Filing Flows › First Watch Restaurant Group (FWRG) › Q4 2025
First Watch Restaurant Group (FWRG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 24, 2026
First Watch Restaurant Group (FWRG) reported revenue of $316M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +0.1% from the quarter before. Operating margin was 2.9%, net earnings $15.2M (4.8% of revenue).
First Watch Restaurant Group, Q4 2025: revenue $316M (+20% year over year), operating margin 2.9%, net earnings $15.2M, operating cash flow $18.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $316M | +0.1% | +20% |
| Operating profit | $9.0M | -10% | +134% |
| Net earnings | $15.2M | +407% | 22× |
| Operating cash flow | $18.5M | -61% | -19% |
What changed
Revenue was $316.4M in Q4 2025, up 20% year over year and roughly flat from the previous quarter. In-restaurant dining sales was the largest line at 80% of revenue.
Operating profit was $9.0M, a 2.9% margin (up 1.4 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, above the 1% margin then. Total costs grew 18% against revenue growth of 20%. The fastest-growing cost line was Other operating costs (+20%). Net earnings were $15.2M, up 2069% year over year. The tax line was a benefit of $10.7M on pre-tax earnings of $4.4M.
Operating cash flow was $18.5M (down 19% year over year), 122% of net earnings. Non-cash charges added back $20.7M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items used $20.2M. Capital expenditures of $36.8M exceeded it, leaving free cash flow of −$18.3M.
Questions
What was First Watch Restaurant Group's revenue in the fourth quarter 2025?
First Watch Restaurant Group (FWRG) reported revenue of $316M for the fourth quarter 2025 (Q4 2025), +20% from a year earlier and +0.1% from the quarter before.
Was First Watch Restaurant Group profitable in the fourth quarter 2025?
Operating profit was $9.0M (2.9% of revenue) and net earnings $15.2M.