FWRG Q4 2025 Earnings — First Watch Restaurant Group, Inc. Revenue & Financial Results | Market Cap Arena

FWRGFirst Watch Restaurant Group, Inc.

$767M

Q4 2025 Earnings

Consumer Cyclical Restaurants

Income Statement

Revenue

$316M+20.2% YoY

Gross Profit

-$184M-58.1% margin

Operating Income

$15M4.8% margin

Net Income

$17M5.2% margin

EPS (Diluted)

$0.24

QoQ Revenue Growth

+0.1%

Cash Flow

Operating Cash Flow

$18M

Free Cash Flow

-$18M

Stock-Based Comp.

$3M

Balance Sheet

Total Assets

$1.7B

Total Liabilities

$1.1B

Stockholders' Equity

$626M

Cash & Equivalents

$21M

Year-over-Year Comparison

Metric	Current	Year Ago	Change
Revenue	$316M	$263M	+20.2%
Gross Profit	-$184M	$51M	-458.0%
Operating Income	$15M	$4M	+296.1%
Net Income	$17M	$699,000	+2272.0%

Revenue Segments

In-Restaurant Dining Sales

$481M53%

Franchisor Owned Outlet

$314M34%

Third-Party Delivery Sales

$71M8%

Take-Out Sales

$42M5%

Royalty And System Fund Contributions

$5M1%

Franchise

$2M0%

Initial Fees

$117,0000%