NASDAQ:FWRG
First Watch Restaurant Group, Inc.
First Watch Restaurant Group, Inc.'s revenue grew 20.3% in fiscal 2025 to $1.2B while operating margin fell to 2.3%. Free cash flow was −$31.0M, −2.5% of revenue, and the diluted share count rose 0.8%.Summary generated from First Watch Restaurant Group, Inc.'s SEC filings. Latest annual report filed Feb 24, 2026.
Key statistics
Fiscal 2025 from SEC filings. MethodologyRevenue (FY25)$1.2B
Revenue growth+20.3%
Revenue, 5-yr CAGR+29.0%
Gross marginn/a
Operating margin2.3%
Net margin1.6%
ROIC3.3%
Return on equity3.2%
Debt / equity0.45
Free cash flow−$31.0M
FCF margin−2.5%
Share count change+0.8%
Financials
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 601 | 730 | 892 | 1,016 | 1,223 |
| Operating income | 22 | 17 | 41 | 39 | 28 |
| Net income | −2 | 7 | 25 | 19 | 19 |
| Free cash flow | 28 | 1 | 12 | −12 | −31 |
Recent filings
- 8-KRegulation FD disclosure
Aug 4, 2026 - 10-QQuarterly report for the period ended Jun 28, 2026
Aug 4, 2026 - 8-KResults of operations and financial condition
Aug 4, 2026 - 8-K/AAmended results of a shareholder vote
Jul 31, 2026 - 4Insider transaction report
Jun 10, 2026 - 8-KDirector or officer change
Jun 8, 2026 - 4Insider transaction report
May 22, 2026 - 8-KResults of a shareholder vote
May 21, 2026