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Side-by-side financial comparison of First Watch Restaurant Group, Inc. (FWRG) and JACK IN THE BOX INC (JACK), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
JACK IN THE BOX INC is the larger business by last-quarter revenue ($349.5M vs $316.4M, roughly 1.1× First Watch Restaurant Group, Inc.). On growth, First Watch Restaurant Group, Inc. posted the faster year-over-year revenue change (20.2% vs -25.5%). JACK IN THE BOX INC produced more free cash flow last quarter ($7.3M vs $-18.3M). Over the past eight quarters, First Watch Restaurant Group, Inc.'s revenue compounded faster (14.2% CAGR vs -15.3%).
Ruby Tuesday Inc. is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall III.
Jack in the Box, Inc. is an American fast food restaurant chain founded on February 21, 1951, by Robert O. Peterson in San Diego, California, where it is headquartered. The chain has over 2,200 locations, primarily serving the West Coast of the United States. Restaurants are also found in large urban areas outside the West Coast, as well as two in Guam. The company also formerly operated the Qdoba Mexican Grill chain until Apollo Global Management bought the chain in December 2017.
FWRG vs JACK — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $316.4M | $349.5M |
| Net Profit | — | $-2.5M |
| Gross Margin | — | — |
| Operating Margin | 2.9% | 13.3% |
| Net Margin | — | -0.7% |
| Revenue YoY | 20.2% | -25.5% |
| Net Profit YoY | — | -107.3% |
| EPS (diluted) | $0.24 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | — | $349.5M | ||
| Q4 25 | $316.4M | — | ||
| Q3 25 | $316.0M | $333.0M | ||
| Q2 25 | $307.9M | $336.7M | ||
| Q1 25 | $282.2M | $371.1M | ||
| Q4 24 | $263.3M | — | ||
| Q3 24 | $251.6M | $369.2M | ||
| Q2 24 | $258.6M | $365.3M |
| Q1 26 | — | $-2.5M | ||
| Q4 25 | — | — | ||
| Q3 25 | $3.0M | $22.0M | ||
| Q2 25 | $2.1M | $-142.2M | ||
| Q1 25 | $-829.0K | $33.7M | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.1M | $-122.3M | ||
| Q2 24 | $8.9M | $25.0M |
| Q1 26 | — | 13.3% | ||
| Q4 25 | 2.9% | — | ||
| Q3 25 | 3.2% | 12.2% | ||
| Q2 25 | 2.4% | -46.7% | ||
| Q1 25 | 0.4% | 19.0% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.5% | -27.7% | ||
| Q2 24 | 6.4% | 14.8% |
| Q1 26 | — | -0.7% | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.9% | 6.6% | ||
| Q2 25 | 0.7% | -42.2% | ||
| Q1 25 | -0.3% | 9.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.8% | -33.1% | ||
| Q2 24 | 3.4% | 6.8% |
| Q1 26 | — | $-0.13 | ||
| Q4 25 | $0.24 | — | ||
| Q3 25 | $0.05 | $1.15 | ||
| Q2 25 | $0.03 | $-7.47 | ||
| Q1 25 | $-0.01 | $1.75 | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.03 | $-6.26 | ||
| Q2 24 | $0.14 | $1.26 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $21.2M | — |
| Total DebtLower is stronger | $269.1M | $1.6B |
| Stockholders' EquityBook value | $626.3M | $-936.0M |
| Total Assets | $1.7B | $2.0B |
| Debt / EquityLower = less leverage | 0.43× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | — | ||
