First Watch Q2 net income falls to $2.1M; raises 2025 adjusted EBITDA guidance

First Watch Restaurant Group, Inc.

2025-Q2 EPS reported $0.02 revenue$590,127,000

Total revenues up 19.1% to $307.9M from $258.6M a year ago.
Net income $2.1M ($0.03 diluted EPS) vs $8.9M ($0.14) in Q2 2024.
Adjusted EBITDA declined to $30.4M from $35.3M; Restaurant-level margin fell to 18.6% from 21.9%.
Same-restaurant sales +3.5%; traffic +2.0% (third straight quarter of sequential improvement).
Opened 17 system-wide restaurants, ending at 600 total; raised 2025 adjusted EBITDA guidance.

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