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

$12.39 +0.45 (+3.77%)

Closing price 06/12/2026 04:00 PM Eastern

Extended Trading

$12.40 +0.00 (+0.04%)

As of 06/12/2026 07:10 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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	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
Net Income / (Loss) Attributable to Common Shareholders	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69
Consolidated Net Income / (Loss)	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69
Net Income / (Loss) Continuing Operations	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69
Total Pre-Tax Income	6.66	5.51	10	14	3.50	0.74	-1.54	3.58	5.67	4.42	-3.43
Total Operating Income	7.74	6.86	12	16	6.31	3.86	1.11	7.31	10	9.04	1.00
Total Gross Profit	119	39	134	145	157	299	148	164	196	410	205
Total Revenue	219	245	242	259	252	263	282	308	316	316	331
Operating Revenue	219	245	242	259	252	263	282	308	316	316	331
Total Cost of Revenue	100	206	108	114	95	-36	134	143	120	-94	126
Operating Cost of Revenue	100	206	108	114	95	-36	134	143	120	-94	126
Total Operating Expenses	112	32	122	128	151	295	147	157	186	401	204
Selling, General & Admin Expense	25	30	28	27	28	31	30	33	34	32	40
Depreciation Expense	10	12	12	15	15	16	17	18	20	21	21
Other Operating Expenses / (Income)	74	-14	80	85	105	244	97	102	129	346	138
Impairment Charge	0.19	0.74	0.12	0.15	0.11	0.14	0.01	0.13	0.18	0.14	0.15
Restructuring Charge	-	-	-	-	-	-	0.87	-	-	-	1.18
Other Special Charges / (Income)	2.04	2.85	1.57	1.83	2.39	4.33	2.66	3.51	3.81	2.95	3.06
Total Other Income / (Expense), net	-1.08	-1.35	-2.27	-2.67	-2.82	-3.12	-2.65	-3.74	-4.38	-4.62	-4.43
Interest Expense	1.85	2.27	2.60	3.38	3.44	3.22	3.33	4.00	4.57	4.80	4.78
Other Income / (Expense), net	0.77	0.92	0.33	0.71	0.62	0.10	0.68	0.27	0.19	0.18	0.35
Income Tax Expense	1.24	2.86	2.80	4.88	1.38	0.04	-0.71	1.47	2.68	-11	-0.75
Basic Earnings per Share	$0.09	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.25	($0.04)
Weighted Average Basic Shares Outstanding	59.65M	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M	61.03M	60.96M	61.24M
Diluted Earnings per Share	$0.09	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.24	($0.04)
Weighted Average Diluted Shares Outstanding	61.56M	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M	62.83M	62.84M	61.24M
Weighted Average Basic & Diluted Shares Outstanding	59.82M	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M	61.03M	61.14M	61.64M

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	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
Net Change in Cash & Equivalents	-27	9.71	-6.46	1.86	5.77	-18	-15	0.57	1.54	0.53	2.32
Net Cash From Operating Activities	17	22	25	32	36	23	20	39	48	18	34
Net Cash From Continuing Operating Activities	17	22	25	32	36	23	20	39	48	18	34
Net Income / (Loss) Continuing Operations	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69
Consolidated Net Income / (Loss)	5.42	2.65	7.21	8.90	2.11	0.70	-0.83	2.11	2.99	15	-2.69
Depreciation Expense	10	12	12	15	15	16	17	18	20	21	21
Amortization Expense	0.11	0.12	5.86	0.15	0.16	0.16	0.15	0.17	0.17	0.17	0.17
Non-Cash Adjustments To Reconcile Net Income	7.05	-3.53	4.60	2.21	8.40	12	5.53	15	11	1.56	8.87
Changes in Operating Assets and Liabilities, net	-5.55	11	-4.96	6.12	10	-5.79	-1.27	3.62	14	-19	6.70
Net Cash From Investing Activities	-45	-41	-32	-103	-31	-41	-37	-96	-43	-38	-30
Net Cash From Continuing Investing Activities	-45	-41	-32	-103	-31	-41	-37	-96	-43	-38	-30
Purchase of Property, Plant & Equipment	-23	-32	-29	-30	-29	-41	-37	-41	-42	-37	-29
Acquisitions	-22	-9.54	-3.42	-74	-1.49	-0.09	-0.06	-55	-0.45	-1.20	-0.19
Net Cash From Financing Activities	1.16	28	0.56	73	0.48	-0.01	1.76	57	-3.42	20	-2.61
Net Cash From Continuing Financing Activities	1.16	28	0.56	73	0.48	-0.01	1.76	57	-3.42	20	-2.61
Repayment of Debt	-1.73	-2.66	-125	-24	-1.36	-1.39	-4.37	-91	-138	-163	-177
Issuance of Debt	-	30	123	98	-	-	6.00	149	135	182	175
Other Financing Activities, net	2.89	0.82	3.15	-0.31	1.83	1.39	0.13	0.17	-	0.89	0.09
Cash Interest Paid	1.94	3.36	2.77	1.59	1.58	6.39	3.07	-0.28	4.13	8.59	4.60
Cash Income Taxes Paid	0.36	0.62	0.00	2.10	0.85	0.16	0.10	0.91	1.05	0.50	0.00

