What is First Watch Restaurant Group's operating income?

First Watch Restaurant Group's total operating income in 2025 was $27.51 million, based on the following breakdown: Total Gross Profit: $942.40 million Total Operating Expenses: $914.89 million

First Watch Restaurant Group (FWRG) Financials

$11.70 -0.41 (-3.39%)

As of 04:00 PM Eastern

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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	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Income / (Loss) Attributable to Common Shareholders	-45	-50	-2.11	6.91	25	19	19
Consolidated Net Income / (Loss)	-45	-50	-2.11	6.91	25	19	19
Net Income / (Loss) Continuing Operations	-45	-50	-2.11	6.91	25	19	19
Total Pre-Tax Income	-58	-70	0.37	13	36	28	12
Total Operating Income	-38	-47	22	17	41	39	28
Total Gross Profit	336	265	467	558	491	793	942
Total Revenue	436	342	601	730	892	1,016	1,223
Operating Revenue	436	342	601	730	892	1,016	1,223
Total Cost of Revenue	101	77	134	173	400	223	280
Operating Cost of Revenue	101	77	134	173	400	223	280
Total Operating Expenses	373	313	445	541	450	754	915
Selling, General & Admin Expense	56	46	70	85	103	113	129
Depreciation Expense	28	31	32	34	41	58	75
Other Operating Expenses / (Income)	250	231	338	415	297	572	698
Impairment Charge	34	0.32	0.38	0.92	1.36	0.53	0.45
Other Special Charges / (Income)	5.82	3.88	3.31	5.41	7.17	10	13
Total Other Income / (Expense), net	-20	-22	-22	-4.32	-5.19	-11	-15
Interest Expense	20	23	20	5.23	8.06	13	17
Other Income / (Expense), net	-0.26	0.48	-1.77	0.91	2.87	1.76	1.32
Income Tax Expense	-12	-20	2.48	5.68	11	9.10	-7.30
Basic Earnings per Share	($1.01)	($1.10)	($0.04)	$0.12	$0.43	$0.31	$0.32
Weighted Average Basic Shares Outstanding	45.01M	45.01M	48.21M	59.10M	59.53M	60.37M	60.96M
Diluted Earnings per Share	($1.01)	($1.10)	($0.04)	$0.11	$0.41	$0.30	$0.31
Weighted Average Diluted Shares Outstanding	45.01M	45.01M	48.21M	60.14M	61.19M	62.35M	62.84M
Weighted Average Basic & Diluted Shares Outstanding	-	-	59.05M	59.26M	59.91M	60.70M	61.14M

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Income / (Loss) Attributable to Common Shareholders	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69	2.34
Consolidated Net Income / (Loss)	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69	2.34
Net Income / (Loss) Continuing Operations	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69	2.34
Total Pre-Tax Income	5.51	10	14	3.50	0.74	-1.54	3.58	5.67	4.42	-3.43	3.37
Total Operating Income	6.86	12	16	6.31	3.86	1.11	7.31	10	9.04	1.00	8.13
Total Gross Profit	39	134	145	157	299	148	189	196	410	205	188
Total Revenue	245	242	259	252	263	282	308	316	316	331	355
Operating Revenue	245	242	259	252	263	282	308	316	316	331	355
Total Cost of Revenue	206	108	114	95	-36	134	119	120	-94	126	166
Operating Cost of Revenue	206	108	114	95	-36	134	119	120	-94	126	166
Total Operating Expenses	32	122	128	151	295	147	182	186	401	204	180
Selling, General & Admin Expense	30	28	27	28	31	30	33	34	32	40	39
Depreciation Expense	12	12	15	15	16	17	18	20	21	21	22
Other Operating Expenses / (Income)	-14	80	85	105	244	97	126	129	346	138	116
Impairment Charge	0.74	0.12	0.15	0.11	0.14	0.01	0.13	0.18	0.14	0.15	0.11
Restructuring Charge	-	-	-	-	-	0.87	0.92	-	-	1.18	0.33
Other Special Charges / (Income)	2.85	1.57	1.83	2.39	4.33	2.66	3.51	3.81	2.95	3.06	3.32
Total Other Income / (Expense), net	-1.35	-2.27	-2.67	-2.82	-3.12	-2.65	-3.74	-4.38	-4.62	-4.43	-4.76
Interest Expense	2.27	2.60	3.38	3.44	3.22	3.33	4.00	4.57	4.80	4.78	4.89
Other Income / (Expense), net	0.92	0.33	0.71	0.62	0.10	0.68	0.27	0.19	0.18	0.35	0.13
Income Tax Expense	2.86	2.80	4.88	1.38	0.04	-0.71	1.47	2.68	-11	-0.75	1.03
Basic Earnings per Share	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.25	($0.04)	$0.04
Weighted Average Basic Shares Outstanding	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M	61.03M	60.96M	61.24M	61.67M
Diluted Earnings per Share	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.24	($0.04)	$0.04
Weighted Average Diluted Shares Outstanding	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M	62.83M	62.84M	61.24M	62.30M
Weighted Average Basic & Diluted Shares Outstanding	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M	61.03M	61.14M	61.64M	61.71M

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	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Net Change in Cash & Equivalents	-5.16	28	13	-2.19	0.04	-17	-12
Net Cash From Operating Activities	21	-18	63	63	95	116	126
Net Cash From Continuing Operating Activities	21	-18	63	63	95	116	126
Net Income / (Loss) Continuing Operations	-45	-50	-2.11	6.91	25	19	19
Consolidated Net Income / (Loss)	-45	-50	-2.11	6.91	25	19	19
Depreciation Expense	28	31	32	34	41	58	75
Amortization Expense	1.13	1.28	1.09	0.45	0.45	0.57	0.66
Non-Cash Adjustments To Reconcile Net Income	45	21	14	27	28	36	34
Changes in Operating Assets and Liabilities, net	-7.59	-22	18	-5.76	-0.16	2.48	-3.16
Net Cash From Investing Activities	-82	-27	-36	-63	-123	-207	-214
Net Cash From Continuing Investing Activities	-82	-27	-36	-63	-123	-207	-214
Purchase of Property, Plant & Equipment	-59	-27	-35	-62	-83	-128	-157
Acquisitions	-23	-0.23	-0.37	-1.11	-40	-79	-57
Net Cash From Financing Activities	56	73	-14	-2.02	28	74	76
Net Cash From Continuing Financing Activities	56	73	-14	-2.02	28	74	76
Repayment of Debt	-36	-43	-294	-3.37	-7.56	-152	-396
Issuance of Debt	92	77	100	0.00	30	220	471
Other Financing Activities, net	-0.23	0.00	2.87	1.35	5.63	6.05	1.19
Cash Interest Paid	19	20	16	3.37	8.73	12	16
Cash Income Taxes Paid	0.15	0.16	0.08	0.92	1.95	3.11	2.56

