First Watch CFO to Retire; 2025 Revenues Rise 20.3% to $1.2B with 64 New Outlets
First Watch CFO Mel Hope will retire later this year, with a successor search underway and Hope to advise through transition. The company reported 2025 revenues up 20.3% to $1.2B, net income of $19.4M and opened 64 restaurants, guiding 12–14% revenue growth and 59–63 new restaurants in 2026.
1. CFO Retirement and Transition Plan
Chief Financial Officer Mel Hope, who guided the company through its IPO and nearly eight years of growth, has announced his intention to retire later this year. The board has begun evaluating internal and external candidates and expects Hope to remain in his role until a successor is appointed, then serve as an advisor during the handover.
2. 2025 Financial Performance
In fiscal 2025, First Watch achieved total revenues of $1.2 billion, a 20.3% increase over 2024, and net income of $19.4 million. System-wide sales climbed 16.1% to $1.4 billion, same-restaurant sales rose 3.6%, adjusted EBITDA reached $120.9 million, and the chain opened 64 new locations.
3. Outlook for 2026
The company forecasts 12–14% revenue growth and same-restaurant sales growth of 1–3% for fiscal 2026, with adjusted EBITDA between $132 million and $140 million. Management plans to open 59–63 new restaurants, invest $150 million–$160 million in capital expenditures, and maintain low-double-digit annual unit growth going forward.