FWRG on Nasdaq
First Watch Restaurant Group, Inc.
In its 2026 annual report the company says: “First Watch Restaurant Group, Inc. is a Delaware holding company. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day.”4 It is headquartered in Bradenton, Florida.1 Its shares trade on Nasdaq under the symbol FWRG.1
Price unavailable
Last updated Oct 21, 2026.
Overview
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- TickerFWRG on Nasdaq1
- IndustryRetail-Eating Places1
- HeadquartersBradenton, Florida1
- Incorporated inDE2
- Business address8725 Pendery Place, Suite 201, Bradenton, Fl 342012
- Filer categoryLarge accelerated filer2
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First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, “we,” “us,” “our,” “First Watch,” the “Company,” “Management” and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
2.3%Operating margin5
1.6%Net margin5
20.3%Revenue growth, 20255
3.1%Return on equity5
-$31.0MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
In-Restaurant Dining Sales brought in 80% of the revenue First Watch Restaurant Group, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| In-Restaurant Dining Sales | $717.0M | $829.0M | $982.3M |
| Third-Party Delivery Sales | $91.4M | $97.4M | $142.3M |
| Take-Out Sales | $68.7M | $77.9M | $87.6M |
| Franchise | $14.5M | $11.6M | $10.3M |
| Royalty And System Fund Contributions | $13.5M | $10.9M | $9.7M |
| Business Combinations - Revenues Recognized | $607.0K | $413.0K | $398.0K |
| Initial Fees | $388.0K | $278.0K | $225.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Other costs98¢$1.2B
- Income tax1¢$7.3M
- Profit2¢$19.4M
Out of $1.2B in revenue.5
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$156.9M
Out of $125.9M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.5
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $1.2B | $1.0B | $891.6M |
| Food and beverage costs | $280.1M | $223.1M | $197.4M |
| Labor and other related expenses | $405.5M | $335.0M | $294.0M |
| Other restaurant operating expenses | $188.7M | $152.0M | $134.5M |
| Occupancy expenses | $100.8M | $82.7M | $68.4M |
| Pre-opening expenses | $12.9M | $10.1M | $7.2M |
| General and administrative expenses | $128.9M | $113.3M | $103.1M |
| Depreciation and amortization | $75.0M | $57.7M | $41.2M |
| Impairments and loss on disposal of assets | $448.0K | $525.0K | $1.4M |
| Transaction expenses, net | $2.5M | $2.6M | $3.1M |
| Total operating costs and expenses | $1.2B | $977.0M | $850.3M |
| Income from operations | $27.5M | $38.9M | $41.3M |
| Interest expense | -$16.7M | -$12.6M | -$8.1M |
| Other income, net | $1.3M | $1.8M | $2.9M |
| Income before income taxes | $12.1M | $28.0M | $36.1M |
| Income tax benefit (expense) | $7.3M | -$9.1M | -$10.7M |
| Net income | $19.4M | $18.9M | $25.4M |
| Unrealized (loss) gain on derivatives | -$869.0K | $301.0K | -$889.0K |
| Income tax related to other comprehensive (loss) income | $215.0K | -$75.0K | $222.0K |
| Other comprehensive (loss) income | -$654.0K | $226.0K | -$667.0K |
| Comprehensive income | $18.8M | $19.2M | $24.7M |
| Net income (loss) per common share - basic (in dollars per share) | $0.32 | $0.31 | $0.43 |
| Net income (loss) per common share - diluted (in dollars per share) | $0.31 | $0.30 | $0.41 |
| Weighted average common shares outstanding - basic (in shares) | 61.0M shares | 60.4M shares | 59.5M shares |
| Weighted average common shares outstanding - diluted (in shares) | 62.8M shares | 62.4M shares | 61.2M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $21.2M | $33.3M | ||
| Accounts receivable | $6.9M | $7.2M | ||
| Inventory | $7.2M | $6.1M | ||
| Prepaid expenses | $7.9M | $7.0M | ||
| Deposits and other current assets | $5.9M | $2.2M | ||
| Total current assets | $49.1M | $55.9M | ||
| Goodwill (primarily expected synergies and assembled workforce; tax deductible) | $420.2M | $398.6M | $359.9M | |
| Intangible assets, net | $174.9M | $167.6M | ||
| Operating lease right-of-use assets | $614.5M | $527.7M | ||
