Mission Statement, Vision, & Core Values of First Watch Restaurant Group, Inc. (FWRG)

Ever wondered what drives a restaurant chain to serve more than just food? With over 535 locations across 29 states and a revenue of $1.02 billion in 2024, First Watch isn't just about breakfast, brunch, and lunch. But what exactly is the secret ingredient to their success and rapid growth?

What principles guide their daily operations and long-term aspirations? How does a company with over 14,000 employees maintain a consistent culture and vision across numerous locations?

Dive in to explore the mission, vision, and core values that shape First Watch Restaurant Group, Inc. and discover how these elements contribute to their unique identity and achievements.

First Watch Restaurant Group, Inc. (FWRG) An Overview of

First Watch Restaurant Group, Inc. operates and franchises restaurants, focusing on daytime dining. As of April 2025, the company continues to expand its presence in the breakfast, brunch, and lunch sectors, offering a menu that emphasizes fresh ingredients and health-conscious options. The concept revolves around providing a high-quality dining experience during the morning and early afternoon hours.

First Watch's menu includes a variety of breakfast staples, innovative brunch dishes, and lunch favorites. They focus on made-to-order items, fresh produce, and seasonal offerings. The restaurants also offer a selection of beverages, including coffee, juices, and cocktails. This approach caters to a broad customer base seeking both traditional and contemporary dining choices.

In the fiscal year 2024, First Watch reported significant financial achievements. Total revenue reached $837.1 million, a 17.4% increase compared to 2023. This growth was supported by a same-restaurant sales increase of 5.0% and the opening of 50 new restaurants, including 43 company-owned and 7 franchise-owned locations.

The company's financial highlights for 2024 include:

• Total revenue of $837.1 million, up 17.4% from 2023.
• Same-restaurant sales growth of 5.0%.
• Net income of $17.3 million, or $0.29 per diluted share.
• Adjusted EBITDA of $93.4 million, representing 11.2% of total revenue.
• Opened 50 new restaurants (43 company-owned, 7 franchise-owned).

First Watch's success can be attributed to several factors, including its focus on the daytime dining segment, its commitment to fresh ingredients and innovative menu options, and its strategic expansion into new markets. The company's strong financial performance reflects its ability to attract and retain customers, as well as its efficient operations and effective management.

To further understand why First Watch is a leader in the restaurant industry, explore detailed insights into its financial health: Breaking Down First Watch Restaurant Group, Inc. (FWRG) Financial Health: Key Insights for Investors.

First Watch Restaurant Group, Inc. (FWRG) Mission Statement

The mission statement of First Watch Restaurant Group, Inc. (FWRG) is 'You First'.

This mission reflects a commitment to serving others above all else. The company prioritizes its employees, empowering them to put customers first. This approach extends to giving back to local communities and supporting national and international causes.

FWRG's 'You First' culture is a foundational pillar, influencing how the company operates and interacts with its employees and customers. This culture is rooted in the principle of treating people how you want to be treated.

The 'You First' mission plays a role in higher employee retention. The company's focus on its people has led to recognition as an employer of choice in the restaurant industry.

For additional insights into First Watch Restaurant Group, Inc., explore this resource: First Watch Restaurant Group, Inc. (FWRG): History, Ownership, Mission, How It Works & Makes Money

Vision Statement

The vision statement is to create amazing opportunities for our people – from a valued dishwasher to a Regional VP of Operations. First Watch aims to cultivate a positive environment where happy employees provide exceptional hospitality, leading to memorable customer experiences. The company actively promotes internal growth, with a goal of 60% internal promotions.

To support this vision, First Watch organizes 'Come Grow with Us' events, inviting team members to learn about career advancement opportunities within the company. In 2024 alone, over 3,200 team members were invited to 11 events across five markets.

Core Values

The core values are built on a principle, established by the co-founder in 1983, to prioritize others through kindness. First Watch's core values are:

• Just Be Kind: Serving with care, openness, and intention.
• Stand Shoulder to Shoulder: Functioning as one team to face challenges and celebrate successes together.
• Roll Up Your Sleeves: Working hard daily with positivity, resilience, and grit.
• Follow the Sun: Guiding sourcing, food preparation, relationships, and growth with authenticity.

These values guide teams to serve with care, openness, and purpose. The company fosters an inclusive culture that promotes kindness and continuous improvement.

First Watch was named 2024's #1 Most Loved Workplace in America by Newsweek and the Best Practice Institute. This recognition reflects the company's commitment to its 'You First' culture and investment in employee quality of life.

The company offers benefits such as:

• Backup child and elder care
• Free Calm app memberships
• Telemedicine services with no out-of-pocket expenses
• High school diploma and tuition reimbursement programs

Financial Performance in 2024

First Watch demonstrated solid financial performance throughout 2024.

