F 
First Watch Restaurant Group FWRG · USD
Consumer Discretionary · US listing · 🇺🇸 United States
13.85
+7.70%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$1.22bn
FY2018FY2025
Net income
$19.4m
FY2018FY2025
Free cash flow
−$31.0m
FY2018FY2025
Shareholders' equity
$626.3m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22bn | $1.02bn | $891.6m | $730.2m | $601.2m | $342.4m | $436.4m | $349.8m |
| Operating income | $33.8m | $38.9m | $41.3m | $16.9m | $20.5m | −$46.7m | −$37.8m | $3.2m |
| Net income | $19.4m | $18.9m | $25.4m | $6.9m | −$2.1m | −$49.7m | −$45.4m | −$12.3m |
| Diluted earnings per share | 0.31 | 0.30 | 0.41 | 0.12 | -0.04 | -0.85 | -1.01 | -0.27 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | $1.74bn | $1.51bn | $1.27bn | $1.10bn | $1.05bn | $1.01bn | $982.1m | $664.5m |
| Cash and short-term investments | $21.2m | $33.3m | $49.6m | $49.7m | $51.9m | $38.8m | $11.1m | $16.3m |
| Total liabilities | $1.12bn | $919.0m | $705.8m | $581.3m | $542.5m | $686.6m | $652.3m | $289.8m |
| Debt | $357.4m | $254.0m | $125.4m | $141.2m | $143.5m | $330.1m | $280.8m | $1.9m |
| Shareholders' equity | $626.3m | $595.4m | $561.3m | $523.1m | $504.4m | $320.9m | $329.8m | $374.4m |
| Shares outstanding | 63m | 62m | 62m | 59m | 58m | 59m | 45m | 45m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | $125.9m | $115.7m | $95.3m | $62.9m | $63.0m | −$18.4m | $21.5m | $30.8m |
| Capital spending | −$156.9m | −$127.9m | −$84.7m | −$63.3m | −$35.7m | −$27.0m | −$59.2m | −$37.7m |
| Free cash flow | −$31.0m | −$12.3m | $10.6m | −$393,000 | $27.3m | −$45.3m | −$37.7m | −$7.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $354.7m | $331.0m | $316.4m | $316.0m | $307.9m | $282.2m | $263.3m | $251.6m |
| Operating income | $33.8m | $2.7m | $9.5m | $11.4m | $9.2m | $3.3m | $6.0m | $7.8m |
| Net income | $2.3m | −$2.7m | $15.2m | $3.0m | $2.1m | −$829,000 | $699,000 | $2.1m |
| Diluted earnings per share | 0.04 | -0.04 | 0.24 | 0.05 | 0.03 | -0.01 | 0.01 | 0.03 |
| Cash from operations | $27.0m | $34.0m | $18.0m | $47.0m | $39.0m | $20.0m | $22.0m | $35.0m |
| Capital spending | −$40.0m | −$29.0m | −$36.0m | −$42.0m | −$41.0m | −$36.0m | −$40.0m | −$29.0m |
| Free cash flow | −$13.0m | $5.0m | −$18.0m | $5.0m | −$2.0m | −$16.0m | −$18.0m | $6.0m |
| Total assets | $1.82bn | $1.77bn | $1.74bn | $1.72bn | $1.68bn | $1.54bn | $1.51bn | $1.48bn |
| Cash and short-term investments | $20.5m | $23.6m | $21.2m | $20.7m | $19.2m | $18.6m | $33.3m | $51.1m |
| Debt | $371.8m | $358.1m | $357.4m | $251.0m | $250.0m | $191.5m | $189.0m | $189.7m |
| Shareholders' equity | $634.2m | $627.7m | $626.3m | $607.3m | $601.3m | $596.3m | $595.4m | $589.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 18.7% | 29.0% | — |
| Operating income | 25.9% | — | — |
| Net income | 41.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.2% | 3.4% | 2.2% | — |
| Net margin | 1.7% | 1.8% | 0.4% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 48.8 | 61.3 | 49.0 | 116.0 | -459.9 |
| Price to sales | 0.8 | 1.1 | 1.4 | 1.1 | 1.6 |
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return | -7% | -5% | 39% | -10% | -29% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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