Earnings summaries and quarterly performance for First Watch Restaurant Group.
Executive leadership at First Watch Restaurant Group.
Christopher Tomasso
Detailed
President and Chief Executive Officer
CEO
EH
Eric Hartman
Detailed
Chief Development Officer
HH
Henry Hope
Detailed
Chief Financial Officer and Treasurer
JW
Jay Wolszczak
Detailed
Chief Legal Officer, General Counsel and Secretary
JJ
John Jones
Detailed
Chief Operations Officer
LS
Laura Sorensen
Detailed
Chief People Officer
ME
Matt Eisenacher
Detailed
Chief Brand Officer
RC
Robert Conti
Detailed
Chief Information Officer
Board of directors at First Watch Restaurant Group.
CJ
Charles Jemley
Detailed
Director
DP
David Paresky
Detailed
Director
IC
Irene Chang Britt
Detailed
Director
JS
Jostein Solheim
Detailed
Director
MF
Michael Fleisher
Detailed
Director
RA
Ralph Alvarez
Detailed
Chair of the Board
SL
Stephanie Lilak
Detailed
Director
TG
Tricia Glynn
Detailed
Director
WK
William Kussell
Detailed
Director
Research analysts who have asked questions during First Watch Restaurant Group earnings calls.
Brian Vaccaro
Raymond James Financial, Inc.
6 questions for FWRG
Also covers: BLMN, CAKE, CAVA +7 more
Gregory Francfort
Guggenheim Securities
5 questions for FWRG
Also covers: BROS, CMG, DPZ +11 more
JB
Jeffrey Bernstein
Barclays
5 questions for FWRG
Also covers: BJRI, BLMN, BROS +22 more
JT
Jon Tower
Citigroup
5 questions for FWRG
Also covers: BJRI, BLMN, BROS +19 more
TB
Todd Brooks
The Benchmark Company
5 questions for FWRG
Also covers: BJRI, CAVA, CBRL +18 more
Andrew Barish
Jefferies
4 questions for FWRG
Also covers: BROS, CAKE, CAVA +10 more
AC
Andrew Charles
TD Cowen
4 questions for FWRG
Also covers: BROS, CAVA, CMG +14 more
Brian Mullan
Piper Sandler
4 questions for FWRG
Also covers: BJRI, BLMN, BROS +20 more
SS
Sara Senatore
Bank of America
4 questions for FWRG
Also covers: BLMN, BROS, CAKE +21 more
James Salera
Stephens Inc.
3 questions for FWRG
Also covers: BRBR, CAKE, CELH +20 more
Jim Salera
Stephens Inc.
3 questions for FWRG
Also covers: BRBR, CAKE, CELH +21 more
Patrick Johnson
Stifel
3 questions for FWRG
Also covers: BROS, DRI, JACK +1 more
AB
Andy Barish
Jefferies Financial Group Inc.
2 questions for FWRG
Also covers: BROS, CAKE, DRI +4 more
Arian Razai
Guggenheim Securities
1 question for FWRG
Also covers: FL, JACK, PTLO
IA
Isiah Austin
Bank of America
1 question for FWRG
Also covers: CBRL, DNUT, EAT +1 more
Katherine Griffin
Bank of America
1 question for FWRG
Also covers: CAKE, CBRL, DRI +4 more
PP
Pratik Patel
Barclays
1 question for FWRG
Also covers: BJRI, DIN, EAT +1 more
ZO
Zach Ogden
TD Cowen
1 question for FWRG
Also covers: CMG, DRI, KRUS +2 more
Recent press releases and 8-K filings for FWRG.
First Watch Restaurant Group Reports 2025 Financial Results and Provides 2026 Outlook
FWRG
Earnings
Guidance Update
New Projects/Investments
- First Watch Restaurant Group reported total revenues of $1.2 billion for fiscal year 2025, marking a 20.3% increase from 2024, with net income of $19.4 million and Adjusted EBITDA of $120.9 million.
- For Q4 2025, total revenues increased 20.2% to $316.4 million, and net income was $15.2 million.
- The company opened 64 system-wide restaurants in 2025, bringing the total to 633 system-wide restaurants across 32 states.
- For fiscal year 2026, First Watch Restaurant Group anticipates total revenue growth of 12%-14% and Adjusted EBITDA between $132 million and $140 million. The company also plans to open 59 to 63 new system-wide restaurants.
3 days ago
First Watch Restaurant Group Reports Strong Q4 and Full-Year 2025 Results, Issues 2026 Guidance
FWRG
Earnings
Guidance Update
New Projects/Investments
- First Watch Restaurant Group (FWRG) reported strong Q4 2025 results, with total revenues increasing 20.2% to $316.4 million and same-restaurant sales growing 3.1%. For the full year 2025, total revenue growth was more than 20% and same restaurant sales grew 3.6% with positive same restaurant traffic.
- The company achieved a restaurant-level operating profit margin of 19% in Q4 2025, a 20 basis point improvement over Q4 2024, and 18.5% for the full year 2025. Adjusted EBITDA increased 38.7% to $33.7 million in Q4 2025.
- FWRG opened a record 64 new restaurants in 2025, with the 2025 class exceeding expectations by achieving first-year sales trends 19% above their underwriting target. The company ended 2025 with 633 restaurants across 32 states.
