Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 61

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 2
Chunk 61
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,325 $53,132 $63,915 Adjusted EBITDA margin (2)9.9 %13.7 %9.0 %12.8 %________________

(1) Reconciliations from Income from operations and Income from operations margin, the most comparable GAAP measures to Restaurant level operating profit and Restaurant level operating profit margin, are set forth in the schedules within the Non-GAAP Financial Measures Reconciliations section below.

(2) Reconciliations from Net income and Net income margin, the most comparable GAAP measures to Adjusted EBITDA and Adjusted EBITDA margin, are set forth in the schedules within the Non-GAAP Financial Measures Reconciliations section below.

22

Results of Operations 

The following table summarizes our results of operations and the percentages of certain items in relation to Total revenues or, where indicated, Restaurant sales for the thirteen and twenty-six weeks ended June 29, 2025 and June 30, 2024, respectively:

THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDED(in thousands)JUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024RevenuesRestaurant sales$304,983 99.1 %$255,457 98.8 %$584,574 99.1 %$494,765 98.8 %Franchise revenues2,904 0.9 %3,104 1.2 %5,553 0.9 %6,245 1.2 %Total revenues307,887 100.0 %258,561 100.0 %590,127 100.0 %501,010 100.0 %Operating costs and expensesRestaurant operating expenses (1) (exclusive of depreciation and amortization shown below):Food and beverage costs71,978 23.6 %55,803 21.8 %138,625 23.7 %107,987 21.8 %Labor and other related expenses101,310 33.2 %83,841 32.8 %198,064 33.9 %163,576 33.1 %Other restaurant operating expenses46,603 15.3 %37,549 14.7 %90,862