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 $74.3 million for Q1 2026.

• In Q1 2026, Cost of Revenue rose 67.9% year-over-year to $74.3 million; the TTM figure through Mar 2026 stood at $64.6 million (down 55.46% YoY), while the FY2025 annual figure was $100.8 million, down 54.82% from the prior year.
• Cost of Revenue was $74.3 million for Q1 2026 at First Watch Restaurant, up from -$107.6 million in the prior quarter.
• In the past five years, Cost of Revenue ranged from a high of $74.3 million in Q1 2026 to a low of -$107.6 million in Q4 2025.
• Historically, Cost of Revenue has averaged $24.6 million across 5 years, with a median of $31.7 million in 2023.
• The sharpest annual moves came in 2022 and 2025: Cost of Revenue surged 11876.98% in 2022, then plunged 281.56% in 2025.
• A 5-year view of Cost of Revenue shows it stood at -$14.7 million in 2022, then jumped by 350.65% to $36.9 million in 2023, then surged by 60.53% to $59.2 million in 2024, then slumped by 281.56% to -$107.6 million in 2025, then jumped by 169.08% to $74.3 million in 2026.
• The last three Cost of Revenue figures came in at $74.3 million (Q1 2026), -$107.6 million (Q4 2025), and $25.9 million (Q3 2025), per Business Quant data.