First Watch Restaurant Group, Inc.FWRG
What First Watch Restaurant Group, Inc. does.
First Watch Restaurant Group, Inc. is a Delaware holding company. Unless the context otherwise requires, “we,” “us,” “our,” “First Watch,” the “Company,” “Management” and other similar references refer to First Watch Restaurant Group, Inc. and, unless otherwise stated, all of its subsidiaries.
Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our “You First” culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our “No Night Shifts Ever” approach, among other attractive benefits.
As of December 28, 2025, we had a to tal of 633 restaurants across 32 states, 560 of which were company-owned and 73 of which were franchise-owned.
Revenue and profit, by fiscal year.
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | $342.4M | $601.2M | $730.2M | $891.6M | $1.0B | $1.2B |
| Net income | -$49.7M | -$2.1M | $6.9M | $25.4M | $18.9M | $19.4M |
| Free cash flow | -$45.1M | $27.7M | $718,000 | $12.0M | -$12.2M | -$31.0M |
More on FWRG.
- First Watch Restaurant Group, Inc. summary
- First Watch Restaurant Group, Inc. financial statements
- First Watch Restaurant Group, Inc. key metrics
- First Watch Restaurant Group, Inc. health scores and style box
- First Watch Restaurant Group, Inc. earnings
- First Watch Restaurant Group, Inc. dividends
- First Watch Restaurant Group, Inc. valuation
- First Watch Restaurant Group, Inc. ownership and insiders
- First Watch Restaurant Group, Inc. peers
Figures from First Watch Restaurant Group, Inc.'s filings with the U.S. SEC, standardised automatically; prices are end-of-day closes. Not financial advice.