First Watch Restaurant (FWRG) FCF Margin (2020 - 2026)
First Watch Restaurant (FWRG) recorded quarterly FCF Margin of 1.54% in Q1 2026, up 126.64% quarter-over-quarter from 5.8% in Q4 2025, and up 736.0% on a YoY basis from 0.18% in Q1 2025.
First Watch Restaurant (FWRG) FCF Margin (2020 - 2026) Analysis & Trends
First Watch Restaurant's FCF Margin history runs 7 years deep, the most recent figure standing at 1.54% for Q1 2026.
- In Q1 2026, FCF Margin rose 736.0% year-over-year to 1.54%; the TTM figure through Mar 2026 stood at 0.75% (up 163.0% YoY), while the FY2025 annual figure was 2.54%, down 133.0% from the prior year.
- FCF Margin was 1.54% for Q1 2026 at First Watch Restaurant, up from 5.8% in the prior quarter.
- In the past five years, FCF Margin ranged from a high of 9.67% in Q1 2023 to a low of 6.73% in Q4 2024.
- Historically, FCF Margin has averaged 0.41% across 5 years, with a median of 0.55% in 2025.
- The sharpest annual moves came in 2023 and 2024: FCF Margin jumped 1161 bps in 2023, then tumbled 1115 bps in 2024.
- A 5-year view of FCF Margin shows it stood at 0.51% in 2022, then tumbled by 567 bps to 3.38% in 2023, then tumbled by 99 bps to 6.73% in 2024, then rose by 14 bps to 5.8% in 2025, then soared by 127 bps to 1.54% in 2026.
- The last three FCF Margin figures came in at 1.54% (Q1 2026), 5.8% (Q4 2025), and 1.73% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Starbucks | 114.58 Bn | 112.88 Bn | 9.40 Bn | 0.96% |
| 2 | Chipotle Mexican Grill | 42.15 Bn | 41.28 Bn | 2.61 Bn | 15.25% |
| 3 | Yum Brands | 42.13 Bn | 41.44 Bn | 1.38 Bn | 16.56% |
| 4 | Restaurant Brands International | 25.46 Bn | 25.99 Bn | 2.14 Bn | 7.46% |
| 5 | Darden Restaurants | 24.75 Bn | 24.51 Bn | 3.31 Bn | 13.51% |
| 6 | Yum China Holdings | 15.17 Bn | 13.74 Bn | 3.24 Bn | 12.41% |
| 7 | Texas Roadhouse | 11.72 Bn | 11.53 Bn | 1.40 Bn | 10.96% |
| 8 | Dominos Pizza | 10.51 Bn | 10.28 Bn | 464.51 Mn | 12.77% |
| 9 | Cava | 10.34 Bn | 9.94 Bn | 797.57 Mn | 1.04% |
| 10 | First Watch Restaurant | 722.06 Mn | 698.50 Mn | 256.65 Mn | 1.54% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 29, 2026 | 1.54% |
| Dec 28, 2025 | -5.80% |
| Sep 28, 2025 | 1.73% |
| Jun 29, 2025 | -0.55% |
| Mar 30, 2025 | -5.81% |
| Dec 29, 2024 | -6.73% |
| Sep 29, 2024 | 2.70% |
| Jun 30, 2024 | 0.89% |
| Mar 31, 2024 | -1.49% |
| Dec 31, 2023 | -3.38% |
| Sep 24, 2023 | -2.57% |
| Jun 25, 2023 | 2.53% |
| Mar 26, 2023 | 9.67% |
| Dec 25, 2022 | -0.51% |
| Sep 25, 2022 | -1.92% |
| Jun 26, 2022 | 4.67% |
| Mar 27, 2022 | -1.95% |
| Dec 26, 2021 | 6.43% |
| Sep 26, 2021 | 3.77% |
| Jun 27, 2021 | 3.59% |