First Watch Restaurant Group (FWRG) Financials

$17.71 +0.03 (+0.17%)

Closing price 04:00 PM Eastern

Extended Trading

$17.71 0.00 (0.00%)

As of 06:21 PM Eastern

Annual Income Statements for First Watch Restaurant Group

This table shows First Watch Restaurant Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024
Net Income / (Loss) Attributable to Common Shareholders	-45	-50	-2.11	6.91	25	19
Consolidated Net Income / (Loss)	-45	-50	-2.11	6.91	25	19
Net Income / (Loss) Continuing Operations	-45	-50	-2.11	6.91	25	19
Total Pre-Tax Income	-58	-70	0.37	13	36	28
Total Operating Income	-38	-47	22	17	41	39
Total Gross Profit	336	265	467	558	491	793
Total Revenue	436	342	601	730	892	1,016
Operating Revenue	436	342	601	730	892	1,016
Total Cost of Revenue	101	77	134	173	400	223
Operating Cost of Revenue	101	77	134	173	400	223
Total Operating Expenses	373	313	445	541	450	754
Selling, General & Admin Expense	56	46	70	85	103	113
Depreciation Expense	28	31	32	34	41	58
Other Operating Expenses / (Income)	250	231	338	415	297	572
Impairment Charge	34	0.32	0.38	0.92	1.36	0.53
Other Special Charges / (Income)	5.82	3.88	3.31	5.41	7.17	10
Total Other Income / (Expense), net	-20	-22	-22	-4.32	-5.19	-11
Interest Expense	20	23	20	5.23	8.06	13
Other Income / (Expense), net	-0.26	0.48	-1.77	0.91	2.87	1.76
Income Tax Expense	-12	-20	2.48	5.68	11	9.10
Basic Earnings per Share	($1.01)	($1.10)	($0.04)	$0.12	$0.43	$0.31
Weighted Average Basic Shares Outstanding	45.01M	45.01M	48.21M	59.10M	59.53M	60.37M
Diluted Earnings per Share	($1.01)	($1.10)	($0.04)	$0.11	$0.41	$0.30
Weighted Average Diluted Shares Outstanding	45.01M	45.01M	48.21M	60.14M	61.19M	62.35M
Weighted Average Basic & Diluted Shares Outstanding	-	-	59.05M	59.26M	59.91M	60.70M

This table shows First Watch Restaurant Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/25/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.49	9.36	7.96	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11
Consolidated Net Income / (Loss)	-0.49	9.36	7.96	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11
Net Income / (Loss) Continuing Operations	-0.49	9.36	7.96	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11
Total Pre-Tax Income	0.26	14	9.99	6.66	5.51	10	14	3.50	0.74	-1.54	3.58
Total Operating Income	1.48	15	11	7.74	6.86	12	16	6.31	3.86	1.11	7.31
Total Gross Profit	317	165	169	119	39	134	145	196	299	171	164
Total Revenue	186	211	216	219	245	242	259	252	263	282	308
Operating Revenue	186	211	216	219	245	242	259	252	263	282	308
Total Cost of Revenue	-132	47	48	100	206	108	114	56	-36	111	143
Operating Cost of Revenue	-132	47	48	100	206	108	114	56	-36	111	143
Total Operating Expenses	316	149	157	112	32	122	128	189	295	170	157
Selling, General & Admin Expense	22	23	25	25	30	28	27	28	31	30	33
Depreciation Expense	8.93	9.12	9.44	10	12	12	15	15	16	17	18
Other Operating Expenses / (Income)	283	116	121	74	-14	80	85	144	244	121	102
Impairment Charge	0.35	0.13	0.30	0.19	0.74	0.12	0.15	0.11	0.14	0.01	0.13
Other Special Charges / (Income)	1.85	1.04	1.25	2.04	2.85	1.57	1.83	2.39	4.33	2.66	3.51
Total Other Income / (Expense), net	-1.22	-1.41	-1.35	-1.08	-1.35	-2.27	-2.67	-2.82	-3.12	-2.65	-3.74
Interest Expense	1.74	1.91	2.04	1.85	2.27	2.60	3.38	3.44	3.22	3.33	4.00
Other Income / (Expense), net	0.52	0.49	0.69	0.77	0.92	0.33	0.71	0.62	0.10	0.68	0.27
Income Tax Expense	0.74	4.56	2.03	1.24	2.86	2.80	4.88	1.38	0.04	-0.71	1.47
Basic Earnings per Share	($0.01)	$0.16	$0.13	$0.09	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03
Weighted Average Basic Shares Outstanding	59.10M	59.24M	59.39M	59.65M	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M
Diluted Earnings per Share	($0.02)	$0.15	$0.13	$0.09	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03
Weighted Average Diluted Shares Outstanding	60.14M	60.60M	60.94M	61.56M	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M
Weighted Average Basic & Diluted Shares Outstanding	59.26M	59.36M	59.52M	59.82M	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M