| Property, fixtures and equipment, net of accumulated depreciation of $285,706 and $229,227, respectively | $478.5M | $361.4M | ||
| Other long-term assets | $4.8M | $3.3M | ||
| Total assets | $1.7B | $1.5B | ||
| Accounts payable | $8.7M | $7.0M | ||
| Accrued liabilities | $38.5M | $39.6M | ||
| Accrued compensation | $24.3M | $21.2M | ||
| Deferred revenues | $6.8M | $5.6M | ||
| Current portion of operating lease liabilities | $75.0M | $55.7M | ||
| Current portion of long-term debt | $13.3M | $9.2M | ||
| Interest rate swap liabilities, current | $900.0K | $105.0K | ||
| Total current liabilities | $167.5M | $138.5M | ||
| Operating lease liabilities | $651.3M | $555.6M | ||
| Long-term debt, net | $269.1M | $189.0M | ||
| Deferred income taxes | $22.0M | $32.2M | ||
| Derivative liabilities | $557.0K | $503.0K | ||
| Other long-term liabilities | $5.4M | $3.2M | ||
| Total liabilities | $1.1B | $919.0M | ||
| Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding | $0 | $0 | ||
| Common stock; $0.01 par value; 300,000,000 shares authorized; 61,131,978 and 60,700,090 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively | $611.0K | $607.0K | ||
| Additional paid-in capital | $661.2M | $649.0M | ||
| Accumulated deficit | -$34.4M | -$53.8M | ||
| Accumulated other comprehensive loss | -$1.1M | -$441.0K | ||
| Total equity | $626.3M | $595.4M | $561.3M | $523.1M |
| Total liabilities and equity | $1.7B | $1.5B | ||
| Accumulated depreciation | $285.7M | $229.2M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock authorized (in shares) | 300.0M shares | 300.0M shares | ||
| Common stock, shares issued (in shares) | 61.1M shares | 61.1M shares | ||
| Common stock, shares outstanding (in shares) | 60.7M shares | 60.7M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $21.2M | $33.3M | ||
| Accounts receivable | $6.9M | $7.2M | ||
| Inventory | $7.2M | $6.1M | ||
| Prepaid expenses | $7.9M | $7.0M | ||
| Deposits and other current assets | $5.9M | $2.2M | ||
| Total current assets | $49.1M | $55.9M | ||
| Goodwill (primarily expected synergies and assembled workforce; tax deductible) | $420.2M | $398.6M | $359.9M | |
| Intangible assets, net | $174.9M | $167.6M | ||
| Operating lease right-of-use assets | $614.5M | $527.7M | ||
| Property, fixtures and equipment, net of accumulated depreciation of $285,706 and $229,227, respectively | $478.5M | $361.4M | ||
| Other long-term assets | $4.8M | $3.3M | ||
| Total assets | $1.7B | $1.5B | ||
| Accounts payable | $8.7M | $7.0M | ||
| Accrued liabilities | $38.5M | $39.6M | ||
| Accrued compensation | $24.3M | $21.2M | ||
| Deferred revenues | $6.8M | $5.6M | ||
| Current portion of operating lease liabilities | $75.0M | $55.7M | ||
| Current portion of long-term debt | $13.3M | $9.2M | ||
| Interest rate swap liabilities, current | $900.0K | $105.0K | ||
| Total current liabilities | $167.5M | $138.5M | ||
| Operating lease liabilities | $651.3M | $555.6M | ||
| Long-term debt, net | $269.1M | $189.0M | ||
| Deferred income taxes | $22.0M | $32.2M | ||
| Derivative liabilities | $557.0K | $503.0K | ||
| Other long-term liabilities | $5.4M | $3.2M | ||
| Total liabilities | $1.1B | $919.0M | ||
| Preferred stock; $0.01 par value; 10,000,000 shares authorized; none issued and outstanding | $0 | $0 | ||
| Common stock; $0.01 par value; 300,000,000 shares authorized; 61,131,978 and 60,700,090 shares issued and outstanding at December 28, 2025 and December 29, 2024, respectively | $611.0K | $607.0K | ||
| Additional paid-in capital | $661.2M | $649.0M | ||
| Accumulated deficit | -$34.4M | -$53.8M | ||
| Accumulated other comprehensive loss | -$1.1M | -$441.0K | ||
| Total equity | $626.3M | $595.4M | $561.3M | $523.1M |
| Total liabilities and equity | $1.7B | $1.5B | ||
| Accumulated depreciation | $285.7M | $229.2M | ||
| Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | ||
| Common stock authorized (in shares) | 300.0M shares | 300.0M shares | ||
| Common stock, shares issued (in shares) | 61.1M shares | 61.1M shares | ||
| Common stock, shares outstanding (in shares) | 60.7M shares | 60.7M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $19.4M | $18.9M | $25.4M |
