FWRGNasdaqRetail-Eating PlacesUS GAAP · USD

First Watch Restaurant Group, Inc.

First Watch Restaurant Group, Inc. operates a daytime-only restaurant concept focused on breakfast, brunch and lunch made from fresh ingredients. The company runs most of its system as company-owned restaurants, with a smaller franchise base, and differentiates itself through a single-shift operating model, a fresh menu and a service culture built around its “You First” brand promise.

Kysy yhtiöstä
Liikevaihto1 223milj. USD
+20,3 %v/v
Liikevoitto (EBIT)27,5milj. USD
−29,3 %v/v
EBIT-marginaali2,3%
−1,6 %-yks.v/v
Nettotulos19,4milj. USD
+2,7 %v/v
Vapaa kassavirta−31,0milj. USD
−152,5 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−50005001 0001 500milj. USD2020: 342 milj. USD2020: EBIT −47 milj. USD20202021: 601 milj. USD2021: EBIT 22 milj. USD20212022: 730 milj. USD2022: EBIT 17 milj. USD20222023: 892 milj. USD2023: EBIT 41 milj. USD20232024: 1 016 milj. USD2024: EBIT 39 milj. USD20242025: 1 223 milj. USD2025: EBIT 28 milj. USD20251 22328
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: First Watch Restaurant Group, Inc.

Liiketoiminta

Osuus liikevaihdosta
Company-owned restaurant sales92 %

Food and beverage sales from First Watch-branded company-operated restaurants.

Franchise revenues8 %

Royalties, system fund contributions and amortized initial franchise fees from franchisees.

Tuotteet

Raportoitu · osuus liikevaihdosta
80,4%11,6%FY2025100 %
  • In Restaurant Dining Sales80,4 %
  • Third Party Delivery Sales11,6 %
  • Take Out Sales7,2 %
  • Royalty and System Fund Contributions0,8 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

First Watch serves consumers seeking breakfast, brunch and lunch in a casual dining setting, with demand centered on daytime occasions rather than dinner. Its customer base includes local neighborhood diners, repeat guests drawn by fresh menu items, and digitally engaged customers reached through waitlist, ordering and targeted marketing tools.

Daytime dine-in guests

Consumers visiting for breakfast, brunch or lunch and valuing fresh food, service and atmosphere.

Take-out and delivery customers

Guests ordering off-premise meals through take-out or third-party delivery for convenience.

Digital-engaged repeat customers

Customers identified through first-party data, waitlist and ordering systems to drive frequency.

Franchise operators

Independent operators that pay fees to use the First Watch brand, recipes and operating methods.

Strategia

The company is expanding its daytime dining footprint while preserving its fresh-food positioning and operational discipline. Management is also investing in digital marketing and first-party customer data to improve traffic, frequency and customer targeting, while using the single-shift model to support labor attraction and restaurant productivity.

Accelerate targeted digital marketingLyhyt aikaväli

Management believes paid digital channels and first-party data can lift traffic and frequency.

Expand the restaurant baseKeskipitkä aikaväli

New openings drive system growth and increase company-owned sales.

Protect the daytime dining brand positionPitkä aikaväli

The no-night-shifts model supports labor recruitment, retention and operational efficiency.

Maantiede

The business is concentrated in the United States, with 633 restaurants across 32 states as of year-end 2025. Growth depends on adding restaurants in existing and new U.S. markets, while geographic concentration creates exposure to regional labor, real estate, consumer demand and supply-chain conditions.

Riskit

The company is exposed to consumer spending swings, traffic declines and intense competition in the breakfast and lunch category. Its growth model also depends on successful new openings, reliable food supply, franchise execution and cost control, while the holding-company structure means cash depends on subsidiary distributions.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Same-restaurant traffic decline1Commodity inflation2New restaurant execution risk3Holding-company cash dependence4Franchise and supplier concentration5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Same-restaurant traffic declineVaikutus: KorkeaTodennäköisyys: Korkea

    Restaurant sales depend on guest visits, and management disclosed negative traffic in the quarter.

    Kohdistuu: Core company-owned restaurant base

  2. Commodity inflationVaikutus: KorkeaTodennäköisyys: Korkea

    Food costs are sensitive to eggs, coffee, bacon and avocados, which can compress margins.

    Kohdistuu: Food and beverage cost structure

  3. New restaurant execution riskVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Growth depends on opening and ramping new stores profitably without hurting existing sales.

    Kohdistuu: Company-owned expansion pipeline

  4. Holding-company cash dependenceVaikutus: KorkeaTodennäköisyys: Matala

    The parent company has no material direct operations and relies on subsidiary distributions.

    Kohdistuu: Parent-level liquidity and obligations

  5. Franchise and supplier concentrationVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Royalties depend on franchisee health, and the company relies on a small number of suppliers for key inputs.

    Kohdistuu: Franchise revenues and procurement

Kysy Clarifolta: First Watch Restaurant Group, Inc.

Kirjanpito

Harkinnanvaraiset erät
Restaurant sales vs. franchise revenue

Different revenue streams have different economics and growth drivers, affecting margin analysis.

Vaikutus: Mix shifts can change reported revenue growth and profitability

Franchise fee recognition

Initial franchise fees are recognized over the franchise term, not upfront.

Vaikutus: Defers revenue and smooths franchise income over time

Goodwill and trademark impairment

Management uses market and discounted cash flow assumptions to test carrying values.

Vaikutus: Could create non-cash charges if growth or margins weaken

Depreciation and amortization from new openings

New restaurants and acquired units add fixed assets and amortizable intangibles.

Vaikutus: Raises operating expenses as the store base expands

Seasonality and traffic comparability

Daytime dining demand and operating weeks can vary by period.

Vaikutus: Affects quarter-to-quarter sales and margin comparisons

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Päivitetty: 24.9.2026

First Watch Restaurant Group, Inc. (FWRG) liikevaihto, tulos ja tunnusluvut 2025 – Clarifo