First Watch Restaurant Group annual free cash flow
2019
2020
2021
2022
2023
2024
2025
First Watch Restaurant Group Free Cash Flow (FCF) History (FWRG)
First Watch Restaurant Group reported −$31.0M in free cash flow for fiscal 2025, a decrease of $18.8M from the previous fiscal year, with a free cash flow margin of −2.54%.
View full First Watch Restaurant Group company overviewFirst Watch Restaurant Group free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-28 | −$31.0M | −$18.8M | — | −2.54% |
| 2024 | 2024-12-29 | −$12.2M | −$24.3M | — | −1.21% |
| 2023 | 2023-12-31 | $12.0M | $11.3M | +1572.56% | +1.35% |
| 2022 | 2022-12-25 | $718,000 | −$26.9M | −97.40% | +0.10% |
| 2021 | 2021-12-26 | $27.7M | $72.8M | — | +4.60% |
| 2020 | 2020-12-27 | −$45.1M | −$7.4M | — | −13.18% |
| 2019 | 2019-12-29 | −$37.7M | — | — | −8.64% |
First Watch Restaurant Group quarterly free cash flow
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-28 | −$13.1M | −$11.4M | — | −3.68% |
| Q1 2026 | 2026-03-29 | $5.1M | $21.5M | — | +1.54% |
| Q4 2025 | 2025-12-28 | −$18.3M | −$619,000 | — | −5.80% |
| Q3 2025 | 2025-09-28 | $5.4M | −$1.4M | −20.24% | +1.71% |
| Q2 2025 | 2025-06-29 | −$1.7M | −$4.0M | — | −0.54% |
| Q1 2025 | 2025-03-30 | −$16.4M | −$12.8M | — | −5.81% |
| Q4 2024 | 2024-12-29 | −$17.7M | −$9.5M | — | −6.73% |
| Q3 2024 | 2024-09-29 | $6.8M | $12.4M | — | +2.70% |
| Q2 2024 | 2024-06-30 | $2.3M | −$17.0M | −88.09% | +0.89% |
| Q1 2024 | 2024-03-31 | −$3.6M | −$10.2M | — | −1.49% |
| Q4 2023 | 2023-12-31 | −$8.3M | −$7.3M | — | −3.38% |
| Q3 2023 | 2023-09-24 | −$5.6M | −$2.0M | — | −2.57% |
| Q2 2023 | 2023-06-25 | $19.3M | $10.7M | +123.84% | +8.91% |
| Q1 2023 | 2023-03-26 | $6.6M | $10.0M | — | +3.13% |
| Q4 2022 | 2022-12-25 | −$941,000 | −$11.4M | — | −0.51% |
| Q3 2022 | 2022-09-25 | −$3.6M | −$9.5M | — | −1.92% |
| Q2 2022 | 2022-06-26 | $8.6M | −$7.3M | −45.97% | +4.67% |
| Q1 2022 | 2022-03-27 | −$3.4M | $1.3M | — | −1.95% |
| Q4 2021 | 2021-12-26 | $10.5M | — | — | +6.43% |
| Q3 2021 | 2021-09-26 | $5.9M | — | — | +3.77% |
| Q2 2021 | 2021-06-27 | $15.9M | — | — | +10.36% |
| Q1 2021 | 2021-03-28 | −$4.7M | — | — | −3.68% |
First Watch Restaurant Group free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$45.1M to −$31.0M, a net increase of $14.1M. First Watch Restaurant Group's latest reported quarter, Q2 2026, generated −$13.1M in free cash flow, a decrease of $11.4M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review First Watch Restaurant Group filings at SEC.gov ↗