How many guests just to stay even?

Sources

• First Watch Restaurant Group annual report (Form 10-K), fiscal 2025 · First Watch Restaurant Group, Inc., filed with the U.S. Securities and Exchange Commission, 2025
• Square fees: payment processing rates (Square Free plan) · Square (Block, Inc.)
• Southwest Airlines Co. Form 10-K for the fiscal year ended December 31, 2025 · Southwest Airlines Co. (filed with the U.S. SEC), 2025

Every number

• $0.90example(example number: Simplified example: espresso, milk and a cup.) · Simplified example: espresso, milk and a cup.
• $5example(example number: Simplified example: a latte's menu price.) · Simplified example: a latte's menu price.
• 82%example(example number: Worked out from the example cost and price.) · Worked out from the example cost and price.
• $18example(example number: Simplified example: coffee and a brunch plate, the same café as the margins lesson.) · Simplified example: coffee and a brunch plate, the same café as the margins lesson.
• $44,000example(example number: Simplified example: rent, the crew you schedule, the monthly bills and the interest on an equipment loan, added up.) · Simplified example: rent, the crew you schedule, the monthly bills and the interest on an equipment loan, added up.
• 111 guests a dayexample(example number: Worked out from the example check and the cited food and card-fee rates, over a thirty-day month, and rounded.) · Worked out from the example check and the cited food and card-fee rates, over a thirty-day month, and rounded.
• 81 guests a dayexample(example number: Worked out from the examples by dividing the fixed costs by the whole check, which leaves out food and card fees.) · Worked out from the examples by dividing the fixed costs by the whole check, which leaves out food and card fees.
• 23.1%sec.gov ·2025 · First Watch, a daytime-café chain, fiscal 2025: food and beverage as a share of restaurant sales.
• 2.6%squareup.com · Square's published rate for a tapped, dipped or swiped card.
• $0.15squareup.com · Square's published fee per card payment, on top of the percentage.
• $4.16example(example number: Worked out from the example check and the cited food and card-fee rates: food and drink on one check.) · Worked out from the example check and the cited food and card-fee rates: food and drink on one check.
• $0.62example(example number: Worked out from the example check and the cited food and card-fee rates: the card fee on one check.) · Worked out from the example check and the cited food and card-fee rates: the card fee on one check.
• $13.22example(example number: Worked out from the example check and the cited food and card-fee rates: the check minus food and drink and the card fee.) · Worked out from the example check and the cited food and card-fee rates: the check minus food and drink and the card fee.
• 73.5%example(example number: Worked out from the example check and the cited food and card-fee rates: what each guest leaves, as a share of the check.) · Worked out from the example check and the cited food and card-fee rates: what each guest leaves, as a share of the check.
• $59,900example(example number: Worked out from the examples and rounded: fixed costs divided by the contribution share.) · Worked out from the examples and rounded: fixed costs divided by the contribution share.
• $7,000example(example number: Simplified example: rent and the other costs of the building.) · Simplified example: rent and the other costs of the building.
• $24,000example(example number: Simplified example: the crew and a manager, scheduled ahead for the month.) · Simplified example: the crew and a manager, scheduled ahead for the month.
• $12,600example(example number: Simplified example: utilities, insurance, repairs, software, marketing and supplies.) · Simplified example: utilities, insurance, repairs, software, marketing and supplies.
• $400example(example number: Simplified example: a month's interest on an equipment loan.) · Simplified example: a month's interest on an equipment loan.
• 3,328 guestsexample(example number: Worked out from the example check and the cited food and card-fee rates: fixed costs divided by what each guest leaves, using the per-guest amount rounded to the cent, as the sheet shows it.) · Worked out from the example check and the cited food and card-fee rates: fixed costs divided by what each guest leaves, using the per-guest amount rounded to the cent, as the sheet shows it.
