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 77.55% for Q1 2026.

• In Q1 2026, Gross Margin fell 677.0% year-over-year to 77.55%; the TTM figure through Mar 2026 stood at 94.92% (up 866.0% YoY), while the FY2025 annual figure was 91.76%, up 1372.0% from the prior year.
• Gross Margin was 77.55% for Q1 2026 at First Watch Restaurant, down from 134.0% in the prior quarter.
• In the past five years, Gross Margin ranged from a high of 134.0% in Q4 2025 to a low of 76.62% in Q2 2025.
• Historically, Gross Margin has averaged 89.78% across 5 years, with a median of 85.12% in 2023.
• The sharpest annual moves came in 2023 and 2025: Gross Margin slumped 2301 bps in 2023, then surged 5650 bps in 2025.
• A 5-year view of Gross Margin shows it stood at 107.93% in 2022, then fell by 21 bps to 84.91% in 2023, then fell by 9 bps to 77.5% in 2024, then jumped by 73 bps to 134.0% in 2025, then slumped 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.