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First Watch Restaurant Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$5.1M in Q3 2026 · −$21.2M over twelve months

Operating cash flow$48.5M
Capital spending−$43.4M
Free cash flow+$5.1M
Cash / net income10.1×

Analysis

In Q3 2026, First Watch Restaurant Group generated $48.5M of operating cash flow and spent $43.4M on capital projects, leaving free cash flow of $5.1M.

Over the twelve months to Sep 27, 2026, operating cash flow was $129M; the largest uses were capital spending ($150M), other financing ($11.4M), acquisitions ($1.3M); besides operations, cash came from net borrowing (+) / repaid (−) ($33.5M), shares issued ($1.3M); the cash balance rose by $351K.

Operating cash flow was $48.5M against net income of $4.8M — 10.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$22.7M, employee-related liabilities +$11.1M, stock-based pay +$3.6M.

Free cash flow

First Watch Restaurant Group: free cash flow by quarterFirst Watch Restaurant Group: free cash flow by quarter−$17.7MQ4 2024−$16.4MQ1 2025−$1.7MQ2 2025$5.4MQ3 2025−$18.3MQ4 2025$5.1MQ1 2026−$13.1MQ2 2026$5.1MQ3 2026
Operating cash flow less capital spending.
First Watch Restaurant Group: operating cash flow against capital spendingFirst Watch Restaurant Group: operating cash flow against capital spendingOperating cash flowCapital spending$22.9M$40.6MQ4 2024$20.1M$36.5MQ1 2025$39.4M$41.1MQ2 2025$47.9M$42.5MQ3 2025$18.5M$36.8MQ4 2025$34.5M$29.3MQ1 2026$27.4M$40.5MQ2 2026$48.5M$43.4MQ3 2026
Latest (Q3 2026): Operating cash flow $48.5M, Capital spending $43.4M.

Capital allocation, year by year

First Watch Restaurant Group: where the cash came from (up) and went (down), by fiscal yearFirst Watch Restaurant Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $63.0MFY2021: Net borrowing −$1.0MFY2021: Shares issued $182MFY2021: Capital spending −$35.3M$245MFY2021FY2022: Operating cash flow $62.9MFY2022: Net borrowing −$3.4MFY2022: Shares issued $1.4MFY2022: Capital spending −$62.2M$64.4MFY2022FY2023: Operating cash flow $95.3MFY2023: Net borrowing $28.1MFY2023: Shares issued $5.8MFY2023: Capital spending −$83.3MFY2023: Acquisitions −$39.9M$129MFY2023FY2024: Operating cash flow $116MFY2024: Net borrowing −$30.6MFY2024: Shares issued $6.4MFY2024: Capital spending −$128MFY2024: Acquisitions −$78.6M$122MFY2024FY2025: Operating cash flow $126MFY2025: Net borrowing $56.0MFY2025: Shares issued $1.2MFY2025: Capital spending −$157MFY2025: Acquisitions −$56.0M$183MFY2025
Over these 5 years operating cash flow totalled $463M; the largest uses were capital spending ($466M) and acquisitions ($175M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$21.1M
Debt$291M
Net debt$270M
Due within a year$11.2M

First Watch Restaurant Group's operations bring cash in ($129M over twelve months), and it spends more than that on capital projects: a gap of $21.2M funded from its $21.1M of cash and investments and from borrowing ($291M of debt, $11.2M due within a year). That is a choice to invest, not a cash runway running down.

First Watch Restaurant Group: debt maturities by year (FY2025)First Watch Restaurant Group: debt maturities by year (FY2025)$11.2MYear 1$15.5MYear 2$21.1MYear 3$220MYear 4
Principal due in each year as disclosed in the annual report, against $21.1M of cash and investments now.

Where the cash came from and went

First Watch Restaurant Group: sources (+) and uses (−) of cash, Q3 2026First Watch Restaurant Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$48.5MCapital spending−$43.4MOther financing−$2.8MNet borrowing (+) / repaid (−)−$1.9MCash drawn (+) / kept (−)−$580KShares issued$167KOther investing−$29K
First Watch Restaurant Group: sources (+) and uses (−) of cash, TTM to Q3 2026First Watch Restaurant Group: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$150MOperating cash flow$129MNet borrowing (+) / repaid (−)$33.5MOther financing−$11.4MAcquisitions−$1.3MShares issued$1.3MOther investing−$535KCash drawn (+) / kept (−)−$351K

From profit to cash

First Watch Restaurant Group: net income to operating cash flow, Q3 2026First Watch Restaurant Group: net income to operating cash flow, Q3 2026Net income$4.8MDepreciation & amortization$22.7MStock-based pay$3.6MDeferred taxes$958KReceivables−$351KInventory$502KPayables−$266KAccrued liabilities$2.0MEmployee-related liabilities$11.1MDeferred revenue−$822KPrepaid and other assets−$1.4MOperating cash flow$48.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$48.5M−$43.4M—−$1.9M$167K−$580K$5.1M
Q2 2026$27.4M−$40.5M—$13.1M$166K$3.1M−$13.1M
Q1 2026$34.5M−$29.3M−$171K$118K$89K−$2.3M$5.1M
Q4 2025$18.5M−$36.8M−$1.2M$21.0M$890K−$532K−$18.3M
Q3 2025$47.9M−$42.5M—−$611K—−$1.5M$5.4M
Q2 2025$39.4M−$41.1M−$54.8M$32.5M$170K−$570K−$1.7M
Q1 2025$20.1M−$36.5M−$10K$2.9M$133K$14.7M−$16.4M
Q4 2024$22.9M−$40.6M−$91K−$159K$1.4M$17.8M−$17.7M

First Watch Restaurant Group: income statement and cash flow

First Watch Restaurant Group, Q3 2026: revenue $350M (+11% year over year), operating margin 3.2%. The chart follows the revenue to costs, profit and cash.

First Watch Restaurant Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.