This table details how cash moves in and out of First Watch Restaurant Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024
Net Change in Cash & Equivalents	-5.16	28	13	-2.19	0.04	-17
Net Cash From Operating Activities	21	-18	63	63	95	116
Net Cash From Continuing Operating Activities	21	-18	63	63	95	116
Net Income / (Loss) Continuing Operations	-45	-50	-2.11	6.91	25	19
Consolidated Net Income / (Loss)	-45	-50	-2.11	6.91	25	19
Depreciation Expense	28	31	32	34	41	58
Amortization Expense	1.13	1.28	1.09	0.45	0.45	0.57
Non-Cash Adjustments To Reconcile Net Income	45	21	14	27	16	31
Changes in Operating Assets and Liabilities, net	-7.59	-22	18	-5.76	12	7.66
Net Cash From Investing Activities	-82	-27	-36	-63	-123	-207
Net Cash From Continuing Investing Activities	-82	-27	-36	-63	-123	-207
Purchase of Property, Plant & Equipment	-59	-27	-35	-62	-85	-128
Acquisitions	-23	-0.23	-0.37	-1.11	-40	-79
Other Investing Activities, net	-	0.00	0.00	0.22	1.20	0.03
Net Cash From Financing Activities	56	73	-14	-2.02	28	74
Net Cash From Continuing Financing Activities	56	73	-14	-2.02	28	74
Repayment of Debt	-36	-43	-294	-3.37	-7.56	-152
Issuance of Debt	92	77	100	0.00	30	220
Other Financing Activities, net	-0.23	0.00	2.87	1.35	5.63	6.05
Cash Interest Paid	19	20	16	3.37	8.73	12
Cash Income Taxes Paid	0.15	0.16	0.08	0.92	1.95	3.11

This table details how cash moves in and out of First Watch Restaurant Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/25/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025
Net Change in Cash & Equivalents	0.30	4.74	12	-27	9.71	-6.46	1.86	5.77	-18	-15	0.57
Net Cash From Operating Activities	16	21	34	17	22	25	32	36	23	20	39
Net Cash From Continuing Operating Activities	16	21	34	17	22	25	32	36	23	20	39
Net Income / (Loss) Continuing Operations	-0.49	9.36	7.96	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11
Consolidated Net Income / (Loss)	-0.49	9.36	7.96	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11
Depreciation Expense	8.93	9.12	9.44	10	12	12	15	15	16	17	18
Amortization Expense	0.11	0.11	0.11	0.11	0.12	5.86	0.15	0.16	0.16	0.15	0.17
Non-Cash Adjustments To Reconcile Net Income	6.90	5.72	6.61	7.05	-3.53	4.60	2.21	8.40	12	5.51	15
Changes in Operating Assets and Liabilities, net	0.84	-3.16	10	-5.55	11	-4.96	6.12	10	-5.79	-1.26	3.62
Net Cash From Investing Activities	-17	-14	-23	-45	-41	-32	-103	-31	-41	-37	-96
Net Cash From Continuing Investing Activities	-17	-14	-23	-45	-41	-32	-103	-31	-41	-37	-96
Purchase of Property, Plant & Equipment	-17	-15	-15	-23	-32	-29	-30	-29	-41	-37	-41
Acquisitions	-0.40	-0.08	-8.02	-22	-9.54	-3.42	-74	-1.49	-0.09	-0.06	-55
Other Investing Activities, net	0.22	0.15	0.45	0.04	0.56	0.00	0.00	-	0.03	0.01	0.03
Net Cash From Financing Activities	1.42	-1.96	0.71	1.16	28	0.56	73	0.48	-0.01	1.76	57
Net Cash From Continuing Financing Activities	1.42	-1.96	0.71	1.16	28	0.56	73	0.48	-0.01	1.76	57
Repayment of Debt	-1.73	-2.52	-0.64	-1.73	-2.66	-125	-24	-1.36	-1.39	-4.37	-91
Issuance of Debt	-	0.00	-	-	30	123	98	-	-	6.00	149
Other Financing Activities, net	0.80	0.57	1.36	2.89	0.82	3.15	-0.31	1.83	1.39	0.13	0.17
Cash Interest Paid	0.57	1.66	1.76	1.94	3.36	2.77	1.59	1.58	6.39	3.07	-0.28
Cash Income Taxes Paid	0.14	0.07	0.92	0.36	0.62	0.00	2.10	0.85	0.16	0.10	0.91

This table presents First Watch Restaurant Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024
Period end date	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024
Total Assets	1,008	1,047	1,104	1,267	1,514
Total Current Assets	49	68	67	71	56
Cash & Equivalents	39	52	50	50	33
Accounts Receivable	3.92	4.45	6.16	5.53	7.24
Inventories, net	2.92	4.02	5.03	5.38	6.12
Prepaid Expenses	2.49	5.68	5.80	7.49	7.01
Other Current Assets	0.62	1.43	0.37	2.82	2.20
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	958	979	1,037	1,196	1,458
Goodwill	345	345	345	360	399
Intangible Assets	144	143	143	151	168
Other Noncurrent Operating Assets	470	491	549	685	892
Total Liabilities & Shareholders' Equity	1,008	1,047	1,104	1,267	1,514
Total Liabilities	687	542	581	706	919
Total Current Liabilities	77	97	100	115	138
Short-Term Debt	3.59	5.54	7.63	5.63	9.23
Accounts Payable	4.22	11	7.59	6.32	6.96
Accrued Expenses	13	16	23	36	40
Current Deferred Revenue	4.27	4.65	5.19	5.50	5.62
Current Employee Benefit Liabilities	11	21	18	22	21
Other Current Liabilities	40	38	39	40	56
Total Noncurrent Liabilities	610	446	481	591	780
Long-Term Debt	286	100	95	120	189
Noncurrent Deferred & Payable Income Tax Liabilities	14	12	17	25	32
Other Noncurrent Operating Liabilities	310	334	369	446	559
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	321	504	523	561	595
Total Preferred & Common Equity	321	504	523	561	595
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	321	504	523	561	595
Common Stock	424	609	621	635	650
Retained Earnings	-103	-105	-98	-73	-54
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.67	-0.44

