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. Profit Bridge
Profitability Analysis
Gross Margin
Thin margins leave little room for error. Cost management and pricing strategy are critical.
Operating Margin
Minimal operating profit suggests high operating costs or pricing challenges. Scalability is concerning.
Net Profit Margin
Minimal profitability after all expenses. Limited financial flexibility for reinvestment or shareholder returns.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.
First Watch Restaurant Group, Inc. Income Statement
FWRG • NASDAQ
| First Watch Restaurant Group, Inc. Income Statement | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 |
|---|---|---|---|---|---|---|---|---|
REVENUE | ||||||||
1.2B | 1B | 891.6M | 730.2M | 601.2M | 342.4M | 436.4M | 349.8M | |
GROSS PROFIT | ||||||||
(1.1B) | (223.1M) | (701.4M) | (590.6M) | (477M) | (312.5M) | (349M) | (278.4M) | |
159.4M | 792.8M | 190.1M | 139.5M | 124.2M | 29.9M | 87.4M | 71.4M | |
OPERATING INCOME | ||||||||
(125.7M) | (753.9M) | (148.9M) | (122.6M) | (102M) | (77.1M) | (125M) | (67.4M) | |
(129M) | (113.3M) | (103.1M) | (85M) | (70.4M) | (46.3M) | (55.8M) | (37.5M) | |
33.8M | 38.9M | 41.3M | 16.9M | 22.2M | -47.2M | -37.6M | 7.7M | |
PRE-TAX INCOME | ||||||||
(16.7M) | (12.6M) | (8.1M) | (5.2M) | (20.1M) | (22.8M) | (20.1M) | (0.0) | |
-16.7M | -12.6M | -8.1M | -5.2M | -20.1M | -22.8M | -20.1M | 0.0 | |
-3.3M | (640.6M) | (45.7M) | (37.7M) | (31.6M) | (30.8M) | (69.1M) | (0.0) | |
-21.6M | -10.9M | -5.2M | -4.3M | -21.9M | -22.3M | -20.3M | -15.8M | |
12.1M | 28M | 36.1M | 12.6M | 370K | -69.6M | -57.9M | -12.5M | |
NET INCOME | ||||||||
-7.3M | (9.1M) | (10.7M) | (5.7M) | (2.5M) | -19.9M | -12.4M | -221K | |
19.4M | 18.9M | 25.4M | 6.9M | -2.1M | -49.7M | -45.4M | -12.3M |
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 |
Related Guides
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Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.