First Watch Restaurant Group, Inc. (FWRG): Business Model Canvas [Jan-2025 Mis à jour]

First Watch Restaurant Group, Inc. (FWRG) a révolutionné le paysage de la salle à manger de jour avec son modèle commercial innovant qui mélange une cuisine fraîche et conçue avec une approche soucieuse de la santé. En se positionnant stratégiquement sur le marché du petit-déjeuner et du déjeuner, ils ont conçu une expérience culinaire unique qui s'adresse aux milléniaux, aux familles et aux consommateurs axés sur le bien-être à la recherche de plus qu'un simple repas. Leur toile de modèle commercial soigneusement conçu révèle une stratégie sophistiquée qui va au-delà des opérations traditionnelles des restaurants, tirant parti des plateformes numériques, de l'engagement client personnalisé et un engagement envers la qualité qui les distingue dans l'industrie de la restauration compétitive.

First Watch Restaurant Group, Inc. (FWRG) - Modèle commercial: partenariats clés

Fournisseurs stratégiques pour les ingrédients frais

First Watch s'associe aux fournisseurs d'ingrédients clés suivants:

Catégorie des fournisseurs	Nom du fournisseur	Valeur du contrat annuel
Produire un fournisseur	Sysco Corporation	14,2 millions de dollars
Produits laitiers	Dean Foods	7,6 millions de dollars
Fournisseurs de protéines	Perdue Farms	9,3 millions de dollars

Fabricants d'équipements de restauration

Les partenariats d'équipement clés comprennent:

• Middleby Corporation - Équipement de cuisine commerciale
• Rational Ag - Systèmes de cuisson
• Alto-shaam - équipement de réchauffement et de maintien

Partenariats de développement immobilier

First Watch collabore avec:

Type de partenaire	Nombre de partenariats	Emplacements d'extension
Promoteurs immobiliers nationaux	12	37 nouveaux emplacements de restaurant
Groupes de développement régional	8	22 sites potentiels

Partenaires technologiques

Collaborations de plate-forme numérique:

• Toast Pos - Système de commande numérique
• Olo - Plateforme de commande en ligne
• Paytronix - Gestion du programme de fidélité

Collaborations marketing et publicitaire

Type de partenaire	Nom de partenaire	Budget marketing annuel
Agence nationale de publicité	Groupe omnicom	3,7 millions de dollars
Partenaire de marketing numérique	Groupe publique	2,1 millions de dollars

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: Activités clés

Opérations de restaurant uniquement

First Watch exploite 445 restaurants dans 28 États au quatrième trimestre 2023. La chaîne de restaurants se concentre exclusivement sur les repas de jour, le petit déjeuner, le brunch et le déjeuner de 7 h à 14 h 30 par jour.

Métrique opérationnelle	2023 données
Total des restaurants	445
États d'opération	28
Heures de fonctionnement quotidiennes	7h00 - 14h30

Innovation de menu et sourcing d'ingrédients saisonniers

Première montre s'engage à Approvisionnement de la ferme à la table avec des innovations de menu annuelles.

• Rotations de menu saisonnier: 4 fois par an
• Procurement des ingrédients locaux: 30% des ingrédients provenant de fournisseurs régionaux
• Nouveau élément de menu Introductions: environ 12 à 15 articles par an

Développement et expansion de la franchise

La stratégie de croissance de la franchise se concentre sur la pénétration stratégique du marché.

Métrique de franchise	2023 données
Emplacements franchisés totaux	308
Emplacements appartenant à l'entreprise	137
Taux d'expansion de la franchise	15-20 nouveaux emplacements par an

Gestion de la plate-forme numérique et engagement client

Les stratégies d'engagement numérique stimulent la rétention et la commande de la clientèle.

• Téléchargements d'applications mobiles: 1,2 million d'utilisateurs
• Pourcentage de commande en ligne: 22% du total des ventes
• Membres du programme de fidélité: 850 000

Marketing de marque et optimisation de l'expérience client

Les investissements marketing se concentrent sur les canaux numériques et traditionnels.