This table presents First Watch Restaurant Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/26/2022	9/25/2022	3/26/2023	6/25/2023	9/24/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025
Total Assets	1,080	1,090	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676
Total Current Assets	70	65	70	85	59	63	67	73	44	43
Cash & Equivalents	54	49	54	67	40	43	45	51	19	19
Accounts Receivable	3.87	3.43	3.83	4.47	4.99	4.13	4.03	4.93	5.96	5.48
Inventories, net	3.97	4.12	4.41	4.89	4.79	5.20	5.67	5.33	6.20	6.77
Prepaid Expenses	5.54	4.33	6.67	5.89	4.70	8.91	8.49	7.44	11	8.40
Other Current Assets	2.84	3.72	0.59	1.98	3.84	1.69	3.85	4.18	2.80	3.12
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,010	1,025	1,045	1,078	1,147	1,216	1,369	1,412	1,500	1,633
Goodwill	345	345	345	350	357	361	399	399	399	420
Intangible Assets	143	143	143	144	150	151	171	169	166	179
Other Noncurrent Operating Assets	522	537	557	583	640	704	800	844	935	1,034
Total Liabilities & Shareholders' Equity	1,080	1,090	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676
Total Liabilities	563	570	580	617	649	705	851	896	948	1,075
Total Current Liabilities	93	93	92	109	110	106	119	134	142	158
Short-Term Debt	4.92	5.63	6.49	7.23	6.89	3.03	6.65	7.83	10	12
Accounts Payable	6.99	7.50	5.22	5.51	5.55	5.68	7.18	6.87	7.69	7.51
Accrued Expenses	21	24	25	32	34	32	39	44	41	48
Current Deferred Revenue	3.07	2.39	3.23	3.47	2.66	3.34	3.25	2.37	3.41	3.51
Current Employee Benefit Liabilities	19	15	11	21	18	21	17	25	23	20
Other Current Liabilities	38	38	40	40	43	41	46	48	57	68
Total Noncurrent Liabilities	470	478	489	507	539	598	732	762	806	916
Long-Term Debt	97	96	93	92	91	123	192	190	192	250
Noncurrent Deferred & Payable Income Tax Liabilities	16	17	21	23	24	28	32	32	31	32
Other Noncurrent Operating Liabilities	357	365	374	392	424	448	508	540	584	635
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	517	520	535	546	557	574	586	589	596	601
Total Preferred & Common Equity	517	520	535	546	557	574	586	589	596	601
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	517	520	535	546	557	574	586	589	596	601
Common Stock	615	618	623	627	632	640	642	646	652	655
Retained Earnings	-98	-98	-89	-81	-75	-66	-57	-55	-55	-53
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-0.16	0.83	0.26	0.19	-2.48	-1.10	-1.20

This table displays calculated financial ratios and metrics derived from First Watch Restaurant Group's official financial filings.

