First Watch Restaurant Group, Inc. (FWRG)

FWRG Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 29, 2024	Dec 31, 2023	Dec 25, 2022	Dec 26, 2021
Revenue	1,223	1,016	891.55	730.16	601.19
Revenue Growth (YoY)	20.34%	13.95%	22.10%	21.45%	75.59%
Gross Profit	1,223	1,016	891.55	730.16	601.19
Selling, General & Admin	128.95	113.27	103.12	84.96	70.39
Depreciation & Amortization Expenses	75.01	57.72	41.22	34.23	32.38
Other Operating Expenses	991.03	806.02	705.94	594.06	476.18
Total Operating Expenses	1,195	977	850.28	713.25	578.95
Operating Income	27.51	38.91	41.27	16.91	22.24
Interest Expense	-16.7	-12.64	-8.06	-5.23	-20.1
Other Non-Operating Income (Expense)	1.32	1.76	2.87	0.91	-1.77
Total Non-Operating Income (Expense)	-15.38	-10.88	-5.19	-4.32	-21.87
Pretax Income	12.13	28.03	36.08	12.59	0.37
Provision for Income Taxes	-7.3	9.1	10.69	5.68	2.48
Net Income	19.43	18.93	25.39	6.91	-2.11
Net Income to Common	19.43	18.93	25.39	6.91	-2.11
Net Income Growth	2.68%	-25.45%	267.53%	-	-
Shares Outstanding (Basic)	61	60	60	59	48
Shares Outstanding (Diluted)	63	62	61	60	48
Shares Change (YoY)	0.79%	1.90%	1.75%	24.74%	7.11%
EPS (Basic)	0.32	0.31	0.43	0.12	-0.04
EPS (Diluted)	0.31	0.30	0.41	0.11	-0.04
EPS Growth	3.33%	-26.83%	272.73%	-	-
Free Cash Flow	-30.99	-12.24	12.01	0.72	27.66
Free Cash Flow Growth	-	-	1572.56%	-97.40%	-
Free Cash Flow Per Share	-0.49	-0.20	0.20	0.01	0.57
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	2.25%	3.83%	4.63%	2.32%	3.70%
Profit Margin	1.59%	1.86%	2.85%	0.95%	-0.35%
FCF Margin	-2.54%	-1.21%	1.35%	0.10%	4.60%
EBITDA	102.52	96.62	82.49	51.14	54.62
EBITDA Margin	8.39%	9.51%	9.25%	7.00%	9.09%
EBIT	27.51	38.91	41.27	16.91	22.24
EBIT Margin	2.25%	3.83%	4.63%	2.32%	3.70%
Effective Tax Rate	-60.16%	32.47%	29.63%	45.14%	669.46%

Updated Feb 24, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q