)
Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
First Watch Restaurant Group (FWRG) investor relations material
First Watch Restaurant Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Total revenue rose 25.6% year-over-year to $316.0 million in Q3 2025, driven by new restaurant openings, positive same-restaurant sales, and franchise acquisitions.
Same-restaurant sales grew 7.1% and same-restaurant traffic increased 2.6%, the best quarterly result in over two years.
Net income reached $3.0 million ($0.05 per diluted share), up from $2.1 million ($0.03 per share) in Q3 2024.
Opened 21 new system-wide restaurants in 14 states, bringing the total to 620 locations across 32 states.
Adjusted EBITDA grew to $34.1 million, with margin improving to 10.8% from 10.2% year-over-year.
Financial highlights
System-wide sales increased 20.9% to $352.7 million in Q3 2025.
Restaurant-level operating profit margin improved to 19.7% from 18.9% year-over-year.
Income from operations margin increased to 3.2% from 2.5% in Q3 2024.
Restaurant sales were $313.6 million, up 26.0% year-over-year.
Net income margin was 0.9% in Q3 2025, up from 0.8% in Q3 2024.
Outlook and guidance
FY25 guidance updated to high end: Adjusted EBITDA of ~$123 million.
Projected same-restaurant sales growth of ~4% and traffic growth of ~1% for FY25.
Total revenue growth expected at 20.0%-21.0% for FY25.
Net addition of 60-64 new system-wide restaurants, with capital expenditures of ~$150 million.
Commodity cost inflation for 2025 expected at ~6%; labor cost inflation at ~4%.
What is the CapEx for franchise acquisitions?
Acquisition impact on FY25 Adjusted EBITDA?
What is the pricing component of sales growth?
Second-gen sites: operational benefits?
Marketing expansion: density vs. new markets?
Consumer slowdown: maintaining value proposition?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next First Watch Restaurant Group earnings date
Stephens Annual Investment Conference 202518 Nov, 2025
Next First Watch Restaurant Group earnings date
Stephens Annual Investment Conference 202518 Nov, 2025
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage