# First Watch Restaurant Group, Inc. (FWRG)

**Exchange:** NASDAQ  
**Sector:** Consumer Cyclical  
**Market cap:** $690M  
**Price:** $10.98 (+7.02%)

> First Watch Restaurant Group, Inc. operates a leading daytime dining restaurant chain specializing in breakfast, brunch, and lunch offerings across the United States. The company runs and franchises locations under the First Watch brand, emphasizing fresh, made-to-order menu items such as omelettes, pancakes, salads, sandwiches, and cocktails, with seasonal specials highlighting ingredients like pumpkin or butternut squash. First Watch differentiates through its commitment to quality and freshness, avoiding pre-made or frozen components, and provides an elevated dining experience with natural light, greenery, and comfortable seating for individuals, families, and groups. It also owns Sun & Fork by First Watch, a fast-casual café concept. Customers seeking healthier options and a classy ambience beyond traditional diners find appeal in its core offerings. Founded in 1983 and headquartered in Bradenton, Florida, First Watch Restaurant Group, Inc. competes in the casual dining sector with a focus on daytime meals.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.22B | — | $28M | $19M | $0.31 |
| 2024 | $1.02B | — | $39M | $19M | $0.30 |
| 2023 | $892M | — | $41M | $25M | $0.41 |
| 2022 | $730M | — | $17M | $7M | $0.11 |
| 2021 | $601M | — | $22M | -$2M | $-0.04 |
| 2020 | $342M | — | -$47M | -$50M | $-1.10 |
| 2019 | $436M | — | -$38M | -$45M | $-1.01 |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $1.74B | $1.12B | $626M | $21M | — |
| 2024 | $1.51B | $919M | $595M | $33M | — |
| 2023 | $1.27B | $706M | $561M | $50M | — |
| 2022 | $1.10B | $581M | $523M | $50M | — |
| 2021 | $1.05B | $542M | $504M | $52M | — |
| 2020 | $1.01B | $687M | $321M | $39M | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | $126M | $157M | -$31M |
| 2024 | $116M | $128M | -$12M |
| 2023 | $95M | $83M | $12M |
| 2022 | $63M | $62M | $718,000 |
| 2021 | $63M | $35M | $28M |
| 2020 | -$18M | $27M | -$45M |
| 2019 | $21M | $59M | -$38M |

Source: [CompaniesByCap](https://companiesbycap.com/company/FWRG)