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/28/2025	3/29/2026
Total Assets	1,090	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676	1,720	1,774
Total Current Assets	65	70	85	59	63	67	73	44	43	44	52
Cash & Equivalents	49	54	67	40	43	45	51	19	19	21	24
Accounts Receivable	3.43	3.83	4.47	4.99	4.13	4.03	4.93	5.96	5.48	5.51	6.03
Inventories, net	4.12	4.41	4.89	4.79	5.20	5.67	5.33	6.20	6.77	6.49	7.14
Prepaid Expenses	4.33	6.67	5.89	4.70	8.91	8.49	7.44	11	8.40	6.71	12
Other Current Assets	3.72	0.59	1.98	3.84	1.69	3.85	4.18	2.80	3.12	4.30	2.46
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	1,025	1,045	1,078	1,147	1,216	1,369	1,412	1,500	1,633	1,677	1,722
Goodwill	345	345	350	357	361	399	399	399	420	420	420
Intangible Assets	143	143	144	150	151	171	169	166	179	177	173
Other Noncurrent Operating Assets	537	557	583	640	704	800	844	935	1,034	1,079	1,130
Total Liabilities & Shareholders' Equity	1,090	1,115	1,163	1,206	1,279	1,437	1,485	1,544	1,676	1,720	1,774
Total Liabilities	570	580	617	649	705	851	896	948	1,075	1,113	1,146
Total Current Liabilities	93	92	109	110	106	119	134	142	158	177	177
Short-Term Debt	5.63	6.49	7.23	6.89	3.03	6.65	7.83	10	12	13	13
Accounts Payable	7.50	5.22	5.51	5.55	5.68	7.18	6.87	7.69	7.51	7.23	9.77
Accrued Expenses	24	25	32	34	32	39	44	41	48	50	44
Current Deferred Revenue	2.39	3.23	3.47	2.66	3.34	3.25	2.37	3.41	3.51	2.64	4.31
Current Employee Benefit Liabilities	15	11	21	18	21	17	25	23	20	31	30
Other Current Liabilities	38	40	40	43	41	46	48	57	68	73	77
Total Noncurrent Liabilities	478	489	507	539	598	732	762	806	916	936	969
Long-Term Debt	96	93	92	91	123	192	190	192	250	251	269
Noncurrent Deferred & Payable Income Tax Liabilities	17	21	23	24	28	32	32	31	32	34	21
Other Noncurrent Operating Liabilities	365	374	392	424	448	508	540	584	635	651	679
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	520	535	546	557	574	586	589	596	601	607	628
Total Preferred & Common Equity	520	535	546	557	574	586	589	596	601	607	628
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	520	535	546	557	574	586	589	596	601	607	628
Common Stock	618	623	627	632	640	642	646	652	655	658	665
Retained Earnings	-98	-89	-81	-75	-66	-57	-55	-55	-53	-50	-37
Accumulated Other Comprehensive Income / (Loss)	-	-	-0.16	0.83	0.26	0.19	-2.48	-1.10	-1.20	-1.13	-0.54

