First Watch Restaurant Group, Inc.

FWRGNASDAQConsumer Cyclical● Active

$10.34

+$0.16(+1.57%)

Market Cap$637408111

P/E Ratio—

52W High$19.53

52W Low$10.09

Avg Volume1.6M

Open$10.15

Beta1.06

Free Cash Flow Financials Revenue

First Watch Restaurant Group, Inc. (FWRG) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FWRG · free cash flow · updated Jun 8, 2026

Core FCF metrics

FWRG · FCF · TTM · margin & CAGR

Free cash flow was −$31.0M for FY2025 (fiscal year ending 2025-12-28), down 152.5% year-over-year The FCF margin was -2.5%.

FY2025 Free Cash Flow−$31.0M▼ -152.5% YoY

Trailing 12M (TTM)−$9.5Mtrailing 4 quarters sum

FCF Margin-2.5%−$31.0M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FWRG · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$125.9M(157M)−$31.0M▼ 152.5%-2.5%

FY2024$115.7M(128M)−$12.3M▼ 215.3%-1.2%

FY2023$95.3M(85M)$10.7M▲ +2809.9%1.2%

FY2022$62.9M(63M)−$393,000▼ 101.4%-0.1%

FY2021$63.0M(36M)$27.3M▲ +160.2%4.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FWRG · P/FCF · FCF yield · FCF per share

First Watch Restaurant Group, Inc. (FWRG) reported negative free cash flow of −$0.03B. FCF-based valuation ratios are not meaningful when FCF is negative.

FCF Yield (TTM)

N/A

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

N/A

TTM FCF ÷ Shares Outstanding

Price / FCF

N/A

Share Price ÷ FCF per Share

EV / FCF (TTM)

N/A

Enterprise Value basis

FCF-based valuation ratios are only meaningful when free cash flow is positive. Negative FCF indicates capital expenditures exceeded operating cash flow.

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-28

Cash flow statement summary

FWRG · cash flow statement · operating / investing / financing

For FY2025, First Watch Restaurant Group, Inc. generated $125.9M in operating cash flow and spent 157M in capital expenditures, yielding −$31.0M in free cash flow.

Operating Activities

+$125.9M

Cash from core business operations

2025-12-28

Investing Activities

−$213.8M

CapEx, acquisitions & investments

2025-12-28

Financing Activities

+$75.8M

Buybacks, dividends & debt

2025-12-28

FCF FormulaOperating CF ($125.9M) − |CapEx| (157M) = FCF (−$31.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Consumer Cyclical)

FWRG vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

First Watch Restaurant Group, Inc.YOU

FWRG

−$31.0M-152.5%-2.5%

Loss

Toyota Motor Corporation

Alibaba Group Holding Limited

BABA

−$50.72B-164.9%-5.0%

Loss

Consumer Cyclical · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

First Watch Restaurant Group, Inc. (FWRG) reported free cash flow of −$31.0M for FY2025 (fiscal year ending 2025-12-28), down 152.5% year-over-year. The FCF margin was -2.5%.

Based on available data, First Watch Restaurant Group, Inc. has maintained positive free cash flow for at least 2 fiscal year(s). FCF peaked at $27.3M in FY2021.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FWRG free cash flow · 8 questions

First Watch Restaurant Group, Inc. free cash flow was −$31.0M for FY2025, down 152.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at −$9.5M.

FWRG free cash flowFWRG FCFFWRG FCF 2025FWRG free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · First Watch Restaurant Group, Inc. · First Watch Restaurant Group, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026