First Watch Restaurant Group Inc. Common Stock Earnings Recaps
Q3 2025
Nov 5, 2025
First Watch Restaurant Group reported a robust third-quarter performance, with total revenue soaring by 25.6% year-over-year, driven by strong same-restaurant sales growth and strategic unit expansion.
Key takeaways
- Same-restaurant sales increased by 7.1%, marking the fourth consecutive quarter of growth.
- Restaurant-level operating profit margin improved significantly, demonstrating effective operational execution.
- The company opened 21 new locations in Q3, on track for a total of 63 to 64 new restaurants for the fiscal year, equating to nearly 11% system-wide growth.
- Notably, nine of the ten highest opening week sales in history were achieved by restaurants opened within the last 12 months.
- First Watch maintained a strategic pricing approach to combat inflation, prioritizing long-term growth over short-term margin protection.