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How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
First Watch Restaurant Group
First Watch Restaurant Group (FWRG) investor relations material
First Watch Restaurant Group 28th Annual ICR Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.28th Annual ICR Conference 2025 summary12 Jan, 2026
Financial performance and growth
Achieved positive same-restaurant sales and traffic for the full year, finishing strong despite some pressure in the fourth quarter.
Revenues increased 65% and EBITDA rose 75% since going public, with EBITDA doubling and 250 new restaurants added.
Maintains a disciplined 10% annual unit growth rate, with new restaurants meeting or exceeding underwriting targets and average unit volumes.
Long-term guidance and growth metrics from IPO have been consistently met.
Marketing and customer engagement
Transitioned from word-of-mouth to data-driven marketing, leveraging customer profiles from waitlist, credit card, and app data.
Built a database of seven million customer records, enabling targeted and efficient marketing.
Tested new marketing approaches in 2025, with plans to expand data-driven strategies systemwide in 2026.
Tailors messaging by customer frequency, time of day, and season, aligning menu innovation with consumer trends.
Operational initiatives and menu innovation
Adjusted third-party delivery surcharge based on partner data, resulting in increased transactions, revenue, and margin.
Achieved double-digit growth in third-party delivery, with high customer satisfaction and order accuracy.
Alcohol program introduced to eliminate veto votes, but focus remains on food-forward offerings; juice program now 15% of mix.
Beverage program leverages fresh produce and aligns with brand identity.
How to overcome 'party of one' valuation challenge?
How is customer data evolving marketing strategy?
What's the 2026 outlook for key cost pressures?
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Next First Watch Restaurant Group earnings date
Q4 20253 Mar, 2026
First Watch Restaurant Group
Next First Watch Restaurant Group earnings date
Q4 20253 Mar, 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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