First Watch passes $1 billion in revenue

A dining company based in East Manatee County has passed $1 billion in annual revenue for the first time. First Watch hit the revenue milestone at the end of 2024, company officials announced on a March 11 earnings call. Its 2023 revenue was $891.6 million, so revenue growth was more than 13% last year.

In addition to posting nearly $1.02 billion in total revenue last year, First Watch had $100 million in adjusted earnings before interest, taxes, depreciation and amortization for the first time, according to President and CEO Chris Tomasso, who called 2024 a “pivotal year.”

Last year, he says, the teams helped achieve these milestones by improving things like labor efficiency, ticket times and customer experience scores.

“Looking ahead, we are equally excited about the opportunities for continued growth in 2025 and beyond,” Tomasso says in a statement.

The company has a long-term plan to reach 2,200 restaurants, with growth of about 10% each year.

At the end of 2024, First Watch had 572 restaurants. It opened 50 new restaurants systemwide last year, including 43 company-owned and seven franchise-owned establishments, while two businesses closed.

In 2025, the daytime dining company plans to add 59 to 64 new eateries systemwide and close three company-owned restaurants. The blend will be about 55 to 58 new company-owned restaurants and seven to nine new franchise-owned restaurants.

Already this year First Watch has expanded its reach by opening its first location in New England. Since the Massachusetts eatery opened for business in January, the company now has a presence in 30 states.

First Watch is projecting about 20% total revenue growth in 2025.