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First Watch Restaurant Group, Inc. revenue

First Watch Restaurant Group, Inc.'s revenue was $1.22bn in fiscal 2025, up 20.3% on the year before. Since fiscal 2019 ($436m) it has grown at a compound 18.7% a year. Over the last twelve months it was $1.35bn.

Revenue history

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Revenue4363426017308921,0161,2231,352
Growth on the year before—−21.5%+75.6%+21.5%+22.1%+13.9%+20.3%—

Revenue as reported in the company's 10-K and 10-Q filings (for banks, net interest income plus non-interest income). Growth is left blank when the earlier figure was zero or negative.

Where the revenue comes from

Fiscal year to December 28, 2025
Products and services
Line of business Revenue Share YoY
Franchisor Owned Outlet $1.2B 99.2% ▲ 20.7%
In Restaurant Dining Sales $982M 81.0% ▲ 18.5%
Third Party Delivery Sales $142M 11.7% ▲ 46.0%
Take Out Sales $87.6M 7.2% ▲ 12.5%
Franchise $10.3M 0.8% ▼ 10.6%
Royalty and System Fund Contributions $9.7M 94.0% ▼ 10.7%
Business Combinations Revenues Recognized $398,000 3.9% ▼ 3.6%
Initial Fees $225,000 2.2% ▼ 19.1%

From First Watch Restaurant Group, Inc.'s 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Revenue against peers

Restaurants: the closest covered companies by revenue. Last twelve months.

CompanyRevenueGrowth3-year growth a year
First Watch Restaurant Group, Inc. $1.35bn 15.6% 17.5%
CAVA Group, Inc. $1.37bn 26.8% 28.7%
Jack IN The BOX Inc $1.43bn 14.3% -6.1%
Bjs Restaurants Inc $1.43bn 3.5% 2.1%
RED Robin Gourmet Burgers Inc $1.19bn -3.7% -2.7%
Shake Shack Inc. $1.55bn 17.3% 16.1%

Compare with peers

Head to head: CAVA vs FWRGFWRG vs JACKBJRI vs FWRGFWRG vs RRGB

More: Restaurants stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from First Watch Restaurant Group, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to First Watch Restaurant Group, Inc.