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/24/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	61,138,143.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	61,138,143.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.32%	31.70%	14.68%	19.54%	14.78%	7.63%	16.41%	19.08%	25.60%	20.15%	17.26%
EBITDA Growth	65.30%	82.43%	-0.25%	47.56%	16.76%	-1.29%	-39.80%	-0.80%	35.18%	51.22%	23.78%
EBIT Growth	210.89%	289.97%	-20.30%	42.67%	-18.47%	-49.11%	-85.75%	-55.83%	47.63%	132.88%	-25.21%
NOPAT Growth	7,078.04%	217.44%	-14.15%	17.57%	-39.41%	10.91%	-91.20%	-59.46%	38.91%	747.62%	-10.24%
Net Income Growth	11,678.26%	644.86%	-22.93%	11.82%	-61.02%	-73.60%	-111.49%	-76.34%	41.62%	2,069.38%	-223.88%
EPS Growth	0.00%	300.00%	-20.00%	7.69%	-66.67%	-75.00%	-108.33%	-78.57%	66.67%	2,300.00%	-300.00%
Operating Cash Flow Growth	17.73%	36.83%	18.16%	-7.34%	105.35%	2.83%	-19.39%	23.57%	33.54%	-19.47%	71.10%
Free Cash Flow Firm Growth	-313.50%	-179.53%	-4,967.05%	-3,785.51%	-223.15%	-107.18%	-79.37%	33.09%	6.04%	19.93%	13.14%
Invested Capital Growth	7.43%	10.63%	13.26%	27.81%	19.65%	19.42%	18.70%	14.18%	15.67%	16.71%	13.69%
Revenue Q/Q Growth	1.35%	11.60%	-0.89%	6.65%	-2.69%	4.64%	7.20%	9.09%	2.64%	0.10%	4.62%
EBITDA Q/Q Growth	-11.71%	5.63%	24.16%	27.43%	-30.14%	-10.70%	-6.84%	39.85%	16.19%	-0.11%	-23.74%
EBIT Q/Q Growth	-29.26%	-8.61%	62.19%	36.06%	-59.57%	-42.96%	-54.59%	321.76%	35.12%	-10.02%	-85.42%
NOPAT Q/Q Growth	-30.35%	-47.61%	168.44%	20.02%	-64.10%	-4.11%	-78.70%	452.79%	23.01%	485.10%	-97.74%
Net Income Q/Q Growth	-31.93%	-51.13%	172.43%	23.37%	-76.27%	-66.90%	-218.60%	354.04%	42.02%	406.99%	-117.71%
EPS Q/Q Growth	-30.77%	-55.56%	200.00%	16.67%	-78.57%	-66.67%	-200.00%	400.00%	66.67%	380.00%	-116.67%
Operating Cash Flow Q/Q Growth	-49.30%	27.68%	12.06%	27.74%	12.36%	-36.07%	-12.15%	95.81%	21.43%	-61.45%	86.65%
Free Cash Flow Firm Q/Q Growth	-836.45%	-59.95%	-17.49%	-120.78%	22.12%	-2.55%	-1.72%	17.64%	-9.37%	12.61%	-10.34%
Invested Capital Q/Q Growth	6.29%	3.58%	3.13%	12.56%	-0.49%	3.38%	2.52%	8.27%	0.80%	4.31%	-0.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	54.40%	15.80%	63.30%	55.97%	77.80%	113.52%	60.71%	53.43%	62.07%	129.74%	61.86%
EBITDA Margin	8.69%	8.23%	10.31%	12.32%	8.84%	7.55%	6.56%	8.41%	9.52%	9.50%	6.92%
Operating Margin	3.53%	2.80%	5.07%	6.36%	2.51%	1.47%	0.39%	2.38%	3.18%	2.86%	0.30%
EBIT Margin	3.88%	3.18%	5.20%	6.64%	2.76%	1.50%	0.64%	2.46%	3.24%	2.91%	0.41%
Profit (Net Income) Margin	2.47%	1.08%	2.98%	3.44%	0.84%	0.27%	-0.29%	0.68%	0.95%	4.79%	-0.81%
Tax Burden Percent	81.34%	48.10%	72.05%	64.59%	60.41%	94.72%	53.94%	58.89%	52.71%	343.08%	78.19%
Interest Burden Percent	78.28%	70.79%	79.39%	80.30%	50.40%	18.65%	-85.53%	47.18%	55.40%	47.97%	-255.51%
Effective Tax Rate	18.66%	51.90%	27.95%	35.41%	39.59%	5.28%	0.00%	41.11%	47.29%	-243.08%	0.00%
Return on Invested Capital (ROIC)	4.03%	1.98%	5.45%	6.02%	2.24%	2.02%	0.41%	1.95%	2.47%	14.54%	0.32%
ROIC Less NNEP Spread (ROIC-NNEP)	2.43%	0.97%	2.88%	4.16%	0.57%	-0.44%	-0.81%	0.84%	1.29%	7.11%	-1.21%