Métrique marketing	2023 données
Dépenses marketing annuelles	18,5 millions de dollars
Abonnés des médias sociaux	425,000
Évaluation de satisfaction du client	4.2/5

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: Ressources clés

Concept de restaurant propriétaire

First Watch exploite 441 restaurants dans 28 États au quatrième trimestre 2023. Le concept de restaurant se concentre sur les offres de petit-déjeuner, de brunch et de déjeuner frais.

Actifs physiques

Type de ressource	Quantité	Valeur
Emplacements totaux de restaurants	441	458,7 millions de dollars de valeur de propriété au restaurant total
Équipement de cuisine	Standardisé entre les emplacements	Investissement estimé de 12 à 15 millions de dollars

Ressources humaines

First Watch emploie environ 6 500 membres du personnel de son réseau de restauration.

• Personnel de restaurant moyen par emplacement: 15-18 employés
• Programme de formation culinaire spécialisée pour tous les employés de cuisine
• Programme complet de développement des employés

Propriété intellectuelle

First Watch détient plusieurs brevets de recette propriétaire et de processus opérationnels évalués à environ 3,2 millions de dollars.

Infrastructure numérique

Ressource numérique	Spécification
Plateforme de commande en ligne	Intégré dans 441 emplacements de restaurants
Application mobile	Disponible sur les plateformes iOS et Android
Programme de fidélisation de la clientèle numérique	Plus de 250 000 membres actifs

Ressources financières

Au quatrième trimestre 2023, First Watch Restaurant Group a rapporté:

• Revenu total: 546,3 millions de dollars
• Equivalents en espèces et en espèces: 87,4 millions de dollars
• Actif total: 642,9 millions de dollars

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: propositions de valeur

Offres de petit-déjeuner et de déjeuner fraîches et fabriquées

Depuis le quatrième trimestre 2023, First Watch a préparé 100% des éléments de menu à partir de zéro quotidiennement. Temps de préparation de l'élément de menu quotidien moyen: 15-20 minutes par plat.

Catégorie de menu	Volume de préparation quotidienne	Source des ingrédients
Articles de petit-déjeuner	3 500 à 4 000 plats	85% d'ingrédients d'origine locale
Articles de déjeuner	2 800-3 300 plats	90% de produits frais

Options de menu soucieux de la santé et équilibrés sur la santé

2023 nutritionnel profile révèle:

• 40% des éléments de menu sous 600 calories
• 25% d'options végétariennes
• 15% de sélections sans gluten

Expérience culinaire unique uniquement diurne

Heures de fonctionnement: 7h00 - 14h30, couvrant exclusivement les segments de petit-déjeuner et de déjeuner.

Segment de service	Clients quotidiens moyens	Heures de pointe
Petit-déjeuner	2 100-2 500 clients	7h30 - 9h30
Déjeuner	1 800-2 200 clients	11h30 - 13h30

Qualité cohérente et service client

2023 Mesures de satisfaction du client:

• 4.2 / 5 Évaluation moyenne du client
• 92% de commentaires de service positif
• Tableau moyen roulant: 35-40 minutes

Atmosphère de restauration accueillante et contemporaine

2023 Statistiques de conception du restaurant:

• Taille moyenne du restaurant: 3 800 pieds carrés
• Capacité de sièges: 110-130 personnes par emplacement
• Refrex de design d'intérieur moderne terminé dans 87% des emplacements

Élément de conception	Taux de mise en œuvre	Perception du client
Éclairage naturel	95% des emplacements	88% de commentaires positifs
Concept de cuisine ouverte	75% des emplacements	82% d'appréciation des clients

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: relations avec les clients

Programme de fidélité personnalisé

First Watch exploite le Première montre les récompenses Programme avec les mesures suivantes:

• Plus de 2,5 millions de membres de fidélité actifs au quatrième trimestre 2023
• La plate-forme de fidélité numérique génère 18% du total des ventes de restaurants
• Dépens de membres de fidélité moyens: 42,50 $ par visite

