First Watch Restaurant Group, Inc. (FWRG)
Nasdaq · Retail-Eating Places · Retail trade · CIK 1789940 · fiscal year ends in Dec
Closing price $12.51 on 29 Oct 2026; 52-week range $10.11 to $18.56.
Key figures
The last twelve months reported, with the latest price and balance sheet.
- Revenue, last twelve months
- $1.3B
- Revenue growth
- 19.3%
- Net income, last twelve months
- $17.8M
- Earnings per share
- $0.29
- Operating margin
- 2.1%
- Net margin
- 1.4%
- Free cash flow
- -$20.8M
- Return on equity
- 2.8%
- Market value
- $771.7M
- Price to earnings
- 43.1x
- Cash
- $20.5M
- Debt
- $292.5M
- Debt to equity
- 0.46
- Shares outstanding
- 61.7M
Financial statements
Revenue, profit and cash flow by fiscal year, each year linked to its annual report.
| Fiscal year | Year end | Revenue | Operating income | Net income | EPS | Free cash flow | Filing |
|---|---|---|---|---|---|---|---|
| FY2025 | 28 Dec 2025 | $1.2B | $27.5M | $19.4M | $0.31 | -$31.0M | 10-K filed 24 Feb 2026 |
| FY2024 | 29 Dec 2024 | $1.0B | $38.9M | $18.9M | $0.30 | -$12.3M | 10-K filed 11 Mar 2025 |
| FY2023 | 31 Dec 2023 | $891.6M | $41.3M | $25.4M | $0.41 | $12.0M | 10-K filed 5 Mar 2024 |
| FY2022 | 25 Dec 2022 | $730.2M | $16.9M | $6.9M | $0.11 | $718.0K | 10-K filed 7 Mar 2023 |
| FY2021 | 26 Dec 2021 | $601.2M | $22.2M | -$2.1M | -$0.04 | $27.7M | 10-K filed 23 Mar 2022 |
By quarter
| Quarter | Quarter end | Revenue | Net income | EPS |
|---|---|---|---|---|
| Q2 FY2026 | 28 Jun 2026 | $354.7M | $2.3M | $0.04 |
| Q1 FY2026 | 29 Mar 2026 | $331.0M | -$2.7M | -$0.04 |
| Q4 FY2025 | 28 Dec 2025 | $316.4M | $15.2M | $0.24 |
| Q3 FY2025 | 28 Sep 2025 | $316.0M | $3.0M | $0.05 |
| Q2 FY2025 | 29 Jun 2025 | $307.9M | $2.1M | $0.03 |
| Q1 FY2025 | 30 Mar 2025 | $282.2M | -$829.0K | -$0.01 |
| Q4 FY2024 | 29 Dec 2024 | $263.3M | $699.0K | $0.01 |
| Q3 FY2024 | 29 Sep 2024 | $251.6M | $2.1M | $0.03 |
Revenue by segment
As the company reports it in the segment note of its annual report.
By product, FY2025
| Segment | Revenue | Share |
|---|---|---|
| In-restaurant dining sales | $982.3M | 80.4% |
| Third-party delivery sales | $142.3M | 11.6% |
| Take-out sales | $87.6M | 7.2% |
| Royalty and system fund contributions | $9.7M | 0.8% |
| Business combinations - revenues recognized | $398.0K | 0.0% |
| Initial fees | $225.0K | 0.0% |
Company events
The newest 8-K filings of 65 held.
| Filed | Form | Event | Items |
|---|---|---|---|
| 4 Aug 2026 | 8-K | Investor update | 7.01, 9.01 |
| 4 Aug 2026 | 8-K | Results, Investor update | 2.02, 7.01, 9.01 |
| 31 Jul 2026 | 8-K/A | Shareholder vote | 5.07 |
| 8 Jun 2026 | 8-K | Leadership change | 5.02, 9.01 |
| 21 May 2026 | 8-K | Shareholder vote | 5.07 |
| 5 May 2026 | 8-K | Results, Investor update | 2.02, 7.01, 9.01 |
| 27 Mar 2026 | 8-K | Leadership change | 5.02 |
| 24 Feb 2026 | 8-K/A | Results, Investor update | 2.02, 7.01, 9.01 |
| 24 Feb 2026 | 8-K | Results, Leadership change, Investor update | 2.02, 5.02, 7.01, 9.01 |
| 12 Jan 2026 | 8-K | Results | 2.02, 9.01 |
| 29 Dec 2025 | 8-K | Leadership change | 5.02, 9.01 |
| 7 Nov 2025 | 8-K | Other events | 8.01, 9.01 |
Every filing
The newest filings with the SEC of 138 held.
