SCHEDULE: Vanguard Group Discloses 5.44% Stake in First Watch Restaurant

The Vanguard Group reported a 5.44% beneficial ownership stake in First Watch Restaurant Group Inc. common stock as of December 31, 2025.

Summary

• The Vanguard Group holds beneficial ownership of 3,320,929 shares of First Watch Restaurant Group Inc. common stock.
• This ownership represents 5.44% of the class of securities.
• The Vanguard Group has shared voting power over 397,578 shares and shared dispositive power over 3,320,929 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.
• As of January 12, 2026, The Vanguard Group, Inc. underwent an internal realignment, ceasing to perform portfolio management services or administer proxy voting.
• Following the realignment, certain subsidiaries or business divisions of The Vanguard Group, Inc. are expected to report beneficial ownership separately (on a disaggregated basis).

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a routine disclosure of significant institutional ownership, which generally signals market confidence in the issuer, First Watch Restaurant Group Inc., without implying specific operational or financial performance.

Positives

• Confirmation of significant institutional investment by The Vanguard Group, holding 5.44% of First Watch Restaurant Group Inc. common stock.
• The investment is stated to be for passive purposes, indicating a long-term holding strategy rather than an intent to influence control.

Negatives

• No specific negative information regarding First Watch Restaurant Group Inc. is disclosed in this beneficial ownership report.

Risks

• No risks related to First Watch Restaurant Group Inc. are mentioned in this beneficial ownership report.

Future Outlook

The filing does not provide any forward-looking statements or guidance from First Watch Restaurant Group Inc. It primarily details The Vanguard Group's beneficial ownership and its internal operational changes regarding reporting.

Industry Context

StockSavvy.ai notes that institutional ownership by major asset managers like The Vanguard Group is a common characteristic of publicly traded companies, indicating broad market presence and liquidity for First Watch Restaurant Group Inc. Such passive stakes are typical for large index fund providers.

Comparison to Industry Standards

• This filing represents a standard Schedule 13G disclosure, which is a routine regulatory requirement for institutional investors acquiring more than 5% of a company's stock with a passive investment intent.
• The 5.44% stake held by The Vanguard Group in First Watch Restaurant Group Inc. is consistent with the typical portfolio allocations of large passive investment managers across various public companies, such as their holdings in other restaurant chains like Chipotle Mexican Grill (CMG) or Starbucks (SBUX), where similar percentage ownerships are common for broad market index funds.

Stakeholder Impact

• Shareholders benefit from increased transparency regarding significant institutional holdings in the company.

Next Steps

• Certain subsidiaries or business divisions of The Vanguard Group, Inc. are anticipated to report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on SEC Release No. 34-39538.

Key Dates

Keywords

First Watch Restaurant Group, Vanguard Group, Schedule 13G, Common Stock, Institutional Ownership, Investment Adviser, Passive Investment