Tampa Bay’s Top Companies No. 5: First Watch Restaurant Group

Part of TBBW’s ongoing Tampa Bay Top Companies series, spotlighting major employers across the region without ranking or order.

December 30, 2025 | Chuck Merlis

First Watch Restaurant Group continues to scale as one of the most prominent restaurant companies tied to Tampa Bay, posting strong sales growth and expanding its national footprint in its latest quarter.

In Q3 2025, First Watch reported same-restaurant sales growth of 7.1% and same-restaurant traffic growth of 2.6%. The results signal both higher guest counts and increased spending at existing locations.

Total revenue rose 25.6% to $316.0 million, up from $251.6 million during the same period last year.

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The daytime dining company ended the quarter with 620 system-wide restaurants across 32 states, including 548 company-owned locations and 72 franchise-owned locations. First Watch focuses on breakfast, brunch and lunch.

“Our strong third quarter results are testament to the enduring strength of our business model,” CEO and President Chris Tomasso said in the company’s earnings release.

Why the quarter matters

For restaurant companies, same-restaurant performance is one of the clearest measures of brand health.

It removes the impact of new store openings and focuses on how well-established locations are performing.

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First Watch’s 7.1% same-restaurant sales growth was supported by 2.6% traffic growth, showing that more customers are choosing the brand and spending more once they arrive.

Profitability also improved. Income from operations margin increased to 3.2% from 2.5% a year earlier.

Restaurant-level operating profit margin rose to 19.7%, up from 18.9%. Adjusted EBITDA climbed to $34.1 million, compared to $25.6 million in the same quarter of 2024.

Net income reached $3.0 million, or $0.05 per diluted share.

Expansion remains central to the strategy

First Watch continues to grow through new restaurant openings.

During Q3, the company opened 21 new system-wide restaurants across 14 states, with one planned closure.

For the full fiscal year ending Dec. 28, 2025, the company reaffirmed its outlook and now projects:

Same-restaurant sales growth of about 4%
Same-restaurant traffic growth of about 1%
Total revenue growth of 20% to 21%
Adjusted EBITDA of about $123.0 million
Capital expenditures of about $150.0 million
60 to 61 new system-wide restaurants, net of closures

That level of capital spending reflects continued confidence in demand for the brand’s daytime dining model, even as costs and consumer behavior shift across the restaurant industry.

A breakfast brand built for scale

First Watch has positioned itself as a daytime dining concept built around made-to-order breakfast and brunch offerings.

The company rotates its menu five times a year and emphasizes a chef-driven approach and fresh ingredients.

While most locations now operate outside Florida, the scale of the business places First Watch among the largest restaurant operators connected to the Tampa Bay Area.

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Restaurants are spread across 32 states, with continued expansion planned in both existing and new markets.

The company also highlights community involvement.

First Watch reports that it donates a portion of proceeds from every kid’s meal and has raised more than $1.7 million for organizations and causes nationwide.

What Tampa Bay readers should watch

For Tampa Bay business leaders, the story is less about breakfast and more about execution.

First Watch is managing growth on multiple fronts at once, including opening dozens of new restaurants, improving margins at existing locations and maintaining traffic growth in a competitive dining environment.

The pace of expansion brings operational challenges, from staffing and training to real estate selection and supply chain management.

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At the same time, improving restaurant-level margins suggests the company is gaining efficiency as it scales.

With adjusted EBITDA projected at about $123.0 million for the year, First Watch continues to reinforce its position as a significant public company with roots tied to the Tampa Bay region.

First Watch illustrates how a focused restaurant concept can grow into a national business while maintaining steady performance at the store level, even as expansion continues across multiple markets.