Saturday 17 October 2026 Export FWRG’s income statement to Excel — free account

First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 20.3% from fiscal 2024. In the quarter to June 2026, revenue grew 15.2%, EPS grew 33.3%, free cash flow fell 580.4% and total debt rose 11.7%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.

12.12 0.24 −1.94%

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Market cap: $762.8M
P/E: 40.4×
Fwd P/E: 67.6×
Dividend yield: —
F-score: 4/9
Altman Z: 1.14
Beneish M: −2.79
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.15

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	1	—	13	—	—	—	—	—	—	—

Insider Ownership 2.22%

Capital & Financial Ratios $m

Market Cap 762.77

Revenue 1,318.01

Net Income 17.81

Free Cash Flow (21.84)

Net Debt 272.05

Current Ratio 0.27

Debt/Equity 0.46

P/E ratio 40.40

Fwd P/E 67.60

P/S ratio 0.57

P/B ratio 1.18

Past 5Y EPS Growth —

This Y EPS Growth (63.56%)

Next Y EPS Growth 124.18%

Next Y revenue growth 13.62%

Next 5Y EPS Growth 5.84%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 12.36%

10-year low 10-year high

P/S against its own 10 years 6.16%

10-year low 10-year high

P/B against its own 10 years 7.03%

10-year low 10-year high

EV/Sales against its own 10 years 6.16%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2025	Powerpack
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	50	33	21	20
Receivables	6	7	7	7
Inventory	5	6	7	8
Other	3	2	6	2
	71	56	49	48

	2023	2024	2025	Q'26
Payables	6	7	9	10
ST’ Debt	6	9	13	15
Other	—	0	1	0
	115	138	167	178

Compound Annual Growth %

	10y	5y	3y
Sales	—	28.99%	18.74%
Cash Flow	—	0.00%	26.00%
Earnings	—	0.00%	41.17%
Book Value	—	14.31%	6.18%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	331	355	—	—	—
’25	282	308	316	316	1,223
’24	242	259	252	263	1,016
’23	211	216	219	245	892
’22	173	184	187	186	730
’21	127	154	157	163	601
’20	—	—	100	—	342

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	34	27	—	—	—
’25	20	39	48	18	126
’24	25	32	36	23	116
’23	21	34	17	22	95
’22	8	24	15	16	63
’21	6	25	14	19	63
’20	—	—	(20)	2	(18)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	5	(14)	—	—	—
’25	(16)	(2)	5	(18)	(32)
’24	(4)	2	7	(18)	(12)
’23	7	19	(6)	(8)	12
’22	(3)	8	(4)	(1)	0
’21	(5)	16	6	10	27
’20	—	—	(43)	(3)	(45)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.04)	0.04	—	—	—
’25	(0.01)	0.03	0.05	0.24	0.31
’24	0.12	0.14	0.03	0.01	0.30
’23	0.15	0.13	0.09	0.04	0.41
’22	0.08	0.05	0.00	(0.01)	0.11
’21	(0.05)	0.08	0.02	(0.08)	(0.04)
’20	—	—	(0.25)	—	(1.10)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	—	—	—	—	14.90	11.57	13.32	12.90	12.90	Analyst estimates 2026–2028 Powerpack
	High	—	—	—	—	—	25.46	18.95	20.95	25.98	22.71
People
People	Employees	—	—	—	—	8,000	10,000	12,000	14,000	15,000	17,500
	Revenue/emp, $m	—	—	—	0.00	0.04	0.06	0.06	0.06	0.07	0.07
Income, $m
Income, $m	Revenue	—	—	—	436	342	601	730	892	1,016	1,223
	Gross margin, %	—	—	—	20.03	9.86	21.22	19.85	22.13	21.96	20.24
	EBT	—	—	—	(58)	(70)	0	13	36	28	12
	EBT margin, %	—	—	—	(13.27)	(20.31)	0.06	1.72	4.05	2.76	0.99
	Net income	—	0	—	(45)	(50)	(2)	7	25	19	19
	Depreciation	—	—	—	29	32	33	35	42	58	76
Per share, $
Per share, $	Revenue	—	—	—	9.69	7.61	12.47	12.36	14.98	16.83	20.05
	Earnings	—	—	—	(1.01)	(1.10)	(0.04)	0.12	0.43	0.31	0.32
	Cash flow	—	—	—	0.48	(0.41)	1.31	1.07	1.60	1.92	2.07
	Capex	—	—	—	(1.31)	(0.60)	(0.74)	(1.07)	(1.40)	(2.12)	(2.59)
	Free cash flow	—	—	—	(0.84)	(1.01)	0.57	(0.01)	0.20	(0.20)	(0.52)
	Book value	—	—	—	7.33	7.13	10.46	8.85	9.43	9.86	10.27
	Shares, m	—	—	—	45	45	48	59	60	60	61
Valuation, ×
Valuation, ×	P/E	—	—	—	0.00	0.00	0.00	114.90	46.71	60.03	47.66
	P/S	—	—	—	1.85	1.85	1.34	1.12	1.31	1.11	0.75
	P/B	—	—	—	3.07	3.07	1.60	1.57	2.08	1.89	1.47
	EV/Sales	—	—	—	2.29	2.29	1.43	1.19	1.39	1.27	0.97
	EV/FCF	—	—	—	87.30	87.30	31.47	(2,217.00)	104.95	(104.39)	(37.07)
Cash, $m
Cash, $m	Operating cash flow	—	—	—	21	(18)	63	63	95	116	126
	Capex	—	—	—	(59)	(27)	(36)	(63)	(83)	(128)	(158)
	Free cash flow	—	—	—	(38)	(45)	27	0	12	(12)	(32)
Balance, $m
Balance, $m	Working capital	—	—	—	(49)	(27)	(29)	(33)	(44)	(83)	(118)
	Total debt	—	—	—	253	290	103	101	125	198	282
	Net debt	—	—	—	242	251	51	51	75	165	261
	Shareholders’ equity	—	—	—	330	321	504	523	561	595	626
Returns, %
Returns, %	ROA	—	—	—	(9.25)	(4.99)	(0.21)	0.64	2.14	1.36	1.19
	ROIC	—	—	—	(4.10)	(5.16)	2.50	1.84	4.05	3.20	1.94
	ROE	—	—	—	(13.96)	(15.27)	(0.51)	1.34	4.68	3.27	3.18

