First Watch Posts 20.3% Revenue Growth to $1.2B, Opens 64 Locations, Guides 12-14%
First Watch's 2025 total revenues rose 20.3% to $1.2 billion, with system-wide sales up 16.1% to $1.4 billion, net income of $19.4 million and 64 restaurants opened. For 2026, management projects 12-14% total revenue growth, Adjusted EBITDA of $132-140 million and 59-63 new locations.
1. 2025 Financial Performance
First Watch achieved total revenues of $1.2 billion in 2025, up 20.3% year-over-year, with system-wide sales rising 16.1% to $1.4 billion and net income of $19.4 million. Restaurant-level operating profit reached $224.1 million, representing an 18.5% margin, while Adjusted EBITDA grew to $120.9 million.
2. System-wide Growth and Operational Metrics
The company opened 64 system-wide restaurants across 23 states during 2025, bringing the total to 633 locations. Same-restaurant sales increased 3.6% with traffic up 0.5%, even as income from operations margin narrowed to 2.3% from 3.9% in the prior year.
3. Outlook for 2026 and Long-term Targets
For fiscal 2026, First Watch forecasts total revenue growth of 12%-14% and Adjusted EBITDA of $132 million to $140 million, with 59 to 63 new restaurants planned and capital expenditures of $150 million to $160 million. The company reiterates long-term goals of low double-digit unit growth, ~3.5% same-restaurant sales growth and mid-teen Adjusted EBITDA expansion.