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MARKETS / NASDAQ / Consumer discretionary / Restaurants / FWRG
NASDAQ · RETAIL-EATING PLACES · LARGE CAP

First Watch Restaurant Group, Inc. FWRG

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$1.2B
▲ 20.3% YoY
$19.4M
▲ 2.7% YoY
$-31.0M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

First Watch Restaurant Group, Inc. serves made-to-order breakfast, brunch and lunch. As of December 28, 2025, it had a total of 633 restaurants across 32 states, 560 of which were company-owned and 73 of which were franchise-owned. As of December 28, 2025, it had more than 17,500 restaurant employees. Franchisees are required to pay 4.0% of franchised restaurant sales in royalties. First Watch Restaurant Group, Inc. was incorporated in Delaware on August 10, 2017, under the name AI Fresh Super Holdco, Inc., and changed its name to First Watch Restaurant Group, Inc. on December 20, 2019. It has operated since opening its doors in 1983.

Written from the business description in First Watch Restaurant Group, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 24 February 2026. Every sentence was checked against that document before publication.

Growth

USD 1.2B
Revenue, FY2025 · full 7-year series below
Revenue $B Net income $B
FY2025 · Revenue 1.2 · Net income 0.0
0.5B1.0B
201920222025
Compound annual growth
+18.7%
+29.0%
+41.2%
+41.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +29.0% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

2 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 2.3% · Net 1.6%
2%4%-5%-10%
201920222025
ROE
FY2025 · ROE 3.2%
2%4%-5%-10%-15%
201920222025
Three returns, three denominators.
Gross margin99.9%
Operating margin2.3%
Net margin1.6%
EBITDAUSD 94.0M

Each USD of equity produced 3 cents of profit this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -31.0
10M20M-20M-40M
201920222025
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 1.7B
EquityUSD 626.3M
CashUSD 21.2M
Gross debtUSD 269.1M
Net debtUSD 247.8M
Current ratio0.29×

Net debt stands at 40% of equity.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
FWRG, 7-year financial record
Metric 2025202420232022202120202019
Revenue $B1.21.00.90.70.60.30.4
Operating income $B0.00.00.00.00.0−0.0−0.0
EBITDA $B0.10.10.10.10.1−0.0−0.0
Income tax $B−0.00.00.00.00.0−0.0−0.0
Net income $B0.00.00.00.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.00.00.00.0−0.0−0.0
EPS, diluted $0.310.300.410.11−0.04−1.10−1.01
Dividend / sh $◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————
ROE %3.23.34.71.3−0.5−15.3−13.8
Shares out B0.060.060.060.060.060.05◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 26 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 13 checks were skipped: cost of revenue is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityRetail-Eating Places
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 28
Data on record since2019

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