Metric	2019	2020	2021	2022	2023	2024
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	-21.54%	75.59%	21.45%	22.10%	13.95%
EBITDA Growth	0.00%	-70.19%	466.11%	-2.67%	63.46%	15.31%
EBIT Growth	0.00%	-23.61%	143.79%	-12.93%	147.65%	-7.87%
NOPAT Growth	0.00%	-25.74%	-283.19%	107.32%	212.99%	-9.53%
Net Income Growth	0.00%	-9.26%	95.76%	427.81%	267.53%	-25.45%
EPS Growth	0.00%	-8.91%	96.36%	375.00%	272.73%	-26.83%
Operating Cash Flow Growth	0.00%	-185.55%	442.90%	-0.05%	51.48%	21.33%
Free Cash Flow Firm Growth	0.00%	0.00%	81.40%	92.33%	-272.73%	-202.67%
Invested Capital Growth	0.00%	0.00%	-2.48%	3.21%	10.63%	19.42%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	3.27%	7.07%	1.87%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	12.58%	11.85%	-0.26%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	43.13%	15.07%	-8.58%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	77.12%	12.09%	-1.50%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	152.08%	14.08%	-9.34%
EPS Q/Q Growth	0.00%	0.00%	0.00%	175.00%	17.14%	-9.09%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	36.02%	-3.69%	6.72%	0.55%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-93.89%	-3.43%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.58%	3.58%	3.38%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	76.93%	77.52%	77.68%	76.37%	55.11%	78.04%
EBITDA Margin	-1.98%	-4.30%	8.97%	7.19%	9.63%	9.74%
Operating Margin	-8.61%	-13.79%	3.70%	2.32%	4.63%	3.83%
EBIT Margin	-8.66%	-13.65%	3.40%	2.44%	4.95%	4.00%
Profit (Net Income) Margin	-10.42%	-14.51%	-0.35%	0.95%	2.85%	1.86%
Tax Burden Percent	78.55%	71.43%	-569.46%	54.86%	70.37%	67.53%
Interest Burden Percent	153.11%	148.81%	1.81%	70.64%	81.73%	68.92%
Effective Tax Rate	0.00%	0.00%	669.46%	45.14%	29.63%	32.47%
Return on Invested Capital (ROIC)	0.00%	-11.56%	-22.43%	1.64%	4.79%	3.76%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-24.82%	59.50%	-2.85%	-0.93%	-2.35%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-19.40%	21.92%	-0.29%	-0.11%	-0.49%
Return on Equity (ROE)	0.00%	-30.97%	-0.51%	1.34%	4.68%	3.27%
Cash Return on Invested Capital (CROIC)	0.00%	-211.56%	-19.92%	-1.52%	-5.31%	-13.94%
Operating Return on Assets (OROA)	0.00%	-4.64%	1.99%	1.66%	3.72%	2.92%
Return on Assets (ROA)	0.00%	-4.93%	-0.21%	0.64%	2.14%	1.36%
Return on Common Equity (ROCE)	0.00%	-30.97%	-0.51%	1.34%	4.68%	3.27%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-15.48%	-0.42%	1.32%	4.52%	3.18%
Net Operating Profit after Tax (NOPAT)	-26	-33	-127	9.28	29	26
NOPAT Margin	-6.02%	-9.65%	-21.07%	1.27%	3.26%	2.59%
Net Nonoperating Expense Percent (NNEP)	0.00%	13.25%	-81.93%	4.49%	5.72%	6.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.48%	4.23%	3.31%
Cost of Revenue to Revenue	23.07%	22.48%	22.32%	23.63%	44.89%	21.96%
SG&A Expenses to Revenue	12.79%	13.53%	11.71%	11.64%	11.57%	11.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.53%	91.31%	73.98%	74.05%	50.48%	74.21%
Earnings before Interest and Taxes (EBIT)	-38	-47	20	18	44	41
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.66	-15	54	52	86	99
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.53	1.87	1.61	2.14	1.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	58.17	24.20	23.94	38.75
Price to Revenue (P/Rev)	0.39	0.50	1.57	1.15	1.35	1.11
Price to Earnings (P/E)	0.00	0.00	0.00	121.79	47.36	59.85
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.82%	2.11%	1.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.74	1.79	1.55	2.01	1.71
Enterprise Value to Revenue (EV/Rev)	0.00	1.23	1.66	1.22	1.43	1.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	18.47	17.02	14.89	13.11
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	48.67	50.14	28.95	31.91
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	96.32	44.00	49.39
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	15.82	14.20	13.40	11.22
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	0.90	0.21	0.20	0.22	0.33
Long-Term Debt to Equity	0.00	0.89	0.20	0.18	0.21	0.32
Financial Leverage	0.00	0.78	0.37	0.10	0.12	0.21
Leverage Ratio	0.00	3.14	2.49	2.09	2.19	2.40
Compound Leverage Factor	0.00	4.67	0.05	1.48	1.79	1.66
Debt to Total Capital	0.00%	47.47%	17.27%	16.36%	18.26%	24.98%
Short-Term Debt to Total Capital	0.00%	0.59%	0.91%	1.22%	0.82%	1.16%
Long-Term Debt to Total Capital	0.00%	46.89%	16.36%	15.14%	17.44%	23.82%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	52.53%	82.73%	83.64%	81.74%	75.02%
Debt to EBITDA	0.00	-19.68	1.95	1.95	1.46	2.00
Net Debt to EBITDA	0.00	-17.03	0.99	1.00	0.88	1.67
Long-Term Debt to EBITDA	0.00	-19.44	1.85	1.80	1.40	1.91
Debt to NOPAT	0.00	-8.77	-0.83	11.03	4.32	7.55
Net Debt to NOPAT	0.00	-7.59	-0.42	5.65	2.60	6.28
Long-Term Debt to NOPAT	0.00	-8.66	-0.79	10.20	4.12	7.20
Altman Z-Score	0.00	0.16	1.51	1.42	1.72	1.38
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.64	0.70	0.67	0.62	0.40
Quick Ratio	0.00	0.56	0.58	0.56	0.48	0.29
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-605	-113	-8.63	-32	-97
Operating Cash Flow to CapEx	36.28%	-68.65%	178.33%	101.15%	112.79%	90.41%
Free Cash Flow to Firm to Interest Expense	0.00	-26.51	-5.60	-1.65	-3.99	-7.70
Operating Cash Flow to Interest Expense	1.07	-0.80	3.13	12.03	11.82	9.15
Operating Cash Flow Less CapEx to Interest Expense	-1.88	-1.98	1.38	0.14	1.34	-0.97
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.34	0.59	0.68	0.75	0.73
Accounts Receivable Turnover	0.00	87.46	143.74	137.58	152.45	159.15
Inventory Turnover	0.00	26.41	38.69	38.13	76.90	38.81
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	18.24	17.57	18.51	57.53	33.59
Days Sales Outstanding (DSO)	0.00	4.17	2.54	2.65	2.39	2.29
Days Inventory Outstanding (DIO)	0.00	13.82	9.44	9.57	4.75	9.41
Days Payable Outstanding (DPO)	0.00	20.01	20.78	19.72	6.34	10.87
Cash Conversion Cycle (CCC)	0.00	-2.01	-8.81	-7.50	0.80	0.83
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	572	558	576	637	760
Invested Capital Turnover	0.00	1.20	1.06	1.29	1.47	1.45
Increase / (Decrease) in Invested Capital	0.00	572	-14	18	61	124
Enterprise Value (EV)	0.00	421	996	894	1,278	1,298
Market Capitalization	170	170	943	841	1,202	1,133
Book Value per Share	$0.00	$7.13	$8.54	$8.84	$9.38	$9.83
Tangible Book Value per Share	$0.00	($3.73)	$0.27	$0.59	$0.84	$0.48
Total Capital	0.00	611	610	625	687	794
Total Debt	0.00	290	105	102	125	198
Total Long-Term Debt	0.00	286	100	95	120	189
Net Debt	0.00	251	53	52	75	165
Capital Expenditures (CapEx)	59	27	35	62	85	128
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-63	-75	-75	-88	-107
