Symbols

FWRG

First Watch·NASDAQ

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FWRG fundamentals

FWRG Q4 2025 Earnings

First Watch (FWRG) released its earnings on Feb 24, 2026: revenue was 316.35M (YoY +20.15%), beat estimates; EPS was 0.24 (YoY +2300.00%), beat estimates.

Revenue / YoY

316.35M

+20.15%

EPS / YoY

0.24

+2300.00%

Report date

Feb 24, 2026

FWRG Earnings Call Summary for Q4,2025

Record Growth: 2025 revenue +20%, same-restaurant sales +3.6% vs. industry decline. 2026 guidance for 12-14% revenue growth.
Menu Innovation Success: New core menu rollout drove +19% first-year sales vs. underwriting. 2026 to scale digital marketing to majority of restaurants.
Profitability: Q4 restaurant-level margin 19%, 2026 EBITDA guidance $132-140M.
Strategic Expansion: 59-63 new units in 2026, focusing on high-margin market densification. 2025 acquisitions to add $2M EBITDA.
Cost Management: 2026 commodity inflation 1-3%, labor 3-5%, with deflation in eggs/avocados offsetting coffee/bacon costs.

Earnings

EPS

Revenue

Revenue & Expenses

FWRG has released its 2025 Q4 earnings report, with revenue of 316.35M, reflecting a YoY change of 20.15%, and net profit of 15.16M, showing a YoY change of 2069.38%. The Sankey diagram below clearly presents FWRG's revenue sources and cost distribution.

Key Indicators

First Watch (FWRG) key financial stats and ratios, covering profitability, financial health, and leverage.

Income Statement

First Watch (FWRG)'s revenue and profit trends over recent years, visualized with a waterfall chart to showcase the revenue-to-profit funnel.

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Breakdown

Balance Sheet

First Watch (FWRG)'s asset and liability trends over recent years, visualized with a waterfall chart to illustrate changes in its asset-liability structure.

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Breakdown

Cash Flow

First Watch (FWRG)'s cash flow trends over recent years, visualized with a waterfall chart to illustrate changes in its operating, investing, and financing cash flows.

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