Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 62

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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 ENDED SEPTEMBER 28, 2025 COMPANY-OWNEDFRANCHISE-OWNEDTOTALBeginning of period53169600New restaurant openings18 3 21Acquisitions of franchise-owned restaurants— — — Closures(1)— (1)End of period54872620

21

THIRTY-NINE WEEKS ENDED SEPTEMBER 28, 2025 COMPANY-OWNEDFRANCHISE-OWNEDTOTALBeginning of period48983572New restaurant openings43 8 51Acquisitions of franchise-owned restaurants19 (19)—Closures(3)— (3)End of period54872620

THIRTEEN WEEKS ENDEDTHIRTY-NINE WEEKS ENDEDSEPTEMBER 28, 2025SEPTEMBER 29, 2024SEPTEMBER 28, 2025SEPTEMBER 29, 2024System-wide sales (in thousands)$352,688 $291,806 $1,021,896 $880,364 Same-restaurant sales growth 7.1 %(1.9)%3.7 %(0.6)%Same-restaurant traffic growth 2.6 %(4.4)%1.3 %(4.3)%Income from operations (in thousands)$10,050 $6,313 $18,476 $35,046 Income from operations margin3.2 %2.5 %2.1 %4.7 %Restaurant level operating profit (in thousands) (1)$61,675 $46,991 $164,573 $152,799 Restaurant level operating profit margin (1)19.7 %18.9 %18.3 %20.5 %Net income (in thousands)$2,991 $2,112 $4,268 $18,226 Net income margin0.9 %0.8 %0.5 %2.4 %Adjusted EBITDA (in thousands) (2)$34,099 $25,624 $87,231 $89,539 Adjusted EBITDA margin (2)10.8 %10.2 %9.6 %11.9 %________________

(1) Reconciliations from Income from operations and Income from operations margin, the most comparable GAAP measures to Restaurant level operating