First Watch Opens 64 New Restaurants in 2025 with 3.6% Same-Store Sales Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 12 2026
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"Among our team's 2025 achievements were a record 64 new system-wide restaurant openings across 23 states as well as posting same restaurant sales growth of +3.6% and positive same restaurant traffic growth," said Chris Tomasso, First Watch CEO and President. "Our 2024 and 2025 new restaurant classes combined continue to outperform the comparable restaurant base and our underwriting expectations, and our pipeline for 2026 is strong. We remain confident in the continued execution of our long-term strategy and extending our lead in Daytime Dining."
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Analyst Views on FWRG
Wall Street analysts forecast FWRG stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for FWRG is 21.75 USD with a low forecast of 17.00 USD and a high forecast of 24.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
7 Buy
1 Hold
0 Sell
Strong Buy
Current: 16.190
Low
17.00
Averages
21.75
High
24.00
Current: 16.190
Low
17.00
Averages
21.75
High
24.00
About FWRG
First Watch Restaurant Group, Inc. is a daytime dining concept company. The Company is engaged in serving made-to-order breakfast, brunch and lunch using fresh ingredients. Its menu includes elevated executions of classic favorites alongside specialties, such as its Quinoa Power Bowl, Lemon Ricotta Pancakes, Chickichanga, Morning Meditation fresh juice and signature Million Dollar Bacon. It operates and franchises restaurants in 29 states operating under the First Watch trade name, which are focused on made-to-order breakfast, brunch and lunch. It uses a variety of marketing channels, including affiliate partnerships, social media interactions, digital marketing, direct mailers, public relations initiatives and local community sponsorships, e-mail communications, promotions and partnerships. The Company operates restaurants through its wholly owned subsidiary, First Watch Restaurants, Inc., and is a franchisor through its wholly owned subsidiary, First Watch Franchise Development Co.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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First Watch Restaurant Group to Host Investor Meetings at ICR Conference on January 12
- Executive Meeting Schedule: First Watch's CEO Chris Tomasso and CFO Mel Hope will host a fireside chat at the 28th Annual ICR Conference on January 12, 2026, at 11:00 a.m. ET, aimed at conveying the company's latest developments and strategic direction to investors.
- Investor Engagement: Management will hold meetings with institutional investors on the same day, further strengthening relationships with investors and showcasing the company's growth potential, which is expected to attract more investor interest.
- Brand Influence: First Watch is renowned for its “Follow the Sun” culinary philosophy and high-quality breakfast and brunch offerings, operating over 620 restaurants across 32 states, committed to enhancing brand visibility and expanding market share.
- Community Contribution: The company has donated over $1.7 million to community organizations to date, demonstrating its commitment to social responsibility, which not only enhances brand image but may also attract more consumers who value corporate social responsibility.
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