First Watch Restaurant Group, Inc. (FWRG)

FWRG Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 28, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021	Dec 27, 2020
Revenue	1,169	1,016	891.55	730.16	601.19	342.39
Revenue Growth (YoY)	17.27%	13.95%	22.10%	21.45%	75.59%	-21.54%
Cost of Revenue	931.31	792.8	694.26	585.21	473.65	308.63
Gross Profit	238.14	223.11	197.29	144.95	127.55	33.76
Selling, General & Admin	124.13	111.1	100.95	82.34	64.52	46.08
Operating Expenses	208.55	178.92	149.35	121.98	100.21	80.69
Operating Income	29.59	44.19	47.94	22.97	27.33	-46.93
Interest Expense	-15.12	-12.64	-8.06	-5.23	-20.1	-22.82
Other Non Operating Income (Expenses)	1.49	2.01	2.32	0.63	-1.78	0.41
EBT Excluding Unusual Items	15.95	33.56	42.2	18.37	5.46	-69.33
Merger & Restructuring Charges	-5.68	-3.44	-2.95	-2.32	-0	0.04
Gain (Loss) on Sale of Assets	-0.45	-0.53	-0.86	-0.92	-0.38	-0.32
Asset Writedown	-	-	-0.5	-	-	-
Other Unusual Items	-1.37	-1.57	-2.43	-2.54	-4.71	0.05
Pretax Income	8.45	28.03	36.08	12.59	0.37	-69.55
Income Tax Expense	3.48	9.1	10.69	5.68	2.48	-19.87
Earnings From Continuing Operations	4.97	18.93	25.39	6.91	-2.11	-49.68
Net Income	4.97	18.93	25.39	6.91	-2.11	-49.68
Net Income to Common	4.97	18.93	25.39	6.91	-2.11	-49.68
Net Income Growth	-76.20%	-25.45%	267.53%	-	-	-
Shares Outstanding (Basic)	61	60	60	59	48	45
Shares Outstanding (Diluted)	63	62	61	60	48	45
Shares Change (YoY)	0.81%	1.90%	1.75%	24.74%	7.11%	-
EPS (Basic)	0.08	0.31	0.43	0.12	-0.04	-1.10
EPS (Diluted)	0.08	0.30	0.41	0.11	-0.04	-1.10
EPS Growth	-75.81%	-26.83%	272.73%	-	-	-
Free Cash Flow	-30.41	-12.28	10.81	0.72	27.66	-45.11
Free Cash Flow Per Share	-0.48	-0.20	0.18	0.01	0.57	-1.00
Gross Margin	20.36%	21.96%	22.13%	19.85%	21.21%	9.86%
Operating Margin	2.53%	4.35%	5.38%	3.15%	4.55%	-13.71%
Profit Margin	0.43%	1.86%	2.85%	0.95%	-0.35%	-14.51%
Free Cash Flow Margin	-2.60%	-1.21%	1.21%	0.10%	4.60%	-13.18%
EBITDA	99.7	101.91	89.16	57.2	59.71	-16.2
EBITDA Margin	8.53%	10.03%	10.00%	7.83%	9.93%	-4.73%
D&A For EBITDA	70.11	57.72	41.22	34.23	32.38	30.73
EBIT	29.59	44.19	47.94	22.97	27.33	-46.93
EBIT Margin	2.53%	4.35%	5.38%	3.15%	4.55%	-13.71%
Effective Tax Rate	41.23%	32.47%	29.63%	45.14%	669.46%	-
Revenue as Reported	1,169	1,016	891.55	730.16	601.19	342.39
Advertising Expenses	-	8.5	7.2	6.4	4.8	3.3

Updated Nov 4, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q