• $1,000example(example number: Simplified example: a rent increase.) · Simplified example: a rent increase.
• 76 guestsexample(example number: Worked out from the examples and rounded: the rent increase divided by what each guest leaves.) · Worked out from the examples and rounded: the rent increase divided by what each guest leaves.
• 2.5 guests a dayexample(example number: Worked out from the examples: the extra guests a month over a thirty-day month.) · Worked out from the examples: the extra guests a month over a thirty-day month.
• 115 guests a dayexample(example number: Simplified example: the same café as the margins lesson.) · Simplified example: the same café as the margins lesson.
• 7.5 hourssec.gov ·2025 · First Watch's restaurants are open about this long each day (its annual report, fiscal 2025).
• $16example(example number: Simplified example: a coffee bar's average check.) · Simplified example: a coffee bar's average check.
• $6,500example(example number: Simplified example: a small coffee bar's rent.) · Simplified example: a small coffee bar's rent.
• $22,000example(example number: Simplified example: the coffee bar's scheduled crew for a month.) · Simplified example: the coffee bar's scheduled crew for a month.
• $8,000example(example number: Simplified example: insurance, utilities and software.) · Simplified example: insurance, utilities and software.
• $36,500example(example number: Worked out: the coffee bar's example fixed costs added up.) · Worked out: the coffee bar's example fixed costs added up.
• $3.70example(example number: Worked out from the example check and the cited food share.) · Worked out from the example check and the cited food share.
• $0.57example(example number: Worked out from the example check and Square's published rate.) · Worked out from the example check and Square's published rate.
• $4.26example(example number: Worked out: food and drink plus the card fee on one check.) · Worked out: food and drink plus the card fee on one check.
• $11.74example(example number: Worked out: the example check minus its variable costs.) · Worked out: the example check minus its variable costs.
• 3,109 guestsexample(example number: Worked out from the examples and rounded: fixed costs divided by what each guest leaves.) · Worked out from the examples and rounded: fixed costs divided by what each guest leaves.
• 104 guests a dayexample(example number: Worked out from the examples, over a thirty-day month, and rounded.) · Worked out from the examples, over a thirty-day month, and rounded.
• 77.4%sec.gov ·2025 · Southwest's load factor, fiscal 2025: the share of seats filled, counted over the miles flown.
• 161.2 seatssec.gov ·2025 · Average seats per flight, fiscal 2025.
• 36 seatsexample(example number: Simplified example worked out from the annual report's averages: seats per flight times the share not filled. The load factor counts seat-miles, so this is a rough picture of one flight.) · Simplified example worked out from the annual report's averages: seats per flight times the share not filled. The load factor counts seat-miles, so this is a rough picture of one flight.
• $27.6Bsec.gov ·2025 · Total operating expenses, fiscal 2025.
• $13Bsec.gov ·2025 · Salaries, wages and benefits, fiscal 2025.
• 46.9%sec.gov ·2025 · Salaries, wages and benefits as a share of operating expenses, fiscal 2025 (the annual report's own figure).
• $5.2Bsec.gov ·2025 · Fuel and oil, fiscal 2025.
• $2.2Bsec.gov ·2025 · Landing fees and airport rentals, fiscal 2025.
• $1.6Bsec.gov ·2025 · Depreciation and amortization, fiscal 2025.
• $1.2Bsec.gov ·2025 · Maintenance materials and repairs, fiscal 2025.
• $4.5Bsec.gov ·2025 · Other operating expenses, fiscal 2025.
• 15.35 centssec.gov ·2025 · Operating cost per available seat mile, fiscal 2025: what it cost to fly one seat one mile, empty or full.
• 15.59 centssec.gov ·2025 · Operating revenue per available seat mile, fiscal 2025.
• $28.1Bsec.gov ·2025 · Total operating revenues, fiscal 2025.
• 1.5%sec.gov ·2025 · Operating income divided by operating revenues, fiscal 2025, worked out from the annual report.
• 76%example(example number: Simplified example worked out from the annual report: the load factor times cost per seat-mile divided by revenue per seat-mile. It assumes revenue grows with passengers and costs don't.) · Simplified example worked out from the annual report: the load factor times cost per seat-mile divided by revenue per seat-mile. It assumes revenue grows with passengers and costs don't.