36	13	370,000
Income tax benefit (expense)	7	−9	−11	−6	−2
Net income	19	19	25	7	−2
Unrealized (loss) gain on derivatives	−869,000	301,000	−889,000	0	0
Income tax related to other comprehensive (loss) income	215,000	−75,000	222,000	0	—
Other comprehensive (loss) income	−654,000	226,000	−667,000	0	0
Comprehensive income	19	19	25	—	−2
Net income (loss) per common share - basic (in dollars per share)	0.32	0.31	0.43	0.12	−0.04
Net income (loss) per common share - diluted (in dollars per share)	0.31	0.3	0.41	0.11	−0.04
Weighted average common shares outstanding - basic (in shares)	61	60	60	59	48
Weighted average common shares outstanding - diluted (in shares)	63	62	61	60	48

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	21	33	50	50	52
Accounts receivable	7	7	6	6	4
Inventory	7	6	5	5	4
Prepaid expenses	8	7	7	6	6
Deposits and other current assets	6	2	2	373,000	1
Total current assets	49	56	71	67	68
Goodwill (primarily expected synergies and assembled workforce; tax deductible)	420	399	360	345	345
Intangible assets, net	175	168	151	143	143
Operating lease right-of-use assets	615	528	420	352	325
Property, fixtures and equipment, net of accumulated depreciation of $285,706 and $229,227, respectively	478	361	263	195	165
Other long-term assets	5	3	2	1	1
Total assets	1,742	1,514	1,267	1,104	1,047
Accounts payable	9	7	6	8	11
Accrued liabilities	38	40	36	23	16
Accrued compensation	24	21	22	18	21
Deferred revenues	7	6	5	5	5
Current portion of operating lease liabilities	75	56	40	39	38
Current portion of long-term debt	13	9	6	6	3
Interest rate swap liabilities, current	900,000	105,000	0	—	—
Total current liabilities	167	138	115	100	97
Operating lease liabilities	651	556	441	366	330
Long-term debt, net	269	189	120	95	100
Deferred income taxes	22	32	25	17	12
Derivative liabilities	557,000	503,000	1	0	—
Other long-term liabilities	5	3	3	3	3
Total liabilities	1,116	919	706	581	542
Commitments and contingencies (Note 18)	—	—	—	—	—
Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding	0	0	0	0	0
Common stock; $0.01 par value; 300,000,000 shares authorized; 61,131,978 and 60,700,090 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively	611,000	607,000	599,000	592,000	590,000
Additional paid-in capital	661	649	634	621	609
Accumulated deficit	−34	−54	−73	−98	−105
Accumulated other comprehensive loss	−1	−441,000	−667,000	0	—
Total equity	626	595	561	523	504
Total liabilities and equity	1,742	1,514	1,267	1,104	1,047

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation, net of amounts capitalized	11	9	8	10	9
Non-cash operating lease costs	33	27	19	16	13
Non-cash loss on extinguishments and modifications of debt	0	358,000	0	−83,000	−961,000
Deferred income taxes	−10	7	8	5	2
Amortization of debt discount and deferred issuance costs	664,000	567,000	452,000	445,000	1
Accounts receivable	376,000	−2	632,000	−2	−535,000
Inventory	−867,000	−508,000	−62,000	−1	−1
Prepaid expenses	−868,000	509,000	−2	−123,000	−3
Deposits and other assets, current and long-term	−6	77,000	−4	1	169,000
Accounts payable	2	637,000	−1	−3	7
Accrued liabilities and other long-term liabilities	7	3	6	5	5
Accrued compensation and deferred payroll taxes	3	−467,000	4	−3	7
Deferred revenues, current and long-term	555,000	−136,000	−657,000	719,000	648,000
Other liabilities	0	−259,000	−368,000	−309,000	—
Operating lease liabilities	−8	−5	−11	−7	−10
Net cash provided by operating activities	126	116	95	63	63
Capital expenditures	−157	−128	−83	−62	−35
Acquisitions, net of cash acquired	−56	−79	−40	0	0
Purchase of intangible assets	−850,000	−100,000	−161,000	−1	−371,000
Net cash used in investing activities	−214	−207	−123	−63	−36
Proceeds from borrowings on revolving credit facility	444	23	30	0	0
Repayments of borrowings on revolving credit facility	−388	−53	0	0	0
Proceeds from issuance of long-term debt	28	198	0	0	100
Repayments of long-term debt, including finance lease liabilities	−9	−97	−6	−2	−292
Payment of debt discount and deferred issuance costs	0	−2	0	0	−2
Proceeds from exercise of stock options, net of employee taxes paid	1	6	6	1	0
Contingent consideration payment	0	−375,000	−198,000	−78,000	−9,000
Repayment of notes payable	0	0	−1	−3	−522,000
Net cash provided by financing activities	76	74	28	−2	−14
Net (decrease) increase in cash and cash equivalents	−12	−17	38,000	−2	13
Cash paid for interest, net of amounts capitalized	16	12	9	3	16
Cash paid for income taxes, net of refunds	3	3	2	915,000	79,000
Leased assets obtained in exchange for new operating lease liabilities	115	129	89	46	34
Leased assets obtained in exchange for new finance lease liabilities	10	2	249,000	127,000	217,000
Remeasurements and terminations of operating lease assets and lease liabilities	5	6	−898,000	−3	−3
Remeasurements and terminations of finance lease assets and lease liabilities	−575,000	86,000	−48,000	−197,000	6,000
(Decrease) Increase in liabilities from acquisition of property, fixtures and equipment	−5	3	7	—	—

Filings

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Frequently asked questions

What is First Watch Restaurant Group, Inc.'s CIK number?

First Watch Restaurant Group, Inc.'s SEC CIK number is 0001789940 (1789940). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find First Watch Restaurant Group, Inc.'s SEC filings?

All of First Watch Restaurant Group, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did First Watch Restaurant Group, Inc. last report earnings?

First Watch Restaurant Group, Inc. (FWRG) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001789940-26-000059). This is First Watch Restaurant Group, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is First Watch Restaurant Group, Inc.'s most recent earnings 8-K?

First Watch Restaurant Group, Inc.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001789940-26-000059. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View First Watch Restaurant Group, Inc.'s latest earnings 8-K →
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