​

First Watch Restaurant Group (FWRG) Revenue & Revenue Breakdown

OverviewForecastOwnershipFinancialsChartTranscripts

First Watch Restaurant Group Revenue Highlights

Latest Revenue (Y)

$1.02B

Latest Revenue (Q)

$307.89M

Main Segment (Y)

Franchisor Owned Outlet

First Watch Restaurant Group Revenue by Period

First Watch Restaurant Group Revenue by Year

DateRevenueChange
2024-12-29$1.02B13.95%
2023-12-31$891.55M22.10%
2022-12-25$730.16M21.45%
2021-12-26$601.19M75.59%
2020-12-31$342.39M-21.54%
2019-12-31$436.37M24.76%
2018-12-30$349.77M-

First Watch Restaurant Group generated $1.02B in revenue during NA 2024, up 13.95% compared to the previous quarter, and up 232.81% compared to the same period a year ago.

First Watch Restaurant Group Revenue by Quarter

DateRevenueChange
2025-06-29$307.89M9.09%
2025-03-30$282.24M7.20%
2024-12-29$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%
2022-12-25$185.75M-0.59%
2022-09-25$186.85M1.30%
2022-06-26$184.45M6.55%
2022-03-27$173.11M6.45%
2021-12-26$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 $307.89M in revenue during Q2 2025, up 9.09% compared to the previous quarter, and up 126.99% 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 24Dec 23Dec 22Dec 21
Franchisor Owned Outlet$1.00B$877.09M$719.18M$592.34M
In-Restaurant Dining Sales$829.05M$716.96M$571.05M$452.99M
Franchise$11.55M$14.46M$10.98M$8.85M
Third-Party Delivery Sales$97.44M$91.43M$82.05M$70.49M
Take-Out Sales$77.86M$68.70M$66.08M$68.87M
Royalty And System Fund Contributions$10.86M$13.46M$10.68M$8.57M
Initial Fees$278.00K$388.00K$298.00K$275.00K

First Watch Restaurant Group's latest annual revenue breakdown by segment (product or service), as of Dec 24: Franchisor Owned Outlet (49.44%), In-Restaurant Dining Sales (40.81%), Third-Party Delivery Sales (4.80%), Take-Out Sales (3.83%), Franchise (0.57%), Royalty And System Fund Contributions (0.53%), and Initial Fees (0.01%).

Quarterly Revenue by Product

Product/ServiceJun 25Mar 25Dec 24Sep 24Mar 24Dec 23Sep 23Jun 23Mar 23Dec 22Sep 22Jun 22Mar 22Sep 21
Initial Fees$55.00K$119.00K$57.00K$102.00K-$473.00K$158.00K$77.00K$102.00K$67.00K$65.00K$64.00K$59.00K-
In-Restaurant Dining Sales$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-
Franchisor Owned Outlet$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
Franchise$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
Third-Party Delivery Sales$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-
Take-Out Sales$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-
Royalty And System Fund Contributions$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-

First Watch Restaurant Group's latest quarterly revenue breakdown by segment (product or service), as of Jun 25: Franchisor Owned Outlet (49.56%), In-Restaurant Dining Sales (40.20%), Third-Party Delivery Sales (5.60%), Take-Out Sales (3.76%), Franchise (0.47%), Royalty And System Fund Contributions (0.40%), and Initial Fees (0.01%).

First Watch Restaurant Group Peer Comparison by Revenue

TickerCompanyLast Year RevenueLast Quarter Revenue
EATBrinker$5.38B$1.43B
LTHLife Time Group$2.62B$761.47M
JACKJack in the Box$1.22B$349.29M
FWRGFirst Watch Restaurant Group$1.02B$307.89M
CNNECannae$452.50M$110.20M
BHBiglari$362.11M$95.03M
EWCZEuropean Wax Center$216.92M$55.91M

FWRG Revenue FAQ

What is First Watch Restaurant Group’s yearly revenue?

First Watch Restaurant Group's yearly revenue for 2024 was $1.02B, representing an increase of 13.95% compared to 2023. The company's yearly revenue for 2023 was $891.55M, representing an increase of 22.10% compared to 2022. FWRG's yearly revenue for 2022 was $730.16M, representing an increase of 21.45% compared to 2021.

What is First Watch Restaurant Group’s quarterly revenue?

First Watch Restaurant Group'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). The company'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). FWRG's quarterly revenue for Q4 2024 was $263.29M, a 4.64% increase from the previous quarter (Q3 2024), and a 7.63% increase year-over-year (Q4 2023).

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

First Watch Restaurant Group's revenue growth rate for the last 3 years (2022-2024) was 39.13%, and for the last 5 years (2020-2024) was 196.71%.

What are First Watch Restaurant Group’s revenue streams?

First Watch Restaurant Group's revenue streams in c 24 are Franchisor Owned Outlet, In-Restaurant Dining Sales, Franchise, Third-Party Delivery Sales, Take-Out Sales, Royalty And System Fund Contributions, and Initial Fees. Franchisor Owned Outlet generated $1B in revenue, accounting 49.44% of the company's total revenue, up 14.51% year-over-year. In-Restaurant Dining Sales generated $829.05M in revenue, accounting 40.81% of the company's total revenue, up 15.63% year-over-year. Franchise generated $11.56M in revenue, accounting 0.57% of the company's total revenue, down -20.08% year-over-year. Third-Party Delivery Sales generated $97.44M in revenue, accounting 4.80% of the company's total revenue, up 6.57% year-over-year. Take-Out Sales generated $77.86M in revenue, accounting 3.83% of the company's total revenue, up 13.34% year-over-year. Royalty And System Fund Contributions generated $10.86M in revenue, accounting 0.53% of the company's total revenue, down -19.31% year-over-year. Initial Fees generated $278K in revenue, accounting 0.01% of the company's total revenue, down -28.35% year-over-year.

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

For the fiscal year ending Dec 24, the largest source of revenue of First Watch Restaurant Group was Franchisor Owned Outlet. This segment made a revenue of $1B, representing 49.44% of the company's total revenue.