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 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
Net Change in Cash & Equivalents	9.71	-6.46	1.86	5.77	-18	-15	0.57	1.54	0.53	2.32	-3.08
Net Cash From Operating Activities	22	25	32	36	23	20	39	48	18	34	27
Net Cash From Continuing Operating Activities	22	25	32	36	23	20	39	48	18	34	27
Net Income / (Loss) Continuing Operations	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69	2.34
Consolidated Net Income / (Loss)	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69	2.34
Depreciation Expense	12	12	15	15	16	17	18	20	21	21	22
Amortization Expense	0.12	5.86	0.15	0.16	0.16	0.15	0.17	0.17	0.17	0.17	0.17
Non-Cash Adjustments To Reconcile Net Income	-3.53	4.60	2.21	8.40	12	5.53	15	11	1.56	8.87	7.56
Changes in Operating Assets and Liabilities, net	11	-4.96	6.12	10	-5.79	-1.27	3.62	14	-19	6.70	-4.47
Net Cash From Investing Activities	-41	-32	-103	-31	-41	-37	-96	-43	-38	-30	-41
Net Cash From Continuing Investing Activities	-41	-32	-103	-31	-41	-37	-96	-43	-38	-30	-41
Purchase of Property, Plant & Equipment	-32	-29	-30	-29	-41	-37	-41	-42	-37	-29	-41
Acquisitions	-9.54	-3.42	-74	-1.49	-0.09	-0.06	-55	-0.45	-1.20	-0.19	-0.47
Net Cash From Financing Activities	28	0.56	73	0.48	-0.01	1.76	57	-3.42	20	-2.61	10
Net Cash From Continuing Financing Activities	28	0.56	73	0.48	-0.01	1.76	57	-3.42	20	-2.61	10
Repayment of Debt	-2.66	-125	-24	-1.36	-1.39	-4.37	-91	-138	-163	-177	-201
Issuance of Debt	30	123	98	-	-	6.00	149	135	182	175	212
Other Financing Activities, net	0.82	3.15	-0.31	1.83	1.39	0.13	0.17	-	0.89	0.09	0.17
Cash Interest Paid	3.36	2.77	1.59	1.58	6.39	3.07	-0.28	4.13	8.59	4.60	4.63
Cash Income Taxes Paid	0.62	0.00	2.10	0.85	0.16	0.10	0.91	1.05	0.50	0.00	1.59

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	2025
Period end date	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Total Assets	1,008	1,047	1,104	1,267	1,514	1,742
Total Current Assets	49	68	67	71	56	49
Cash & Equivalents	39	52	50	50	33	21
Accounts Receivable	3.92	4.45	6.16	5.53	7.24	6.86
Inventories, net	2.92	4.02	5.03	5.38	6.12	7.17
Prepaid Expenses	2.49	5.68	5.80	7.49	7.01	7.95
Other Current Assets	0.62	1.43	0.37	2.82	2.20	5.86
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	958	979	1,037	1,196	1,458	1,693
Goodwill	345	345	345	360	399	420
Intangible Assets	144	143	143	151	168	175
Other Noncurrent Operating Assets	470	491	549	685	892	1,098
Total Liabilities & Shareholders' Equity	1,008	1,047	1,104	1,267	1,514	1,742
Total Liabilities	687	542	581	706	919	1,116
Total Current Liabilities	77	97	100	115	138	167
Short-Term Debt	3.59	5.54	7.63	5.63	9.23	13
Accounts Payable	4.22	11	7.59	6.32	6.96	8.70
Accrued Expenses	13	16	23	36	40	38
Current Deferred Revenue	4.27	4.65	5.19	5.50	5.62	6.78
Current Employee Benefit Liabilities	11	21	18	22	21	24
Other Current Liabilities	40	38	39	40	56	76
Total Noncurrent Liabilities	610	446	481	591	780	948
Long-Term Debt	286	100	95	120	189	269
Noncurrent Deferred & Payable Income Tax Liabilities	14	12	17	25	32	22
Other Noncurrent Operating Liabilities	310	334	369	446	559	657
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	321	504	523	561	595	626
Total Preferred & Common Equity	321	504	523	561	595	626
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	321	504	523	561	595	626
Common Stock	424	609	621	635	650	662
Retained Earnings	-103	-105	-98	-73	-54	-34
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	-0.67	-0.44	-1.10

