FWRG Q3 2025 Earnings — First Watch Restaurant Group, Inc. Revenue & Financial Results | Market Cap Arena

FWRGFirst Watch Restaurant Group, Inc.

$767M

Q3 2025 Earnings

Consumer Cyclical Restaurants

Income Statement

Revenue

$316M+25.6% YoY

Gross Profit

$68M21.5% margin

Operating Income

$10M3.2% margin

Net Income

$3M0.9% margin

EPS (Diluted)

$0.05

QoQ Revenue Growth

+2.6%

Cash Flow

Operating Cash Flow

$48M

Free Cash Flow

$5M

Stock-Based Comp.

$3M

Balance Sheet

Total Assets

$1.7B

Total Liabilities

$1.1B

Stockholders' Equity

$607M

Cash & Equivalents

$21M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$316M	$252M	+25.6%
Gross Profit	$68M	$50M	+36.7%
Operating Income	$10M	$6M	+59.2%
Net Income	$3M	$2M	+41.6%

Revenue Segments

Franchisor Owned Outlet

$314M50%

In-Restaurant Dining Sales

$254M40%

Third-Party Delivery Sales

$37M6%

Take-Out Sales

$22M4%

Franchise

$2M0%

Royalty And System Fund Contributions

$2M0%

Initial Fees

$53,0000%