---
title: "First Watch Restaurant | 10-Q: FY2025 Q3 Revenue Beats Estimate at USD 316.02 M"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/264214966.md"
published_at: "2025-11-04T12:09:39.000Z"
---

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

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.

### Financial Metrics by Segment

#### Segment Revenue

-   **Total Revenues**: $316.0 million for the third quarter of 2025, up from $251.6 million in the third quarter of 2024.
-   **Restaurant Sales**: $313.6 million for the third quarter of 2025, up from $249.0 million in the third quarter of 2024.
-   **Franchise Revenues**: $2.4 million for the third quarter of 2025, down from $2.6 million in the third quarter of 2024.

#### Operational Metrics

-   **Net Income**: $3.0 million for the third quarter of 2025, up from $2.1 million in the third quarter of 2024.
-   **Income from Operations**: $10.1 million for the third quarter of 2025, up from $6.3 million in the third quarter of 2024.
-   **Operating Margin**: 3.2% for the third quarter of 2025, up from 2.5% in the third quarter of 2024.
-   **Restaurant Level Operating Profit**: $61.7 million for the third quarter of 2025, up from $47.0 million in the third quarter of 2024.
-   **Restaurant Level Operating Profit Margin**: 19.7% for the third quarter of 2025, up from 18.9% in the third quarter of 2024.
-   **Adjusted EBITDA**: $34.1 million for the third quarter of 2025, up from $25.6 million in the third quarter of 2024.
-   **Adjusted EBITDA Margin**: 10.8% for the third quarter of 2025, up from 10.2% in the third quarter of 2024.

#### Cash Flow

-   **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.
-   **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.
-   **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.

#### Unique Metrics

-   **Same-Restaurant Sales Growth**: 7.1% for the third quarter of 2025, compared to -1.9% for the third quarter of 2024.
-   **Same-Restaurant Traffic Growth**: 2.6% for the third quarter of 2025, compared to -4.4% for the third quarter of 2024.
-   **System-Wide Sales**: $352.7 million for the third quarter of 2025, up from $291.8 million in the third quarter of 2024.

### Future Outlook and Strategy

#### Core Business Focus

-   **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.
-   **Commodity Inflation**: Projected full-year commodity inflation to be approximately 6%.
-   **Restaurant-Level Wage Inflation**: Full-year inflation expected to be approximately 4%.

#### Non-Core Business

-   **Franchise Acquisitions**: Acquired 19 franchise-operated First Watch restaurants during the second quarter of 2025.

#### Priority

-   **Capital Expenditures**: Estimated to total approximately $150.0 million in 2025, primarily invested in new restaurant projects and planned remodels.

### Related Stocks

- [FWRG.US - First Watch Restaurant](https://longbridge.com/en/quote/FWRG.US.md)

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| 內部人士出售：First Watch Restaurant Group（納斯達克代碼：FWRG）的一位董事出售了 6,165 股股票 | First Watch Restaurant Group 的董事 William Kussell 出售了 6,165 股，每股售價為 17.00 美元，總計 104,805 美元，持股減少了 18.93%。出售後，他持有 26,402 股， | [Link](https://longbridge.com/en/news/273749064.md) |
| 董事 William A. Kussell 報告了出售 First Watch Restaurant Group Inc.普通股的情況 | 威廉·A·庫塞爾（William A. Kussell），First Watch Restaurant Group Inc. 的董事，報告了普通股的處置。完整的文件可以通過提供的鏈接訪問。此新聞簡報由公共技術公司生成，僅供信息參考，不應被視 | [Link](https://longbridge.com/en/news/273747035.md) |
| 巴克萊繼續給予 First Watch Restaurant Group（FWRG）買入評級 | 巴克萊分析師傑夫·伯恩斯坦（Jeff Bernstein）對 First Watch Restaurant Group（FWRG）維持了買入評級，目標價為 19.00 美元。伯恩斯坦是一位四星級分析師，平均回報率為 3.6%，成功率為 55 | [Link](https://longbridge.com/en/news/272392463.md) |
| First Watch Restaurant Group 報告 2025 財年同店銷售增長 3.6%，並新增開設 64 家新店 | First Watch Restaurant Group Inc. 報告稱，2025 年同店銷售額增長了 3.6%，並開設了 64 家新店。公司在財政年度結束時擁有 633 家餐廳，其中包括 560 家自營餐廳和 73 家特許經營餐廳。20 | [Link](https://longbridge.com/en/news/272265346.md) |
| 依賴較低雞蛋成本對 First Watch Restaurant Group (FWRG) 投資者的影響 | First Watch Restaurant Group 最近的收益因雞蛋價格下降而受到提振，這引發了對其增長模式可持續性的擔憂。儘管本季度表現超出預期並上調了預期，但單位經濟疲軟和特許經營商退出等問題仍然構成風險。公司預計到 2028 年 | [Link](https://longbridge.com/en/news/270506169.md) |

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.