| Depreciation and amortization | $75.0M | $57.7M | $41.2M |
| Stock-based compensation, net of amounts capitalized | $10.8M | $8.5M | $7.6M |
| Non-cash operating lease costs | $32.8M | $26.6M | $19.5M |
| Non-cash loss on extinguishments and modifications of debt | $0 | $358.0K | $0 |
| Deferred income taxes | -$10.0M | $6.8M | $8.3M |
| Amortization of debt discount and deferred issuance costs | $664.0K | $567.0K | $452.0K |
| Impairments and loss on disposal of assets | $448.0K | $525.0K | $1.4M |
| Accounts receivable | $376.0K | -$1.7M | $632.0K |
| Inventory | -$867.0K | -$508.0K | -$62.0K |
| Prepaid expenses | -$868.0K | $509.0K | -$1.7M |
| Deposits and other assets, current and long-term | -$5.7M | $77.0K | -$3.5M |
| Accounts payable | $1.7M | $637.0K | -$1.3M |
| Accrued liabilities and other long-term liabilities | $6.6M | $2.6M | $6.1M |
| Accrued compensation and deferred payroll taxes | $3.0M | -$467.0K | $3.8M |
| Deferred revenues, current and long-term | $555.0K | -$136.0K | -$657.0K |
| Other liabilities | $0 | -$259.0K | -$368.0K |
| Operating lease liabilities | -$8.1M | -$5.1M | -$11.4M |
| Net cash provided by operating activities | $125.9M | $115.7M | $95.3M |
| Capital expenditures | -$156.9M | -$127.9M | -$83.3M |
| Acquisitions, net of cash acquired | -$56.0M | -$78.6M | -$39.9M |
| Purchase of intangible assets | -$850.0K | -$100.0K | -$161.0K |
| Net cash used in investing activities | -$213.8M | -$206.7M | -$123.4M |
| Proceeds from borrowings on revolving credit facility | $443.5M | $22.5M | $30.0M |
| Repayments of borrowings on revolving credit facility | -$387.5M | -$52.5M | $0 |
| Proceeds from issuance of long-term debt | $27.5M | $197.5M | $0 |
| Repayments of long-term debt, including finance lease liabilities | -$8.9M | -$96.8M | -$6.2M |
| Payment of debt discount and deferred issuance costs | $0 | -$2.4M | $0 |
| Proceeds from exercise of stock options, net of employee taxes paid | $1.2M | $6.4M | $5.8M |
| Contingent consideration payment | $0 | -$375.0K | -$198.0K |
| Repayment of notes payable | $0 | $0 | -$1.4M |
| Net cash provided by financing activities | $75.8M | $74.3M | $28.1M |
| Net (decrease) increase in cash and cash equivalents | -$12.1M | -$16.6M | $38.0K |
| Cash paid for interest, net of amounts capitalized | $15.5M | $12.3M | $8.7M |
| Cash paid for income taxes, net of refunds | $2.6M | $3.1M | $2.0M |
| Leased assets obtained in exchange for new finance lease liabilities | $9.8M | $2.1M | $249.0K |
| Remeasurements and terminations of operating lease assets and lease liabilities | $4.8M | $5.8M | -$898.0K |
| Remeasurements and terminations of finance lease assets and lease liabilities | -$575.0K | $86.0K | -$48.0K |
| (Decrease) Increase in liabilities from acquisition of property, fixtures and equipment | -$5.2M | $2.8M | $7.0M |
| Leased assets obtained in exchange for new operating lease liabilities | $114.9M | $129.1M | $88.8M |
No quarter-by-quarter statement was filed.
Compare First Watch Restaurant Group, Inc. with another company
Corporate structure
First Watch Restaurant Group, Inc. sits at the top of its group. 10 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of First Watch Restaurant Group, Inc.
- Manulife Financial Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Aug 14, 2026
- INTEGRATED CORE STRATEGIES (US) LLC Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Jul 21, 2026 (2 filings since Mar 31, 2026)
- DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Jul 14, 2026 (2 filings since Apr 9, 2026)
- Neuberger Berman Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Jun 4, 2026 (2 filings since Feb 5, 2026)
- The Bank of New York Mellon Filed SCHEDULE 13G on First Watch Restaurant Group, Inc., latest Apr 28, 2026
- BlackRock Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Apr 27, 2026 (2 filings since Oct 17, 2025)
- FMR LLC Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Apr 7, 2026 (3 filings since Feb 5, 2026)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Mar 26, 2026 (2 filings since Jan 30, 2026)
