Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $436M | $342M | $601M | $730M | $892M | $1.02B | $1.22B |
| Revenue growth | — | -21.5% | 75.6% | 21.5% | 22.1% | 13.9% | 20.3% |
| Operating income | -$37.6M | -$47.2M | $22.2M | $16.9M | $41.3M | $38.9M | $27.5M |
| Operating margin | -8.6% | -13.8% | 3.7% | 2.3% | 4.6% | 3.8% | 2.3% |
| Net income | -$45.4M | -$49.7M | -$2.11M | $6.91M | $25.4M | $18.9M | $19.4M |
| Net margin | -10.4% | -14.5% | -0.4% | 0.9% | 2.8% | 1.9% | 1.6% |
| EPS (diluted) | -$1.01 | -$1.10 | -$0.04 | $0.11 | $0.41 | $0.30 | $0.31 |
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.5M | -$18.4M | $63.0M | $62.9M | $95.3M | $116M | $126M |
| Capital expenditures | $59.2M | $26.7M | $35.3M | $62.2M | $83.3M | $128M | $157M |
| Free cash flow | -$37.7M | -$45.1M | $27.7M | $718K | $12.0M | -$12.2M | -$31.0M |
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Cash & equivalents | $11.1M | $38.8M | $51.9M | $49.7M | $49.6M | $33.3M | $21.2M |
| Total assets | — | $1.01B | $1.05B | $1.10B | $1.27B | $1.51B | $1.74B |
| Total liabilities | — | $687M | $542M | $581M | $706M | $919M | $1.12B |
| Shareholders' equity | $330M | $321M | $504M | $523M | $561M | $595M | $626M |
| Retained earnings | — | -$103M | -$105M | -$98.1M | -$72.7M | -$53.8M | -$34.4M |
| Shares (wtd avg diluted) | 45.0M | 45.0M | 48.2M | 60.1M | 61.2M | 62.4M | 62.8M |
Every figure is extracted from First Watch Restaurant Group, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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