Filing Flows › First Watch Restaurant Group (FWRG) › Q3 2025
First Watch Restaurant Group (FWRG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
First Watch Restaurant Group (FWRG) reported revenue of $316M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +3% from the quarter before. Operating margin was 3.2%, net earnings $3.0M (0.9% of revenue).
First Watch Restaurant Group, Q3 2025: revenue $316M (+26% year over year), operating margin 3.2%, net earnings $3.0M, operating cash flow $47.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $316M | +3% | +26% |
| Operating profit | $10.1M | +37% | +59% |
| Net earnings | $3.0M | +42% | +42% |
| Operating cash flow | $47.9M | +21% | +34% |
| Free cash flow | $5.4M | — | -20% |
What changed
Revenue was $316.0M in Q3 2025, up 26% year over year and up 3% from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue. In-restaurant dining sales added $47.1M year over year (up 23%), 73% of the total change. Franchise revenues declined 10%.
Operating profit was $10.1M, a 3.2% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, above the 3% margin then. Total costs grew 25% against revenue growth of 26%. The fastest-growing cost line was Other operating costs (+25%). Net earnings were $3.0M, up 42% year over year. The effective tax rate was 47.3%.
Operating cash flow was $47.9M (up 34% year over year), 1601% of net earnings. Non-cash charges added back $19.7M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $22.4M. Capital expenditures of $42.5M left free cash flow of $5.4M.
Questions
What was First Watch Restaurant Group's revenue in the third quarter 2025?
First Watch Restaurant Group (FWRG) reported revenue of $316M for the third quarter 2025 (Q3 2025), +26% from a year earlier and +3% from the quarter before.
Was First Watch Restaurant Group profitable in the third quarter 2025?
Operating profit was $10.1M (3.2% of revenue) and net earnings $3.0M.