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Dec 28, 2025
First Watch Q4 2025 Earnings Report
First Watch reported fourth quarter 2025 net income of 15164000 on total revenues of 316352000, with Adjusted EBITDA of 33687000.
Key Takeaways
First Watch generated Q4 2025 total revenues of 316352000, up 20.2% year over year, with same-restaurant sales growth of 3.1%. Net income increased to 15164000 and Adjusted EBITDA rose to 33687000, reflecting margin expansion.
Total revenues increased 20.2% to 316352000.
Same-restaurant sales grew 3.1% despite traffic decline of 1.9%.
Restaurant level operating profit margin improved to 19.0%.
Adjusted EBITDA increased to 33687000 with 10.6% margin.
Revenue by Segment
Forward Guidance
For fiscal year 2026, First Watch expects same-restaurant sales growth between 1% and 3%, total revenue growth of 12% to 14%, and Adjusted EBITDA between 132000000 and 140000000.
Positive Outlook
- Same-restaurant sales growth projected between 1% and 3%.
- Total revenue growth expected between 12% and 14%.
- Adjusted EBITDA guidance of 132000000 to 140000000.
- Plan to open 59 to 63 new system-wide restaurants.
- Long-term target of low double-digit unit growth.
Challenges Ahead
- Same-restaurant traffic declined 1.9% in Q4.
- Income from operations margin remains low at 2.9%.
- Restaurant level operating margin slightly below 2023 levels.
- Exposure to inflationary pressures in food and labor costs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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