- ADVENT INTERNATIONAL, L.P. Filed SCHEDULE 13G/A on First Watch Restaurant Group, Inc., latest Nov 12, 2025 (6 filings since Feb 14, 2022)
- First Watch Restaurant Group, Inc. Bradenton, Florida
- AI Fresh Parent, Inc. Subsidiary · Delaware, United States
- First Watch E&I Restaurant Group, LLC Subsidiary · Delaware, United States
- First Watch Franchise Development Co. Subsidiary · Delaware, United States
- First Watch Restaurants Texas, LLC Subsidiary · Delaware, United States
- First Watch Restaurants, Inc. (d/b/a First Watch) Subsidiary · Florida, United States
- First Watch Texas Holding, LLC Subsidiary · Delaware, United States
- FWR Holding Corporation Subsidiary · Delaware, United States
- Good Egg Restaurants, LLC Subsidiary · Arizona, United States
- TFW-NC, LLC Subsidiary · North Carolina, United States
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What First Watch Restaurant Group, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Construction in progress | $36.1M5 Dec 28, 2025 | $34.8M5 Dec 29, 2024 | +3.9% |
| Finance-lease assets | $10.7M5 Dec 28, 2025 | $2.7M5 Dec 29, 2024 | +293.9% |
| Operating-lease assets (leased space) | $614.5M5 Dec 28, 2025 | $527.7M5 Dec 29, 2024 | +16.5% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $21.2M5 Dec 28, 2025 | $33.3M5 Dec 29, 2024 | −36.2% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $420.2M5 Dec 28, 2025 | $398.6M5 Dec 29, 2024 | +5.4% |
| Intangible assets, net (excluding goodwill) | $174.9M5 Dec 28, 2025 | $167.6M5 Dec 29, 2024 | +4.4% |
| Accumulated amortization | $20.9M5 Dec 28, 2025 | $12.4M5 Dec 29, 2024 | +68.7% |
Inventory
Properties, in its own words
We lease all our company-owned restaurant locations and our corporate headquarters. As of December 28, 2025, we had 560 company-owned restaurants and 73 franchise-owned restaurants located in 32 states, including a large presence in Florida, Texas, Ohio, North Carolina and Arizona. As of December 28, 2025, company-owned and franchise-owned restaurants by jurisdiction were:
State · Company-owned · Franchise-owned · Total
The rest of Item 2
Alabama · 9 · — · 9
Arizona · 35 · — · 35
Arkansas · — · 3 · 3
Colorado · 19 · — · 19
Delaware · 6 · — · 6
Florida · 141 · — · 141
Georgia · 25 · — · 25
Idaho · — · 2 · 2
Illinois · 11 · — · 11
Indiana · 8 · 1 · 9
Kansas · 12 · — · 12
Kentucky · 2 · 17 · 19
Louisiana · — · 1 · 1
Maryland · 17 · — · 17
Massachusetts · 1 · — · 1
Michigan · 11 · — · 11
Mississippi · — · 1 · 1
Missouri · 23 · 4 · 27
Nebraska · 7 · — · 7
Nevada · 2 · — · 2
New Jersey · 10 · — · 10
North Carolina · 36 · 2 · 38
Ohio · 48 · — · 48
Oklahoma · 2 · — · 2
Pennsylvania · 21 · — · 21
South Carolina · 13 · — · 13
Tennessee · 17 · 10 · 27
Texas · 48 · 24 · 72
Utah · — · 3 · 3
Virginia · 30 · 4 · 34
West Virginia · — · 1 · 1
Wisconsin · 6 · — · 6
TOTAL · 560 · 73 · 633
Item 2 of the 10-K filed Feb 24, 2026.4
Leadership
Who has led First Watch Restaurant Group, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerChristopher Anthony Tomasso Oct 1, 2021 to now12
- PresidentChristopher Anthony Tomasso Oct 1, 2021 to now12
- Chief financial officerAshlee Suzanne Weisser Jun 10, 2026 to now13
- Chief financial officerH. Melville Hope Iii. Oct 1, 2021 to Jun 10, 202614
Board members and other officers (20)
- Chief Brand OfficerMatthew Eisenacher Aug 10, 2023 to now15
- Chief Strategy OfficerCalum Alasdair Johnstone Middleton Oct 1, 2021 to Mar 13, 202316
- Chief Development OfficerEric Richard Hartman Oct 1, 2021 to now17
- Chief People OfficerLaura Anne Sorensen Oct 1, 2021 to now18
- Board memberRachel K. Tipograph Dec 31, 2025 to now19
- Board memberCharles Jemley Aug 26, 2024 to now20
- Board memberMichael D. Fleisher Nov 5, 2024 to now21
- Board memberDavid Paresky Apr 10, 2023 to Mar 14, 202422
- Board memberIrene Chang Britt Jul 21, 2023 to now23
- Board memberJostein Solheim Dec 8, 2023 to now24
- Board memberStephanie Lilak Jun 21, 2022 to now25
- Board memberChristopher Anthony Tomasso Oct 1, 2021 to now12
- Board memberJulie Mb Bradley Oct 1, 2021 to May 24, 202426
- Board memberKenneth Lee Pendery Jr. Oct 1, 2021 to Oct 1, 202127