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	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/26/2023	6/25/2023	9/24/2023	3/31/2024	6/30/2024	9/29/2024	3/30/2025	6/29/2025	9/28/2025	3/29/2026	6/28/2026
Total Assets	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676	1,720	1,774	1,821
Total Current Assets	70	85	59	63	67	73	44	43	44	52	48
Cash & Equivalents	54	67	40	43	45	51	19	19	21	24	20
Accounts Receivable	3.83	4.47	4.99	4.13	4.03	4.93	5.96	5.48	5.51	6.03	6.81
Inventories, net	4.41	4.89	4.79	5.20	5.67	5.33	6.20	6.77	6.49	7.14	7.80
Prepaid Expenses	6.67	5.89	4.70	8.91	8.49	7.44	11	8.40	6.71	12	11
Other Current Assets	0.59	1.98	3.84	1.69	3.85	4.18	2.80	3.12	4.30	2.46	1.88
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	1,045	1,078	1,147	1,216	1,369	1,412	1,500	1,633	1,677	1,722	1,773
Goodwill	345	350	357	361	399	399	399	420	420	420	420
Intangible Assets	143	144	150	151	171	169	166	179	177	173	171
Other Noncurrent Operating Assets	557	583	640	704	800	844	935	1,034	1,079	1,130	1,182
Total Liabilities & Shareholders' Equity	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676	1,720	1,774	1,821
Total Liabilities	580	617	649	705	851	896	948	1,075	1,113	1,146	1,187
Total Current Liabilities	92	109	110	106	119	134	142	158	177	177	178
Short-Term Debt	6.49	7.23	6.89	3.03	6.65	7.83	10	12	13	13	15
Accounts Payable	5.22	5.51	5.55	5.68	7.18	6.87	7.69	7.51	7.23	9.77	10
Accrued Expenses	25	32	34	32	39	44	41	48	50	44	47
Current Deferred Revenue	3.23	3.47	2.66	3.34	3.25	2.37	3.41	3.51	2.64	4.31	4.38
Current Employee Benefit Liabilities	11	21	18	21	17	25	23	20	31	30	22
Other Current Liabilities	40	40	43	41	46	48	57	68	73	77	80
Total Noncurrent Liabilities	489	507	539	598	732	762	806	916	936	969	1,009
Long-Term Debt	93	92	91	123	192	190	192	250	251	269	278
Noncurrent Deferred & Payable Income Tax Liabilities	21	23	24	28	32	32	31	32	34	21	21
Other Noncurrent Operating Liabilities	374	392	424	448	508	540	584	635	651	679	710
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	535	546	557	574	586	589	596	601	607	628	634
Total Preferred & Common Equity	535	546	557	574	586	589	596	601	607	628	634
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	535	546	557	574	586	589	596	601	607	628	634
Common Stock	623	627	632	640	642	646	652	655	658	665	669
Retained Earnings	-89	-81	-75	-66	-57	-55	-55	-53	-50	-37	-35
Accumulated Other Comprehensive Income / (Loss)	-	-0.16	0.83	0.26	0.19	-2.48	-1.10	-1.20	-1.13	-0.54	-0.31

