First Watch Restaurant (FWRG) Cost of Revenue (2020 - 2026)

First Watch Restaurant's Cost of Revenue history runs 7 years deep, the most recent figure standing at $51.9 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 124.22% year-over-year to $51.9 million; the TTM figure through Mar 2026 stood at $285.5 million (up 36.57% YoY), while the FY2025 annual figure was $280.1 million, up 84.31% from the prior year.
• Cost of Revenue for Q1 2026 stood at $51.9 million, down from $139.1 million in the prior quarter.
• The five-year high for Cost of Revenue was $139.1 million in Q4 2025, with the low at -$74.6 million in Q4 2023.
• The 5-year median for Cost of Revenue is $36.8 million (2024), against an average of $38.2 million.
• The sharpest annual moves came in 2022 and 2023: Cost of Revenue surged 358109.09% in 2022, then slumped 359.89% in 2023.
• First Watch Restaurant's Cost of Revenue stood at $28.7 million in 2022, then plunged by 359.89% to -$74.6 million in 2023, then jumped by 222.25% to $91.2 million in 2024, then surged by 52.46% to $139.1 million in 2025, then tumbled by 62.68% to $51.9 million in 2026.
• Business Quant data shows FWRG's Cost of Revenue at $51.9 million in Q1 2026, $139.1 million in Q4 2025, and $69.7 million in Q3 2025.