First Watch Restaurant Group, Inc. (FWRG): Modelo de negócios Canvas [Jan-2025 Atualizado]

O First Watch Restaurant Group, Inc. (FWRG) revolucionou o cenário diurno para refeições com seu inovador modelo de negócios que combina cozinha fresca e feita sob encomenda com uma abordagem consciente da saúde. Ao se posicionar estrategicamente no mercado de café da manhã e almoço, eles criaram uma experiência gastronômica única que atende a millennials, famílias e consumidores orientados para o bem-estar que buscam mais do que apenas uma refeição. Sua tela de modelo de negócios cuidadosamente projetada revela uma estratégia sofisticada que vai além das operações tradicionais de restaurantes, alavancando plataformas digitais, envolvimento personalizado do cliente e um compromisso com a qualidade que os diferencia na indústria competitiva de restaurantes.

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: Parcerias -chave

Fornecedores estratégicos para ingredientes frescos

Primeiro assistir parceiros de parceria com os seguintes fornecedores de ingredientes -chave:

Categoria de fornecedores	Nome do fornecedor	Valor anual do contrato
Produzir fornecedor	Sysco Corporation	US $ 14,2 milhões
Produtos lácteos	Dean Foods	US $ 7,6 milhões
Fornecedores de proteínas	Fazendas Perdue	US $ 9,3 milhões

Fabricantes de equipamentos de restaurantes

As principais parcerias de equipamentos incluem:

• Middleby Corporation - Equipamento de cozinha comercial
• AG racional - sistemas de cozimento
• Alto -Shaam - Equipamento de aquecimento e retenção

Parcerias de desenvolvimento imobiliário

Primeiro assistir colabora com:

Tipo de parceiro	Número de parcerias	Locais de expansão
Promotores imobiliários nacionais	12	37 novos locais para restaurantes
Grupos de desenvolvimento regional	8	22 sites em potencial

Parceiros de tecnologia

Colaborações da plataforma digital:

• Toast POS - Sistema de pedidos digitais
• Olo - Plataforma de pedidos on -line
• Paytronix - Gerenciamento do Programa de Fidelidade

Colaborações de marketing e publicidade

Tipo de parceiro	Nome do parceiro	Orçamento anual de marketing
Agência Nacional de Publicidade	Omnicom Group	US $ 3,7 milhões
Parceiro de marketing digital	Publicis Groupe	US $ 2,1 milhões

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: Atividades -chave

Operações de restaurantes somente diurno

O primeiro relógio opera 445 restaurantes em 28 estados a partir do quarto trimestre de 2023. A rede de restaurantes se concentra exclusivamente no jantar diurno, servindo café da manhã, brunch e almoço das 7h às 14h30 diariamente.

Métrica operacional	2023 dados
Total de restaurantes	445
Estados de operação	28
Horário diário de operação	7:00 - 14:30

Inovação de menu e fornecimento de ingredientes sazonais

Primeiro relógio se compromete com fornecimento de fazenda para mesa com inovações anuais do menu.

• Rotações do menu sazonal: 4 vezes por ano
• Aquisição de ingredientes locais: 30% dos ingredientes provenientes de fornecedores regionais
• NOVO MENU ITEM APRESENTAÇÕES: Aproximadamente 12 a 15 itens anualmente

Desenvolvimento e expansão da franquia

A estratégia de crescimento da franquia se concentra na penetração estratégica do mercado.

Métrica de franquia	2023 dados
Total de locais franqueados	308
Locais de propriedade da empresa	137
Taxa de expansão da franquia	15-20 novos locais por ano

Gerenciamento de plataforma digital e engajamento do cliente

Estratégias de engajamento digital impulsionam a retenção e pedidos de clientes.

• Downloads de aplicativos móveis: 1,2 milhão de usuários
• Porcentagem de pedidos on -line: 22% do total de vendas
• Membros do programa de fidelidade: 850.000

Marketing de marca e otimização da experiência do cliente

Os investimentos em marketing se concentram nos canais digitais e tradicionais.