Debt-free Net Working Capital (DFNWC)	0.00	-24	-23	-25	-38	-73
Net Working Capital (NWC)	0.00	-27	-29	-33	-44	-83
Net Nonoperating Expense (NNE)	19	17	-125	2.37	3.65	7.35
Net Nonoperating Obligations (NNO)	0.00	251	53	52	75	165
Total Depreciation and Amortization (D&A)	29	32	33	35	42	58
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-18.40%	-12.54%	-10.27%	-9.89%	-10.50%
Debt-free Net Working Capital to Revenue	0.00%	-6.98%	-3.87%	-3.43%	-4.29%	-7.22%
Net Working Capital to Revenue	0.00%	-8.03%	-4.79%	-4.48%	-4.92%	-8.13%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.04)	$0.12	$0.43	$0.31
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	48.21M	59.10M	59.53M	60.37M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.04)	$0.11	$0.41	$0.30
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	48.21M	60.14M	61.19M	62.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	59.05M	59.26M	59.91M	60.70M
Normalized Net Operating Profit after Tax (NOPAT)	1.30	-30	18	13	35	33
Normalized NOPAT Margin	0.30%	-8.80%	3.02%	1.75%	3.93%	3.29%
Pre Tax Income Margin	-13.27%	-20.31%	0.06%	1.72%	4.05%	2.76%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-1.88	-2.05	1.02	3.41	5.47	3.22
NOPAT to Interest Expense	-1.31	-1.45	-6.30	1.77	3.60	2.08
EBIT Less CapEx to Interest Expense	-4.83	-3.22	-0.74	-8.49	-5.01	-6.91
NOPAT Less CapEx to Interest Expense	-4.26	-2.62	-8.06	-10.12	-6.88	-8.04
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	-231.66%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from First Watch Restaurant Group's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/25/2022	3/26/2023	6/25/2023	9/24/2023	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.22%	22.12%	17.27%	17.32%	31.70%	14.68%	19.54%	14.78%	7.63%	16.41%	19.08%
EBITDA Growth	113.53%	54.09%	57.75%	65.30%	82.43%	-0.25%	47.56%	16.76%	-1.29%	-39.80%	-0.80%
EBIT Growth	159.05%	99.73%	132.69%	210.89%	289.97%	-20.30%	42.67%	-18.47%	-49.11%	-85.75%	-55.83%
NOPAT Growth	-275.93%	98.06%	167.08%	7,078.04%	217.44%	-14.15%	17.57%	-39.41%	10.91%	-91.20%	-59.46%
Net Income Growth	89.56%	101.72%	194.02%	11,678.26%	644.86%	-22.93%	11.82%	-61.02%	-73.60%	-111.49%	-76.34%
EPS Growth	77.78%	87.50%	160.00%	0.00%	300.00%	-20.00%	7.69%	-66.67%	-75.00%	-108.33%	-78.57%
Operating Cash Flow Growth	-12.90%	164.65%	44.57%	17.73%	36.83%	18.16%	-7.34%	105.35%	2.83%	-19.39%	23.57%
Free Cash Flow Firm Growth	0.00%	99.76%	99.31%	-313.50%	-179.53%	-4,967.05%	-3,785.51%	-223.15%	-107.18%	-79.37%	33.09%
Invested Capital Growth	3.21%	2.05%	2.28%	7.43%	10.63%	13.26%	27.81%	19.65%	19.42%	18.70%	14.18%
Revenue Q/Q Growth	-0.59%	13.82%	2.32%	1.35%	11.60%	-0.89%	6.65%	-2.69%	4.64%	7.20%	9.09%
EBITDA Q/Q Growth	-4.29%	127.06%	-13.86%	-11.71%	5.63%	24.16%	27.43%	-30.14%	-10.70%	-6.84%	39.85%
EBIT Q/Q Growth	-27.15%	693.63%	-23.99%	-29.26%	-8.61%	62.19%	36.06%	-59.57%	-42.96%	-54.59%	321.76%
NOPAT Q/Q Growth	-3,302.15%	467.20%	-12.36%	-30.35%	-47.61%	168.44%	20.02%	-64.10%	-4.11%	-78.70%	452.79%
Net Income Q/Q Growth	-1,156.52%	2,025.93%	-14.97%	-31.93%	-51.13%	172.43%	23.37%	-76.27%	-66.90%	-218.60%	354.04%
EPS Q/Q Growth	0.00%	850.00%	-13.33%	-30.77%	-55.56%	200.00%	16.67%	-78.57%	-66.67%	-200.00%	400.00%
Operating Cash Flow Q/Q Growth	9.85%	29.77%	62.89%	-49.30%	27.68%	12.06%	27.74%	12.36%	-36.07%	-12.15%	95.81%
Free Cash Flow Firm Q/Q Growth	-136.61%	93.52%	-187.92%	-836.45%	-59.95%	-17.49%	-120.78%	22.12%	-2.55%	-1.72%	17.64%
Invested Capital Q/Q Growth	0.58%	0.74%	-0.26%	6.29%	3.58%	3.13%	12.56%	-0.49%	3.38%	2.52%	8.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	170.92%	77.94%	77.95%	54.40%	15.80%	63.30%	55.97%	77.80%	113.52%	60.71%	53.43%
EBITDA Margin	5.94%	11.85%	9.98%	8.69%	8.23%	10.31%	12.32%	8.84%	7.55%	6.56%	8.41%
Operating Margin	0.80%	7.25%	5.24%	3.53%	2.80%	5.07%	6.36%	2.51%	1.47%	0.39%	2.38%
EBIT Margin	1.07%	7.49%	5.56%	3.88%	3.18%	5.20%	6.64%	2.76%	1.50%	0.64%	2.46%
Profit (Net Income) Margin	-0.26%	4.43%	3.68%	2.47%	1.08%	2.98%	3.44%	0.84%	0.27%	-0.29%	0.68%
Tax Burden Percent	-189.84%	67.25%	79.66%	81.34%	48.10%	72.05%	64.59%	60.41%	94.72%	53.94%	58.89%
Interest Burden Percent	12.84%	87.95%	83.06%	78.28%	70.79%	79.39%	80.30%	50.40%	18.65%	-85.53%	47.18%
Effective Tax Rate	289.84%	32.75%	20.34%	18.66%	51.90%	27.95%	35.41%	39.59%	5.28%	0.00%	41.11%
Return on Invested Capital (ROIC)	-1.95%	6.53%	5.85%	4.03%	1.98%	5.45%	6.02%	2.24%	2.02%	0.41%	1.95%
ROIC Less NNEP Spread (ROIC-NNEP)	2.45%	4.67%	3.18%	2.43%	0.97%	2.88%	4.16%	0.57%	-0.44%	-0.81%	0.84%
Return on Net Nonoperating Assets (RNNOA)	0.25%	0.46%	0.24%	0.25%	0.11%	0.33%	0.68%	0.10%	-0.09%	-0.18%	0.28%
Return on Equity (ROE)	-1.70%	6.98%	6.09%	4.28%	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%
Cash Return on Invested Capital (CROIC)	-1.52%	0.50%	1.30%	-2.80%	-5.31%	-7.97%	-19.99%	-13.94%	-13.94%	-14.55%	-11.71%
Operating Return on Assets (OROA)	0.73%	5.32%	3.97%	2.82%	2.39%	4.01%	4.93%	2.04%	1.10%	0.48%	1.75%
Return on Assets (ROA)	-0.18%	3.14%	2.63%	1.79%	0.81%	2.29%	2.56%	0.62%	0.19%	-0.22%	0.49%
Return on Common Equity (ROCE)	-1.70%	6.98%	6.09%	4.28%	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%
Return on Equity Simple (ROE_SIMPLE)	0.00%	2.18%	3.09%	3.99%	0.00%	4.05%	4.13%	3.54%	0.00%	1.83%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.81	10	9.04	6.29	3.30	8.85	11	3.81	3.66	0.78	4.31
NOPAT Margin	-1.51%	4.88%	4.18%	2.87%	1.35%	3.65%	4.11%	1.52%	1.39%	0.28%	1.40%
Net Nonoperating Expense Percent (NNEP)	-4.40%	1.86%	2.67%	1.60%	1.02%	2.57%	1.85%	1.67%	2.46%	1.21%	1.11%
Return On Investment Capital (ROIC_SIMPLE)	-0.45%	-	-	-	0.48%	-	-	-	0.46%	0.10%	0.50%
Cost of Revenue to Revenue	-70.92%	22.06%	22.05%	45.60%	84.20%	36.70%	44.03%	22.20%	-13.52%	39.29%	46.57%
SG&A Expenses to Revenue	11.72%	10.74%	11.69%	11.49%	12.24%	11.41%	10.52%	11.00%	11.68%	10.71%	10.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	170.12%	70.69%	72.71%	50.87%	13.00%	58.23%	49.61%	75.29%	112.05%	60.31%	51.05%
Earnings before Interest and Taxes (EBIT)	1.99	16	12	8.51	7.78	13	17	6.94	3.96	1.80	7.58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	11	25	22	19	20	25	32	22	20	19	26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.61	1.70	1.75	1.91	2.14	2.57	1.81	1.61	1.90	1.72	1.63
Price to Tangible Book Value (P/TBV)	24.20	19.64	18.64	21.38	23.94	23.64	65.47	44.77	38.75	32.23	498.02
Price to Revenue (P/Rev)	1.15	1.18	1.19	1.28	1.35	1.60	1.10	0.95	1.11	0.97	0.89
Price to Earnings (P/E)	121.79	78.23	56.62	47.88	47.36	63.47	43.84	45.56	59.85	94.05	240.36
