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First Watch Restaurant Group (FWRG) Revenue & Revenue Breakdown

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First Watch Restaurant Group Revenue Highlights

Latest Revenue (Y)

$1.22B

Latest Revenue (Q)

$316.02M

Main Segment (Y)

Franchisor Owned Outlet

First Watch Restaurant Group Revenue by Period

First Watch Restaurant Group Revenue by Year

DateRevenueChange
2025-12-28$1.22B20.34%
2024-12-29$1.02B13.95%
2023-12-31$891.55M22.10%
2022-12-31$730.16M21.45%
2021-12-31$601.19M75.59%
2020-12-31$342.39M-21.54%
2019-12-31$436.37M24.76%
2018-12-31$349.77M-

First Watch Restaurant Group generated $1.22B in revenue during NA 2025, up 20.34% compared to the previous quarter, and up 357.05% compared to the same period a year ago.

First Watch Restaurant Group Revenue by Quarter

DateRevenueChange
2025-09-28$316.02M2.64%
2025-06-29$307.89M9.09%
2025-03-30$282.24M7.20%
2024-12-31$263.29M4.64%
2024-09-29$251.61M-2.69%
2024-06-30$258.56M6.65%
2024-03-31$242.45M-0.89%
2023-12-31$244.63M11.60%
2023-09-24$219.21M1.35%
2023-06-25$216.30M2.31%
2023-03-26$211.41M13.82%
2022-12-31$185.75M-0.59%
2022-09-25$186.85M1.30%
2022-06-26$184.45M6.55%
2022-03-27$173.11M6.45%
2021-12-31$162.62M3.29%
2021-09-26$157.44M2.26%
2021-06-30$153.96M21.07%
2021-03-31$127.17M16.25%
2020-12-31$109.39M9.67%
2020-09-30$99.75M49.72%
2020-06-28$66.62M-
2020-03-28$66.62M-

First Watch Restaurant Group generated $316.02M in revenue during Q3 2025, up 2.64% compared to the previous quarter, and up 122.22% compared to the same period a year ago.

First Watch Restaurant Group Revenue Breakdown

First Watch Restaurant Group Revenue Breakdown by Product

Annual Revenue by Product

Product/ServiceDec 25Dec 24Dec 23Dec 22Dec 21
Third-Party Delivery Sales$142.25M$97.44M$91.43M$82.05M$70.49M
Franchise$10.33M$11.55M$14.46M$10.98M$8.85M
Franchisor Owned Outlet$1.21B$1.00B$877.09M$719.18M$592.34M
In-Restaurant Dining Sales$982.35M$829.05M$716.96M$571.05M$452.99M
Initial Fees$225.00K$278.00K$388.00K$298.00K$275.00K
Royalty And System Fund Contributions$9.71M$10.86M$13.46M$10.68M$8.57M
Take-Out Sales$87.57M$77.86M$68.70M$66.08M$68.87M

First Watch Restaurant Group's latest annual revenue breakdown by segment (product or service), as of Dec 25: Franchisor Owned Outlet (49.59%), In-Restaurant Dining Sales (40.18%), Third-Party Delivery Sales (5.82%), Take-Out Sales (3.58%), Franchise (0.42%), Royalty And System Fund Contributions (0.40%), and Initial Fees (0.01%).

Quarterly Revenue by Product

Product/ServiceDec 25Sep 25Jun 25Mar 25Dec 24Sep 24Mar 24Dec 23Sep 23Jun 23Mar 23Dec 22Sep 22Jun 22Mar 22Sep 21
Royalty And System Fund Contributions$4.92M$2.33M$2.45M$5.27M$2.59M$3.01M$3.30M$3.24M$3.56M$3.36M$2.79M$2.81M$2.71M$2.38M$2.30M-
Take-Out Sales$42.13M$22.32M$23.12M$40.14M$19.55M$18.17M$18.69M$16.79M$16.80M$16.43M$15.94M$16.38M$17.01M$16.75M$16.54M-
Franchise$2.39M$2.39M$2.90M$2.65M$5.77M$2.64M$3.14M$3.59M$3.72M$3.71M$3.44M$2.89M$2.87M$2.77M$2.44M$2.36M
Franchisor Owned Outlet$313.96M$313.64M$304.98M$279.59M$516.08M$248.97M$239.31M$241.04M$215.50M$212.59M$207.97M$182.85M$183.98M$181.68M$170.67M$155.08M
In-Restaurant Dining Sales$480.79M$254.16M$247.40M$426.80M$207.05M$195.20M$196.68M$176.70M$174.35M$169.23M$145.83M$147.49M$144.84M$132.89M$123.31M-
Initial Fees$117.00K$53.00K$55.00K$119.00K$57.00K$102.00K-$473.00K$158.00K$77.00K$102.00K$67.00K$65.00K$64.00K$59.00K-
Third-Party Delivery Sales$70.63M$37.16M$34.47M$49.14M$22.37M$25.93M$25.67M$22.01M$21.44M$22.31M$21.09M$20.11M$19.83M$21.03M$15.23M-

