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MARKETS / NASDAQ / 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
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
0.5B1.0B2019202020212022202320242025
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 five years.

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%2019202020212022202320242025
ROE
FY2025 · ROE 3.2%
2%4%-5%-10%-15%2019202020212022202320242025
Gross margin99.9%
Operating margin2.3%
Net margin1.6%
Return on assets1.2%
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-40M2019202020212022202320242025
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
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 %·······
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 · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 26 reconciliationsAUDITED

Reconciled in 7 of 19 fiscal years. 63 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityRetail-Eating Places
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 28
Data on record since2019

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