First Watch chief brand officer Matt Eisenacher describes “consistency” as a hallmark of the brand.
He knows it’s not the sexiest concept. But that doesn’t make it any less true or impactful.
“I think over the past few years, whether it be the news cycle or just headlines, inflation, whatever it is, I think what’s holding customers back generally is that they’re cautious because they don’t know what to expect,” Eisenacher says. “Things change so often, and oftentimes, we try to tell people our story. It might seem boring, but we think consistency is the number one thing.
“People don’t want to gamble with their dollars.”
First Watch has proven to be a safe bet for guests. Same-restaurant sales rose 3.6 percent in 2025, backed by slightly positive traffic. The daytime brand outperformed the industry, which experienced negative traffic last year, according to Black Box Intelligence. In Q4, the chain’s same-store sales increased 3.1 percent, with traffic sliding 1.9 percent.
READ MORE:
First Watch Rebounds in 2025 as Smarter Marketing Drives Traffic and Sales
First Watch Continues to ‘Zig’ its Way to Outlier Restaurant Status
Also, last year, the brand opened a record 64 restaurants, maintaining its title as the fastest-growing full-service chain in the U.S. Eisenacher says the momentum is a result of “success begets success.” Years ago, when not as many consumers knew about First Watch, early success with new restaurants allowed it to become a destination for several developers. The company once had to “really fight to find the real estate.” Now, its track record is strong enough that other brands approach it about taking over locations.
Because of this, First Watch can be more selective with its sites. The chain has also done a better job of improving the layout of its restaurants. For instance, the company has invested more in outdoor patios with heaters, misters, sturdier tables, and “bringing some of the feel of the inside of the restaurant out so it doesn’t just feel like a concrete pad,” according to Eisenacher.
“It’s really this compilation over the years of understanding what drives our success,” Eisenacher says. “Many years ago, we might have been bringing on ‘B’ real estate. Now we’re getting the best of the best, with great access and great signage and great visibility. And then that just feeds the whole thing.”
The chief brand officer also points out that it’s healthy expansion and not “growth for growth’s sake.” In 2019, First Watch’s AUV was $1.6 million, and now the chain expects new units to earn $2.8 million.
Additionally, it’s not one particular geography. Eisenacher notes that First Watch’s top decile of restaurants is spread across 14 states and 32 DMAs. Even more evidence: The brand’s 2025 class exceeded expectations by earning 19 percent above its underwriting target, and these stores opened in 23 states. A new store in Fredericksburg, Virginia, earned a record $90,000-plus in opening-week sales.
There is ample whitespace. Last year, First Watch debuted in New England; Las Vegas; Salt Lake City; Boise, Idaho; and Memphis. These markets alone represent a 155-unit opportunity. The brand has its entire 2026 opening schedule essentially laid out, and it’s “already deep” into 2027 and 2028 site selection, CEO Chris Tomasso said during the company’s Q4 earnings call on Tuesday.
First Watch ended 2025 with 633 locations in 32 states—560 company-owned units and 73 franchises. The chain believes it can reach 2,200 outlets in the U.S. one day.
Eisenacher says growth is unlocked by a strong people pipeline. He adds that retention is “as good as it’s ever been” and that the metric has improved for nine straight quarters. The chain realized a 40 percent increase in applicant volume in 2025 year-over-year.
The consistency starts at the top too. Tomasso has been with First Watch for almost 20 years, and has served as CEO since 2018. Eisenacher joined the company in 2019. CFO Mel Hope entered First Watch in 2018, but will retire at the end of 2026.
“Our vision is to create amazing opportunities for our people,” Eisenacher says. “We’re continually able to give people these opportunities to grow their career.”
First Watch expects more of the same in 2026. The company projects same-store sales between 1 and 3 percent, revenue growth between 12 to 14 percent, and 62 to 66 store openings. Comparatively, Black Box data shows the industry will decline 3 percent this year.
Comps will be fueled by a new core menu released in February, marking the chain’s first significant redesign in nearly 10 years. The menu features popular seasonal items like the Barbacoa Breakfast Tacos and Barbacoa Chilaquiles Breakfast Bowl, and other additions such as the best-performing sweet product, Strawberry Tres Leches French Toast, and Holy Donuts. In addition to this revamp, First Watch improved menu navigation, removed slow-moving items, eliminated single-use SKUs, and reduced overall complexity for the back of house.
The chain elevated its seasonal menu with “more color, vibrancy, and thoughtful illustrations each season to better tell the story of our rotating menu and the innovative items that we introduced,” Tomasso said. The current seasonal menu includes Chimichurri Steak & Egg Hash and the Bacon, Egg, and Cheddar Sandwich. The core and seasonal menu initiatives were tested for more than a year.
The changes are part of how First Watch conveys value to its customers. In 2025, the brand also increased portions on some of its key menu items. The Tri-Fecta—two eggs, a waffle or pancake, and a choice of meat—is the company’s top-selling combo. It now comes with double the protein, and First Watch did so without passing the price increase on to customers. The chain upgraded its fruit cups by adding melons. Keep in mind, four of First Watch’s top five commodities were at all-time highs last year, yet it remained conservative on price. Additionally, First Watch surprises and delights with free baby onesies for families, tumblers for first responders, and coffee refills for all customers.
Other sales levers include new digital marketing and analytics initiatives designed to increase aided and unaided awareness, engagement, and traffic.
“It’s just that the magnitude of our growth, and the fact that it’s really unprecedented, but then doing it in a way that’s very healthy growth,” says Eisenacher, discussing First Watch’s trajectory. “We’re continuing to keep employees and customers as the primary focus and make decisions for the long term.”
