Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 38

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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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 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