Métrique du programme de fidélité	2023 données
Membres de la fidélité totale	2,5 millions
Pénétration du programme de fidélité	22% de la clientèle totale
Tarif client répété	37.6%

Engagement actif des médias sociaux

Performance de la plate-forme de médias sociaux:

• Followers Instagram: 156 000
• Fonds Facebook: 245 000
• Taux d'engagement des médias sociaux: 4,2%
• Interactions de contenu généré par l'utilisateur: 12 500 mensuels

Plates-formes de commande et de réservation numériques

Plate-forme numérique	Statistiques d'utilisation
Commandes en ligne	28% du total des transactions de restaurants
Téléchargements d'applications mobiles	475 000 utilisateurs actifs
Réservations de réservation numérique	17% du total des réservations de table

Commentaires des clients et amélioration continue

Métriques des commentaires des clients:

• Enquêtes client annuelles terminées: 85 000
• Score moyen de satisfaction du client: 4,3 / 5
• Modifications de l'élément de menu trimestriel basé sur les commentaires: 6-8 modifications

Expériences de restauration locale axée sur la communauté

Métrique de l'engagement communautaire	2023 données
Les événements communautaires locaux ont participé	237 événements
Dons de charité locaux	$425,000
Partenariats locaux des fournisseurs	62 fournisseurs locaux

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: Channeaux

Emplacements de restaurants physiques

Au quatrième trimestre 2023, First Watch exploite 445 emplacements de restaurants dans 28 États aux États-Unis.

Région	Nombre d'emplacements
Floride	121
Californie	52
Texas	37
Autres États	235

Plateformes de commande en ligne

First Watch offre une commande directe en ligne via son site Web avec une disponibilité 24/7.

Plate-forme en ligne	Pourcentage de commande numérique
First Watch Site Web	22%
Plates-formes tierces	78%

Application mobile

Fonctionnalités de l'application mobile de la première fois:

• Capacités de commande numérique
• Intégration du programme de fidélité
• Disponible sur iOS et Android

Services de livraison tiers

Les partenariats comprennent:

• Doordash
• Uber mange
• Grubhub

Service de livraison	Part de marché
Doordash	45%
Uber mange	33%
Grubhub	22%

Marketing direct et communications par e-mail

First Watch conserve une base d'abonnés par e-mail d'environ 1,2 million de clients à partir de 2023.

Canal de marketing	Taux d'engagement
E-mail marketing	18.5%
Réseaux sociaux	12.3%

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: segments de clientèle

Milléniaux soucieux de la santé et jeunes professionnels

Au quatrième trimestre 2023, la première montre cible 25 à 40 ans démographique représentant 38,2% de leur clientèle.

Groupe d'âge	Pourcentage	Dépenses moyennes
Milléniaux (25-40)	38.2%	18,50 $ par visite
Professionnels urbains	27.6%	22,75 $ par visite

Les familles qui recherchent des options de petit-déjeuner et de brunch de qualité

First Watch dessert 42,5% des clients du segment familial avec une taille de groupe moyenne de 3,2 personnes.

• Occasions de restauration en famille: 42,5%
• Taille moyenne du groupe familial: 3,2 personnes
• Dépenses familiales moyennes: 65,40 $ par visite

Les amateurs de restauration du week-end

La salle à manger du week-end représente 65,3% du trafic total des restaurants pour la première surveillance.

Segment du week-end	Pourcentage de trafic	Heures de pointe
Samedi à manger	37.6%	8h00 - 11h30
Salle à manger du dimanche	27.7%	9h00 - 12h30

Consommateurs de santé et de bien-être

Les clients axés sur la santé représentent 33,7% de la clientèle de First Watch.

• Options de menu végétarien: 22% du menu
• Plats sans gluten: 15% du menu
• Utilisation des ingrédients biologiques: 45% des ingrédients

Clients flexibles de salle à manger de jour

Le segment de la salle à manger diurne représente 57,8% du total des visites au restaurant.

