First Watch Restaurant (FWRG) Gross Margin (2020 - 2026)

First Watch Restaurant has reported Gross Margin for 7 years, with the latest figure at 77.55% in Q1 2026.

• For the quarter ending Q1 2026, Gross Margin fell 677.0% year-over-year to 77.55%; the trailing twelve-month figure through Mar 2026 stood at 94.92% (up 866.0% YoY), and the FY2025 full-year result was 91.76%, up 1372.0% from the prior year.
• Gross Margin for Q1 2026 stood at 77.55%, down from 134.0% in the prior quarter.
• The five-year high for Gross Margin was 134.0% in Q4 2025, with the low at 76.62% in Q2 2025.
• Average Gross Margin over 5 years is 89.78%, with a median of 85.12% recorded in 2023.
• Year-over-year, Gross Margin slumped 2301 bps in 2023 and jumped 5650 bps in 2025.
• Tracing FWRG's Gross Margin over 5 years: stood at 107.93% in 2022, then retreated by 21 bps to 84.91% in 2023, then retreated by 9 bps to 77.5% in 2024, then surged by 73 bps to 134.0% in 2025, then sank by 42 bps to 77.55% in 2026.
• The last three Gross Margin figures came in at 77.55% (Q1 2026), 134.0% (Q4 2025), and 91.81% (Q3 2025), per Business Quant data.

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