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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

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

Financials

Q4 2025

Income statement

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

Balance sheet

See full
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

See full
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

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

Returns & leverage

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

Segments

By product

See full
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

See full
Reportable Segment$316.4M+20.2%

Versus estimates

Revenue

Q1 2026$331.0MBeat by $1.6M
Q4 2025$316.4MIn line
Q3 2025$316.0MMiss by $1.5MQ2 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 $0.02
Q4 2025$0.24Beat by $0.16
Q3 2025$0.05Miss by $0.03Q2 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 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.