First Watch Restaurant Group: 3 Key Takeaways for Long-Term Investors

First Watch Restaurant Group raised its long-term adjusted EBITDA growth target to above 15% (from 11-14%), driven by operational leverage and store labor optimization. The company is testing new digital channels including TikTok GO to boost customer awareness and drive restaurant visits. Management adopted a flexible expansion strategy beyond 2027, planning approximately 55 new restaurants in 2027 while preserving capital allocation optionality amid higher interest rates.