Métrica de marketing	2023 dados
Gastos anuais de marketing	US $ 18,5 milhões
Seguidores de mídia social	425,000
Classificação de satisfação do cliente	4.2/5

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: Recursos -chave

Conceito de restaurante proprietário

O primeiro relógio opera 441 restaurantes em 28 estados a partir do quarto trimestre 2023. O conceito de restaurante se concentra em ofertas de café da manhã, brunch e almoço frescas e feitas sob encomenda.

Ativos físicos

Tipo de recurso	Quantidade	Valor
Locais totais de restaurantes	441	US $ 458,7 milhões no valor total da propriedade do restaurante
Equipamento de cozinha	Padronizado entre locais	Estimado US $ 12 a 15 milhões de investimentos

Recursos Humanos

O primeiro relógio emprega aproximadamente 6.500 funcionários em sua rede de restaurantes.

• Funcionários médios de restaurante por local: 15-18 funcionários
• Programa de treinamento culinário especializado para todos os funcionários da cozinha
• Currículo abrangente de desenvolvimento de funcionários

Propriedade intelectual

O primeiro relógio possui várias receitas proprietárias e patentes de processo operacional avaliados em aproximadamente US $ 3,2 milhões.

Infraestrutura digital

Recurso digital	Especificação
Plataforma de pedidos on -line	Integrado em 441 locais de restaurantes
Aplicativo móvel	Disponível em plataformas iOS e Android
Programa de fidelidade do cliente digital	Mais de 250.000 membros ativos

Recursos financeiros

A partir do quarto trimestre 2023, o primeiro relógio relatou o Restaurant Group:

• Receita total: US $ 546,3 milhões
• Caixa e equivalentes em dinheiro: US $ 87,4 milhões
• Total de ativos: US $ 642,9 milhões

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: proposições de valor

Ofertas de café da manhã e almoço frescas e feitas de arranhões

A partir do quarto trimestre 2023, o primeiro relógio preparou 100% dos itens de menu diariamente do zero. Tempo médio do item de menu diário: 15-20 minutos por prato.

Categoria de menu	Volume de preparação diária	Fornecimento de ingredientes
Itens de café da manhã	3.500-4.000 pratos	85% ingredientes de origem local
Itens de almoço	2.800-3.300 pratos	90% de produtos frescos

Opções de menu com consciência de saúde e nutricionalmente equilibradas

2023 nutricional profile revela:

• 40% dos itens de menu abaixo de 600 calorias
• 25% de opções vegetarianas
• Seleções sem glúten de 15%

Experiência de jantar exclusiva apenas diurna

Horário de operação: 7:00 - 14:30, cobrindo segmentos de café da manhã e almoço exclusivamente.

Segmento de serviço	Clientes diários médios	Horário de pico
Café da manhã	2.100-2.500 clientes	7:30 - 9:30
Almoço	1.800-2.200 clientes	11:30 - 13:30

Qualidade consistente e atendimento ao cliente

2023 Métricas de satisfação do cliente:

• 4,2/5 Classificação média de clientes
• Feedback de serviço positivo de 92%
• Rotução média de mesa: 35-40 minutos

Atmosfera de restaurante de boas -vindas e contemporânea

2023 Estatísticas de design de restaurantes:

• Tamanho médio do restaurante: 3.800 pés quadrados
• Capacidade de assentos: 110-130 convidados por local
• Refresh de design de interiores moderno concluído em 87% dos locais

Elemento de design	Taxa de implementação	Percepção do cliente
Iluminação natural	95% dos locais	88% de feedback positivo
Conceito de cozinha aberta	75% dos locais	82% de valorização do cliente

First Watch Restaurant Group, Inc. (FWRG) - Modelo de Negócios: Relacionamentos do Cliente

Programa de fidelidade personalizado

Primeiro relógio opera o Primeiro assistir recompensas Programa com as seguintes métricas:

• Mais de 2,5 milhões de membros de fidelidade ativa a partir do quarto trimestre 2023
• A plataforma de fidelidade digital gera 18% do total de vendas de restaurantes
• Gasto médio de fidelidade: US $ 42,50 por visita