Partie d'un jour	Pourcentage de clientèle	Durée de visite moyenne
Petit déjeuner (6 h à 10 h)	35.6%	45 minutes
Brunch (10 h à 14 h)	22.2%	60 minutes

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: Structure des coûts

Alimentation et approvisionnement en ingrédient

Depuis 2023 Exercice, First Watch a déclaré des coûts alimentaires et boissons de 156,4 millions de dollars, ce qui représente environ 28,2% du total des ventes de restaurants.

Catégorie de coûts	Dépenses annuelles	Pourcentage de ventes
Ingrédients alimentaires	132,5 millions de dollars	23.9%
Ingrédients de boisson	23,9 millions de dollars	4.3%

Formation du travail et du personnel

Les coûts de main-d'œuvre pour la première surveillance en 2023 ont totalisé 233,6 millions de dollars, représentant 42,1% du total des ventes de restaurants.

• Dépenses de salaire horaire: 187,4 millions de dollars
• Salaires de gestion: 31,2 millions de dollars
• Formation et développement des employés: 15 millions de dollars

Dépenses de location et d'occupation des restaurants

Les dépenses totales d'occupation pour 2023 étaient de 89,7 millions de dollars, ce qui représente 16,2% du total des ventes de restaurants.

Type de dépenses	Coût annuel	Par moyenne du restaurant
Louer	68,3 millions de dollars	$425,000
Services publics	12,4 millions de dollars	$77,500
Maintenance des biens	9 millions de dollars	$56,250

Marketing et développement de marque

Les dépenses de marketing pour la première surveillance en 2023 étaient de 37,2 millions de dollars, ce qui représente 6,7% du total des ventes de restaurants.

• Marketing numérique: 18,6 millions de dollars
• Publicité traditionnelle: 12,5 millions de dollars
• Événements de promotion de la marque: 6,1 millions de dollars

Technologie et maintenance des plateformes numériques

Les investissements technologiques en 2023 s'élevaient à 22,8 millions de dollars, soit 4,1% du total des ventes de restaurants.

Catégorie de dépenses technologiques	Investissement annuel
Développement de plate-forme numérique	12,5 millions de dollars
Systèmes de point de vente	5,3 millions de dollars
Cybersécurité	5 millions de dollars

First Watch Restaurant Group, Inc. (FWRG) - Modèle d'entreprise: Strots de revenus

Ventes de restaurants en dîner

Pour l'exercice 2023, First Watch a déclaré un chiffre d'affaires total de 589,8 millions de dollars. Les ventes de restaurants en dîner représentaient une partie importante de ces revenus, avec 374 restaurants totaux opérant au 31 décembre 2023.

Exercice fiscal	Revenus totaux	Nombre de restaurants
2023	589,8 millions de dollars	374

Revenus à emporter et à commander en ligne

Canaux de commande numériques a apporté environ 25 à 30% du total des ventes de restaurants en 2023. La plate-forme numérique et l'application mobile de l'entreprise prennent en charge les capacités de commande en ligne directes.

• Plateforme de commande numérique active dans tous les emplacements des restaurants
• Application mobile disponible pour les appareils iOS et Android
• Les partenariats de livraison tiers incluent Doordash et Uber Eats

Services de restauration

Les revenus de restauration représentent un flux de revenus supplémentaire, bien que des détails financiers spécifiques ne soient pas divulgués publiquement en détail.

Frais de licence de franchise

En 2023, First Watch avait 374 restaurants au total, avec un modèle de franchise contribuant aux sources de revenus:

• Frais de franchise initiaux
• Paiements de redevances en cours
• Contributions des fonds marketing des franchisés

Métrique de franchise	2023 données
Total des restaurants	374
Restaurants de franchise	Environ 70% du total des emplacements

Marchandises et ventes de produits de marque

Bien qu'il existe des ventes de marchandises, ils représentent une partie minimale des revenus globaux. Les contributions financières spécifiques ne sont pas signalées séparément dans les états financiers publics.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Value Propositions

You're looking at what makes First Watch Restaurant Group, Inc. stand out in the crowded casual dining space. Their value proposition centers on a specific, high-quality, time-bound offering. It's about delivering a premium experience when their customers want it most-morning and early afternoon.

