# First Watch Restaurant Group, Inc.: overview

FWRG · Nasdaq · CIK 1789940 · [Consumer discretionary](/sectors/consumer-discretionary.md) · fiscal year ends Dec 28

Pages: [Overview](/companies/fwrg.md) · [Financials](/companies/fwrg/financials.md) · [Filings](/companies/fwrg/filings.md) · [Insiders](/companies/fwrg/insiders.md)

Latest reported revenue: [$354.7m](/filings/0001789940-26-000090.md) for Q2 FY2026, three months to 2026-06-28, from the 10-Q filed Aug 4, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001789940-26-000090).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-29) | Q4 FY2024 (2024-12-29) | Q1 FY2025 (2025-03-30) | Q2 FY2025 (2025-06-29) | Q3 FY2025 (2025-09-28) | Q4 FY2025 (2025-12-28) | Q1 FY2026 (2026-03-29) | Q2 FY2026 (2026-06-28) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [252](/filings/0001789940-25-000086.md) | [263 d](/filings/0001789940-26-000014.md) | [282](/filings/0001789940-26-000060.md) | [308](/filings/0001789940-26-000090.md) | [316](/filings/0001789940-25-000086.md) | [316 d](/filings/0001789940-26-000014.md) | [331](/filings/0001789940-26-000060.md) | [355](/filings/0001789940-26-000090.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [2.5%](/filings/0001789940-25-000086.md) | [1.5% d](/filings/0001789940-26-000014.md) | [0.4%](/filings/0001789940-26-000060.md) | [2.4%](/filings/0001789940-26-000090.md) | [3.2%](/filings/0001789940-25-000086.md) | [2.9% d](/filings/0001789940-26-000014.md) | [0.3%](/filings/0001789940-26-000060.md) | [2.3%](/filings/0001789940-26-000090.md) |
| Net margin | % | [0.8%](/filings/0001789940-25-000086.md) | [0.3% d](/filings/0001789940-26-000014.md) | [(0.3%)](/filings/0001789940-26-000090.md) | [0.7%](/filings/0001789940-26-000090.md) | [0.9%](/filings/0001789940-25-000086.md) | [4.8% d](/filings/0001789940-26-000014.md) | [(0.8%)](/filings/0001789940-26-000090.md) | [0.7%](/filings/0001789940-26-000090.md) |
| Diluted EPS | $ per share | [0.03](/filings/0001789940-25-000086.md) | not reported | [(0.01)](/filings/0001789940-26-000060.md) | [0.03](/filings/0001789940-26-000090.md) | [0.05](/filings/0001789940-25-000086.md) | not reported | [(0.04)](/filings/0001789940-26-000060.md) | [0.04](/filings/0001789940-26-000090.md) |
| Free cash flow | $m | [6.8 d](/filings/0001789940-25-000086.md) | [(17.7) d](/filings/0001789940-26-000014.md) | [(16.4)](/filings/0001789940-26-000060.md) | [(1.7) d](/filings/0001789940-26-000090.md) | [5.4 d](/filings/0001789940-25-000086.md) | [(18.3) d](/filings/0001789940-26-000014.md) | [5.1](/filings/0001789940-26-000060.md) | [(13.1) d](/filings/0001789940-26-000090.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-26) | FY2022 (2022-12-25) | FY2023 (2023-12-31) | FY2024 (2024-12-29) | FY2025 (2025-12-28) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [601](/filings/0001789940-24-000012.md) | [730](/filings/0001789940-25-000010.md) | [892](/filings/0001789940-26-000014.md) | [1,016](/filings/0001789940-26-000014.md) | [1,223](/filings/0001789940-26-000014.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [3.7%](/filings/0001789940-24-000012.md) | [2.3%](/filings/0001789940-25-000010.md) | [4.6%](/filings/0001789940-26-000014.md) | [3.8%](/filings/0001789940-26-000014.md) | [2.3%](/filings/0001789940-26-000014.md) |
| Net margin | % | [(0.4%)](/filings/0001789940-24-000012.md) | [0.9%](/filings/0001789940-25-000010.md) | [2.8%](/filings/0001789940-26-000014.md) | [1.9%](/filings/0001789940-26-000014.md) | [1.6%](/filings/0001789940-26-000014.md) |
| Diluted EPS | $ per share | [(0.04)](/filings/0001789940-24-000012.md) | [0.11](/filings/0001789940-25-000010.md) | [0.41](/filings/0001789940-26-000014.md) | [0.30](/filings/0001789940-26-000014.md) | [0.31](/filings/0001789940-26-000014.md) |
| Free cash flow | $m | [27.7](/filings/0001789940-24-000012.md) | [0.7](/filings/0001789940-25-000010.md) | [12.0](/filings/0001789940-26-000014.md) | [(12.2)](/filings/0001789940-26-000014.md) | [(31.0)](/filings/0001789940-26-000014.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/fwrg/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $58.4m | 4,534,132 |  | Added +462,387 |
| [MANUFACTURERS LIFE INSURANCE COMPANY, THE](/funds/928047.md) | 2026-06-30 | $49.3m | 3,823,982 |  | Added +466,032 |
| [Bank of New York Mellon Corp](/funds/1390777.md) | 2026-06-30 | $47.9m | 3,719,038 |  | Reduced −238,659 |
| [DIMENSIONAL FUND ADVISORS LP](/funds/354204.md) | 2026-06-30 | $33.5m | 2,596,946 |  | Reduced −487,940 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $31.6m | 2,453,594 |  | Added +51,206 |
| [MILLENNIUM MANAGEMENT LLC](/funds/1273087.md) | 2026-06-30 | $28.3m | 2,192,811 |  | Reduced −1,039,436 |
| [NEUBERGER BERMAN GROUP LLC](/funds/1465109.md) | 2026-06-30 | $26.7m | 2,069,037 |  | Reduced −1,505,281 |
| [Stephens Investment Management Group LLC](/funds/1314440.md) | 2026-06-30 | $25.2m | 1,953,921 |  | Added +294,122 |
| [Hodges Capital Management Inc.](/funds/1337263.md) | 2026-06-30 | $20.5m | 1,592,384 |  | Added +110,607 |
| [EMERALD ADVISERS, LLC](/funds/1015083.md) | 2026-06-30 | $19.7m | 1,526,759 |  | Added +579,649 |