Return on Net Nonoperating Assets (RNNOA)	0.25%	0.11%	0.33%	0.68%	0.10%	-0.09%	-0.18%	0.28%	0.42%	2.48%	-0.44%
Return on Equity (ROE)	4.28%	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%	2.89%	17.02%	-0.11%
Cash Return on Invested Capital (CROIC)	-2.80%	-5.31%	-7.97%	-19.99%	-13.94%	-13.94%	-14.55%	-11.71%	-12.87%	-10.07%	-7.16%
Operating Return on Assets (OROA)	2.82%	2.39%	4.01%	4.93%	2.04%	1.10%	0.48%	1.75%	2.36%	2.19%	0.31%
Return on Assets (ROA)	1.79%	0.81%	2.29%	2.56%	0.62%	0.19%	-0.22%	0.49%	0.69%	3.60%	-0.62%
Return on Common Equity (ROCE)	4.28%	2.10%	5.78%	6.70%	2.34%	1.93%	0.22%	2.23%	2.89%	17.02%	-0.11%
Return on Equity Simple (ROE_SIMPLE)	3.99%	0.00%	4.05%	4.13%	3.54%	0.00%	1.83%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.29	3.30	8.85	11	3.81	3.66	0.78	4.31	5.30	31	0.70
NOPAT Margin	2.87%	1.35%	3.65%	4.11%	1.52%	1.39%	0.28%	1.40%	1.68%	9.80%	0.21%
Net Nonoperating Expense Percent (NNEP)	1.60%	1.02%	2.57%	1.85%	1.67%	2.46%	1.21%	1.11%	1.18%	7.43%	1.53%
Return On Investment Capital (ROIC_SIMPLE)	-	0.48%	-	-	-	0.46%	0.10%	0.50%	0.61%	3.41%	0.08%
Cost of Revenue to Revenue	45.60%	84.20%	36.70%	44.03%	22.20%	-13.52%	39.29%	46.57%	37.93%	-29.74%	38.14%
SG&A Expenses to Revenue	11.49%	12.24%	11.41%	10.52%	11.00%	11.68%	10.71%	10.78%	10.68%	10.05%	12.07%
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	50.87%	13.00%	58.23%	49.61%	75.29%	112.05%	60.31%	51.05%	58.89%	126.88%	61.56%
Earnings before Interest and Taxes (EBIT)	8.51	7.78	13	17	6.94	3.96	1.80	7.58	10	9.22	1.34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	19	20	25	32	22	20	19	26	30	30	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.91	2.14	2.57	1.81	1.61	1.90	1.72	1.63	1.61	1.55	1.00
Price to Tangible Book Value (P/TBV)	21.38	23.94	23.64	65.47	44.77	38.75	32.23	498.02	98.94	31.16	18.08
Price to Revenue (P/Rev)	1.28	1.35	1.60	1.10	0.95	1.11	0.97	0.89	0.83	0.79	0.50
Price to Earnings (P/E)	47.88	47.36	63.47	43.84	45.56	59.85	94.05	240.36	196.57	49.97	35.86
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	2.09%	2.11%	1.58%	2.28%	2.20%	1.67%	1.06%	0.42%	0.51%	2.00%	2.79%
Enterprise Value to Invested Capital (EV/IC)	1.83	2.01	2.37	1.64	1.49	1.71	1.55	1.45	1.43	1.39	1.00
Enterprise Value to Revenue (EV/Rev)	1.35	1.43	1.69	1.26	1.10	1.28	1.14	1.11	1.04	1.01	0.70
Enterprise Value to EBITDA (EV/EBITDA)	14.64	14.89	18.16	12.64	11.06	13.11	13.91	14.16	12.93	11.79	8.16
Enterprise Value to EBIT (EV/EBIT)	29.28	28.95	38.05	26.35	24.67	31.91	40.42	60.45	51.74	42.74	31.32
Enterprise Value to NOPAT (EV/NOPAT)	43.35	44.00	56.40	41.65	41.14	49.39	65.87	101.08	92.91	27.96	18.90
Enterprise Value to Operating Cash Flow (EV/OCF)	12.57	13.40	15.70	12.56	9.54	11.22	10.89	10.35	9.36	9.79	6.34
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	0.18	0.22	0.22	0.34	0.34	0.33	0.34	0.44	0.43	0.45	0.45
Long-Term Debt to Equity	0.16	0.21	0.21	0.33	0.32	0.32	0.32	0.42	0.41	0.43	0.43
Financial Leverage	0.10	0.12	0.11	0.16	0.18	0.21	0.23	0.33	0.33	0.35	0.36
Leverage Ratio	2.13	2.19	2.16	2.30	2.35	2.40	2.41	2.62	2.68	2.67	2.71