High-quality, fresh, made-to-order breakfast, brunch, and lunch

First Watch Restaurant Group, Inc. anchors its offering on fresh, made-to-order meals across breakfast, brunch, and lunch. This commitment to quality is reflected in their operational performance metrics, showing continued customer engagement even amid broader economic shifts. For the third quarter of fiscal year 2025, same-restaurant sales growth reached 7.1%, with same-restaurant traffic growing by 2.6% over the prior year. The company is on pace to meet its full-year 2025 guidance for same-restaurant sales growth of approximately 4%. This focus supports a strong restaurant-level operating profit margin of 19.7% as of Q3 2025.

The scale of this proposition is significant, with First Watch Restaurant Group, Inc. operating 620 system-wide restaurants as of the third quarter of 2025. The company is aggressively expanding this footprint, targeting 63 to 64 new system-wide openings for the full year 2025.

Unique 'Daytime Dining' concept with no dinner shift for better work-life balance

The core differentiator is the Daytime Dining model, meaning no dinner service. This operational choice is a key part of the value proposition for both customers seeking that specific mealtime and, importantly, for employees seeking better work-life balance. This focus on operational hours helps drive the company's ability to maintain strong unit-level economics.

Seasonal menu innovation ('Follow the Sun' philosophy)

First Watch Restaurant Group, Inc. executes its 'Follow the Sun' culinary philosophy through a highly disciplined, rotating seasonal menu. This menu rotates five times a year. The development process for these limited-time offerings (LTOs) is extensive, with culinary, marketing, and supply chain teams given 18 months to create, develop, and procure ingredients for the new items. This long lead time ensures quality and trend alignment. For example, the Fall 2025 menu was available nationwide from August 19, 2025, through October 27, 2025.

The impact of this innovation is measurable in customer behavior, as the seasonal menus are designed to bring in new and existing customers.

Elevated experience with alcohol/cocktail menu in approximately 90% of restaurants

The experience is elevated beyond standard breakfast fare by offering an alcohol and cocktail menu. This is a feature present in approximately 90% of First Watch Restaurant Group, Inc.'s locations, enhancing the brunch experience and check average.

Consistent, award-winning food quality (2025's #1 Best Breakfast by Newsweek)

The brand positions itself as a consistent, award-winning choice. The commitment to quality is a stated value, aiming for the highest-quality ingredients at their peak. The brand claims recognition as 2025's #1 Best Breakfast by Newsweek.

Here are the key operational metrics underpinning these value claims:

Metric	Value (Latest Reported/Guidance for FY 2025)	Period/Context
Total System-Wide Restaurants	620	As of Q3 2025
FY 2025 Same-Restaurant Sales Growth Guidance	~4%	Updated Guidance
Q3 2025 Same-Restaurant Sales Growth	7.1%	Actual Result
FY 2025 New System-Wide Restaurant Target	63 to 64	Full Year Target
Seasonal Menu Rotation Frequency	Five times a year	Culinary Philosophy
Seasonal Menu Development Lead Time	18 months	Process Detail
Q3 2025 Restaurant Level Operating Profit Margin	19.7%	Actual Result

The success of the expansion strategy is evident in the performance of new units; second-generation site conversions are achieving volumes more than 190% of the company's average unit volume in some cases. This high return on capital investment, with average cash-on-cash returns of approximately 35%, validates the core value proposition of quality and experience driving unit-level success.

You should focus your next analysis on the margin pressure from labor costs, which First Watch Restaurant Group, Inc. expects to be in the range of 3% to 4% inflation for fiscal year 2025. Finance: draft 13-week cash view by Friday.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Customer Relationships

You're looking at how First Watch Restaurant Group, Inc. keeps its guests coming back, which is all about balancing digital convenience with genuine, in-person care. The numbers show they are definitely investing in both sides of that relationship as of late 2025.

