---
schema_version: "secwatch.filing_event.v1"
accession: "0001789940-23-000056"
form_type: "8-K"
ticker: "FWRG"
cik: "0001789940"
company_name: "First Watch Restaurant Group, Inc."
filed_at: "2023-05-02T23:59:59+00:00"
generated_at: "2026-06-16T03:44:38.798019+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# First Watch Q1 revenue $211.4M (+22% YoY), net income $9.4M, raises FY23 EBITDA guidance

## Summary
- Total revenues $211.4M, up 22.1% YoY; same-restaurant sales +12.9%, traffic +5.1%.
- Net income $9.4M ($0.15 diluted EPS) vs $4.6M ($0.08) in Q1 2022.
- Adjusted EBITDA $27.4M, up from $19.4M; restaurant-level operating profit margin 21.2% (19.6%).
- Raised 2023 Adjusted EBITDA guidance; opened 10 system-wide restaurants in Q1.
- System-wide sales $264.7M (+23.6%); 484 total restaurants.

## SEC filing metadata
- accession: 0001789940-23-000056
- form_type: 8-K
- ticker: FWRG
- cik: 0001789940
- company_name: First Watch Restaurant Group, Inc.
- filed_at: 2023-05-02T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000056/0001789940-23-000056-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000056/fwrg-20230502.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001789940-23-000056
- JSON: https://secwatch.observer/filing/0001789940-23-000056.json
- Plain text: https://secwatch.observer/filing/0001789940-23-000056.txt

## Key facts
- Earnings Releases
  First Watch Restaurant Group, Inc. reported first fiscal quarter ended March 26, 2023 results: revenue $211.4 million, net income $9.4 million, EPS $0.15 per diluted share. Guidance raised.
  - Period: first fiscal quarter ended March 26, 2023
  - Revenue: $211.4 million
  - Net income: $9.4 million
  - EPS: $0.15 per diluted share
  - Guidance: raised
  - Result: reported results
  source text: confidence in First Watch’s leadership position and our strong consumer value proposition.” Highlights for Q1 2023 compared to Q1 2022*: • Total revenues increased 22.1% to $211.4 million in Q1 2023 from $173.1 million in Q1 2022 • System-wide sales increased 23.6% to $264.7 million in Q1 2023 from $214.1 million in Q1 2022 • Same-restaurant sales growth of 12.9%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1789940/000178994023000056/0001789940-23-000056-index.htm

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