| Filed | Form | Period |
|---|---|---|
| 4 Aug 2026 | 8-K | 4 Aug 2026 |
| 4 Aug 2026 | 10-Q | 28 Jun 2026 |
| 4 Aug 2026 | 8-K | 4 Aug 2026 |
| 31 Jul 2026 | 8-K/A | 20 May 2026 |
| 8 Jun 2026 | 8-K | 6 Jun 2026 |
| 21 May 2026 | 8-K | 20 May 2026 |
| 5 May 2026 | 10-Q | 29 Mar 2026 |
| 5 May 2026 | 8-K | 5 May 2026 |
| 8 Apr 2026 | ARS | 28 Dec 2025 |
| 8 Apr 2026 | DEFA14A | – |
| 8 Apr 2026 | DEF 14A | 20 May 2026 |
| 27 Mar 2026 | 8-K | 27 Mar 2026 |
Insider trades
Form 4 trades by officers, directors and 10% owners, last 12 months.
| Traded | Insider | Type | Shares | Price | Value | Held after | Form 4 |
|---|---|---|---|---|---|---|---|
| 17 Mar 2026 | Jones John Daniel, Chief Operations Officer | Sale outside a trading plan | 1,697 | $12.52 | $21.2K | 84,725 | 19 Mar 2026 |
| 17 Mar 2026 | Hartman Eric Richard, Chief Development Officer | Sale outside a trading plan | 1,819 | $12.52 | $22.8K | 244,530 | 19 Mar 2026 |
| 17 Mar 2026 | Tomasso Christopher Anthony, President and CEO | Sale outside a trading plan | 25,062 | $12.52 | $313.8K | 957,315 | 19 Mar 2026 |
| 17 Mar 2026 | Sorensen Laura Anne, Chief People Officer | Sale outside a trading plan | 1,697 | $12.52 | $21.2K | 237,353 | 19 Mar 2026 |
| 17 Mar 2026 | Hope H Melville Iii, CFO and Treasurer | Sale outside a trading plan | 3,878 | $12.52 | $48.6K | 111,787 | 19 Mar 2026 |
| 17 Mar 2026 | Wolszczak Jay Anthony, Chief Legal Officer, GC & Secy | Sale outside a trading plan | 3,161 | $12.52 | $39.6K | 228,930 | 19 Mar 2026 |
| 17 Mar 2026 | Eisenacher Matthew, Chief Brand Officer | Sale outside a trading plan | 2,760 | $12.52 | $34.6K | 67,223 | 19 Mar 2026 |
| 10 Mar 2026 | Tomasso Christopher Anthony, President and CEO | Sale outside a trading plan | 33,314 | $12.59 | $419.4K | 1,054,145 | 12 Mar 2026 |
| 10 Mar 2026 | Hartman Eric Richard, Chief Development Officer | Sale outside a trading plan | 4,820 | $12.59 | $60.7K | 246,349 | 12 Mar 2026 |
| 10 Mar 2026 | Hope H Melville Iii, CFO and Treasurer | Sale outside a trading plan | 7,358 | $12.59 | $92.6K | 115,665 | 12 Mar 2026 |
| 10 Mar 2026 | Wolszczak Jay Anthony, Chief Legal Officer, GC & Secy | Sale outside a trading plan | 6,998 | $12.59 | $88.1K | 232,091 | 12 Mar 2026 |
| 10 Mar 2026 | Jones John Daniel, Chief Operations Officer | Sale outside a trading plan | 4,600 | $12.59 | $57.9K | 86,422 | 12 Mar 2026 |
Planned insider sales
Form 144 notices, filed when the sell order goes to the broker.
| Filed | Seller | Shares | Value | Planned sale |
|---|---|---|---|---|
| 22 Jan 2026 | Kussell William A, Director | 6,165 | $104.8K | 22 Jan 2026 |
| 9 Dec 2025 | Kussell William A, Director | 6,165 | $104.8K | 9 Dec 2025 |
Large holders
Schedule 13D and 13G filings by holders of more than 5% of the voting shares.