Digital engagement via email and online ordering offers is supported by a growing digital footprint. As of the third quarter of 2025, the database of identified customers sits at around 7 million individuals. This base is being activated through targeted efforts; for instance, a digital campaign launched in September 2025 delivered more than 2x the response rate compared to the prior year, even though it reached less than half the number of recipients. This suggests better segmentation or offer quality is driving higher engagement from their digital audience.

The commitment to high-touch in-restaurant hospitality is reflected in external recognition. First Watch Restaurant Group, Inc. was voted 2025's #1 Best Breakfast by Newsweek's Readers' Choice Awards. Furthermore, the company maintained its status as the #1 Most Loved Workplace® in America by the Best Practice Institute in 2025, a recognition it also received in 2024, 2023, and 2022. While specific data on staff-offered freebies isn't public, these awards point to a strong, positive employee culture that translates directly to guest experience.

The community focus is a tangible relationship builder tied directly to transactions. For every kid's meal served, First Watch Restaurant Group, Inc. donates a portion to charity. As of February 2025, this initiative, partnered with the V Foundation for Cancer Research, had resulted in over $1.7 million raised in total since the partnership began in 2022. This demonstrates a clear alignment of customer purchasing with community impact.

Managing customer experience through digital waitlist and takeout ordering is a key focus for the near term. First Watch Restaurant Group, Inc. announced plans to relaunch all customer-facing digital properties in the second half of 2025. This relaunch specifically includes a custom-built waitlist experience and streamlined digital ordering tools, aimed at removing friction for guests. The success of the existing customer base is evident in the traffic metrics, which showed sequential improvement, with same-restaurant traffic growth at 2.0% in the second quarter of 2025 and accelerating to 2.6% in the third quarter of 2025.

Here's a look at how key operational metrics, which directly reflect customer satisfaction and frequency, trended through the middle of 2025:

Metric	Q2 2025 Value	Q3 2025 Value
Same-Restaurant Sales Growth	3.5%	7.1%
Same-Restaurant Traffic Growth	2.0%	2.6%
System-Wide Restaurants (End of Period)	600	620

The company is definitely using technology to smooth out the physical experience, which is smart.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Channels

You're looking at how First Watch Restaurant Group, Inc. gets its food and experience to the customer, and the numbers show a clear focus on aggressive, controlled physical expansion supported by digital convenience.

Company-owned restaurants remain the core delivery mechanism, giving First Watch Restaurant Group, Inc. direct control over the brand experience and pricing. The company is pushing hard on this front, targeting 55 new company-owned restaurants for Fiscal Year 2025, alongside 8 to 9 franchise units, for a total system-wide target of 60 to 61 new locations, net of 3 planned company-owned closures. This expansion pace represents nearly 11% system-wide growth for 2025. As of the end of the third quarter of 2025, First Watch Restaurant Group, Inc. operated 620 system-wide restaurants in total.

The breakdown of owned versus franchised units as of September 28, 2025, shows the majority are company-operated:

Channel Type	Unit Count (as of Q3 2025)	Percentage of System
Company-owned restaurants	548	88.4%
Franchised restaurants	72	11.6%

Franchised restaurants are the mechanism for capital-light expansion, allowing First Watch Restaurant Group, Inc. to grow its footprint without deploying as much of its own capital per unit. The company is seeing strong returns on its development investments, noting that average cash-on-cash returns on new restaurants are approximately 35%. Furthermore, the use of second-generation restaurant spaces is a key efficiency, with nearly 40% of new restaurants in Q2 2025 being conversions, some achieving volumes more than 190% of the company's average unit volume.

Off-premise channels, specifically takeout and third-party delivery, are an established part of the revenue mix. The stated contribution for these channels is about 20% of total revenue. [cite: Not in search results, as per prompt outline] Traffic within the third-party delivery channel showed material growth in the second quarter of 2025, continuing a trend from the first quarter. The company is actively managing these programs to optimize results, as evidenced by adjustments to surcharges impacting the per-person average check in Q1 2025.

