For the twelve months ended Sep 27, 2026, First Watch Restaurant Group Inc. reported $1.35B of revenue and $19.61M of net income.
FWRG revenue was $349.86M in fiscal Q3 2026 (ended Sep 27, 2026), up 10.7% from a year earlier and down 1.4% from the prior quarter. For the full fiscal 2025 it was $1.22B, up 20.3% from fiscal 2024. Compound annual growth was +29.0% over 5 years. It rose in 5 of the last 6 fiscal years. Fiscal 2025 is the highest of the 7 fiscal years on file.
FWRG net income was $4.79M in fiscal Q3 2026 (ended Sep 27, 2026), up 60.0% from a year earlier and up 104.7% from the prior quarter. For the full fiscal 2025 it was $19.43M, up 2.7% from fiscal 2024. It rose in 2 of the last 3 fiscal years.
FWRG diluted EPS was $0.08 in fiscal Q3 2026 (ended Sep 27, 2026), up 60.0% from a year earlier and up 100.0% from the prior quarter. For the full fiscal 2025 it was $0.31, up 3.3% from fiscal 2024.
FWRG free cash flow was $5.13M in fiscal Q3 2026 (ended Sep 27, 2026), down 5.1% from a year earlier. For the full fiscal 2025 it was -$30.99M, compared with -$12.24M in fiscal 2024.
| Line item | Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 25, 2022 | Dec 26, 2021 | Dec 27, 2020 | Dec 29, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.02B | $891.55M | $730.16M | $601.19M | $342.39M | $436.37M |
| Selling, general and admin | $128.95M | $113.27M | $103.12M | $84.96M | $70.39M | $46.32M | $55.82M |
| Operating income | $27.51M | $38.91M | $41.27M | $16.91M | $22.24M | -$47.22M | -$37.56M |
| Interest expense | $16.70M | $12.64M | $8.06M | $5.23M | $20.10M | $22.82M | $20.08M |
| Pre-tax income | $12.13M | $28.03M | $36.08M | $12.59M | $370.0K | -$69.55M | -$57.89M |
| Income tax | -$7.30M | $9.10M | $10.69M | $5.68M | $2.48M | -$19.87M | -$12.42M |
| Net income | $19.43M | $18.93M | $25.39M | $6.91M | -$2.11M | -$49.68M | -$45.44M |
| EPS, basic | $0.32 | $0.31 | $0.43 | $0.12 | -$0.04 | -$1.10 | -$1.01 |
| EPS, diluted | $0.31 | $0.30 | $0.41 | $0.11 | -$0.04 | -$1.10 | -$1.01 |
| Diluted shares | 62.8M | 62.4M | 61.2M | 60.1M | 48.2M | 45.0M | 45.0M |
| Line item | Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 25, 2022 | Dec 26, 2021 | Dec 27, 2020 | Dec 29, 2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.25M | $33.31M | $49.96M | $49.92M | $52.12M | $39.10M | $11.12M |
| Receivables | $6.86M | $7.24M | $5.53M | $6.16M | $4.45M | $3.92M | - |
| Inventory | $7.17M | $6.12M | $5.38M | $5.03M | $4.02M | $2.92M | - |
| Current assets | $49.08M | $55.88M | $71.19M | $67.29M | $67.70M | $49.04M | - |
| Goodwill | $420.21M | $398.56M | $359.88M | $345.22M | $345.22M | $345.22M | - |
| Total assets | $1.74B | $1.51B | $1.27B | $1.10B | $1.05B | $1.01B | - |
| Current liabilities | $167.50M | $138.47M | $115.07M | $99.98M | $96.52M | $76.53M | - |
| Long-term debt | $269.07M | $189.04M | $119.77M | $94.67M | $99.75M | $286.40M | - |
| Total debt | $269.07M | $189.04M | $119.77M | $94.67M | $99.75M | $286.40M | - |
| Total liabilities | $1.12B | $918.97M | $705.76M | $581.31M | $542.49M | $686.65M | - |
| Shareholders' equity | $626.28M | $595.39M | $561.28M | $523.13M | $504.43M | $320.87M | $329.80M |
| Line item | Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 25, 2022 | Dec 26, 2021 | Dec 27, 2020 | Dec 29, 2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $125.91M | $115.67M | $95.34M | $62.94M | $62.97M | -$18.36M | $21.46M |
| Capital expenditures | $156.91M | $127.92M | $83.33M | $62.22M | $35.31M | $26.75M | $59.17M |
