First Watch Restaurant Group, Inc. (FWRG) Financial Statements

Income statement

Metric	TTM	2025	2024	2023	2022
Revenue
Total Revenue	1.4B	1.2B	1.0B	891.6M	730.2M
Cost of Revenue	703.1M	1.1B	223.1M	701.4M	590.6M
Gross Profit	648.8M	159.4M	792.8M	190.1M	139.5M
Operating Expenses
R&D Expense	—	—	—	—	—
SG&A Expense	145.3M	128.9M	113.3M	103.1M	85.0M
General & Admin Expense	145.7M	128.9M	113.3M	103.1M	85.0M
Selling & Marketing Expense	(376.0K)	—	—	—	—
Other Expenses	446.4M	(3.3M)	640.6M	45.7M	37.7M
Total Operating Expenses	591.7M	125.7M	753.9M	148.8M	122.6M
Cost and Expenses	1.3B	1.2B	977.0M	850.3M	713.2M
Operating Income (EBIT)	59.0M	33.8M	38.9M	41.3M	16.9M
Non-Operating
Interest Income	—	—	—	—	—
Interest Expense	9.6M	16.7M	12.6M	8.1M	5.2M
Net Interest Income	(9.6M)	(16.7M)	(12.6M)	(8.1M)	(5.2M)
Other Non-Op Income/Expense	(48.2M)	(21.6M)	(10.9M)	(5.2M)	(4.3M)
Non-Operating Income (excl Interest)	37.0M	4.9M	(1.8M)	(2.9M)	(910.0K)
EBT (Pre-Tax Income)	10.8M	12.1M	28.0M	36.1M	12.6M
Income Tax Expense	(10.8M)	(7.3M)	9.1M	10.7M	5.7M
Bottom Line
Net Income	19.6M	19.4M	18.9M	25.4M	6.9M
Earnings from Cont. Ops	21.7M	19.4M	18.9M	25.4M	6.9M
Earnings from Discont. Ops	—	—	—	—	—
Bottom Line Net Income	19.6M	19.4M	18.9M	25.4M	6.9M
Per Share
Basic EPS	$0.32	$0.32	$0.31	$0.43	$0.12
Diluted EPS	$0.31	$0.31	$0.30	$0.41	$0.11
Revenue Per Share	$21.90	$20.05	$16.83	$14.98	$12.36
Shares
Basic Shares Outstanding	61.7M	61.0M	60.4M	59.5M	59.1M
Diluted Shares Outstanding	62.6M	62.8M	62.4M	61.2M	60.1M
Profitability Metrics
EBITDA	108.7M	103.8M	98.4M	85.4M	52.1M
D&A	86.6M	75.0M	57.7M	41.2M	34.2M
EBIT	22.1M	28.8M	40.7M	44.1M	17.8M

As reported, in the filing currency · TTM sums the four latest quarters; MRQ is the latest quarter · Negatives in parentheses; a dash is a line the filing does not carry · Data as of Sep 1, 2026