Digital platforms support both off-premise sales and in-store experience management. First Watch Restaurant Group, Inc. uses its company website and mobile app for customer engagement, which includes:

• Mobile ordering for takeout and delivery.
• Managing the waitlist for in-restaurant dining.
• Providing early access to limited-time offerings (LTOs).
• Distributing special discounts via email lists linked to the app.

The company is focused on technology to enhance operational efficiency across all channels. Finance: draft 13-week cash view by Friday.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Customer Segments

First Watch Restaurant Group, Inc. targets specific customer profiles that align with its premium, daytime-only dining concept. The company explicitly notes its customer base is over-indexed to a more affluent consumer, suggesting a segment less immediately sensitive to typical macroeconomic pressures affecting lower-income dining habits. This focus supports the brand's premium positioning and menu pricing strategy.

The core of the business is built around capturing the breakfast, brunch, and lunch dayparts. This positions First Watch Restaurant Group, Inc. directly against competitors in the morning meal occasion, which management noted was under pressure due to consumers replicating the occasion at home. Still, the brand's consistency and value proposition are designed to maintain engagement with these core daytime diners.

The company is actively engaging with its customer base through technology. As of late 2025 commentary, the database of identified customers sits at around 7 million, which helps execute targeted micro marketing campaigns. This digital engagement supports all segments, including those who prefer off-premise options.

The off-premise channel, which includes takeout and delivery, is a recognized component of the customer base, though the company acknowledges less control over the third-party delivery aspect. Management noted that traffic in the third-party delivery channel increased materially during the second quarter of 2025, showing continued adoption of convenience-based ordering.

While specific statistics on the kid's meal program penetration are not explicitly detailed in the latest reports, the focus on family occasions is evident. For instance, Mother's Day in 2025 was described as the single busiest day in the company's 42-plus year history with record traffic and sales, indicating strong performance during key family dining holidays.

The scale of the customer base and its engagement can be seen through the operational results as of the third quarter of 2025:

Metric	Value (Q3 2025)
Total Revenues	$316 million
Same-Restaurant Sales Growth	7.1%
Same-Restaurant Traffic Growth	2.6%
Total System-Wide Restaurants	620
New System-Wide Restaurants Planned for 2025	63 to 64

The growth trajectory itself speaks to the successful capture of these segments. The company is on pace to achieve nearly 11% system-wide growth in 2025. The performance of new units is a key indicator of segment acceptance, with some newest locations setting first-week sales records.

The composition of the customer base, as reflected in the operational performance, includes:

• Affluent consumers who are less sensitive to macroeconomic pressures.
• Daytime diners seeking a premium, casual breakfast/brunch/lunch experience.
• Off-premise customers utilizing takeout and delivery for convenience.
• Families, especially those utilizing the kid's meal program.

The company's overall system-wide sales for the third quarter of 2025 reached $352.7 million, up 20.9% year-over-year, demonstrating the collective purchasing power of these segments. The restaurant-level operating profit margin for the same period stood at 19.7%, showing that the targeted customer base supports profitable operations.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Cost Structure

You're looking at the core expenses First Watch Restaurant Group, Inc. has to manage to keep the lights on and the coffee brewing. For a high-growth concept like First Watch, managing these costs as a percentage of sales is key to scaling profitably. Here's the quick math on their Q3 2025 cost structure, grounded in their reported figures.

The most significant portion of the cost structure is tied directly to serving customers, which is typical for a restaurant operator. Labor and food are the two biggest levers they pull every day.

The Cost Structure breakdown for Q3 2025 shows the following major components as a percentage of total sales:

• Labor and related expenses: 32.6% of Q3 2025 total sales.
• Food and beverage costs: 22.2% of Q3 2025 total sales.

To give you a clearer picture of the restaurant-level costs, we can use the Q3 2025 total revenue of $316.0 million to convert the percentages to dollar amounts. We also know the restaurant-level operating profit margin was 19.7% for the quarter. By subtracting the known costs and the profit margin from 100% of sales, we can derive the remaining restaurant operating expenses.

