FWRG
First Watch Restaurant Group Inc
NASDAQ: FWRG · CONSUMER CYCLICAL · RESTAURANTS
$12.91
+0.39% today
Updated 2026-04-29
Market cap
$792.50M
P/E ratio
41.48
P/S ratio
0.65x
EPS (TTM)
$0.31
Dividend yield
—
52W range
$10 – $20
Volume
1.9M
First Watch Restaurant Group Inc (FWRG) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $349.77M | $436.37M | $342.39M | $601.19M | $730.16M | $891.55M | $1.02B | $1.22B |
| Revenue growth (YoY) | — | +24.8% | -21.5% | +75.6% | +21.5% | +22.1% | +13.9% | +20.3% |
| Cost of revenue | $278.40M | $348.96M | $312.51M | $476.96M | $590.63M | $701.43M | $223.10M | $1.06B |
| Gross profit | $71.36M | $87.41M | $29.88M | $124.23M | $139.53M | $190.12M | $792.81M | $159.44M |
| Gross margin | 20.4% | 20.0% | 8.7% | 20.7% | 19.1% | 21.3% | 78.0% | 13.0% |
| R&D | — | — | — | — | — | — | — | — |
| SG&A | $37.53M | $55.82M | $46.32M | $70.39M | $84.96M | $103.12M | $113.27M | $128.95M |
| Operating income | $3.23M | $-37.56M | $-47.22M | $22.24M | $16.91M | $41.27M | $38.91M | $33.77M |
| Operating margin | 0.9% | -8.6% | -13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.8% |
| EBITDA | $33.83M | $-9.78M | $-16.01M | $52.85M | $52.05M | $85.36M | $98.38M | $108.78M |
| EBITDA margin | 9.7% | -2.2% | -4.7% | 8.8% | 7.1% | 9.6% | 9.7% | 8.9% |
| EBIT | $7.71M | $-37.81M | $-46.74M | $20.47M | $17.82M | $44.14M | $40.67M | $33.77M |
| Interest expense | $0.00 | $20.08M | $22.82M | $20.10M | $5.23M | $8.06M | $12.64M | $16.70M |
| Income tax | $-221000.00 | $-12.42M | $-19.87M | $2.48M | $5.68M | $10.69M | $9.10M | — |
| Effective tax rate | 1.8% | 21.5% | 28.6% | 669.5% | 45.1% | 29.6% | 32.5% | 0.0% |
| Net income | $-12.30M | $-45.44M | $-49.68M | $-2.11M | $6.91M | $25.39M | $18.93M | $19.43M |
| Net income growth (YoY) | — | -269.5% | -9.3% | +95.8% | +427.8% | +267.5% | -25.4% | +2.7% |
| Profit margin | -3.5% | -10.4% | -14.5% | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% |