The earnings call presented a robust performance for First Watch, highlighted by strong revenue growth, successful new openings, and strategic acquisitions. The company achieved record performance during key holidays and saw a positive shift in customer demographics. However, challenges remain with commodity cost inflation and increased labor expenses. Despite these challenges, the positive aspects, including an improved EBITDA outlook, outweigh the negatives.

Company Guidance

During the Second Quarter Earnings Conference Call on August 5, 2025, First Watch Restaurant Group provided robust guidance for the remainder of 2025. The company reported a 19.1% increase in total revenue, reaching $307.9 million, driven by strong new restaurant openings and strategic acquisitions, resulting in a positive same-restaurant sales growth of 3.5%. The company opened 17 new system-wide restaurants in eight states and completed the acquisition of 19 franchise restaurants across North Carolina, South Carolina, and Missouri. First Watch's adjusted EBITDA guidance was raised to a range of $119 million to $123 million, due to improved egg costs and strategic pricing adjustments, with a targeted same-restaurant traffic growth projection remaining flat to slightly positive. Additionally, the company plans to open 62 to 67 new locations system-wide by the end of the year, maintaining its position as a leader in the daytime dining segment.

Strong Revenue Growth

Total revenue increased by more than 19%, driven by high-performing new restaurant openings and strategic acquisitions. Same-restaurant sales growth was 3.5%, with 2% positive same-restaurant traffic growth.

Successful New Openings and Acquisitions

17 new system-wide restaurants were opened across 8 states, with a successful acquisition and integration of 19 franchise restaurants in North Carolina, South Carolina, and Missouri.

Record Mother's Day Performance

Mother's Day was the single busiest day in First Watch's 42-year history, with record same-restaurant traffic and sales.

Positive Customer Demographic Shift

The customer base is skewing more towards Gen Z and millennials, with the majority of customers falling below 50 years old.

Improved EBITDA Outlook

Adjusted EBITDA guidance was increased to $119 million to $123 million, driven by reduced egg costs and positive same-restaurant traffic trends.

First Watch Restaurant Group (FWRG) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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FWRG Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 10, 2025	2025 (Q3)	0.07 / -	0.03	―	―	―
Aug 05, 2025	2025 (Q2)	0.05 / 0.03	0.14	-78.57% (-0.11)
May 06, 2025	2025 (Q1)	0.04 / -0.01	0.12	-108.33% (-0.13)
Mar 11, 2025	2024 (Q4)	0.01 / 0.01	0.04	-75.00% (-0.03)
Nov 07, 2024	2024 (Q3)	0.04 / 0.03	0.09	-66.67% (-0.06)
Aug 06, 2024	2024 (Q2)	0.12 / 0.14	0.13	7.69% (+0.01)
May 07, 2024	2024 (Q1)	0.10 / 0.12	0.15	-20.00% (-0.03)
Mar 05, 2024	2023 (Q4)	0.04 / 0.04	-0.01	500.00% (+0.05)
Nov 01, 2023	2023 (Q3)	0.04 / 0.09	0.001	8900.00% (+0.09)
Aug 01, 2023	2023 (Q2)	0.08 / 0.13	0.05	160.00% (+0.08)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

FWRG Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$17.24	$17.85	+3.54%
May 06, 2025	$18.61	$15.33	-17.62%
Mar 11, 2025	$18.10	$16.83	-7.02%
Nov 07, 2024	$18.25	$20.83	+14.14%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does First Watch Restaurant Group, Inc. (FWRG) report earnings?

First Watch Restaurant Group, Inc. (FWRG) is schdueled to report earning on Nov 10, 2025, After Close (Confirmed).

What is First Watch Restaurant Group, Inc. (FWRG) earnings time?

First Watch Restaurant Group, Inc. (FWRG) earnings time is at Nov 10, 2025, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is FWRG EPS forecast?

FWRG EPS forecast for the fiscal quarter 2025 (Q3) is 0.07.

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