- Board memberLisa Marguerite Price Oct 1, 2021 to May 27, 202228
- Board memberMichael James White Oct 1, 2021 to Oct 11, 202229
- Board memberRalph Alvarez Oct 1, 2021 to now30
- Board memberTricia Patrick Oct 1, 2021 to Mar 14, 202431
- Board memberWilliam A. Kussell Oct 1, 2021 to now32
- General counselJay Anthony Wolszczak Oct 1, 2021 to now33
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- AI Fresh Parent, Inc. Delaware3
- FWR Holding Corporation Delaware3
- First Watch E&I Restaurant Group, LLC Delaware3
- First Watch Franchise Development Co. Delaware3
- First Watch Restaurants Texas, LLC Delaware3
- First Watch Restaurants, Inc. (d/b/a First Watch) Florida3
- First Watch Texas Holding, LLC Delaware3
- Good Egg Restaurants, LLC Arizona3
- TFW-NC, LLC North Carolina3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 4, 20268-K Results of operations; Regulation FD disclosure34
- Aug 4, 20268-K Regulation FD disclosure35
- Jul 31, 20268-K Shareholder vote36
- Jun 8, 20268-K Executive or director change37
- May 21, 20268-K Shareholder vote38
- May 5, 20268-K Results of operations; Regulation FD disclosure39
- Mar 27, 20268-K Executive or director change40
- Feb 24, 20268-K Results of operations; Executive or director change; Regulation FD disclosure41
- Feb 24, 20268-K Results of operations; Regulation FD disclosure42
- Jan 12, 20268-K Results of operations43
- Dec 29, 20258-K Executive or director change44
- Nov 7, 20258-K Other events45
- Oct 1, 2021New chief executive Christopher Anthony Tomasso becomes CEO12
Calendar
Coming up
- Nov 3, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.05 a share, on Nov 4, 2025.46
When it reported results
- Aug 4, 2026Reported quarterly or annual results34
- May 5, 2026Reported quarterly or annual results39
- Feb 24, 2026Reported quarterly or annual results41
- Feb 24, 2026Reported quarterly or annual results42
- Jan 12, 2026Reported quarterly or annual results43
- Nov 4, 2025Reported quarterly or annual results47
- Aug 5, 2025Reported quarterly or annual results48
- May 6, 2025Reported quarterly or annual results49
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
357 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 183 insider forms, 21 large holders, 67 other. The latest 20:
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 4, 20268-K EDGAR
- Aug 4, 202610-Q EDGAR
- Aug 4, 20268-K EDGAR
- Jul 31, 20268-K/A EDGAR
- Jul 21, 2026SCHEDULE 13G/A EDGAR
- Jul 14, 2026SCHEDULE 13G/A EDGAR
- Jun 10, 20264 EDGAR
- Jun 10, 20263 EDGAR
- Jun 8, 20268-K EDGAR
- Jun 4, 2026SCHEDULE 13G/A EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 22, 20264 EDGAR
- May 21, 20268-K EDGAR
The 357 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
84 open-market trades by officers, directors and large owners since October 2021: 5 buys and 79 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 17, 2026 | Eisenacher MatthewChief Brand Officer | Sale | 2,760 | $12.52 | $34.6K | Form 4 |
| Mar 17, 2026 | Jones John DanielChief Operations Officer | Sale | 1,697 | $12.52 | $21.2K | Form 4 |
| Mar 17, 2026 | Hartman Eric RichardChief Development Officer | Sale | 1,819 | $12.52 | $22.8K | Form 4 |
| Mar 17, 2026 | Tomasso Christopher AnthonyPresident and CEO | Sale | 25,062 | $12.52 | $313.8K | Form 4 |
| Mar 17, 2026 | Sorensen Laura AnneChief People Officer | Sale | 1,697 | $12.52 | $21.2K | Form 4 |
| Mar 17, 2026 | HOPE H MELVILLE IIICFO and Treasurer | Sale | 3,878 | $12.52 | $48.6K | Form 4 |
| Mar 17, 2026 | Wolszczak Jay AnthonyChief Legal Officer, GC & Secy | Sale | 3,161 | $12.52 | $39.6K | Form 4 |
| Mar 10, 2026 | Tomasso Christopher AnthonyPresident and CEO | Sale | 33,314 | $12.59 | $419.4K | Form 4 |
| Mar 10, 2026 | Hartman Eric RichardChief Development Officer | Sale | 4,820 | $12.59 | $60.7K | Form 4 |
| Mar 10, 2026 | HOPE H MELVILLE IIICFO and Treasurer | Sale | 7,358 | $12.59 | $92.6K | Form 4 |
| Mar 10, 2026 | Wolszczak Jay AnthonyChief Legal Officer, GC & Secy | Sale | 6,998 | $12.59 | $88.1K | Form 4 |
