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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

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

Financials

Q3 2025

Income statement

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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

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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

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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

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

Returns & leverage

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

Segments

By product

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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

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Reportable Segment$316.0M+25.6%

FAQ

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.