- For 2026 guidance, FWRG anticipates same-restaurant sales growth of 1% to 3%, total revenue growth of 12%-14%, and adjusted EBITDA between $132 million and $140 million. They plan to open 59-63 new system-wide restaurants.
- Strategic initiatives for 2026 include the rollout of a new core menu (the first significant redesign in almost 10 years) and the expansion of a digital marketing initiative that previously showed a several hundred basis point lift in traffic in test geographies.
4 days ago
First Watch Restaurant Group Announces Q4 2025 Results and Fiscal Year 2026 Outlook
FWRG
Earnings
Guidance Update
Revenue Acceleration/Inflection
- First Watch Restaurant Group reported a 20.2% increase in total revenues to $316.4 million in Q4 2025, up from $263.3 million in Q4 2024.
- Net income for Q4 2025 was $15.2 million, compared to $0.7 million in Q4 2024, and Adjusted EBITDA increased to $33.7 million from $24.3 million in the prior year quarter.
- The company achieved 3.1% same-restaurant sales growth in Q4 2025, alongside negative 1.9% same-restaurant traffic growth.
- For fiscal year 2026, First Watch anticipates total revenue growth of 12.0%-14.0% and Adjusted EBITDA between $132.0 million and $140.0 million.
- The company plans to open a total of 59 to 63 new system-wide restaurants in fiscal year 2026.
4 days ago
First Watch Restaurant Group Reports Strong 2025 Results and Provides 2026 Guidance
FWRG
Earnings
Guidance Update
CFO Change
- First Watch Restaurant Group reported strong full-year 2025 results, with total revenue growth exceeding 20% and same restaurant sales growth of 3.6%, alongside a Q4 2025 Adjusted EBITDA increase of 38.7% to $33.7 million.
- The company achieved a record 64 new restaurant openings in 2025, with the new class's first-year sales trends running 19% above their underwriting target.
- For 2026, First Watch projects same-restaurant sales growth of 1%-3%, total revenue growth of 12%-14%, and Adjusted EBITDA between $132 million and $140 million.
- CFO Mel Hope is retiring, and the company plans to expand its successful digital marketing initiative to the majority of its comparable restaurant base in 2026, following positive returns from initial tests.
4 days ago
First Watch Restaurant Group Announces Strong Q4 and Full-Year 2025 Results and Provides 2026 Outlook
FWRG
Earnings
Guidance Update
New Projects/Investments
- First Watch Restaurant Group (FWRG) reported total revenue growth of over 20% and same restaurant sales growth of 3.6% for the full year 2025, with Q4 2025 total revenues increasing 20.2% to $316.4 million and same-restaurant sales growing 3.1%. Restaurant-level operating profit margin was 18.5% for the full year 2025 and 19% for Q4 2025.
- The company opened a record 64 new restaurants in 2025, bringing the total to 633 restaurants across 32 states, with the 2025 class exceeding first-year sales targets by 19%.
- For 2026, FWRG projects same-restaurant sales growth between 1% and 3%, total revenue growth of 12%-14%, and Adjusted EBITDA of $132 million-$140 million. The company plans to open 59-63 new system-wide restaurants.
- Key strategic initiatives for 2026 include the recent launch of a new core menu, the expansion of digital marketing to a majority of comparable restaurants, and a disciplined approach to pricing, with no new pricing taken at the start of 2026.
4 days ago
First Watch Restaurant Group Reports Q4 and FY 2025 Results, Provides 2026 Outlook, and Announces CFO Retirement
FWRG
Earnings
CFO Change
Guidance Update
- First Watch Restaurant Group reported total revenues of $1.2 billion for fiscal year 2025, an increase of 20.3%, with net income of $19.4 million and Adjusted EBITDA of $120.9 million.
- For Q4 2025, the company achieved total revenues of $316.4 million, up 20.2%, with net income of $15.2 million and Adjusted EBITDA of $33.7 million.
- The company provided an outlook for fiscal year 2026, projecting same-restaurant sales growth of 1% to 3%, total revenue growth of 12% to 14%, and Adjusted EBITDA between $132 million and $140 million.
- Chief Financial Officer Mel Hope announced his intent to retire later in 2026, and will remain in his role until a successor is in place to ensure a seamless transition.
4 days ago
First Watch Restaurant Group Reports Strong 2025 Financial Results and Provides 2026 Outlook
FWRG
Earnings
Guidance Update
Revenue Acceleration/Inflection
- First Watch Restaurant Group reported total revenues of $1.2 billion for fiscal year 2025, a 20.3% increase from 2024, with net income of $19.4 million and Adjusted EBITDA of $120.9 million.
- For Q4 2025, total revenues increased 20.2% to $316.4 million, with net income of $15.2 million and Adjusted EBITDA of $33.7 million.
- The company achieved same-restaurant sales growth of 3.6% for fiscal year 2025 and 3.1% for Q4 2025.
- First Watch opened 64 system-wide restaurants in 2025, contributing to a total of 633 system-wide restaurants.
- For fiscal year 2026, the company anticipates total revenue growth of 12%-14% and Adjusted EBITDA in the range of $132 million to $140 million.
4 days ago
First Watch Restaurant Group Discusses FY 2025 Performance and Growth Strategy
FWRG
Revenue Acceleration/Inflection
New Projects/Investments
Demand Weakening
- 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
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
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
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