FWRG Q3 2025 TL;DR
First Watch Restaurant Group (FWRG) reported a strong third quarter marked by accelerating momentum, offset by significant year-over-year earnings compression across the nine-month period.
Financial Performance & Operations: Q3 2025 delivered 7.1% Same-Restaurant Sales Growth and 2.6% Same-Restaurant Traffic Growth, the second consecutive quarter of positive traffic. Q3 Revenue was \(316.0M (up 25.6%), with Net Income improving to \)3.0M and Restaurant Level Margin rising to 19.7%. The company operates 620 total restaurants (548 company-owned).
However, the nine-mon
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