First Watch Restaurant Group, Inc. · NASDAQ:FWRG
First Watch Restaurant — Q3 2025 Earnings Presentation
19 slides from First Watch Restaurant's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Supplemental Information
Q3 2025 SUPPLEMENTAL INFORMATION November 4, 2025
Slide 2: Cautionary Note on Forward-Looking Statements and Non-GAAP Financial Measures
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS AND NON-GAAP FINANCIAL MEASURES FORWARD LOOKING STATEMENTS In addition to historical information, this presentation may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, which are subject
Slide 3: Good Morning! We are First Watch
GOOD MORNING! We are First Watch. We’re the leaders of the Daytime Dining category – a segment comprised of culinary-driven concepts operating exclusively during daytime hours. Our performance and successes are achieved during one 7½-hour shift, from 7 a.m. to 2:30 p.m. We serve made-to-order breakf
Slide 4: Slide 4
Slide 5: Performance & Commentary
Q3 2025 PERFORMANCE & COMMENTARY
Slide 6: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS Q3 2025 Highlights: • Total revenues increased 25.6% to $316.0 million as compared to $251.6 million in the same period of 2024 • System-wide sales increased 20.9% to $352.7 million as compared to $291.8 million in the same period of 2024 • Same-restaurant sales growth of 7.1% • S
Slide 7: CEO Chris Tomasso commentary
“Our strong third quarter results and sequential year-to-date improvement in same restaurant traffic growth, same restaurant sales growth, and restaurant-level operating profit margin, are testament to the enduring strength of our business model and the efforts of our teams. In light of our performa
Slide 8: A Taste of Q2 + Q3
A TASTE OF Q2 + Q3 Summer| June 3 – August 18, 2025 BLUEBERRY LEMON SHRIMP & ELOTE BREAKFAST WATERMELON CORNBREAD GRITS BURRITO WAKEUP Freshly baked cornbread with sweet and Sautéed Cajun shrimp and andouille Chorizo, scrambled cage-free eggs, freshly Fresh juice featuring watermelon, juicy blueberr
Slide 9: A Taste of Q3 + Q4
A TASTE OF Q3 + Q4 Fall| August 19 – October 27, 2025 MAPLE BACON CHIPOTLE CHICKEN PUMPKIN PANCAKE BLAZING CROISSANT SANDWICH HASH BREAKFAST DRAGON Million Dollar Bacon, a Jones Dairy Farm Honey-chipotle glazed all-natural chicken, A classic, seasonal First Watch favorite. Fresh juice featuring stra
Slide 10: Outlook for Fiscal Year 2025
OUTLOOK OUTLOOK FOR FISCAL YEAR 2025 Based upon third quarter results and current trends, the Company updated the following guidance metrics for the 52-week fiscal year ending December 28, 2025: • Same-restaurant sales growth of ~4% with same-restaurant traffic growth of ~1% • Total revenue growth o
Slide 11: Consolidated Statements of Operations and Comprehensive Income (Loss)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) THIRTEEN WEEKS ENDED THIRTEEN WEEKS ENDED THIRTY-NINE WEEKS ENDED THIRTY-NINE WEEKS ENDED FISCAL YEAR (in thousands) September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 2024 2023 2022 Revenues Restaurant sa
Slide 12: Selected Operating Data
SELECTED OPERATING DATA THIRTEEN WEEKS THIRTEEN WEEKS THIRTY-NINE WEEKS THIRTY-NINE WEEKS FISCAL YEAR September 28, 2025 September 29, 2024 September 28, 2025 September 29, 2024 2024 2023 2022 Operating weeks 13 13 39 39 52 53 52 System-wide restaurants 620 547 620 547 572 524 474 Company-owned 548
Slide 13: Appendix
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Slide 14: Attractive New Unit Economics, Flexible Size, Works Everywhere
ATTRACTIVE NEW UNIT ECONOMICS, FLEXIBLE SIZE, WORKS EVERYWHERE SYSTEM-WIDE RESTAURANT COUNT BY STATE AS OF 2024 YEAR END $2.7M 18-20% ~35% 18%+ Year 3 Year 3 Year 3 IRR(3) Avg Sales(1) Restaurant-Level Cash-On-Cash Operating Profit (1) Returns(1) (2) 5 11 19 7 7 44 15 8 4 1 8 Our flexible box size o
Slide 15: Historical Data: Same-Restaurant Sales & Traffic Growth, Pre-opening Expenses
HISTORICAL DATA Same-Restaurant Sales & Traffic Growth 2025 2024 2023 Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Same-Restaurant Sales Growth 0.7% 3.5% 7.1% 3.7% 0.5% (0.3)% (1.9)% (0.3)% * (0.5)% * 12.9% 7.8% 4.8% 5.0% 7.6% Same-Restaurant Traffic Growth (Decline) (0.7)% 2.0% 2.6% 1.3% (4.5)% (4.0)
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS THIRTEEN WEEKS THIRTEEN WEEKS THIRTY-NINE WEEKS THIRTY-NINE WEEKS FISCAL YEAR Adjusted (in thousands) Net income September 28, 2025 $2,991 September 29, 2024 $2,112 September 28, 2025 $4,268 September 29, 2024 $18,226 2024 $18,925 2023 $25,385 2022 $6,907
Slide 17: Restaurant Level Operating Profit and Margin Reconciliation
NON-GAAP FINANCIAL MEASURES RECONCILIATIONS Restaurant level operating profit and Restaurant level operating profit margin THIRTEEN WEEKS THIRTEEN WEEKS THIRTY-NINE WEEKS THIRTY-NINE WEEKS FISCAL YEAR Restaurant level operating profit and (in thousands) September 28, 2025 September 29, 2024 Septembe
Slide 18: Definitions Used in Presentation
DEFINITIONS USED IN PRESENTATION Adjusted EBITDA: a non-GAAP financial measure, is defined as net income Same-restaurant sales growth: the percentage change in year-over-year (loss) before depreciation and amortization, interest expense, income taxes restaurant sales (excluding gift card breakage) f
Slide 19: For more information, visit investors.firstwatch.com
For more information, visit investors.firstwatch.com or email investors@firstwatch.com
First Watch Restaurant Group — Q3 2025 Earnings Presentation on 6ix