First Watch Restaurant Group, Inc. income statement

In fiscal 2025, First Watch Restaurant Group, Inc. reported revenue of $1.22bn, up 20.3% on the year before, operating income of $27.5m (a 2.3% margin) and net income of $19.4m, or $0.31 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

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

First Watch Restaurant Group, Inc.: income statement, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	436	342	601	730	892	1,016	1,223	1,352
General and administrative	56	46	70	85	103	113	129	146
Operating income	−38	−47	22	17	41	39	28	29
Interest expense	20	23	20	5	8	13	17	19
Income before tax	−58	−70	0	13	36	28	12	11
Income tax	−12	−20	2	6	11	9	−7	−9
Net income	−45	−50	−2	7	25	19	19	20
Diluted EPS	−$1.01	−$1.10	−$0.04	$0.11	$0.41	$0.30	$0.31	$0.31
Diluted shares (average)	45m	45m	48m	60m	61m	62m	63m	63m
EBITDA	−10	−16	55	51	82	97	103	116

US$ millions unless shown otherwise. Fiscal quarters.

First Watch Restaurant Group, Inc.: income 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
Revenue	263	282	308	316	316	331	355	350
General and administrative	31	30	33	34	32	40	39	35
Operating income	4	1	7	10	9	1	8	11
Interest expense	3	3	4	5	5	5	5	5
Income before tax	1	−2	4	6	4	−3	3	6
Income tax	0	−1	1	3	−11	−1	1	2
Net income	1	−1	2	3	15	−3	2	5
Diluted EPS	$0.01	−$0.01	$0.03	$0.05	$0.24	−$0.04	$0.04	$0.08
EBITDA	20	18	25	30	30	22	30	34

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

Compare with peers

Head to head: CAVA vs FWRG FWRG vs JACK BJRI vs FWRG FWRG vs RRGB

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

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.