| Mar 10, 2026 | Jones John DanielChief Operations Officer | Sale | 4,600 | $12.59 | $57.9K | Form 4 |
| Mar 10, 2026 | Eisenacher MatthewChief Brand Officer | Sale | 6,070 | $12.59 | $76.4K | Form 4 |
| Mar 10, 2026 | Sorensen Laura AnneChief People Officer | Sale | 4,732 | $12.59 | $59.6K | Form 4 |
| Jan 22, 2026 | Kussell William ADirector | Sale | 6,165 | $17.00 | $104.8K | Form 4 |
| Dec 9, 2025 | Kussell William ADirector | Sale | 6,165 | $17.00 | $104.8K | Form 4 |
| Sep 8, 2025 | ADVENT INTERNATIONAL GP, LLC10% owner | Sale | 4,400,000 | $17.67 | $77.7M | Form 4 |
| Aug 13, 2025 | Tomasso Christopher AnthonyPresident and CEO | Sale | 100,000 | $18.00 | $1.8M | Form 4 |
| Aug 8, 2025 | ADVENT INTERNATIONAL GP, LLC10% owner | Sale | 5,000,000 | $17.70 | $88.5M | Form 4 |
| Jun 3, 2025 | ADVENT INTERNATIONAL, L.P.10% owner | Sale | 4,500,000 | $14.70 | $66.2M | Form 4 |
All 84 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Manulife FinancialSCHEDULE 13G/A, 1 filing Aug 14, 202650
- INTEGRATED CORE STRATEGIES (US) LLCSCHEDULE 13G/A, 2 filings Mar 31, 2026 to Jul 21, 202651
- DIMENSIONAL FUND ADVISORS LPSCHEDULE 13G/A, 2 filings Apr 9, 2026 to Jul 14, 202652
- Neuberger BermanSCHEDULE 13G/A, 2 filings Feb 5, 2026 to Jun 4, 202653
- The Bank of New York MellonSCHEDULE 13G, 1 filing Apr 28, 202654
- BlackRockSCHEDULE 13G/A, 2 filings Oct 17, 2025 to Apr 27, 202655
- FMR LLCSCHEDULE 13G/A, 3 filings Feb 5, 2026 to Apr 7, 202656
- VANGUARD GROUP INCSCHEDULE 13G/A, 2 filings Jan 30, 2026 to Mar 26, 202657
- ADVENT INTERNATIONAL, L.P.SCHEDULE 13G/A, 6 filings Feb 14, 2022 to Nov 12, 202558
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Chris Tomasso, | 55 | $932.8K | $11.5M59 |
| 2025 | Jay Wolszczak, | 57 | $474.4K | $3.5M59 |
| 2025 | Eric Hartman, | 53 | $448.9K | $3.2M59 |
| 2025 | Laura Sorensen, | 53 | $448.2K | $3.1M59 |
| 2025 | Mel Hope, | $459.7K | $1.6M59 | |
| 2024 | President and Chief Executive Officer | $905.6K | $4.9M59 | |
| 2024 | Chief Financial Officer and Treasurer | $446.3K | $1.6M59 | |
| 2024 | Chief Legal OfficerGeneral Counsel | $460.6K | $1.4M59 | |
| 2023 | President and Chief Executive Officer | $892.4K | $4.9M59 | |
| 2023 | Chief Financial Officer and Treasurer | $439.8K | $1.8M59 | |
| 2023 | and Secretary | $453.9K | $1.4M59 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 4,534,132 | $58.4M | 0.0% | +462,387 |
| Manufacturers Life Insurance Company, The | 3,823,982 | $49.3M | 0.0% | +466,032 |
| Bank of New York Mellon Corp | 3,719,038 | $47.9M | 0.0% | −238,659 |
| Dimensional Fund Advisors LP | 2,596,946 | $33.5M | 0.0% | −487,940 |
| Vanguard Capital Management LLC | 2,453,594 | $31.6M | 0.0% | +51,206 |
| Millennium Management LLC | 2,192,811 | $28.3M | 0.0% | −1,039,436 |
| Neuberger Berman Group LLC | 2,069,037 | $26.7M | 0.0% | −1,505,281 |
| Stephens Investment Management Group LLC | 1,953,921 | $25.2M | 0.3% | +294,122 |
| Hodges Capital Management Inc. | 1,592,384 | $20.5M | 1.4% | +110,607 |
| Emerald Advisers, LLC | 1,526,759 | $19.7M | 0.5% | +579,649 |
| Bwcp, LP | 1,502,614 | $19.4M | 2.8% | +144,541 |
| Penn Capital Management Company, LLC | 1,472,751 | $19.0M | 1.2% | +331,594 |
| Geode Capital Management, LLC | 1,444,283 | $18.6M | 0.0% | +138,731 |
| State Street Corp | 1,404,572 | $18.1M | 0.0% | +211,223 |
| Granahan Investment Management, LLC | 1,363,852 | $17.6M | 0.6% | +275,815 |
| Riverbridge Partners LLC | 1,348,632 | $17.4M | 0.5% | −743,068 |
| Balyasny Asset Management L.P. | 1,211,627 | $15.6M | 0.0% | +930,650 |
| Bank Of America Corp /de/ | 1,069,289 | $13.8M | 0.0% | +16,863 |
| Qube Research & Technologies Ltd | 981,955 | $12.7M | 0.0% | +493,165 |
| Paralel Advisors LLC | 900,000 | $11.6M | 0.4% | No change |
| Lazard Asset Management LLC | 846,050 | $10.9M | 0.0% | −934,789 |
| Emerald Mutual Fund Advisers Trust | 823,954 | $10.6M | 0.4% | +254,536 |
| Nomura Holdings Inc | 820,809 | $10.6M | 0.0% | +438,147 |
| Woodline Partners LP | 816,586 | $10.5M | 0.0% | New |
| New York State Common Retirement Fund | 779,810 | $10.1M | 0.0% | +73,672 |
13F reports cover disclosed long positions in U.S. stocks only.
