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Ratios
Asset Utilization RatioAssets AverageDebt RatioDebt to EquityEBIT MarginEBITDA MarginEBT MarginEnterprise ValueEquity AverageEquity RatioFCF MarginGross MarginInterest Coverage RatioInventory AverageInvested CapitalNet MarginOperating MarginReturn on AssetsReturn on Capital EmployedReturn on EquityReturn on Invested CapitalReturn on SalesTimes Interest Earned

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

First Watch Restaurant has reported Gross Margin over the past 7 years, most recently at 77.55% for Q1 2026.

  • For Q1 2026, Gross Margin fell 677.0% year-over-year to 77.55%; the TTM value through Mar 2026 reached 94.92%, up 866.0%, while the annual FY2025 figure was 91.76%, 1372.0% up from the prior year.
  • Gross Margin for Q1 2026 was 77.55% at First Watch Restaurant, down from 134.0% in the prior quarter.
  • Over five years, Gross Margin peaked at 134.0% in Q4 2025 and troughed at 76.62% in Q2 2025.
  • A 5-year average of 89.78% and a median of 85.12% in 2023 define the central range for Gross Margin.
  • Biggest five-year swings in Gross Margin: crashed -2301bps in 2023 and later surged 5650bps in 2025.
  • Year by year, Gross Margin stood at 107.93% in 2022, then decreased by -21bps to 84.91% in 2023, then decreased by -9bps to 77.5% in 2024, then soared by 73bps to 134.0% in 2025, then tumbled by -42bps to 77.55% in 2026.
  • Business Quant data shows Gross Margin for FWRG at 77.55% in Q1 2026, 134.0% in Q4 2025, and 91.81% in Q3 2025.