## Recent filings

[All 378 filings](/companies/fwrg/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-04 | 08:25 ET | [8-K](/filings/0001789940-26-000092.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001789940-26-000092 |
| 2026-08-04 | 07:03 ET | [10-Q](/filings/0001789940-26-000090.md) | Quarterly report, period 2026-06-28 | 0001789940-26-000090 |
| 2026-08-04 | 07:02 ET | [8-K](/filings/0001789940-26-000089.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001789940-26-000089 |
| 2026-07-31 | 16:05 ET | [8-K/A](/filings/0001789940-26-000082.md) | 5.07 Shareholder vote results | 0001789940-26-000082 |
| 2026-06-08 | 16:30 ET | [8-K](/filings/0001789940-26-000076.md) | 5.02 Departure or appointment of officers or directors; 9.01 Financial statements and exhibits | 0001789940-26-000076 |
| 2026-05-21 | 16:14 ET | [8-K](/filings/0001789940-26-000065.md) | 5.07 Shareholder vote results | 0001789940-26-000065 |
| 2026-05-05 | 07:03 ET | [10-Q](/filings/0001789940-26-000060.md) | Quarterly report, period 2026-03-29 | 0001789940-26-000060 |
| 2026-05-05 | 07:02 ET | [8-K](/filings/0001789940-26-000059.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001789940-26-000059 |
| 2026-04-08 | 16:17 ET | [DEF 14A](/filings/0001789940-26-000048.md) | Proxy statement, period 2026-05-20 | 0001789940-26-000048 |
| 2026-03-27 | 17:16 ET | [8-K](/filings/0001789940-26-000042.md) | 5.02 Departure or appointment of officers or directors | 0001789940-26-000042 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 28, 2025](/filings/0001789940-26-000014.md), filed Feb 24, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-28, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/e024c5fc-c7c1-4c4b-b349-da0f5dfbfcb4)

## About the filer

- CIK: 1789940
- Tickers: FWRG
- Exchange: Nasdaq
- SIC code: 5812 Retail-Eating  Places
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 30, 2026, 11:45 ET. No prices; not investment advice.