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First Watch Restaurant Group, Inc. FWRG Q3 2025 earnings

Reported November 4, 2025 · Before market open

Revenue$316.0MMiss by $1.5M
EPS$0.05Miss by $0.03
Revenue estimate$317.5M
EPS estimate$0.08

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$316.0M+25.6%
Operating income$10.1M+59.2%
Net income$3.0M+41.6%
EPS (diluted)$0.05+66.7%

Balance sheet

See full
Cash & equivalents$20.7M-59.5%
Total debt$982.2M+27.2%
Total equity$607.3M+3.1%
Total assets$1.7B+15.8%

Cash flow

See full
Operating cash flow$47.9M+33.5%
CapEx$42.4M+45.9%

Valuation & ratios

Valuation

as of 09/28/25
See full
Market cap$954.41M+1.3%
Enterprise value$1.92B+15.2%
P/E192.2×+171×
P/S0.8×-0.1×

Profitability

See full
Operating margin1.9%-2.3pp
Net margin0.4%-3.9pp

Returns & leverage

See full
Return on equity0.8%-6.8pp
Debt / equity1.6×+0.3×
Current ratio0.2×-0.3×

Segments

By product

See full
In-restaurant dining sales$254.2M+22.8%
Third-party delivery sales$37.2M+66.1%
Take-out sales$22.3M+14.2%
Royalty and system fund contributions$2.3M-9.8%
Initial fees$53.0K-7.0%

By segment

See full
Reportable Segment$316.0M+25.6%

Versus estimates

Revenue

Q1 2026$331.0MBeat by $1.6MQ4 2025$316.4MIn line
Q3 2025$316.0MMiss by $1.5M
Q2 2025$307.9MBeat by $1.7MQ1 2025$282.2MMiss by $24.9MQ4 2024$263.3MMiss by $20.8M

Diluted EPS

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

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Questions, answered.

When did First Watch Restaurant Group, Inc. report Q3 2025 earnings?
First Watch Restaurant Group, Inc. (FWRG) reported Q3 2025 earnings on November 4, 2025 before market open.
What were First Watch Restaurant Group, Inc.'s Q3 2025 revenue and EPS?
First Watch Restaurant Group, Inc. reported revenue of $316.0M and eps of $0.05 for Q3 2025.
Did First Watch Restaurant Group, Inc. beat estimates in Q3 2025?
Revenue missed the consensus estimate of $317.5M by $1.5M. EPS missed the consensus estimate of $0.08 by $0.03.
How did First Watch Restaurant Group, Inc.'s Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 25.6% from $251.6M a year earlier and eps grew 66.7% from $0.03.
Where can I find First Watch Restaurant Group, Inc.'s Q3 2025 SEC filings?
You can read the 8-K earnings release (0001789940-25-000085) and the 10-Q periodic report (0001789940-25-000086) directly on SEC EDGAR. The filing index links above go to sec.gov.