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First Watch Restaurant Group, Inc. FWRG Q1 2025 earnings

Reported May 6, 2025 · Before market open

Revenue$282.2MMiss by $24.9M
EPS-$0.01Miss by $0.05
Revenue estimate$307.1M
EPS estimate$0.04

Next report

Aug 4, 2026 (In 6 days)
Revenue estimate$351.6M
EPS estimate$0.06

Financials

Q1 2025

Income statement

See full
Revenue$282.2M+16.4%
Operating income$1.1M-90.9%
Net income-$829.0K-111%
EPS (diluted)-$0.01-108%

Balance sheet

See full
Cash & equivalents$18.6M-57.0%
Total debt$831.4M+36.4%
Total equity$596.3M+3.8%
Total assets$1.5B+20.7%

Cash flow

See full
Operating cash flow$20.1M-19.4%
CapEx$36.5M+27.8%
Free cash flow-$16.4M-355%

Valuation & ratios

Valuation

as of 03/30/25
See full
Market cap$1.01B-31.6%
Enterprise value$1.82B-10.8%
P/E92.9×+60.7×
P/S1×-0.6×

Profitability

See full
Operating margin2.6%-1.5pp
Net margin1%-4.0pp

Returns & leverage

See full
Return on equity1.9%-6.4pp
Debt / equity1.4×+0.3×
Current ratio0.3×-0.3×

Segments

By product

See full
In-restaurant dining sales$226.7M+16.2%
Third-party delivery sales$32.0M+23.4%
Take-out sales$20.9M+14.8%
Royalty and system fund contributions$2.6M-14.0%
Initial fees$62.0K-39.2%

By segment

See full
Reportable Segment$282.2M+16.4%

Versus estimates

Revenue

Q1 2026$331.0MBeat by $1.6MQ4 2025$316.4MIn lineQ3 2025$316.0MMiss by $1.5MQ2 2025$307.9MBeat by $1.7M
Q1 2025$282.2MMiss by $24.9M
Q4 2024$263.3MMiss by $20.8M

Diluted EPS

Q1 2026-$0.04Miss by $0.02Q4 2025$0.24Beat by $0.16Q3 2025$0.05Miss by $0.03Q2 2025$0.03Miss by $0.04
Q1 2025-$0.01Miss by $0.05
Q4 2024$0.01Miss by $0.01

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Questions, answered.

When did First Watch Restaurant Group, Inc. report Q1 2025 earnings?
First Watch Restaurant Group, Inc. (FWRG) reported Q1 2025 earnings on May 6, 2025 before market open.
What were First Watch Restaurant Group, Inc.'s Q1 2025 revenue and EPS?
First Watch Restaurant Group, Inc. reported revenue of $282.2M and eps of $-0.01 for Q1 2025.
Did First Watch Restaurant Group, Inc. beat estimates in Q1 2025?
Revenue missed the consensus estimate of $307.1M by $24.9M. EPS missed the consensus estimate of $0.04 by $0.05.
How did First Watch Restaurant Group, Inc.'s Q1 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 16.4% from $242.4M a year earlier.
Where can I find First Watch Restaurant Group, Inc.'s Q1 2025 SEC filings?
You can read the 10-Q periodic report (0001789940-25-000041) directly on SEC EDGAR. The filing index links above go to sec.gov.