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First Watch Restaurant Group, Inc. FWRG Q4 2025 Annual earnings

Reported February 24, 2026 · Before market open

Revenue$316.4MIn line
EPS$0.24Beat by $0.16
Revenue estimate$316.3M
EPS estimate$0.08

Next report

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

Financials

Q4 2025

Income statement

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Revenue$316.4M+20.2%
Operating income$9.0M+134%
Net income$15.2M+2,069%
EPS (diluted)$0.24+2,300%

Balance sheet

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Cash & equivalents$21.2M-36.2%
Total debt$1.0B+25.5%
Total equity$626.3M+5.2%
Total assets$1.7B+15.0%

Cash flow

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Operating cash flow$18.5M-19.5%
CapEx$36.8M-9.5%
Free cash flow-$18.3M-3.5%

Valuation & ratios

Valuation

as of 12/28/25
See full
Market cap$920.36M-18.3%
Enterprise value$1.91B+0.5%
P/E47.4×-12.2×
P/S0.8×-0.4×

Profitability

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Operating margin2.3%-1.6pp
Net margin1.6%-0.3pp

Returns & leverage

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Return on equity3.2%-0.1pp
Debt / equity1.6×+0.3×
Current ratio0.3×-0.1×

Segments

By product

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In-restaurant dining sales$254.1M+17.8%
Third-party delivery sales$38.6M+56.0%
Take-out sales$21.3M+5.1%
Royalty and system fund contributions$2.3M-10.5%
Initial fees$55.0K-6.8%

By segment

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Reportable Segment$316.4M+20.2%

FAQ

When did First Watch Restaurant Group, Inc. report Q4 2025 earnings?
First Watch Restaurant Group, Inc. (FWRG) reported Q4 2025 earnings on February 24, 2026 before market open.
What were First Watch Restaurant Group, Inc.'s Q4 2025 revenue and EPS?
First Watch Restaurant Group, Inc. reported revenue of $316.4M and eps of $0.24 for Q4 2025.
Did First Watch Restaurant Group, Inc. beat estimates in Q4 2025?
Revenue beat the consensus estimate of $316.3M by $34.9K. EPS beat the consensus estimate of $0.08 by $0.16.
How did First Watch Restaurant Group, Inc.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 20.2% from $263.3M a year earlier and eps grew 2300.0% from $0.01.
Where can I find First Watch Restaurant Group, Inc.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001789940-26-000013) and the 10-K periodic report (0001789940-26-000014) directly on SEC EDGAR. The filing index links above go to sec.gov.