First Watch Restaurant Group layoffs, on the record
Every job cut, severance charge and restructuring First Watch Restaurant Group reported in its annual reports, 2023 to 2025, quoted from the filings. Headcount went from approximately 14,000 to more than 17,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2023 | approximately 14,000 | December 31, 2023 |
| 10-K for 2024 | more than 15,000 | December 29, 2024 |
| 10-K for 2025 | more than 17,500 | December 28, 2025 |
Job cuts, severance and restructuring
Our summaryThe company reported severance costs in its Adjusted EBITDA reconciliation, with severance costs recorded in general and administrative expenses.
Word for word“Severance costs (7) 26 155 265 Insurance proceeds in connection with natural disasters, net (8) (621) 115 — Loss on extinguishment of debt — — 2,403 COVID-19 related charges (9) — — 211 Adjusted EBITDA $ 99,483 $ 69,278 $ 66,301 Total revenues $ 891,551 $ 730,162 $ 601,193 Net income (loss) margin 2.8 % 0.9 % (0.4) % Adjusted EBITDA margin 11.2 % 9.5 % 11.0 %” 10-K for 2023
Our summaryThe company reported a Delaware Voluntary Disclosure Agreement Program adjustment in its Adjusted EBITDA reconciliation.
Word for word“Delaware Voluntary Disclosure Agreement Program (5) 1,250 149 — Recruiting and relocation costs (6) 465 681 351 Severance costs (7) 26 155 265 Insurance proceeds in connection with natural disasters, net (8) (621) 115 — Loss on extinguishment of debt — — 2,403 COVID-19 related charges (9) — — 211 Adjusted EBITDA $ 99,483 $ 69,278 $ 66,301” 10-K for 2023
Our summaryThe company reported strategic transition costs as an Adjusted EBITDA adjustment.
Word for word“Strategic transition costs (3) 892 2,318 2,402 Impairments and loss on disposal of assets (4) 1,359 920 381 Delaware Voluntary Disclosure Agreement Program (5) 1,250 149 — Recruiting and relocation costs (6) 465 681 351 Severance costs (7) 26 155 265” 10-K for 2023
First Watch Restaurant Group has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from First Watch Restaurant Group’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-24. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.