earnings
confidence high
sentiment positive
materiality 0.75
First Watch Q3 revenue up 25.6% to $316M; Adj. EBITDA $34.1M, raises FY25 guide
First Watch Restaurant Group, Inc.
2025-Q3 EPS reported
$0.07
revenue$906,149,000
- Total revenues $316.0M (+25.6% YoY); system-wide sales $352.7M (+20.9%).
- Same-restaurant sales +7.1%, traffic +2.6%; restaurant-level OP margin 19.7% (up from 18.9%).
- Net income $3.0M ($0.05 diluted EPS) vs $2.1M ($0.03); Adj. EBITDA $34.1M vs $25.6M.
- Opened 21 new system-wide restaurants in 14 states; total system count 620.
- FY2025 adjusted EBITDA guidance raised to ~$123M (high end of prior range).