Revenue: As of FY2025 Q3, the actual value is USD 316.02 M, beating the estimate of USD 309.57 M.EPS: As of FY2025 Q3, the actual value is USD 0.05.EBIT: As of FY2025 Q3, the actual value is USD 14.62 M.<h3>Financial Metrics by Segment</h3><h4>Segment Revenue</h4><ul><li>Total Revenues: $316.0 million for the third quarter of 2025, up from $251.6 million in the third quarter of 2024.</li><li>Restaurant Sales: $313.6 million for the third quarter of 2025, up from $249.0 million in the third quarter of 2024.</li><li>Franchise Revenues: $2.4 million for the third quarter of 2025, down from $2.6 million in the third quarter of 2024.</li></ul><h4>Operational Metrics</h4><ul><li>Net Income: $3.0 million for the third quarter of 2025, up from $2.1 million in the third quarter of 2024.</li><li>Income from Operations: $10.1 million for the third quarter of 2025, up from $6.3 million in the third quarter of 2024.</li><li>Operating Margin: 3.2% for the third quarter of 2025, up from 2.5% in the third quarter of 2024.</li><li>Restaurant Level Operating Profit: $61.7 million for the third quarter of 2025, up from $47.0 million in the third quarter of 2024.</li><li>Restaurant Level Operating Profit Margin: 19.7% for the third quarter of 2025, up from 18.9% in the third quarter of 2024.</li><li>Adjusted EBITDA: $34.1 million for the third quarter of 2025, up from $25.6 million in the third quarter of 2024.</li><li>Adjusted EBITDA Margin: 10.8% for the third quarter of 2025, up from 10.2% in the third quarter of 2024.</li></ul><h4>Cash Flow</h4><ul><li>Net Cash Provided by Operating Activities: $107.5 million for the thirty-nine weeks ended September 28, 2025, up from $92.7 million for the same period in 2024.</li><li>Net Cash Used in Investing Activities: - $175.8 million for the thirty-nine weeks ended September 28, 2025, up from - $165.9 million for the same period in 2024.</li><li>Net Cash Provided by Financing Activities: $55.7 million for the thirty-nine weeks ended September 28, 2025, down from $74.3 million for the same period in 2024.</li></ul><h4>Unique Metrics</h4><ul><li>Same-Restaurant Sales Growth: 7.1% for the third quarter of 2025, compared to -1.9% for the third quarter of 2024.</li><li>Same-Restaurant Traffic Growth: 2.6% for the third quarter of 2025, compared to -4.4% for the third quarter of 2024.</li><li>System-Wide Sales: $352.7 million for the third quarter of 2025, up from $291.8 million in the third quarter of 2024.</li></ul><h3>Future Outlook and Strategy</h3><h4>Core Business Focus</h4><ul><li>New Restaurant Openings: Opened 21 system-wide restaurants in 14 states during the third quarter of 2025, resulting in a total of 620 system-wide restaurants (548 company-owned and 72 franchise-owned) across 32 states.</li><li>Commodity Inflation: Projected full-year commodity inflation to be approximately 6%.</li><li>Restaurant-Level Wage Inflation: Full-year inflation expected to be approximately 4%.</li></ul><h4>Non-Core Business</h4><ul><li>Franchise Acquisitions: Acquired 19 franchise-operated First Watch restaurants during the second quarter of 2025.</li></ul><h4>Priority</h4><ul><li>Capital Expenditures: Estimated to total approximately $150.0 million in 2025, primarily invested in new restaurant projects and planned remodels.</li></ul>

First Watch Restaurant | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 316.02 M