Amended Filing (8-K/A) — This is an amended earnings release filed to correct or supplement the original filing. Amendments contain the complete updated information, including all corrections.
First Watch Restaurant Group reported strong top-line growth driven by new restaurant openings and modest same-restaurant sales increases. While revenue and Adjusted EBITDA saw significant year-over-year improvements, operating income and margins declined for the full fiscal year, indicating pressure from increased operating costs.
Total revenues increased 20.2% to $316.4 million in Q4 2025 from $263.3 million in Q4 2024.
positiveTotal revenues increased 20.3% to $1.2 billion in 2025 from $1.0 billion in 2024.
positiveOpened 64 system-wide restaurants in 2025, contributing to growth.
positiveAdjusted EBITDA increased to $33.7 million in Q4 2025 from $24.3 million in Q4 2024.
positiveAdjusted EBITDA increased to $120.9 million in 2025 from $113.8 million in 2024.
positiveRestaurant level operating profit margin remained strong at 19.0% in Q4 2025, up from 18.8% in Q4 2024.
positiveSame-restaurant traffic growth was negative 1.9% in Q4 2025, indicating a decline in customer visits despite overall sales growth.
attentionIncome from operations decreased to $27.5 million in 2025 from $38.9 million in 2024.
negativeIncome from operations margin decreased to 2.3% in 2025 from 3.9% in 2024.
negativeRestaurant level operating profit margin decreased to 18.5% in 2025 from 20.1% in 2024.
negativeNet income margin decreased to 1.6% in 2025 from 1.9% in 2024.
negativeAdjusted EBITDA margin decreased to 9.9% in 2025 from 11.2% in 2024.
negativeMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
2025 was a year of significant progress on a number of fronts for First Watch.
Continuing our industry-leading new restaurant growth of nearly 11%, we increased total revenues by more than 20%, which included same-restaurant sales growth of 3.6% and positive same-restaurant traffic.
As we look to 2026 and beyond, we are energized by the growth opportunities across all facets of our business, particularly the expansion of our evolving digital marketing platform.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.