FY2025 · ended Dec 28, 2025 · Revenue $1.22B, +20.3% YoY · Filed Feb 24, 2026
First Watch Restaurant Group, Inc. (FWRG) files with the SEC under industry code 5812, Retail-Eating Places. In fiscal 2025, which ended Dec 28, 2025, it reported revenue of $1.2 billion and net income of $19.4 million. Free cash flow was -$31.0 million. As of Sep 27, 2026 it held $21.1 million in cash and investments and $1.1 billion in total debt.
Revenue (TTM)
$1.35B
+15.6% vs year-ago TTM
Net income (TTM)
$19.61M
+294.7% vs year-ago TTM
Operating cash flow (TTM)
$128.91M
-1.1% vs year-ago TTM
Free cash flow (TTM)
$-21.16M
+30.4% vs year-ago TTM
EPS (TTM)
$0.31
+294.7% vs year-ago TTM
Dividend per share
None
Shares outstanding
61.14M
+0.7% vs prior year
Net cash
$-1.07B
as of Sep 27, 2026
Operating margin
2.2%
FY 2026
Company profile
- Industry
- Retail-Eating Places (SIC 5812)
- Listed as
- FWRG (Nasdaq)
- Fiscal year ends
- December 28
- Incorporated in
- DE
- Headquarters
- Bradenton, FL
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1789940
Other Retail-Eating Places companies
- Mcdonalds Corp MCD
- Yum Brands Inc YUM
- Chipotle Mexican Grill Inc CMG
- Restaurant Brands International Inc. QSR
- Darden Restaurants Inc DRI
- Yum China Holdings, Inc. YUMC
- Aramark ARMK
- Texas Roadhouse, Inc. TXRH
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 28, 2025 |
FY 2024 Dec 29, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 25, 2022 |
FY 2021 Dec 26, 2021 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.0B | $891.6M | $730.2M | $601.2M |
| Operating income | $27.5M | $38.9M | $41.3M | $16.9M | $22.2M |
| Net income | $19.4M | $18.9M | $25.4M | $6.9M | -$2.1M |
| Diluted EPS | $0.31 | $0.30 | $0.41 | $0.11 | -$0.04 |
| Operating cash flow | $125.9M | $115.7M | $95.3M | $62.9M | $63.0M |
| Free cash flow | -$31.0M | -$12.2M | $12.0M | $718,000 | $27.7M |
| Total assets | $1.7B | $1.5B | $1.3B | $1.1B | $1.0B |
| Total liabilities | $1.1B | $919.0M | $705.8M | $581.3M | $542.5M |
| Stockholders' equity | $626.3M | $595.4M | $561.3M | $523.1M | $504.4M |
| Cash and investments | $21.2M | $33.3M | $49.6M | $49.7M | $51.9M |
| Total debt | $1.0B | $809.6M | $607.0M | $506.0M | $471.6M |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Regulation FD disclosure
|
Nov 3, 2026 | Nov 3, 2026 |
| 10-Q | Quarterly report | Nov 3, 2026 | Sep 27, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Nov 3, 2026 | Nov 3, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
Aug 4, 2026 | Aug 4, 2026 |
| 10-Q | Quarterly report | Aug 4, 2026 | Jun 28, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Aug 4, 2026 | Aug 4, 2026 |
All 385 First Watch Restaurant Group, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.