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	2025
Period end date	12/29/2019	12/27/2020	12/26/2021	12/25/2022	12/31/2023	12/29/2024	12/28/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	-21.54%	75.59%	21.45%	22.10%	13.95%	20.34%
EBITDA Growth	0.00%	-70.19%	466.11%	-2.67%	63.46%	15.31%	5.62%
EBIT Growth	0.00%	-23.61%	143.79%	-12.93%	147.65%	-7.87%	-29.10%
NOPAT Growth	0.00%	-25.74%	-283.19%	107.32%	212.99%	-9.53%	67.71%
Net Income Growth	0.00%	-9.26%	95.76%	427.81%	267.53%	-25.45%	2.68%
EPS Growth	0.00%	-8.91%	96.36%	375.00%	272.73%	-26.83%	3.33%
Operating Cash Flow Growth	0.00%	-185.55%	442.90%	-0.05%	51.48%	21.33%	8.85%
Free Cash Flow Firm Growth	0.00%	0.00%	81.40%	92.33%	-272.73%	-202.67%	14.74%
Invested Capital Growth	0.00%	0.00%	-2.48%	3.21%	10.63%	19.42%	16.71%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	3.27%	7.07%	1.87%	4.54%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	12.58%	11.85%	-0.26%	10.79%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	43.13%	15.07%	-8.58%	22.30%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	77.12%	12.09%	-1.50%	235.62%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	152.08%	14.08%	-9.34%	291.22%
EPS Q/Q Growth	0.00%	0.00%	0.00%	175.00%	17.14%	-9.09%	287.50%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	36.02%	-3.69%	6.72%	0.55%	-3.42%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-93.89%	-3.43%	18.70%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.58%	3.58%	3.38%	4.31%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	76.93%	77.52%	77.68%	76.37%	55.11%	78.04%	77.09%
EBITDA Margin	-1.98%	-4.30%	8.97%	7.19%	9.63%	9.74%	8.55%
Operating Margin	-8.61%	-13.79%	3.70%	2.32%	4.63%	3.83%	2.25%
EBIT Margin	-8.66%	-13.65%	3.40%	2.44%	4.95%	4.00%	2.36%
Profit (Net Income) Margin	-10.42%	-14.51%	-0.35%	0.95%	2.85%	1.86%	1.59%
Tax Burden Percent	78.55%	71.43%	-569.46%	54.86%	70.37%	67.53%	160.16%
Interest Burden Percent	153.11%	148.81%	1.81%	70.64%	81.73%	68.92%	42.08%
Effective Tax Rate	0.00%	0.00%	669.46%	45.14%	29.63%	32.47%	-60.16%
Return on Invested Capital (ROIC)	0.00%	-11.56%	-22.43%	1.64%	4.79%	3.76%	5.35%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-24.82%	59.50%	-2.85%	-0.93%	-2.35%	-6.21%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-19.40%	21.92%	-0.29%	-0.11%	-0.49%	-2.17%
Return on Equity (ROE)	0.00%	-30.97%	-0.51%	1.34%	4.68%	3.27%	3.18%
Cash Return on Invested Capital (CROIC)	0.00%	-211.56%	-19.92%	-1.52%	-5.31%	-13.94%	-10.07%
Operating Return on Assets (OROA)	0.00%	-4.64%	1.99%	1.66%	3.72%	2.92%	1.77%
Return on Assets (ROA)	0.00%	-4.93%	-0.21%	0.64%	2.14%	1.36%	1.19%
Return on Common Equity (ROCE)	0.00%	-30.97%	-0.51%	1.34%	4.68%	3.27%	3.18%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-15.48%	-0.42%	1.32%	4.52%	3.18%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-33	-127	9.28	29	26	44
NOPAT Margin	-6.02%	-9.65%	-21.07%	1.27%	3.26%	2.59%	3.60%
Net Nonoperating Expense Percent (NNEP)	0.00%	13.25%	-81.93%	4.49%	5.72%	6.11%	11.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	1.48%	4.23%	3.31%	4.85%
Cost of Revenue to Revenue	23.07%	22.48%	22.32%	23.63%	44.89%	21.96%	22.91%
SG&A Expenses to Revenue	12.79%	13.53%	11.71%	11.64%	11.57%	11.15%	10.55%
R&D to Revenue	0.00%	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%	74.84%
Earnings before Interest and Taxes (EBIT)	-38	-47	20	18	44	41	29
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-8.66	-15	54	52	86	99	105
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.53	1.87	1.61	2.14	1.90	1.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	58.17	24.20	23.94	38.75	31.16
Price to Revenue (P/Rev)	0.39	0.50	1.57	1.15	1.35	1.11	0.79
Price to Earnings (P/E)	0.00	0.00	0.00	121.79	47.36	59.85	49.97
Dividend Yield	0.00%	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%	2.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.74	1.79	1.55	2.01	1.71	1.39
Enterprise Value to Revenue (EV/Rev)	0.00	1.23	1.66	1.22	1.43	1.28	1.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	18.47	17.02	14.89	13.11	11.79
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	48.67	50.14	28.95	31.91	42.74
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	96.32	44.00	49.39	27.96
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	15.82	14.20	13.40	11.22	9.79
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	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	0.45
Long-Term Debt to Equity	0.00	0.89	0.20	0.18	0.21	0.32	0.43
Financial Leverage	0.00	0.78	0.37	0.10	0.12	0.21	0.35
Leverage Ratio	0.00	3.14	2.49	2.09	2.19	2.40	2.67
Compound Leverage Factor	0.00	4.67	0.05	1.48	1.79	1.66	1.12
Debt to Total Capital	0.00%	47.47%	17.27%	16.36%	18.26%	24.98%	31.08%
Short-Term Debt to Total Capital	0.00%	0.59%	0.91%	1.22%	0.82%	1.16%	1.46%
Long-Term Debt to Total Capital	0.00%	46.89%	16.36%	15.14%	17.44%	23.82%	29.61%
Preferred Equity to Total Capital	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%
Common Equity to Total Capital	0.00%	52.53%	82.73%	83.64%	81.74%	75.02%	68.92%
Debt to EBITDA	0.00	-19.68	1.95	1.95	1.46	2.00	2.70
Net Debt to EBITDA	0.00	-17.03	0.99	1.00	0.88	1.67	2.50
Long-Term Debt to EBITDA	0.00	-19.44	1.85	1.80	1.40	1.91	2.57