First Watch Restaurant Group's latest quarterly revenue breakdown by segment (product or service), as of Dec 25: In-Restaurant Dining Sales (52.55%), Franchisor Owned Outlet (34.31%), Third-Party Delivery Sales (7.72%), Take-Out Sales (4.60%), Royalty And System Fund Contributions (0.54%), Franchise (0.26%), and Initial Fees (0.01%).

First Watch Restaurant Group Peer Comparison by Revenue

TickerCompanyLast Year RevenueLast Quarter Revenue
CBRLCracker Barrel Old Country Store$3.48B$874.82M
LGIHLGI Homes$1.71B$-834.90M
FOXFFox Factory$1.47B$376.36M
BJRIBJ's Restaurants$1.36B$330.16M
FWRGFirst Watch Restaurant Group$1.22B$316.02M
HDLSUPER HI Ltd. American Depositary Shares$687.26M$182.82M
SGSweetgreen$679.47M$172.39M
XPELXPEL$476.20M$125.42M
CNNECannae$423.60M$106.90M
BHBiglari$395.26M$99.74M

FWRG Revenue FAQ

What is First Watch Restaurant Group’s yearly revenue?

First Watch Restaurant Group's yearly revenue for 2025 was $1.22B, representing an increase of 20.34% compared to 2024. The company's yearly revenue for 2024 was $1.02B, representing an increase of 13.95% compared to 2023. FWRG's yearly revenue for 2023 was $891.55M, representing an increase of 22.10% compared to 2022.

What is First Watch Restaurant Group’s quarterly revenue?

First Watch Restaurant Group's quarterly revenue for Q3 2025 was $316.02M, a 2.64% increase from the previous quarter (Q2 2025), and a 25.60% increase year-over-year (Q3 2024). The company's quarterly revenue for Q2 2025 was $307.89M, a 9.09% increase from the previous quarter (Q1 2025), and a 19.08% increase year-over-year (Q2 2024). FWRG's quarterly revenue for Q1 2025 was $282.24M, a 7.20% increase from the previous quarter (Q4 2024), and a 16.41% increase year-over-year (Q1 2024).

What is First Watch Restaurant Group’s revenue growth rate?

First Watch Restaurant Group's revenue growth rate for the last 3 years (2023-2025) was 37.12%, and for the last 5 years (2021-2025) was 103.35%.

What are First Watch Restaurant Group’s revenue streams?

First Watch Restaurant Group's revenue streams in c 25 are Third-Party Delivery Sales, Franchise, Franchisor Owned Outlet, In-Restaurant Dining Sales, Initial Fees, Royalty And System Fund Contributions, and Take-Out Sales. Third-Party Delivery Sales generated $142.26M in revenue, accounting 5.82% of the company's total revenue, up 45.99% year-over-year. Franchise generated $10.33M in revenue, accounting 0.42% of the company's total revenue, down -10.62% year-over-year. Franchisor Owned Outlet generated $1.21B in revenue, accounting 49.59% of the company's total revenue, up 20.69% year-over-year. In-Restaurant Dining Sales generated $982.35M in revenue, accounting 40.18% of the company's total revenue, up 18.49% year-over-year. Initial Fees generated $225K in revenue, accounting 0.01% of the company's total revenue, down -19.06% year-over-year. Royalty And System Fund Contributions generated $9.7M in revenue, accounting 0.40% of the company's total revenue, down -10.67% year-over-year. Take-Out Sales generated $87.57M in revenue, accounting 3.58% of the company's total revenue, up 12.47% year-over-year.

What is First Watch Restaurant Group’s main source of revenue?

For the fiscal year ending Dec 25, the largest source of revenue of First Watch Restaurant Group was Franchisor Owned Outlet. This segment made a revenue of $1.21B, representing 49.59% of the company's total revenue.