← First Watch Restaurant Group, Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Total Revenue | $436.4m |
$342.4m
-21.54%
|
$601.2m
+75.59%
|
$730.2m
+21.45%
|
$891.6m
+22.10%
|
$1.0b
+13.95%
|
$1.2b
+20.34%
|
|
| Other Cost of Operating Revenue | $55.6m | $61.8m | $94.8m | $114.5m | $134.5m | $152.0m | $188.7m | |
| Cost of Revenue | $44.2m |
$49.5m
+11.97%
|
$55.4m
+12.10%
|
$59.9m
+8.09%
|
$68.4m
+14.15%
|
$82.7m
+20.90%
|
$100.8m
+21.88%
|
|
| Gross Profit | $392.2m |
$292.9m
-25.31%
|
$545.8m
+86.31%
|
$670.2m
+22.81%
|
$823.2m
+22.81%
|
$933.2m
+13.37%
|
$1.1b
+20.20%
|
|
| General and Administrative Expense | $55.8m | $46.3m | $70.4m | $85.0m | $103.1m | $113.3m | $128.9m | |
| Amortization of Intangible Assets | — | $1.1m | $1.0m | $1.0m | $1.5m | $5.6m | $8.5m | |
| Operating expenses: | ||||||||
| Other restaurant operating expenses | $55.6m | $61.8m | $94.8m | $114.5m | $134.5m | $152.0m | $188.7m | |
| Total operating costs and expenses | $473.9m | $389.6m | $579.0m | $713.2m | $850.3m | $977.0m | $1.2b | |
| Operating Income (Loss) | ($37.6m) |
($47.2m)
-25.74%
|
$22.2m
+147.10%
|
$16.9m
-23.96%
|
$41.3m
+144.00%
|
$38.9m
-5.72%
|
$27.5m
-29.29%
|
|
| Interest Expense | ($20.1m) | $22.8m | $20.1m | $5.2m | $8.1m | ($12.6m) | ($16.7m) | |
| Interest Expense, Debt | — | — | — | — | — | $14.3m | $18.7m | |
| Other income (expense): | ||||||||
| Other income, net | ($255k) | $483k | ($1.8m) | $910k | $2.9m | $1.8m | $1.3m | |
| Nonoperating Income (Expense) | ($255k) | $483k | ($1.8m) | $910k | $2.9m | $1.8m | $1.3m | |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | ($57.9m) | ($69.6m) | $370k | $12.6m | $36.1m | $28.0m | $12.1m | |
| Current Income Tax Expense (Benefit) | — | $118k | $301k | $1.0m | $2.4m | $2.3m | $2.7m | |
| Income tax related to other comprehensive (loss) income | — | — | — | $0 | $222k | ($75k) | $215k | |
| Income Tax Expense (Benefit) | $12.4m | ($19.9m) | $2.5m | $5.7m | $10.7m | $9.1m | ($7.3m) | |
| Net Income (Loss) Attributable to Parent | ($45.4m) |
($49.7m)
-9.34%
|
($2.1m)
+95.76%
|
$6.9m
+427.81%
|
$25.4m
+267.53%
|
$18.9m
-25.45%
|
$19.4m
+2.68%
|
|
| Net Income (Loss) Attributable to Noncontrolling Interest | — | $0 | $0 | — | — | — | — | |
| Earnings Per Share, Basic | ($1.01) | ($1.10) | ($0.04) | $0.12 | $0.43 | $0.31 | $0.32 | |
| Earnings Per Share, Diluted | ($1.01) | ($1.10) | ($0.04) | $0.11 | $0.41 | $0.30 | $0.31 | |
| Weighted Average Number of Shares Outstanding, Basic | 45.0m | 45.0m | 48.2m | 59.1m | 59.5m | 60.4m | 61.0m | |
| Weighted average common shares outstanding - basic (in shares) | 45.0m | 45.0m | 48.2m | 59.1m | 59.5m | 60.4m | 61.0m | |
| Weighted average common shares outstanding - diluted (in shares) | 45.0m | 45.0m | 48.2m | 60.1m | 61.2m | 62.4m | 62.8m | |
| Weighted Average Number of Shares Outstanding, Diluted | 45.0m | 45.0m | 48.2m | 60.1m | 61.2m | 62.4m | 62.8m | |
| Additional Financial Items | ||||||||
| Business Combination, Acquisition Related Costs | — | $0 | $0 | — | $2.1m | $1.6m | $1.1m | |
| Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims | — | $1.3m | $1.4m | $1.5m | $2.3m | $3.9m | $6.3m | |
| Food and beverage costs | $100.7m | $77.0m | $134.2m | $172.6m | $197.4m | $223.1m | $280.1m | |
| Labor and other related expenses | $148.5m | $120.4m | $189.2m | $238.3m | $294.0m | $335.0m | $405.5m | |
| Occupancy expenses | $44.2m | $49.5m | $55.4m | $59.9m | $68.4m | $82.7m | $100.8m | |
| Pre-opening expenses | $5.8m | $3.9m | $3.3m | $5.4m | $7.2m | $10.1m | $12.9m | |
| Depreciation and amortization | $28.0m | $30.7m | $32.4m | $34.2m | $41.2m | $57.7m | $75.0m | |
| Impairments and loss on disposal of assets | $33.6m | $315k | $381k | $920k | $1.4m | $525k | $448k | |
| Transaction expenses, net | $1.7m | ($258k) | ($1.2m) | $2.5m | $3.1m | $2.6m | $2.5m | |
| Unrealized (loss) gain on derivatives | — | — | $0 | $0 | ($889k) | $301k | ($869k) | |
| Other comprehensive (loss) income | — | — | $0 | $0 | ($667k) | $226k | ($654k) | |
| Comprehensive income | ($45.4m) | ($49.7m) | ($2.1m) | $6.9m | $24.7m | $19.2m | $18.8m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.