First Watch Restaurant Group, Inc. (FWRG)

Over the past six months, FWRG's stock experienced a price decline, insider sales by Advent International, L.P. and CEO Christopher Anthony Tomasso, and a stock purchase by Representative Gilbert Ray Cisneros, Jr. The company announced strong preliminary operational results for Q4 and fiscal year 2025, leading to a stock price increase. Mixed third-quarter results for 2025 were reported, with earnings per share falling short but revenue exceeding forecasts, resulting in a premarket surge in the stock. Wall Street analysts have generally issued "Buy" or "Strong Buy" ratings for FWRG.

First Watch's business model caters to consistent demand throughout the day, focusing on breakfast, brunch, and lunch. The company's "Follow the Sun" culinary philosophy, which involves rotating its menu five times a year to feature seasonal ingredients, helps keep its offerings fresh and appealing to customers. The company's focus on weekday breakfast as a fast-growing segment suggests a stable demand beyond just weekend brunch occasions.

First Watch Restaurant Group, Inc. (FWRG) operates in the Consumer Cyclical sector, specifically the Restaurants industry, offering a diverse menu of breakfast, brunch, and lunch items, including elevated classics and unique specialties. The menu features items such as the Quinoa Power Bowl, Farm Stand Breakfast Tacos, Avocado Toast, Chickichanga, Morning Meditation, Spiked Lavender Lemonade, and Million Dollar Bacon, along with omelets, Benedicts, salads, skillets, afternoon sandwiches, and fresh juices.

As of December 28, 2025, First Watch Restaurant Group operates 633 system-wide restaurants, with 560 company-owned and 73 franchise-owned locations across 32 states in the United States. In 2025, the company opened a record 64 new system-wide restaurants across 23 states.

First Watch has cultivated a strong brand reputation, being recognized as the #1 Best Breakfast by Newsweek's Readers' Choice Awards in 2025 and the #1 Most Loved Workplace® in America by the Best Practice Institute in both 2025 and 2024. The company also donates a portion of every kid's meal sold to organizations impacting local communities, having raised over $1.7 million to date.

First Watch Restaurant Group, Inc. is primarily owned by institutional shareholders, who hold 118.94% of the stock, and insiders, holding 377.08%, while retail investors hold 0.00%. Major institutional owners include Advent International Corp/ma, BlackRock, Inc., and Vanguard Group Inc. The largest individual shareholder is Michael James White, owning 41.56 million shares, representing 68.10% of the company.