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First Watch Restaurant Group, Inc. FWRG Q2 2025 earnings

Reported August 5, 2025 · Before market open

Revenue$307.9MBeat by $1.7M
EPS$0.03Miss by $0.04
Revenue estimate$306.2M
EPS estimate$0.07

Next report

Nov 3, 2026 (in 2 months)
Revenue estimate$349.5M
EPS estimate$0.08

Financials

Q2 2025

Income statement

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Revenue$307.9M+19.1%
Operating income$7.3M-55.5%
Net income$2.1M-76.3%
EPS (diluted)$0.03-78.6%

Balance sheet

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Cash & equivalents$19.2M-57.5%
Total debt$954.4M+28.5%
Total equity$601.3M+2.7%
Total assets$1.7B+16.7%

Cash flow

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Operating cash flow$39.4M+23.6%
CapEx$41.1M+38.9%
Free cash flow-$1.7M—

Valuation & ratios

Valuation

as of 06/29/25
See full
Market cap$946.61M-10.2%
Enterprise value$1.88B+7.4%
P/E231.6×+209×
P/S0.9×-0.2×

Profitability

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Operating margin1.7%-2.8pp
Net margin0.4%-4.5pp
FCF margin-2.6%—

Returns & leverage

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Return on equity0.7%-7.6pp
Debt / equity1.6×+0.3×
Current ratio0.3×-0.3×

Segments

By product

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In-restaurant dining sales$247.4M+17.2%
Third-party delivery sales$34.5M+41.4%
Take-out sales$23.1M+16.1%
Royalty and system fund contributions$2.5M-7.9%
Initial fees$55.0K-8.3%

By segment

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Reportable Segment$307.9M+19.1%

FAQ

When did First Watch Restaurant Group, Inc. report Q2 2025 earnings?
First Watch Restaurant Group, Inc. (FWRG) reported Q2 2025 earnings on August 5, 2025 before market open.
What were First Watch Restaurant Group, Inc.'s Q2 2025 revenue and EPS?
First Watch Restaurant Group, Inc. reported revenue of $307.9M and eps of $0.03 for Q2 2025.
Did First Watch Restaurant Group, Inc. beat estimates in Q2 2025?
Revenue beat the consensus estimate of $306.2M by $1.7M. EPS missed the consensus estimate of $0.07 by $0.04.
How did First Watch Restaurant Group, Inc.'s Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 19.1% from $258.6M a year earlier and eps declined 78.6% from $0.14.
Where can I find First Watch Restaurant Group, Inc.'s Q2 2025 SEC filings?
You can read the 8-K earnings release (0001789940-25-000071) and the 10-Q periodic report (0001789940-25-000072) directly on SEC EDGAR. The filing index links above go to sec.gov.