Growth & profitability
- Revenue has grown 29.0% per year over the past 5 years.
- Operating margin has expanded, at 2.3% in the latest year.
Financial health
- Operating income covered interest expense 1.6× in the latest year.
FWRG Financials First Watch Restaurant Group, Inc.
7 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $1.2B | $19M | 0.0% | 2.3% | -$31M | — | $21M |
| 2024 | $1.0B | $19M | 0.0% | 3.8% | -$12M | — | $33M |
| 2023 | $892M | $25M | 0.0% | 4.6% | $12M | — | $50M |
| 2022 | $730M | $7M | 0.0% | 2.3% | $718000 | — | $50M |
| 2021 | $601M | -$2M | 0.0% | 3.7% | $28M | — | $52M |
| 2020 | $342M | -$50M | 0.0% | -13.8% | -$45M | — | $39M |
| 2019 | $436M | -$45M | 0.0% | -8.6% | -$38M | — | — |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $331M | -$3M | 0.0% | 0.3% | $5M | — | $24M |
| Dec '25 | $316M | $15M | 0.0% | 2.9% | -$18M | — | $21M |
| Sep '25 | $316M | $3M | 0.0% | 3.2% | $5M | — | $21M |
| Jun '25 | $308M | $2M | 0.0% | 2.4% | -$2M | — | $19M |
| Mar '25 | $282M | -$829000 | 0.0% | 0.4% | -$16M | — | $19M |
| Dec '24 | $263M | $699000 | 0.0% | 1.5% | -$18M | — | $33M |
| Sep '24 | $252M | $2M | 0.0% | 2.5% | $7M | — | $51M |
| Jun '24 | $259M | $9M | 0.0% | 6.4% | $2M | — | $45M |
| Mar '24 | $242M | $7M | 0.0% | 5.1% | -$4M | — | $43M |
| Dec '23 | $245M | $3M | 0.0% | 2.8% | -$9M | — | $50M |
| Sep '23 | $219M | $5M | 0.0% | 3.5% | -$6M | — | $40M |
| Jun '23 | $216M | $8M | 0.0% | 5.2% | $19M | — | $67M |
| Mar '23 | $211M | $9M | 0.0% | 7.3% | $7M | — | $54M |
| Dec '22 | $186M | $7M | 0.0% | 0.8% | -$941000 | — | $50M |
| Sep '22 | $187M | $46000 | 0.0% | 1.4% | -$4M | — | $49M |
| Jun '22 | $184M | $3M | 0.0% | 2.7% | $9M | — | $54M |
| Mar '22 | $173M | $5M | 0.0% | 4.5% | -$3M | — | $47M |
| Dec '21 | $163M | -$5M | 0.0% | -0.7% | $10M | — | $52M |
| Sep '21 | $157M | $783000 | 0.0% | 4.5% | $6M | — | $52M |
| Jun '21 | $154M | $4M | 0.0% | 8.0% | $16M | — | — |
Valuation over time
How the market has priced FWRG against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 143.2× (Mar '23) to 38.7× (Jun '26).
- The price-to-sales ratio has fallen from 1.4× (Mar '23) to 0.6× (Jun '26).
P/E
P/S
Frequently asked questions
Is FWRG growing its revenue and profit?
Over the past 5 years, First Watch Restaurant Group, Inc.'s revenue has grown 29.0% per year. These are computed facts, not advice.
How much debt does FWRG have?
As of FY2025, First Watch Restaurant Group, Inc. reported — of total debt against $21M of cash; operating income covered interest expense 1.6×.
What is FWRG's profit margin?
In FY2025, gross margin was —, operating margin 2.3%, and net margin 1.6%.
What is FWRG's P/E ratio?
As of Jun '26, First Watch Restaurant Group, Inc. traded at a price-to-earnings ratio of about 38.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.