FWRG - NASDAQ
First Watch Restaurant Group, Inc.
$10.53
+0.86%First Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states in the United States. The company was formerly known as AI Fresh Super Holdco, Inc. and changed its name to First Watch Restaurant Group, Inc. in December 2019. First Watch Restaurant Group, Inc. was founded in 1983 and is headquartered in Bradenton, Florida.
At a Glance
Live SnapshotFirst Watch Restaurant Group, Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.
CapEx Intensity
Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.
FCF Growth Trend
Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.
First Watch Restaurant Group, Inc. Cash Flow Statement
FWRG • NASDAQ
| First Watch Restaurant Group, Inc. Cash Flow Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 |
|---|---|---|---|---|---|---|---|---|
OPERATING ACTIVITIES | ||||||||
19.4M | 18.9M | 25.4M | 6.9M | -2.1M | -49.7M | -45.5M | -12.3M | |
75M | 57.7M | 41.2M | 34.2M | 32.4M | 30.7M | 28M | 26.1M | |
-10M | 6.8M | 8.3M | 4.7M | 2.2M | -20M | -12.6M | -538K | |
10.8M | 8.5M | 7.6M | 10.4M | 8.6M | 750K | 1.2M | 1.3M | |
33.9M | 28M | 20.1M | 17.2M | 16M | 13.3M | 45.3M | 5.6M | |
(0.0) | (3.1M) | (2M) | (915K) | (79K) | (163K) | (152K) | (0.0) | |
-3.2M | -4.3M | -7.3M | -10.4M | 6M | 6.5M | 5M | 10.1M | |
125.9M | 115.7M | 95.3M | 62.9M | 63M | -18.4M | 21.5M | 30.8M | |
INVESTING ACTIVITIES | ||||||||
-156.9M | -128M | -84.7M | -63.3M | -35.7M | -27M | -59.2M | -37.7M | |
-56M | -78.6M | -39.9M | (0.0) | (0.0) | (0.0) | -23.2M | -14.2M | |
-850K | 34K | 1.2M | 219K | 0.0 | 0.0 | 0.0 | -14.2M | |
-213.8M | -206.7M | -123.4M | -63.1M | -35.7M | -27M | -82.4M | -51.9M | |
FINANCING ACTIVITIES | ||||||||
1.2M | 6.4M | 0.0 | 0.0 | 182.1M | 40M | 0.0 | 0.0 | |
74.6M | 70.7M | 22.4M | -3.4M | -189.3M | 33.3M | 56.9M | 30.3M | |
0.0 | -2.8M | 5.6M | 1.3M | -7.1M | 0.0 | -1.1M | 0.0 | |
75.8M | 74.3M | 28.1M | -2M | -14.3M | 73.3M | 55.8M | 30.3M | |
CASH FLOW SUMMARY | ||||||||
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.1M | |
-12.1M | -16.6M | 38K | -2.2M | 13M | 28M | -5.2M | 16.3M | |
33.3M | 50M | 49.9M | 52.1M | 39.1M | 11.1M | 16.3M | 0.0 | |
21.2M | 33.3M | 50M | 49.9M | 52.1M | 39.1M | 11.1M | 16.3M | |
-31M | -12.3M | 10.7M | -393K | 27.3M | -45.3M | -37.7M | -7M |
SEC Filings
FWRG - Filing history and reports
| Filing Type | Filing Date | Period Ending | Fiscal Year | Actions |
|---|---|---|---|---|
8-K 8-K 2026 N/A | May 21, 2026 | May 20, 2026 | 2026 | |
10-Q 10-Q 2026 Q1 Q1 | May 05, 2026 | March 29, 2026 | 2026 | |
8-K 8-K 2026 N/A | May 05, 2026 | May 05, 2026 | 2026 | |
DEF 14A DEF 14A 2026 N/A | April 08, 2026 | May 20, 2026 | 2026 | |
8-K 8-K 2026 N/A | March 27, 2026 | March 27, 2026 | 2026 | |
8-K 8-K 2026 N/A | February 24, 2026 | February 20, 2026 | 2026 | |
8-K/A 8-K/A 2026 (Amended) N/A | February 24, 2026 | February 20, 2026 | 2026 | |
10-K 10-K 2025 FY FY | February 24, 2026 | December 28, 2025 | 2025 | |
8-K 8-K 2026 N/A | January 12, 2026 | January 12, 2026 | 2026 | |
8-K 8-K 2025 N/A | December 29, 2025 | December 23, 2025 | 2025 |
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