Debt to NOPAT	0.00	-8.77	-0.83	11.03	4.32	7.55	6.41
Net Debt to NOPAT	0.00	-7.59	-0.42	5.65	2.60	6.28	5.93
Long-Term Debt to NOPAT	0.00	-8.66	-0.79	10.20	4.12	7.20	6.11
Altman Z-Score	0.00	0.16	1.51	1.42	1.72	1.38	1.17
Noncontrolling Interest Sharing Ratio	0.00%	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	0.29
Quick Ratio	0.00	0.56	0.58	0.56	0.48	0.29	0.17
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-605	-113	-8.63	-32	-97	-83
Operating Cash Flow to CapEx	36.28%	-68.65%	178.33%	101.15%	112.79%	90.41%	80.25%
Free Cash Flow to Firm to Interest Expense	0.00	-26.51	-5.60	-1.65	-3.99	-7.70	-4.97
Operating Cash Flow to Interest Expense	1.07	-0.80	3.13	12.03	11.82	9.15	7.54
Operating Cash Flow Less CapEx to Interest Expense	-1.88	-1.98	1.38	0.14	1.34	-0.97	-1.86
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.34	0.59	0.68	0.75	0.73	0.75
Accounts Receivable Turnover	0.00	87.46	143.74	137.58	152.45	159.15	173.48
Inventory Turnover	0.00	26.41	38.69	38.13	76.90	38.81	42.15
Fixed Asset Turnover	0.00	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	35.77
Days Sales Outstanding (DSO)	0.00	4.17	2.54	2.65	2.39	2.29	2.10
Days Inventory Outstanding (DIO)	0.00	13.82	9.44	9.57	4.75	9.41	8.66
Days Payable Outstanding (DPO)	0.00	20.01	20.78	19.72	6.34	10.87	10.20
Cash Conversion Cycle (CCC)	0.00	-2.01	-8.81	-7.50	0.80	0.83	0.56
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	572	558	576	637	760	887
Invested Capital Turnover	0.00	1.20	1.06	1.29	1.47	1.45	1.48
Increase / (Decrease) in Invested Capital	0.00	572	-14	18	61	124	127
Enterprise Value (EV)	0.00	421	996	894	1,278	1,298	1,232
Market Capitalization	170	170	943	841	1,202	1,133	971
Book Value per Share	$0.00	$7.13	$8.54	$8.84	$9.38	$9.83	$10.26
Tangible Book Value per Share	$0.00	($3.73)	$0.27	$0.59	$0.84	$0.48	$0.51
Total Capital	0.00	611	610	625	687	794	909
Total Debt	0.00	290	105	102	125	198	282
Total Long-Term Debt	0.00	286	100	95	120	189	269
Net Debt	0.00	251	53	52	75	165	261
Capital Expenditures (CapEx)	59	27	35	62	85	128	157
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-63	-75	-75	-88	-107	-126
Debt-free Net Working Capital (DFNWC)	0.00	-24	-23	-25	-38	-73	-105
Net Working Capital (NWC)	0.00	-27	-29	-33	-44	-83	-118
Net Nonoperating Expense (NNE)	19	17	-125	2.37	3.65	7.35	25
Net Nonoperating Obligations (NNO)	0.00	251	53	52	75	165	261
Total Depreciation and Amortization (D&A)	29	32	33	35	42	58	76
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-18.40%	-12.54%	-10.27%	-9.89%	-10.50%	-10.34%
Debt-free Net Working Capital to Revenue	0.00%	-6.98%	-3.87%	-3.43%	-4.29%	-7.22%	-8.60%
Net Working Capital to Revenue	0.00%	-8.03%	-4.79%	-4.48%	-4.92%	-8.13%	-9.69%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.04)	$0.12	$0.43	$0.31	$0.32
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	48.21M	59.10M	59.53M	60.37M	60.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.04)	$0.11	$0.41	$0.30	$0.31
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	48.21M	60.14M	61.19M	62.35M	62.84M
Adjusted Basic & Diluted Earnings per Share	$0.00	$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	61.14M
Normalized Net Operating Profit after Tax (NOPAT)	1.30	-30	18	13	35	33	29
Normalized NOPAT Margin	0.30%	-8.80%	3.02%	1.75%	3.93%	3.29%	2.34%
Pre Tax Income Margin	-13.27%	-20.31%	0.06%	1.72%	4.05%	2.76%	0.99%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.88	-2.05	1.02	3.41	5.47	3.22	1.73
NOPAT to Interest Expense	-1.31	-1.45	-6.30	1.77	3.60	2.08	2.64
EBIT Less CapEx to Interest Expense	-4.83	-3.22	-0.74	-8.49	-5.01	-6.91	-7.67
NOPAT Less CapEx to Interest Expense	-4.26	-2.62	-8.06	-10.12	-6.88	-8.04	-6.76
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	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%	0.00%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/29/2024	12/29/2024	3/30/2025	6/29/2025	9/28/2025	12/28/2025	3/29/2026	6/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	61,138,143.00	61,644,885.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	61,138,143.00	61,644,885.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.04	0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	31.70%	14.68%	19.54%	14.78%	7.63%	16.41%	19.08%	25.60%	20.15%	17.26%	15.20%
EBITDA Growth	82.43%	-0.25%	47.56%	16.76%	-1.29%	-39.80%	-0.80%	35.18%	51.22%	23.78%	16.95%
EBIT Growth	289.97%	-20.30%	42.67%	-18.47%	-49.11%	-85.75%	-55.83%	47.63%	132.88%	-25.21%	8.99%
NOPAT Growth	217.44%	-14.15%	17.57%	-39.41%	10.91%	-91.20%	-59.46%	38.91%	747.62%	-10.24%	31.05%
Net Income Growth	644.86%	-22.93%	11.82%	-61.02%	-73.60%	-111.49%	-76.34%	41.62%	2,069.38%	-223.88%	11.06%
EPS Growth	300.00%	-20.00%	7.69%	-66.67%	-75.00%	-108.33%	-78.57%	66.67%	2,300.00%	-300.00%	33.33%
Operating Cash Flow Growth	36.83%	18.16%	-7.34%	105.35%	2.83%	-19.39%	23.57%	33.54%	-19.47%	71.10%	-30.41%
Free Cash Flow Firm Growth	-179.53%	-4,967.05%	-3,785.51%	-223.15%	-107.18%	-79.37%	33.09%	6.04%	19.93%	13.14%	43.68%
Invested Capital Growth	10.63%	13.26%	27.81%	19.65%	19.42%	18.70%	14.18%	15.67%	16.71%	13.69%	7.38%
Revenue Q/Q Growth	11.60%	-0.89%	6.65%	-2.69%	4.64%	7.20%	9.09%	2.64%	0.10%	4.62%	7.16%
