Stocks Consumer discretionary FWRG
NASDAQ · Consumer discretionaryFirst Watch Restaurant Group, Inc. (FWRG)
First Watch Restaurant Group, Inc. brought in $1.4B of revenue over the twelve months to September 27, 2026, up 15.6% from a year earlier. Net income was $19.6M, a net margin of 1.5%. In fiscal 2025 capital spending exceeded operating cash flow by $31M. At September 27, 2026 it held $21.1M in cash against $291.3M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 3, 2026.
Key facts about First Watch Restaurant Group, Inc.
- Net worth
- First Watch Restaurant Group, Inc. has a market value (market cap) of $854.7M at the latest share price, and shareholders' equity of $643.8M on its balance sheet at September 27, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $1.2B (+20.3% year on year), with net income of $19.4M. Over the 12 months to September 27, 2026: revenue $1.4B, net income $19.6M.
- Cash flow
- In fiscal 2025 operations brought in $125.9M of cash; after $156.9M of capital spending, free cash flow was -$31M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 3, 2026 and covers the period to September 27, 2026. Open on SEC EDGAR
- Next earnings report
- First Watch Restaurant Group, Inc.'s next report is expected around January 11, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What First Watch Restaurant Group, Inc. does
First Watch Restaurant Group, Inc. is registered with the SEC under industry code SIC 5812 (Retail-Eating Places). Its shares trade on NASDAQ under the ticker FWRG.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $1.2B | $19.4M | $0.31 | -$31M |
| 2024 | $1B | $18.9M | $0.30 | -$12.2M |
| 2023 | $891.6M | $25.4M | $0.41 | $12M |
| 2022 | $730.2M | $6.9M | $0.11 | $718K |
| 2021 | $601.2M | -$2.1M | -$0.04 | $27.7M |
| 2021 | $342.4M | -$49.7M | -$1.10 | -$45.1M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where FWRG ranks in Consumer discretionary
Latest SEC filings
What First Watch Restaurant Group, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 3, 2026
- November 3, 2026Quarterly report 10-Q · period to September 27, 2026Revenue rose 11% to $349.9M versus the same quarter last year; diluted EPS $0.08 versus $0.05.
- November 3, 2026
- October 30, 2026Passive stake (5% or more) SCHEDULE 13G
- October 27, 2026Passive stake changed SCHEDULE 13G/A
- August 14, 2026Passive stake changed SCHEDULE 13G/A
- August 4, 2026
- August 4, 2026Quarterly report 10-Q · period to June 28, 2026Revenue rose 15% to $354.7M versus the same quarter last year; diluted EPS $0.04 versus $0.03.
- August 4, 2026
- July 31, 2026Shareholder vote results 8-K/A
Insider trades
What the people running First Watch Restaurant Group, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| June 8, 2026 | Weisser Ashlee SuzanneChief Financial Officer | Received as pay | 26,595 | - |
| May 21, 2026 | Kussell William ADirector | Received as pay | 12,345 | - |
| May 21, 2026 | Lilak StephanieDirector | Received as pay | 12,345 | - |
| May 21, 2026 | Jemley CharlesDirector | Received as pay | 12,345 | - |
| May 21, 2026 | Tipograph Rachel KDirector | Received as pay | 12,345 | - |
| May 21, 2026 | Solheim JosteinDirector | Received as pay | 12,345 | - |
| May 21, 2026 | Alvarez RalphDirector | Received as pay | 17,636 | - |
| May 21, 2026 | Fleisher Michael DDirector | Received as pay | 12,345 | - |
Who owns FWRG
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| BlackRock, Inc.13G, passive | 7.5% | October 27, 2026 |
| Neuberger Berman Investment Advisers LLC13G, passive with 1 related filers | 5.1% | June 4, 2026 |
| Vanguard Capital Management13G, passive | 5% | October 30, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 206 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| BlackRock, Inc. | 4,534,132 | +462,387 |
| Manufacturers Life Insurance Company, The | 3,823,982 | +466,032 |
| Bank of New York Mellon Corp | 3,719,038 | -238,659 |
| Dimensional Fund Advisors LP | 2,596,946 | -487,940 |
| Vanguard Capital Management LLC | 2,453,594 | +51,206 |
| Millennium Management LLC | 2,192,811 | -1,039,436 |
| Neuberger Berman Group LLC | 2,069,037 | -1,505,281 |
| Stephens Investment Management Group LLC | 1,953,921 | +294,122 |
| Hodges Capital Management Inc. | 1,592,384 | +110,607 |
| Emerald Advisers, LLC | 1,526,759 | +579,649 |
| Bwcp, LP | 1,502,614 | +144,541 |
| Penn Capital Management Company, LLC | 1,472,751 | +331,594 |
| Geode Capital Management, LLC | 1,444,283 | +138,731 |
| State Street Corp | 1,404,572 | +211,223 |
| Granahan Investment Management, LLC | 1,363,852 | +275,815 |
| Riverbridge Partners LLC | 1,348,632 | -743,068 |
| Balyasny Asset Management L.P. | 1,211,627 | +930,650 |
| Bank of America Corp | 1,069,289 | +16,863 |
| Qube Research & Technologies Ltd | 981,955 | +493,165 |
| Paralel Advisors LLC | 900,000 | 0 |
Insiders
16 insiders reported holding 2,673,275 shares in total, about $37M at the last price.
| Holder | Shares |
|---|---|
| Tomasso Christopher AnthonyPresident and CEO, Director | 957,315 |
| Alvarez RalphDirector | 440,471 |
| Hartman Eric RichardChief Development Officer | 244,530 |
| Sorensen Laura AnneChief People Officer | 237,353 |
| Wolszczak Jay AnthonyChief Legal Officer, GC & Secy | 228,930 |
| Hope H Melville IIICFO and Treasurer | 111,787 |
| Jones John DanielChief Operations Officer | 84,725 |
| Eisenacher MatthewChief Brand Officer | 67,223 |
| Weisser Ashlee SuzanneChief Financial Officer | 64,365 |
| Jemley CharlesDirector | 44,278 |
Questions about FWRG
What does First Watch Restaurant Group, Inc. do?
First Watch Restaurant Group, Inc. is a company in the Consumer discretionary sector, listed on NASDAQ as FWRG. Its shares trade on NASDAQ under the ticker FWRG.
What is First Watch Restaurant Group, Inc.'s net worth?
First Watch Restaurant Group, Inc. has a market value (market cap) of $854.7M at the latest share price, and shareholders' equity of $643.8M on its balance sheet at September 27, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is First Watch Restaurant Group, Inc. profitable?
Yes. Over the twelve months to September 27, 2026 it reported net income of $19.6M on revenue of $1.4B, a net margin of 1.5%.
How much revenue does First Watch Restaurant Group, Inc. make?
Over the twelve months to September 27, 2026 First Watch Restaurant Group, Inc. reported revenue of $1.4B. That is 15.6% more than a year earlier.
When did First Watch Restaurant Group, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 3, 2026. It covers the period to September 27, 2026. Its newest filing of any kind is the planned insider sale from November 9, 2026.
When is First Watch Restaurant Group, Inc.'s next earnings report?
First Watch Restaurant Group, Inc.'s next report is expected around January 11, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values First Watch Restaurant Group, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.