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First Watch Restaurant Group, Inc. FWRG Franchise revenues — Total revenues

Other product segments

In-restaurant dining sales
$265.72M+17.2%
Third-party delivery sales
$39.69M+24.0%
Take-out sales
$22.73M+9.0%
Royalty and system fund contributions
$2.76M+6.5%
Initial fees
$56K-9.7%

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Other financials

Income statement

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Revenue$331.0M+17.3%
Operating income$999.0K-10.2%
Net income-$2.7M-224%
EPS (diluted)-$0.04-300%

Balance sheet

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Cash & equivalents$23.6M+26.6%
Total debt$1.0B+24.1%
Total equity$627.7M+5.3%
Total assets$1.8B+14.9%

Cash flow

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Operating cash flow$34.5M+71.1%
CapEx$29.3M-19.7%
Free cash flow$5.1M+131%

Valuation

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Market cap$766.47M-29.2%
Enterprise value$1.78B-12.1%
P/E43.6×-221×
P/S0.6×-0.4×

Profitability

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Operating margin2.2%-0.5pp
Net margin1.4%+0.4pp
FCF margin-2.6%

Returns & leverage

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Return on equity2.9%+1.0pp
Debt / equity1.6×+0.3×
Current ratio0.3×0.0×

Where this comes from

Reported directly by First Watch Restaurant Group, Inc. in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: First Watch Restaurant Group, Inc.’s 10-Q, filed May 5, 2026.

Filed
May 5, 2026, 7:03 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001789940-26-000060
Line itemTHIRTEEN WEEKS ENDED / MARCH 29, 2026THIRTEEN WEEKS ENDED / MARCH 30, 2025
Revenues
Restaurant sales$328,148$279,591
Franchise revenues2,8112,649
Total revenues330,959282,240
Operating costs and expenses
Restaurant operating expenses (exclusive of depreciation and amortization shown below):
Food and beverage costs74,31066,647
Labor and other related expenses110,60996,754

Item 1. Financial Statements (Unaudited)

FAQ

What is First Watch Restaurant Group, Inc.'s franchise revenues — total revenues?
First Watch Restaurant Group, Inc. (FWRG) reported franchise revenues — total revenues of $2.81M in Q1 2026.
How has First Watch Restaurant Group, Inc.'s franchise revenues — total revenues changed year-over-year?
First Watch Restaurant Group, Inc.'s franchise revenues — total revenues increased by 6.1% year-over-year, from $2.65M to $2.81M.
What is the long-term trend for First Watch Restaurant Group, Inc.'s franchise revenues — total revenues?
Over 4 years (2021 to 2025), First Watch Restaurant Group, Inc.'s franchise revenues — total revenues has grown at a 3.9% compound annual growth rate (CAGR), from $8.85M to $10.33M.
What does franchise revenues — total revenues mean?
This metric represents the total revenue generated specifically from franchise operations, including royalties and initial franchise fees. It reflects the company's ability to scale its brand presence through third-party operators without the capital intensity of company-owned locations. Monitoring this segment helps investors assess the contribution of the asset-light business model to the overall top-line performance.

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