First Watch Restaurant Group (FWRG) Company Report

First Watch Restaurant Group experienced softer comparable sales in Q4 2025 compared to the prior quarter, though it achieved positive traffic for the full year 2025 and positive same restaurant sales each month of Q4.
Since going public, the company has grown revenues by 65% and EBITDA by 75% over the last three years, doubling its EBITDA and adding approximately 250 restaurants.
The company continues its unit expansion at an approximate 10% annual rate, maintaining its total addressable market estimate of 2,200 stores from its current base of over 600 stores.
For FY 2025, the company reported full-year inflation of about 6% on commodities and a 4% increase in overall labor costs, while new restaurants target an ROI of 18%-20%.
Key strategic efforts in 2025 included implementing a data-driven marketing approach and optimizing third-party delivery partnerships, which led to significant double-digit growth in the delivery channel.

Jan 12, 2026, 4:00 PM

Transcript

First Watch Restaurant Group Discusses FY 2025 Performance and Growth Strategy

FWRG

Guidance Update

Revenue Acceleration/Inflection

New Projects/Investments

First Watch Restaurant Group (FWRG) reported positive same restaurant sales for each month of Q4 2025 and positive traffic for the full year, despite softer comparable sales than Q3 2025.
The company has demonstrated strong growth, with revenues up 65% and EBITDA up 75% over the last three years, and has doubled its EBITDA and added approximately 250 restaurants since going public.
FWRG continues its disciplined new unit expansion at a 10% annual rate, targeting a Total Addressable Market of 2,200 restaurants, with new units delivering 18%-20% ROI.
Strategic initiatives in 2025 included leveraging customer data for targeted marketing and reworking third-party delivery partnerships, which led to significant double-digit growth in that channel.
In 2025, FWRG managed full-year commodity inflation of approximately 6% and a 4% increase in overall labor costs, while maintaining restaurant-level operating profit margins of 18%-20%.

Jan 12, 2026, 4:00 PM

Transcript

First Watch Restaurant Group, Inc. Reports Preliminary Q4 and Fiscal Year 2025 Operational Metrics

FWRG

Earnings

Guidance Update

New Projects/Investments

First Watch Restaurant Group, Inc. reported preliminary operational metrics for the fourth quarter and fiscal year ended December 28, 2025.
For fiscal year 2025, the company achieved same-restaurant sales growth of +3.6% and same-restaurant traffic growth of +0.5%.
The company opened a record 64 new system-wide restaurants during 2025, bringing the total to 633 system-wide restaurants as of December 28, 2025.
CEO Chris Tomasso noted that new restaurant classes from 2024 and 2025 are outperforming expectations, and the pipeline for 2026 is strong.

Jan 12, 2026, 3:44 PM

8-K

First Watch Restaurant Group Reports Preliminary Q4 and Full-Year 2025 Operational Metrics

FWRG

Earnings

New Projects/Investments

First Watch Restaurant Group reported preliminary operational metrics for the thirteen weeks ended December 28, 2025 (fourth quarter) and the fiscal year ended December 28, 2025.
For the fiscal year 2025, the company achieved +3.6% same-restaurant sales growth and +0.5% same-restaurant traffic growth.
During 2025, First Watch opened a record 64 new system-wide restaurants, bringing the total to 633 system-wide restaurants across 32 states as of December 28, 2025.

Jan 12, 2026, 12:00 PM

Press Release

First Watch Restaurant Group, Inc. Announces Board of Directors Changes

FWRG

Board Change

Management Change

Executive Compensation

Rachel Tipograph was appointed to First Watch Restaurant Group, Inc.'s Board of Directors as a Class II director, effective December 29, 2025.
This appointment follows the resignations of Tricia Glynn and David Paresky from the Board on December 23, 2025, in connection with Advent International, L.P.'s exit of its equity investment.
Ms. Tipograph, who is the founder and CEO of MikMak, will receive an equity grant of restricted stock units with a fair market value of $140,000 on December 30, 2025.

Dec 29, 2025, 9:25 PM

8-K

First Watch Restaurant Group Discusses Growth, Operations, and Financial Strategy

FWRG

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

First Watch Restaurant Group (FWRG) has achieved substantial growth since its 2021 IPO, expanding from 428 to over 620 restaurants and doubling its Adjusted EBITDA.
The company aims for approximately 10% annual unit growth, with new restaurants consistently outperforming existing Average Unit Volumes (AUVs) due to a rigorous, data-driven site selection process.
FWRG reported robust Q3 2025 comparable sales growth of 7%, attributed to effective marketing campaigns and strategic investments in the guest experience, including enhanced menu value and an upgraded mobile app.
The company maintains a disciplined approach to menu pricing, targeting only permanent inflation, while leveraging operational efficiencies to manage costs. 2025 food cost inflation is projected at 6%, and wage inflation at 4%.
New restaurant investments are expected to yield a 35% cash-on-cash return, with units projected to reach $2.6 million in sales by their third year, supported by 18%-20% restaurant-level operating profit on an average construction cost of $1.75 million.

