Company research
First Watch Restaurant Group, Inc.
CIK 1789940Updated Sep 24, 2026
SecurityFWRG · NASDAQ · equity
FWRG price & chart
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NASDAQ:FWRG on TradingView ↗In the news
First Watch Restaurant Group, Inc. Announces Appointment of Ashlee Weisser to Chief Financial Officer ↗
Recent filings
Regulation FD Disclosure
Items 7.01, 9.01
10-Q filing
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
Submission of Matters to a Vote of Security Holders
Items 5.07
4 filing
Show 5 more recent filings
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements
Items 5.02, 9.01
4 filing
Submission of Matters to a Vote of Security Holders
Items 5.07
10-Q filing
Results of Operations and Financial Condition · Regulation FD Disclosure
Items 2.02, 7.01, 9.01
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 1,742,029,000Source | 1,514,356,000Source | 1,267,045,000Source | 1,104,446,000Source |
| GoodwillUSD | 420,208,000Source | 398,565,000Source | 359,883,000Source | 345,219,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 174,908,000Source | 167,596,000Source | 151,186,000Source | 143,151,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 21,246,000Source | 33,312,000Source | 49,632,000Source | 49,672,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 6,859,000Source | 7,235,000Source | 5,532,000Source | 6,164,000Source |
| Inventory, NetUSD | 7,174,000Source | 6,117,000Source | 5,381,000Source | 5,028,000Source |
| Assets, CurrentUSD | 49,080,000Source | 55,876,000Source | 71,190,000Source | 67,288,000Source |
| Operating Lease, Right-of-Use AssetUSD | 614,548,000Source | 527,674,000Source | 420,001,000Source | 352,373,000Source |
| Other Assets, NoncurrentUSD | 4,834,000Source | 3,251,000Source | 1,703,000Source | 1,298,000Source |
| LIABILITIES AND EQUITY | ||||
| LiabilitiesUSD | 1,115,750,000Source | 918,967,000Source | 705,761,000Source | 581,311,000Source |
| Stockholders’ equity: | ||||
| Preferred Stock, Value, IssuedUSD | 0Source | 0Source | 0Source | 0Source |
| Common Stock, Value, IssuedUSD | 611,000Source | 607,000Source | 599,000Source | 592,000Source |
| Additional Paid in CapitalUSD | 661,153,000Source | 649,045,000Source | 634,099,000Source | 620,675,000Source |
| Retained Earnings (Accumulated Deficit)USD | -34,390,000Source | -53,822,000Source | -72,747,000Source | -98,132,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -1,095,000Source | -441,000Source | -667,000Source | — |
| Stockholders' Equity Attributable to ParentUSD | 626,279,000Source | 595,389,000Source | 561,284,000Source | 523,135,000Source |
| Liabilities and EquityUSD | 1,742,029,000Source | 1,514,356,000Source | 1,267,045,000Source | 1,104,446,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 167,499,000Source | 138,472,000Source | 115,073,000Source | 99,980,000Source |
| Operating Lease, Liability, CurrentUSD | 75,034,000Source | 55,704,000Source | 40,281,000Source | 38,936,000Source |
| Accounts Payable, CurrentUSD | 8,701,000Source | 6,961,000Source | 6,324,000Source | 7,590,000Source |
| Operating Lease, Liability, NoncurrentUSD | 651,254,000Source | 555,576,000Source | 441,290,000Source | 366,113,000Source |
| Deferred Income Tax Liabilities, NetUSD | 21,972,000Source | 32,218,000Source | 25,331,000Source | 17,166,000Source |
| Other Liabilities, NoncurrentUSD | 5,397,000Source | 3,155,000Source | 2,954,000Source | 3,384,000Source |
| Additional Financial Items | ||||
| Accrued Liabilities, CurrentUSD | 38,496,000Source | 39,607,000Source | 35,630,000Source | 22,729,000Source |
| Deferred Tax Liabilities, NetUSD | 21,972,000Source | 32,218,000Source | 25,331,000Source | 17,166,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation and amortization | — | — | — | — |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 10,760,000Source | 8,525,000Source | 7,604,000Source | 10,374,000Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in Accounts ReceivableUSD | -376,000Source | 1,703,000Source | -632,000Source | 1,714,000Source |
| Increase (Decrease) in InventoriesUSD | 867,000Source | 508,000Source | 62,000Source | 1,005,000Source |
| Increase (Decrease) in Accounts PayableUSD | 1,740,000Source | 637,000Source | -1,301,000Source | -3,470,000Source |
| Deferred Income Tax Expense (Benefit)USD | -10,031,000Source | 6,823,000Source | 8,315,000Source | 4,677,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 125,912,000Source | 115,673,000Source | 95,338,000Source | 62,937,000Source |
| Cash flows from investing activities: | ||||
| Payments to Acquire Businesses, Net of Cash AcquiredUSD | 56,008,000Source | 78,638,000Source | 39,880,000Source | — |
| Net Cash Provided by (Used in) Investing ActivitiesUSD | -213,764,000Source | -206,653,000Source | -123,370,000Source | -63,111,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | 156,906,000Source | 127,949,000Source | 84,527,000Source | 62,219,000Source |