| Q4 25 | $21.2M | — | ||
| Q3 25 | $20.7M | — | ||
| Q2 25 | $19.2M | — | ||
| Q1 25 | $18.6M | — | ||
| Q4 24 | $33.3M | — | ||
| Q3 24 | $51.1M | — | ||
| Q2 24 | $45.1M | — |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $269.1M | — | ||
| Q3 25 | $251.0M | $1.7B | ||
| Q2 25 | $250.0M | $1.7B | ||
| Q1 25 | $191.5M | $1.7B | ||
| Q4 24 | $189.0M | — | ||
| Q3 24 | $189.7M | $1.7B | ||
| Q2 24 | $192.1M | $1.7B |
| Q1 26 | — | $-936.0M | ||
| Q4 25 | $626.3M | — | ||
| Q3 25 | $607.3M | $-951.6M | ||
| Q2 25 | $601.3M | $-976.2M | ||
| Q1 25 | $596.3M | $-827.1M | ||
| Q4 24 | $595.4M | — | ||
| Q3 24 | $589.1M | $-845.8M | ||
| Q2 24 | $585.8M | $-702.6M |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $2.6B | ||
| Q2 25 | $1.7B | $2.6B | ||
| Q1 25 | $1.5B | $2.8B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | $2.7B | ||
| Q2 24 | $1.4B | $2.9B |
| Q1 26 | — | — | ||
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.41× | — | ||
| Q2 25 | 0.42× | — | ||
| Q1 25 | 0.32× | — | ||
| Q4 24 | 0.32× | — | ||
| Q3 24 | 0.32× | — | ||
| Q2 24 | 0.33× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $18.5M | $30.5M |
| Free Cash FlowOCF − Capex | $-18.3M | $7.3M |
| FCF MarginFCF / Revenue | -5.8% | 2.1% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 11.6% | 6.6% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-31.0M | $65.7M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | — | $30.5M | ||
| Q4 25 | $18.5M | — | ||
| Q3 25 | $47.9M | $59.7M | ||
| Q2 25 | $39.4M | $-36.8M | ||
| Q1 25 | $20.1M | $105.7M | ||
| Q4 24 | $22.9M | — | ||
| Q3 24 | $35.9M | $45.3M | ||
| Q2 24 | $31.9M | $16.7M |
| Q1 26 | — | $7.3M | ||
| Q4 25 | $-18.3M | — | ||
| Q3 25 | $5.5M | $37.2M | ||
| Q2 25 | $-1.7M | $-63.2M | ||
| Q1 25 | $-16.4M | $84.4M | ||
| Q4 24 | $-17.7M | — | ||
| Q3 24 | $6.8M | $27.2M | ||
| Q2 24 | $2.3M | $6.4M |
| Q1 26 | — | 2.1% | ||
| Q4 25 | -5.8% | — | ||
| Q3 25 | 1.7% | 11.2% | ||
| Q2 25 | -0.5% | -18.8% | ||
| Q1 25 | -5.8% | 22.7% | ||
| Q4 24 | -6.7% | — | ||
| Q3 24 | 2.7% | 7.4% | ||
| Q2 24 | 0.9% | 1.8% |
| Q1 26 | — | 6.6% | ||
| Q4 25 | 11.6% | — | ||
| Q3 25 | 13.4% | 6.8% | ||
| Q2 25 | 13.4% | 7.9% | ||
| Q1 25 | 13.0% | 5.7% | ||
| Q4 24 | 15.4% | — | ||
| Q3 24 | 11.6% | 4.9% | ||
| Q2 24 | 11.5% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 16.01× | 2.71× | ||
| Q2 25 | 18.72× | — | ||
| Q1 25 | — | 3.14× | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.98× | — | ||
| Q2 24 | 3.59× | 0.67× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
FWRG
| In Restaurant Dining Sales | $254.1M | 80% |
| Third Party Delivery Sales | $38.6M | 12% |
| Take Out Sales | $21.3M | 7% |
| Royalty And System Fund Contributions | $2.3M | 1% |
JACK
| Restaurant Sales | $131.9M | 38% |
| Franchise | $97.4M | 28% |
| Royaltyand Other | $58.9M | 17% |
| Advertising | $56.6M | 16% |
| Technology Service | $4.7M | 1% |
| Franchise Fees | $1.7M | 0% |