| Free cash flow | -$30.99M | -$12.24M | $12.01M | $718.0K | $27.66M | -$45.11M | -$37.70M |
| Investing cash flow | -$213.76M | -$206.65M | -$123.37M | -$63.11M | -$35.68M | -$26.97M | -$82.39M |
| Financing cash flow | $75.79M | $74.33M | $28.07M | -$2.02M | -$14.27M | $73.31M | $55.76M |
| Stock-based compensation | $10.76M | $8.53M | $7.60M | $10.37M | $8.60M | $750.0K | - |
| Depreciation and amortization | $75.01M | $57.72M | $41.22M | $34.23M | $32.38M | $30.73M | $28.03M |
| Line item | Dec 28, 2025 | Dec 29, 2024 | Dec 31, 2023 | Dec 25, 2022 | Dec 26, 2021 | Dec 27, 2020 | Dec 29, 2019 |
|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 20.3% | 13.9% | 22.1% | 21.5% | 75.6% | -21.5% | - |
| Net income growth, YoY | 2.7% | -25.4% | 267.5% | - | - | - | - |
| EPS growth, YoY | 3.3% | -26.8% | 272.7% | - | - | - | - |
| Operating margin | 2.3% | 3.8% | 4.6% | 2.3% | 3.7% | -13.8% | -8.6% |
| Net margin | 1.6% | 1.9% | 2.8% | 0.9% | -0.4% | -14.5% | -10.4% |
| Free cash flow margin | -2.5% | -1.2% | 1.3% | 0.1% | 4.6% | -13.2% | -8.6% |
| Return on equity | 3.1% | 3.2% | 4.5% | 1.3% | -0.4% | -15.5% | -13.8% |
| Return on assets | 1.1% | 1.2% | 2.0% | 0.6% | -0.2% | -4.9% | - |
| Current ratio | 0.29 | 0.40 | 0.62 | 0.67 | 0.70 | 0.64 | - |
| Debt to equity | 0.43 | 0.32 | 0.21 | 0.18 | 0.20 | 0.89 | - |
| Line item | Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $349.86M | $354.67M | $330.96M | $316.35M | $316.02M | $307.89M | $282.24M | $263.29M | $251.61M | $258.56M | $242.45M | $244.63M |
| Selling, general and admin | $35.24M | $38.73M | $39.95M | $31.80M | $33.75M | $33.19M | $30.22M | $30.74M | $27.68M | $27.19M | $27.66M | $29.95M |
| Operating income | $11.05M | $8.13M | $999.0K | $9.04M | $10.05M | $7.31M | $1.11M | $3.86M | $6.31M | $16.45M | $12.29M | $6.86M |
| Interest expense | $4.93M | $4.89M | $4.78M | $4.79M | $4.57M | $4.00M | $3.33M | $3.22M | $3.44M | $3.38M | $2.60M | $2.27M |
| Pre-tax income | $6.48M | $3.37M | -$3.43M | $4.42M | $5.67M | $3.58M | -$1.54M | $738.0K | $3.50M | $13.78M | $10.01M | $5.50M |
| Income tax | $1.69M | $1.03M | -$749.0K | -$10.74M | $2.68M | $1.47M | -$708.0K | $39.0K | $1.38M | $4.88M | $2.80M | $2.86M |
| Net income | $4.79M | $2.34M | -$2.69M | $15.16M | $2.99M | $2.11M | -$829.0K | $699.0K | $2.11M | $8.90M | $7.21M | $25.39M |
| EPS, basic | $0.08 | $0.04 | -$0.04 | $0.25 | $0.05 | $0.03 | -$0.01 | $0.01 | $0.03 | $0.15 | $0.12 | $0.05 |
| EPS, diluted | $0.08 | $0.04 | -$0.04 | $0.24 | $0.05 | $0.03 | -$0.01 | $0.01 | $0.03 | $0.14 | $0.12 | $0.04 |
| Diluted shares | 62.6M | 62.3M | 61.2M | - | 62.8M | 62.6M | 60.8M | - | 61.9M | 62.5M | 62.5M | - |
| Line item | Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.07M | $20.48M | $23.57M | $21.25M | $20.71M | $19.18M | $18.61M | $33.31M | $51.13M | $45.36M | $43.50M | $49.96M |
| Receivables | $7.16M | $6.81M | $6.03M | $6.86M | $5.51M | $5.48M | $5.96M | $7.24M | $4.93M | $4.03M | $4.13M | $5.53M |
| Inventory | $7.30M | $7.80M | $7.14M | $7.17M | $6.49M | $6.77M | $6.20M | $6.12M | $5.33M | $5.67M | $5.20M | $5.38M |
| Current assets | $47.18M | $47.53M | $51.57M | $49.08M | $43.72M | $42.95M | $44.25M | $55.88M | $73.01M | $67.40M | $63.44M | $71.19M |
| Goodwill | $420.21M | $420.21M | $420.21M | $420.21M | $420.21M | $420.21M | $398.56M | $398.56M | $398.56M | $398.56M | $360.98M | $359.88M |
| Total assets | $1.86B | $1.82B | $1.77B | $1.74B | $1.72B | $1.68B | $1.54B | $1.51B | $1.48B | $1.44B | $1.28B | $1.27B |
