FWRG Q2 2025 Earnings — First Watch Restaurant Group, Inc. Revenue & Financial Results | Market Cap Arena

FWRGFirst Watch Restaurant Group, Inc.

$767M

Q2 2025 Earnings

Consumer Cyclical Restaurants

Income Statement

Revenue

$308M+19.1% YoY

Gross Profit

$60M19.4% margin

Operating Income

$7M2.4% margin

Net Income

$2M0.7% margin

EPS (Diluted)

$0.03

QoQ Revenue Growth

+9.1%

Cash Flow

Operating Cash Flow

$39M

Free Cash Flow

-$2M

Stock-Based Comp.

$3M

Balance Sheet

Total Assets

$1.7B

Total Liabilities

$1.1B

Stockholders' Equity

$601M

Cash & Equivalents

$19M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$308M	$259M	+19.1%
Gross Profit	$60M	$59M	+1.1%
Operating Income	$7M	$16M	-55.5%
Net Income	$2M	$9M	-76.3%

Revenue Segments

Franchisor Owned Outlet

$305M50%

In-Restaurant Dining Sales

$247M40%

Third-Party Delivery Sales

$34M6%

Take-Out Sales

$23M4%

Franchise

$3M0%

Royalty And System Fund Contributions

$2M0%

Initial Fees

$55,0000%