First Watch Restaurant Group, Inc. (FWRG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 34.46M | 18.46M | 47.88M | 39.43M | 20.14M | 22.92M | 35.86M | 31.91M | 24.98M | 22.29M | 17.46M | 34.44M | 21.14M | 16.29M | 14.83M | 23.82M | 7.99M | 18.71M | 13.84M | 24.6M |
| Operating CF Margin % | 10.41% | 5.84% | 15.15% | 12.81% | 7.14% | 8.71% | 14.25% | 12.34% | 10.3% | 9.11% | 7.97% | 15.92% | 10% | 8.77% | 7.94% | 12.92% | 4.61% | 11.5% | 8.79% | 15.98% |
| Operating CF Growth % | 71.1% | -19.47% | 33.54% | 23.57% | -19.39% | 2.83% | 105.35% | -7.34% | 18.16% | 36.83% | 17.73% | 44.57% | 164.65% | -12.9% | 7.19% | -3.15% | 37.06% | 821.93% | - | - |
| Net Income | -2.69M | 15.16M | 2.99M | 2.11M | -829K | 699K | 2.11M | 8.9M | 7.21M | 2.65M | 5.42M | 7.96M | 9.36M | -486K | 46K | 2.71M | 4.64M | -4.65M | 783K | 3.81M |
| Depreciation & Amortization | 21.4M | 20.66M | 19.66M | 18.14M | 16.56M | 15.76M | 15.15M | 14.54M | 12.27M | 12.23M | 10.43M | 9.44M | 9.12M | 8.93M | 8.68M | 8.4M | 8.22M | 8.41M | 8.2M | 7.98M |
| Stock-Based Compensation | 3.35M | 2.83M | 2.88M | 2.79M | 2.26M | 2.13M | 2.08M | 2.45M | 1.87M | 2.22M | 1.76M | 2.13M | 1.5M | 2.55M | 2.72M | 2.81M | 2.29M | 7.85M | 430K | 187K |
| Deferred Taxes | -1.37M | -11.83M | 2.26M | 731K | -1.2M | -674K | 897K | 4.34M | 2.26M | 1.75M | 692K | 1.65M | 4.23M | 324K | 1.19M | 1.12M | 2.05M | -350K | 493K | 2.23M |
| Other Non-Cash Items | 9.24M | 8.93M | 8.78M | 8.36M | 7.83M | 7.6M | 7.29M | 6.78M | 6.33M | 5.77M | 5.39M | 4.59M | 4.33M | 4.46M | 4.6M | 4.1M | 4.03M | 5.16M | 3.73M | 3.56M |
| Working Capital Changes | 4.52M | -17.29M | 11.31M | 7.31M | -4.48M | -2.59M | 8.33M | -5.09M | -4.96M | -2.32M | -6.24M | 8.68M | -7.39M | 518K | -2.4M | 4.69M | -13.24M | 2.28M | 201K | 6.84M |
| Change in Receivables | 828K | -1.35M | -22K | 476K | 1.27M | -2.3M | -900K | 98K | 1.4M | -542K | -524K | -638K | 2.34M | -2.73M | 437K | -842K | 1.42M | -1.55M | 49K | -218K |
| Change in Inventory | 37K | -688K | 286K | -382K | -83K | -788K | 337K | -255K | 198K | -520K | 260K | -424K | 622K | -912K | -150K | -240K | 297K | -550K | -226K | -453K |
| Change in Payables | 1.06M | 1.47M | -275K | -187K | 732K | 87K | -303K | 1.5M | -643K | 771K | 4K | 291K | -2.37M | 90K | 514K | -979K | -3.1M | 3.94M | 610K | 1.97M |
| Cash from Investing | -29.53M | -37.99M | -42.92M | -96.24M | -36.6M | -40.73M | -30.56M | -103.35M | -32M | -40.74M | -45.46M | -22.73M | -14.44M | -17.41M | -18.75M | -15.49M | -11.46M | -8.26M | -7.9M | -8.93M |
| Capital Expenditures | -29.35M | -36.02M | -42.88M | -41.45M | -36.56M | -40.67M | -29.11M | -29.68M | -28.58M | -31.83M | -23.1M | -15.16M | -14.6M | -17.63M | -18.75M | -15.49M | -11.46M | -8.26M | -7.9M | -8.93M |
