First Watch Restaurant Group announced strong financial results for fiscal year 2025, with total revenues increasing 20.3% to $1.2 billion and 64 new restaurants opened. The company opened 13 system-wide locations in the fourth quarter alone. Looking ahead, First Watch provided a cautious outlook for 2026 amid uncertain consumer spending.
First Watch Restaurant Group, Inc., based in Bradenton, Florida, released its financial results for the thirteen weeks ended December 28, 2025 (Q4 2025) and the full 52-week fiscal year ended December 28, 2025, on February 24, 2026. Compared to the prior year, total revenues for 2025 rose 20.3% to $1.2 billion, while system-wide sales increased 16.1% to $1.4 billion. Same-restaurant sales grew 3.6%, with same-restaurant traffic up 0.5%. The company opened 64 system-wide restaurants—55 company-owned and 9 franchise-owned—across 23 states, bringing the total to 633 locations in 32 states.
In Q4 2025, revenues climbed 20.2% to $316.4 million, and system-wide sales rose 16.1% to $353.1 million. Same-restaurant sales increased 3.1%, though traffic declined 1.9%. Net income for the quarter was $15.2 million, up from $0.7 million in Q4 2024. For the full year, net income reached $19.4 million, and adjusted EBITDA grew to $120.9 million from $113.8 million.
"2025 was a year of significant progress on a number of fronts for First Watch," said Chris Tomasso, CEO and President. "In addition to continuing our industry-leading new restaurant growth of nearly 11%, we increased total revenues by more than 20%, which included same-restaurant sales growth of 3.6% and positive same-restaurant traffic."
For fiscal 2026, ending December 27, 2026, First Watch anticipates same-restaurant sales growth of 1% to 3% and total revenue growth of 12% to 14%. The company plans 59 to 63 new system-wide restaurants, including 3 closures, with capital expenditures of $150 million to $160 million. It will hold off on menu price increases through the first half of 2026, citing easing commodity costs and uncertain consumer behavior. Investments include a digital marketing rollout and a new core menu featuring permanent items like barbacoa breakfast tacos and strawberry tres leches French toast.
Matt Eisenacher, chief brand officer, noted the industry's slowdown after Black Friday, attributing it to consumer unpredictability. Outgoing CFO Mel Hope added that the full-service dining category faces caution in early 2026. New restaurants outperformed expectations, with first-year sales 19% above targets, and employee turnover declined amid a 40% rise in job applications.
