First Watch Restaurant Group, Inc. financials
Source: EDGAR filings · Built 2026-06-02T03:05:55Z
Key metrics by reporting period
Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.
Derived Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Free Cash Flow | -30.99M | -12.83M | 11.45M | 204.00K | 27.15M | -45.45M |
| EBITDA | 102.52M | 96.62M | 82.49M | 51.14M | 54.62M | -16.50M |
| Working Capital | -118.42M | -82.60M | -43.88M | -32.69M | -28.83M | -27.49M |
| Net Debt | 987.42M | 776.24M | 557.33M | 457.68M | 422.11M | 599.06M |
| Operating Margin | 2.25% | 3.83% | 4.63% | 2.32% | 3.70% | -13.79% |
| Net Margin | 1.59% | 1.86% | 2.85% | 0.95% | -0.35% | -14.51% |
| Return on Equity (ROE) | 3.10% | 3.18% | 4.52% | 1.32% | -0.42% | -15.48% |
| Return on Assets (ROA) | 1.12% | 1.25% | 2.00% | 0.63% | -0.20% | -4.93% |
| Current Ratio | 0.29× | 0.40× | 0.62× | 0.67× | 0.70× | 0.64× |
| Debt-to-Equity | 1.61× | 1.36× | 1.08× | 0.97× | 0.94× | 1.99× |
| Effective Tax Rate | -60.16% | 32.47% | 29.63% | 45.14% | 669.46% | 28.57% |
| Cash Conversion Ratio | 6.48× | 6.11× | 3.76× | 9.11× | -29.89× | 0.37× |
| Accruals Ratio | -0.06× | -0.06× | -0.06× | -0.05× | -0.06× | -0.03× |
| SBC % of Revenue | 0.88% | 0.84% | 0.85% | 1.42% | 1.43% | 0.22% |
| CapEx Coverage | 0.80× | 0.90× | 1.14× | 1.00× | 1.76× | -0.68× |
| Free Cash Flow Per Share | $-0.49 | $-0.21 | $0.19 | $0.00 | $0.56 | $-1.01 |
Valuation Metrics
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 51.32× | 62.33× | 49.02× | 129.18× | — | — |
| P/FCF | — | — | 107.43× | 4179.41× | 28.36× | — |
| FCF Yield | — | — | 0.93% | 0.02% | 3.53% | — |
| EV / EBITDA | 19.12× | 19.78× | 21.35× | 25.40× | 24.99× | — |
| P/S | 0.80× | 1.12× | 1.35× | 1.15× | 1.57× | — |
| P/B | 1.55× | 1.91× | 2.14× | 1.61× | 1.87× | — |
Income Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 1.22B | 1.02B | 891.55M | 730.16M | 601.19M | 342.39M |
| Operating Income (Loss) | 27.51M | 38.91M | 41.27M | 16.91M | 22.24M | -47.22M |
| Income Tax Expense (Benefit) | -7.30M | 9.10M | 10.69M | 5.68M | 2.48M | -19.87M |
| Net Income (Loss) Attributable to Parent | 19.43M | 18.93M | 25.39M | 6.91M | -2.11M | -49.68M |
| Earnings Per Share, Basic | $0.32 | $0.31 | $0.43 | $0.12 | $-0.04 | $-1.10 |
| Weighted Average Number of Shares Outstanding, Basic | 60.96M | 60.37M | 59.53M | 59.10M | 48.21M | 45.01M |
| Earnings Per Share, Diluted | $0.31 | $0.30 | $0.41 | $0.11 | $-0.04 | $-1.10 |
| Weighted Average Number of Shares Outstanding, Diluted | 62.84M | 62.35M | 61.19M | 60.14M | 48.21M | 45.01M |
Balance Sheet
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 21.25M | 33.31M | 49.63M | 49.67M | 51.86M | 38.85M |
| Assets, Current | 49.08M | 55.88M | 71.19M | 67.29M | 67.70M | 49.04M |
| Assets | 1.74B | 1.51B | 1.27B | 1.10B | 1.05B | 1.01B |
| Liabilities, Current | 167.50M | 138.47M | 115.07M | 99.98M | 96.52M | 76.53M |
| Liabilities | 1.12B | 918.97M | 705.76M | 581.31M | 542.49M | 686.65M |
| Stockholders' Equity Attributable to Parent | 626.28M | 595.39M | 561.28M | 523.13M | 504.43M | 320.87M |
| Common Stock, Shares, Outstanding | 61.13M | 60.70M | 59.89M | 59.21M | 59.05M | 45.01M |
Cash Flow Statement
| Concept | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2021 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 125.91M | 115.67M | 95.34M | 62.94M | 62.97M | -18.36M |
| Payments to Acquire Property, Plant, and Equipment | 156.91M | 127.92M | 83.33M | 62.22M | 35.31M | 26.75M |
| Net Cash Provided by (Used in) Investing Activities | -213.76M | -206.65M | -123.37M | -63.11M | -35.68M | -26.97M |
| Net Cash Provided by (Used in) Financing Activities | 75.79M | 74.33M | 28.07M | -2.02M | -14.27M | 73.31M |
Derived Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Free Cash Flow | 4.73M | -18.34M | -12.88M | -18.23M | -16.54M | -17.88M |
| EBITDA | 22.39M | 29.69M | 29.71M | 25.45M | 17.67M | 19.62M |
| Working Capital | -125.92M | -118.42M | -133.05M | -115.38M | -97.59M | -82.60M |
