---
schema_version: "secwatch.filing_event.v1"
accession: "0001789940-23-000010"
form_type: "8-K"
ticker: "FWRG"
cik: "0001789940"
company_name: "First Watch Restaurant Group, Inc."
filed_at: "2023-03-07T23:59:59+00:00"
generated_at: "2026-06-18T09:55:56.096984+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Watch FY2022 revenue up 21.5% to $730.2M; same-restaurant sales +14.5%

## Summary
- FY2022 total revenues $730.2M (+21.5% YoY); net income $6.9M vs loss of $2.1M in 2021.
- FY2022 same-restaurant sales growth 14.5%, traffic growth 7.7%; 43 system-wide restaurants opened.
- Q4 2022 revenues $185.7M (+14.2%); same-restaurant sales +7.7%, traffic -0.6% vs Q4 2021.
- Adjusted EBITDA $69.3M in FY2022 vs $66.3M in FY2021; restaurant-level operating profit margin 17.9%.
- 2023 outlook: same-restaurant sales +15.7%, traffic +8.5% through first two periods of Q1.

## SEC filing metadata
- accession: 0001789940-23-000010
- form_type: 8-K
- ticker: FWRG
- cik: 0001789940
- company_name: First Watch Restaurant Group, Inc.
- filed_at: 2023-03-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000010/0001789940-23-000010-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000010/fwrg-20230307.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001789940-23-000010
- JSON: https://secwatch.observer/filing/0001789940-23-000010.json
- Plain text: https://secwatch.observer/filing/0001789940-23-000010.txt

## Key facts
- Earnings Releases
  First Watch Restaurant Group, Inc. reported thirteen weeks ended December 25, 2022 results: revenue Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021, net income Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021.
  - Period: thirteen weeks ended December 25, 2022
  - Revenue: Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021
  - Net income: Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021
  - Result: reported results
  source text: Highlights for Q4 2022 compared to Q4 2021: • Total revenues increased 14.2% to $185.7 million in Q4 2022 from $162.6 million in Q4 2021 • System-wide sales increased 15.6% to $234.2 million in Q4 2022 from $202.7 million in Q4 2021 • Same-restaurant sales growth of 7.7% (up 29.3% relative to Q4 2019 * ) • Same-restaurant traffic growth of (0.6)% (up 5.2% relative to Q4 2019*) • Income from operations of $1.5 million and Income from operations margin of 0.8% in Q4 2022 compared to Loss from operations of $(1.1) million and Loss from operations margin of (0.7)% in Q4 2021, respectively • Restaurant level operating profit** and Restaurant level operating profit margin ** of $30.5 million and 16.7% in Q4 2022 compared to $29.2 million and 18.2% in Q4 2021, respectively • Net loss improved to $(0.5) million in Q4 2022 compared to $(4.7) million in Q4 2021 • Adjusted EBITDA ** increased to $15.1 million in Q4 2022 from $14.2 million in Q4 2021 • Opened 16 system-wide restaurants (11 company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000010/0001789940-23-000010-index.htm
- Earnings Releases
  First Watch Restaurant Group, Inc. reported fourth fiscal quarter and fiscal year ended December 25, 2022 results: revenue Total revenues of $730.2 million, up 21.5%, net income Net income of $6.9 million compared to Net loss of $(2.1) million in 2021.
  - Period: fourth fiscal quarter and fiscal year ended December 25, 2022
  - Revenue: Total revenues of $730.2 million, up 21.5%
  - Net income: Net income of $6.9 million compared to Net loss of $(2.1) million in 2021
  - Result: reported results
  source text: First Watch Restaurant Group, Inc. Reports Strong 2022 Financial Results and Provides 2023 Outlook • Total revenues of $730.2 million, up 21.5% and System-wide sales of $914.8 million, up 21.9% • Same-restaurant sales growth of 14.5% and Same-restaurant traffic growth of 7.7% • Income from operations margin of 2.4% and Restaurant level operating profit margin of 17.9% • 43 system-wide restaurants opened across 16 states
  evidence_url: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000010/0001789940-23-000010-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.