EBITDA Q/Q Growth	5.63%	24.16%	27.43%	-30.14%	-10.70%	-6.84%	39.85%	16.19%	-0.11%	-23.74%	32.13%
EBIT Q/Q Growth	-8.61%	62.19%	36.06%	-59.57%	-42.96%	-54.59%	321.76%	35.12%	-10.02%	-85.42%	514.58%
NOPAT Q/Q Growth	-47.61%	168.44%	20.02%	-64.10%	-4.11%	-78.70%	452.79%	23.01%	485.10%	-97.74%	707.10%
Net Income Q/Q Growth	-51.13%	172.43%	23.37%	-76.27%	-66.90%	-218.60%	354.04%	42.02%	406.99%	-117.71%	187.11%
EPS Q/Q Growth	-55.56%	200.00%	16.67%	-78.57%	-66.67%	-200.00%	400.00%	66.67%	380.00%	-116.67%	200.00%
Operating Cash Flow Q/Q Growth	27.68%	12.06%	27.74%	12.36%	-36.07%	-12.15%	95.81%	21.43%	-61.45%	86.65%	-20.36%
Free Cash Flow Firm Q/Q Growth	-59.95%	-17.49%	-120.78%	22.12%	-2.55%	-1.72%	17.64%	-9.37%	12.61%	-10.34%	46.59%
Invested Capital Q/Q Growth	3.58%	3.13%	12.56%	-0.49%	3.38%	2.52%	8.27%	0.80%	4.31%	-0.14%	2.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.80%	63.30%	55.97%	77.80%	113.52%	60.71%	53.43%	62.07%	129.74%	61.86%	53.06%
EBITDA Margin	8.23%	10.31%	12.32%	8.84%	7.55%	6.56%	8.41%	9.52%	9.50%	6.92%	8.53%
Operating Margin	2.80%	5.07%	6.36%	2.51%	1.47%	0.39%	2.38%	3.18%	2.86%	0.30%	2.29%
EBIT Margin	3.18%	5.20%	6.64%	2.76%	1.50%	0.64%	2.46%	3.24%	2.91%	0.41%	2.33%
Profit (Net Income) Margin	1.08%	2.98%	3.44%	0.84%	0.27%	-0.29%	0.68%	0.95%	4.79%	-0.81%	0.66%
Tax Burden Percent	48.10%	72.05%	64.59%	60.41%	94.72%	53.94%	58.89%	52.71%	343.08%	78.19%	69.45%
Interest Burden Percent	70.79%	79.39%	80.30%	50.40%	18.65%	-85.53%	47.18%	55.40%	47.97%	-255.51%	40.77%
Effective Tax Rate	51.90%	27.95%	35.41%	39.59%	5.28%	0.00%	41.11%	47.29%	-243.08%	0.00%	30.55%
Return on Invested Capital (ROIC)	1.98%	5.45%	6.02%	2.24%	2.02%	0.41%	1.95%	2.47%	14.54%	0.32%	2.40%
ROIC Less NNEP Spread (ROIC-NNEP)	0.97%	2.88%	4.16%	0.57%	-0.44%	-0.81%	0.84%	1.29%	7.11%	-1.21%	1.11%
Return on Net Nonoperating Assets (RNNOA)	0.11%	0.33%	0.68%	0.10%	-0.09%	-0.18%	0.28%	0.42%	2.48%	-0.44%	0.46%
Return on Equity (ROE)	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%	2.89%	17.02%	-0.11%	2.86%
Cash Return on Invested Capital (CROIC)	-5.31%	-7.97%	-19.99%	-13.94%	-13.94%	-14.55%	-11.71%	-12.87%	-10.07%	-7.16%	-1.39%
Operating Return on Assets (OROA)	2.39%	4.01%	4.93%	2.04%	1.10%	0.48%	1.75%	2.36%	2.19%	0.31%	1.76%
Return on Assets (ROA)	0.81%	2.29%	2.56%	0.62%	0.19%	-0.22%	0.49%	0.69%	3.60%	-0.62%	0.50%
Return on Common Equity (ROCE)	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%	2.89%	17.02%	-0.11%	2.86%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.05%	4.13%	3.54%	0.00%	1.83%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	3.30	8.85	11	3.81	3.66	0.78	4.31	5.30	31	0.70	5.64
NOPAT Margin	1.35%	3.65%	4.11%	1.52%	1.39%	0.28%	1.40%	1.68%	9.80%	0.21%	1.59%
Net Nonoperating Expense Percent (NNEP)	1.02%	2.57%	1.85%	1.67%	2.46%	1.21%	1.11%	1.18%	7.43%	1.53%	1.28%
Return On Investment Capital (ROIC_SIMPLE)	0.48%	-	-	-	0.46%	0.10%	0.50%	0.61%	3.41%	0.08%	0.61%
Cost of Revenue to Revenue	84.20%	36.70%	44.03%	22.20%	-13.52%	39.29%	46.57%	37.93%	-29.74%	38.14%	46.94%
SG&A Expenses to Revenue	12.24%	11.41%	10.52%	11.00%	11.68%	10.71%	10.78%	10.68%	10.05%	12.07%	10.92%
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	13.00%	58.23%	49.61%	75.29%	112.05%	60.31%	51.05%	58.89%	126.88%	61.56%	50.77%
Earnings before Interest and Taxes (EBIT)	7.78	13	17	6.94	3.96	1.80	7.58	10	9.22	1.34	8.26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	25	32	22	20	19	26	30	30	23	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.14	2.57	1.81	1.61	1.90	1.72	1.63	1.61	1.55	1.00	1.24
Price to Tangible Book Value (P/TBV)	23.94	23.64	65.47	44.77	38.75	32.23	498.02	98.94	31.16	18.08	18.18
Price to Revenue (P/Rev)	1.35	1.60	1.10	0.95	1.11	0.97	0.89	0.83	0.79	0.50	0.60
Price to Earnings (P/E)	47.36	63.47	43.84	45.56	59.85	94.05	240.36	196.57	49.97	35.86	44.10
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	2.11%	1.58%	2.28%	2.20%	1.67%	1.06%	0.42%	0.51%	2.00%	2.79%	2.27%
Enterprise Value to Invested Capital (EV/IC)	2.01	2.37	1.64	1.49	1.71	1.55	1.45	1.43	1.39	1.00	1.17
Enterprise Value to Revenue (EV/Rev)	1.43	1.69	1.26	1.10	1.28	1.14	1.11	1.04	1.01	0.70	0.80
Enterprise Value to EBITDA (EV/EBITDA)	14.89	18.16	12.64	11.06	13.11	13.91	14.16	12.93	11.79	8.16	9.33
Enterprise Value to EBIT (EV/EBIT)	28.95	38.05	26.35	24.67	31.91	40.42	60.45	51.74	42.74	31.32	36.39
Enterprise Value to NOPAT (EV/NOPAT)	44.00	56.40	41.65	41.14	49.39	65.87	101.08	92.91	27.96	18.90	21.11
Enterprise Value to Operating Cash Flow (EV/OCF)	13.40	15.70	12.56	9.54	11.22	10.89	10.35	9.36	9.79	6.34	8.25
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.22	0.22	0.34	0.34	0.33	0.34	0.44	0.43	0.45	0.45	0.46
Long-Term Debt to Equity	0.21	0.21	0.33	0.32	0.32	0.32	0.42	0.41	0.43	0.43	0.44
Financial Leverage	0.12	0.11	0.16	0.18	0.21	0.23	0.33	0.33	0.35	0.36	0.42
Leverage Ratio	2.19	2.16	2.30	2.35	2.40	2.41	2.62	2.68	2.67	2.71	2.83
Compound Leverage Factor	1.55	1.71	1.84	1.18	0.45	-2.06	1.24	1.48	1.28	-6.93	1.15
Debt to Total Capital	18.26%	17.96%	25.33%	25.11%	24.98%	25.29%	30.33%	30.31%	31.08%	31.01%	31.57%
Short-Term Debt to Total Capital	0.82%	0.43%	0.85%	1.00%	1.16%	1.29%	1.37%	1.51%	1.46%	1.47%	1.60%
Long-Term Debt to Total Capital	17.44%	17.52%	24.48%	24.11%	23.82%	24.00%	28.97%	28.80%	29.61%	29.54%	29.97%
