FWRG
First Watch Restaurant Group, Inc.16.37
-0.19-1.15%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms outlook, adds marketing color
Q&A largely reaffirmed prepared remarks amid a cautious macro outlook, with Black Box forecasting 3% industry traffic decline yet First Watch expecting to outperform via scaled marketing and core menu mix. Management detailed several hundred basis points traffic lift from tests in one-third of comps, now expanding to most restaurants, while positive menu mix supports 1-3% same-store sales sans Q1 pricing. Delivery partnerships drove transactions profitably without free offers. Unit growth clarified at 59-63 net system-wide after three closures; no growth constraints signaled. Quality trumps speed. Investors watch comp durability through tough Q3.
Key Stats
Market Cap
999.10MP/E (TTM)
204.63Basic EPS (TTM)
0.08Dividend Yield
0%Recent Filings
8-K
Q4 results, CFO retires
First Watch reported 2025 revenues up 20.3% to $1.2B, with 64 new system-wide restaurants opened, yet operating income dipped to $27.5M on margin pressure. CFO Mel Hope announced retirement on February 20, 2026, staying through successor search. 2026 outlook eyes 12-14% revenue growth, $132-140M Adjusted EBITDA. Leadership transition tests continuity.
10-K
FY2025 results
First Watch drove FY2025 system-wide sales to $1.4B, up from $1.2B in 2024, fueled by 64 net new restaurants across 23 states and 3.6% same-restaurant sales growth with 0.5% traffic lift. Restaurant-level operating profit climbed to $224M (18.5% margin), yet income from operations dipped to $28M (2.3% margin) amid 5.0% commodity inflation on eggs/coffee and 3.7% labor costs, plus higher marketing and depreciation from growth. Q4 momentum shone through 55 company-owned openings and 19 franchise acquisitions, lifting total units to 633. Debt stands at $268M with $67M revolver availability; capex eyes $150-160M in 2026 for 59-63 net new units. Geographic concentration in the Southeast risks weather disruptions.
8-K
Q4 sales up, traffic slips
First Watch reported preliminary Q4 2025 same-restaurant sales growth of +3.1% but traffic dipped -1.9%, while full-year 2025 delivered +3.6% sales and +0.5% traffic gains. The chain opened a record 64 system-wide restaurants, reaching 633 across 32 states. New units outperform expectations. Strong 2026 pipeline ahead.
8-K
Board shakeup post-Advent exit
First Watch Restaurant Group lost two directors, Tricia Glynn and David Paresky, effective immediately on December 23, 2025, tied to Advent International's equity exit—no disagreements noted. Board shrank from ten to nine, appointing independent Rachel Tipograph, ecommerce expert from MikMak, as Class II director effective December 29. Her $140,000 RSU grant arrives December 30. Digital savvy bolsters scaling efforts.
IPO
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