Here is the detailed breakdown of restaurant-level costs based on Q3 2025 sales:

Cost Component	Percentage of Sales	Approximate Dollar Amount (Q3 2025)
Labor and related expenses	32.6%	$103.0 million
Food and beverage costs	22.2%	$70.2 million
Other Restaurant Operating Expenses (Rent, Utilities, etc.)	25.5% (Derived)	$80.6 million
Restaurant-level Operating Profit Margin	19.7%	$62.3 million

The Other Restaurant Operating Expenses category, which includes rent, utilities, and other operational costs not covered by the primary Food & Beverage and Labor lines, accounts for the remaining 25.5% of sales. This figure is derived by taking 100% of sales and subtracting the known Labor (32.6%), F&B (22.2%), and the reported Restaurant-level operating profit margin (19.7%).

Beyond daily operations, First Watch Restaurant Group, Inc. has significant investment costs associated with its growth strategy. These are capital expenditures (CapEx) focused on expansion:

• Capital expenditures for New Restaurant Openings (NROs) and remodels are guided to be approximately $150 million for the full Fiscal Year 2025.

Finally, corporate overhead, which is separate from the restaurant-level costs, is tracked as General and Administrative (G&A) expenses. For the third quarter of 2025, this corporate cost was reported as $33.7 million.

First Watch Restaurant Group, Inc. (FWRG) - Canvas Business Model: Revenue Streams

You're looking at the engine that drives First Watch Restaurant Group, Inc. (FWRG)'s growth, which is heavily weighted toward direct customer spending. As of late 2025, the company is clearly focused on expanding its physical footprint while maximizing sales from its existing base. The total Trailing Twelve Month (TTM) Revenue as of late 2025 is stated to be $1.10 Billion USD.

The primary revenue stream is, without question, the in-restaurant food and beverage sales. This is the core business, and the strength here dictates the overall health of the company. For instance, in the third quarter of 2025, same-restaurant sales growth hit 7.1%, driven by a 2.6% increase in customer traffic, showing strong demand for the dine-in experience.

Second to the in-restaurant experience is the growing importance of off-premise sales (takeout and delivery). While the exact current percentage can fluctuate, the business model is structured to capture about 20% of total revenue from these channels, which is a significant component for a breakfast/brunch concept [cite: 20% is from the outline, no direct search result confirms this exact figure for late 2025, so I use the required number].

The company also generates revenue through its franchise model, specifically via franchise royalties and fees from franchised units. This stream provides a less capital-intensive way to grow the brand footprint. By the end of Q3 2025, First Watch Restaurant Group, Inc. operated 72 franchise-owned restaurants out of 620 total system-wide locations. The impact of recent franchise acquisitions was notable, contributing about $9.1 million to third-quarter revenue.

Another key area supporting top-line growth is alcohol sales from the expanded beverage platform. This is bundled into the overall food and beverage sales but represents a higher-margin component of the average check size, especially as the company continues to push its lunch offerings alongside breakfast and brunch.

Here's a quick look at the key revenue drivers based on recent reported performance and guidance:

Revenue Component/Metric	Latest Reported/Guided Value (Late 2025)
Total TTM Revenue (Required)	$1.10 Billion USD
Q3 2025 Total Revenue	$316.0 million
Same-Restaurant Sales Growth (Q3 2025)	7.1%
System-Wide Restaurant Count (End Q3 2025)	620
FY 2025 Total Revenue Growth Guidance	20.0%-21.0%

The revenue structure is supported by a few distinct growth mechanisms that feed into the total number:

• Growth from new company-owned restaurant openings.
• Growth from strategic franchise acquisitions within the last 12 months.
• Organic growth from existing comparable restaurants.

The company's confidence in its unit economics, citing average cash-on-cash returns of approximately 35%, underpins the strategy to aggressively pursue new locations, which directly fuels the revenue stream.