First Watch Restaurant (FWRG) Shares Outstanding (Diluted) (2020 - 2026)
First Watch Restaurant (FWRG) recorded Shares Outstanding (Diluted) of 62.3 million in Q2 2026, down 0.5% from 62.58 million a year earlier but up 1.7% from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) Shares Outstanding (Diluted) (2020 - 2026) Analysis & Trends
For FY2025, First Watch Restaurant reported Shares Outstanding (Diluted) of 62.84 million, up 0.8% from FY2024.
- Annual Shares Outstanding (Diluted) has increased for five straight years, with a five-year compound annual growth rate of 6.9% (FY2020 to FY2025).
- Across earlier years, Shares Outstanding (Diluted) came in at 62.35 million in FY2024 (+1.9%), 61.19 million in FY2023 (+1.7%), 60.14 million in FY2022 (+24.7%) and 48.21 million in FY2021 (+7.1%).
- Quarterly Shares Outstanding (Diluted) has ranged from 46.09 million in Q3 2021 to 62.84 million in Q4 2025 over the past five years.
- On a year-over-year basis, Shares Outstanding (Diluted) rose in six of the last eight quarters, with growth averaging 0.3%.
- Peak year-over-year performance for Shares Outstanding (Diluted) in the last five years was growth of 33.3% in Q1 2022, against a decline of 2.7% in Q1 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 61.24 million (Q1 2026), 62.84 million (Q4 2025) and 62.83 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Shares Outstanding (Dil.) (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 164.07 Bn | 158.89 Bn | 6.42 Bn | 711.10 Mn |
| 2 | Starbucks | 108.16 Bn | 95.79 Bn | - | 1.14 Bn |
| 3 | Chipotle Mexican Grill | 40.91 Bn | 36.89 Bn | - | 1.28 Bn |
| 4 | Yum Brands | 37.32 Bn | 34.20 Bn | 1.47 Bn | 277.00 Mn |
| 5 | Restaurant Brands International | 24.36 Bn | 21.46 Bn | 1.38 Bn | 460.00 Mn |
| 6 | Darden Restaurants | 22.52 Bn | 21.62 Bn | -113.70 Mn | 116.30 Mn |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 336.00 Mn |
| 8 | Yum China Holdings | 14.14 Bn | 8.50 Bn | 537.00 Mn | 349.00 Mn |
| 9 | Texas Roadhouse | 10.28 Bn | 9.64 Bn | - | 65.92 Mn |
| 10 | First Watch Restaurant | 631.32 Mn | 545.31 Mn | - | 62.30 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 62.30 Mn |
| Mar 29, 2026 | 61.24 Mn |
| Dec 28, 2025 | 62.84 Mn |
| Sep 28, 2025 | 62.83 Mn |
| Jun 29, 2025 | 62.58 Mn |
| Mar 30, 2025 | 60.77 Mn |
| Dec 29, 2024 | 62.35 Mn |
| Sep 29, 2024 | 61.85 Mn |
| Jun 30, 2024 | 62.46 Mn |
| Mar 31, 2024 | 62.48 Mn |
| Dec 31, 2023 | 61.19 Mn |
| Sep 24, 2023 | 61.56 Mn |
| Jun 25, 2023 | 60.94 Mn |
| Mar 26, 2023 | 60.60 Mn |
| Dec 25, 2022 | 60.14 Mn |
| Sep 25, 2022 | 60.46 Mn |
| Jun 26, 2022 | 59.89 Mn |
| Mar 27, 2022 | 59.98 Mn |
| Dec 26, 2021 | 48.21 Mn |
| Sep 26, 2021 | 46.09 Mn |
API Access
First Watch Restaurant Shares Outstanding (Diluted) API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "shares-outstanding-diluted", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=shares-outstanding-diluted&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();