First Watch Posts 25.6% Revenue Growth and 80bps Margin Expansion

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First Watch reported 25.6% revenue growth, 7.1% comparable-store sales and 80 basis points of margin expansion driven by both traffic gains and operational efficiency. The company is expanding rapidly by repurposing failed restaurant sites, deploying disciplined pricing and capturing market share from struggling peers.

1. Conference Participation

First Watch Restaurant Group, Inc. will participate in the 28th Annual ICR Conference on Monday, January 12, 2026, at 11:00 a.m. Eastern Time. Chris Tomasso, Chief Executive Officer and President, and Mel Hope, Chief Financial Officer, will host a live fireside chat, providing investors with direct access to senior management. The event will be streamed on the company’s Investor Relations website and archived for on-demand playback shortly after the session concludes.

2. Management Outreach and Investor Engagement

In addition to the public presentation, First Watch’s leadership team has scheduled one-on-one meetings with institutional investors throughout the conference day. These meetings are expected to cover the company’s financial priorities, capital allocation plans, and growth projections for 2026, offering participants detailed guidance on same-store sales targets, expansion budgets, and expected returns on new restaurant openings.

3. Recent Operational Performance

During the most recent reporting period, First Watch delivered 25.6% year-over-year revenue growth, driven by 7.1% comparable restaurant sales gains and an 80 basis-point expansion in restaurant-level margins. Traffic increases and operational efficiencies contributed roughly equally to these margin improvements. The company now operates more than 620 restaurants across 32 states, having added 45 net new units over the past twelve months.

4. Strategic Growth Initiatives

First Watch continues to capitalize on underutilized real estate by repurposing former quick-service and casual-dining sites into its Daytime Dining concepts, reducing build-out costs by up to 30%. The company’s chef-driven menu rotates five times per year, and community engagement programs—highlighted by a cumulative $1.7 million donated through its kids’ meal giving initiative—support brand loyalty. First Watch also maintains disciplined pricing, aiming for mid-single-digit increases annually to offset input cost inflation without eroding customer traffic.

Sources

SG