FMR reports 8.8% First Watch (FWRG) stake in Schedule 13G

Rhea-AI Filing Summary

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.

Insights

Institutional Ownership Analyst

FMR reports an 8.8% passive stake in First Watch.

The filing shows FMR LLC and Abigail P. Johnson beneficially owning 5,399,098 First Watch Restaurant Group shares, or 8.8% of the common stock. FMR exercises sole voting power on slightly fewer shares, indicating typical fund-level voting arrangements.

The Schedule 13G certification states the position is held in the ordinary course of business and not to influence control, suggesting a passive investment posture rather than activist intent. Other underlying investors may receive dividends or sale proceeds, but none exceeds 5% ownership individually.

Overall, this reflects a sizeable institutional holder in the shareholder base rather than a strategic or control-focused position. Future company filings may provide context on any changes in this ownership percentage over time.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

FIRST WATCH RESTAURANT GROUP INC

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

33748L101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 33748L101

1

Names of Reporting Persons

FMR LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,393,404.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,399,098.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,399,098.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 33748L101

1

Names of Reporting Persons

Abigail P. Johnson

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,399,098.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,399,098.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FIRST WATCH RESTAURANT GROUP INC
(b)	Address of issuer's principal executive offices: 8725 PENDERY PLACE,SUITE 201,BRADENTON,FL,US,34201
Item 2.
(a)	Name of person filing: FMR LLC
(b)	Address or principal business office or, if none, residence: 245 Summer Street, Boston, Massachusetts 02210
(c)	Citizenship: Not applicable
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 33748L101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 5399098.00
(b)	Percent of class: 8.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Please see the responses to Items 5 and 6 on the cover page.
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 5399098.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. One or more other persons are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the COMMON STOCK of FIRST WATCH RESTAURANT GROUP INC. No one other person's interest in the COMMON STOCK of FIRST WATCH RESTAURANT GROUP INC is more than five percent of the total outstanding COMMON STOCK.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See attached Exhibit 99.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

FMR LLC

Signature:	Stephanie J. Brown
Name/Title:	Duly authorized under Power of Attorney effective as of January 3, 2023, by and on behalf of FMR LLC and its direct and indirect subsidiaries*
Date:	02/04/2026

Abigail P. Johnson

Signature:	Stephanie J. Brown
Name/Title:	Duly authorized under Power of Attorney effective as of January 26, 2023, by and on behalf of Abigail P. Johnson**
Date:	02/04/2026

Comments accompanying signature: * This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 10, 2023, accession number: 0000315066-23-000003. ** This power of attorney is incorporated herein by reference to Exhibit 24 to the Schedule 13G filed by FMR LLC on January 31, 2023, accession number: 0000315066-23-000038.

Exhibit Information

Please see Exhibit 99 for 13d-1(k) (1) agreement.

FAQ

What stake in First Watch (FWRG) does FMR LLC report on this Schedule 13G?

FMR LLC reports beneficial ownership of 5,399,098 shares of First Watch Restaurant Group common stock, representing 8.8% of the outstanding class as of December 31, 2025, making FMR a significant institutional shareholder in the company.

Who are the reporting persons on the First Watch (FWRG) Schedule 13G filing?

The Schedule 13G identifies FMR LLC and Abigail P. Johnson as reporting persons. FMR is the parent holding company, while Johnson is listed separately with sole dispositive power over the same 5,399,098 shares of First Watch Restaurant Group common stock.

Does FMR intend to influence control of First Watch (FWRG) according to this filing?

The certification states 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, indicating a passive investment rather than an activist or control-focused position.

How much voting and dispositive power over FWRG shares does FMR report?

FMR LLC reports sole voting power over 5,393,404 shares of First Watch and sole dispositive power over 5,399,098 shares. It reports no shared voting or dispositive power, reflecting centralized control of the position within FMR’s structures.

Are other investors involved in the FMR-held First Watch (FWRG) shares?

The filing notes that one or more other persons may have rights to receive dividends or sale proceeds from the First Watch common stock, but confirms that no single such person holds more than 5% of the outstanding common stock.