First Watch Restaurant (FWRG) Cost of Revenue (2020 - 2026)
First Watch Restaurant (FWRG) posted quarterly Cost of Revenue of $51.9 million for Q1 2026, up 124.22% year-over-year from $23.1 million in Q1 2025, and down 62.68% quarter-over-quarter from $139.1 million in Q4 2025.
First Watch Restaurant (FWRG) Cost of Revenue (2020 - 2026) Analysis & Trends
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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 193.05 Bn | 192.23 Bn | 6.42 Bn | 680.00 Mn |
| 2 | Starbucks | 122.77 Bn | 119.16 Bn | 6.49 Bn | 2.83 Bn |
| 3 | Chipotle Mexican Grill | 42.40 Bn | 41.73 Bn | 2.35 Bn | 993.57 Mn |
| 4 | Yum Brands | 40.42 Bn | 39.75 Bn | 1.47 Bn | 700.00 Mn |
| 5 | Restaurant Brands International | 27.11 Bn | 27.59 Bn | 1.89 Bn | 635.00 Mn |
| 6 | Darden Restaurants | 25.70 Bn | 25.48 Bn | 3.68 Bn | 43.20 Mn |
| 7 | Restaurant Brands International Limited Partnership | 17.24 Bn | 16.18 Bn | 1.89 Bn | 635.00 Mn |
| 8 | Yum China Holdings | 16.42 Bn | 15.74 Bn | 2.22 Bn | 918.00 Mn |
| 9 | Texas Roadhouse | 13.58 Bn | 13.40 Bn | 1.44 Bn | 237.02 Mn |
| 10 | First Watch Restaurant | 784.98 Mn | 764.50 Mn | 272.08 Mn | 82.59 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 28, 2026 | 82.59 Mn |
| Jun 28, 2026 | 82.59 Mn |
| Mar 29, 2026 | 51.90 Mn |
| Mar 29, 2026 | 51.90 Mn |
| Dec 28, 2025 | 139.10 Mn |
| Dec 28, 2025 | 139.10 Mn |
| Sep 28, 2025 | 69.73 Mn |
| Sep 28, 2025 | 69.73 Mn |
| Jun 29, 2025 | 24.81 Mn |
| Jun 29, 2025 | 24.81 Mn |
| Mar 30, 2025 | 23.15 Mn |
| Mar 30, 2025 | 23.15 Mn |
| Dec 29, 2024 | 91.24 Mn |
| Dec 29, 2024 | 91.24 Mn |
| Sep 29, 2024 | 38.89 Mn |
| Sep 29, 2024 | 38.89 Mn |
| Jun 30, 2024 | 55.80 Mn |
| Jun 30, 2024 | 55.80 Mn |
| Mar 31, 2024 | 36.79 Mn |
| Mar 31, 2024 | 36.79 Mn |