First Watch Restaurant (FWRG) EBT Margin (2020 - 2026)
First Watch Restaurant (FWRG) recorded EBT Margin of 0.95% in Q2 2026, down 0.21 percentage points from 1.16% a year earlier but up 1.99 percentage points from the prior quarter.
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Analysis
First Watch Restaurant (FWRG) EBT Margin (2020 - 2026) Analysis & Trends
On a TTM basis, First Watch Restaurant's EBT Margin came in at 0.76% as of Jun 28, 2026, up 0.19 percentage points year-over-year; for FY2025, it came in at 0.99%, down 1.77 percentage points from FY2024.
- Annual EBT Margin has a five-year change of +21.31 percentage points (FY2020 to FY2025).
- Across earlier years, EBT Margin came in at 2.76% in FY2024 (-1.29 pp), 4.05% in FY2023 (+2.32 pp), 1.72% in FY2022 (+1.66 pp) and 0.06% in FY2021 (+20.38 pp).
- Quarterly EBT Margin has ranged from -2.96% in Q4 2021 to 6.58% in Q1 2023 over the past five years.
- On a year-over-year basis, EBT Margin rose in two of the last eight quarters, with an average year-over-year change of -1.46 percentage points.
- Peak year-over-year performance for EBT Margin in the last five years was a gain of 15.28 percentage points in Q3 2021, against a drop of 4.67 percentage points in Q1 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at -1.04% (Q1 2026), 1.40% (Q4 2025) and 1.80% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBT Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Mcdonalds | 165.62 Bn | 160.44 Bn | 6.42 Bn | 41.36% |
| 2 | Starbucks | 108.79 Bn | 96.42 Bn | - | 15.22% |
| 3 | Chipotle Mexican Grill | 40.35 Bn | 36.33 Bn | - | 15.93% |
| 4 | Yum Brands | 37.59 Bn | 34.48 Bn | 1.47 Bn | 24.57% |
| 5 | Restaurant Brands International | 24.96 Bn | 22.07 Bn | 1.38 Bn | 23.49% |
| 6 | Darden Restaurants | 22.28 Bn | 21.39 Bn | -113.70 Mn | 12.52% |
| 7 | Restaurant Brands International Limited Partnership | 17.01 Bn | 12.57 Bn | 1.38 Bn | 23.49% |
| 8 | Yum China Holdings | 14.08 Bn | 8.44 Bn | 537.00 Mn | 11.28% |
| 9 | Texas Roadhouse | 10.31 Bn | 9.67 Bn | - | 8.57% |
| 10 | First Watch Restaurant | 640.58 Mn | 554.57 Mn | - | 0.95% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 28, 2026 | 0.95% |
| Mar 29, 2026 | -1.04% |
| Dec 28, 2025 | 1.40% |
| Sep 28, 2025 | 1.80% |
| Jun 29, 2025 | 1.16% |
| Mar 30, 2025 | -0.54% |
| Dec 29, 2024 | 0.28% |
| Sep 29, 2024 | 1.39% |
| Jun 30, 2024 | 5.33% |
| Mar 31, 2024 | 4.13% |
| Dec 31, 2023 | 2.25% |
| Sep 24, 2023 | 3.04% |
| Jun 25, 2023 | 4.62% |
| Mar 26, 2023 | 6.58% |
| Dec 25, 2022 | 0.14% |
| Sep 25, 2022 | 0.74% |
| Jun 26, 2022 | 2.19% |
| Mar 27, 2022 | 4.00% |
| Dec 26, 2021 | -2.96% |
| Sep 26, 2021 | 0.84% |
API Access
First Watch Restaurant EBT 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=ebt-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ebt-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=ebt-margin&ticker=FWRG&period=max&api_key=YOUR_API_KEY");
const data = await res.json();