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	81.74%	82.04%	74.67%	74.89%	75.02%	74.71%	69.67%	69.69%	68.92%	68.99%	68.43%
Debt to EBITDA	1.46	1.47	2.07	1.99	2.00	2.33	3.03	2.80	2.70	2.59	2.58
Net Debt to EBITDA	0.88	0.96	1.60	1.48	1.67	2.11	2.81	2.58	2.50	2.37	2.40
Long-Term Debt to EBITDA	1.40	1.43	2.00	1.91	1.91	2.21	2.89	2.66	2.57	2.47	2.45
Debt to NOPAT	4.32	4.55	6.82	7.40	7.55	11.02	21.60	20.12	6.41	6.00	5.84
Net Debt to NOPAT	2.60	2.98	5.26	5.49	6.28	10.00	20.02	18.54	5.93	5.50	5.43
Long-Term Debt to NOPAT	4.12	4.44	6.59	7.11	7.20	10.46	20.63	19.12	6.11	5.71	5.54
Altman Z-Score	1.62	1.90	1.36	1.22	1.30	1.21	1.10	1.09	1.13	0.93	1.02
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	0.62	0.60	0.57	0.54	0.40	0.31	0.27	0.25	0.29	0.29	0.27
Quick Ratio	0.48	0.44	0.41	0.42	0.29	0.17	0.16	0.15	0.17	0.17	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-58	-68	-150	-117	-120	-122	-101	-110	-96	-106	-57
Operating Cash Flow to CapEx	70.20%	87.40%	107.75%	123.32%	56.36%	55.09%	95.88%	112.86%	50.17%	117.41%	67.75%
Free Cash Flow to Firm to Interest Expense	-25.50	-26.18	-44.43	-34.00	-37.27	-36.60	-25.11	-24.07	-20.04	-22.19	-11.57
Operating Cash Flow to Interest Expense	9.82	9.61	9.44	10.42	7.12	6.04	9.85	10.48	3.85	7.21	5.61
Operating Cash Flow Less CapEx to Interest Expense	-4.17	-1.39	0.68	1.97	-5.51	-4.93	-0.42	1.19	-3.82	1.07	-2.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.75	0.77	0.74	0.74	0.73	0.75	0.71	0.73	0.75	0.77	0.75
Accounts Receivable Turnover	152.45	231.87	227.08	201.02	159.15	209.26	232.25	224.07	173.48	212.03	214.36
Inventory Turnover	76.90	49.92	57.97	51.74	38.81	39.63	41.07	47.49	42.15	40.83	43.94
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	57.53	43.97	48.20	42.14	33.59	33.78	34.79	39.78	35.77	31.19	36.01
Days Sales Outstanding (DSO)	2.39	1.57	1.61	1.82	2.29	1.74	1.57	1.63	2.10	1.72	1.70
Days Inventory Outstanding (DIO)	4.75	7.31	6.30	7.06	9.41	9.21	8.89	7.69	8.66	8.94	8.31
Days Payable Outstanding (DPO)	6.34	8.30	7.57	8.66	10.87	10.81	10.49	9.18	10.20	11.70	10.14
Cash Conversion Cycle (CCC)	0.80	0.58	0.33	0.21	0.83	0.15	-0.03	0.14	0.56	-1.04	-0.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	637	657	739	735	760	779	844	851	887	886	906
Invested Capital Turnover	1.47	1.49	1.46	1.48	1.45	1.47	1.40	1.47	1.48	1.53	1.51
Increase / (Decrease) in Invested Capital	61	77	161	121	124	123	105	115	127	107	62
Enterprise Value (EV)	1,278	1,557	1,213	1,097	1,298	1,207	1,225	1,220	1,232	889	1,057
Market Capitalization	1,202	1,475	1,060	951	1,133	1,023	983	976	971	630	785
Book Value per Share	$9.38	$9.59	$9.70	$9.75	$9.83	$9.82	$9.86	$9.95	$10.26	$10.27	$10.29
Tangible Book Value per Share	$0.84	$1.04	$0.27	$0.35	$0.48	$0.52	$0.03	$0.16	$0.51	$0.57	$0.70
Total Capital	687	700	785	787	794	798	863	871	909	910	927
Total Debt	125	126	199	197	198	202	262	264	282	282	293
Total Long-Term Debt	120	123	192	190	189	192	250	251	269	269	278
Net Debt	75	82	153	146	165	183	243	243	261	259	272
Capital Expenditures (CapEx)	32	29	30	29	41	37	41	42	37	29	41
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-88	-84	-90	-104	-107	-106	-123	-141	-126	-136	-136
Debt-free Net Working Capital (DFNWC)	-38	-40	-45	-53	-73	-87	-104	-120	-105	-113	-116
Net Working Capital (NWC)	-44	-43	-51	-61	-83	-98	-115	-133	-118	-126	-130
Net Nonoperating Expense (NNE)	0.65	1.64	1.72	1.70	2.96	1.61	2.20	2.31	16	3.38	3.31
Net Nonoperating Obligations (NNO)	75	82	153	146	165	183	243	243	261	259	272
Total Depreciation and Amortization (D&A)	12	12	15	15	16	17	18	20	21	22	22
Debt-free, Cash-free Net Working Capital to Revenue	-9.89%	-9.05%	-9.34%	-10.46%	-10.50%	-10.03%	-11.11%	-12.03%	-10.34%	-10.71%	-10.32%
Debt-free Net Working Capital to Revenue	-4.29%	-4.34%	-4.64%	-5.33%	-7.22%	-8.27%	-9.37%	-10.26%	-8.60%	-8.85%	-8.76%
Net Working Capital to Revenue	-4.92%	-4.67%	-5.33%	-6.12%	-8.13%	-9.24%	-10.44%	-11.38%	-9.69%	-9.91%	-9.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.25	($0.04)	$0.04
Adjusted Weighted Average Basic Shares Outstanding	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M	61.03M	60.96M	61.24M	61.67M
Adjusted Diluted Earnings per Share	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.24	($0.04)	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M	62.83M	62.84M	61.24M	62.30M
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	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M	61.03M	61.14M	61.64M	61.71M
Normalized Net Operating Profit after Tax (NOPAT)	7.31	10	12	5.32	7.89	2.65	6.45	7.40	8.49	3.77	8.26
Normalized NOPAT Margin	2.99%	4.15%	4.60%	2.12%	3.00%	0.94%	2.09%	2.34%	2.68%	1.14%	2.33%
Pre Tax Income Margin	2.25%	4.13%	5.33%	1.39%	0.28%	-0.54%	1.16%	1.80%	1.40%	-1.04%	0.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.42	4.85	5.08	2.02	1.23	0.54	1.89	2.24	1.92	0.28	1.69
NOPAT to Interest Expense	1.45	3.41	3.14	1.11	1.14	0.23	1.08	1.16	6.46	0.15	1.15
EBIT Less CapEx to Interest Expense	-10.56	-6.15	-3.68	-6.43	-11.41	-10.43	-8.38	-7.05	-5.75	-5.86	-6.59
NOPAT Less CapEx to Interest Expense	-12.53	-7.59	-5.62	-7.34	-11.50	-10.73	-9.20	-8.13	-1.21	-6.00	-7.13
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%