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.82%	1.28%	1.77%	2.09%	2.11%	1.58%	2.28%	2.20%	1.67%	1.06%	0.42%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.65	1.71	1.83	2.01	2.37	1.64	1.49	1.71	1.55	1.45
Enterprise Value to Revenue (EV/Rev)	1.22	1.24	1.23	1.35	1.43	1.69	1.26	1.10	1.28	1.14	1.11
Enterprise Value to EBITDA (EV/EBITDA)	17.02	15.58	14.28	14.64	14.89	18.16	12.64	11.06	13.11	13.91	14.16
Enterprise Value to EBIT (EV/EBIT)	50.14	37.12	30.32	29.28	28.95	38.05	26.35	24.67	31.91	40.42	60.45
Enterprise Value to NOPAT (EV/NOPAT)	96.32	65.72	48.58	43.35	44.00	56.40	41.65	41.14	49.39	65.87	101.08
Enterprise Value to Operating Cash Flow (EV/OCF)	14.20	12.55	11.40	12.57	13.40	15.70	12.56	9.54	11.22	10.89	10.35
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	331.87	132.88	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.20	0.19	0.18	0.18	0.22	0.22	0.34	0.34	0.33	0.34	0.44
Long-Term Debt to Equity	0.18	0.17	0.17	0.16	0.21	0.21	0.33	0.32	0.32	0.32	0.42
Financial Leverage	0.10	0.10	0.08	0.10	0.12	0.11	0.16	0.18	0.21	0.23	0.33
Leverage Ratio	2.09	2.07	2.11	2.13	2.19	2.16	2.30	2.35	2.40	2.41	2.62
Compound Leverage Factor	0.27	1.82	1.75	1.67	1.55	1.71	1.84	1.18	0.45	-2.06	1.24
Debt to Total Capital	16.36%	15.75%	15.41%	14.94%	18.26%	17.96%	25.33%	25.11%	24.98%	25.29%	30.33%
Short-Term Debt to Total Capital	1.22%	1.02%	1.12%	1.05%	0.82%	0.43%	0.85%	1.00%	1.16%	1.29%	1.37%
Long-Term Debt to Total Capital	15.14%	14.72%	14.29%	13.89%	17.44%	17.52%	24.48%	24.11%	23.82%	24.00%	28.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	83.64%	84.25%	84.59%	85.06%	81.74%	82.04%	74.67%	74.89%	75.02%	74.71%	69.67%
Debt to EBITDA	1.95	1.63	1.44	1.28	1.46	1.47	2.07	1.99	2.00	2.33	3.03
Net Debt to EBITDA	1.00	0.74	0.47	0.75	0.88	0.96	1.60	1.48	1.67	2.11	2.81
Long-Term Debt to EBITDA	1.80	1.52	1.33	1.19	1.40	1.43	2.00	1.91	1.91	2.21	2.89
Debt to NOPAT	11.03	6.88	4.89	3.78	4.32	4.55	6.82	7.40	7.55	11.02	21.60
Net Debt to NOPAT	5.65	3.11	1.59	2.22	2.60	2.98	5.26	5.49	6.28	10.00	20.02
Long-Term Debt to NOPAT	10.20	6.43	4.53	3.51	4.12	4.44	6.59	7.11	7.20	10.46	20.63
Altman Z-Score	1.38	1.54	1.53	1.56	1.62	1.90	1.36	1.22	1.30	1.21	1.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.67	0.77	0.78	0.53	0.62	0.60	0.57	0.54	0.40	0.31	0.27
Quick Ratio	0.56	0.64	0.65	0.41	0.48	0.44	0.41	0.42	0.29	0.17	0.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-21	-1.34	-3.87	-36	-58	-68	-150	-117	-120	-122	-101
Operating Cash Flow to CapEx	94.54%	145.62%	227.21%	75.61%	70.20%	87.40%	107.75%	123.32%	56.36%	55.09%	95.88%
Free Cash Flow to Firm to Interest Expense	-11.92	-0.70	-1.90	-19.59	-25.50	-26.18	-44.43	-34.00	-37.27	-36.60	-25.11
Operating Cash Flow to Interest Expense	9.37	11.09	16.91	9.45	9.82	9.61	9.44	10.42	7.12	6.04	9.85
Operating Cash Flow Less CapEx to Interest Expense	-0.54	3.47	9.47	-3.05	-4.17	-1.39	0.68	1.97	-5.51	-4.93	-0.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.68	0.71	0.71	0.73	0.75	0.77	0.74	0.74	0.73	0.75	0.71
Accounts Receivable Turnover	137.58	224.20	192.03	197.74	152.45	231.87	227.08	201.02	159.15	209.26	232.25
Inventory Turnover	38.13	30.65	15.46	14.04	76.90	49.92	57.97	51.74	38.81	39.63	41.07
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	18.51	18.90	10.95	9.59	57.53	43.97	48.20	42.14	33.59	33.78	34.79
Days Sales Outstanding (DSO)	2.65	1.63	1.90	1.85	2.39	1.57	1.61	1.82	2.29	1.74	1.57
Days Inventory Outstanding (DIO)	9.57	11.91	23.61	25.99	4.75	7.31	6.30	7.06	9.41	9.21	8.89
Days Payable Outstanding (DPO)	19.72	19.31	33.34	38.08	6.34	8.30	7.57	8.66	10.87	10.81	10.49
Cash Conversion Cycle (CCC)	-7.50	-5.77	-7.83	-10.24	0.80	0.58	0.33	0.21	0.83	0.15	-0.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	576	580	578	615	637	657	739	735	760	779	844
Invested Capital Turnover	1.29	1.34	1.40	1.40	1.47	1.49	1.46	1.48	1.45	1.47	1.40
Increase / (Decrease) in Invested Capital	18	12	13	42	61	77	161	121	124	123	105
Enterprise Value (EV)	894	955	988	1,123	1,278	1,557	1,213	1,097	1,298	1,207	1,225
Market Capitalization	841	910	956	1,065	1,202	1,475	1,060	951	1,133	1,023	983
Book Value per Share	$8.84	$9.02	$9.19	$9.36	$9.38	$9.59	$9.70	$9.75	$9.83	$9.82	$9.86
Tangible Book Value per Share	$0.59	$0.78	$0.86	$0.84	$0.84	$1.04	$0.27	$0.35	$0.48	$0.52	$0.03
Total Capital	625	634	645	655	687	700	785	787	794	798	863
Total Debt	102	100	99	98	125	126	199	197	198	202	262
Total Long-Term Debt	95	93	92	91	120	123	192	190	189	192	250
Net Debt	52	45	32	58	75	82	153	146	165	183	243
Capital Expenditures (CapEx)	17	15	15	23	32	29	30	29	41	37	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-75	-70	-84	-85	-88	-84	-90	-104	-107	-106	-123
Debt-free Net Working Capital (DFNWC)	-25	-15	-17	-45	-38	-40	-45	-53	-73	-87	-104
Net Working Capital (NWC)	-33	-22	-24	-51	-44	-43	-51	-61	-83	-98	-115
Net Nonoperating Expense (NNE)	-2.32	0.95	1.08	0.88	0.65	1.64	1.72	1.70	2.96	1.61	2.20
Net Nonoperating Obligations (NNO)	52	45	32	58	75	82	153	146	165	183	243
Total Depreciation and Amortization (D&A)	9.04	9.23	9.55	11	12	12	15	15	16	17	18
Debt-free, Cash-free Net Working Capital to Revenue	-10.27%	-9.07%	-10.49%	-10.19%	-9.89%	-9.05%	-9.34%	-10.46%	-10.50%	-10.03%	-11.11%
Debt-free Net Working Capital to Revenue	-3.43%	-1.95%	-2.11%	-5.36%	-4.29%	-4.34%	-4.64%	-5.33%	-7.22%	-8.27%	-9.37%
Net Working Capital to Revenue	-4.48%	-2.80%	-3.01%	-6.18%	-4.92%	-4.67%	-5.33%	-6.12%	-8.13%	-9.24%	-10.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.01)	$0.16	$0.13	$0.09	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	59.10M	59.24M	59.39M	59.65M	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M
Adjusted Diluted Earnings per Share	($0.02)	$0.15	$0.13	$0.09	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	60.14M	60.60M	60.94M	61.56M	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	59.26M	59.36M	59.52M	59.82M	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M
Normalized Net Operating Profit after Tax (NOPAT)	2.57	11	10	8.10	7.31	10	12	5.32	7.89	2.65	6.45
Normalized NOPAT Margin	1.38%	5.25%	4.75%	3.69%	2.99%	4.15%	4.60%	2.12%	3.00%	0.94%	2.09%
Pre Tax Income Margin	0.14%	6.58%	4.62%	3.04%	2.25%	4.13%	5.33%	1.39%	0.28%	-0.54%	1.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.15	8.30	5.90	4.60	3.42	4.85	5.08	2.02	1.23	0.54	1.89
NOPAT to Interest Expense	-1.62	5.41	4.44	3.41	1.45	3.41	3.14	1.11	1.14	0.23	1.08
EBIT Less CapEx to Interest Expense	-8.77	0.68	-1.54	-7.89	-10.56	-6.15	-3.68	-6.43	-11.41	-10.43	-8.38
NOPAT Less CapEx to Interest Expense	-11.53	-2.21	-3.01	-9.09	-12.53	-7.59	-5.62	-7.34	-11.50	-10.73	-9.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