Dec 9, 2025, 8:00 PM

Transcript

FWRG Discusses Growth, Financial Performance, and Operational Strategies at Raymond James Conference

FWRG

Revenue Acceleration/Inflection

New Projects/Investments

Guidance Update

First Watch Restaurant Group (FWRG) has expanded its restaurant count from 428 at its 2021 IPO to over 620 currently, simultaneously doubling its Adjusted EBITDA.
The company targets 10% annual restaurant growth and aims for a 35% cash-on-cash return on new units, which are projected to reach $2.6 million in sales by their third year with an 18%-20% restaurant-level operating profit.
First Watch reported 7% comparable sales growth in Q3 2025, surpassing expectations, attributed partly to new marketing initiatives.
For 2025, the company expects full-year food cost inflation of 6% (down from over 8% in the first half) and wage inflation of approximately 4%.

Dec 9, 2025, 8:00 PM

Transcript

First Watch (FWRG) Discusses Growth Strategy, Financials, and Market Dynamics at Barclays Conference

FWRG

Guidance Update

New Projects/Investments

M&A

First Watch (FWRG) currently operates 620 units with a 90% company ownership mix and maintains a 10%+ annual unit growth rate, targeting 2,000 US system-wide units long-term.
The company has doubled its adjusted EBITDA since its IPO four years ago and emphasizes its consistent growth, with new restaurant openings being the primary driver for 2026.
New restaurant builds cost approximately $1.75 million (net after tenant improvement dollars) and are projected to achieve $2.2 million in first-year sales, growing to $2.6 million by the third year, with an 18%-20% restaurant-level operating margin and IRR.
FWRG implemented 3.5% full-year pricing in 2025 and aims to keep future pricing in the 2-4% range to balance traffic generation and margin protection, despite experiencing 6% commodity inflation in 2025.
The company has strategically acquired franchised restaurants, reducing the number to 72 remaining out of 620 total units, to enhance returns and accelerate growth in key markets.

Dec 2, 2025, 5:00 PM

Transcript

First Watch Discusses Growth Strategy, Restaurant Economics, and Sales Mix at Barclays Conference

FWRG

Guidance Update

New Projects/Investments

M&A

First Watch operates approximately 620 units across the U.S., maintaining a 10%+ annual unit growth rate and targeting 2,000 U.S. system-wide units long-term. Since its IPO four years ago, the company has added almost 200 restaurants and doubled adjusted EBITDA.
New restaurant builds require a net investment of approximately $1.75 million and are expected to generate $2.2 million in first-year sales, growing to $2.6 million by the third year, with an 18%-20% restaurant-level operating margin and 18%-20% IRR.
The sales mix is 45% weekday and 55% weekend. Third-party delivery accounts for 10% of sales, with an additional 9-10% from proprietary to-go channels, while 80% of the business is from in-dining room sales.
The company aims for 2-4% pricing, having implemented approximately 3.5% pricing over the past 12 months, and experienced 6% commodity inflation in FY 2025. First Watch has also been acquiring franchise restaurants, with 72 franchise units remaining out of 620 total units, favoring an ownership model.

Dec 2, 2025, 5:00 PM

Transcript

First Watch Restaurant Group Discusses 2025 Performance and 2026 Outlook

FWRG

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

First Watch Restaurant Group (FWRG) expects full-year 2025 pricing to be around 3.5%, which is below the anticipated commodity inflation of around 6% for the year, reflecting a conservative pricing philosophy.
The company aims to maintain 18%-20% restaurant-level margins and reports that off-premises business constitutes about 20% of total sales, viewed as an incremental revenue stream.
FWRG forecasts 4% same-store sales growth and 1% traffic growth for 2025, driven by a disciplined expansion strategy that includes opening 21 new units in Q3 2025 and utilizing second-generation conversions for approximately half of its new restaurants in 2025 and 2026.

Nov 18, 2025, 3:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for First Watch Restaurant Group.

Q3 2025

Nov 4, 2025

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Q2 2025

Aug 5, 2025

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Q1 2025

May 6, 2025

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View All Transcripts

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First Watch Restaurant Group (FWRG)

Analyst Earnings Quarterly Reports

Q3 2025

Q2 2025

Q1 2025

Q4 2024

Executives

Christopher Tomasso

Eric Hartman

Henry Hope

Jay Wolszczak

John Jones

Laura Sorensen

Matt Eisenacher

Robert Conti

Board Members

Charles Jemley

David Paresky

Irene Chang Britt

Jostein Solheim

Michael Fleisher

Ralph Alvarez

Stephanie Lilak

Tricia Glynn

William Kussell

Analyst Coverage

Andrew Barish

Brian Vaccaro

Gregory Francfort

James Salera

Jeffrey Bernstein

Jon Tower

Patrick Johnson

Todd Brooks

Andrew Charles

Brian Mullan

Sara Senatore

Arian Razai

Isiah Austin

Jim Salera

Katherine Griffin

Pratik Patel

Zach Ogden

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