| Cash flows from financing activities: | ||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | 75,786,000Source | 74,331,000Source | 28,070,000Source | -2,018,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate EffectUSD | -12,066,000Source | -16,649,000Source | 38,000Source | -2,192,000Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | — | 33,312,000Source | 49,961,000Source | 49,923,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 15,507,000Source | 12,328,000Source | 8,725,000Source | 3,368,000Source |
| Income Taxes Paid, NetUSD | 2,562,000Source | 3,108,000Source | 1,952,000Source | 915,000Source |
| Additional Financial Items | ||||
| Share-based Payment Arrangement, ExpenseUSD | 10,800,000Source | 8,500,000Source | 7,600,000Source | 10,400,000Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | 664,000Source | 567,000Source | 452,000Source | 445,000Source |
| Amortization of Intangible AssetsUSD | 8,500,000Source | 5,600,000Source | 1,500,000Source | 1,000,000Source |
| DepreciationUSD | 66,500,000Source | 52,100,000Source | 39,700,000Source | 33,300,000Source |
| Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber PropertyUSD | -400,000Source | -500,000Source | -800,000Source | -900,000Source |
| Gain (Loss) on Disposition of Property Plant EquipmentUSD | -49,000Source | -13,000Source | 73,000Source | -391,000Source |
| Gain (Loss) on Sale of Assets and Asset Impairment ChargesUSD | -448,000Source | -525,000Source | -1,359,000Source | -920,000Source |
| Gain (Loss) on Extinguishment of DebtUSD | — | -358,000Source | 0Source | 0Source |
| General and Administrative ExpenseUSD | 128,950,000Source | 113,270,000Source | 103,121,000Source | 84,959,000Source |
| GoodwillUSD | 420,208,000Source | 398,565,000Source | 359,883,000Source | 345,219,000Source |
| Impairment of Intangible Assets, Finite-livedUSD | 0Source | 0Source | 0Source | — |
| Income Tax Expense (Benefit)USD | -7,299,000Source | 9,101,000Source | 10,690,000Source | 5,684,000Source |
| InterestExpenseNonoperatingUSD | 16,699,000Source | 12,640,000Source | — | — |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred ClaimsUSD | 6,300,000Source | 3,900,000Source | 2,300,000Source | 1,500,000Source |
| Net Income (Loss) Attributable to ParentUSD | 19,432,000Source | 18,925,000Source | 25,385,000Source | 6,907,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | 25,385,000Source | 6,907,000Source |
| Nonoperating Income (Expense)USD | 1,321,000Source | 1,759,000Source | 2,871,000Source | 910,000Source |
| Proceeds from Issuance of Common StockUSD | — | — | 0Source | 0Source |
| Proceeds from Stock Options ExercisedUSD | 1,193,000Source | 6,429,000Source | 5,827,000Source | 1,425,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 1,222,501,000Source | 1,015,910,000Source | 891,551,000Source | 730,162,000Source |
| Operating Income (Loss)USD | 27,511,000Source | 38,907,000Source | 41,267,000Source | 16,913,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 12,133,000Source | 28,026,000Source | 36,075,000Source | 12,591,000Source |
| Income Tax Expense (Benefit)USD | -7,299,000Source | 9,101,000Source | 10,690,000Source | 5,684,000Source |
| Net Income (Loss) Attributable to ParentUSD | 19,432,000Source | 18,925,000Source | 25,385,000Source | 6,907,000Source |
| Earnings Per Share, BasicUSD per share | 0.32Source | 0.31Source | 0.43Source | 0.12Source |
| Earnings Per Share, DilutedUSD per share | 0.31Source | 0.3Source | 0.41Source | 0.11Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 60,963,587Source | 60,365,393Source | 59,531,404Source | 59,097,512Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 62,842,519Source | 62,351,222Source | 61,191,613Source | 60,140,045Source |
| Interest Expense (non-operating)USD | 16,699,000Source | 12,640,000Source | — | — |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsUSD | 8,500,000Source | 5,600,000Source | 1,500,000Source | 1,000,000Source |
| Business Combination, Acquisition Related CostsUSD | 1,098,000Source | 1,595,000Source | 2,062,000Source | — |
| Costs and ExpensesUSD | 1,194,990,000Source | 977,003,000Source | 850,284,000Source | 713,249,000Source |
| Current Income Tax Expense (Benefit)USD | 2,732,000Source | 2,278,000Source | 2,375,000Source | 1,007,000Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | 75,011,000Source | 57,715,000Source | 41,223,000Source | 34,230,000Source |
| General and Administrative ExpenseUSD | 128,950,000Source | 113,270,000Source | 103,121,000Source | 84,959,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, DomesticUSD | 12,133,000Source | — | — | — |
| Interest ExpenseUSD | — | — | 8,063,000Source | 5,232,000Source |
| Interest Expense, DebtUSD | 18,664,000Source | 14,257,000Source | — | — |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred ClaimsUSD | 6,300,000Source | 3,900,000Source | 2,300,000Source | 1,500,000Source |
| Net Income (Loss) Available to Common Stockholders, BasicUSD | — | — | 25,385,000Source | 6,907,000Source |
| Nonoperating Income (Expense)USD | 1,321,000Source | 1,759,000Source | 2,871,000Source | 910,000Source |
| Other Cost of Operating RevenueUSD | 188,685,000Source | 151,968,000Source | 134,477,000Source | 114,476,000Source |