Filing Flows › First Watch Restaurant Group (FWRG) › Q2 2025
First Watch Restaurant Group (FWRG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
First Watch Restaurant Group (FWRG) reported revenue of $308M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +9% from the quarter before. Operating margin was 2.4%, net earnings $2.1M (0.7% of revenue).
First Watch Restaurant Group, Q2 2025: revenue $308M (+19% year over year), operating margin 2.4%, net earnings $2.1M, operating cash flow $39.4M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $308M | +9% | +19% |
| Operating profit | $7.3M | +557% | -56% |
| Net earnings | $2.1M | — | -76% |
| Operating cash flow | $39.4M | +96% | +24% |
What changed
Revenue was $307.9M in Q2 2025, up 19% year over year and up 9% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $36.2M year over year (up 17%), 73% of the total change. Initial fees declined 8%.
Operating profit was $7.3M, a 2.4% margin (down 4.0 points year over year). Operating profit fell $9.1M even though revenue rose $49.3M versus a year earlier, so costs grew faster than sales. Total costs grew 24% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+24%). Net earnings were $2.1M, down 76% year over year. The effective tax rate was 41.1%.
Operating cash flow was $39.4M (up 24% year over year), 1872% of net earnings. Non-cash charges added back $18.1M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $16.4M. Capital expenditures of $41.1M exceeded it, leaving free cash flow of −$1.7M.
Questions
What was First Watch Restaurant Group's revenue in the second quarter 2025?
First Watch Restaurant Group (FWRG) reported revenue of $308M for the second quarter 2025 (Q2 2025), +19% from a year earlier and +9% from the quarter before.
Was First Watch Restaurant Group profitable in the second quarter 2025?
Operating profit was $7.3M (2.4% of revenue) and net earnings $2.1M.