---
schema_version: "secwatch.filing_event.v1"
accession: "0001789940-25-000071"
form_type: "8-K"
ticker: "FWRG"
cik: "0001789940"
company_name: "First Watch Restaurant Group, Inc."
filed_at: "2025-08-05T23:59:59+00:00"
generated_at: "2026-05-17T20:53:54.090371+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# First Watch Q2 net income falls to $2.1M; raises 2025 adjusted EBITDA guidance

## Summary
- Total revenues up 19.1% to $307.9M from $258.6M a year ago.
- Net income $2.1M ($0.03 diluted EPS) vs $8.9M ($0.14) in Q2 2024.
- Adjusted EBITDA declined to $30.4M from $35.3M; Restaurant-level margin fell to 18.6% from 21.9%.
- Same-restaurant sales +3.5%; traffic +2.0% (third straight quarter of sequential improvement).
- Opened 17 system-wide restaurants, ending at 600 total; raised 2025 adjusted EBITDA guidance.

## SEC filing metadata
- accession: 0001789940-25-000071
- form_type: 8-K
- ticker: FWRG
- cik: 0001789940
- company_name: First Watch Restaurant Group, Inc.
- filed_at: 2025-08-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- 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/1789940/000178994025000071/0001789940-25-000071-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1789940/000178994025000071/fwrg-20250805.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001789940-25-000071
- JSON: https://secwatch.observer/filing/0001789940-25-000071.json
- Plain text: https://secwatch.observer/filing/0001789940-25-000071.txt

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