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SG Sweetgreen, Inc.	$1.3B	91.3×	— (loss-making)	+3.81% (above 0%: growing)	n/m	+19.78% (above 0%: growing)	13.07%	(14.23%)	Compare
BLMN Bloomin' Brands, Inc.	$850.2M	31.1×	8.6×	+1.34% (above 0%: growing)	+23.33% (above 0%: growing)	+321.24% (above 0%: growing)	39.06%	3.77%	Compare
FWRG First Watch Restaurant Group, Inc.	$762.8M	40.4×	67.6×	+15.20% (above 0%: growing)	+33.33% (above 0%: growing)	−580.44% (below 0%: shrinking)	20.43%	2.29%
CNNE Cannae Holdings, Inc.	$704.0M	— (loss-making)	— (loss-making)	−7.26% (below 0%: shrinking)	n/m	+64.83% (above 0%: growing)	16.54%	(55.58%)	Compare
PZZA Papa John's International, Inc.	$644.3M	23.9×	22.7×	−8.84% (below 0%: shrinking)	−10.71% (below 0%: shrinking)	−31.42% (below 0%: shrinking)	29.72%	4.81%	Compare
HDL Super Hi International Holding Ltd. Unsponsored ADR	$634.3M	37.9×	—	+9.99% (above 0%: growing)	n/m	+43.42% (above 0%: growing)	65.85%	5.26%	Compare
LOCO El Pollo Loco Holdings, Inc.	$496.7M	13.8×	14.0×	+2.97% (above 0%: growing)	+79.17% (above 0%: growing)	+155.53% (above 0%: growing)	32.80%	14.42%	Compare
BH.A Biglari Holdings Inc.	$491.2M	— (loss-making)	— (loss-making)	−1.19% (below 0%: shrinking)	−18.71% (below 0%: shrinking)	−73.82% (below 0%: shrinking)	30.05%	0.00%	Compare
KRUS Kura Sushi USA, Inc.	$475.3M	— (loss-making)	— (loss-making)	+16.17% (above 0%: growing)	−40.00% (below 0%: shrinking)	+46.90% (above 0%: growing)	11.94%	(0.05%)	Compare
Median of peers	$639.3M	31.1×	14.0×	+2.16%	−10.71%	+45.16%	29.89%	1.89%

All 56 Restaurants stocks →

First Watch Restaurant Group, Inc. (FWRG) key facts

Strength: First Watch Restaurant Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 20.3% from fiscal 2024.
First Watch Restaurant Group, Inc. (FWRG) is a Restaurants company in the Consumer Cyclical sector, listed on Nasdaq.
As of October 16, 2026, FWRG traded at $12.12, a market capitalization of $762.8 million.
Return on equity was 3.18% and debt-to-equity 0.46.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 1.14 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.