FWRG FINANCIAL STATEMENTS

First Watch Restaurant Group Inc — balance sheet, income statement and cash flow trends

FWRGFirst Watch Restaurant Group Inc

🇺🇸 USA · NASDAQ · Consumer Cyclical · Restaurants

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.3 B $+20.4%

Gross Profit231.8 M $-38.3%

Operating Income29.6 M $+6.6%

EBITDA108.2 M $+27.1%

Net Income17.6 M $+85.7%

Peer Comparison· Restaurants

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FWRG	20.4%	18.2%	8.5%	1.4%
MTY	0.6%	27.9%	26.8%	13.1%
BIGCH	9.4%	21.2%	22.2%	0.1%
BYDNR	3.2%	10.9%	14.4%	-2.1%
ETILR	5.5%	13.5%	12.7%	-1.0%
QSR	9.2%	37.5%	27.1%	10.0%
Industry median	5.4%	27.2%	12.4%	3.0%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FWRG	20.4%	18.2%	8.5%	1.4%
BLMN	4.2%	54.4%	5.6%	0.5%
KRUS	18.7%	11.2%	4.6%	-0.6%
CNNE	-6.4%	2.9%	-48.8%	-103.8%
SG	-1.5%	10.6%	13.8%	2.5%
PZZA	-2.4%	23.3%	11.9%	1.4%
Industry median	5.4%	27.2%	12.4%	3.0%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity627.7 M $35%
Current Liabilities177.5 M $10%
Long-term Liabilities968.9 M $55%

Key Figures

YoY change

Total Assets1.8 B $+14.9%

Total Liabilities1.1 B $+20.9%

Total Equity627.7 M $+5.3%

Cash & ST Investments23.6 M $+26.6%

Total Debt1 B $+23.1%

Net Debt1 B $+23.0%

Peer Comparison· Restaurants

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FWRG	0.29	164.2%	9.31	35.4%
MTY	0.69	127.6%	3.29	34.7%
BIGCH	0.66	65.5%	0.70	39.7%
BYDNR	0.74	65.7%	1.32	46.6%
ETILR	1.24	109.7%	1.68	35.4%
QSR	0.99	420.7%	5.65	15.0%
Industry median	0.72	83.1%	3.64	22.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FWRG	0.29	164.2%	9.31	35.4%
BLMN	0.24	501.4%	8.62	12.7%
KRUS	1.46	89.2%	10.99	49.6%
CNNE	1.71	21.3%	-0.34	77.4%
SG	1.61	72.8%	2.13	53.6%
PZZA	0.84	-212.1%	3.83	-54.0%
Industry median	0.72	83.1%	3.64	22.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow140.2 M $+26.5%

Capital Expenditures149.7 M $+10.1%

Free Cash Flow-9.5 M $—

Dividends Paid——

Peer Comparison· Restaurants

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FWRG	11.0%	-0.7%	11.8%	797.8%
MTY	14.1%	12.9%	1.1%	107.1%
BIGCH	20.7%	8.0%	12.4%	19,882.5%
BYDNR	22.2%	-2.1%	27.8%	-1,057.9%
ETILR	-2.3%	-7.6%	2.1%	236.1%
QSR	18.4%	15.7%	2.7%	184.8%
Industry median	11.3%	5.3%	5.0%	182.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FWRG	11.0%	-0.7%	11.8%	797.8%
BLMN	7.0%	3.0%	4.0%	1,281.2%
KRUS	7.8%	1.5%	17.7%	-1,244.2%
CNNE	-11.0%	-13.5%	2.5%	10.6%
SG	-2.5%	-17.9%	15.4%	-99.7%
PZZA	5.1%	1.8%	3.3%	356.7%
Industry median	11.3%	5.3%	5.0%	182.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.