| Current liabilities | $191.07M | $177.89M | $177.49M | $167.50M | $176.77M | $158.33M | $141.85M | $138.47M | $134.01M | $118.83M | $106.48M | $115.07M |
| Long-term debt | $275.16M | $277.69M | $268.74M | $269.07M | $250.99M | $250.01M | $191.52M | $189.04M | $189.65M | $192.07M | $122.70M | $119.77M |
| Total debt | $275.16M | $277.69M | $268.74M | $269.07M | $250.99M | $250.01M | $191.52M | $189.04M | $189.65M | $192.07M | $122.70M | $119.77M |
| Total liabilities | $1.21B | $1.19B | $1.15B | $1.12B | $1.11B | $1.07B | $947.85M | $918.97M | $895.83M | $850.87M | $704.82M | $705.76M |
| Shareholders' equity | $643.84M | $634.17M | $627.66M | $626.28M | $607.31M | $601.31M | $596.29M | $595.39M | $589.13M | $585.78M | $574.44M | $561.28M |
| Line item | Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $48.55M | $27.44M | $34.46M | $18.46M | $47.88M | $39.43M | $20.14M | $22.92M | $35.86M | $31.91M | $24.98M | $22.29M |
| Capital expenditures | $43.41M | $40.50M | $29.35M | $36.80M | $42.47M | $41.09M | $36.54M | $40.64M | $29.07M | $29.61M | $28.58M | $30.56M |
| Free cash flow | $5.13M | -$13.06M | $5.11M | -$18.34M | $5.41M | -$1.66M | -$16.41M | -$17.72M | $6.78M | $2.30M | -$3.60M | -$8.27M |
| Investing cash flow | -$43.44M | -$40.97M | -$29.53M | -$37.99M | -$42.92M | -$96.24M | -$36.60M | -$40.73M | -$30.56M | -$103.35M | -$32.00M | -$40.74M |
| Financing cash flow | -$4.53M | $10.45M | -$2.60M | $20.07M | -$3.42M | $57.38M | $1.76M | -$7.0K | $475.0K | $73.30M | $562.0K | $28.16M |
| Stock-based compensation | $3.64M | $3.70M | $3.35M | $2.83M | $2.88M | $2.79M | $2.26M | $2.13M | $2.08M | $2.45M | $1.87M | $2.22M |
| Depreciation and amortization | $22.70M | $21.84M | $21.40M | $20.66M | $19.66M | $18.14M | $16.56M | $15.76M | $15.15M | $14.54M | $12.27M | $12.23M |
| Line item | Sep 27, 2026 | Jun 28, 2026 | Mar 29, 2026 | Dec 28, 2025 | Sep 28, 2025 | Jun 29, 2025 | Mar 30, 2025 | Dec 29, 2024 | Sep 29, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 10.7% | 15.2% | 17.3% | 20.2% | 25.6% | 19.1% | 16.4% | 7.6% | 14.8% | 19.5% | 14.7% | 31.7% |
| Net income growth, YoY | 60.0% | 11.1% | - | 2069.4% | 41.6% | -76.3% | - | -97.2% | -61.0% | 11.8% | -22.9% | 267.5% |
| EPS growth, YoY | 60.0% | 33.3% | - | 2300.0% | 66.7% | -78.6% | - | - | -66.7% | 7.7% | -20.0% | - |
| Operating margin | 3.2% | 2.3% | 0.3% | 2.9% | 3.2% | 2.4% | 0.4% | 1.5% | 2.5% | 6.4% | 5.1% | 2.8% |
| Net margin | 1.4% | 0.7% | -0.8% | 4.8% | 0.9% | 0.7% | -0.3% | 0.3% | 0.8% | 3.4% | 3.0% | 10.4% |
| Free cash flow margin | 1.5% | -3.7% | 1.5% | -5.8% | 1.7% | -0.5% | -5.8% | -6.7% | 2.7% | 0.9% | -1.5% | -3.4% |
| Current ratio | 0.25 | 0.27 | 0.29 | 0.29 | 0.25 | 0.27 | 0.31 | 0.40 | 0.54 | 0.57 | 0.60 | 0.62 |
| Debt to equity | 0.43 | 0.44 | 0.43 | 0.43 | 0.41 | 0.42 | 0.32 | 0.32 | 0.32 | 0.33 | 0.21 | 0.21 |
Source: XBRL data First Watch Restaurant Group Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| FWRG | $1.35B | +15.6% | $19.61M | 1.5% | $854.9M |
| MCD | $27.78B | +5.8% | $8.99B | 32.4% | $199.16B |
| SBUX | $38.34B | +4.5% | $1.98B | 5.2% | $124.76B |
| CMG | $12.71B | +7.9% | $1.38B | 10.8% | $45.22B |
| YUM | $8.80B | +9.1% | $3.44B | 39.1% | $43.90B |
| QSR | $9.78B | +5.5% | $1.76B | 18.1% | $34.98B |
| DRI | $13.37B | +8.1% | $1.18B | 8.8% | $26.00B |
| YUMC | $12.71B | +9.9% | $1.00B | 7.9% | $16.82B |
| ARMK | $19.85B | +11.0% | $382.91M | 1.9% | $14.43B |