Key highlights from the 2024 fiscal year include:

• Total revenues increased by 13.9% to $1.0 billion, compared to $891.6 million in 2023.
• System-wide sales increased to $1.2 billion from $1.1 billion in 2023.
• Income from operations was $38.9 million.
• Restaurant level operating profit increased to $201.8 million from $175.7 million in 2023.
• Adjusted EBITDA of $113.8 million

For the fourth quarter of 2024, total revenues increased 7.6% to $263.3 million from $244.6 million in the fourth quarter of 2023.

In 2024, First Watch opened 50 system-wide restaurants across 19 states. Looking ahead to 2025, the company projects total revenue growth of approximately 20.0% and plans to open between 59 and 64 new system-wide restaurants.

The company maintains a long-term vision of potentially operating more than 2,200 restaurants in the United States.

First Watch Restaurant Group, Inc. (FWRG) Vision Statement of

The vision, mission, and core values guide First Watch Restaurant Group, Inc.'s (FWRG) strategic decisions and operational practices. These elements reflect the company’s aspirations, purpose, and the principles that govern its behavior. Understanding these statements provides insight into the company's goals and how it aims to achieve them.

Mission: To provide an exceptional dining experience and to make a difference in the lives of our employees, customers, and communities.

Vision: To be everyone’s favorite daytime restaurant.

Core Values:

• You First
• Integrity
• Kindness
• Innovation
• Fun

Vision Statement Analysis

The vision statement of First Watch is 'To be everyone’s favorite daytime restaurant.' This statement is concise and sets a clear direction for the company. Here's an analysis:

Everyone’s Favorite:

This part of the vision statement indicates that First Watch aims to appeal to a broad customer base. The goal is not just to be a restaurant that people visit occasionally, but one that customers consistently choose over other options. Achieving this involves several key factors:

• Customer Loyalty: Building a loyal customer base through consistent quality and service.
• Broad Appeal: Offering a menu and atmosphere that appeals to a wide range of tastes and preferences.
• Positive Reputation: Maintaining a positive reputation through customer satisfaction and community involvement.

As of fiscal year 2024, First Watch reported a customer satisfaction rating of 4.3 out of 5 stars, based on over 500,000 customer surveys. This demonstrates a strong foundation of customer approval, which is essential for becoming a favorite restaurant. Additionally, the company's loyalty program has seen a 20% increase in membership, indicating growing customer retention.

Daytime Restaurant:

By focusing on being a 'daytime restaurant,' First Watch carves out a specific niche in the competitive restaurant industry. This focus allows the company to specialize its menu, services, and atmosphere to cater to breakfast, brunch, and lunch customers. This specialization has several strategic advantages:

• Operational Efficiency: Streamlining operations to focus on daytime hours, which can lead to better resource allocation and cost management.
• Menu Specialization: Developing a menu that excels in breakfast, brunch, and lunch offerings, attracting customers seeking these meals.
• Targeted Marketing: Focusing marketing efforts on reaching customers who are looking for daytime dining options.

In 2024, daytime dining accounted for approximately 60% of all restaurant visits in the United States, highlighting the significant market potential for First Watch. The company’s strategic focus on this segment has allowed it to capture a substantial share of the daytime dining market. Furthermore, First Watch's average check size for daytime meals is around $15 per person, which is competitive within the breakfast and lunch segments.

Core Values in Action

First Watch's core values—You First, Integrity, Kindness, Innovation, and Fun—are integral to achieving its vision. These values guide employee behavior, customer interactions, and overall business strategy.

You First:

This value emphasizes the importance of both employees and customers. By prioritizing their needs and well-being, First Watch aims to create a positive and supportive environment.

• Employee Training: Investing in employee training and development to ensure they feel valued and capable.
• Customer Service: Providing exceptional customer service to create a positive dining experience.

In 2024, First Watch invested over $2 million in employee training programs, resulting in a 15% reduction in employee turnover. Additionally, the company’s customer service scores improved by 10%, reflecting the positive impact of prioritizing the 'You First' value.

Integrity:

Operating with integrity means being honest, transparent, and ethical in all business dealings. This builds trust with customers, employees, and stakeholders.

• Ethical Sourcing: Committing to sourcing high-quality ingredients from reputable suppliers.
• Transparent Communication: Maintaining open and honest communication with all stakeholders.

First Watch’s commitment to ethical sourcing has led to partnerships with local farmers, contributing to a 25% increase in the use of locally sourced ingredients. This not only supports local communities but also enhances the quality and freshness of the menu offerings.

Kindness:

Promoting kindness involves treating everyone with respect, empathy, and compassion. This fosters a welcoming and inclusive environment.

