First Watch Restaurant | 8-K: 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 10.24 M.

Segment Revenue

• Total revenues for Q3 2025 increased by 25.6% to $316.0 million compared to $251.6 million in Q3 2024.
• System-wide sales increased by 20.9% to $352.7 million compared to $291.8 million in the same period of 2024.

Operational Metrics

• Net income for Q3 2025 was $3.0 million, an increase from $2.1 million in Q3 2024.
• Income from operations margin increased to 3.2% from 2.5% in the same period of 2024.
• Restaurant level operating profit margin increased to 19.7% from 18.9% in the same period of 2024.
• Adjusted EBITDA increased to $34.1 million from $25.6 million in Q3 2024.

Cash Flow

• Total operating costs and expenses were 96.8% of total revenues, compared to 97.5% in the same period of 2024.

Unique Metrics

• Same-restaurant sales growth was 7.1%.
• Same-restaurant traffic growth was 2.6%.
• 21 new system-wide restaurants were opened in 14 states, with one planned closure, resulting in a total of 620 system-wide restaurants.

Outlook / Guidance

• The company updated its guidance for FY25, projecting same-restaurant sales growth of approximately 4% and same-restaurant traffic growth of approximately 1%.
• Total revenue growth is expected to be between 20.0% and 21.0%, with Adjusted EBITDA anticipated to be around $123.0 million.
• Capital expenditures are estimated at approximately $150.0 million, primarily for new restaurant projects and planned remodels.