Members of Congress who traded it
5 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.
| Date | Member | Trade | Amount | Vs S&P since | Filing |
|---|---|---|---|---|---|
| Apr 6, 2026 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −8.3% | Report |
| Mar 5, 2026 | Josh GottheimerDemocratic, House | Sale | $1,001 - $15,000 | +18.0% | Report |
| Nov 26, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −46.6% | Report |
| May 15, 2025 | Gilbert Ray Cisneros, Jr.Democratic, House | Buy | $1,001 - $15,000 | −58.2% | Report |
| Aug 6, 2024 | Josh GottheimerDemocratic, House | Buy | $1,001 - $15,000 | −69.9% | Report |
Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).
SEC filer profile
How First Watch Restaurant Group, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARFirst Watch Restaurant Group, Inc.1
- CIK0001789940
- Employer ID (EIN)82-42713694
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 281
- Industry code (SIC)5812 Retail-Eating Places1
- SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
- Business address8725 Pendery Place, Suite 201, Bradenton, FL 342011
- Phone941-907-98001
- Shares outstanding61,712,435 as of Jul 31, 202611
- Public float$733.4M as of Jun 29, 20254
- AuditorPricewaterhouseCoopers LLP, Tampa, Florida PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
- On EDGAR sinceJan 8, 20201
- Filings379 in all: 4 (155), 8-K (61), 3 (27), 144 (23), 10-Q (15), SCHEDULE 13G/A (11), CORRESP (7), SCHEDULE 13G (7)1
All 32 form types
UPLOAD (7), 424B3 (6), FWP (6), 10-K (5), 8-K/A (5), DEF 14A (5), DEFA14A (5), DRSLTR (5), ARS (4), DRS/A (4), EFFECT (3), 424B4 (2), DRS (2), S-1 (2), S-8 (2), SC 13G/A (2), 5 (1), 8-A12B (1), CERT (1), PRE 14A (1), S-1/A (1), S-3 (1), S-3ASR (1), SC 13G (1)
- Latest filingsAnnual report (10-K) Feb 24, 2026
Quarterly report (10-Q) Aug 4, 2026
Proxy statement (DEF 14A) Apr 8, 2026
Latest 8-K (8-K) Aug 4, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Stock, $0.01 par value | FWRG | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Feb 24, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks First Watch Restaurant Group, Inc. names in Item 1A of its 10-K filed Feb 24, 2026: 47 risks under these headings, as written.4
- Risks Related to Our Business and Industry
- Risks Related to Information Technology and Intellectual Property
- Risks Related to Employees and the Workforce
- Legal and Regulatory Risks
- Risks Related to Accounting and Financial Reporting Matters
- Risks Related to Our Indebtedness
- Risks Related to Our Company and Organizational Structure
- Risks Related to Ownership of Our Common Stock
- General Risk Factors
- We are vulnerable to changes in economic conditions and consumer preferences that could have a material adverse effect on our business, financial condition and results of operations.
- An important aspect of our growth strategy involves opening new restaurants in existing and new markets. We may be unsuccessful in opening new restaurants or establishing new markets and our new restaurants may not perform as well as anticipated which could have a material adverse effect on our business, financial condition and results of operations.
- Our failure to manage our growth effectively could harm our business and results of operations.
The other 44 risks
- Opening new restaurants in existing markets may adversely impact sales at our and our franchisees’ existing restaurants.
- A decline in visitors to any of the retail centers, lifestyle centers, or entertainment centers where our restaurants are located could adversely affect our restaurant sales.
- Our same-restaurant sales growth and same-restaurant traffic growth may be lower than we expect in future periods.
- Our marketing programs and our limited-time menu offerings may not be successful and could fail to meet expectations, and our new menu items, advertising campaigns and restaurant designs and remodels may not generate increased sales or profits.
- Changes in the cost of food could have a material adverse effect on our business, financial condition and results of operations.
- New restaurants may not be profitable or may close, and the performance of our restaurants that we have experienced in the past may not be indicative of future results.
- We face significant competition for customers, and our inability to compete effectively may affect our traffic, our sales and our operating profit margins, which could have a material adverse effect on our business, financial condition and results of operations.
- Food safety and food-borne illness concerns may have an adverse effect on our business by decreasing sales and increasing costs.
- The financial performance of our franchisees can have a material adverse effect on our business, financial condition and results of operations.
- We have limited control with respect to the operations of our franchisees, which could have a material adverse effect on our business, financial condition and results of operations.
- If we are unable to maintain good relationships with our franchisees due to conflicts of interest or otherwise, revenues could decrease and we may be unable to expand our presence in certain markets.
- We have a limited number of suppliers and distributors for several of our frequently used ingredients. If our suppliers or distributors are unable to fulfill their obligations under our arrangements with them, we could encounter supply shortages and incur higher costs.
- Our system-wide restaurant base is geographically concentrated in the southeast portion of the United States, and we could be adversely affected by conditions specific to that region.
- Damage to our reputation and negative publicity could have a material adverse effect on our business, financial condition and results of operations.
- Our inability or failure to recognize, respond to and effectively manage the accelerated impact of social media or artificial intelligence could have a material adverse effect on our business, financial condition and results of operations.
- Information technology system failures or breaches of our network security could interrupt our operations and have a material adverse effect on our business, financial condition and results of operations.
