First Watch Restaurant Group, Inc. cash flow statement

In fiscal 2025, First Watch Restaurant Group, Inc.'s operations generated $126m of cash; it spent $157m on capital projects, leaving free cash flow of −$31.0m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

First Watch Restaurant Group, Inc.: cash flow statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	21	−18	63	63	95	116	126	129
Depreciation and amortisation	28	31	32	34	41	58	75	87
Stock-based pay	1	1	9	10	8	9	11	13
Capital spending	59	27	35	62	83	128	157	150
Free cash flow	−38	−45	28	1	12	−12	−31	−21
Free cash flow after stock pay	−39	−46	19	−10	4	−21	−42	−35
Shares issued	0	0	182	0	0	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

First Watch Restaurant Group, Inc.: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	23	20	39	48	18	34	27	49
Depreciation and amortisation	16	17	18	20	21	21	22	23
Stock-based pay	2	2	3	3	3	3	4	4
Capital spending	41	37	41	42	37	29	41	43
Free cash flow	−18	−16	−2	5	−18	5	−13	5
Free cash flow after stock pay	−20	−19	−4	3	−21	2	−17	2

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from First Watch Restaurant Group, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Watch Restaurant Group, Inc.