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First Watch Restaurant Group
First Watch Restaurant Group (FWRG) investor relations material
First Watch Restaurant Group Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Feb, 2026
Executive summary
Total revenues grew 20.3% year-over-year to $1.2 billion for 2025, with Q4 revenue at $316.4 million, and system-wide sales up 16.1% to $1.4 billion.
Net income for 2025 was $19.4 million, with Q4 net income at $15.2 million, a significant increase from $0.7 million in Q4 2024.
Opened 64 new restaurants in 2025, the highest in company history, expanding to 633 locations across 32 states.
Launched a new core menu and expanded digital marketing initiatives, driving brand awareness and customer visits.
Recognized with multiple workplace and brand accolades, reflecting strong employee engagement and customer satisfaction.
Financial highlights
Restaurant-level operating profit for 2025 was $224.1 million, with a margin of 18.5%; Q4 margin reached 19.0%.
Adjusted EBITDA for 2025 was $120.9 million, with Q4 Adjusted EBITDA at $33.7 million and margin at 10.6%.
Same-restaurant sales grew 3.6% for 2025 and 3.1% in Q4; same-restaurant traffic was up 0.5% for the year.
Net income margin for 2025 was 1.6%; Q4 net income margin was 4.8%.
Opened 13 new system-wide restaurants in Q4 2025.
Outlook and guidance
2026 guidance: same-restaurant sales growth of 1%–3%, total revenue growth of 12%–14%.
Adjusted EBITDA expected between $132 million and $140 million for 2026.
Plan to open 59–63 new system-wide restaurants, with capital expenditures of $150–$160 million.
No menu price increases at the start of 2026; carried pricing expected to blend to 2% for the year.
Full-year commodity inflation forecasted at 1%–3%, with labor cost inflation at 3%–5%.
What caused 2025 full-year margin decline?
Q4 traffic negative, 2025 full-year positive. Why?
What is 2026 organic revenue growth outlook?
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Next First Watch Restaurant Group earnings date
Q1 20265 May, 2026
First Watch Restaurant Group
Next First Watch Restaurant Group earnings date
Q1 20265 May, 2026
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Frequently asked questions
First Watch Restaurant Group Inc. operates a chain of daytime cafés offering breakfast, brunch, and lunch. The company's menu features a variety of fresh, made-to-order dishes, including eggs, pancakes, sandwiches, and salads, with a focus on healthy and seasonal ingredients. First Watch locations are typically open from early morning to early afternoon, catering to customers seeking high-quality breakfast and lunch options. The company operates both company-owned and franchised locations across the United States. The company is headquartered in Bradenton, Florida, and its shares are listed on the NASDAQ.
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