First Watch Restaurant Group (NASDAQ: FWRG) has demonstrated mixed financial results over the last four years, with notable trends in revenues, profitability, cash flow, and balance sheet strength. Below is a summary analysis highlighting key positive, neutral, and negative points based on the quarterly data from Q2 2022 to Q2 2025.

Revenue Growth: Operating revenue has grown steadily from $184.5 million in Q2 2022 to $307.9 million in Q2 2025, reflecting consistent top-line expansion over three years.
Gross Profit Expansion: Despite fluctuations, gross profit improved significantly, reaching $164.5 million in Q2 2025 versus $80.5 million in Q2 2022, indicating better cost management or mix improvements.
Positive Net Income in Recent Quarters: The company reported net income of $2.1 million in Q2 2025, a recovery from negative results in early 2025 and the prior years' lower profitability.
Strong Operating Cash Flow: Net cash from operating activities improved to $39.4 million in Q2 2025 compared to $23.8 million in Q2 2022, demonstrating healthy cash generation capability.
Controlled Interest Expenses: Interest expense has remained fairly stable around $1.1 to $4 million per quarter despite some increases in debt, suggesting manageable financing costs.
High Capital Expenditures: The company continues to invest heavily in property, plant, and equipment, with CAPEX exceeding $40 million in quarters like Q2 2025, indicating an aggressive expansion or refurbishment strategy.
Significant Acquisitions: Acquisitions activity is notable and volatile, with amounts such as $55 million spent in Q2 2025 and others much smaller, signaling a focus on growth but also creating integration risks.
Stable Share Count: Weighted average shares outstanding have remained around 59 to 62 million shares, implying limited dilution over the period.
Mixed Profitability Trends: Although recent quarters show profit, earlier 2025 quarters and 2022-2024 had volatile net income including losses, suggesting some operating challenges.
Increased Debt Levels: Total liabilities increased from about $517 million in Q2 2022 to over $1.07 billion by Q2 2025, due largely to long-term debt growth, which could pressure financial leverage ratios.
Negative Retained Earnings and Equity Concerns: Retained earnings remain negative and have only modestly improved, indicating accumulated losses or dividends exceeding earnings historically, which may limit financial flexibility.
Other Operating Expenses Volatility: 'Other Operating Expenses / (Income)' line shows substantial swings and large amounts (e.g., $102 million in Q2 2025), which could indicate irregular, non-recurring, or restructuring costs affecting earnings quality.

