First Watch Q4 Revenue Up 20.2% to $316.4M; EPS Beats Estimates
First Watch’s Q4 CY2025 revenue rose 20.2% year-over-year to $316.4 million, matching estimates, while GAAP EPS of $0.24 topped the consensus $0.07. The company guided FY2026 EBITDA to a $136 million midpoint—below the $145.2 million consensus—despite 633 locations and 3.1% same-store sales growth.
1. Q4 CY2025 Financial Results
First Watch reported Q4 CY2025 revenue of $316.4 million, up 20.2% year-over-year and in line with analyst forecasts. GAAP EPS of $0.24 substantially beat the $0.07 consensus, driven by higher same-store sales and strategic restaurant openings.
2. Margin and Profitability
Adjusted EBITDA reached $33.69 million, missing estimates of $34.2 million by 1.5% and reflecting a 10.6% margin. Operating margin improved to 2.9% from 1.5% in the prior-year quarter, indicating enhanced cost management.
3. Outlook and Guidance
First Watch issued FY2026 EBITDA guidance with a $136 million midpoint, below the $145.2 million consensus estimate. Management cited ongoing investments in digital marketing and new unit growth as drivers of near-term spending.
4. Growth Metrics and Expansion
The chain expanded to 633 locations at quarter end, up from 572 a year earlier, and delivered 3.1% same-store sales growth. This acceleration in traffic and unit growth underscores broadening market acceptance of its breakfast-focused concept.