| Filed | Holder | Schedule | Stake | Shares |
|---|---|---|---|---|
| 27 Oct 2026 | BlackRock, Inc. | 13G amended | 7.5% | 4.6M |
| 22 Oct 2026 | Bank of New York Mellon Corp | 13G amended | 4.5% | 2.8M |
| 14 Aug 2026 | Manulife Financial Corporation | 13G amended | 6.18% | 3.8M |
| 21 Jul 2026 | Integrated Core Strategies (US) LLC | 13G amended | 3.6% | 2.2M |
| 14 Jul 2026 | Dimensional Fund Advisors LP | 13G amended | 4.2% | 2.6M |
| 4 Jun 2026 | Neuberger Berman Group LLC | 13G amended | 5.1% | 2.3M |
| 28 Apr 2026 | Bank of New York Mellon Corp | 13G | 6.5% | 4.0M |
| 27 Apr 2026 | BlackRock, Inc. | 13G amended | 6.5% | 4.0M |
| 9 Apr 2026 | Dimensional Fund Advisors LP | 13G | 5% | 3.1M |
| 7 Apr 2026 | FMR LLC | 13G amended | 3.3% | 2.0M |
Trades by members of the House
From each member's periodic transaction report.
| Traded | Member | Type | Amount | Disclosed |
|---|---|---|---|---|
| 6 Apr 2026 | Josh Gottheimer (NJ05) | Purchase | $1,001 - $15,000 | 19 May 2026 |
| 5 Mar 2026 | Josh Gottheimer (NJ05) | Sale | $1,001 - $15,000 | 8 Apr 2026 |
| 26 Nov 2025 | Gilbert Cisneros (CA31) | Purchase | $1,001 - $15,000 | 15 Dec 2025 |
| 15 May 2025 | Gilbert Cisneros (CA31) | Purchase | $1,001 - $15,000 | 6 Jun 2025 |
| 6 Aug 2024 | Josh Gottheimer (NJ05) | Purchase | $1,001 - $15,000 | 11 Sep 2024 |
Short interest
Shares sold short and not yet bought back, on each FINRA settlement date.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 15 Oct 2026 | 6.4M | -4.9% | 3.63 |
| 30 Sep 2026 | 6.8M | +3.96% | 5.21 |
| 15 Sep 2026 | 6.5M | -4.05% | 5.23 |
| 31 Aug 2026 | 6.8M | -4.81% | 8.84 |
| 14 Aug 2026 | 7.1M | +18.69% | 4.73 |
| 31 Jul 2026 | 6.0M | +13.14% | 6.67 |
| 15 Jul 2026 | 5.3M | -2.97% | 5.87 |
| 30 Jun 2026 | 5.5M | +11.2% | 4.11 |
Funds that hold it
From each fund's latest Form 13F.
240 funds held it at 30 Jun 2026: 118 added and 61 trimmed in the quarter. The largest:
| Fund | Shares | Value | Change in the quarter |
|---|---|---|---|
| BlackRock, Inc. | 4,534,132 | $58.4M | +462,387 |
| Manufacturers Life Insurance Company, the | 3,823,982 | $49.3M | +466,032 |
| Bank of New York Mellon Corp | 3,719,038 | $47.9M | -238,659 |
| Dimensional Fund Advisors LP | 2,596,946 | $33.5M | -487,940 |
| Vanguard Capital Management LLC | 2,453,594 | $31.6M | +51,206 |
| Millennium Management LLC | 2,192,811 | $28.3M | -1,039,436 |
| Neuberger Berman Group LLC | 2,069,037 | $26.7M | -1,505,281 |
| GW&K Investment Management, LLC | 2,007,096 | $25.9M | +47,925 |
| Stephens Investment Management Group LLC | 1,953,921 | $25.2M | +294,122 |
| Hodges Capital Management Inc. | 1,592,384 | $20.5M | +110,607 |
Peers
Companies in the same industry.
- McDonald's Corp. (MCD): revenue $27.7B, market value $182.1B
- Yum! Brands, Inc. (YUM): revenue $8.7B, market value $42.2B
- Chipotle Mexican Grill Inc. (CMG): revenue $12.7B, market value $39.6B
- Restaurant Brands International Inc. (QSR): revenue $9.8B, market value $25.5B
- Darden Restaurants Inc. (DRI): revenue $13.4B, market value $24.9B
- Yum China Holdings, Inc. (YUMC): revenue $12.4B, market value $15.6B
- Aramark (ARMK): revenue $19.8B, market value $14.8B
- Texas Roadhouse, Inc. (TXRH): revenue $6.2B, market value $12.0B
- Brinker International, Inc. (EAT): revenue $5.9B, market value $9.2B
- Cava Group, Inc. (CAVA): revenue $1.4B, market value $6.9B