| Net Debt | 1.01B | 987.42M | 961.64M | 939.60M | 818.62M | 776.24M |
| Operating Margin | 0.30% | 2.86% | 3.18% | 2.38% | 0.39% | 1.47% |
| Net Margin | -0.81% | 4.79% | 0.95% | 0.68% | -0.29% | 0.27% |
| Return on Equity (ROE) | -0.43% | 2.42% | 0.49% | 0.35% | -0.14% | 0.12% |
| Return on Assets (ROA) | -0.15% | 0.87% | 0.17% | 0.13% | -0.05% | 0.05% |
| Current Ratio | 0.29× | 0.29× | 0.25× | 0.27× | 0.31× | 0.40× |
| Debt-to-Equity | 1.64× | 1.61× | 1.62× | 1.59× | 1.40× | 1.36× |
| Effective Tax Rate | 21.81% | -243.08% | 47.29% | 41.11% | 46.06% | 5.28% |
| Cash Conversion Ratio | -12.83× | 1.22× | 35.93× | 28.29× | -24.29× | 32.80× |
| Accruals Ratio | -0.02× | -0.00× | -0.06× | -0.03× | -0.01× | -0.01× |
| SBC % of Revenue | 1.01% | 0.90% | 2.51% | 1.64% | 0.80% | 0.81% |
| CapEx Coverage | 1.16× | 0.50× | 0.89× | 0.77× | 0.55× | 0.56× |
| Free Cash Flow Per Share | $0.08 | $-0.29 | $-0.20 | $-0.29 | $-0.27 | $-0.29 |
Valuation Metrics
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| P/E Trailing (Diluted) | 36.82× | 51.32× | 200.00× | 268.50× | 99.18× | 62.33× |
| EV / EBITDA | 15.31× | 19.12× | 20.96× | 22.83× | 20.58× | 19.78× |
| P/S | 0.50× | 0.80× | 0.83× | 0.89× | 0.97× | 1.12× |
| P/B | 1.01× | 1.55× | 1.61× | 1.63× | 1.72× | 1.91× |
Income Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Revenue from Contract with Customer, Excluding Assessed Tax | 330.96M | 316.35M | 316.02M | 307.89M | 282.24M | 263.29M |
| Operating Income (Loss) | 999.00K | 9.04M | 10.05M | 7.31M | 1.11M | 3.86M |
| Income Tax Expense (Benefit) | -749.00K | -10.74M | 2.68M | 1.47M | -708.00K | 39.00K |
| Net Income (Loss) Attributable to Parent | -2.69M | 15.16M | 2.99M | 2.11M | -829.00K | 699.00K |
| Earnings Per Share, Basic | $-0.04 | $0.25 | $0.05 | $0.03 | $-0.01 | $0.01 |
| Weighted Average Number of Shares Outstanding, Basic | 61.24M | 60.96M | 61.03M | 61.01M | 60.77M | 60.37M |
| Earnings Per Share, Diluted | $-0.04 | $0.24 | $0.05 | $0.03 | $-0.01 | $0.01 |
| Weighted Average Number of Shares Outstanding, Diluted | 61.24M | 62.84M | 62.83M | 62.58M | 60.77M | 62.35M |
Balance Sheet
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Cash and Cash Equivalents, at Carrying Value | 23.57M | 21.25M | 20.71M | 19.18M | 18.61M | 33.31M |
| Assets, Current | 51.57M | 49.08M | 43.72M | 42.95M | 44.25M | 55.88M |
| Assets | 1.77B | 1.74B | 1.72B | 1.68B | 1.54B | 1.51B |
| Liabilities, Current | 177.49M | 167.50M | 176.77M | 158.33M | 141.85M | 138.47M |
| Liabilities | 1.15B | 1.12B | 1.11B | 1.07B | 947.85M | 918.97M |
| Stockholders' Equity Attributable to Parent | 627.66M | 626.28M | 607.31M | 601.31M | 596.29M | 595.39M |
| Common Stock, Shares, Outstanding | 61.63M | 61.13M | 61.03M | 61.02M | 60.97M | 60.70M |
Cash Flow Statement
| Concept | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
|---|---|---|---|---|---|---|
| Net Cash Provided by (Used in) Operating Activities | 34.46M | 18.46M | 107.45M | 59.57M | 20.14M | 22.92M |
| Payments to Acquire Property, Plant, and Equipment | 29.35M | 36.80M | 120.11M | 77.68M | 36.54M | 40.64M |
| Net Cash Provided by (Used in) Investing Activities | -29.53M | -37.99M | -175.77M | -132.85M | -36.60M | -40.73M |
| Net Cash Provided by (Used in) Financing Activities | -2.60M | 20.07M | 55.72M | 59.14M | 1.76M | -7.00K |
Raw XBRL tagging for a single filing
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Methodology
All facts on this page come straight from SEC EDGAR XBRL
company-facts filings (FWRG CIK 0001789940),
grouped by financial statement using FASB's base
us-gaap presentation taxonomy. Filers may re-parent
concepts onto different statements in their own extension
taxonomy, so a handful of rows can show up under a different
statement than on the actual 10-K / 10-Q; custom concepts and
any we couldn't map fall into Other. Hover a
cell to see the fully-qualified concept name and the filer's
description.
For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.