First Watch stock sets 2028 growth targets ahead of Investor Day

Published on 11/10/2026 at 00:03 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First Watch stock heads into its first Investor Day with a 2028 growth plan. Management targets positive free cash flow from 2027.

Growth plan comes into focus

First Watch will present its inaugural Investor Day in Boston on November 12, 2026.
Management targets 2% to 4% same-restaurant sales growth and 10% to 13% revenue growth through 2028.
The company expects positive free cash flow from 2027 and plans about 55 new system-wide restaurants next year.

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First Watch Restaurant Group outlined its growth strategy ahead of its inaugural Investor Day, which will take place on November 12, 2026, in Boston. In a November 9 release carried by GlobeNewswire, the company said it expects its growth model to generate positive free cash flow beginning in 2027.

Targets combine growth and cash flow

First Watch targets same-restaurant sales growth of 2% to 4% and total revenue growth of 10% to 13% through 2028. Adjusted EBITDA growth is expected to exceed 15% annually, while general and administrative expense growth is planned below revenue growth.

Management expects to open 62 system-wide restaurants in 2026 and approximately 55 in 2027. The company said it intends to retain flexibility on openings in later years as it balances expansion with capital returns and free cash flow.

Investor Day sets the next milestone

The event begins at 8:30 a.m. Eastern Time in Boston and will be available through the company's investor-relations webcast. Management plans to explain how restaurant expansion, cash generation and the brand's long-term U.S. opportunity fit together.

First Watch said it sees a path to more than 2,200 restaurants across the continental United States. That ambition is paired with a planned shift toward self-funding organic growth and maintenance capital expenditures from next year, according to the company release.

Business model and market position

First Watch operates a daytime-dining restaurant concept focused on made-to-order breakfast, brunch and lunch. Its chef-driven menu includes seasonal dishes, fresh juices and signature items, and the company operates more than 680 restaurants across 33 U.S. states. Based in the United States, First Watch combines company-owned and franchise-owned locations as it expands its restaurant network.