Record Revenue and Adjusted EBITDA
First Watch achieved over $1 billion in total revenue and over $100 million in adjusted EBITDA for the first time in the company's history.
Expansion and New Restaurant Openings
In 2024, 50 new restaurants were opened, including a record 25 in the fourth quarter. New restaurants are on pace to generate third-year sales of $2.6 million, 20% above the current system average.
Improved Operational Metrics
The company increased labor efficiency, improved restaurant-level operating profit margins, reduced ticket times, and improved employee turnover.
Positive Developments in Third-Party Delivery
Modifications in the approach to third-party delivery resulted in positive traffic year-to-date in 2025.
Strong New Restaurant Performance
Restaurants opened in 2024 are generating higher sales and returns than average, with a projected cash on cash return above 35% and IRR above 22%.