Filing Flows › First Watch Restaurant Group (FWRG) › Q1 2025
First Watch Restaurant Group (FWRG) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 6, 2025
First Watch Restaurant Group (FWRG) reported revenue of $282M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +7% from the quarter before. Operating margin was 0.4%, net loss $829K (0.3% of revenue).
First Watch Restaurant Group, Q1 2025: revenue $282M (+16% year over year), operating margin 0.4%, net loss $829K, operating cash flow $20.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $282M | +7% | +16% |
| Operating profit | $1.1M | — | — |
| Net earnings | −$829K | — | — |
| Operating cash flow | $20.1M | -12% | -19% |
What changed
Revenue was $282.2M in Q1 2025, up 16% year over year and up 7% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $31.5M year over year (up 16%), 79% of the total change. Initial fees declined 39%.
Operating profit was $1.1M, a 0.4% margin (down 4.7 points year over year). Operating profit fell $11.2M even though revenue rose $39.8M versus a year earlier, so costs grew faster than sales. Total costs grew 22% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+24%). The quarter ended with a net loss of $829K, after a profit of $699K the previous quarter. Net interest and other expense of $2.6M was the main reason.
Operating cash flow was $20.1M (down 19% year over year). Non-cash charges added back $16.6M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items added $2.2M. Capital expenditures of $36.5M exceeded it, leaving free cash flow of −$16.4M.
Questions
What was First Watch Restaurant Group's revenue in the first quarter 2025?
First Watch Restaurant Group (FWRG) reported revenue of $282M for the first quarter 2025 (Q1 2025), +16% from a year earlier and +7% from the quarter before.
Was First Watch Restaurant Group profitable in the first quarter 2025?
Operating profit was $1.1M (0.4% of revenue) and net loss $829K.