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First Watch Restaurant Group, Inc. FWRG Royalty and system fund contributions — 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%
Initial fees
$56K-9.7%

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$171.78M-3.3%

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$768.32M-29.2%
Enterprise value$1.78B-12.1%
P/E43.7×-222×
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
(in thousands)THIRTEEN WEEKS ENDED / MARCH 29, 2026THIRTEEN WEEKS ENDED / MARCH 30, 2025
Third-party delivery sales39,69232,005
Take-out sales22,73420,859
Total restaurant sales328,148279,591
Franchise revenues:
Royalty and system fund contributions2,7552,587
Initial fees5662
Total franchise revenues2,8112,649
Total revenues$330,959$282,240

Item 1. Financial Statements (Unaudited)

FAQ

What is First Watch Restaurant Group, Inc.'s royalty and system fund contributions — total revenues?
First Watch Restaurant Group, Inc. (FWRG) reported royalty and system fund contributions — total revenues of $2.76M in Q1 2026.
How has First Watch Restaurant Group, Inc.'s royalty and system fund contributions — total revenues changed year-over-year?
First Watch Restaurant Group, Inc.'s royalty and system fund contributions — total revenues increased by 6.5% year-over-year, from $2.59M to $2.76M.
What is the long-term trend for First Watch Restaurant Group, Inc.'s royalty and system fund contributions — total revenues?
Over 4 years (2021 to 2025), First Watch Restaurant Group, Inc.'s royalty and system fund contributions — total revenues has grown at a 3.1% compound annual growth rate (CAGR), from $8.58M to $9.71M.
What does royalty and system fund contributions — total revenues mean?
This metric represents the total revenue generated from franchise-related fees, specifically royalties and contributions to system-wide marketing or operational funds. It serves as a key indicator of the scale and performance of the franchised portion of the business model. By tracking these inflows, investors can assess the recurring revenue stream derived from the company's franchised restaurant footprint.

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