First Watch Restaurant (FWRG) financial statements
First Watch Restaurant reported revenue of $1.2B in fiscal 2025, up 18.7% a year over 6 years.
Net income was $19M and the operating margin 2.3%, against -8.6% in 2019.
Free cash flow was -$31M.
The diluted share count rose 40% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Watch Restaurant's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $436M | $342M | $601M | $730M | $892M | $1.0B | $1.2B |
| Selling, general and admin | $56M | $46M | $70M | $85M | $103M | $113M | $129M |
| Operating income | -$38M | -$47M | $22M | $17M | $41M | $39M | $28M |
| Interest expense | $20M | $23M | $20M | $5M | $8M | $13M | $17M |
| Pre-tax income | -$58M | -$70M | $370,000 | $13M | $36M | $28M | $12M |
| Income tax | -$12M | -$20M | $2M | $6M | $11M | $9M | -$7M |
| Net income | -$45M | -$50M | -$2M | $7M | $25M | $19M | $19M |
| EPS (diluted) | -$1.01 | -$1.10 | -$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Diluted shares | 45M | 45M | 48M | 60M | 61M | 62M | 63M |
| Operating margin | -8.6% | -13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
| Net margin | -10.4% | -14.5% | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
Balance sheet
Fiscal years, from First Watch Restaurant's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $11M | $39M | $52M | $50M | $50M | $33M | $21M |
| Receivables | — | $4M | $4M | $6M | $6M | $7M | $7M |
| Inventory | — | $3M | $4M | $5M | $5M | $6M | $7M |
| Total current assets | — | $49M | $68M | $67M | $71M | $56M | $49M |
| Property, plant and equipment | — | $161M | $165M | $195M | $263M | $361M | $478M |
| Goodwill | — | $345M | $345M | $345M | $360M | $399M | $420M |
| Total assets | — | $1.0B | $1.0B | $1.1B | $1.3B | $1.5B | $1.7B |
| Total current liabilities | — | $77M | $97M | $100M | $115M | $138M | $167M |
| Long-term debt | — | $286M | $100M | $95M | $120M | $189M | $269M |
| Total liabilities | — | $687M | $542M | $581M | $706M | $919M | $1.1B |
| Shareholders' equity | $330M | $321M | $504M | $523M | $561M | $595M | $626M |
| Net debt | -$11M | $248M | $48M | $45M | $70M | $156M | $248M |
Cash flow
Fiscal years, from First Watch Restaurant's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $21M | -$18M | $63M | $63M | $95M | $116M | $126M |
| Capital spending | $59M | $27M | $35M | $62M | $83M | $128M | $157M |
| Free cash flow | -$38M | -$45M | $28M | $718,000 | $12M | -$12M | -$31M |
| Stock-based compensation | $1M | $750,000 | $9M | $10M | $8M | $9M | $11M |
| Free cash flow margin | -8.6% | -13.2% | 4.6% | 0.1% | 1.3% | -1.2% | -2.5% |
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Open FWRG in InvestinglyQuestions
What was First Watch Restaurant's revenue in 2025?
$1.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does First Watch Restaurant generate?
-$31M in fiscal 2025 (operating cash flow minus capital spending).
From First Watch Restaurant's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.