First Watch

First Watch operates a chain of daytime restaurants that serve made-to-order breakfast, brunch, and lunch from early morning until mid-afternoon. The company runs both company-owned and franchised locations across 32 states.

It started in 1983 with one restaurant in Florida. Over the years, First Watch grew steadily. A major step forward came in 2021 with its initial public offering on Nasdaq under the ticker FWRG. That move brought in capital to speed up expansion and gave the brand stronger public market standing.

As of December 2025, First Watch has 633 restaurants system-wide, including 560 company-owned and 73 franchised units. In 2025 alone, it added 64 new locations, with 55 company-owned and 9 franchised. This included 13 openings in the fourth quarter. The company acquired 16 franchise units in the Carolinas and 3 in Missouri to build out its presence with more directly managed spots. It also entered Nevada with a spot on Craig Road and opened a flagship in Boston at 777 Boylston Street.

Over the last five years, First Watch has shifted toward faster growth, especially in company-owned restaurants. It raised its guidance for 60 to 61 new units in fiscal 2025 while pushing into priority markets like Nevada, Massachusetts, North Carolina, South Carolina, Missouri, and New England. This mix of acquisitions, new builds, and selective franchising shows a clear focus on scaling in both established and fresh areas.