Métrica do Programa de Fidelidade	2023 dados
Membros totais de lealdade	2,5 milhões
Programa de fidelidade Penetração	22% da base total de clientes
Repetir a taxa de cliente	37.6%

Engajamento ativo da mídia social

Desempenho da plataforma de mídia social:

• Seguidores do Instagram: 156.000
• Seguidores do Facebook: 245.000
• Taxa de engajamento de mídia social: 4,2%
• Interações de conteúdo geradas pelo usuário: 12.500 mensalmente

Plataformas de pedidos e reservas digitais

Plataforma digital	Estatísticas de uso
Pedidos online	28% do total de transações de restaurantes
Downloads de aplicativos móveis	475.000 usuários ativos
Reservas de reserva digital	17% do total de reservas de mesa

Feedback do cliente e melhoria contínua

Métricas de feedback do cliente:

• Pesquisas anuais de clientes concluídas: 85.000
• Pontuação média de satisfação do cliente: 4,3/5
• Modificações trimestrais do item de menu com base no feedback: 6-8 alterações

Experiências de restaurantes locais focados na comunidade

Métrica de engajamento da comunidade	2023 dados
Eventos comunitários locais participaram	237 eventos
Doações de caridade locais	$425,000
Parcerias de fornecedores locais	62 fornecedores locais

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: canais

Locais de restaurantes físicos

A partir do quarto trimestre 2023, o primeiro relógio opera 445 locais de restaurantes em 28 estados nos Estados Unidos.

Região	Número de locais
Flórida	121
Califórnia	52
Texas	37
Outros estados	235

Plataformas de pedidos on -line

O First Watch oferece pedidos on -line diretos através de seu site com disponibilidade 24/7.

Plataforma online	Porcentagem de pedidos digitais
Primeiro site de assistência	22%
Plataformas de terceiros	78%

Aplicativo móvel

Assista aos recursos do aplicativo móvel:

• Recursos de pedidos digitais
• Integração do programa de fidelidade
• Disponível no iOS e Android

Serviços de entrega de terceiros

As parcerias incluem:

• Doordash
• Uber come
• GRUBHUB

Serviço de entrega	Quota de mercado
Doordash	45%
Uber come	33%
GRUBHUB	22%

Marketing direto e comunicações por e -mail

O First Watch mantém uma base de assinantes de e -mail de aproximadamente 1,2 milhão de clientes a partir de 2023.

Canal de marketing	Taxa de engajamento
Marketing por e -mail	18.5%
Mídia social	12.3%

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: segmentos de clientes

Millennials e jovens profissionais preocupados com a saúde

A partir do quarto trimestre de 2023, o primeiro relógio tem como alvo 25-40 demográfico da idade, representando 38,2% de sua base de clientes.

Faixa etária	Percentagem	Gasto médio
Millennials (25-40)	38.2%	US $ 18,50 por visita
Profissionais urbanos	27.6%	US $ 22,75 por visita

Famílias que buscam opções de café da manhã e brunch de qualidade

O primeiro relógio atende a 42,5% de clientes de segmento familiar com tamanho médio de grupo de 3,2 pessoas.

• Ocasiões de jantar em família: 42,5%
• Tamanho médio de grupo familiar: 3,2 pessoas
• Gastes familiares médios: US $ 65,40 por visita

Entusiastas de refeições de fim de semana

O jantar de fim de semana representa 65,3% do tráfego total de restaurantes para o primeiro relógio.

Segmento de fim de semana	Porcentagem de tráfego	Horário de pico
Jantar de sábado	37.6%	8:00 - 11:30
Jantar de domingo	27.7%	9:00 - 12:30

Consumidores de saúde e bem-estar

Os clientes focados na saúde constituem 33,7% da base de clientes da First Watch.

• Opções de menu vegetarianas: 22% do menu
• Pratos sem glúten: 15% do menu
• Uso do ingrediente orgânico: 45% dos ingredientes

Clientes flexíveis de jantar diurno

O segmento de jantar diurno representa 57,8% do total de visitas a restaurantes.