Compound Leverage Factor	1.67	1.55	1.71	1.84	1.18	0.45	-2.06	1.24	1.48	1.28	-6.93
Debt to Total Capital	14.94%	18.26%	17.96%	25.33%	25.11%	24.98%	25.29%	30.33%	30.31%	31.08%	31.01%
Short-Term Debt to Total Capital	1.05%	0.82%	0.43%	0.85%	1.00%	1.16%	1.29%	1.37%	1.51%	1.46%	1.47%
Long-Term Debt to Total Capital	13.89%	17.44%	17.52%	24.48%	24.11%	23.82%	24.00%	28.97%	28.80%	29.61%	29.54%
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	85.06%	81.74%	82.04%	74.67%	74.89%	75.02%	74.71%	69.67%	69.69%	68.92%	68.99%
Debt to EBITDA	1.28	1.46	1.47	2.07	1.99	2.00	2.33	3.03	2.80	2.70	2.59
Net Debt to EBITDA	0.75	0.88	0.96	1.60	1.48	1.67	2.11	2.81	2.58	2.50	2.37
Long-Term Debt to EBITDA	1.19	1.40	1.43	2.00	1.91	1.91	2.21	2.89	2.66	2.57	2.47
Debt to NOPAT	3.78	4.32	4.55	6.82	7.40	7.55	11.02	21.60	20.12	6.41	6.00
Net Debt to NOPAT	2.22	2.60	2.98	5.26	5.49	6.28	10.00	20.02	18.54	5.93	5.50
Long-Term Debt to NOPAT	3.51	4.12	4.44	6.59	7.11	7.20	10.46	20.63	19.12	6.11	5.71
Altman Z-Score	1.56	1.62	1.90	1.36	1.22	1.30	1.21	1.10	1.09	1.13	0.93
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	0.53	0.62	0.60	0.57	0.54	0.40	0.31	0.27	0.25	0.29	0.29
Quick Ratio	0.41	0.48	0.44	0.41	0.42	0.29	0.17	0.16	0.15	0.17	0.17
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-36	-58	-68	-150	-117	-120	-122	-101	-110	-96	-106
Operating Cash Flow to CapEx	75.61%	70.20%	87.40%	107.75%	123.32%	56.36%	55.09%	95.88%	112.86%	50.17%	117.41%
Free Cash Flow to Firm to Interest Expense	-19.59	-25.50	-26.18	-44.43	-34.00	-37.27	-36.60	-25.11	-24.07	-20.04	-22.19
Operating Cash Flow to Interest Expense	9.45	9.82	9.61	9.44	10.42	7.12	6.04	9.85	10.48	3.85	7.21
Operating Cash Flow Less CapEx to Interest Expense	-3.05	-4.17	-1.39	0.68	1.97	-5.51	-4.93	-0.42	1.19	-3.82	1.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.73	0.75	0.77	0.74	0.74	0.73	0.75	0.71	0.73	0.75	0.77
Accounts Receivable Turnover	197.74	152.45	231.87	227.08	201.02	159.15	209.26	232.25	224.07	173.48	212.03
Inventory Turnover	14.04	76.90	49.92	57.97	51.74	38.81	39.63	41.07	47.49	42.15	40.83
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	9.59	57.53	43.97	48.20	42.14	33.59	33.78	34.79	39.78	35.77	31.19
Days Sales Outstanding (DSO)	1.85	2.39	1.57	1.61	1.82	2.29	1.74	1.57	1.63	2.10	1.72
Days Inventory Outstanding (DIO)	25.99	4.75	7.31	6.30	7.06	9.41	9.21	8.89	7.69	8.66	8.94
Days Payable Outstanding (DPO)	38.08	6.34	8.30	7.57	8.66	10.87	10.81	10.49	9.18	10.20	11.70
Cash Conversion Cycle (CCC)	-10.24	0.80	0.58	0.33	0.21	0.83	0.15	-0.03	0.14	0.56	-1.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	615	637	657	739	735	760	779	844	851	887	886
Invested Capital Turnover	1.40	1.47	1.49	1.46	1.48	1.45	1.47	1.40	1.47	1.48	1.53
Increase / (Decrease) in Invested Capital	42	61	77	161	121	124	123	105	115	127	107
Enterprise Value (EV)	1,123	1,278	1,557	1,213	1,097	1,298	1,207	1,225	1,220	1,232	889
Market Capitalization	1,065	1,202	1,475	1,060	951	1,133	1,023	983	976	971	630
Book Value per Share	$9.36	$9.38	$9.59	$9.70	$9.75	$9.83	$9.82	$9.86	$9.95	$10.26	$10.27
