First Watch Restaurant Group, Inc.
FWRGNasdaq
$12.45
↑ +2.2%Jul 17 close · end-of-day
Price
1Y↓ -26.8%
End-of-day closes; the latest point is the live 15-min-delayed price · split & dividend adjusted · chart by TradingView
Key statistics
Market Cap
$762.5M
Enterprise Value
$1.0B
P/E
44.5
P/S
0.6
P/B
1.2
EV/EBITDA
9.5
PEG
1.1
FCF Yield
-1.2%
Dividend Yield
—
Revenue (TTM)
$1.3B
Net Income (TTM)
$17.6M
Free Cash Flow (TTM)
-$9.5M
Gross Margin
—
Operating Margin
2.2%
Net Margin
1.4%
ROE
2.8%
ROIC
3.1%
Debt / Equity
0.4
Net Cash
-$258.5M
Return 1Y
-26.6%
Company profile
First Watch Restaurant Group, Inc. operates and franchises restaurants under the First Watch trade name. As of March 23, 2022, it operated 341 company-owned restaurants and 94 franchised restaurants in 28 states in the United States.
- CEO
- Christopher A. Tomasso
- Sector
- Retail Trade
- Industry
- Restaurants, Hotels, Motels
- Employees
- 10,000
- Headquarters
- Florida
- Website
- firstwatch.com
Management & directors
- Weisser Ashlee SuzanneChief Financial Officer
- Eisenacher MatthewChief Brand Officer
- Hope H Melville IiiCFO and Treasurer
- Hartman Eric RichardChief Development Officer
- Jones John DanielChief Operations Officer
- Sorensen Laura AnneChief People Officer
- Tomasso Christopher AnthonyPresident and CEO
- Wolszczak Jay AnthonyChief Legal Officer, GC & Secy
Roles derived from SEC Form 4 filings.
Earnings
FWRG Q1 2026 Earnings
Period ends 2026-03-29
MetricActualYoY
Revenue$331.0M↑ +17.3%
Diluted EPS-$0.04↑ +300.0%
Actuals from SEC filings; YoY vs the year-ago quarter. Analyst estimates & surprise require a data feed (coming soon).
Financial statements
| Line item | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $342.4M | $601.2M | $730.2M | $891.6M | $1.0B | $1.2B |
| Gross profit | — | — | — | — | — | — |
| Operating income | -$47.2M | $22.2M | $16.9M | $41.3M | $38.9M | $27.5M |
| Net income | -$49.7M | -$2.1M | $6.9M | $25.4M | $18.9M | $19.4M |
| Diluted EPS | -$1.10 | -$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Operating cash flow | -$18.4M | $63.0M | $62.9M | $95.3M | $115.7M | $125.9M |
| Free cash flow | -$45.1M | $27.7M | $718,000.00 | $12.0M | -$12.2M | -$31.0M |
| Gross margin | — | — | — | — | — | — |
| Operating margin | -13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
| Net margin | -14.5% | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
| Line item | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $258.6M | $251.6M | $263.3M | $282.2M | $307.9M | $316.0M | $316.4M | $331.0M |
| Gross profit | — | — | — | — | — | — | — | — |
| Operating income | $16.4M | $6.3M | $3.9M | $1.1M | $7.3M | $10.1M | $9.0M | $999,000.00 |
| Net income | $8.9M | $2.1M | $699,000.00 | -$829,000.00 | $2.1M | $3.0M | $15.2M | -$2.7M |
| Diluted EPS | $0.14 | $0.03 | $0.01 | -$0.01 | $0.03 | $0.05 | $0.24 | -$0.04 |
| Operating cash flow | $31.9M | $35.9M | $22.9M | $20.1M | $39.4M | $47.9M | $18.5M | $34.5M |
| Free cash flow | $2.3M | $6.8M | -$17.7M | -$16.4M | -$1.7M | $5.5M | -$18.3M | $5.1M |
| Gross margin | — | — | — | — | — | — | — | — |
| Operating margin | 6.4% | 2.5% | 1.5% | 0.4% | 2.4% | 3.2% | 2.9% | 0.3% |
| Net margin | 3.4% | 0.8% | 0.3% | -0.3% | 0.7% | 0.9% | 4.8% | -0.8% |
Company news
Analyst estimates
Coming soonConsensus revenue & EPS estimates and price targets will appear here once a forward-estimates data feed is connected.
Insider transactions
BoughtSoldMonthly insider $ volume · trailing 12 months
| Date | Insider | Type | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| 2026-06-08 | Weisser Ashlee Suzanne· Chief Financial Officer | Award | 26,595 | $0.00 | $0.00 | filing |
| 2026-05-21 | Britt Irene Chang | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | FLEISHER MICHAEL D | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | Alvarez Ralph | Award | 17,636 | $0.00 | $0.00 | filing |
| 2026-05-21 | Solheim Jostein | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | Tipograph Rachel K | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | Jemley Charles | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | Lilak Stephanie | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-05-21 | Kussell William A | Award | 12,345 | $0.00 | $0.00 | filing |
| 2026-03-17 | Tomasso Christopher Anthony· President and CEO | Sale | 25,062 | $12.52 | $313,776.24 | filing |
| 2026-03-17 | HOPE H MELVILLE III· CFO and Treasurer | Sale | 3,878 | $12.52 | $48,552.56 | filing |
| 2026-03-17 | Wolszczak Jay Anthony· Chief Legal Officer, GC & Secy | Sale | 3,161 | $12.52 | $39,575.72 | filing |
| 2026-03-17 | Eisenacher Matthew· Chief Brand Officer | Sale | 2,760 | $12.52 | $34,555.20 | filing |
| 2026-03-17 | Hartman Eric Richard· Chief Development Officer | Sale | 1,819 | $12.52 | $22,773.88 | filing |
| 2026-03-17 | Sorensen Laura Anne· Chief People Officer | Sale | 1,697 | $12.52 | $21,246.44 | filing |
| 2026-03-17 | Jones John Daniel· Chief Operations Officer | Sale | 1,697 | $12.52 | $21,246.44 | filing |
| 2026-03-12 | Tomasso Christopher Anthony· President and CEO | Gift | 71,768 | $0.00 | $0.00 | filing |
| 2026-03-10 | Tomasso Christopher Anthony· President and CEO | Sale | 33,314 | $12.59 | $419,423.26 | filing |
| 2026-03-10 | HOPE H MELVILLE III· CFO and Treasurer | Sale | 7,358 | $12.59 | $92,637.22 | filing |
| 2026-03-10 | Wolszczak Jay Anthony· Chief Legal Officer, GC & Secy | Sale | 6,998 | $12.59 | $88,104.82 | filing |
| 2026-03-10 | Eisenacher Matthew· Chief Brand Officer | Sale | 6,070 | $12.59 | $76,421.30 | filing |
| 2026-03-10 | Hartman Eric Richard· Chief Development Officer | Sale | 4,820 | $12.59 | $60,683.80 | filing |
| 2026-03-10 | Sorensen Laura Anne· Chief People Officer | Sale | 4,732 | $12.59 | $59,575.88 | filing |
| 2026-03-10 | Jones John Daniel· Chief Operations Officer | Sale | 4,600 | $12.59 | $57,914.00 | filing |
| 2026-03-01 | Tomasso Christopher Anthony· President and CEO | Award | 321,027 | $0.00 | $0.00 | filing |
Showing the latest 25 transactions — full history in the linked SEC filings.
Fundamentals & filings from SEC EDGAR. Prices adjusted for splits & dividends. Not investment advice.