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First Watch Restaurant Group, Inc. FWRG Business Segments — Pre-opening expenses

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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:PreOpeningCosts.

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
(in thousands)THIRTEEN WEEKS ENDED / MARCH 29, 2026THIRTEEN WEEKS ENDED / MARCH 30, 2025
Labor and other related expenses110,60996,754
Other restaurant operating expenses51,90444,259
Occupancy expenses27,41023,149
Pre-opening expenses3,0572,660
Stock-based compensation, net of amounts capitalized3,3522,259
General and administrative expenses (1)36,59327,960
Depreciation and amortization21,39616,557
Other segment items (2)1,329882

Item 1. Financial Statements (Unaudited)

FAQ

What is First Watch Restaurant Group, Inc.'s business segments — pre-opening expenses?
First Watch Restaurant Group, Inc. (FWRG) reported business segments — pre-opening expenses of $3.06M in Q1 2026.
How has First Watch Restaurant Group, Inc.'s business segments — pre-opening expenses changed year-over-year?
First Watch Restaurant Group, Inc.'s business segments — pre-opening expenses increased by 14.9% year-over-year, from $2.66M to $3.06M.
What is the long-term trend for First Watch Restaurant Group, Inc.'s business segments — pre-opening expenses?
Over 3 years (2022 to 2025), First Watch Restaurant Group, Inc.'s business segments — pre-opening expenses has grown at a 33.7% compound annual growth rate (CAGR), from $5.41M to $12.93M.
What does business segments — pre-opening expenses mean?
These are the costs incurred prior to the opening of a new restaurant location, including lease payments, marketing, and staff training. This metric helps investors evaluate the financial impact of the company's expansion and new unit growth strategy.

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