First Watch Restaurant Group financials
$10.38+2.27%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 28 | Q1 '26 Mar 29 | Q4 '25 Dec 28 | Q3 '25 Sep 28 | Q2 '25 Jun 29 | Q1 '25 Mar 30 | Q4 '24 Dec 29 | Q3 '24 Sep 29 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 24 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $354.7M | $331.0M | $316.4M | $316.0M | $307.9M | $282.2M | $263.3M | $251.6M | $258.6M | $242.4M | $244.6M | $219.2M |
| Gross profit | $243.7M | $177.3M | $170.0M | $170.3M | $211.1M | $148.2M | $143.3M | $135.8M | $144.7M | $134.3M | $134.9M | $119.3M |
| Gross margin | 68.7% | 53.6% | 53.7% | 53.9% | 68.6% | 52.5% | 54.4% | 54.0% | 56.0% | 55.4% | 55.2% | 54.4% |
| Operating income | $8.1M | $999.0K | $9.0M | $10.1M | $7.3M | $1.1M | $3.9M | $6.3M | $16.4M | $12.3M | $7.6M | $7.9M |
| Net income | $2.3M | -$2.7M | $15.2M | $3.0M | $2.1M | -$829.0K | $699.0K | $2.1M | $8.9M | $7.2M | $2.6M | $5.4M |
| Net margin | 0.7% | −0.8% | 4.8% | 0.9% | 0.7% | −0.3% | 0.3% | 0.8% | 3.4% | 3.0% | 1.1% | 2.5% |
| Diluted EPS | $0.04 | $-0.04 | $0.23 | $0.05 | $0.03 | $-0.01 | $0.01 | $0.03 | $0.14 | $0.12 | $0.04 | $0.09 |
| EBITDA | $30.4M | $23.7M | $29.8M | $29.9M | $26.5M | $18.6M | $19.8M | $21.6M | $31.1M | $24.7M | $7.6M | $18.4M |
| Operating cash flow | $27.4M | $34.5M | $18.5M | $47.9M | $39.4M | $20.1M | $22.9M | $35.9M | $31.9M | $25.0M | $22.3M | $17.5M |
| Free cash flow | -$13.1M | $5.1M | -$18.3M | $5.5M | -$1.7M | -$16.4M | -$17.7M | $6.8M | $2.3M | -$3.6M | -$9.5M | -$5.6M |
| Diluted shares | 62.3M | 61.2M | 65.2M | 62.8M | 62.6M | 60.8M | 62.6M | 61.9M | 62.5M | 62.5M | 61.7M | 61.6M |
Balance sheet
| Period end | Jun 28 | Mar 29 | Dec 28 | Sep 28 | Jun 29 | Mar 30 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $20.5M | $23.6M | $21.2M | $20.7M | $19.2M | $18.6M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $292.5M | $282.1M | $282.4M | $264.1M | $261.8M | $201.8M |
| Total assets | $1.82B | $1.77B | $1.74B | $1.72B | $1.68B | $1.54B |
| Total liabilities | $1.19B | $1.15B | $1.12B | $1.11B | $1.07B | $947.8M |
| Shareholders' equity | $634.2M | $627.7M | $626.3M | $607.3M | $601.3M | $596.3M |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology