Company: FWRG
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001789940-25-000072
Chunk: 37

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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Income from operations (in thousands)$7,313 $16,447 $8,426 $28,733 Income from operations margin2.4 %6.4 %1.4 %5.8 %Restaurant level operating profit (in thousands) (1)$56,776 $55,946 $102,898 $105,808 Restaurant level operating profit margin (1)18.6 %21.9 %17.6 %21.4 %Net income (in thousands)$2,106 $8,900 $1,277 $16,114 Net income margin0.7 %3.4 %0.2 %3.2 %Adjusted EBITDA (in thousands) (2)$30,379 $35,325 $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