Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 36

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 36
---
 reconciliation of Net income, the most directly comparable measure in accordance with GAAP, to Adjusted EBITDA, included in the section Non-GAAP Financial Measure Reconciliations below.  

Adjusted EBITDA Margin: represents Adjusted EBITDA as a percentage of total revenues. See Non-GAAP Financial Measure Reconciliations below for a reconciliation to Net income margin, the most directly comparable GAAP measure. 

Restaurant Level Operating Profit: represents restaurant sales, less restaurant operating expenses, which include food and beverage costs, labor and other related expenses, other restaurant operating expenses, pre-opening expenses and occupancy expenses. Restaurant level operating profit excludes corporate-level expenses and other items that we do not consider in the evaluation of the ongoing core operating performance of our restaurants as identified in the reconciliation of Income from operations, the most directly comparable GAAP measure, to Restaurant level operating profit, included in the section Non-GAAP Financial Measure Reconciliations below. 

Restaurant Level Operating Profit Margin: represents Restaurant level operating profit as a percentage of restaurant sales. See Non-GAAP Financial Measure Reconciliations below for a reconciliation to Income from operations margin, the most directly comparable GAAP measure.

Selected Operating Data

THIRTEEN WEEKS ENDED JUNE 29, 2025 COMPANY-OWNEDFRANCHISE-OWNEDTOTALBeginning of period49886584New restaurant openings15 2 17Acquisitions of franchise-owned restaurants19 (19)0Closures(1)— (1)End of period53169600

21

TWENTY-SIX WEEKS ENDED JUNE 29, 2025 COMPANY-OWNEDFRANCHISE-OWNEDTOTALBeginning of period48983572New restaurant openings25 5 30Acquisitions of franchise-owned restaurants19 (19)—Closures(2)— (2)End of period53169600

THIRTEEN WEEKS ENDEDTWENTY-SIX WEEKS ENDEDJUNE 29, 2025JUNE 30, 2024JUNE 29, 2025JUNE 30, 2024System-wide sales (in thousands)$346,209 $298,978 $669,208 $588,558 Same-restaurant sales growth 3.5 %(0.3)%2.1 %0.1 %Same-restaurant traffic growth 2.0 %(4.0)%0.6 %(4.2)%