First Watch Restaurant Group financials
$10.38+2.27%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 28 | FY24 Dec 29 | FY23 Dec 31 | FY22 Dec 25 | FY21 Dec 26 |
|---|---|---|---|---|---|
| Revenue | $1.22B | $1.02B | $891.6M | $730.2M | $601.2M |
| Gross profit | $652.9M | $558.2M | $491.3M | $383.2M | $316.7M |
| Gross margin | 53.4% | 54.9% | 55.1% | 52.5% | 52.7% |
| Operating income | $27.5M | $38.9M | $41.3M | $17.8M | $22.6M |
| Net income | $19.4M | $18.9M | $25.4M | $6.9M | -$2.1M |
| Net margin | 1.6% | 1.9% | 2.8% | 0.9% | −0.4% |
| Diluted EPS | $0.31 | $0.30 | $0.41 | $0.11 | $-0.04 |
| EBITDA | $103.0M | $97.1M | $83.8M | $52.1M | $68.1M |
| Operating cash flow | $125.9M | $115.7M | $95.3M | $62.9M | $63.0M |
| Free cash flow | -$31.0M | -$12.2M | $12.0M | $718.0K | $27.7M |
| Diluted shares | 62.8M | 62.4M | 61.2M | 60.1M | 48.2M |
Balance sheet
| Period end | Dec 28 | Dec 29 | Dec 31 | Dec 25 | Dec 26 |
|---|---|---|---|---|---|
| Cash & equivalents | $21.2M | $33.3M | $49.6M | $49.7M | $51.9M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — |
| Total debt | $282.4M | $198.3M | $125.4M | $102.3M | $105.3M |
| Total assets | $1.74B | $1.51B | $1.27B | $1.10B | $1.05B |
| Total liabilities | $1.12B | $919.0M | $705.8M | $581.3M | $542.5M |
| Shareholders' equity | $626.3M | $595.4M | $561.3M | $523.1M | $504.4M |
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