Highest-materiality recent filing
Stockholders elected Irene Chang Britt, Charles Jemley, and Rachel Tipograph as Class II directors to serve until 2029.
First Watch Q1 net loss widens to $2.7M but revenue grows 17.3%, raises EBITDA guidance
Total revenues up 17.3% to $331.0M; same-restaurant sales grew 2.8%.
First Watch terminates COO Dan Jones as part of ops restructuring
Dan Jones terminated as Chief Operations Officer effective March 27, 2026.
First Watch corrects FY2026 new restaurant outlook to include 3 closures; FY2025 revenue $1.2B
Amendment corrects typo: FY2026 outlook for new system-wide restaurants now explicitly includes three company-owned restaurant closures.
First Watch Q4 revenue $316.4M (+20.2%), net income $15.2M; CFO retires
Full year 2025: total revenues $1.2B (+20.3%), net income $19.4M, adjusted EBITDA $120.9M.
First Watch reports Q4 same-restaurant sales +3.1%, traffic -1.9%; FY +3.6% sales
Same-restaurant sales growth +3.1% in Q4, +3.6% for FY 2025.
First Watch announces director resignations and appointment of Rachel Tipograph to board
Tricia Glynn (director since 2017) and David Paresky (director since 2023) resigned effective Dec 23, 2025, tied to Advent International's exit.
First Watch secondary offering of 5.29M shares by selling shareholders at $17.71/share
Selling shareholders sold 5,289,784 shares at $17.71416 per share; offering closed Nov 7, 2025.
First Watch Q3 revenue up 25.6% to $316M; Adj. EBITDA $34.1M, raises FY25 guide
Total revenues $316.0M (+25.6% YoY); system-wide sales $352.7M (+20.9%).
First Watch files 8-K/A to correct clerical error in underwriting agreement for secondary offering
Selling shareholders sold 5M shares at $17.70/share; company received no proceeds.
First Watch selling shareholders to sell 5M shares in secondary offering at $17.70
Selling shareholders sold 5,000,000 shares at $17.70 per share; offering closed Aug. 8, 2025.
First Watch Q2 net income falls to $2.1M; raises 2025 adjusted EBITDA guidance
Total revenues up 19.1% to $307.9M from $258.6M a year ago.
First Watch stockholders re-elect all four Class I directors and ratify PwC as auditor
All four Class I director nominees elected: Fleisher, Kussell, Lilak, Solheim received >39M votes each, with broker non-votes of 4.2M.
Net loss of $(0.8)M ($(0.01) diluted EPS) vs net income of $7.2M ($0.12 EPS) in Q1 2024.
First Watch adopts executive severance plan with CEO receiving 2x salary on non-CIC termination
CEO gets 2x base salary + target bonus on qualifying termination; other execs 1.5x; VPs 1x and 0.75x.
First Watch FY2024 revenue tops $1B, net income $18.9M; Q4 same-store sales -0.3%
Total revenues $1.01B for FY2024, +13.9% YoY; system-wide sales $1.2B.
First Watch Q4 same-restaurant sales -0.3%, traffic -3%; 25 new openings
Q4 same-restaurant sales fell 0.3% YoY; traffic declined 3.0%.
Selling shareholders of First Watch offer 8M shares at $19.76; company gets no proceeds
Selling shareholders sold 8,000,000 shares at $19.76 per share; underwriter has 30-day option for 1,200,000 additional shares.
First Watch to acquire 16 franchise restaurants in Carolinas for $49M
Acquiring 15 franchise restaurants plus one under development in NC/SC for $49M on cash-free, debt-free basis.
First Watch Q3 revenue +14.8% to $251.6M; Net income $2.1M; Adj. EBITDA $25.6M
Total revenues $251.6M (+14.8% YoY); system-wide sales $291.8M (+8.0%).
First Watch closed 85 restaurants due to Hurricane Milton; 77 reopened by Oct 14
85 Company-owned restaurants closed at least one day from Oct 8-13; 77 reopened by Oct 14.
First Watch appoints Charles Jemley and Michael Fleisher to Board of Directors
Director Julie M.B. Bradley resigned effective Aug 20, 2024, to pursue other interests; no disagreements with Company.
First Watch Q2 revenue up 19.5% to $258.6M; adjusted EBITDA +37% to $35.3M
Net income rose 12% to $8.9M ($0.14 diluted EPS) from $8.0M ($0.13) a year ago.
Elected Ralph Alvarez, Tricia Glynn, and Christopher Tomasso as Class III directors to serve until 2027.
First Watch Q1 revenue up 14.7% to $242.4M; net income down to $7.2M, same-restaurant sales +0.5%
Total revenues $242.4M, +14.7% YoY; system-wide sales $289.6M, +9.4%.
First Watch acquires 21 franchise restaurants in North Carolina for $75M
Purchase price $75M on cash-free, debt-free basis; includes 21 restaurants and development rights in North Carolina.
First Watch reports secondary offering of 6.9M shares by selling shareholders at $23.99
Selling shareholders sold 6,000,000 shares at $23.99 each; underwriter’s 30-day option for 900,000 additional shares was fully exercised.
First Watch FY23 rev $891.6M (+22%), adj EBITDA $99.5M, same-restaurant +7.6%
Total revenues $891.6M (up 22.1% YoY), net income $25.4M vs $6.9M in 2022.
First Watch to acquire 21 franchise restaurants in North Carolina for $75M
Asset Purchase Agreement with VIM Holdings to buy 21 franchise-owned restaurants and development rights in NC for $75M cash-free, debt-free.
First Watch reports Q4 same-restaurant sales up 5.0%; FY traffic rises 0.2%
Q4 same-restaurant sales growth of 5.0% vs prior year; FY same-restaurant sales up 7.6%.
On August 22, 2024, the Board increased the number of directors of the Company from nine to ten, and appointed Michael Fleisher to serve as a Class I director, effective November 1, 2024
On August 22, 2024, the Board appointed Charles Jemley as a Class II director to fill the vacancy on the Board resulting from the resignation of Ms. Bradley, with such appointment effective August 22, 2024
On August 20, 2024, Julie M.B. Bradley, who has been a director of First Watch Restaurant Group, Inc. (the “Company”) since January 2020, informed the Company of her intent to resign from the Company’s Board of Directors (the “Board”) effective immediately to pursue other professional interests.
Max materiality 0.80 · Median 0.62 · Most common event earnings