First Watch Restaurant Group, Inc. (FWRG) Income Statement
FWRG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsFWRG revenue and net income
Where FWRG's revenue goes
2025Each bar shows an amount and its share of revenue. FWRG kept 1.6% of revenue as net income.
FWRG profit margins
FWRG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.3% | +18.7% | +29.0% | — |
| Gross profit | −79.9% | +4.5% | +39.8% | — |
| Operating income | −13.2% | +25.9% | — | — |
| Net income | +2.7% | +41.2% | — | — |
| EPS (diluted) | 0.0% | +30.8% | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
FWRG quarterly EPS vs estimates
First Watch Restaurant beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.03).
FWRG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.02B | $891.6M | $730.2M | $601.2M | $342.4M | $436.4M | $349.8M |
| Cost of revenue | $1.06B | $223.1M | $701.4M | $590.6M | $477.0M | $312.5M | $349.0M | $278.4M |
| Gross profit | $159.4M | $792.8M | $190.1M | $139.5M | $124.2M | $29.9M | $87.4M | $71.4M |
| Sales, general & admin | $128.9M | $113.3M | $110.3M | $85.0M | $70.4M | $46.3M | $55.8M | $37.5M |
| Total operating expenses | $125.7M | $753.9M | $148.8M | $122.6M | $102.0M | $77.1M | $125.0M | $68.1M |
| Operating income | $33.8M | $38.9M | $41.3M | $16.9M | $22.2M | −$47.2M | −$37.6M | $3.2M |
| Interest expense | $16.7M | $12.6M | $8.1M | $5.2M | $20.1M | $22.8M | $20.1M | $0 |
| Income before taxes | $12.1M | $28.0M | $36.1M | $12.6M | $370,000 | −$69.6M | −$57.9M | −$12.5M |
| Income taxes | −$7.3M | $9.1M | $10.7M | $5.7M | $2.5M | −$19.9M | −$12.4M | −$221,000 |
| Net income | $19.4M | $18.9M | $25.4M | $6.9M | −$2.1M | −$49.7M | −$45.4M | −$12.3M |
| EBITDA | $103.8M | $98.4M | $85.4M | $52.1M | $52.8M | −$16.0M | −$9.8M | $33.8M |
| EPS (diluted) | $0.38 | $0.38 | $0.47 | $0.17 | $0.29 | −$8.72 | −$4.13 | — |
| Gross margin | 13.0% | 78.0% | 21.3% | 19.1% | 20.7% | 8.7% | 20.0% | 20.4% |
| Operating margin | 2.8% | 3.8% | 4.6% | 2.3% | 3.7% | −13.8% | −8.6% | 0.9% |
| Net margin | 1.6% | 1.9% | 2.8% | 0.9% | −0.4% | −14.5% | −10.4% | −3.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $354.7M | $331.0M | $316.4M | $316.0M | $307.9M | $282.2M | $263.3M | $251.6M | $258.6M | $242.4M | $244.6M | $219.2M |
| Cost of revenue | $82.6M | $288.7M | $254.4M | $248.1M | $248.2M | $66.6M | $212.0M | $202.0M | $199.5M | $189.4M | $194.2M | $175.1M |
| Gross profit | $272.1M | $42.3M | $61.9M | $67.9M | $59.7M | $215.6M | $51.3M | $49.6M | $59.0M | $53.0M | $50.4M | $44.1M |
| Sales, general & admin | $38.7M | $40.3M | $35.6M | $36.8M | $33.2M | $30.2M | $31.6M | $27.7M | $27.4M | $28.3M | $30.0M | $25.2M |
| Total operating expenses | $238.3M | $39.6M | $52.5M | $57.8M | $52.4M | $214.5M | $47.5M | $43.3M | $42.6M | $40.7M | $43.5M | $36.3M |
| Operating income | $33.8M | $2.7M | $9.5M | $10.1M | $7.3M | $1.1M | $3.9M | $6.3M | $16.4M | $12.3M | $6.9M | $7.7M |
| Interest expense | $4.9M | $4.8M | $4.8M | $4.6M | $4.0M | $3.3M | $3.2M | $3.4M | $3.4M | $2.6M | $2.3M | $1.8M |
| Income before taxes | $3.4M | −$3.4M | $4.4M | $5.7M | $3.6M | −$1.5M | $738,000 | $3.5M | $13.8M | $10.0M | $5.5M | $6.7M |
| Income taxes | −$1.0M | −$749,000 | −$10.7M | $2.7M | $1.5M | $708,000 | $39,000 | $1.4M | $4.9M | $2.8M | $2.9M | $1.2M |
| Net income | $2.3M | −$2.7M | $15.2M | $3.0M | $2.1M | −$2.2M | $699,000 | $2.1M | $8.9M | $7.2M | $2.6M | $5.4M |
| EBITDA | $20.3M | $22.7M | $29.9M | $29.9M | $25.7M | $11.7M | $19.7M | $22.1M | $31.7M | $24.9M | $20.0M | $18.9M |
| EPS (diluted) | $0.04 | −$0.02 | $0.26 | $0.06 | $0.05 | $0.01 | $0.01 | $0.05 | $0.18 | $0.14 | $0.04 | $0.10 |
| Gross margin | 76.7% | 12.8% | 19.6% | 21.5% | 19.4% | 76.4% | 19.5% | 19.7% | 22.8% | 21.9% | 20.6% | 20.1% |
| Operating margin | 9.5% | 0.8% | 3.0% | 3.2% | 2.4% | 0.4% | 1.5% | 2.5% | 6.4% | 5.1% | 2.8% | 3.5% |
| Net margin | 0.7% | −0.8% | 4.8% | 0.9% | 0.7% | −0.8% | 0.3% | 0.8% | 3.4% | 3.0% | 1.1% | 2.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in FWRG's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
FWRG financial results
In fiscal year 2025 (ended December 31, 2025), First Watch Restaurant reported revenue of $1.2 billion, up 20.3% from the year before. It had net income of $19.4 million (up 2.7%), a net profit margin of 1.6%. Diluted earnings per share came to $0.38. Over five years revenue grew at an average rate of 29.0% a year.
See the FWRG stock overview for the latest quote and news, or the FWRG chart for price history and technical indicators.
FWRG income statement FAQ
What is First Watch Restaurant's annual revenue?
First Watch Restaurant reported total revenue of $1.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 20.3% from $1.0 billion the previous year.
Is First Watch Restaurant profitable?
Yes. First Watch Restaurant reported net income of $19.4 million in fiscal 2025, a net profit margin of 1.6%; its operating margin was 2.8%.
What is First Watch Restaurant's gross margin?
First Watch Restaurant's gross margin was 13.0% in fiscal 2025: for every $100 of revenue, First Watch Restaurant kept $13 after the direct cost of its products and services.
How fast is First Watch Restaurant growing?
Revenue grew 29.0% a year on average over the last five fiscal years, from $342.4 million to $1.2 billion.
What are First Watch Restaurant's earnings per share?
First Watch Restaurant earned $0.38 per diluted share in fiscal 2025, compared with $0.38 a year earlier.
When will First Watch Restaurant report its next earnings?
First Watch Restaurant is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does First Watch Restaurant's fiscal year end?
First Watch Restaurant's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.