- Failure to comply with federal and state laws and regulations relating to privacy, data protection, advertising and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection, advertising and consumer protection, could have a material adverse effect on our business, financial condition and results of operations.
- We face potential liability with our gift cards under the property laws of some states.
- The failure to enforce and maintain our trademarks and protect our other intellectual property could have a material adverse effect on our business, including our ability to establish and maintain brand awareness.
- Litigation with respect to intellectual property assets, if decided against us, may result in competing uses or require adoption of new, non-infringing intellectual property, which may in turn adversely affect sales and revenues.
- Our inability to identify qualified individuals for our workforce could slow our growth and adversely impact our ability to operate our restaurants.
- Failure to maintain our corporate culture as we grow could have a material adverse effect on our business, financial condition and results of operations.
- Unionization activities may disrupt our operations and increase our costs.
- Our sustainability activities, including environmental, social and governance matters, could result in reputational risks, increased costs and other risks.
- Matters relating to employment and labor law could have a material adverse effect on our business, financial condition and results of operations.
- Restaurant companies have been the target of class action lawsuits and other proceedings alleging violations of workplace and employment laws. Proceedings of this nature are costly, divert management attention and, if successful, could result in our payment of substantial damages or settlement costs.
- We could be party to litigation that could distract management, increase our expenses or subject us to material monetary damages or other remedies.
- If we and our franchisees face labor shortages or increased labor costs or health care costs, it could have a material adverse effect on our business, financial condition and results of operations.
- We are exposed to risks associated with leasing property subject to long-term and non-cancelable leases and may be unable to renew leases at the end of their terms.
- Changes in tax laws, and unanticipated tax liabilities and realization of deferred tax assets could adversely affect our results of operations.
- We are subject to many federal, state and local laws with which compliance is both costly and complex.
- An impairment in the carrying value of our goodwill or indefinite-lived intangible assets or changes to estimates related to our long-lived and definite-lived assets could have a material adverse effect on our financial condition and results of operations.
- If we fail to maintain effective internal control over financial reporting, we may not be able to accurately or timely report our financial condition or results of operations, which, in turn, could adversely impact the market value of our common stock.
- Changes in accounting principles applicable to us could have a material adverse effect on our financial condition and results of operations.
- Our level of indebtedness could have a material adverse effect on our business, financial condition and results of operations.
- The failure to comply with the covenants under our Credit Agreement or volatility in the credit and capital markets could have a material adverse effect on our financial condition.
- First Watch Restaurant Group, Inc. is a holding company with no operations and relies on its operating subsidiaries to provide it with funds necessary to meet its financial obligations.
- Delaware law and our organizational documents, as well as our existing and future debt agreements, may impede or discourage a takeover, which could deprive our investors of the opportunity to receive a premium for their shares.
- Future offerings of debt or equity securities by us may have a material adverse effect on the market price of our common stock.
- We do not anticipate paying any dividends on our common stock in the foreseeable future.
- Our quarterly results of operations may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
- The future issuance of additional common stock in connection with the First Watch Restaurant Group, Inc. 2021 Equity Incentive Plan (the “2021 Equity Plan”) and the First Watch Restaurant Group, Inc. 2017 Omnibus Equity Incentive Plan (the “2017 Equity Plan”) will dilute all other stockholdings.
- We depend on our executive officers and certain other key employees, the loss of whom could have a material adverse effect on our business, financial condition and results of operations.
- We might require additional capital to support business growth and this capital might not be available.
Legal proceedings
We are involved in various claims and legal actions that arise in the ordinary course of business. We do not believe that the ultimate resolution of any of these actions, individually or taken in the aggregate, will have a material adverse effect on our financial position, results of operations, liquidity or capital resources. A significant increase in the number of claims or an increase in amounts owing under successful claims could materially adversely affect our business, financial condition, results of operations and cash flows.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 19SEC EDGARRachel K. Tipograph, Board member
- 20SEC EDGARCharles Jemley, Board member
- 21SEC EDGARMichael D. Fleisher, Board member
- 22SEC EDGARDavid Paresky, Board member
- 23SEC EDGARIrene Chang Britt, Board member
- 24SEC EDGARJostein Solheim, Board member
- 25SEC EDGARStephanie Lilak, Board member
- 26SEC EDGARJulie Mb Bradley, Board member
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- 28SEC EDGARLisa Marguerite Price, Board member
- 29SEC EDGARMichael James White, Board member
- 30SEC EDGARRalph Alvarez, Board member
- 31SEC EDGARTricia Patrick, Board member
- 32SEC EDGARWilliam A. Kussell, Board member
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- 35SEC EDGARRegulation FD disclosure
- 36SEC EDGARShareholder vote
- 37SEC EDGARExecutive or director change
- 38SEC EDGARShareholder vote
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- 40SEC EDGARExecutive or director change
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- 43SEC EDGARResults of operations
- 44SEC EDGARExecutive or director change
- 45SEC EDGAROther events
- 46NasdaqNasdaq calendar
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