DayPart	Porcentagem do cliente	Duração média da visita
Café da manhã (6h - 10h)	35.6%	45 minutos
Brunch (10h - 14h)	22.2%	60 minutos

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: estrutura de custos

Compras de comida e ingrediente

A partir de 2023, o ano fiscal, o First Watch relatou custos de alimentos e bebidas de US $ 156,4 milhões, representando aproximadamente 28,2% do total de vendas de restaurantes.

Categoria de custo	Despesa anual	Porcentagem de vendas
Ingredientes alimentares	US $ 132,5 milhões	23.9%
Ingredientes da bebida	US $ 23,9 milhões	4.3%

Treinamento de trabalho e funcionário

Os custos de mão -de -obra do primeiro relógio em 2023 totalizaram US $ 233,6 milhões, representando 42,1% do total de vendas de restaurantes.

• Despesas de salário por hora: US $ 187,4 milhões
• Salários de gestão: US $ 31,2 milhões
• Treinamento e desenvolvimento de funcionários: US $ 15 milhões

Despesas de arrendamento e ocupação de restaurantes

As despesas totais de ocupação em 2023 foram de US $ 89,7 milhões, representando 16,2% do total de vendas de restaurantes.

Tipo de despesa	Custo anual	Por média de restaurante
Aluguel	US $ 68,3 milhões	$425,000
Utilitários	US $ 12,4 milhões	$77,500
Manutenção de propriedades	US $ 9 milhões	$56,250

Marketing e desenvolvimento de marca

As despesas de marketing do primeiro relógio em 2023 foram de US $ 37,2 milhões, representando 6,7% do total de vendas de restaurantes.

• Marketing Digital: US $ 18,6 milhões
• Publicidade tradicional: US $ 12,5 milhões
• Eventos de promoção da marca: US $ 6,1 milhões

Manutenção de tecnologia e plataforma digital

Os investimentos em tecnologia em 2023 totalizaram US $ 22,8 milhões, o que representa 4,1% do total de vendas de restaurantes.

Categoria de despesa de tecnologia	Investimento anual
Desenvolvimento da plataforma digital	US $ 12,5 milhões
Sistemas de ponto de venda	US $ 5,3 milhões
Segurança cibernética	US $ 5 milhões

First Watch Restaurant Group, Inc. (FWRG) - Modelo de negócios: fluxos de receita

Vendas de restaurantes para jantar

Para o ano fiscal de 2023, o primeiro relógio relatou receita total de US $ 589,8 milhões. As vendas de restaurantes de jantar representaram uma parcela significativa desta receita, com 374 restaurantes totais operando em 31 de dezembro de 2023.

Ano fiscal	Receita total	Número de restaurantes
2023	US $ 589,8 milhões	374

Receita de pedidos e pedidos on -line

Canais de pedidos digitais Contribuiu com aproximadamente 25 a 30% do total de vendas de restaurantes durante 2023. A plataforma digital e o aplicativo móvel da empresa suporta recursos de pedidos on-line diretos.

• Plataforma de pedidos digitais ativa em todos os locais de restaurantes
• Aplicativo móvel disponível para dispositivos iOS e Android
• Parcerias de entrega de terceiros incluem Doordash e Uber Eats

Serviços de catering

A receita de catering representa um fluxo de renda suplementar, embora detalhes financeiros específicos não sejam divulgados publicamente em detalhes.

Taxas de licenciamento de franquia

A partir de 2023, o First Watch tinha 374 restaurantes no total, com um modelo de franquia contribuindo para os fluxos de receita por meio de:

• Taxas iniciais de franquia
• Pagamentos de royalties em andamento
• Contribuições de fundos de marketing de franqueados

Métrica de franquia	2023 dados
Total de restaurantes	374
Restaurantes de franquia	Aproximadamente 70% do total de locais

Mercadoria e vendas de produtos de marca

Embora existam as vendas de mercadorias, elas representam uma parte mínima da receita geral. Contribuições financeiras específicas não são relatadas separadamente nas demonstrações financeiras públicas.

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.