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First Watch Restaurant Group(NASDAQ) FWRG

Current Price$12.31
Market Cap$737.27MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2021)-44%
5 YearN/A
1 Year-35%
1 Month+7%
First Watch Restaurant Group last closing stock price
MetricPriceDate
Last closeUSD 11.962026-07-23
First Watch Restaurant Group stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week-1.81%USD 12.182026-07-16
1 month+7.26%USD 11.152026-06-23
3 month-9.94%USD 13.282026-04-24
Year to date-20.69%USD 15.082025-12-31
1 year-34.79%USD 18.342025-07-23
3 year-34.61%USD 18.292023-07-24
Since inception-44.24%USD 22.132021-10-01

First Watch Restaurant Group Financials at a Glance

Market Cap

$737.27MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$1.27B

Net Income (TTM)

$17.58M

EPS (TTM)

$0.28

P/E Ratio

42.93

Dividend

$0.00

Beta (Volatility)

0.00 (Low)

Price

$12.31

Volume

7,835

Open

$11.94

Previous Close

$11.96

Daily Range

$11.94 - $12.37

52-Week Range

$9.97 - $19.53

Estimated Earnings Date

Aug 4, 2026

FWRG News

Person paying for a restaurant meal with a payment card

Why First Watch Restaurant Group Topped the Market Today

Eric VolkmanJul 1, 2026
GettyImages-1389707415

Why First Watch Restaurant Stock Popped Today

Josh Kohn-LindquistMay 5, 2026
GettyImages-1214920274 (1)

Why First Watch Restaurant Stock Is Sinking Today

Josh Kohn-LindquistFeb 24, 2026
SellAlert-Blue.png

Should Investors Follow Advent International's Lead as it Dumps $153 Million of First Watch Restaurant Group Stock?

Josh Kohn-LindquistDec 6, 2025
Foolcom-Featured.png

First Watch (FWRG) Q2 Sales Rise 19%

Motley Fool Markets TeamAug 5, 2025
Two sad people review papers in restaurant

Why First Watch Stock Fell 21% on Monday Morning

Anders BylundNov 7, 2022
Person obviously not enjoying the food they are eating in a restaurant

Why First Watch Restaurant Group Tumbled This Week

Eric VolkmanSep 16, 2022
Waitress serving breakfast in a restaurant

3 Companies That Went Public in October

Rich SmithNov 2, 2021

FWRG: Motley Fool Moneyball Superscore

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About First Watch Restaurant Group

First Watch serves fresh breakfast, brunch, and lunch to daytime diners. It focuses on a single shift to help staff balance work and life. The company makes meals to order without using microwaves or deep fryers.

What Is for Breakfast?

  • Breakfast and Brunch: Elevated classic favorites like avocado toast, quinoa bowls, and lemon ricotta pancakes.
  • Lunch Menu: Freshly prepared sandwiches and salads served alongside the breakfast menu throughout the day.
  • Fresh Juices: House-made drinks such as Morning Meditation and Kale Tonic prepared every morning.
  • Alcohol Program: Selection of cocktails and alcoholic beverages available at participating locations.
  • Off-premises Dining: Takeout and delivery services accounted for 19% of total restaurant sales in 2025.

Building the Restaurant Network

  • Opened 64 new system-wide restaurants across 23 states during 2025.
  • Acquired 19 operating restaurants and territory rights from franchisees in two separate 2025 transactions.
  • Completed the rollout of pay-at-the-table technology at all company-owned locations in February 2024.
  • Relaunched customer-facing digital platforms in 2025 to improve mobile ordering and app experiences.

Why the Daytime Model Works

The company uses a sourcing philosophy called "Follow the Sun" to keep the menu seasonal. It operates only one shift per day to provide employees with better work-life balance. This strategy helps the company attract and keep staff in a competitive labor market.

Key Financial Benchmarks

  • Revenue reached $316.4 million in Q4 2025, up 20.2% from the previous year.
  • Operating income hit $15.3 million in Q4 2025, up 296.1% year-over-year.
  • Net income reached $15.2 million in Q4 2025, up 2069.4% from $699,000 in Q4 2024.
  • Free cash flow was negative $17.6 million in Q4 2025, an improvement of 1.1% year-over-year.

Bottom Line

First Watch has evolved from a local Florida eatery into a large-scale restaurant operator across 32 states. Its focus on specialized daytime dining and employee culture supports its steady market expansion.

AI Generated • May 3, 2026

Industry

Hotels, Restaurants and Leisure

Sector

Consumer Discretionary

Employees

17,500

CEO

Christopher A. Tomasso

Website

www.firstwatch.com

Headquarters

Bradenton, FL 34201, US

FWRG Financials

Key Financial Metrics (TTM)

Gross Margin

18.23%

Operating Margin

2.32%

Net Income Margin

1.38%

Return on Equity

2.85%

Return on Capital

2.07%

Return on Assets

0.99%

Earnings Yield

2.33%

Dividend Yield

0.00%

Payout Ratio

0.00%

Stock Overview

Market Cap

$737.27MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

61.64M

Volume

7.83K

Avg. Volume

1.23M

Financials (TTM)

Gross Profit

$231.77M

Operating Income

$29.55M

EBITDA

$108.23M

Operating Cash Flow

$140.23M

Capital Expenditure

-$149.69M

Free Cash Flow

-$9.46M

Cash & ST Invst.

$23.57M

Total Debt

$1.03B

First Watch Restaurant Group Performance Analysis

First Watch Restaurant Group annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 730,162,00021.5%
20232023-12-31USD 891,551,00022.1%
20242024-12-31USD 1,015,910,00013.9%
20252025-12-31USD 1,222,501,00020.3%
First Watch Restaurant Group sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-299.1%
Q32025-09-282.6%
Q42025-12-280.1%
Q12026-03-294.6%
First Watch Restaurant Group annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 0.11N/A
20232023-12-31USD 0.41261.3%
20242024-12-31USD 0.30-26.8%
20252025-12-31USD 0.311.9%
First Watch Restaurant Group sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-29347.1%
Q32025-09-2841.7%
Q42025-12-28404.2%
Q12026-03-29-118.3%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$330.96M

+17.3%

Gross Profit

$42.27M

-80.4%

Gross Margin

12.77%

N/A

Market Cap

$737.27MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$42.13K

N/A

Employees

17,500

N/A

Net Income

-$2.69M

-19.6%

EBITDA

$22.74M

+94.6%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$23.57M

+26.6%

Total Debt

$1.03B

+23.1%

Accounts Receivable

$6.03M

+1.2%

Inventory

$7.14M

+15.1%

Long Term Debt

$941.31M

+22.2%

Short Term Debt

$89.36M

+33.8%

Return on Assets

0.99%

N/A

Return on Invested Capital

1.85%

N/A

Free Cash Flow

$5.11M

+131.1%

Operating Cash Flow

$34.46M

+71.1%

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Questions About FWRG

What is the current price of First Watch Restaurant Group?

First Watch Restaurant Group is trading at $12.31 per share.

What is the 52-week range for First Watch Restaurant Group?

Over the past 52 weeks, First Watch Restaurant Group has traded between $9.97 and $19.53.

How much debt does First Watch Restaurant Group have?

As of the most recent reporting period, First Watch Restaurant Group reported total debt of $1.03B.

How much cash does First Watch Restaurant Group have on hand?

First Watch Restaurant Group reported $23.57M in cash and cash equivalents in its most recent financial results.

What is First Watch Restaurant Group’s dividend yield?

First Watch Restaurant Group does not currently have a dividend yield.

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