First Watch Restaurant Group Inc (FWRG) financials
First Watch Restaurant Group revenue and earnings by year
First Watch Restaurant Group's revenue was $1.22 billion in the fiscal year to December 28, 2025, up 20.3% from the year before. Net income was $19.4 million, 1.6% of revenue. Since the fiscal year to December 27, 2019, revenue has grown 18.7% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 7 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|---|---|
| Revenue | 1.22 | 1.02 | 0.89 | 0.73 | 0.60 | 0.34 | 0.44 |
| Revenue growth | 20.3% | 13.9% | 22.1% | 21.5% | 75.6% | -21.5% | — |
| Gross profit | 0.25 | 0.22 | 0.20 | 0.14 | 0.13 | 0.03 | 0.09 |
| Gross margin | 20.2% | 22.0% | 22.1% | 19.9% | 21.2% | 9.9% | 20.0% |
| Operating income | 0.03 | 0.04 | 0.04 | 0.02 | 0.02 | -0.05 | -0.04 |
| Operating margin | 2.3% | 3.8% | 4.6% | 2.3% | 3.7% | -13.8% | -8.6% |
| Net income | 0.02 | 0.02 | 0.03 | 0.01 | -0.00 | -0.05 | -0.05 |
| Net margin | 1.6% | 1.9% | 2.8% | 0.9% | -0.4% | -14.5% | -10.4% |
| Diluted EPS | $0.31 | $0.30 | $0.41 | $0.11 | -$0.04 | — | — |
| Free cash flow | -0.03 | -0.01 | 0.01 | 0.00 | 0.03 | -0.05 | -0.04 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open FWRG in Markets.
How First Watch Restaurant Group makes money
Revenue by segment in the quarter to June 28, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| In Restaurant Dining Sales | $284M | 80.2% |
| Third Party Delivery Sales | $41.3M | 11.7% |
| Take Out Sales | $25.8M | 7.3% |
| Royalty & System Fund Contributions | $3.11M | 0.9% |
| Initial Fees | $82.0K | 0.0% |
See also: FWRG valuation and P/E history · FWRG returns
No forecast, no recommendation. This page describes First Watch Restaurant Group Inc from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.