First Watch Restaurant (FWRG) EBITDA Margin (2020 - 2026)
First Watch Restaurant (FWRG) posted EBITDA Margin of 8.45% for Q2 2026, up 0.18 percentage points from 8.27% a year earlier and up 1.68 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) EBITDA Margin (2020 - 2026) Analysis & Trends
For the trailing twelve months through Jun 28, 2026, EBITDA Margin at First Watch Restaurant was 8.48%, up 0.86 percentage points year-over-year; for FY2025, it came in at 8.39%, down 1.12 percentage points from FY2024.
- Annual EBITDA Margin shows a five-year change of +13.20 percentage points (FY2020 to FY2025).
- In prior years, First Watch Restaurant's EBITDA Margin was 9.51% in FY2024 (+0.26 pp), 9.25% in FY2023 (+2.25 pp), 7.00% in FY2022 (-2.08 pp) and 9.09% in FY2021 (+13.90 pp).
- Quarterly EBITDA Margin has run from a low of 4.52% in Q4 2021 to a high of 11.98% in Q2 2024 over five years.
- On a year-over-year basis, EBITDA Margin has increased in each of the last four quarters, with an average year-over-year change of -0.53 percentage points over the last eight quarters.
- The strongest year-over-year quarter for EBITDA Margin in the past five years was Q3 2021, with a gain of 10.52 percentage points; the weakest was Q2 2022, with a drop of 5.88 percentage points.
- According to Business Quant data, EBITDA Margin for the three prior quarters was 6.77% (Q1 2026), 9.39% (Q4 2025) and 9.40% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn | 54.98% |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - | 14.70% |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - | 18.63% |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn | 32.96% |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn | 31.47% |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn | 17.83% |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 31.47% |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn | 14.91% |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - | 11.97% |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - | 8.45% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 8.45% |
| Mar 29, 2026 | 6.77% |
| Dec 28, 2025 | 9.39% |
| Sep 28, 2025 | 9.40% |
| Jun 29, 2025 | 8.27% |
| Mar 30, 2025 | 6.26% |
| Dec 29, 2024 | 7.45% |
| Sep 29, 2024 | 8.53% |
| Jun 30, 2024 | 11.98% |
| Mar 31, 2024 | 10.13% |
| Dec 31, 2023 | 7.80% |
| Sep 24, 2023 | 8.29% |
| Jun 25, 2023 | 9.61% |
| Mar 26, 2023 | 11.56% |
| Dec 25, 2022 | 5.60% |
| Sep 25, 2022 | 6.05% |
| Jun 26, 2022 | 7.29% |
| Mar 27, 2022 | 9.23% |
| Dec 26, 2021 | 4.52% |
| Sep 26, 2021 | 9.75% |
API Access
First Watch Restaurant EBITDA Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ebitda-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebitda-margin", "ticker": "FWRG", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ebitda-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();