← First Watch Restaurant Group, Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenues: | ||||||||
| Other restaurant operating expenses | $55.6m | $61.8m | $94.8m | $114.5m | $134.5m | $152.0m | $188.7m | |
| Total operating costs and expenses | $473.9m | $389.6m | $579.0m | $713.2m | $850.3m | $977.0m | $1.2b | |
| Income from operations | ($37.6m) | ($47.2m) | $22.2m | $16.9m | $41.3m | $38.9m | $27.5m | |
| Depreciation and amortization | $28.0m | $30.7m | $32.4m | $34.2m | $41.2m | $57.7m | $75.0m | |
| Impairments and loss on disposal of assets | $33.6m | $315k | $381k | $920k | $1.4m | $525k | $448k | |
| Other income, net | ($255k) | $483k | ($1.8m) | $910k | $2.9m | $1.8m | $1.3m | |
| Unrealized (loss) gain on derivatives | — | — | $0 | $0 | ($889k) | $301k | ($869k) | |
| Income tax related to other comprehensive (loss) income | — | — | — | $0 | $222k | ($75k) | $215k | |
| Other comprehensive (loss) income | — | — | $0 | $0 | ($667k) | $226k | ($654k) | |
| Comprehensive income | ($45.4m) | ($49.7m) | ($2.1m) | $6.9m | $24.7m | $19.2m | $18.8m | |
| Income before income taxes | ($57.9m) | ($69.6m) | $370k | $12.6m | $36.1m | $28.0m | $12.1m | |
| Net income | ($45.4m) | ($49.7m) | ($2.1m) | $6.9m | $25.4m | $18.9m | $19.4m | |
| Net income (loss) per common share - basic (in dollars per share) | ($1) | ($1) | ($0) | $0 | $0 | $0 | $0 | |
| Net income (loss) per common share - diluted (in dollars per share) | ($1) | ($1) | ($0) | $0 | $0 | $0 | $0 | |
| Weighted average common shares outstanding - basic (in shares) | 45.0m | 45.0m | 48.2m | 59.1m | 59.5m | 60.4m | 61.0m | |
| Weighted average common shares outstanding - diluted (in shares) | 45.0m | 45.0m | 48.2m | 60.1m | 61.2m | 62.4m | 62.8m | |
| Food and beverage costs | $100.7m | $77.0m | $134.2m | $172.6m | $197.4m | $223.1m | $280.1m | |
| Labor and other related expenses | $148.5m | $120.4m | $189.2m | $238.3m | $294.0m | $335.0m | $405.5m | |
| Occupancy expenses | $44.2m | $49.5m | $55.4m | $59.9m | $68.4m | $82.7m | $100.8m | |
| Pre-opening expenses | $5.8m | $3.9m | $3.3m | $5.4m | $7.2m | $10.1m | $12.9m | |
| General and administrative expenses | $55.8m | $46.3m | $70.4m | $85.0m | $103.1m | $113.3m | $128.9m | |
| Transaction expenses, net | $1.7m | ($258k) | ($1.2m) | $2.5m | $3.1m | $2.6m | $2.5m | |
| Interest expense | ($20.1m) | ($22.8m) | ($20.1m) | ($5.2m) | ($8.1m) | ($12.6m) | ($16.7m) | |
| Income tax benefit (expense) | $12.4m | $19.9m | ($2.5m) | ($5.7m) | ($10.7m) | ($9.1m) | $7.3m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.