How First Watch is run
At the end of 2025 First Watch had 633 restaurants in 32 states: 560 company-owned and 73 run by nine franchisees. It doesn't operate outside the US. (First Watch annual report, 2025)
Its long-term growth strategy includes buying restaurants from its franchisees. In 2025 it bought 19 of them, with their development and territory rights, and it holds an option to buy 12 more. (First Watch annual report, 2025)
Its franchisees had 17 new restaurants still to open under their development agreements at the end of 2025. (First Watch annual report, 2025)
Who owns First Watch
First Watch Restaurant Group is a public company; its shares trade on the Nasdaq under the symbol FWRG. (First Watch annual report, 2025)
Franchises like First Watch
If you want to own a breakfast business, these franchise brands sell the closest thing to First Watch, largest first.
| Brand | Cost to open | Fee | Royalty | Locations | Sales a location |
|---|---|---|---|---|---|
| The Original Pancake HouseFee $60K · Royalty 2% of gross sales | $483K–$1.67M | $60K | 2% of gross sales | 151+4 in 3 yrs | – |
| Eggs Up GrillFee $45K · Royalty 5% · Sales $1.37M a location | $822K–$1.14M | $45K | 5% | 105+46 in 3 yrs | $1.37M |
| Another Broken Egg CafeFee $40K · Royalty 5% · Sales $1.82M a location | $802K–$1.6M | $40K | 5% | 101+22 in 3 yrs | $1.82M |
| Keke’s Breakfast CafeFee $30K · Royalty 5%–5.5% · Sales $2M a location | $638K–$1.94M | $30K | 5%–5.5% | 82+29 in 3 yrs | $2M |
| The Flying Biscuit CafeFee $50K · Royalty 5% · Sales $1.95M a location | $468K–$1.17M | $50K | 5% | 41+15 in 3 yrs | $1.95M |
| The Broken Yolk CafeFee $20K · Royalty 4% · Sales $2.64M a location | $544K–$1.46M | $20K | 4% | 35+1 in 3 yrs | $2.64M |
| Famous ToasteryFee $45K · Royalty 5% · Sales $1.32M a location | $576K–$1M | $45K | 5% | 25−8 in 3 yrs | $1.32M |
| Biscuit BellyFee $40K · Royalty 5% | $824K–$1.34M | $40K | 5% | 13+7 in 3 yrs | – |
Locations are US locations, franchised and company-owned, at the end of the latest year filed. Sales are yearly, before costs, where the brand publishes them.
The Original Pancake House is the largest, with 151 US locations, and The Flying Biscuit Cafe costs least to open, from $467,900. Eggs Up Grill added the most locations, +46 over 3 years. Of the brands that publish sales, The Broken Yolk Cafe reports the most per location, $2.64M a year. The typical breakfast franchise starts at $640K to open; see where the money goes.
Sources
Questions
Which of these breakfast franchises loses the fewest owners?
Another Broken Egg Cafe. About 0.6% of its franchised locations a year closed, were terminated or weren't renewed over the years its latest filing covers, against 18.3% a year at Famous Toastery. Buy-backs by the franchisor and sales to new owners don't count as exits. Failure rates by brand