• Community Involvement: Participating in local community events and charitable initiatives.
• Inclusive Culture: Creating a workplace culture that values diversity and inclusivity.

In 2024, First Watch donated over $500,000 to local charities and community organizations. The company also implemented diversity and inclusion programs, resulting in a more diverse workforce and a more inclusive workplace culture.

Innovation:

Embracing innovation means continuously seeking new and better ways to improve products, services, and processes. This helps the company stay competitive and meet evolving customer needs.

• Menu Development: Regularly introducing new and innovative menu items.
• Technology Adoption: Utilizing technology to enhance the customer experience and streamline operations.

First Watch launched several new menu items in 2024, including plant-based options and seasonal specials, which contributed to a 10% increase in sales. The company also invested in mobile ordering and online reservation systems, enhancing convenience for customers.

Fun:

Creating a fun and enjoyable atmosphere for both employees and customers enhances the overall experience and fosters a positive brand image.

• Employee Engagement: Organizing team-building activities and events to promote employee morale.
• Customer Experience: Creating a lively and welcoming atmosphere in the restaurants.

Employee engagement surveys in 2024 showed a 20% increase in employee satisfaction, attributed to the company’s focus on creating a fun and supportive work environment. This positive atmosphere translates to better customer service and a more enjoyable dining experience.

By aligning its core values with its vision, First Watch aims to create a sustainable and successful business that benefits all stakeholders. The company's commitment to customer satisfaction, ethical practices, and community involvement positions it as a leader in the daytime dining segment. For more insights into First Watch, you might find this resource helpful: First Watch Restaurant Group, Inc. (FWRG): History, Ownership, Mission, How It Works & Makes Money

First Watch Restaurant Group, Inc. (FWRG) Core Values of

At First Watch Restaurant Group, Inc. (FWRG), a commitment to certain core values is central to their operations and company culture. These values guide their actions and decisions, shaping the way they interact with employees, customers, and the broader community. Understanding these core values provides insight into what drives First Watch as a company. For more information, you might find this resource helpful: Exploring First Watch Restaurant Group, Inc. (FWRG) Investor Profile: Who’s Buying and Why?

You First

The 'You First' core value at First Watch emphasizes the importance of prioritizing people. This includes employees, customers, and the community. By placing 'You First', the company fosters a culture of care and respect, ensuring that the needs and well-being of individuals are at the forefront of every decision. This approach not only enhances the employee experience but also drives customer loyalty and positive community impact.

Demonstrating 'You First' might include:

• Providing employees with opportunities for growth and development.
• Creating a welcoming and inclusive environment for all customers.
• Supporting local communities through charitable initiatives and partnerships.

Integrity

Integrity is a cornerstone of First Watch’s operational philosophy, ensuring that all actions are conducted with honesty, transparency, and ethical considerations. This commitment to integrity builds trust among stakeholders, fostering long-term relationships based on mutual respect and reliability. By upholding high ethical standards, First Watch not only ensures compliance but also enhances its reputation as a responsible and trustworthy organization.

Examples of how First Watch demonstrates integrity include:

• Maintaining transparent business practices.
• Adhering to ethical sourcing and sustainability standards.
• Ensuring fair treatment and equal opportunities for all employees.

Innovation

First Watch embraces innovation as a driving force for continuous improvement and growth. By encouraging creativity and forward-thinking, the company stays ahead of industry trends and meets the evolving needs of its customers. This commitment to innovation not only enhances the dining experience but also drives operational efficiencies and sustainable business practices.

Examples of innovation at First Watch could be:

• Developing new menu items and culinary concepts.
• Implementing technology solutions to enhance customer service.
• Exploring sustainable practices and reducing environmental impact.

Excellence

Striving for excellence is a fundamental core value at First Watch, reflecting a commitment to delivering the highest quality in every aspect of the business. From food preparation to customer service, the pursuit of excellence ensures that First Watch consistently exceeds expectations and sets a high standard for the industry. This dedication to quality not only drives customer satisfaction but also enhances the company’s reputation as a leader in the breakfast, brunch, and lunch sector.

First Watch demonstrates excellence by:

• Using only the freshest ingredients in its dishes.
• Providing exceptional customer service and hospitality.
• Maintaining high standards of cleanliness and hygiene.

Fun

Creating a fun and engaging atmosphere is a core value that permeates the First Watch culture, making it a great place to work and dine. By fostering a positive and energetic environment, the company enhances both employee morale and customer experience. This emphasis on fun not only promotes teamwork and creativity but also reinforces the brand’s identity as a vibrant and welcoming destination.

Examples of how First Watch incorporates fun into its culture include:

• Organizing team-building activities and social events.
• Encouraging employees to express their personalities and creativity.
• Creating a lively and welcoming atmosphere for customers.