Welcome to our dedicated page for First Watch Restaurant Group SEC filings (Ticker: FWRG), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
First Watch Restaurant Group, Inc. filings document formal disclosures for a Nasdaq-listed restaurant operator with company-owned restaurant sales and franchise revenue. Recent 8-K reports furnish quarterly and annual operating results, preliminary operating metrics, Regulation FD supplemental presentations, and exhibits tied to press releases about same-restaurant sales, traffic, restaurant openings, and financial outlook.
The filing record also includes definitive proxy materials covering governance, executive compensation and equity awards, Form 8-K officer-change disclosures, and capital-markets documents related to common stock sold by selling shareholders under a registration statement. These disclosures record leadership structure, emerging growth company status, common stock terms, and event-specific exhibits such as underwriting agreements and corrected earnings materials.
First Watch Restaurant Group, Inc. reported that Chief Brand Officer Matthew Eisenacher acquired 28,089 shares of common stock through a grant of restricted stock units. These RSUs vest in three equal annual installments beginning on March 1, 2027, and are subject to forfeiture or acceleration. Following this award, he directly holds 76,053 shares.
First Watch Restaurant Group, Inc. filed an amended current report to correct a wording error in its 2026 restaurant-opening outlook, clarifying that guidance for 59 to 63 new system-wide restaurants includes three company-owned closures.
For 2025, total revenues rose 20.3% to $1.22 billion, with system-wide sales reaching about $1.4 billion. Same-restaurant sales grew 3.6% and same-restaurant traffic increased 0.5%. Income from operations declined to $27.5 million (margin 2.3%) from $38.9 million (3.9%), while net income inched up to $19.4 million. Adjusted EBITDA increased to $120.9 million.
In Q4 2025, revenue grew 20.2% to $316.4 million with same-restaurant sales up 3.1% and traffic down 1.9%. Net income jumped to $15.2 million from $0.7 million, and Adjusted EBITDA rose to $33.7 million. The company opened 64 system-wide restaurants in 2025, ending the year with 633 locations. For 2026, it projects same-restaurant sales growth of 1–3%, total revenue growth of 12–14%, Adjusted EBITDA of $132–140 million, and capital spending of $150–160 million.
First Watch Restaurant Group, Inc. describes its daytime-only breakfast, brunch and lunch concept and long‑term growth plans in its annual report. As of December 28, 2025, it operated 633 restaurants across 32 states, including 560 company-owned and 73 franchise-owned locations, with average unit volume of $2.3 million.
The company outlines potential for more than 2,200 U.S. restaurants, citing 64 new openings and 19 franchise acquisitions in 2025, investments in digital ordering, pay-at-the-table and a refreshed app, plus people-focused programs for over 17,500 employees. Extensive risk factors cover economic pressures, food costs, labor, technology, data privacy and franchise performance.
First Watch Restaurant Group reported strong growth for 2025, with total revenues up 20.3% to $1.2 billion and system-wide sales rising to $1.4 billion. Net income edged up to $19.4 million, while Adjusted EBITDA increased to $120.9 million.
However, income from operations fell to $27.5 million and the income from operations margin declined to 2.3%, reflecting higher costs. The company opened 64 restaurants, ending 2025 with 633 system-wide locations, and expects 2026 same-restaurant sales growth of 1–3%, total revenue growth of 12–14%, and Adjusted EBITDA of $132–140 million. First Watch also announced that longtime Chief Financial Officer and Treasurer Mel Hope plans to retire after a successor is appointed, with a transition period to support continuity.
FMR LLC has disclosed a significant ownership position in First Watch Restaurant Group, Inc. In this amended Schedule 13G, FMR LLC reports beneficial ownership of 6,664,673.92 shares of First Watch common stock, representing 10.9% of the class as of the January 30, 2026 event date.
Abigail P. Johnson is also reported as a beneficial owner of the same 6,664,673.92 shares, with sole dispositive power but no voting power. The filing states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of First Watch.
First Watch Restaurant Group Inc. received a Schedule 13G filing from Neuberger Berman entities reporting a passive institutional stake in its common stock. Neuberger Berman Group LLC and Neuberger Berman Investment Advisers LLC report beneficial ownership of 3,109,660 shares, representing 5.1% of the common stock class.
The filing shows no sole voting or dispositive power, but shared voting power over 2,949,566 shares and shared dispositive power over 3,109,660 shares. The position is held in various fiduciary and investment advisory capacities for unrelated clients, which retain the economic benefits of the shares.
The filers certify the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of First Watch Restaurant Group Inc.
FMR LLC filed a Schedule 13G reporting beneficial ownership of 5,399,098 shares of First Watch Restaurant Group Inc. common stock, representing 8.8% of the class as of 12/31/2025. FMR has sole voting power over 5,393,404 shares and sole dispositive power over 5,399,098 shares.
Abigail P. Johnson is also listed as a reporting person with sole dispositive power over the same 5,399,098 shares and no voting power. The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. It notes that one or more other persons may receive dividends or sale proceeds, but no such person has more than 5% of the outstanding common stock.
The Vanguard Group filed a Schedule 13G reporting a passive ownership stake in First Watch Restaurant Group Inc common stock. Vanguard reports beneficial ownership of 3,320,929 shares, representing 5.44% of the outstanding common stock as of December 31, 2025.
Vanguard has shared voting power over 397,578 shares and shared dispositive power over 3,320,929 shares, with no sole voting or dispositive power. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.
The filing explains that Vanguard’s clients, including registered investment companies and other managed accounts, are entitled to dividends and sale proceeds, and that no other single person has an interest in more than 5% of the class. Vanguard also notes an internal realignment effective January 12, 2026, after which certain subsidiaries may report beneficial ownership separately.
First Watch Restaurant Group director William A. Kussell reported an option exercise and share sale. On January 22, 2026, he exercised 6,165 stock options at $8.45 per share, receiving the same number of common shares under options granted on August 21, 2017 pursuant to the company’s 2017 Omnibus Equity Incentive Plan. That same day, he sold 6,165 common shares at $17.00 per share under a Rule 10b5-1 trading plan dated September 9, 2025. After these transactions, he directly owned 26,402 common shares and 86,320 stock options.
First Watch Restaurant Group insider plans a small stock sale under Rule 144. The notice covers 6,165 shares of common stock to be sold through UBS Financial Services on NASDAQ, with an aggregate market value of 104,805 and 61,032,105 common shares outstanding. The shares to be sold were acquired on 01/22/2026 by exercising a stock option for cash on the same date. The form also notes that the same seller, William Kussell, sold 6,165 common shares on 12/09/2025 for gross proceeds of 104,805 during the prior three months.