---
schema_version: "secwatch.filing_event.v1"
accession: "0001789940-25-000085"
form_type: "8-K"
ticker: "FWRG"
cik: "0001789940"
company_name: "First Watch Restaurant Group, Inc."
filed_at: "2025-11-04T23:59:59+00:00"
generated_at: "2026-05-17T00:40:44.950370+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# First Watch Q3 revenue up 25.6% to $316M; Adj. EBITDA $34.1M, raises FY25 guide

## Summary
- 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).

## SEC filing metadata
- accession: 0001789940-25-000085
- form_type: 8-K
- ticker: FWRG
- cik: 0001789940
- company_name: First Watch Restaurant Group, Inc.
- filed_at: 2025-11-04T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1789940/000178994025000085/0001789940-25-000085-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1789940/000178994025000085/fwrg-20251104.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001789940-25-000085
- JSON: https://secwatch.observer/filing/0001789940-25-000085.json
- Plain text: https://secwatch.observer/filing/0001789940-25-000085.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.