Summary: First Watch Restaurant Group shows a positive growth trajectory in revenue and gross profit with recovering profitability and strong operating cash flows, highlighting operational resilience. However, the company’s elevated debt levels, volatile other operating expenses, and history of net losses suggest some risks. Investors should watch ongoing profitability trends, debt management, and the execution of capital expansion plans to assess sustainable value creation.

09/11/25 09:11 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About First Watch Restaurant Group's Financials

When does First Watch Restaurant Group's financial year end?

According to the most recent income statement we have on file, First Watch Restaurant Group's fiscal year ends in December. Their fiscal year 2024 ended on December 29, 2024.

How has First Watch Restaurant Group's net income changed over the last 5 years?

First Watch Restaurant Group's net income appears to be on a downward trend, with a most recent value of $18.93 million in 2024, falling from -$45.47 million in 2019. The previous period was $25.39 million in 2023. See where experts think First Watch Restaurant Group is headed by visiting First Watch Restaurant Group's forecast page.

What is First Watch Restaurant Group's operating income?

First Watch Restaurant Group's total operating income in 2024 was $38.91 million, based on the following breakdown:

Total Gross Profit: $792.81 million
Total Operating Expenses: $753.91 million

How has First Watch Restaurant Group's revenue changed over the last 5 years?

Over the last 5 years, First Watch Restaurant Group's total revenue changed from $436.37 million in 2019 to $1.02 billion in 2024, a change of 132.8%.

How much debt does First Watch Restaurant Group have?

First Watch Restaurant Group's total liabilities were at $918.97 million at the end of 2024, a 30.2% increase from 2023, and a 33.8% increase since 2020.

How much cash does First Watch Restaurant Group have?

In the past 4 years, First Watch Restaurant Group's cash and equivalents has ranged from $33.31 million in 2024 to $51.86 million in 2021, and is currently $33.31 million as of their latest financial filing in 2024.

How has First Watch Restaurant Group's book value per share changed over the last 5 years?

Over the last 5 years, First Watch Restaurant Group's book value per share changed from 0.00 in 2019 to 9.83 in 2024, a change of 983.0%.

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This page (NASDAQ:FWRG) was last updated on 9/11/2025 by MarketBeat.com Staff

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First Watch Restaurant Group (FWRG) Financials

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First Watch Restaurant Group (FWRG) Financials

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