First Watch Restaurant Group, Inc. Overview
Pro stress-test →First Watch is a daytime dining concept company engaged in serving made-to-order breakfast, brunch and lunch using fresh ingredients. The company continues to see a long-term opportunity for more than 2,200 restaurants across the United States. With $1.22 billion in revenue over the past 12 months and 18.7% annualized revenue growth over the last six years, First Watch is a mid-sized restaurant chain demonstrating excellent growth momentum.
Strategic Profile
Pro stress-test →In 2025, First Watch achieved industry-leading new restaurant growth of nearly 11% and increased total revenues by more than 20%, with same-restaurant sales growth of 3.6% and positive same-restaurant traffic. The company has opened new restaurants at a rapid clip over the last two years, averaging 10.3% annual growth, much faster than the broader restaurant sector. However, profitability is more mixed, with income from operations margins compressing to 2.3% from 3.9% and Adjusted EBITDA margin declining to 9.9% from 11.2%, showing cost and investment headwinds.
Competitive Landscape
Pro stress-test →First Watch is one of the largest daytime-only restaurant chains in the United States. The company competes in the casual dining and breakfast/brunch segment against both regional and national chains. Its focused daytime-only positioning differentiates it in the market, though it faces competition from full-service restaurants, casual dining chains, and fast-casual concepts expanding breakfast menus.
Industry Context
First Watch Restaurant Group, Inc. operates in Casual Dining / Quick-Service Restaurants - Breakfast & Brunch Specialist.
Key facts
Founded: 1983 · Headquarters: Bradenton, Florida · Revenue: $1.22B