First Watch Restaurant Group FWRG · USD
Consumer Discretionary · US listing · 🇺🇸 United States
13.85
+7.70%
Close of 9 Nov 2026, in USD
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About First Watch Restaurant Group
From its filings with the US Securities and Exchange Commission
First Watch Restaurant Group is based in Bradenton, Florida and is incorporated in Delaware. Its shares trade on Nasdaq under the ticker FWRG. The SEC classifies its business as retail-eating places. In the fiscal year to 28 December 2025, it reported revenue of $1.22bn and net income of $19.4m. At that date it held total assets of $1.74bn and shareholders' equity of $626.3m. By business, Restaurant sales brought in 99.2% of revenue, followed by Franchise revenues at 0.8%.
Since opening our doors in 1983, we have been a pioneer in Daytime Dining, serving made-to-order breakfast, brunch and lunch using the freshest of ingredients. We have built our brand on our commitment to operational excellence, our culinary mission centered around a fresh, continuously evolving menu, and our “You First” culture. Our focus on one daytime shift enables us to optimize restaurant operations while generating an average unit volume of $2.3 million per restaurant in 2025 in only 7.5 hours per day. This daytime focus also provides us with a competitive advantage, allowing us to attract and retain employees who are passionate about hospitality and drawn to our “No Night Shifts Ever” approach, among other attractive benefits.
As of December 28, 2025, we had a total of 633 restaurants across 32 states, 560 of which were company-owned and 73 of which were franchise-owned.
Every morning, thousands of our employees arrive at the crack of dawn to slice and juice fresh fruits and vegetables, bake muffins, brew our fresh coffee and whip up our French Toast batter from scratch. Every menu item is made-to-order and prepared with care. We do not use microwave ovens, heat lamps or deep fryers in our kitchens. At First Watch, we are driven by a pursuit of freshness as is highlighted by our culinary and sourcing philosophy to “Follow the Sun.” With this philosophy, our menu, which is inspired by the seasons, changes four to five times per year.
Quoted from its 10-K, filed 24 Feb 2026. Read the filing on SEC.gov ↗
Company facts
- Sector
- Consumer Discretionary
- Industry
- Hotels, Restaurants & Leisure
- Listed since
- 1 Oct 2021
- Employees
- 1,000
- Website
- investors.firstwatch.com ↗
- Head office
- 8725 PENDERY PLACE, SUITE 201, BRADENTON, FL, 34201
- Incorporated in
- DE
- Classification
- Retail-Eating Places
- Filer status
- Large accelerated filer
Leadership
Pay as last reported
- Mr. Ralph AlvarezIndependent Chairman of the Board$248,500
- Mr. Christopher TomassoPresident, Chief Executive Officer, Director, since 2017$4.9m
- Mr. Henry HopeChief Financial Officer, Treasurer$1.6m
- Mr. John JonesChief Operations Officer
- Ms. Laura SorensenChief People Officer
- Mr. Robert ContiChief Information Officer
- Mr. Jay WolszczakChief Legal Officer, General Counsel, Secretary$1.4m
- Mr. Matt EisenacherChief Brand Officer
- Mr. Eric HartmanChief Development Officer$1.1m
- Ms. Irene BrittIndependent Director$185,000
- Mr. Michael FleisherIndependent Director$157,157
- Ms. Tricia GlynnIndependent Director
Environmental, social and governance
Scores out of 100, from our data supplier
- Overall
- 38
- Environment
- 5
- Social
- 65
- Governance
- 46
- Carbon reduction policy
- No
- Human rights policy
- No
SWOT analysis
AI-generated by our data supplier. Not written or checked by our editors.
Strengths
- First Watch Restaurant Group Inc has several key strengths that contribute to its success in the competitive restaurant industry.
Weaknesses
- Despite its strengths, First Watch Restaurant Group Inc also faces certain weaknesses that may pose challenges to its growth and profitability.
Opportunities
- First Watch Restaurant Group Inc can leverage certain opportunities in the market to drive further growth and strengthen its position.
Threats
- Various external factors pose potential threats to First Watch Restaurant Group Inc's operations and profitability.
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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