First Watch Restaurant Group, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data First Watch Restaurant Group, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	436	342	601	730	892	1,016	1,223
General and administrative	55.8	46.3	70.4	85	103	113	129
Operating income	-37.6	-47.2	22.2	16.9	41.3	38.9	27.5
Interest expense	20.1	22.8	20.1	5.23	8.06	12.6	16.7
Other non-operating income	-0.26	0.48	-1.77	0.91	2.87	1.76	1.32
Pre-tax income	-57.9	-69.6	0.37	12.6	36.1	28	12.1
Income tax	-12.4	-19.9	2.48	5.68	10.7	9.1	-7.3
Net income to minority interests	-0.03	0	0
Net income	-45.4	-49.7	-2.11	6.91	25.4	18.9	19.4
EBITDA	-9.53	-16.5	54.6	51.1	82.5	96.6	103
EPS, basic	-1.01	-1.10	-0.04	0.12	0.43	0.31	0.32
EPS, diluted	-1.01	-1.10	-0.04	0.11	0.41	0.30	0.31
Shares, basic (weighted)	45	45	48.2	59.1	59.5	60.4	61
Shares, diluted (weighted)	45	45	48.2	60.1	61.2	62.4	62.8

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	11.1	38.8	51.9	49.7	49.6	33.3	21.2
Receivables		3.92	4.45	6.16	5.53	7.24	6.86
Inventory		2.92	4.02	5.03	5.38	6.12	7.17
Other current assets		0.62	1.43	0.37	2.37	2.2	5.86
Total current assets		49	67.7	67.3	71.2	55.9	49.1
Property, plant and equipment		161	165	195	263	361	478
Lease right-of-use assets		308	325	352	420	528	615
Goodwill		345	345	345	360	399	420
Intangible assets		144	143	143	151	168	175
Other non-current assets		1.29	1.31	1.3	1.7	3.25	4.83
Total assets		1,008	1,047	1,104	1,267	1,514	1,742
Accounts payable		4.22	11.1	7.59	6.32	6.96	8.7
Accrued liabilities		13.5	15.9	22.7	35.6	39.6	38.5
Deferred revenue		4.27	4.65	5.19	5.5	5.62	6.78
Short-term debt		3.59	3.19	6.26	5.63	9.23	13.3
Total current liabilities		76.5	96.5	100	115	138	167
Long-term debt		286	99.8	94.7	120	189	269
Lease liabilities		308	330	366	441	556	651
Other non-current liabilities		2.27	3.23	3.38	2.95	3.16	5.4
Total liabilities		687	542	581	706	919	1,116
Total debt		290	103	101	125	198	282
Paid-in capital		423	609	621	634	649	661
Retained earnings		-103	-105	-98.1	-72.7	-53.8	-34.4
Other comprehensive income				0	-0.67	-0.44	-1.1
Shareholders' equity	330	321	504	523	561	595	626
Total equity	330	321	504	523	561	595	626
Total liabilities and equity		1,008	1,047	1,104	1,267	1,514	1,742
Shares outstanding		45	59	59.2	59.9	60.7	61.1

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-45.5	-49.7	-2.11	6.91	25.4	18.9	19.4
Depreciation and amortization	28	30.7	32.4	34.2	41.2	57.7	75
Stock-based compensation	1.16	0.75	8.6	10.4	7.6	8.53	10.8
Deferred income tax	-12.6	-20	2.18	4.68	8.32	6.82	-10
Change in receivables	-3.19	1.83	-0.54	-1.71	0.63	-1.7	0.38
Change in inventory	-0.44	-0.2	-1.11	-1.01	-0.06	-0.51	-0.87
Change in payables	-0.74	-0.87	6.7	-3.47	-1.3	0.64	1.74
Cash from operations	21.5	-18.4	63	62.9	95.3	116	126
Capital expenditures	-59.2	-26.7	-35.3	-62.2	-83.3	-128	-157
Acquisitions	-22.8	0	0	0	-39.9	-78.6	-56
Cash from investing	-82.4	-27	-35.7	-63.1	-123	-207	-214
Stock issued	0	0	182	0	0	6.43	1.19
Cash from financing	55.8	73.3	-14.3	-2.02	28.1	74.3	75.8
Net change in cash	-5.16	28	13	-2.19	0.04	-16.6	-12.1
Free cash flow	-37.7	-45.1	27.7	0.72	12	-12.2	-31
Interest paid	18.9	19.8	16.2	3.37	8.73	12.3	15.5
Income taxes paid	0.15	0.16	0.08	0.92	1.95	3.11	2.56

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 28, 2026; growth uses fiscal years. Valuation uses the share price of $10.14 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	2.1%	Operating income / revenue.
EBITDA margin	8.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.8%	Pre-tax income / revenue.
Net margin	1.4%	Net income / revenue.
FCF margin	-1.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Effective tax rate	-77.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.0%	Net income / average total assets.
Return on invested capital (ROIC)	2.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	11.3%	Capital expenditures / revenue.
D&A / revenue	6.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	29.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-29.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	17.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	6.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	26.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	2.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	41.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	3.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	41.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	15.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	11.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	6.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.27x	Current assets / current liabilities.
Quick ratio	0.15x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.46x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.1%	Total debt / total assets.
Liabilities / assets	65.2%	Total liabilities / total assets.
Net debt	$272.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.43x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.48x	Operating income / interest expense.
Working capital	-$130.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	32.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$43.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.72x	Revenue / average total assets.
Fixed asset turnover	2.56x	Revenue / average property, plant and equipment.
Receivables turnover	193x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.
FCF conversion	-117.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	116.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.29	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.16	Revenue / diluted weighted shares.
FCF per share	-$0.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.06	Cash from operations / diluted weighted shares.
Book value per share	$10.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.70	Tangible book value / shares outstanding.
Cash per share	$0.33	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$625.8M	Share price x shares outstanding.
Enterprise value	$897.8M	Market cap + total debt - cash - short-term investments.
P/E	35.1x	Market cap / net income. Only when net income is positive.
P/S	0.47x	Market cap / revenue.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.5x	Market cap / tangible book value, when positive.
P/OCF	4.88x	Market cap / cash from operations, when positive.
EV/Sales	0.68x	Enterprise value / revenue.
EV/EBIT	31.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.03x	Enterprise value / EBITDA, when both are positive.
FCF yield	-3.3%	Free cash flow / market cap.
Earnings yield	2.8%	Net income / market cap (the inverse of P/E).
PEG	0.85x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was First Watch Restaurant Group, Inc.'s revenue in fiscal 2025?

First Watch Restaurant Group, Inc. reported revenue of $1.22B for fiscal 2025, 20.3% higher than the year before.

Was First Watch Restaurant Group, Inc. profitable in fiscal 2025?

Yes. Net income was $19.4M, a net margin of 1.6%.

How much free cash flow did First Watch Restaurant Group, Inc. generate in fiscal 2025?

Cash from operations of $125.9M minus capital expenditures of $156.9M left free cash flow of -$31.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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