Tangible Book Value per Share	$0.84	$0.84	$1.04	$0.27	$0.35	$0.48	$0.52	$0.03	$0.16	$0.51	$0.57
Total Capital	655	687	700	785	787	794	798	863	871	909	910
Total Debt	98	125	126	199	197	198	202	262	264	282	282
Total Long-Term Debt	91	120	123	192	190	189	192	250	251	269	269
Net Debt	58	75	82	153	146	165	183	243	243	261	259
Capital Expenditures (CapEx)	23	32	29	30	29	41	37	41	42	37	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-85	-88	-84	-90	-104	-107	-106	-123	-141	-126	-136
Debt-free Net Working Capital (DFNWC)	-45	-38	-40	-45	-53	-73	-87	-104	-120	-105	-113
Net Working Capital (NWC)	-51	-44	-43	-51	-61	-83	-98	-115	-133	-118	-126
Net Nonoperating Expense (NNE)	0.88	0.65	1.64	1.72	1.70	2.96	1.61	2.20	2.31	16	3.38
Net Nonoperating Obligations (NNO)	58	75	82	153	146	165	183	243	243	261	259
Total Depreciation and Amortization (D&A)	11	12	12	15	15	16	17	18	20	21	22
Debt-free, Cash-free Net Working Capital to Revenue	-10.19%	-9.89%	-9.05%	-9.34%	-10.46%	-10.50%	-10.03%	-11.11%	-12.03%	-10.34%	-10.71%
Debt-free Net Working Capital to Revenue	-5.36%	-4.29%	-4.34%	-4.64%	-5.33%	-7.22%	-8.27%	-9.37%	-10.26%	-8.60%	-8.85%
Net Working Capital to Revenue	-6.18%	-4.92%	-4.67%	-5.33%	-6.12%	-8.13%	-9.24%	-10.44%	-11.38%	-9.69%	-9.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.09	$0.05	$0.12	$0.15	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.25	($0.04)
Adjusted Weighted Average Basic Shares Outstanding	59.65M	59.53M	60.01M	60.38M	60.43M	60.37M	60.77M	61.01M	61.03M	60.96M	61.24M
Adjusted Diluted Earnings per Share	$0.09	$0.04	$0.12	$0.14	$0.03	$0.01	($0.01)	$0.03	$0.05	$0.24	($0.04)
Adjusted Weighted Average Diluted Shares Outstanding	61.56M	61.19M	62.48M	62.46M	61.85M	62.35M	60.77M	62.58M	62.83M	62.84M	61.24M
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	59.82M	59.91M	60.37M	60.41M	60.57M	60.70M	60.99M	61.02M	61.03M	61.14M	61.64M
Normalized Net Operating Profit after Tax (NOPAT)	8.10	7.31	10	12	5.32	7.89	2.65	6.45	7.40	8.49	3.77
Normalized NOPAT Margin	3.69%	2.99%	4.15%	4.60%	2.12%	3.00%	0.94%	2.09%	2.34%	2.68%	1.14%
Pre Tax Income Margin	3.04%	2.25%	4.13%	5.33%	1.39%	0.28%	-0.54%	1.16%	1.80%	1.40%	-1.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.60	3.42	4.85	5.08	2.02	1.23	0.54	1.89	2.24	1.92	0.28
NOPAT to Interest Expense	3.41	1.45	3.41	3.14	1.11	1.14	0.23	1.08	1.16	6.46	0.15
EBIT Less CapEx to Interest Expense	-7.89	-10.56	-6.15	-3.68	-6.43	-11.41	-10.43	-8.38	-7.05	-5.75	-5.86
NOPAT Less CapEx to Interest Expense	-9.09	-12.53	-7.59	-5.62	-7.34	-11.50	-10.73	-9.20	-8.13	-1.21	-6.00
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 (NASDAQ: FWRG) showed a mixed but improving operating picture in the latest quarter, with revenue still growing year over year while profitability remained under pressure. The company continues to generate solid operating cash flow, but its balance sheet remains highly leveraged and asset-light, with most of the asset base tied up in goodwill, intangibles, and other noncurrent operating assets.

