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FWRG

First Watch Restaurant Group, Inc.

FWRG

First Watch Restaurant Group, Inc. • NASDAQ
$18.56 ▲ 0.60% (+0.11)
Market Cap $1.13 B
52w High $22.71
52w Low $12.90
Dividend Yield 0%
P/E 232
Volume 329.16K
Outstanding Shares 61.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $316.022M ▲ $57.824M ▲ $2.991M ▲ 0.946% ▲ $0.049 ▲ $29.903M ▲
Q2-2025 $307.887M ▲ $52.367M ▼ $2.106M ▲ 0.684% ▲ $0.035 ▲ $25.715M ▲
Q1-2025 $282.24M ▲ $214.48M ▲ $-2.245M ▼ -0.795% ▼ $-0.014 ▼ $11.686M ▼
Q4-2024 $263.291M ▲ $47.455M ▲ $699K ▼ 0.265% ▼ $0.01 ▼ $19.712M ▼
Q3-2024 $251.609M $43.322M $2.112M 0.839% $0.03 $22.09M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $20.714M ▲ $1.72B ▲ $1.113B ▲ $607.311M ▲
Q2-2025 $19.177M ▲ $1.676B ▲ $1.075B ▲ $601.313M ▲
Q1-2025 $18.607M ▼ $1.544B ▲ $947.849M ▲ $596.289M ▲
Q4-2024 $33.312M ▼ $1.514B ▲ $918.967M ▲ $595.389M ▲
Q3-2024 $51.129M $1.485B $895.826M $589.131M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $2.106M ▲ $39.432M ▲ $-96.244M ▼ $57.382M ▲ $570K ▲ $-2.022M ▲
Q1-2025 $-829K ▼ $20.138M ▼ $-36.605M ▲ $1.762M ▲ $-14.705M ▲ $-16.42M ▲
Q4-2024 $699K ▼ $22.924M ▼ $-40.734M ▼ $-7K ▼ $-17.817M ▼ $-17.75M ▼
Q3-2024 $2.112M ▼ $35.856M ▲ $-30.564M ▲ $475K ▼ $5.767M ▲ $6.744M ▲
Q2-2024 $8.9M $31.911M $-103.353M $73.301M $1.859M $2.232M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Franchise
Franchise
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Franchisor Owned Outlet
Franchisor Owned Outlet
 $520.00M ▲$280.00M ▼$300.00M ▲$310.00M ▲
InRestaurant Dining Sales
InRestaurant Dining Sales
 $430.00M ▲$0 ▼$250.00M ▲$250.00M ▲
Initial Fees
Initial Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty And System Fund Contributions
Royalty And System Fund Contributions
 $10.00M ▲$0 ▼$0 ▲$0 ▲
TakeOut Sales
TakeOut Sales
 $40.00M ▲$0 ▼$20.00M ▲$20.00M ▲
ThirdParty Delivery Sales
ThirdParty Delivery Sales
 $50.00M ▲$0 ▼$30.00M ▲$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement First Watch shows a clear growth story: sales have risen steadily each year since before the pandemic, reflecting successful expansion and solid demand for its daytime dining concept. Profitability, however, is still relatively modest. The company has moved from losses to consistent, but thin, profits, with operating and net income both positive but not yet robust. Margins appear to be improving over time, though they are still vulnerable to food and labor cost inflation. Overall, the income statement tells a story of a growth-focused restaurant chain that is scaling well, but still working to translate that growth into stronger, more durable earnings.

Balance Sheet

Balance Sheet The balance sheet looks like that of a company in active expansion mode. Total assets have been rising steadily as the restaurant base grows. Debt has also increased over time, but so has shareholders’ equity, suggesting that the capital structure is expanding rather than becoming overly lopsided. Cash on hand remains relatively small compared to the overall size of the business, which is common for a growth restaurant concept but leaves less cushion against shocks. In general, the company appears to be balancing growth investment with a gradually strengthening equity base, while carrying a meaningful but not extreme debt load.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive in recent years and has grown alongside the business, which is a healthy sign. Free cash flow, however, has hovered around break-even, occasionally dipping slightly negative. This is largely due to sizable capital spending on new restaurants and related investments. In other words, the business is generating cash from its core operations but reinvesting most of it back into growth. This pattern can support expansion but leaves less room for other uses of cash and makes the company reliant on continued strong operating performance.

Competitive Edge

Competitive Edge First Watch has crafted a distinct niche by focusing solely on breakfast, brunch, and lunch. This daytime-only model simplifies operations and can help with labor and scheduling, which are major pain points across the restaurant industry. The brand leans heavily on freshness, health-leaning options, and made-to-order dishes, which resonate with a more affluent, quality-focused customer base. Its reputation for innovative, Instagram-friendly menu items and fresh juices further differentiates it from traditional breakfast chains and casual diners. At the same time, it competes in a crowded restaurant landscape where many players are pushing into brunch and premium daytime offerings, so maintaining brand distinctiveness and service consistency will be critical.

Innovation and R&D

Innovation and R&D Innovation is a core part of the First Watch strategy, even if it doesn’t show up as traditional “R&D” on the financials. The company runs an intensive seasonal menu program, rolling out new items multiple times a year after long development cycles and extensive testing. Signature dishes and a strong juice program support its “better-for-you,” modern breakfast positioning. On the technology side, First Watch is leaning into digital tools: online ordering, remote waitlist and table management, and a growing data and CRM backbone. The recent elevation of a dedicated technology leader underscores a push toward more personalized digital experiences and better use of data to refine menus, marketing, and operations. This combination of culinary and digital innovation is a key part of its moat, but it requires ongoing investment and execution discipline.

Summary

First Watch presents as a growth-oriented restaurant brand with a clear, differentiated concept focused on daytime dining. Revenue has climbed steadily, and profitability has moved from negative to consistently positive, though margins remain relatively thin and exposed to cost pressures. The balance sheet and cash flow profile both reflect aggressive reinvestment into new units: assets, debt, and equity are all rising, operating cash flow is healthy, and free cash flow is kept tight by expansion spending. Competitively, the company benefits from a focused niche, a strong brand around freshness and health-conscious offerings, and a loyal, more resilient customer demographic. Its ongoing menu innovation and digital initiatives—especially in guest experience and data-driven decision-making—are meaningful strengths. Key risks center on execution: maintaining service quality during rapid growth, managing rising costs, and successfully scaling both the concept and the technology platform without diluting what makes the brand special.

NEWS

November 25, 2025 · 8:00 AM UTC

First Watch Restaurant Group, Inc. to Participate in Two December Investor Conferences

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November 13, 2025 · 4:05 PM UTC

First Watch Restaurant Group, Inc. to Participate at the Stephens Annual Investment Conference on November 18-19, 2025

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November 5, 2025 · 4:41 PM UTC

First Watch Restaurant Group, Inc. Announces Secondary Offering of Common Stock

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October 14, 2025 · 11:59 AM UTC

First Watch Named #1 Most Loved Workplace® in America for Second Consecutive Year

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September 15, 2025 · 10:00 AM UTC

Viva Las Breakfast! First Watch Makes Nevada Debut with New Craig Road Location

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