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

First Watch Restaurant's Gross Margin history runs 7 years deep, the most recent figure standing at 84.32% for Q1 2026.

• In Q1 2026, Gross Margin fell 748.0% year-over-year to 84.32%; the TTM figure through Mar 2026 stood at 77.54% (down 266.0% YoY), while the FY2025 annual figure was 77.09%, down 795.0% from the prior year.
• Gross Margin for Q1 2026 stood at 84.32%, up from 56.03% in the prior quarter.
• The five-year high for Gross Margin was 130.51% in Q4 2023, with the low at 56.03% in Q4 2025.
• The 5-year median for Gross Margin is 84.54% (2022), against an average of 85.07%.
• The sharpest annual moves came in 2023 and 2024: Gross Margin surged 4597 bps in 2023, then plunged 6516 bps in 2024.
• First Watch Restaurant's Gross Margin stood at 84.54% in 2022, then jumped by 54 bps to 130.51% in 2023, then slumped by 50 bps to 65.35% in 2024, then declined by 14 bps to 56.03% in 2025, then jumped by 50 bps to 84.32% in 2026.
• Business Quant data shows FWRG's Gross Margin at 84.32% in Q1 2026, 56.03% in Q4 2025, and 77.94% in Q3 2025.