First Watch Restaurant Group, Inc. (FWRG) — Financial statements
Income statement, balance sheet, and cash flow for First Watch Restaurant Group, Inc. — annual and quarterly history with growth and margin analysis.
| Metric (USD Millions) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
| Revenue & Gross Profit | ||||||
| Revenue | 1,223↑20.3% | 1,016↑13.9% | 892↑22.1% | 730↑21.5% | 601 | |
| Cost of Revenue | 1,063↑376.5% | 223↓68.2% | 701↑18.8% | 591↑23.8% | 477 | |
| Gross Profit | 159↓79.9% | 793↑317.0% | 190↑36.3% | 140↑12.3% | 124 | |
| Operating Expenses | ||||||
| R&D Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| General & Administrative Expenses | 129↑13.8% | 113↑9.8% | 103↑21.4% | 85↑20.7% | 70 | |
| Selling & Marketing Expenses | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| SG&A Expenses | 129↑13.8% | 113↑9.8% | 103↑21.4% | 85↑20.7% | 70 | |
| Other Expenses | -3↓100.5% | 641↑1300.9% | 46↑21.4% | 38↑19.2% | 32 | |
| Operating Expenses | 126↓83.3% | 754↑406.5% | 149↑21.4% | 123↑20.2% | 102 | |
| Total Costs & Expenses | 1,189↑21.7% | 977↑14.9% | 850↑19.2% | 713↑23.2% | 579 | |
| Operating Results | ||||||
| Operating Income | 34↓13.2% | 39↓5.7% | 41↑144.0% | 17↓24.0% | 22 | |
| Depreciation & Amortization | 75↑30.0% | 58↑40.0% | 41↑20.4% | 34↑5.7% | 32 | |
| EBITDA | 109↑10.6% | 98↑15.3% | 85↑64.0% | 52↓1.5% | 53 | |
| EBIT | 34↓17.0% | 41↓7.9% | 44↑147.6% | 18↓12.9% | 20 | |
| Interest & Other Income | ||||||
| Net Interest Income | -17↓32.1% | -13↓56.8% | -8↓54.1% | -5↑74.0% | -20 | |
| Interest Income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Interest Expense | 17↑32.1% | 13↑56.8% | 8↑54.1% | 5↓74.0% | 20 | |
| Non-Operating Income | 0.00↑100.0% | -2↑38.7% | -3↓215.5% | -0.91↓151.3% | 2 | |
| Other Income / Expenses | -22↓98.9% | -11↓109.6% | -5↓20.1% | -4↑80.2% | -22 | |
| Income Before Tax | 12↓56.7% | 28↓22.3% | 36↑186.5% | 13↑3303.0% | 0.37 | |
| Income Tax Expense | -7↓180.2% | 9↓14.9% | 11↑88.1% | 6↑129.5% | 2 | |
| Net Income & EPS | ||||||
| Net Income from Continuing Operations | 19↑2.7% | 19↓25.4% | 25↑267.5% | 7↑427.8% | -2 | |
| Net Income from Discontinued Operations | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net Income | 19↑2.7% | 19↓25.4% | 25↑267.5% | 7↑427.8% | -2 | |
| Bottom-Line Net Income | 19↑2.7% | 19↓25.4% | 25↑267.5% | 7↑427.8% | -2 | |
| EPS (Basic) | 0.32↑3.2% | 0.31↓27.9% | 0.43↑258.3% | 0.12↑400.0% | -0.04 | |
| EPS (Diluted) | 0.31↑3.3% | 0.30↓26.8% | 0.41↑272.7% | 0.11↑375.0% | -0.04 | |
| Weighted Average Shares | 61↑1.0% | 60↑1.4% | 60↑0.7% | 59↑22.6% | 48 | |
| Weighted Average Diluted Shares | 63↑0.8% | 62↑1.9% | 61↑1.7% | 60↑24.7% | 48 | |
* All figures in Millions of USD, except per share data. Growth rates calculated Year-over-Year (YoY). Data source: SEC Filings.