Financials Breakdown Chart

Key Financial Trends

First Watch Restaurant Group’s latest results show continued top-line growth, but profitability remains modest and cash generation is being pressured by heavy investment and higher debt service. In the second quarter of fiscal 2026, revenue increased to $354.7 million, up 15.2% from $307.9 million in the restated second quarter of 2025 and 7.2% from the first quarter of 2026. Revenue has expanded substantially from $184.5 million in Q2 2022, although the reported data includes several restatements that limit direct comparisons.

Profitability improved sequentially but margins remain thin. First Watch generated $8.1 million of operating income in Q2 2026, compared with $1.0 million in Q1 2026 and $7.3 million in the year-earlier quarter. Net income rose to $2.3 million, or $0.04 per diluted share, from a $2.7 million loss in Q1 and $2.1 million in Q2 2025. However, the operating margin was only about 2.3%, and gross margin fell to approximately 53.1% from 61.5% a year earlier as operating costs increased faster than revenue.

Cash flow remains mixed. Operating cash flow was a positive $27.4 million in Q2 2026, but declined from $39.4 million in Q2 2025 and $34.5 million in Q1 2026. Capital expenditures totaled $40.5 million, producing estimated negative free cash flow of roughly $13.1 million before acquisitions and other investing activity. The company has consistently invested heavily in new or remodeled locations, with quarterly capital spending generally ranging from approximately $29 million to $42 million in the supplied periods.

The balance sheet reflects an expanding business but also greater financial leverage. Cash and equivalents were $20.5 million at the end of Q2 2026, down from $23.6 million at the end of Q1 but slightly above $19.2 million a year earlier. Total debt, including short- and long-term borrowings, increased to approximately $292.5 million from $261.8 million in Q2 2025. First Watch issued $211.5 million of debt during Q2 and repaid $201.2 million, resulting in a net financing inflow of $10.5 million.

Revenue growth remains strong: Q2 2026 revenue rose 15.2% year over year and has nearly doubled from Q2 2022 levels, supporting the company’s long-term expansion strategy.
Sequential earnings recovery: The company moved from a $2.7 million net loss in Q1 2026 to $2.3 million of net income in Q2, while operating income increased more than eightfold sequentially.
Positive operating cash flow: First Watch generated $27.4 million of operating cash flow in Q2 2026 despite reporting only $2.3 million of net income, aided by depreciation and other noncash adjustments.
Equity and retained earnings improved: Total equity increased to $634.2 million from $601.3 million in Q2 2024, while the retained earnings deficit narrowed to $34.7 million from $97.7 million in Q2 2022.
Expansion requires substantial investment: Capital expenditures have remained elevated across the reported periods, indicating continued restaurant development and reinvestment but also limiting near-term free cash flow.
Quarterly results are seasonal and uneven: The supplied quarters show meaningful swings in revenue, operating income and cash flow, so investors should focus on multi-quarter trends rather than a single quarter.
Restated historical figures complicate comparisons: Several 2024 and 2025 income and cash-flow periods are identified as restated, and some standardized line items display unusual signs, warranting caution when calculating long-term margins.
Gross-margin pressure is evident: Q2 2026 gross margin was approximately 53.1%, down sharply from about 61.5% in Q2 2025 and 61.9% in Q1 2026.
Free cash flow turned negative: Q2 capital expenditures of $40.5 million exceeded $27.4 million of operating cash flow, resulting in estimated negative free cash flow of $13.1 million before acquisitions.
Leverage and liquidity remain key risks: Total debt increased year over year to approximately $292.5 million, cash interest paid was $4.6 million in Q2, and current liabilities of $177.9 million substantially exceeded current assets of $47.5 million.

09/03/26 03:09 PM ETAI Generated. May Contain Errors.

First Watch Restaurant Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Watch Restaurant Group's financial year ends in December. Their financial year 2025 ended on December 28, 2025.

First Watch Restaurant Group's net income appears to be on a downward trend, with a most recent value of $19.43 million in 2025, falling from -$45.47 million in 2019. The previous period was $18.93 million in 2024. See where experts think First Watch Restaurant Group is headed by visiting First Watch Restaurant Group's forecast page.

First Watch Restaurant Group's total operating income in 2025 was $27.51 million, based on the following breakdown:

Total Gross Profit: $942.40 million
Total Operating Expenses: $914.89 million

Over the last 6 years, First Watch Restaurant Group's total revenue changed from $436.37 million in 2019 to $1.22 billion in 2025, a change of 180.2%.

First Watch Restaurant Group's total liabilities were at $1.12 billion at the end of 2025, a 21.4% increase from 2024, and a 62.5% increase since 2020.

In the past 5 years, First Watch Restaurant Group's cash and equivalents has ranged from $21.25 million in 2025 to $51.86 million in 2021, and is currently $21.25 million as of their latest financial filing in 2025.

Over the last 6 years, First Watch Restaurant Group's book value per share changed from 0.00 in 2019 to 10.26 in 2025, a change of 1,026.2%.

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Financial statements for NASDAQ:FWRG last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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First Watch Restaurant Group (FWRG) Financials

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First Watch Restaurant Group (FWRG) Financials

Annual Income Statements for First Watch Restaurant Group

Quarterly Income Statements for First Watch Restaurant Group

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Quarterly Cash Flow Statements for First Watch Restaurant Group

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Quarterly Balance Sheets for First Watch Restaurant Group

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Quarterly Metrics And Ratios for First Watch Restaurant Group

Financials Breakdown Chart

Key Financial Trends

First Watch Restaurant Group Financials - Frequently Asked Questions

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

How has First Watch Restaurant Group's net income changed over the last 6 years?

What is First Watch Restaurant Group's operating income?

How has First Watch Restaurant Group's revenue changed over the last 6 years?

How much debt does First Watch Restaurant Group have?

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How has First Watch Restaurant Group's book value per share changed over the last 6 years?

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