| CapEx % of Revenue | 8.87% | 11.39% | 13.57% | 13.46% | 12.95% | 15.45% | 11.57% | 11.48% | 11.79% | 13.01% | 10.54% | 7.01% | 6.9% | 9.49% | 10.04% | 8.4% | 6.62% | 5.08% | 5.02% | 5.8% |
| Acquisitions | -171K | -1.18M | 0 | -54.82M | -10K | -91K | -1.45M | -73.68M | -3.42M | -9.46M | -22.4M | -8.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15K | -799K | -47K | 33K | -37K | 31K | 0 | 3K | 0 | 555K | 42K | 447K | 154K | 219K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -2.6M | 20.07M | -3.42M | 57.38M | 1.76M | -7K | 475K | 73.3M | 562K | 28.16M | 1.16M | 713K | -1.96M | 1.42M | -272K | -1.29M | -1.87M | -10.44M | -2.12M | -865K |
| Debt Issued (Net) | -2.69M | -55.42M | -3.42M | 57.21M | 1.63M | -3.82M | -1.36M | 73.61M | -155K | 27.34M | -1.73M | -643K | -2.52M | 622K | -656K | -1.53M | -1.8M | -186.67M | -864K | -865K |
| Equity Issued (Net) | 89K | -303K | 0 | 170K | 133K | 1.39M | 1.83M | 66K | 3.15M | 819K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 75.79M | 0 | 0 | 0 | 2.43M | 0 | -375K | -2.43M | 0 | 2.89M | 1.36M | 565K | 797K | 384K | 244K | -78K | 176.23M | -1.25M | 0 |
| Net Change in Cash | 2.32M | 532K | 1.54M | 570K | -14.71M | -17.82M | 5.77M | 1.86M | -6.46M | 9.71M | -26.84M | 12.42M | 4.74M | 301K | -4.2M | 7.04M | -5.34M | 13K | 3.82M | 14.8M |
| Free Cash Flow | 5.11M | -17.56M | 5.01M | -2.02M | -16.42M | -17.75M | 6.74M | 2.23M | -3.6M | -9.54M | -5.64M | 19.28M | 6.55M | -1.34M | -3.92M | 8.34M | -3.47M | 10.45M | 5.94M | 15.67M |
| FCF Margin % | 1.54% | -5.55% | 1.58% | -0.66% | -5.82% | -6.74% | 2.68% | 0.86% | -1.49% | -3.9% | -2.57% | 8.91% | 3.1% | -0.72% | -2.1% | 4.52% | -2% | 6.42% | 3.77% | 10.18% |
| FCF Growth % | 131.12% | 1.08% | -25.76% | -190.59% | -355.86% | -86.06% | 219.57% | -88.42% | -155.01% | -613.54% | -43.77% | 131.31% | 288.76% | -112.8% | -166.08% | -46.8% | 27.18% | 499.24% | - | - |
| FCF per Share | 0.08 | -0.28 | 0.08 | -0.03 | -0.27 | -0.28 | 0.11 | 0.04 | -0.06 | -0.15 | -0.09 | 0.32 | 0.11 | -0.02 | -0.06 | 0.14 | -0.06 | 0.18 | 0.10 | 0.27 |
| FCF Conversion (FCF/Net Income) | -12.83x | 1.22x | 16.01x | 18.72x | -8.97x | 32.80x | 16.98x | 3.59x | 3.46x | 8.42x | 3.22x | 4.33x | 2.26x | -33.52x | 322.43x | 8.80x | 1.72x | -4.02x | 17.67x | 6.46x |
| Interest Paid | 0 | -6.92M | 4.13M | -280K | 3.07M | 0 | 1.58M | 1.59M | 0 | 3.36M | 1.94M | 1.76M | 1.66M | 568K | 804K | 1.04M | 952K | 1.39M | 4.9M | 4.91M |
| Taxes Paid | 0 | -2.06M | 1.05M | 914K | 101K | 0 | 849K | 2.1M | 0 | 615K | 355K | 915K | 67K | 138K | 184K | 593K | 0 | 24K | 24K | 0 |