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
Eric Hartman
Detailed
Chief Development Officer
Henry Hope
Detailed
Chief Financial Officer and Treasurer
Jay Wolszczak
Detailed
Chief Legal Officer, General Counsel and Secretary
John Jones
Detailed
Chief Operations Officer
Laura Sorensen
Detailed
Chief People Officer
Matt Eisenacher
Detailed
Chief Brand Officer
Robert Conti
Detailed
Chief Information Officer
Board of directors at First Watch Restaurant Group.
Research analysts who have asked questions during First Watch Restaurant Group earnings calls.
Andrew Barish
Jefferies
4 questions for FWRG
Also covers: BROS, CAKE, CAVA +10 more
Brian Vaccaro
Raymond James Financial, Inc.
4 questions for FWRG
Also covers: BLMN, CAKE, CAVA +7 more
Gregory Francfort
Guggenheim Securities
3 questions for FWRG
Also covers: BROS, CMG, DPZ +10 more
James Salera
Stephens Inc.
3 questions for FWRG
Also covers: BRBR, CAKE, CELH +20 more
Jeffrey Bernstein
Barclays
3 questions for FWRG
Also covers: BJRI, BLMN, BROS +22 more
Jon Tower
Citigroup
3 questions for FWRG
Also covers: BJRI, BLMN, CAKE +17 more
Patrick Johnson
Stifel
3 questions for FWRG
Also covers: BROS, DRI, JACK +1 more
Todd Brooks
The Benchmark Company
3 questions for FWRG
Also covers: BJRI, CBRL, CHEF +16 more
Andrew Charles
TD Cowen
2 questions for FWRG
Also covers: BROS, CAVA, CMG +13 more
Brian Mullan
Piper Sandler
2 questions for FWRG
Also covers: BJRI, BLMN, BROS +18 more
Sara Senatore
Bank of America
2 questions for FWRG
Also covers: BLMN, BROS, CAKE +21 more
Arian Razai
Guggenheim Securities
1 question for FWRG
Also covers: FL, JACK, PTLO
Isiah Austin
Bank of America
1 question for FWRG
Also covers: CBRL, DNUT, EAT
Jim Salera
Stephens Inc.
1 question for FWRG
Also covers: BRBR, CAKE, CELH +20 more
Katherine Griffin
Bank of America
1 question for FWRG
Also covers: CAKE, CBRL, DRI +4 more
Pratik Patel
Barclays
1 question for FWRG
Also covers: BJRI, DIN, EAT +1 more
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 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.
2 days ago
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%.
2 days ago
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
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
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
First Watch Restaurant Group Discusses 2025 Performance and 2026 Outlook at Stephens Conference
FWRG
Guidance Update
Revenue Acceleration/Inflection
New Projects/Investments
- First Watch Restaurant Group (FWRG) maintains a conservative pricing strategy, with a per-person average check still below $18, aiming to cover long-term inflation rather than transitory spikes.
- The company expects full-year 2025 commodity inflation to be around 6%, down from an initial 8% forecast, with key items like eggs, bacon, and coffee experiencing significant price increases earlier in the year.
- FWRG is confident in its ability to maintain 18%-20% restaurant-level margins and reported accelerated traffic growth in 2025, outperforming industry trends, particularly in the weekday breakfast segment.
- The company opened 21 new restaurants in Q3 2025 and sees its low brand awareness as a significant growth opportunity, supported by strategic real estate site selection and digital marketing.
- Long-term targets include 3.5% same restaurant sales growth and 10% unit growth, projecting mid-teens sales growth and mid-teens adjusted EBITDA growth.
Nov 18, 2025, 3:00 PM
First Watch Restaurant Group Discusses 2025 Performance and 2026 Outlook
FWRG
Guidance Update
New Projects/Investments
- First Watch Restaurant Group (FWRG) maintained a conservative pricing strategy in 2025, with an average check below $18, despite expecting approximately 6% commodity inflation for the year, choosing to price around 3.5% to prioritize traffic growth.
- The company aims to sustain 18%-20% restaurant-level margins, having factored in costs associated with their off-premise business, which constitutes about 20% of total sales.
- FWRG opened 21 new restaurants in Q3 2025 and is targeting 10% annual unit growth, with a strong pipeline for new sites extending into late 2027.
- For the remainder of 2025, the company anticipates 4% same-store sales growth and 1% traffic growth.
Nov 18, 2025, 3:00 PM
First Watch Reports Strong Q3 2025 Results and Raises Full-Year Guidance
FWRG
Earnings
Revenue Acceleration/Inflection
Guidance Update
- First Watch (FWRG) reported strong Q3 2025 results, with total revenue increasing 25.6% and same-restaurant sales growing 7.1%, including 2.6% positive traffic.
- The company achieved a restaurant-level operating profit margin of 19.7%, an 80 basis point improvement from Q3 last year, and adjusted EBITDA of $34.1 million.
- First Watch opened 21 new system-wide restaurants in Q3 2025, contributing to 620 system-wide locations by quarter-end.
- Full-year 2025 guidance was updated, with same-restaurant sales growth now expected at approximately 4% and adjusted EBITDA projected at approximately $123 million.
Nov 4, 2025, 1:00 PM
First Watch (FWRG) Announces Q3 2025 Results and Updates FY25 Guidance
FWRG
Earnings
Guidance Update
Revenue Acceleration/Inflection
- First Watch (FWRG) reported Q3 2025 total revenues of $316.0 million, a 25.6% increase compared to Q3 2024, with Adjusted EBITDA rising to $34.1 million.
- The company achieved same-restaurant sales growth of 7.1% and same-restaurant traffic growth of 2.6% in Q3 2025.
- Net income for Q3 2025 was $3.0 million, or $0.05 per diluted share, compared to $2.1 million, or $0.03 per diluted share, in Q3 2024.
- First Watch opened 21 system-wide restaurants in Q3 2025, bringing the total to 620 system-wide restaurants across 32 states.
- For fiscal year 2025, the company updated its guidance, projecting Adjusted EBITDA of approximately $123.0 million (at the high end of its previous range) and total revenue growth of 20.0%-21.0%.
Nov 4, 2025, 1:00 PM
First Watch Restaurant Group Reports Strong Q3 2025 Financial Results and Updates FY25 Guidance
FWRG
Earnings
Guidance Update
New Projects/Investments
- First Watch Restaurant Group reported strong Q3 2025 financial results, with total revenues increasing 25.6% to $316.0 million, net income of $3.0 million ($0.05 per diluted share), and Adjusted EBITDA of $34.1 million.
- The company achieved 7.1% same-restaurant sales growth and 2.6% same-restaurant traffic growth in Q3 2025.
- During Q3 2025, First Watch opened 21 new system-wide restaurants, contributing to a total of 620 system-wide restaurants.
- For fiscal year 2025, First Watch updated its guidance, projecting Adjusted EBITDA of approximately $123.0 million and total revenue growth of 20.0%-21.0%.
Nov 4, 2025, 12:02 PM
Quarterly earnings call transcripts for First Watch Restaurant Group.
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