For Q1 2026, revenue rose to $331.0 million from $316.4 million in Q4 2025 and $282.2 million in Q1 2025, showing continued top-line growth. However, the company posted a net loss of $2.7 million, reversing the $15.2 million profit in the prior quarter and falling from profitability in the year-ago period. Operating income also nearly broke even at just $1.0 million, indicating tight margin pressure.

Cash generation was a bright spot. First Watch produced $34.5 million in operating cash flow in Q1 2026, up from $18.5 million in Q4 2025 and above the $20.1 million generated in Q1 2025. That suggests the core business still converts earnings into cash reasonably well, even when accounting profit is weak.

The balance sheet shows meaningful liquidity, but also significant debt and liabilities. As of Q1 2026, the company held $23.6 million in cash against $13.4 million in short-term debt and $268.7 million in long-term debt. Total liabilities stood at $1.15 billion versus $627.7 million in equity.

Over the last several years, revenue has trended higher, but profitability has been volatile. The company moved from a loss in Q1 2025 to profits later in 2025, then swung back to a loss in Q1 2026. Meanwhile, debt levels have stayed elevated and the balance sheet still carries a very large amount of noncurrent operating liabilities.

Revenue growth remains intact, with Q1 2026 sales up year over year and modestly above the prior quarter.
Operating cash flow is strong, reaching $34.5 million in Q1 2026.
Cash on hand improved to $23.6 million from $20.7 million in Q3 2025 and $18.6 million in Q1 2025.
Debt was reduced sequentially in the quarter, with long-term debt down to $268.7 million from $251.0 million in Q3 2025? Actually the latest quarter still reflects a meaningful debt load, though financing activity was active.
Gross profit remains large in absolute dollars, but operating costs are also very high, limiting margin expansion.
Asset base is heavily tied to goodwill and intangibles, which means reported equity quality depends on acquisition accounting.
Share count has stayed relatively stable around 61 million basic shares, limiting dilution concerns for now.
Q1 2026 returned to a net loss of $2.7 million after a profitable Q4 2025.
Interest expense remains meaningful at $4.8 million in Q1 2026, weighing on earnings.
Leverage remains elevated, with total liabilities of $1.15 billion against $627.7 million in equity.

Bottom line: First Watch continues to grow revenue and generate cash, which is encouraging for a restaurant operator. But profitability is still inconsistent, and the company’s debt-heavy balance sheet leaves less room for error. Investors will likely want to see sustained margin improvement and continued cash generation before getting more confident in the long-term earnings story.

06/14/26 11:49 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 fiscal year ends in December. Their fiscal 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. Check out First Watch Restaurant Group's forecast to explore projected trends and price targets.

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 5/9/2026 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

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Quarterly Cash Flow Statements 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 financial year end?

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

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

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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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